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Preliminary results 2008
Financial statements
SpareBank 1 Gruppen

Kirsten Idebøen, acting CEO
Brigitte Ninauve, financial director




                                       12 February 2009
Highlights 4th quarter 2008
•       The results have been strongly affected by the weak financial markets. SpareBank 1 Livsforsikring
        has a shareholding of 12 % in the group portfolio as at 31 December 2008. The Group has a solid
        capital base

•       One-off factors for SpareBank 1 Gruppen in 2008 totalled MNOK -405

•       In October SpareBank 1 Gruppen AS acquired a 75 % stake in a newly established brokerage house
        that is jointly owned with former employees of Kaupthing’s Norwegian brokers. Argo Securities AS
        was granted a license at the end of November

•       In Q4 SpareBank 1 Gruppen AS reached agreement with SpareBank 1 Nord-Norge regarding the
        acquisition of its factoring business for a purchase price of up to MNOK 40. The company will merge
        into SpareBank 1 Factoring AS – formerly Glitnir Factoring

•       SpareBank 1 Gruppen AS purchases the remaining 10 % of Actor Fordringsforvaltning for MNOK 16
        from Sparebanken Sør with effect from 1 January 2009

•       In Q4 SpareBank 1 Gruppen AS’ owners injected equity into the Group through an incremental
        placement totalling MNOK 924




    2
2
Weak result for year, but solid capital base

           Pre-tax profit/loss group
                                                               •   The pre-tax loss for 2008 was MNOK
                                                                   -724, down MNOK 1,904 against the
                                                                   previous year
            1,500                               1,180
                                                               •   At the end of 2008, the assets under
                                           1,001
            1,000
                                                                   management were NOK 56.5 billion, up
                                                                   NOK 2.2 billion from 31 December 2007
                       375 240
              500
                                                               •   The return on equity after tax was -16.3
    MNOK




                                                                   % (26.2 %)
                0
                                                               •   Core and capital adequacy ratios were
                       Q4 Q4 Q4            2006 2007 2008
             -500
                                                                   9.0 % and 12.0 % for the year, against
                      2006 2007 2008
                                                                   9.6 % and 13.1 % in 2007
                                                        -724
            -1,000
                                                               •   Additional provisions of MNOK 308 taken
                                -1,038
                                                                   to income in the consolidated accounts
            -1,500
                                                                   were reversed in Q4. SpareBank 1
                                                                   Livsforsikring has utilised MNOK 345 to
                     Pre-tax profit - Q4    Pre-tax profit
                                                                   cover the negative investment result in
                                                                   the annual report and accounts




    3
3
Product companies strongly affected by the
    financial crisis
                                                               Pre-tax profit subsidiaries
    •   The combined loss for the year for the
        subsidiaries was MNOK -629 compared to                  600
                                                                                                          459
        a profit of MNOK 1,258 last year                                               380
                                                                400                                                    299
    •   The life insurance company was strongly                                                                 228
                                                                       131
        affected by the financial unrest and one-off            200                                                          113
                                                                              4
        factors. The company is financially sound
                                                                  0
    •   The excellent insurance result balances




                                                                                                                        ODIN
                                                                                                          Skadefors.
                                                                                             Livsfors.*
                                                                         Bank 1 Oslo
        out the weak financial result in the P&C




                                                       MNOK
                                                               -200




                                                                          konsern



                                                                                                SB1


                                                                                                             SB1
        insurance company
                                                               -400
    •   Reduced volumes under management in
        ODIN Forvaltning                                       -600
    •   Good underlying bank operation in Bank 1               -800
        Oslo. The results so far this year are                                           -991
        marked by write-downs, losses on                      -1,000
        securities and net losses on loans                                             Pre-tax profit 2007
                                                              -1,200
                                                                                       Pre-tax profit 2008




    4
4
One-off factors in 2008 of MNOK -405


                                                                    MNOK
        SpareBank 1 Livsforsikring
        IT write-downs                                               -417
        Settlements/claims                                            -52
        Subtotal                                                     -469

        ODIN Forvaltning group
        Foreign exchange gain                                         15
        Subtotal                                                      15

        SpareBank 1 Gruppen AS and SpareBank 1 Skadeforsikring AS
        have sold their shares in Alka Forsikring                     49
        Subtotal                                                      49

