SpareBank 1 SR-BankGroup

Second quarter 20077 August 2007

Page 2

High activity through first half of 2007

• Successful rights issue.

• Geographic expansion. New office in Søgne.

• IRB application approved.

• Capital Market division established.

• Increased sale of real estate projects. Purchase of Vågen Eiendomsforvaltning AS.

• Regional foundations for business development established.

• SpareBank 1 Boligkreditt AS’ first bond with pre-emptive rights has been ratet Aaa by Moody’s and AAA by Fitch Ratings Ltd.

• New CEO in EiendomsMegler 1 SR-Eiendom (real estate broker) and in SpareBank 1 SR-Finans.

• Mandatory occupational pension (OTP) - increased focus on additional RM-sales.

• The “PRO-school”. Agreement between SpareBank 1 SR-Bank and mobile telephone company Chess.

Page 3

(Year-to-date results. Figures for corresponding period in 2006 are shown in parentheses.)

Very strong results with high income growth

• Group profit before tax: NOK 644 million (NOK 514 million).• Return on equity capital after tax: 22.3% (21.2%).• Income growth: 18.5% Costs growth: 13.4%• Net interest income: NOK 605 million (NOK 547 million).• Net commission and other income: NOK 408 million (NOK 333

million). • 28,3 % growth in savings capital (beyond ordinary customer

deposits).• Net return on investment securities: NOK 250 million (NOK 186

million).• Growth in loans: 29.5% (13.8%) over last 12 months, which

breaks down into 16.1% RM and 58.7% CM. • Growth in deposits: 16.8% (12.6%) over last 12 months, which

breaks down into 8.1% RM and 24.6% CM.• Earnings per primary capital certificate: NOK 11.3 (NOK 9.5).

Page 4

Income statement

MNOK

30.06 2007

30.06 2006 Q2 07 Q1 07 Q4 06 Q3 06 Q2 06

Net interest income 605 547 317 288 298 283 279 Net commission and other income 408 333 218 190 184 161 177 Net return on investment securities 250 186 146 104 191 64 85 Total income 1.263 1.066 681 582 673 508 541 Total operating expenses 634 559 328 306 331 288 287 Operating profit before losses 629 507 353 276 342 220 254 Loss on loans and guarantees -15 -7 -4 -11 -50 -35 -9 Operating profit before tax and minority interests

644 514 357 287 392 255 263

Tax expense and minority interests 133 111 69 64 74 62 60 Net profit 511 403 288 223 318 193 203

Page 5

Key figures

30.06 2007

30.06 2006

Return on equity after tax 22,3 % 21,2 %

Interest margin 1,37 % 1,58 %Cost/income ratio 50,2 % 52,4 %Loss percentage -0,04 % -0,02 %Annual growth gross lending (incl. SB1 Boligkreditt) 29,5 % 13,8 %Annual growth deposits 16,8 % 12,6 %Deposit-to-loan ratio 59,8 % 63,0 %Total assets, MNOK 93 767 72 780Capital adequacy ratio 10,18 % 10,01 %Core capital ratio 7,22 % 7,68 %Norges Bank's liquidity indicator (incl. draw. facil.) 102,8 % 92,9 %Number of man years 959 880Number of offices 53 52Market price per PCC at end of period, NOK 164,5 173,7Result per PCC, NOK 11,3 9,5

Page 6

Net interest income and margins

-

0,50

1,00

1,50

2,00

2,50

Lending margin (parent bank)Deposits margin (parent bank)Total margins

1,73

0,67

1,06

279 280 276 268 279 283 298 288 317

1.79% 1.71% 1.65% 1.59% 1.57% 1.49% 1.46%

1.35% 1.40%

0 50

100 150 200 250 300 350

2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

Net interest income Net interest margin

Page 7

Change in net interest income

MNOK

30.06 2007 Change

30.06 2006 Q2 07 Change Q1 07

Net interest income: 605 58 547 317 29 288Of this:Lending growth, parent bank 48 1Deposits growth, parent bank 33 6Lending margin, parent bank -90 -9Deposits margin, parent bank 28 10Lending fees, parent bank 5 6Equity 32 9SR-Finans 9 2Number of days - 4Other -7 -

Page 8

Lending growth (12 months)

Volume30.06.07

CM:38,6 %

RM:61,4 %

RM-growth and volume includes mortgage loans transferred to SpareBank 1 Boligkreditt AS.

