D R A F T P R E S S R E L E A S E

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SpareBank 1 SR-Bank – the leading bank in the region for 25 years

Ÿ Group profit before tax of NOK 308 million

Ÿ The result is marked by the development in the stock markets

Ÿ Negative contribution from the SpareBank 1 group of NOK 41.6 million Ÿ Stabilized interest margin (2.06 %)

Ÿ Continued good growth in net commission income (+ 42 %) Ÿ Good cost-effectiveness, cost percentage at 1.69

Ÿ Slower growth in lending, 12-month growth of 13 % Ÿ Relatively few losses and defaults

Good development in underlying operations – result marked by the development in the stock markets

The SpareBank 1 SR-Bank group achieved a profit before tax of NOK 308 million in the third quarter. The result is marked by the drop in prices of securities, and is NOK 248 million lower than for the corresponding period last year. The profit for 2000 also included the gain from the sale of shares in Fellesdata ASA (NOK 177 million), issue gains (NOK 26 million) and cost allocations (NOK 35 million). The profit from the underlying operations has increased by NOK 41 million compared with last year. The group's return on equity capital after tax is at 10.8 %. The bank's portfolio of shares and primary capital certificates has so far suffered a loss of NOK 25 million, compared with a capital gain of NOK 42 million last year. In addition, we have posted a negative contribution to the result of NOK 41.6 million NOK from the SpareBank 1 group, mainly due to the development in the stock markets.

The group's ordinary operations show stabilized interest margins and good growth in other operating income, especially from securities, insurance and real estate services. Net losses so far amount to NOK 90 million, approximately the same as for last year. Defaulted liabilities are more or less stable in relation to the total loans.

The 12-month growth in lending has been reduced from 20 % at the beginning of the year to 13 % in accordance with the adopted plans. Deposits remain relatively stable, with a 12-month growth as of the third quarter of 8 %.

Other operating income

The group's net commission income amounted to NOK 189 million at the end of the third quarter, an increase of NOK 56 million compared with the same period last year. Commission income from securities and insurance has increased by 46 % and 238 % respectively, to NOK 38 million and NOK 35 million.

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The increase in the income from securities is a result of the bank's increased emphasis on investments. The focus on insurance has resulted in gradually higher insurance income for this year. Increased income from EiendomsMegler 1 Rogaland AS as well as gains on sale of buildings in the amount of NOK 3 million, has contributed to an increase in other operating income of NOK 22 million compared with last year.

As of the third quarter of 2001, the bank has posted a share of the deficit in SpareBank 1 Gruppen AS amounting to NOK 41.6 million. The corresponding figure for the same period in 2000 was a deficit of NOK 1.5 million. The main reason for the poor result in SpareBank 1 Gruppen is the development in the stock markets, which has been particularly negative for the life insurance activities. SpareBank 1 Gruppen has also amortized a considerable amount of goodwill associated with the acquisition of VÅR Gruppen in the profit and loss account.

Operating costs

The operating costs for the group amounted to NOK 573 million so far this year. Compared with the total assets, this constituted 1.69 % compared with 1.76 % for the corresponding period last year.

The average figure for man-years has increased from 692 as of 30 September 2000 to 791 as of 30 September 2001. The increase is mainly due to the integration of Vår/Varde employees as of 1 January 2001, as well as expansion in EiendomsMegler 1 Rogaland AS.

The group emphasizes continued high cost -effectiveness. This is reflected in programs that have been implemented to cut costs and develop the organization. Reorganization measures in the bank will result in 35 people leaving during 2001 and 2002.

Market development

SpareBank 1 SR-Bank is the market leader both within the private market and the business market in Rogaland. In the Agder counties we now have bank branches in Kristiansand, Mandal, Flekkefjord and Sirdal. We will also open branches in Lyngdal and Arendal.

The growth in Internet Bank customers continues, and we now have more than 50,000 customers that use the Internet Bank. We are in the process of introducing the e-invoice. E-invoices will make it easier to receive and pay bills. The customer will be able to receive bills directly through the Internet Bank rather than through the mail.