        Total                                                        -405




    5
5
SpareBank 1 Gruppen
     Preliminary results 2008
                                                               Q4          Q3          Q2         Q1          Q4                  Year
     Figures in MNOK                                          2008        2008        2008       2008        2007          2008          2007
                                                                                                                    *                           *
     Part of result from subsidiaries before tax
      - SpareBank 1 Livsforsikring                              -647.7     -334.9        43.7       -51.8        46.6      -990.6         380.0
        - Additional provisions recognised as
                                                                -307.7      286.8       -41.7        62.6        0.0           0.0        0.0
          income in consolidated accounts
      - SpareBank 1 Skadeforsikring                               -9.4       58.0       125.0        54.1      133.6         227.6      458.9
      - Bank 1 Oslo group                                        -56.3       -6.2        34.4        31.9       32.4           3.9      130.9
      - ODIN Forvaltning                                          27.7       25.7        29.2        30.3       73.7         112.9      299.5
                                  **
      - Share of other companies                                   0.2        7.7         9.6         5.7        4.8          23.3       19.0
      - Correction subsidiaries - pro forma IFRS                  -7.8       -3.3         7.0        -1.8      -41.0          -5.9      -30.5
     Net result before tax from subsidiaries                 -1,000.9       33.8       207.2       131.0      250.1        -628.9    1,257.9
     Total operating costs holding                               -16.3       -8.8       -11.9       -10.8      -17.7         -47.8      -60.9
     Net investment charges holding                              -15.5      -15.9       -12.9       -23.6      -12.4         -67.9      -46.2
     Gains from sale of companies holding                         -0.6       21.7         0.0         0.0        0.0          21.1        0.0
     Share of associated company - First Securities               -3.7        0.9        16.4         4.2       21.8          17.7       56.9
     Net result before amortisation                          -1,036.9       31.6       198.8       100.8      241.7        -705.7    1,207.8
     Amortisation                                                 -1.3      -14.2        -1.3        -1.3       -1.3         -18.2      -28.0
     Pre-tax result                                          -1,038.2       17.4       197.5        99.5      240.4        -724.0    1,179.8
     Taxes                                                         9.0       -7.0       -50.0       -35.9       88.4         -83.9       39.2
     Net result for the period                               -1,029.3       10.4       147.4        63.7      328.7        -807.8    1,219.0

     Majority interest                                        -1,028.9        10.2      147.0        63.5      328.6       -808.2        1,218.4
     Minority interest                                            -0.4         0.3        0.4         0.1        0.2         0.38            0.6

* The figures have been restated in accordance with new annual accounts regulations for P&C and life insurance companies
** Other companies comprise SpareBank 1 Medlemskort AS, Actor Fordringsforvaltning AS and Argo Securities AS



     6
 6
Bank 1 Oslo
        Good underlying bank operation




    7
7
Bank 1 Oslo (group)
    Good underlying bank operation
    •   Pre-tax profit of MNOK 4 (131) for                    Pre-tax profit/loss per quarter
        2008                                            70
    •   Q4 loss of MNOK -56 (profit of 32)                                     49
                                                                     44
                                                        50
    •   Unrealised losses on securities                                                       39
                                                                                                         32 34
                                                                                         33        32
        totalled MNOK 73 in 2008, of which                      28                  27
                                                        30
        the bank’s shares in Nordito AS were                              17
        written-down by MNOK 23 and
        goodwill in EiendomsMegler 1 was                10




                                                MNOK
                                                                                                                 -6
        written-down by MNOK 26                                           *
                                                       -10
    •   Loan losses MNOK 65 (-10) for the                            2006                2007                2008
        year. MNOK 50 (-3) in Q4
                                                       -30
    •   Gross non-performing and impaired
        loans amount to 2.5 % (0.9 %) of
                                                       -50
        gross loans as at 31 December 2008
    •   Bank 1 Oslo has no direct or indirect                                                                      -56
                                                       -70
        exposure to the sub-prime market in
        the USA or to Icelandic banks. It is                 Pre-tax profit/loss - Q1               Pre-tax profit/loss - Q2
        nevertheless affected by a general                   Pre-tax profit/loss - Q3               Pre-tax profit/loss - Q4
        increase in the spread and unrest in
        the interest market                            * Adjusted to take account of the gain of MNOK 100.4 on
                                                       the sale of the Hamar portfolio in Q3 2006


    8
8
Bank 1 Oslo (parent bank)
    Good underlying bank operation



        MNOK                                              31.12.2008 31.12.2007          Change
        Net interest income                                     387.8      347.1           11.7 %
        Other operating income                                  186.4      166.7           11.8 %
        Operating costs                                         388.6      369.2            5.3 %
        Result underlying bank operation                       185.5      144.5           28.3 %

        Cost/income ratio underlying bank operation             67.7 %         71.9 %       -4.2 %

         Underlying bank operation is defined as operating result before losses excluding
         exchange rate gains/losses, securities, derivatives, dividend, as well as extraordinary
         items




    9
9
Bank 1 Oslo
     Competitive and consumer-friendly


          • The bank was awarded a bronze
            medal in the Norwegian Bank
            Championships, in the category for
            mortgages within 80 % of the value
            of the home
          • The medal is a reward for low prices
            on mortgages throughout one year
          • Recently SpareBank 1 Oslo &
            Akershus was named as Norway’s
            fifth best bank, up from 47th place
            the previous year




     10
10
Bank 1 Oslo (parent bank)
     Higher interest income as a result of good growth

                                                        Net interest income per quarter

                                                       120.0                                                            2.00 %
 •        Lending growth of 19.9 % during                                                                105.3
                                                                                    97.0   96.7   95.9
          the past 12 months. The retail               100.0                                                            1.90 %
                                                                             90.4                                89.9
                                                                      83.0
          market increased by 23.5 % and                       77.5
                                                        80.0                                                            1.80 %
          the corporate market by 12.0 %




                                                MNOK
 •        Net interest income of MNOK 90                60.0                                                            1.70 %

          (97) in Q4. Net interest income for           40.0                                                            1.60 %
          2008 of MNOK 388 (347), up 11.7
          %                                             20.0                                                            1.50 %