10,7 11,8 12,414,3

16,116,0 15,2

58,7

15,915,116,6

10,8

16,0

10,9

18,1

13,9

27,5

44,741,8

14,2

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

45,0

50,0

55,0

60,0

Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07

%

RM CM

Page 9

Deposits growth (12 months)

CM:56,1 %

RM:43,9 %

Volume30.06.07

24,6

8,17,36,47,2 6,2

4,0

9,9

7,05,5

8,5

28,8

31,9

18,9

23,3 22,3

16,4

18,717,3

29,1

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07

%

RM CM

Page 10

Savings/placements - portfolio development

-

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

1/06 2/06 3/06 4/06 1/07 2/07

ODIN SR-Forv

Savings insurance BMBReal estate Interest fund

Page 11

Net commission and other income

30.06 30.06MNOK 2007 2006 Q2 07 Q1 07 Q4 06 Q3 06 Q2 06

Payment facilities 93 83 51 42 44 46 41 Savings/placements 100 58 47 52 50 28 27 Insurance products 45 42 22 23 26 21 21 Commission income real estate (EM1) 140 111 80 60 54 55 60 SpareBank 1 Boligkreditt 3 - 3 - - - - Other 27 39 15 13 10 11 28 Net commission and other income 408 333 218 190 184 161 177

Page 12

Net return on investment securities

30.06 30.06MNOK 2007 2006 Q2 07 Q1 07 Q4 06 Q3 06 Q2 06

Dividend 11 10 7 4 1 1 7 SpareBank1 Group 118 70 70 48 76 43 49 Securities gains 79 66 52 27 89 - 10 Currency/interest gains 42 40 17 25 25 20 19 Net return on investment securities

250 186 146 104 191 64 85

Page 13

Other operating income in per cent of

total income

29,7 29,632,1

34,536,5

40,442,7

21,2 22,4 22,424,7

22,5

0

5

10

15

20

25

30

35

40

45

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

30.0

6.2

007

%

* Excluding gain/loss on securities trading, dividend and ownership stakes.

Financial statements before 2004 are not prepared according to IFRS.

Page 14

Subsidiaries

MNOK 30.06.2007 30.06.2006

EiendomsMegler 1 SR-Eiendom ASNumber of sales 4 624 3 435 Operating profit before taxes 19,8 18,0

SpareBank 1 SR-Finans ASTotal assets 3 111 2 463 Operating profit before taxes 19,1 13,5

SR-Forvaltning ASAPortfolio, NOK billion 6,3 4,9Operating profit before taxes 25,9 18,2

SR-Investering ASInvestments 145 57Operating profit before taxes 41,1 22,1

Page 15

Operating costs

30.06 30.06MNOK 2007 2006 Q2 07 Q1 07 Q4 06 Q3 06 Q2 06

Personnel expenses 345 297 181 164 177 160 153 Administrative expenses 167 161 82 85 94 74 83 - of this IT-costs 83 78 40 43 49 39 39 - of this marketing costs 38 42 18 20 21 13 22 Capital losses on non-financial assets 25 23 12 13 20 11 12 Other operating expenses 97 78 53 44 40 43 39 Total operating expenses 634 559 328 306 331 288 287

Number of man years 959 880 959 954 944 924 880

Page 16

Net losses on loans and guarantees

Jan-Jun Jan-Mar Jan-Dec Jan-Sep Jan-JunMNOK 2007 2007 2006 2006 2006Retail customers -11 -2 -13 -11 0Corporate customers -4 -9 -79 -31 -7Net losses -15 -11 -92 -42 -7

MNOKJan-Jun

2007Jan-Mar

2007Jan-Dec

2006Jan-Sep

2006Jan-Jun

2006New specified losses 16 11 32 19 12Reversed losses -31 -22 -142 -61 -19Net losses -15 -11 -92 -42 -7Loss percentage (annualized) -0,04 -0,06 -0,13 -0,08 -0,02

MNOK Jun 2007 Mar 2007 Dec 2006 Sep 2006 Jun 2006Specified loss provisions 88 91 107 137 155Unspecified loss provisions 131 131 131 159 169Total loss provisions 219 222 238 296 324

Page 17

Gross non-performing loans

186

168

130 132126

103111 114

106

0,320,29

0,21 0,210,19

0,15 0,14 0,14 0,13

0

50

100

150

200

Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07

MNOK

0,0

0,2

0,4

0,6

0,8

1,0

% of gross loans

Gross non-performing loans % of gross loans

Page 18

Financial targets

Targets 30.06.2007

Return on equity after tax 15% 1) 22,3 %

Core capital ratio 2) 7 % 7,2 %

Capital adequacy ratio 2)

11 % 10,2 %

1. 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.

2. 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.

Page 19

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.

Page 20

Corporate Market Division

• Favourable development, 40% income growth year to date compared with the first half of 2006.

• Good growth in loans and deposits.

• Low level of defaults and net recoveries on losses.

• Close to 400 new customers so far this year.

