1. SpareBank 1 SR-Bank Group
Third quarter 2007
25 October 2007

2. Highlights from third quarter 2007
High income from savings and investment products.
Still very good results in SpareBank 1 Group.
Bond issued by SpareBank 1 Boligkreditt AS.
Good results in subsidiaries.
The new PRO School concept launched.
MiFID - well prepared.
New rating from DBRS, long-term: A (high).
ROGG - split and capitalisation issue

3. Very strong results - high income growth
Group profit before tax: NOK 948 million (NOK 769 million).
Return on equity after tax: 20.6 % (20.6 %).
Income growth: 22.1 % (4.2 %)
Net interest income: NOK 967 million (NOK 830 million).
Net commission and other income: NOK 635 million (NOK 494 million).
Net return on investment securities: NOK 320 million (NOK 250 million).
Growth in loans: 27.2 % (19.5 %) over last 12 months, which breaks down into 15.5 % RM and 50.5 % CM.
Growth in deposits: 15.5 % (12.6 %) over last 12 months, which breaks down into 10.3 % RM and 19.9 % CM.
Earnings per primary capital certificate: NOK 16.6 (NOK 13.5).
(Year-to-date results. Figures for corresponding period in 2006 are shown in parentheses.)

4. Income statement

5. Key figures

6. Net interest income and margins
1,70
1,05
0,65

7. Change in net interest income

8. Lending growth (12 months)
Volume
CM:
39,4 %
Annualised growth in CM year-to-date is 29.8% as of 30 September 2007.
RM:
60,6 %
RM-growth and volume includes mortgage loans transferred to SpareBank 1 Boligkreditt AS.

9. Deposits growth (12 months)
Volume
CM:
56,4 %
RM:
43,6 %

10. Savings/placements - portfolio development
Savings agreements*
On national basis:
There are about 745,000 savings agreements i unit trust or combined unit trust.
The average per agreement is NOK 657 per month and an average of 1.6 agreements per customer.
SpareBank 1 SR-Bank:
About savings agreements are in unit trust or combined unit trust.
The average per agreement is NOK 797 per month and an average of 2.2 agreements per customer.
The amount saved per customer is 66% higher than national average.
9% of the volume related to savings agreements in unit trust in Norway is done through SpareBank 1 SR-Bank.
*Source: ODIN

11. Net commission and other income

12. Net return on investment securities

13. Other operating income in per cent of total income
* Excluding gain/loss on securities trading, dividend and ownership stakes.
Financial statements before 2004 are not prepared according to IFRS.

14. Operating costs
Of other operating expenses, NOK 56 million (MNOK 46) is related to EiendomsMegler 1 (assignment costs). This post includes amongst other things, fees to external consultants (adjustment programmes).

15. Profit before losses

16. Subsidiaries

17. Net losses on loans and guarantees

18. Gross non-performing loans

19. Financial targets
SR-Bank aims for a return on equity of 15 per cent, or being among the best third of banks with which it is natural to compare onself.
The board of directors has decided to change the target for the core capital ratio to a minimum of 7 % and the target for the capital adequacy ratio to a minimum of 11 % awaiting the positive effects of the introduction of Basel II.

20. Retail Market Division
The development in the savings/placement area is very good.
Good balance sheet growth and continued pressure on margins.
The credit card market initiative has been successful.
Use of the bank’s electronic services is showing good growth.
The fight for market shares in the non-life insurance area is still very strong.
To strengthen our consulting competence further the SR Advisor School has been established.

21. Corporate Market Division
Favourable development, more than 45% income growth year to date compared with 2006.
Good growth in loans and deposits, but reduced growth rate.
Low level of defaults and net recoveries on losses.
More than 550 new customers so far this year.
Interest in the new PRO School concept has surpassed all expectation. The PRO School has been developed for small and medium-sized enterprises,
More than 1,000 of our SME customers now subscribe to the PRO concept.
The competition is strong, but the favourable development is expected to continue.

22. Lending growth, Corporate Market

23. Development Risk Profile
EL - Expected Loss

24. Lending by industry Pr 30.09.07 (30.09.06)
Incl. mortgage loans transferred to SpareBank 1 Boligkreditt AS.
Retail customers
Other
Mining/Extraction
Power/Water Supply
Industry
Real Estate
Service Industry
Commodity trade/hotels
Shipping/Transportation
Agriculture/Forestry

25. Capital Market Strengthens and realizes innovation
Savings and placement
Corporate
Capital management
Strengthens and realizes innovation
Developes the ability of production and increases the creation of value
Develops processes – from competence to product
Supports the group’s distributions’ force
Unites and exploits competence areas
Supports the group’s efforts in private and public savings/placements

26. Unrest in the funding market
SpareBank 1 SR-Bank’s liquidity strategy works, also in difficult periods.
No ”sub-prime” loans or credit derivates in the portfolio.
Reduced liquidity risk through the possibilities provided by SpareBank 1 Boligkreditt.
SpareBank 1 SR-Bank still acts as if the access to liquidity will grow worse.

27. Liquidity prognosis Liquidity 7.000 6.000 5.000 4.000 3.000 2.000
okt. 07
des. 07
feb. 08
apr. 08
jun. 08
aug. 08
7.000
6.000
5.000
4.000
3.000
2.000
1.000
-1.000
-2.000
-3.000
Maturities
Liquidity

28. MIFID
SpareBank 1 SR-Bank is on schedule in relation to adapting to the new laws and regulations.
Increased investor protection and stronger demand for competence.
Already established routines and directives are satisfactory.
Comply with stricter requirements and control by the authorities.