 •        Accumulated net interest income                0.0                                                            1.40 %
          measured against average total                        Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4
          assets of 1.71 % (1.83 %) as at 31                   2007 2007 2007 2007 2008 2008 2008 2008

          December 2008                                   Net interest income          Net interest income measured
                                                                                       against average total assets




     11
11
Bank 1 Oslo (parent bank)
     Margin and volume developments
                 22,000                                                                             1.80 %


                                                                                                    1.60 %
                 20,000                                              1.64 %
                          1.42 %

                                                                                 1.49 %1.51 %1.27 % 1.40 %
                                                            1.50 %
                              1.25 %
                 18,000
                                                                          1.37 %
                                    1.15 %
                                                       1.33 %                                       1.20 %
          MNOK




                                          1.05 %
                 16,000                         1.20 %
                                                                         0.90 %                   1.00 %
                                          1.04 % 0.81 %
                                                       0.78 %
                                    0.98 %
                 14,000
                                                             0.71 %0.72 %
                              0.91 %                                                 0.69 %       0.80 %
                                                                               0.62 %      0.83 %
                        0.82 %
                 12,000                                                                           0.60 %


                 10,000                                                                             0.40 %
                           Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4
                          2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008


                           Lending           Spread for ordinary              Spread for deposits
                                             lending to custom ers            from custom ers

The reference interest rate used in the margin calculation is 3 months NIBOR + 0.10 bp (the bank’s intra-group interest rate)


     12
12
Bank 1 Oslo (parent bank)
     Increase in non-performing loans attributable to a few
     corporate market commitments
                                                                                                           %
                            MNOK                                                                          Percent
                                                                                                           3.0
                            600.0
                                                                                           1. kv 2008
                                                                                                           2.5
                            500.0

                                                                                                           2.0
                            400.0

                                                                                                           1.5
                            300.0
                                                                                                  517.1
                                                                                                           1.0
                            200.0

                                                                                          246.1
                                    234.5 240.9 203.6 220.0 214.0                                          0.5
                            100.0                                   165.8 162.7
                                                                                  113.1
                                                                                                           -
                              0.0
                                     Q3 Q4     Q1 Q2     Q3 Q4     Q1 Q2     Q3 Q4
                                    2006 2006 2007 2007 2007 2007 2008 2008 2008 2008
                                                    Total non-performing loans
                                                    as % of gross loans
           Non-performing loans = Total of overdue claims over 90 days and impaired non-overdue claims over 90 days

     13
13
Bank 1 Oslo (parent bank)
     Change in losses in last year
           MNOK

            60.0
                   44.4
            40.0

            20.0                                                          9.9
                                                               3.5
                                  -11.8                -22.7
                          -52.3           -16.3                                 -65.1
             0.0
                    Individual      Collective         Net write-offs      Net loan
           -20.0   write-downs     impairment       and incomings on        losses
                                                    previous write-offs
           -40.0

           -60.0
                                             2007       2008
           -80.0




     14
14
Bank 1 Oslo (group)
     Growth in other income

                                                 Other income per quarter
•    Increase in commission income in           100
     2008 of 8 % to MNOK 80 (74)
                                                 80
•    Income from financial investments
                                                 60
     reduced owing to weak financial




                                         MNOK
     markets                                     40

•    In 2008 the bank has written down           20

     the shares in Nordito AS by MNOK             0
     23                                         -20
•    In 2008 the Bank group suffered a          -40
     write-down of goodwill in                         Q1        Q2     Q3     Q4      Q1     Q2      Q3       Q4
     EiendomsMegler 1 of MNOK 26                      2007      2007   2007   2007    2008   2008    2008     2008

                                                             Guarantee commissions/others
                                                             Real estate agency commission
                                                             Revenue from financial investments
                                                             Payments system
                                                             Commission revenues from insurance and savings




     15
15
Bank 1 Oslo (group)
     Profit/loss for 2008
                                                        Q4        Q3         Q2        Q1        Q4               Year
     Figures in MNOK                                   2008      2008       2008      2008      2007      2008           2007

     Net interest income                                 91.6     106.7       96.5      96.9      97.5     391.7          348.3
     Other operating income                               43.4      32.3       72.8      40.0      68.7     188.4          217.1
     Operating costs                                     141.1     113.1      148.2     108.8     136.6     511.1          444.4
     Operating result before losses                       -6.1      25.9       21.0      28.1      29.6      68.9          121.0
     Net loan loss provisions                             50.2      31.9      -13.2      -3.8      -2.8      65.1           -9.9
     Pre-tax operating profit                           -56.3       -6.0      34.3      31.9      32.4       3.9          130.9
     Taxes                                               -17.6       -1.5       9.4       8.9      11.5      -0.7           38.1
     Net profit/loss for the period                     -38.7       -4.6      24.8      23.0      20.9       4.6           92.8



     Nøkkeltall                                         Q4        Q3         Q2        Q1        Q4             Year
                                                                                                                     2007
     Tall i prosent                                    2008      2008       2008      2008      2007      2008
     Net interest margin                                1.48 %    1.85 %     1.75 %    1.86 %    1.87 %    1.73 %     1.84 %
     Cost/income ratio
     excl. equity investment portfolio (parent bank)    79.3 %    59.6 %     73.0 %    70.3 %    69.8 %    70.2 %         70.6 %
     Cost/income ratio
     incl. equity investment portfolio                 104.5 %    81.4 %     87.5 %    79.5 %    82.4 %    88.1   %       78.6   %
     Return on equity (parent bank)                                                                         1.7   %        9.3   %
     Return on equity                                                                                       0.6   %        8.1   %
     Deposit coverage ratio                                                                                77.2   %       74.2   %
     Capital adequacy ratio (parent bank)                                                                   8.1   %        9.8   %