Outlook for the future

The market outlook for industry and commerce is more uncertain than in a long time, mainly as a consequence of the international downturn and the international threat of terror. However, the underlying banking operations give the Board reason to expect satisfactory profit performance for the rest of the year.

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Quarterly Report as of 30 September 2001

SpareBank 1 SR-Bank – the leading bank in the region for 25 years

Ÿ Group profit before tax of NOK 308 million

Ÿ The result is marked by the development in the stock markets

Ÿ Negative contribution from the SpareBank 1 group of NOK 41.6 million Ÿ Stabilized interest margin (2.06 %)

Ÿ Continued good growth in net commission income (+ 42 %) Ÿ Good cost-effectiveness, cost percentage at 1.69

Ÿ Slower growth in lending, 12-month growth of 13 % Ÿ Relatively few losses and defaults

Ÿ Profit per primary capital certificate of NOK 18 after tax

Satisfactory development in underlying operations – result marked by the development in the stock markets

The SpareBank 1 SR-Bank group achieved a profit before tax of NOK 308 million in the third quarter. The result is marked by the drop in prices of securities, and is NOK 248 million lower than for the corresponding period last year. The profit for 2000 also included the gain from the sale of shares in Fellesdata ASA (NOK 177 million), issue gains (NOK 26 million) and cost allocations (NOK 35 million). The profit from the underlying operations has increased by NOK 41 million compared with last year. The group's return on equity capital after tax is at 10.8 %. The bank's portfolio of shares and primary capital certificates has so far suffered a loss of NOK 25 million, compared with a capital gain of NOK 42 million last year. In addition, we have posted a negative contribution to the result of NOK 41.6 million NOK from the SpareBa nk 1 group, mainly due to the development in the stock markets.

The group's ordinary operations show stabilized interest margins and good growth in other operating income, especially from securities, insurance and real estate services. The costs measured in relation to the average total assets are still low and amount to 1.69 %. Net losses so far amounts to NOK 90 million, approximately the same as for last year. Defaulted liabilities are more or less stable in relation to the total loans, with a minor nominal increase.

The 12-month growth in lending has been reduced from 20 % at the beginning of the year to 13 % in accordance with the adopted plans. Deposits remain relatively stable, with a 12-month growth as of the third quarter of 8 %.

Net interest income and interest margin

Net interest income at the end of the third quarter amounted to NOK 699 million, up from NOK 686 million in the corresponding period last year. Compared with the average total assets, net interest income constituted 2.06%, compared with 2.35% as of 30 September 2000. The reduction is mainly due to changed framework conditions as well as accounting considerations. The interest margin in the third quarter has improved somewhat compared with the two first quarters of the

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year. The lending margin has improved somewhat compared with last year, while the deposit margin is poorer.

Other operating income

The group's net commission income amounted to NOK 189 million at the end of the third quarter, an increase of NOK 56 million compared with the same period last year. Income from sale of payment transfer services shows a 12-month growth of about 8 % and amounted to NOK 95 million. Commission income from securities and insurance has increased by 46 % and 238 %, respectively, to NOK 38 million and NOK 35 million. The increase in the income from securities is a result of the bank's increased emphasis on investments. The focus on insurance has resulted in gradually higher insurance income for this year. Increased income from EiendomsMegler 1 Rogaland AS as well as gains on sale of buildings in the amount of NOK 3 million, has

contributed to an increase in other operating income of NOK 22 million compared with last year. The total capital gain of NOK 49 million includes gains on currency (NOK 23 million),

certificates and bonds (NOK 2 million), and shares and primary capital certificates (NOK -25 million). In addition there is a return of NOK 49 million from investments in Odin money market funds and zero coupon bonds. So far, the return on the share portfolio for the year has been 13.8 % higher than the all-share index on the Oslo Stock Exchange.

As of the third quarter of 2001, the bank has posted a share of the deficit in SpareBank 1 Gruppen AS amounting to NOK 41.6 million. The corresponding figure for the same period in 2000 was a deficit of NOK 1.5 million. The main reason for the poor result in SpareBank 1 Gruppen is the development in the stock markets, which has been particularly negative for the life insurance company. The SpareBank 1 Gruppen has also amortized a considerable amount of goodwill associated with the acquisition of VÅR Gruppen in the profit and loss account.