29. New rating from DBRS First time rating from DBRS:
Senior unsecured long-term debt & deposit: A (high)
Short-term debt & deposit: R-1 (middle)
Trend: Stable
”The ratings are underpinned by the savings bank’s solid and defensible franchise in southwestern Norway, by its prudent strategy and strict risk management and by very good financial fundamentals, including good and sustainable profitability. The ratings also take account of SR-Bank’s membership in the SpareBank 1 Group - which includes some of Norway’s largest savings banks - thus enabling it to benefit from key synergies.”

30. ROGG – split and capitalisation issue
The Board of Directors will propose to the Supervisory Board at meetings on 25 and 26 October 2007 that the primary capital certificates be split into two and that a subsequent capitalisation issue be carried out in which 3 certificates will give entitlement to 1 new.
Capitalisation issue: NOK 444 million will be transferred from the premium reserve and equalisation reserve to primary capital.
The number of primary capital certificates will be after the split and capitalisation issue.

31. SpareBank 1 SR-Bank has a position well suited to meeting the increased level of competition…
The geographic expansion is widening our market area and is increasing our potential growth.
Efforts in new business areas are contributing to growth in other operating income and gives us a higher level of diversification.
The group’s ability to change presents us with new possibilities regarding innovation.
Measures taken to increase our level of expertise and skills as well as new hirings mean that we are able to meet the demands from advanced customers.
SpareBank 1 SR-Bank’s current strategic efforts will strengthen our ability to meet increased competition in the future, and increases our earning potential.

32. APPENDIX

33. The primary capital certificate - ROGG
Trading volume Q3 2007: 5,8 % (14,1 %).
Number of ROGG owners : (11.112).
Owner shares per :
From Rogaland, Agder og Hordaland: 64,2 % (61,2 %).
Non-domestic: 9,1 % (8,0 %).
10 largest: 23,9 % (25,2 %).
20 largest: 30,8 % (31,4 %).

34. Development of share prices savings banks 2007
Source: First Securities

35. Key figures - ROGG

36. Capital adequacy

37. Rating
First time rating from DBRS in October 2007: Long-term: A (high), short-term: R-1 (middle), trend: stable.
In Q1 07 Moody’s introduced a new rating method for banks. In connection with this the SpareBank 1 SR-Bank rating for long-term bank deposits was raised to Aa3 (stable outlook) from A2 (stable outlook).

38. Balance sheet

39. SpareBank 1 SR-Bank Established in 1839 Head office in Stavanger
54 offices in South-Western Norway
More than 200,000 customers
Chairman of the Board: Kristian Eidesvik
Chief Executive Officer: Terje Vareberg
Chairman Supervisory Board: Svein Kjetil Søyland
Chairman Audit Committee: Odd Rune Torstrup
External Auditor: PricewaterhouseCoopers

40. Market leader in Rogaland Leasing Financing
EiendomsMegler 1 SR-Eiendom AS
100 %
SpareBank 1
SR-Finans AS
100 %
SR Investering AS
100 %
SpareBank 1
Boligkreditt AS
26,4 %
SR-Forvaltning
ASA
67 %
Vågen Eiendoms- forvaltning AS
100 %
SpareBank 1
Gruppen AS
19,5 %
Real-estate agency:
- Houses
- Business
- Projects
Market leader in Rogaland
Leasing
Financing
Investment in long-term equity
Mortgage company
Asset management
Property management
ODIN Forvaltning AS
SpareBank 1 Livsforsikring AS
SpareBank 1 Skadeforsikring AS
SpareBank 1 Fondsforsikring AS
Bank 1 Oslo AS
SpareBank 1 Medlemskort AS
First Securities ASA
SpareBank 1 Bilplan AS
Actor Fordringsforvaltning AS

41. Localized in Rogaland, Agder and Hordaland
Head office in Stavanger
54 branches in Rogaland, Agder and Hordaland
Åkrehamn

42. Actor Fordringsforvaltning AS SpareBank 1 Medlemskort AS
SpareBank 1 Alliance
Sparebanken
Hedmark
12,0 %
LO og
Fagforbund
10 %
Samarbeidende Sparebanker AS
19,5 %
SpareBank 1
Nord-Norge
Midt-Norge
SR-Bank
Owners
SpareBank 1 Gruppen AS
Bank 1 Oslo AS
100 %
SpareBank 1
Skadeforsikring AS
100 %
SpareBank 1
Livsforsikring AS
100 %
ODIN Forvaltning AS
100 %
SpareBank 1 Bilplan AS
19,9 %
Actor Fordringsforvaltning AS
90 %
First Securities ASA
24,5 %
SpareBank 1 Medlemskort AS
100 %
EiendomsMegler 1
New members in 2006:
Sparebanken Hedmark
Kvinnherad Sparebank
Sparebanken Volda Ørsta
Sparebanken Hardanger
SpareBank 1 Alliance, key figures:
Total assets: ca NOK 356 billions
No. of own branches: ca 350
Total no. of branches: ca 380
Employees: ca 4.700
Internet customers: ca
Annual report 2006

43. The recommended bank Strategy
SpareBank 1 SR-Bank will be a significantly larger and broader bank as a result of strong organic growth, innovation and strategic acquisitions
Strategy
Purpose
SpareBank 1 SR-Bank will add value to the region in which we take part.
SpareBank 1 SR-Bank shall have the most attractive brand of finance, and shall be distingushed by:
Highest share of recommendation from customers and lowest share of complaints in secured groups of customers.
Clear prioritization based on customer needs and profitability.
Clear position in the savings/pension market.
Ability to attract, challenge and develop the best staff.
Profitability in the top third compared to other Norwegian finance groups.
Values
The courage of conviction, the strength to create
Through having a long-term perspective, and being open and honest
Through showing responsibility and respect, and will and ability to improve