     16
16
SpareBank 1
     Livsforsikring
     Strongly affected by the financial crisis
     and one-off events




     17
17
SpareBank 1 Livsforsikring
     Strongly affected by the financial crisis and one-
     off events
                                                                Pre-tax profit/loss per quarter
•    Pre-tax loss of MNOK -648 (47) in Q4 and loss
     of MNOK -991 (380) for 2008                               230
                                                                                       129
•    Improvement in the risk result before technical                                      111
                                                                                     93
                                                                                83
                                                               130
                                                                      48 7336
     allocations; of MNOK 264 (187) in 2008                                                 47           44
•    The investment result totals MNOK -903 (969)               30
     and is strongly affected by the financial crisis
                                                                -70     2006           2007          -522008
•    Assets under management as at 31 December
     2008 were NOK 21.1 billion




                                                        MNOK
                                                               -170
      – down by NOK 2.9 billion from 31 December
                                                               -270
        2007
•    No write-down of real estate in Q4                                                                   -335
                                                               -370
•    CDO investments written-down by MNOK 138 *
                                                               -470
•    Negotiated settlement in 2008 amounted to                              Pre-tax profit/loss -   Q1
     MNOK 52                                                                Pre-tax profit/loss -   Q2
                                                               -570
                                                                            Pre-tax profit/loss -   Q3
•    A major IT project was written down by MNOK                            Pre-tax profit/loss -   Q4
                                                               -670
     417                                                                                                      -648
                                                                                                               **
                                                        * Collateralized debt obligation
                                                        ** MNOK 345 of the interest deficit was covered by
                                                        customers’ additional provisions in the annual report
                                                        and accounts
     18
18
SpareBank 1 Livsforsikring
     The life insurance company has a solid capital base

          •   In July, SpareBank 1 Livsforsikring received a group contribution of MNOK 216
              from its owners, SpareBank 1 Gruppen AS

          •   In October, SpareBank 1 Gruppen AS decided to transfer an additional MNOK
              219 to the company as a group contribution to be paid in April 2009

          •   In December 2008, the holding company carried out a share capital increase in
              SpareBank 1 Livsforsikring of MNOK 300. The remaining guarantee totals MNOK
              300

          •   Core capital and capital adequacy ratios of 11.2 % (9.6 %) and 14.3 % (12.5 %)
              respectively for 2008

          •   The buffer capital with additional provisions within a one-year interest rate
              guarantee equals 5.8 % (14.9 %) for the year




     19
19
SpareBank 1 Livsforsikring
     Continued high shareholding in the group portfolio
     As at 31 December 2008

                                                              Company portfolio                  Investment choice portfolio
                   Group portfolio


                                                                      7 %1 %
                            12 %3 %                        27 %                                  29 %
          32 %
                                                                                  32 %
                                      23 %                                                                            54 %
                                                              33 %                                17 %
                    30 %
                                                     Stocks             Other
     Stocks                 Other                                                                   Stocks   Other   Bonds
                                                     Real estate        Bonds held to maturity
     Real estate            Bonds held to maturity
                                                     Bonds
     Bonds

          NOK 14.7 billion                                  NOK 1.3 billion                           NOK 4.0 billion




     20
20
SpareBank 1 Livsforsikring
Return on ordinary customer portfolio with guarantee as at 31
December 2008
                                                                     Percent

          Norwegian shares     -54

            Foreign shares           -42.4

            Money market                                                       5.2

          Norwegian bonds                                                        8.3

             Foreign bonds                                                     6.2

              Hedge funds                     -31.2

           Held to maturity                                                    5.3

                Real estate                                                    6.7

                              -60    -50     -40   -30   -20   -10      0       10     20




     21
21
SpareBank 1 Livsforsikring
 Value adjusted return on customer portfolios with guarantee per
 Q3 and Q4 2008                       (excl. value change bonds held to maturity)



                         Q3   Q4              Q3   Q4         Q3             Q4     Q3   Q4
                        2008 2008            2008 2008       2008           2008   2008 2008
                   1
                                                                            0.3
                   0
                                                     -0.2
                   -1


                   -2                                        -1.8
         Percent




                                                                                   -1.8
                                             -2.0
                        -2.0                                                              -2.1
                   -3


                   -4


                   -5
                               -4.9

                   -6
                        SpareBank 1           Storebrand            Vital            Nordea




  22
22 Source: company presentations
SpareBank 1 Livsforsikring
 Booked return on customer portfolios with guarantee
 per Q3 and Q4 2008
                    3
                                               2.0              1.9
                    2

                    1                                                  0.6
                                                                             0.3
                                         0.3
                          0.1
          Percent




                    0
                                                       -0.1
                    -1

                    -2

                    -3           -2.8

                    -4    Q3    Q4       Q3     Q4     Q3      Q4      Q3   Q4
                         2008 2008
                          SpareBank 1    Storebrand   2008Vital         Nordea
                                        2008 2008            2008     2008 2008
                                                                       Nordea
                         SpareBank 1    Storebrand      Vital




