MING- Earnings Impact On SpareBank 1 SMN (OSL:MING)

SpareBank 1 SMN (OSL:MING) Purchase of Glitnir Bank ASA In connection with the takeover of Glitnir Bank, now BNbank, SpareBank 1 SMN will recognise a badwill charge of about NOK 500 million in its consolidated accounts for 2008. SpareBank 1 SMN owns 25 per cent of the shares of BNbank ASA.

A consortium of SpareBank 1 banks paid NOK 300 million for BNbank ASA in December 2008.

Badwill appears as the result of the assessed value of BNBank ASA as at 31 December 2008 less purchase price.

SpareBank 1 Gruppen to post loss SpareBank 1 Gruppen, of which SpareBank 1 SMN owns 19.5 per cent, expects to post a loss after taxes in 2008 of between NOK 600 and 800 million. The entire loss relates to the SpareBank 1 Livsforsikring subsidiary. All other subsidiaries in the Group will post profits for 2008.

See the separate report from SpareBank 1 Gruppen.

Higher provisions for losses The total loss provisions in 2008 in SpareBank 1 SMN will be about NOK 200 million after the assessment for the need for higher specified loss and group provisions. The Group's pretax profit is expected to be between NOK 650 and 750 million.

SpareBank 1 SMN will publish preliminary accounts for 2008 on Wednesday 4 February 2009.

Trondheim, 16 January 2009

Contact persons in SpareBank 1 SMN: CFO Kjell Fordal, phone +47 905 41 672 Managing Director Finn Haugan, phone +47 900 41 002

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