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


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