  23
23 Source: company presentations
SpareBank 1 Livsforsikring carries out IT write-downs of
     MNOK 417
     • The life insurance company has pursued a programme for the broad
       renewal of its system portfolio, including the core systems. The renewal
       was to take place through agreed delivery from an external supplier

     • Owing to defaulted delivery, the life insurance company experienced IT
       write-downs of MNOK 417

     • The life insurance company has cancelled the contract with the supplier

     • The life insurance company is seeking restitution and compensation from
       the supplier for a maximum amount of MNOK 130

     • No implications for the capital adequacy

     • The write-down does not impact on customers



     24
24
SpareBank 1 Livsforsikring
     Profit/loss for 2008
                                                                                                 Q4              Q2             Q1             Q4                   Year
     Figures in MNOK                                                                            2008            2008           2008           2007            2008           2007
       Insurance risk income                                                                       290.8           288.1          289.6          274.3         1,159.5        1,076.8
       Insurance risk claims                                                                      -207.5         -243.7         -207.2          -210.8          -895.7         -890.1
     Risk result                                                                                   83.3            44.4           82.4           63.5           263.9          186.7
       Technical allocations                                                                        -2.8           -15.3          -19.6         -318.8           -53.6         -338.4
     Risk result after technical allocations                                                       80.5            29.1           62.8         -255.3           210.2         -151.7
       Fees                                                                                        138.1           150.2          137.7          171.4           572.6          616.5
       Expenses, exclusive comissions                                                             -113.6         -140.5         -123.7          -121.7          -511.8         -457.8
       Comissions                                                                                  -93.8           -58.8          -48.0          -55.2          -255.3         -224.9
     Administration result                                                                        -69.3           -49.1          -34.0            -5.5         -194.5          -66.3
       Net investment income                                                                      -460.9           167.4           49.3          304.2          -466.4        1,387.3
       Guaranteed interest to policyholders                                                       -109.8         -109.7         -107.9          -105.6          -436.9         -418.4
*    Investment result                                                                           -570.7            57.7          -58.6          198.6          -903.3          968.9
     Result before allocations                                                                   -559.5            37.7          -29.8          -62.2          -887.6          750.9
       Allocation to additional provisions                                                         345.1             0.0            0.0         -160.0           345.1         -160.0
       Transferred to policyholders                                                                  7.3            -2.2           -5.8          268.7             5.4         -211.0
       Return on company's assets                                                                 -440.6             8.2          -16.2            0.0          -453.6            0.0
     Net profit to owner before tax                                                              -647.7            43.7          -51.8           46.5          -990.6          380.0
       Taxes                                                                                       -83.5           -11.6            5.7          124.7             0.0          236.7
**   Net profit/loss for the period                                                              -731.2            32.1          -46.1          171.2          -990.6          616.6


     Key figures                                                                                 Q4              Q2             Q1             Q4                   Year
                                                                                                2008            2008           2008           2007            2008       2007
     Capital adequacy ratio                                                                                                                                    14.3 %     12.5 %
     Buffer capital in % of insurance provisions                                                                                                                5.8 %     14.9 %
     Buffer capital in % of insurance provisions after allocation of profits                                                                                    5.8 %      9.3 %

* The investment result in 2008 is not directly comparable with the investment result in 2007. Based on new regulations, the figures for 2008 have been split in investment result and
return on company’s assets.
** In 2008 the accounting regulation for life insurance was adapted to international accounting standards (IFRS). As a result of this the company’s deferred tax advantage is not shown in
the balance sheet, and consequently there is no tax cost in the company accounts. A tax cost of MNOK 16 is shown in the consolidated accounts of SpareBank 1 Gruppen in 2008


     25
25
SpareBank 1
     Skadeforsikring
     The insurance business produced
     excellent results




     26
26
SpareBank 1 Skadeforsikring
     The insurance business produced excellent results

                                                                Pre-tax profit per quarter

•         The pre-tax loss for Q4 came to MNOK            160
          -9 (134) and the profit for 2008 is                                              139
                                                                                                 134
                                                          140
          MNOK 228 (459)                                                                                      125
                                                                                             121
•         The insurance result for the year               120
          totals MNOK 200 (83)
                                                          100
•         Net claims ratio at year-end of 72.1 %                            82 77
          (73.9 %)




                                                   MNOK
                                                           80                         66
                                                                                                                    58
•         Net financial income for the year is                                                           54
                                                           60          50
          MNOK 54 (378) and includes a gain
          from the sale of Alka Forsikring in Q3           40
                                                                  18
•         Combined ratio of 94.0 % (94.6 %) as             20
          at 31 December 2008                                                                                            -9
                                                            0
•         Capital adequacy ratio of 25.8 %
          (17.9 %) at the end of the year                              2006                2007               2008
                                                          -20
                                                           Pre-tax profit/loss - Q1                Pre-tax profit/loss - Q2
                                                           Pre-tax profit/loss - Q3                Pre-tax profit/loss - Q4




     27
27
SpareBank 1 Skadeforsikring
     Total portfolio growth of 3.3 % in 2008 in a market
     characterised by increased competition
            Retail Market (RM) portfolio                                          Corporate market (CM) portfolio
            (excl. group home insurances)