Operating costs

The operating costs for the group amounted to NOK 573 million so far this year. Compared with the total assets, this constituted 1.69 % compared with 1.76 % for the corresponding period last year (1.64 % excluding reorganization costs). Measured in relation to operating income

(excluding capital gains), costs amounted to 58.0 %. In nominal terms, the total costs have risen by NOK 92 million compared with the same period last year (excluding reorganization costs). Of this amount, personnel costs account for NOK 49 million. The average figure for man-years has increased from 692 as of 30 September 2000 to 791 as of 30 September 2001. The increase is mainly due to the integration of Vår/Varde employees as of 1 January 2001, as well as expansion in EiendomsMegler 1 Rogaland AS.

The group emphasizes continued high cost -effectiveness. This is reflected in programs that have been implemented to cut costs and develop the organization. Reorganization measures in the bank will result in 35 people leaving during 2001 and 2002.

Deposits, investments and loans

Customer deposits from the private market maintain a healthy growth. The 12-month growth amounts to 11 %. The deposits from the business market have remained relatively stable during the last quarter. Fluctuations in major individual commitments this year and last year have affected the growth. The 12-month growth constitutes 5 % in the third quarter.

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Our customer's investments in Odin share and interest funds had a market value of NOK 1.8 billion as of 30 September, an increase of 8 % during the last 12 months. So far this year, net sales of Odin funds amount to NOK 300 million, NOK 161 million higher than the corresponding period last year. In addition, there were sales of guaranteed products amounting to NOK 278 million so far this year.

So far this year, lending has increased by 9 % to NOK 42.8 billion, resulting in a 12-month growth of 13 %. The slower growth is in line with the adopted plans, and the 12-month growth has been reduced from 20 % at the beginning of the year. The growth in lending amounts to 15 % and 10 % in the private market and the business market respectively, and the distribution in volume between the private market and the business market is 66/34 %.

Defaults and losses

At the end of September, gross default over 90 days was NOK 352 million, NOK 32 million more than at the end of last year. Gross and net default at the end of the quarter constituted 0.8 % and 0.6 % of gross lending respectively. The specified loss allocation for the default portfolio is NOK 108 million, which is equivalent to an allocation rate of 31 %. In addition, specified loss allocations for liabilities not in default are NOK 188 million, equivalent to an allocation rate of 47 %.

The group has net losses of NOK 90 million so far this year. Unspecified loss allocations amount to NOK 323 million, corresponding to 0.8 % of the loan portfolio.

Capital adequacy ratio

At the end of September, the group's capital adequacy ratio was 12.95 %, excluding profit for the year and 13.91 % for the parent bank. The core capital adequacy ratio for the group and the parent bank were 7.78 % and 7.57 % respectively. The amended capital adequacy ratio rules, which entered into force as of 1 April 2001, improved the capital adequacy ratio for the parent bank by 0.60 % as of 30 September 2001.

Subsidiaries

The revenues for EiendomsMegler 1 Rogaland AS have increased by 40 % compared with last year due to both expansion and generally good market activities. Westbroker Finans AS also did well, more or less on par with last year. The bank's branch for active management,

SR-Forvaltning A SA, became a subsidiary in the third quarter for accounting purposes (67 % ownership interest).

Market

SpareBank 1 SR-Bank is the market leader both within the private market and the business market in Rogaland. In the Agder counties we now have bank br anches in Kristiansand, Mandal, Flekkefjord and Sirdal. We will also open branches in Lyngdal and Arendal.

The bank's primary capital certificates

At the end of September, the market price for the bank's primary capital certificates was NOK 235. In the third quarter, the number of primary capital certificate owners was reduced by 15 to 6,333. In the third quarter, the bank purchased 56,000 of its own primary capital certificates. At

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the end of the quarter, the percentage owned by foreigners was 12.9%, while 47.0% of the owners resided in Rogaland. The 20 largest owners owned 32.5 % of the certificates.