• More than 80 % of the customers will recommend the bank.

• More than 700 of our SME customers now subscribe to the PRO concept.

• Several thousand customers have participated in a number of customer events so far this year.

• The competition is strong, but the favourable development is expected to continue.

Page 21

Lending growth, Corporate Market

32.868

20.710

2.113

7381.743

1.956

5.608

Lending volume30.06.07

Real Estate Mining/Extraction Service Industry Industry Other Lending volume30.06.07

MNOK

Page 22

Development Risk Profile

73,5 % 69,9 %

18,4 % 24,2 %

8,1 % 5,9 %

30.06.06 30.06.07

EL > 0,75 %

EL < 0,75 %

EL < 0,20 %

EL - Expected Loss

Page 23

Lending by industry

Personkunder61,4 % (68,5 %)

Annet1,5 % (0,9 %)

Tjenesteytende virksomhet5,0 % (3,8 %)

Eiendomsdrift16,3 % (12,6 %)

Sjøfart/rørtransport2,8 % (2,9 %)

Varehandel/hotell2,2 % (2,5 %)

Kraft/vannforsyning2,1 % (1,9 %)

Industri3,5 % (3,4 %)

Jordbruk/skogbruk2,6 % (3,1 %)

Bergverksdrift/utvinning2,7 % (0,6 %)

30.06.07 (30.06.06)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

Page 24

Capital Market

VågenEiend. forvaltning

Capital Market

MarketsSavings and placement

CorporateCapital

management

• Capital Market Division established March 2007.• Corporate in progress.• Favourable development and high activity in currency,

bonds and interest instruments. Income growth year to date is about 40% compared with the first half of 2006.

• Sold and arranged several real estate projects.• Granted licence on custodian registration.• Purchase of Vågen Eiendomsforvaltning AS.• Assisted in arranging/subscription Corrocean/Roxar.• High activity and good results within the capital

management and investments area.

Page 25

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.

• New business area - Capital Markets - to strengthen the savings and capital markets area.

Page 26

APPENDIX

Page 27

The primary capital certificate - ROGG

• Trading volume Q2 2007: 5,6 % (7,2 %).

• Number of ROGG owners 30.06.07: 11.334 (11.053).

Owner shares per 30.06.07:

• From Rogaland, Agder og Hordaland: 63,0 % (50,8 %).

• Non-domestic: 8,8 % (18,0 %).

• 10 largest: 23,4 % (24,9 %).

• 20 largest: 30,5 % (31,0 %).

0,050,0

100,0150,0

30.0

6.20

06

30.0

7.20

06

30.0

8.20

06

30.0

9.20

06

30.1

0.20

06

30.1

1.20

06

30.1

2.20

06

30.0

1.20

07

28.0

2.20

07

30.0

3.20

07

30.0

4.20

07

30.0

5.20

07

30.0

6.20

07

30.0

7.20

07

Reb

ased

ROGG OSEBX

Page 28

Development of share prices savings banks 2007

Source: First Securities

Adjusted for dividend (re-invested)

Page 29

Key figures - ROGG

30.06.2007 30.06.2006 2006 2005 2004Market price, end of period 164,5 173,7 182,4 222,0 139,0Dividend per PCC N/A N/A 11,6 13,5 8,9Direct return N/A N/A 6,3 % 6,1 % 6,4 %Effective return -3,5 % -15,7 % -11,7 % 66,1 % 40,0 %P/E 7,2 9,5 8,8 10,8 9,1P/BV 1,6 2,0 2,0 2,4 1,6Earnings per PCC (PCC-owners share) 22,7 18,3 20,7 20,6 15,3 Payout ratio (net) N/A N/A 68 % 67 % 61 %PCC percentage* 57,7 % 53,0 % 51,0 % 53,0 % 56,3 %Book value per PCC, NOK 102,3 85,8 93,1 91,5 84,9RISK-amounts as of 01.01 following year, NOK N/A N/A N/A 1,79 6,06Number of issued PCCs, million 26,6 22,6 22,6 22,6 22,6Stock value (NOK million) 4 378 4 071 4 274 5 201 3 257* The PCC percentage for 2007 is increased from 51,0 % to 55,9 %. This is due to the public rights issue effective from April 2007.