            2,720                                                               640                                        11.6     634
                                                 15.6
                                                                                630
                                                                 2,691
                                                         -10.6
            2,700                                                                                                 16.7
                                       30.5
                                                                                620
            2,680
                                                                                                        12.6
                                                                                610
                              24.5
     MNOK




                                                                         MNOK
            2,660
                                                                                600            5.2
            2,640   2,631                                                             588
                                                                                590
            2,620                                                               580
            2,600                                                               570
            2,580                                                               560
                            Change Change Change Change                                      Change Change Change Change
                     2007     Q1     Q2     Q3     Q4             2008                2007     Q1     Q2     Q3     Q4             2008
                             2008   2008   2008   2008                                        2008   2008   2008   2008

                      Total RM portfolio      Change in RM portfolio                    Total CM portfolio     Change in CM portfolio


                                                                                              7.9 % growth in 2008
                       2.3 % growth in 2008




     28
28
SpareBank 1 Skadeforsikring
     Development in net combined ratio
                                                                                                    Combined ratio per year
          Combined ratio per quarter

                                                                                            100 %                                94.6 %    94.0 %
                                                                                                    91.1 %             89.9 %
                   97.9 %
100 %                                                                                                         87.2 %
                            92.7 % 91.9 % 95.9 % 93.9 % 93.8 % 95.1 % 93.1 %                90 %
          84.9 %
 90 %                                                                                                                             20.7 %     21.9 %
                   21.2 %                                                                            22.1 %
                                                                                            80 %                       20.6 %
                                              21.8 %                      20.9 %
                                                        19.7 %                                                20.5 %
                                                                 23.5 %
                            20.2 %                                                 23.3 %
                                     19.5 %
 80 %
                                                                                            70 %
          21.4 %
 70 %
                                                                                            60 %
 60 %
                                                                                            50 %
 50 %
                                                                                            40 %
 40 %              76.7 %                                                                                                        73.9 %      72.1 %
                                                        74.2 %            74.1 %                                       69.3 %
                                              74.0 %                                                 69.0 %
                                     72.4 %
                            72.5 %                                                                            66.7 %
                                                                 70.3 %            69.7 %
                                                                                            30 %
          63.5 %
 30 %
                                                                                            20 %
 20 %
                                                                                            10 %
 10 %
  0%                                                                                         0%
                                                                                                     2004     2005     2006      2007        2008
           Q4       Q1       Q2       Q3       Q4       Q1        Q2       Q3       Q4
          2006     2007     2007     2007     2007     2008      2008     2008     2008                 Claims ratio            Cost ratio

                      Claims ratio                     Cost ratio




     29
29
SpareBank 1 Skadeforsikring
     Allocation of financial assets


                               Bonds                                 Bank deposits
                               60.1 %                                   3.9 %




                                                                          Bonds held to
                 Hedge funds
                                                                            maturity
                    4.3 %
                                                                             11.6 %
                                                              Real estate
                                        Stocks
                                                                15.1 %
                                        5.0 %



                                  Total:         NOK 7.7 billion

     30
30
SpareBank 1 Skadeforsikring
     Profit/loss for 2008

                                                           Q4           Q3          Q2          Q1          Q4               Year
                                                                                                                                    2007 *
                                                                                                           2007 *
          Figures in MNOK                                 2008         2008        2008        2008                    2008
          Gross written premium                              917.8       900.2     1,034.8     1,191.2       875.3     4,044.0       3,844.6
          Net earned premium                                 935.0        931.5       908.5       902.6       899.7     3,677.6      3,516.5
          Net incurred claims                               -652.1       -690.7      -638.8      -669.7      -666.1    -2,651.3     -2,598.5
          Net insurance operating costs                     -218.0       -195.1      -213.4      -177.7      -196.3      -804.1       -726.7
          Changes in other technical reserves                   -5.9       10.3       -19.5         -7.0      -40.1       -22.1       -108.4
          Operating result before finance                     59.0         56.1        36.8        48.3        -2.8      200.1          82.9
          Net financial income                                -60.4        10.6        93.5        10.7       102.2        54.4        377.9
          Other costs                                           -1.7        -2.5        -1.5        -1.5        -1.2       -7.2          -4.5
          Result before changes in security reserve            -3.1        64.2      128.8         57.4        98.2      247.3         456.3
          Changes in security reserve                           -6.2        -6.2        -3.9        -3.4       35.4       -19.7           2.7
          Pre-tax profit                                       -9.4        58.0      125.0         54.1      133.6       227.6         458.9
          Taxes                                                  2.6      -16.2       -35.0       -15.1       -37.4       -63.7       -128.5
          Net profit/loss for the period                       -6.8        41.7        90.0        39.0        96.2      163.9         330.4

          Key figures                                      Q4           Q3          Q2          Q1          Q4               Year
          Figures in percentage                           2008         2008        2008        2008        2007        2008       2007
          Claims ratio, net                                69.7 %       74.1 %      70.3 %      74.2 %      74.0 %      72.1 %     73.9 %
          Cost ratio, net                                  23.3 %       20.9 %      23.5 %      19.7 %      21.8 %      21.9 %     20.7 %
          Combined ratio, net                              93.1 %       95.1 %      93.8 %      93.9 %      95.9 %      94.0 %     94.6 %
          Capital adequacy ratio                                                                                        25.8 %     17.9 %