1. Swedbank Markets 741,950 9.9 %

2. Folketrygdfondet 366,600 _{4.9 %}

3. Tveteraas Finans AS 191,351 _{2.6 %} 4. SpareBank 1 Midt-Norge 104,674 1.4 % 5. Gjensidige NOR Sparebank 97,700 1.3 % 6. Arne B. Corneliussen Invest 80,000 _{1.1 %}

7. Posh AS 80,000 1.1 %

8. Frank Mohn AS 79,250 1.1 %

9. Stiftelsen UNI 73,650 1.0 %

10. Pareto AS 71,800 _{1.0 %}

11. Otto B. Morcken 65,000 _{0.9 %}

12. Bank of New York 64,500 0.9 %

13. Solvang Shipping AS 60,000 0.8 % 14. Sparebanken Rogaland, own 56,000 0.7 %

15. Audley AS 55,000 _{0.7 %}

16. Investors Bank & Trust Company 51,260 _{0.7 %} 17. Ringerikes Sparebank 50,700 0.7 %

18. Westco AS 50,400 0.7 %

19. Brown Brothers Harriman 50,000 _{0.7 %}

20. Erik Steen 45,100 _{0.6 %}

Total 20 largest 2,434,045 32.5 %

Outlook for the future

The market outlook for industry and commerce is more uncertain than in a long time, mainly as a consequence of the international downturn and the international threat of terror. However, the underlying banking operations give the Board reason to expect satisfactory profit performance for the rest of the year.

Stavanger, 29 October 2001

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Highlights

Highlights SpareBank 1 SR-Bank Group

30.09. 30.09. 30.09. 30.09.

2001 2001 2000 2000 2000 2000

MAIN FIGURES NOK mill % NOK mill % NOK mill %

Net interest income 699 2,06 686 2,35 934 2,33

Net other operating income 288 0,85 269 0,92 332 0,83

Total operating income 987 2,90 955 3,27 1 266 3,16

Reorganization 0 0,00 35 0,12 47 0,12

Operating costs 573 1,69 481 1,64 658 1,64

Total operating costs 573 1,69 516 1,76 705 1,76

Result before losses and write-downs 414 1,22 439 1,50 561 1,40

Losses and write-downs 106 0,31 -117 -0,40 -72 -0,18

Result of ordinary activities 308 0,91 556 1,90 633 1,58

Taxes 94 0,28 144 0,49 170 0,42

Profit 214 0,63 412 1,41 463 1,16

Key figures SpareBank 1 SR-Bank Group

Average total assets 45 306 39 003 40 010

Total assets 47 071 41 737 43 624

Net loans to customers 42 226 37 276 38 789

Deposits from customers 23 116 21 378 22 120

Growth in loans 13 % 20 % 20 %

Growth in deposits 8 % 15 % 15 %

Capital adequacy ratio 12,95 10,96 11,65

Core capital ratio 7,78 7,62 8,15

Net equity and subordinated loan capital 3 977 3 133 3 444

Return on equity * 10,8 22,6 19,5

Income per cost krone ** 1,72 1,72 1,72

Number of man-years 795 692 711

Number of offices 53 50 50

Market price at the close of the quarter 235 250 247

Profit per primary capital certificate *** 18,0 35,9 40,4

0 * Profit as a percentage og average equity

** Profit income (excluding net exchange and capital gain/loss that are not related to money market fund and zero interest coupon), divided by total operating costs.

*** Profit for the year multiplied by the primary capital certificate percentage and divided by the number of primary capital sertifikates.

