SpareBank 1 SMN (OSL:MING) MING-SpareBank 1 Receives License To Acquire Glitnir Bank

SpareBank 1 SMN (OSL:MING) The Ministry of Finance has authorised the SpareBank 1 banks to acquire all shares of Glitnir Bank ASA.

The SpareBank 1 banks have acquired Glitnir Bank ASA for NOK 300 million. The acquisition is financed by SP1 own funds.

The new owners of Glitnir Bank are SpareBank 1 SMN (25 per cent), SpareBank 1 SR-Bank (20 per cent), SpareBank 1 Nord-Norge (20 per cent), 16 collaborating savings banks (20 per cent) and Sparebanken Hedmark (15 per cent).

"This is a day of joy in SpareBank 1 and Glitnir Bank. The licence has been given, and all conditions in the sale- and purchase agreement have been met. These include the freezing orders on the shares of Glitnir Bank, so the transaction can be completed as planned ," says CEO Eldar Mathisen at SpareBank 1 Gruppen, who will be the Chairman of the Board in Glitnir Bank ASA.

"We can now intensify our effort to seek a long-term industrial solution , and to build a new foundation for the bank during the first quarter of 2009," says Mr. Mathisen.

New board In addition to Mr. Mathisen the Board of Glitnir Bank ASA will consist of Kjell Fordal, Executive Director of Finance of SpareBank 1 SMN (Deputy Chair); Lisbeth K. Nærø, Executive Director of Finance in SpareBank 1 SR-Bank; Liv Bortne Ulriksen, Group Executive Director in SpareBank 1 Nord-Norge and Marianne Sommerro Evensen, Controller in SpareBank 1 Vestfold. MBA Roar Nyhus and Employee Representative Bård Idar Kvam from the former Board of Glitnir Bank ASA will also continue as board members.

"As employees we look forward to becoming part of SpareBank1 and to creating value for our new owners. We can now put months of uncertainty behind us and look ahead once again," says Bård Idar Kvam in Glitnir Bank ASA.

Trondheim, 4 December 2008.

For further information, please contact: CEO Eldar Mathisen at SpareBank 1 Gruppen, mobile +47 90 03 32 66 CEO Morten Bjørnsen at Glitnir Bank ASA, mobile +47 47 800 100

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

SpareBank 1 SMN

www.smn.no

ISIN: NO0006390301

Stock Identifier: XOSL.MING