*   The figures have been restated in accordance with new insurance regulations



     31
31
ODIN Forvaltning
     Lower assets under management




     32
32
ODIN Forvaltning
     Lower assets under management
                                                            Pre-tax profit per quarter
•         Pre-tax profit of MNOK 28 (74) in Q4
                                                          90                                    85
          and profit for 2008 of MNOK 113 (299)
                                                                                 76
                                                          80                               74
•         Net financial income of MNOK 18 (5) in                                                     74
                                                                       72
                                                                                      67
          Q4, of which foreign currency gains             70
          amounted to MNOK 15                             60      52        50
•         The drop in profits was mainly caused




                                                   MNOK
                                                          50
          by a decrease in the assets under
                                                          40
          management due to the financial crisis                                                          30   29
                                                                                                                    26 28
          and low new subscriptions                       30
•         The assets under management fell in             20
          2008 NOK 18.6 billion, of which NOK             10
          4.4 billion in Q4 to NOK 19.2 billion
                                                           0
•         Market share equity funds was 13.8
                                                                       2006                2007                2008
          %, a reduction from 15.9 % at the
          turn of the year                                Pre-tax profit/loss - Q1               Pre-tax profit/loss - Q2
                                                          Pre-tax profit/loss - Q3               Pre-tax profit/loss - Q4




     33
33
Stable development in savings agreements the last year in
     spite of the financial crisis

                                           300                                                                       650
                                                                                                     632      629
                                                                                             626
            Number of agreements (1,000)

                                                                                     600             239.6
                                           250   588                                                         223.6   600




                                                                                                                           Average amount in NOK
                                                         579
                                                                                             198.7
                                           200                               549
                                                                                                                     550
                                                                                     150.6
                                                                      508
                                           150
                                                               497
                                                                             107.3                                   500
                                                               88.2
                                                        84.3          84.1
                                           100
                                                 65.9
                                                                                                                     450
                                           50


                                            0                                                                        400
                                                 2000 2001 2002 2003 2004 2005 2006 2007 2008

                                           Number of savings agreements                    Average amount per agreement



     34
34
ODIN Forvaltning
     Profit/loss for 2008


                                              Q4       Q3       Q2       Q1       Q4             Year
                                                                                                        2007
          Figures in MNOK                    2008     2008     2008     2008     2007     2008

          Management fees                      50.4     76.1     84.6     82.5    110.7    293.6         488.1
          Subscription and redemption fees      9.2      7.9     10.4     14.7     24.4     42.3          97.7
          Total operating income               59.6     84.1     95.0     97.2    135.1    336.0         585.8
          Salaries                             23.0     25.3     26.3     27.0     27.4    101.6         144.4
          Depreciations                         3.8      3.7      3.5      3.4      3.7     14.5          13.7
          Other operating costs                23.2     32.4     38.2     41.0     34.9    134.8         144.1
          Total operating costs                50.0     61.5     68.0     71.4     65.9    250.9         302.2
          Operating profit                      9.7     22.6     27.0     25.8     69.2     85.1         283.6
          Net financial income                 18.1      3.1      2.1      4.5      4.5     27.8          15.9
          Pre-tax profit                       27.7     25.7     29.2     30.3     73.7    112.9         299.5
          Taxes                                 7.8      7.2      8.2      8.5     20.9     31.6          84.1
          Profit after tax                     20.0     18.5     21.0     21.8     52.9     81.3         215.4




     35
35
Other factors




     36
36
New kick-off from Frisk Forsikring


     •    In Q1 2008, Frisk Forsikring was launched
          as a new brand for a product group
     •    Used by SpareBank 1 Skadeforsikring and
          SpareBank 1 Livsforsikring for sales in new
          channels
     •    First agreement was signed with 15
          organisations in Norway’s Confederation of
          Sports with 230,000 members
     •    In Q1 2009 an agreement was signed with
          the Norwegian Football Association with its
          375,000 members
     •    This forms the basis for direct sales of
          products to well over half a million sports
          members – and their families and friends




     37
37
Bank. Insurance. And you.
     38
38
Appendix




     39
39
SpareBank 1 Gruppen consolidated
     Quarterly results
                                                                Q4          Q3           Q2          Q1           Q4         Q3
          Figures in MNOK                                      2008        2008         2008        2008         2007       2007   *
                                                                                                                        *
          Part of result from subsidiaries before tax
           - SpareBank 1 Livsforsikring                          -647.7       -334.9        43.7        -51.8        46.6     111.2
             - Additional provisions recognised as
               income in consolidated accounts                   -307.7        286.8       -41.7         62.6         0.0       0.0
           - SpareBank 1 Skadeforsikring                           -9.4         58.0       125.0         54.1       133.6     120.8
           - Bank 1 Oslo group                                    -56.3         -6.2        34.4         31.9        32.4      38.7
           - ODIN Forvaltning                                      27.7         25.7        29.2         30.3        73.7      84.5
           - Share of other companies **                            0.2          7.7         9.6          5.7         4.8       3.9
           - Correction subsidiaries - pro forma IFRS              -7.8         -3.3         7.0         -1.8       -41.0      20.8
          Net result before tax from subsidiaries             -1,000.9         33.8       207.2        131.0       250.1     379.9
          Total operating costs holding                           -16.3         -8.8       -11.9        -10.8       -17.7     -10.2
          Net investment charges holding                          -15.5        -15.9       -12.9        -23.6       -12.4     -11.9
          Gains from sale of companies holding                     -0.6         21.7         0.0          0.0         0.0       0.0
          Share of associated company - First Securities           -3.7          0.9        16.4          4.2        21.8       2.4
          Net result before amortisation                      -1,036.9         31.6       198.8        100.8       241.7     360.2
          Amortisation                                             -1.3        -14.2        -1.3         -1.3        -1.3      -7.0
          Pre-tax result                                      -1,038.2         17.4       197.5         99.5       240.4     353.3
          Taxes                                                     9.0         -7.0       -50.0        -35.9        88.4     -70.2
          Net result for the period                           -1,029.3         10.4       147.4         63.7       328.7     283.1

