Final result of offerings

Both the rights offering and the employee offering at SpareBank 1 SMN closed on
Thursday 25 March 2010 at 1730hrs (Norwegian time). The final allocation of new
equity capital certificates is now available.
 
By the expiry of the subscription period, SpareBank 1 SMN had received
subscriptions for a total of 43.7 million new equity capital certificates in the
rights offering. 24,963,307 equity capital certificates were offered, and the
rights offering was consequently oversubscribed by 74.9 per cent.
 
24.4 million equity capital certificates, representing 98 per cent of the new
equity capital certificates in the rights offering, were subscribed for by the
exercise of subscription rights. 0.5 million equity capital certificates, or 2
per cent, were subscribed for through over-subscription or without use of
subscription rights.
 
In the employee offering, SpareBank 1 SMN received subscriptions for a total of
0.5 million equity capital certificates distributed on 350 employees.
 
The Board of Directors of SpareBank 1 SMN has at its meeting today approved the
final allocation of equity capital certificates in the offering. The allocation
has been carried out in conformity with the allocation criteria set forth in the
prospectus dated 4 March 2010. No allocation has been made to subscribers
without subscription rights.
 
Today a letter will be dispatched from VPS, the Norwegian Central Securities
Depository, concerning the allocation of new equity capital certificates and the
corresponding subscription amount to be paid by each subscriber. The
subscription amounts fall due for payment on 8 April 2010; see payment
procedures described in the prospectus.
 
The new equity capital certificates may not be transferred or traded until they
have been paid for in full and the increase of capital has been registered with
the Register of Business Enterprises. Registration is expected to take place on
9 April 2010. The new equity capital certificates will be transferred to the VPS
accounts of each individual subscriber on or about 12 April 2010 and will
concurrently be quoted on the Oslo Stock Exchange.
 
The company's Supervisory Board decided on 3 March 2010 to increase the
company's equity share capital by NOK 624,082,675 million through the issuance
of 24,963,307 new equity capital certificates in the rights offering. After the
increase of capital is registered with the Register of Business Enterprises,
SpareBank 1 SMN's equity share capital will total NOK 2,372,632,150, distributed
on 94,905,286 equity capital certificates, each with a nominal value of NOK 25.
 
SpareBank 1 SMN will as a result of the rights offering receive proceeds of NOK
823,789,131 million before deduction of transaction costs. The employee offering
gives SpareBank 1 SMN gross proceeds of NOK 16.8 million.
 
DnB NOR Markets, SpareBank 1 SMN Markets and Argo Securities acted as managers
for the rights offering.
 
Trondheim, 31 March 2010
 
Contact persons at SpareBank 1 SMN:
Executive Vice President, Finance, Kjell Fordal on +47 905 41 672
Executive Vice President, Corporate Communications, Hans Tronstad on +47
941 78 322
 
DISCLAIMER
These written materials are not for distribution in the United States, Canada,
Australia, Hong Kong or Japan.  The information contained herein does not
constitute an offer of securities for sale in the United States, Canada,
Australia, Hong Kong or Japan.
 
The securities may not be offered or sold in the United States unless they are
registered under applicable law or exempt from registration. The Savings Bank
does not intend to register any portion of the offer in the United States or to
conduct a public offer of securities in the United States. No money, securities
or other consideration is being solicited and, if sent in response to the
information contained herein, will not be accepted.
 
FORWARD LOOKING STATEMENTS
This document and any materials distributed in connection with this document may
contain certain forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they reflect SpareBank 1 SMN's
current expectations and assumptions as to future events and circumstances that
may not prove accurate. A number of material factors could cause actual results
and developments to differ materially from those expressed or implied by these
forward-looking statements, including the risks and uncertainties to be set out
in the prospectus.
 
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
 
[HUG#1399730]