Preliminary result of offerings

Both the rights offering and the employee offering at SpareBank 1 SMN expired
yesterday, Thursday 25 March 2010 at 1730hrs (Norwegian time). The provisional
allocation of new equity capital certificates is now available.
 
The preliminary count shows that by the expiry of the subscription period
SpareBank 1 SMN had received subscriptions for about 44 million new equity
capital certificates in the rights offering. 24,963,307 new certificates were
offered, and the rights offering has consequently been oversubscribed by about
75 per cent.
 
The employee offering also attracted considerable interest. According to the
preliminary count, the employees subscribed for a total of about 508 thousand
new equity capital certificates distributed on 350 employees. The overall
subscribed amount is about NOK 16,7 million.
 
The final allocation of equity capital certificates in the rights offering and
the employee offering is expected to be adopted by the Board of Directors of
SpareBank 1 SMN on Wednesday, 31 March 2010. The allocation will be carried out
in conformity with the allocation criteria set forth in the prospectus dated 4
March 2010. The final subscription result will be published by notice via Oslo
Stock Exchange on 31 March 2010. On the same day, VPS, the Norwegian Central
Securities Depository, will send a letter concerning the allocation of new
equity capital certificates and the corresponding subscription amount to be paid
by each subscriber.
 
Trondheim, 26 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#1398244]