The Ministry of Finance has given its permission for conversion

The Ministry of Finance has today, 21 June 2011 given its permission for SpareBank 1 SR-Bank to be converted into a limited liability company (ASA). See also the press release sent by the Ministry of Finance dated 21 June 2011. The permission is granted on specific conditions.

The Supervisory Board of SpareBank 1 SR-Bank decided unanimously in its meeting on 25 November 2010 to apply to the authorities about the conversion of the bank into a public limited company (ASA).

The bank's strong development over many years has been essential for the necessary supply of capital to the region's business and private individuals need for housing. A profitable and financially sound bank, with good access to both equity and debt capital, will be of great importance to the continued growth and development of the region.

Conversion to limited liability company (ASA) and the establishment of the Savings Bank Foundation depends on the final decision of the Supervisory Board.

First day of listing on the Oslo Stock Exchange as SpareBank 1 SR-Bank ASA is expected to be 2 January 2012.

Contact persons:

Arne Austreid, CEO, telephone +47 900 77 334
Inge Reinertsen, CFO, telephone +47 909 95 033
Thor-Christian Haugland, Executive Vice President Communications, telephone +47 480 316 33
Vidar Torsøe, Vice President Investor Relations, telephone +47 970 80 656

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.