Page 30

Capital adequacy

30.06 30.06MNOK 2007 % 2006 %Savings bank's reserve 1 707 2,75 % 1 479 2,91 %

Primary capital certificate capital 1 326 2,13 % 1 130 2,22 %

Dividend equalization reserve 721 1,16 % 647 1,27 %

Premium reserve 380 0,61 % 18 0,04 %

Perpetual capital securities 462 0,74 % 467 0,92 %

Endowment fund 70 0,11 % 94 0,18 %

Other equity 293 0,47 % 0,00 %

Fund for unrealised gains 110 0,18 % 0,00 %

Goodwill and other intangible assets -60 -0,10 % -45 -0,09 %

Unrecognized actuarial gains and losses 78 0,13 % 116 0,23 %

Deductions in core capital -602 -0,97 % - 0,00 %

Core Capital 4 485 7,22 % 3 906 7,68 %

Supplementary Capital 2 442 3,93 % 1 715 3,37 %

- Term subordinated capital 1 664 2,68 % 1 261 2,48 %

- Perpetual subordinated loan capital 778 1,25 % 454 0,89 %

Deductions in supplementary capital -602 -0,97 % -525 -1,03 %

Net equity and subordinated loan capital 6 325 10,18 % 5 096 10,02 %

Basis for calculation - 100 % 65 394 50 883

Basis for calculation - 95 % 62 124

Page 31

Rating

Moody's Fitch

Bank Deposits Aa3 Long-term A

Outlook Stable Outlook 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).

The short-term rating is still P-1 and Bank Financial Strength Rating (BFSR) is unchanged at C+.

Page 32

Balance sheet

Balance Sheet (MNOK) 30.06.2007 30.06.2006

Cash and balances w ith central banks 1 526 380 Balances w ith credit institutions 5 469 1 182 Net loans to customers 80 730 65 413 Certif icates, bonds and other f ixed-income securities 3 140 3 399 Financial derivative 364 544 Shares, ow nership stakes and other securities 626 433 Investment in associates 947 538 Other assets 965 891

Total assets 93 767 72 780

Balances w ith credit institutions 2 612 1 246 Deposits from customers 48 393 41 444 Listed debt securities 31 087 21 368 Financial derivative 678 337 Other liabilities 2 965 2 307 Subordinated loan capital 2 905 2 183

Total liabilities 88 640 68 885

Total equity 5 127 3 895

Total liabilities and equity 93 767 72 780

Page 33

SpareBank 1 SR-Bank

• Established in 1839• Head office in Stavanger• 53 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

Page 34

EiendomsMegler 1 SR-Eiendom AS

100 %

SpareBank 1 SR-Finans AS

100 %

SpareBank 1 Gruppen AS

19,5 %

• 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

SR-Forvaltning ASA67 %

SR Investering AS

100 %

SpareBank 1 Boligkreditt AS

26,4 %

Vågen Eiendoms- forvaltning AS

100 %

• Property management

• Real-estate agency:

- Houses- Business- Projects

• Market leader in Rogaland

• Leasing• Financing

• Investment in long-term equity

• Mortgage company

• Asset management

Page 35

Localized in Rogaland, Agder and Hordaland

• Head office in Stavanger• 53 branches in Rogaland, Agder

and Hordaland

Page 36

SpareBank 1 Alliance

Owners

Sparebanken Hedmark12,0 %

LO og Fagforbund

10 %

Samarbeidende Sparebanker AS

19,5 %

SpareBank 1Nord-Norge

19,5 %

SpareBank 1Midt-Norge

19,5 %

SpareBank 1SR-Bank19,5 %

SpareBank 1 Gruppen AS

Bank 1 Oslo AS100 %

SpareBank 1Livsforsikring AS

100 %

SpareBank 1Fondsforsikring AS

100 %

SpareBank 1 Bilplan AS19,9 %

ODIN Forvaltning AS100 %

First Securities ASA24,5 %

EiendomsMegler 1

SpareBank 1Skadeforsikring AS

100 %

SpareBank 1 Medlemskort AS100 %

Actor Fordringsforvaltning AS 90 %

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 445.000

Annual report 2006

Page 37

Strategy

Through:

A savings bank philosophy with a strong brand and modern bank operations, where value is created locally and further employed in the local community.

Clear prioritization based on customer needs and profitability.

Our market area is primarily Rogaland, Agder and Hordaland.

Clear position in the savings/pension market.

Competent employees who take pride in working for SpareBank 1 SR-Bank.

SpareBank 1 SR-Bank shall be a profitable and solid bank that is attractive to customers, capital markets, owners and employees alike.

Page 38

What separates one bank from another? Interest rates, fees and products are often the same. But have you asked your bank what they want? Or what role they want to play?

Our answer is simple.

The objective of SpareBank 1 SR-Bank is to help create values for the region we are part of, and the only way in which we can do this is through the achievements of our 1,018 employees.

It’s a matter of will.

will

Page 39

purposeSpareBank 1 SR-

Bank will add value to the region in which we

take part.

Page 40

Through being/having• a long-term perspective• open and honestThrough showing• responsibility and respect• will and ability to improve

The courage of conviction, the strength to create

values