Year-end

30.09. 2001 30.09. 2000 Year-end 2000

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PROFIT AND LOSS ACCOUNT

Year-end 30.09. 30.09. 30.09. 30.09. Year-end

2000 2000 2001 (Amount in NOK million) 2001 2000 2000

2 813 2 006 2 522 Interest income 2 640 2 130 2 977

1 935 1 362 1 868 Interest costs 1 941 1 444 2 043

878 644 654 Net interest income 699 686 934

24 15 14 Dividends 14 15 24

15 25 -13 Income from ownership interests -40 -1 -10

260 183 233 Commission income 247 187 264

-71 -52 -57 Commission costs -58 -54 -74

52 68 49 Net exchange and capital gains 49 68 52

8 5 7 Other operating income 76 54 76

288 244 233 Net other operating income 288 269 332

1 166 888 887 Total operating income 987 955 1 266

471 342 385 Wages and general administration costs 455 392 538

47 35 0 Reorganization 0 35 47

106 81 100 Other operating costs 118 89 120

624 458 485 Total operating costs 573 516 705

542 430 402 Profit before losses and write-downs 414 439 561

-207 -206 16 Loss/gain finansiel fixed assets 16 -208 -209

125 90 90 Loss on loans and guarantees 90 91 137

624 546 296 Result og ordinary activities 308 556 633

161 134 82 Taxes 93 144 170

Minority interests 1

463 412 214 Profit 214 412 463

40,4

35,9 18,0 Profit per primary capital certificate 18,0 35,9 40,4

BALANSE SpareBank 1 SR-Bank Group

31.12. 30.09. 30.09. 30.09. 30.09. 31.12.

2000 2000 2001 (Amount in NOK million) 2001 2000 2000

Assets

613 285 425 Cash and claims on central banks 425 285 613

1 154 1 507 1 088 Claims on credit institutions 274 651 186

36 851 35 254 40 504 Gross loans to customers 42 845 37 823 39 383

-270 -263 -290 -Specified loss provisions -296 -269 -286

-296 -267 -311 - Unspecified loss provisions -323 -278 -308

36 285 34 724 39 903 Net loans to customers 42 226 37 276 38 789

12 18 12 Acquired assets 17 21 21

3 286 2 906 3 467 Securities 3 241 2 677 3 083

393 349 388 Fixed assets 427 365 426

463 420 346 Other assets 461 462 506

42 206 40 209 45 629 Total assets 47 071 41 737 43 624

Liabilities and equity

5 183 5 356 5 941 Debt to credit institutions 5 930 5 345 5 177 21 022 20 323 21 954 Deposits from customers 23 116 21 378 22 120 11 124 9 100 11 541 Debt established on issue of securities 11 541 9 308 11 142

882 1 293 1 501 Other debt 1 717 1 497 1 118

1 456 1 485 1 952 Subordinated loan capital 2 024 1 557 1 528

2 539 2 240 2 526 Equity 2 526 2 240 2 539

Minority interests 3

412 214 Profit 214 412

42 206 40 209 45 629 Total liabilities and equity 47 071 41 737 43 624

Off-balance-sheet:

1 276 1 312 1 503 Contingent liabilities (guarantees) 1 503 1 312 1 276

Main Figures from the Profit and Loss Account and balance sheet

SpareBank 1 SR-Bank SpareBank 1 SR-Bank Group

SpareBank 1 SR-Bank

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Loans for which loss provisions have been made

31.12. 30.09. 30.09. 30.09. 30.09. 31.12.

2000 2000 2001 (Amounts in NOK million) 2001 2000 2000

Non-performing loans for which loss provisions have been made

287 278 320 Gross non-performing loans 352 299 320

120 117 105 Specified loss provisions 108 119 132

167 161 215 Net non-performing loans 244 180 188

42 % 42 % 33 % Loan loss provision ratio 31 % 40 % 41 %

143 103 124 Of which gross non-aaccrual loans 134 114 172

Performing loans for which loss provisions have been made

464 419 397 Performing loans with loss provision 401 459 472

150 146 185 Specified loss provisions 188 150 154

314 273 212 Net performing loans 213 309 318

32 % 35 % 47 % Loan loss provision ratio 47 % 33 % 33 %

Total loans for a customer are regarded as non-performing and included in the bank's overviews of non-performing loans when due instalments or interest payments have not been paid within 90 days after the due date or a line of credit is overdrawn for 90 days or more. Loss assessments are made of loans that are non-performing for more than 60 days.

Loss provisions

31.12. 30.09. 30.09. 30.09. 30.09. 31.12.

2000 2000 2001 (Amounts in NOK million) 2001 2000 2000

Specified loss provisions:

259 256 270 Specified loss provision pr. 01.01. 286 263 265

- Actual loan losses during the period for which

-60 -51 -68 specified loss provisions have been made previously -79 -52 -62

71 58 88 +/- The period's specified loss provisions 89 58 83

270 263 290 Specified loss provisions 296 269 286

Unspecified loss provisions:

222 222 296 Unspecified loss provisions pr. 01.01. 308 233 233

74 45 15 +/-The period's change in unspecified loss provision 15 45 75

296 267 311 Unspecified loss provisions 323 278 308

Loans and losses in 2001

Loans and Gross Recoveries Net Loss

(Amounts in NOK million) guarantees loans of losses loss ratio

Corporate 16 128 112 35 77 0,48 %

Private customers 28 220 24 26 -2 -0,01 %

Transferred to unspesified

Sum 44 348 151 61 90 0,20 %

SpareBank 1 SR-Bank SpareBank 1 SR-Bank Group

SpareBank 1 SR-Bank Group

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RESULTS FROM THE QUARTERLY ACCOUNTS

(Amounts in NOK million) 3rd Q. 2nd Q. 1st Q. 4th Q. 3rd Q. 2nd Q. 1st Q. 4th Q. 3rd Q.

SpareBank 1 SR-Bank Group 2001 2001 2001 2000 2000 2000 2000 1999 1999

Net interest income 245 227 227 248 244 224 218 240 230

Net other operating income 64 122 102 63 111 75 83 106 90

Total operating income 309 349 329 311 355 299 301 346 320

Total operating costs 200 187 186 189 168 193 155 176 159

Result before losses and write-downs 109 162 143 122 187 106 146 170 161

Losses and write-downs 45 21 40 45 4 -145 24 31 24

Result of ordinary activities 64 141 103 77 183 251 122 139 137

Taxes 25 38 31 26 46 68 30 42 37

Profit 39 103 72 51 137 183 92 97 100

BALANCE SHEET FIGURES FROM THE QUARTERLY ACCOUNTS

Deposits from customers 23 116 23 482 22 850 22 120 21 378 20 805 19 347 19 211 18 673 Gross loans to customers 42 845 42 039 40 278 39 383 37 823 36 126 34 516 32 873 31 501 Loan loss provisions 619 582 573 594 547 510 504 495 495 Net loans to customers 42 226 41 457 39 705 38 789 37 276 35 616 34 012 32 378 31 006 Total assets 47 071 46 132 44 674 43 624 41 737 39 459 38 051 36 397 34 589 Average total assets 45 306 44 747 44 162 40 010 39 003 38 041 37 069 33 965 33 355

NON-PERFORMING LOANS AND NON-ACCRUAL LOAN

Gross non-performing loans 352 307 296 320 299 254 287 275 233 Specified loan loss provisions -108 -101 -104 -132 -119 -92 -114 -121 -105 Net non-permorming loans 244 206 192 188 180 162 173 154 128 Gross non-accrual loans 134 127 136 172 114 113 137 159 157

Net non-accrual loans 59 57 50 60 39 45 48 60 70

CAPITAL ADEQUACY

The bank's reserves 1 024 1 024 1 033 1 033 847 836 836 837 720 Primary capital certificate 743 749 749 749 749 744 744 744 744

Other reserves 622 627 625 628 582 578 577 582 430

Core capital 2 389 2 400 2 407 2 410 2 178 2 158 2 157 2 163 1 894

Additional capital 1 956 2 077 1 402 1 402 1 339 1 102 1 102 1 102 1 095

Deductions -368 -351 -354 -368 -384 -231 -231 -228 -264

Net equity and subord.loan capital 3 977 4 126 3 455 3 444 3 133 3 029 3 028 3 037 2 725 Total basis for calculation 30 708 30 125 30 188 29 565 28 586 27 687 26 526 25 052 24 183 Capital adequacy ratio 12,95 % 13,70 % 11,44 % 11,65 % 10,96 % 10,94 % 11,42 % 12,12 % 11,27 %

KEY FIGURES FOR 7.489.689 PRIMARY CAPITAL CERTIFICATES

Marked price at the close of the quarter 235 233 237 247 250 249 245 253 233 Book equity per primary capital certificate 214 214 214 214 195 193 193 193 172 Primary capital certificate ratio 63,0 63 63 63 65,3 64,8 64,8 64,8 66,6