          Majority interest                                    -1,028.9         10.2       147.0         63.5       328.6     282.9
          Minority interest                                        -0.4          0.3         0.4          0.1         0.2       0.2



* The figures have been restated in accordance with new annual accounts regulations for P&C and life insurance companies
** Other companies comprise SpareBank 1 Medlemskort AS, Actor Fordringsforvaltning AS and Argo Securities AS



     40
40
SpareBank 1 Gruppen’s ownership structure
          SpareBank 1           SpareBank 1                                 Sparebanken
                                                       SpareBank 1                                  Samarbeidende                LO
            SR-Bank                 SMN                                       Hedmark
                                                   Nord-Norge (19.89%)                           Sparebanker (19.89%)         (9.29%)
           (19.89 %)             (19.89 %)                                   (11.14%)




                                                        SpareBank 1 Gruppen AS




         SpareBank 1             SpareBank 1                  ODIN
             Oslo               Skadeforsikring            Forvaltning
                                                                                                      The Alliance
           (100%)                  (100%)                   (100%)



         SpareBank 1                                       SpareBank 1
                                     Argo
         Boligkreditt                                      Livsforsikring
                                   Securities
                                                              (100%)
                                    (75%)
                                                                                - Broad alliance
      EiendomsMegler 1
                                                                                  -   Brands
           BNbank
                                                                                  -   Technology
                                 *SpareBank 1                  First
                                Gruppen Finans                                    -   Expertise
                                                            Securities
        (Bank-owned
                                  Holding AS
                                                                                  -   Shared processes and utilisation of best practise
                                                             (24,5%)
         operation)
                                   (100%)
                                                                                  -   Purchasing

                                                                                - Regional centres of expertise
         SpareBank 1            Actor Fordrings-           SpareBank 1
                                                                                   - The Payments Sector: Trondheim
          Factoring               forvaltning                  LTO
                                                                                   - Credit: Stavanger
           (100%)                   (100%)                   (100%)
                                                                                   - Teaching: Tromsø


                                                         Verdigjenvinning
                                                             (100%)




  * SpareBank 1 Gruppen Finans Holding AS’ function is to coordinate the underlying
  41
41 companies (Application for concession has been sent to The Financial Supervisory Authority of Norway)
Bank 1 Oslo (parent bank)
     Development in non-performing loans at the end of 2008

                     600.0

                     500.0
                                                                                           117.5
                     400.0
              MNOK




                     300.0

                                    47.6                                             67.4 399.6
                             47.6
                     200.0                        50.8   57.0
                                           42.8
                                                                63.6   58.0
                     100.0   186.9 193.3 160.8 169.2 157.1                    49.3 178.7
                                                                102.3 104.7
                                                                              63.8
                       0.0
                              Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                             2006 2006 2007 2007 2007 2007 2008 2008 2008 2008

                                       Corporate market           Retail market



     42
42
SpareBank 1 Livsforsikring
     Balance sheet for 2008

                                                                                               *
                Figures in MNOK                                      31.12.2008 30.09.2008
                  Intangible assets                                         78.3      454.0
                  Investments                                            1,359.1    1,750.4
                  Reinsurance's part of insurance obligations              211.2      172.6
                  Accounts receivable                                      394.3      236.8
                  Other assets                                             321.5      759.2
                  Prepayed liabilities and accrued income                    3.4        3.3
                  Investments group portfolio                           14,808.0   14,693.8
                  Investments options portfolio                          4,041.0    4,216.6
                Total assets                                           21,216.9   22,286.6
                  Paid in capital                                        1,203.7      685.1
                  Other equity                                             -66.9    1,119.7
                  Subordinated loan capital                                525.0      525.0
                  Insurance obligations - contractual                   14,812.6   15,262.8
                  Insurance obligations - investment options             4,079.8    4,216.6
                  Provisions for obligations                                98.4       72.1
                  Premium deposits from reinsurance companies              116.6       94.1
                  Other obligations                                        371.9      227.7
                  Accrued liabilities, prepaied income                      75.9       83.5
                Total liabilities and equity                           21,216.9   22,286.6




* Based on new accounting regulations pursuant to a new act relating to insurance, life insurance companies are exempt
from preparing comparison figures for 2007

     43
43
SpareBank 1 Livsforsikring
     Development in premium income



                                                       Q4         Q3        Q2         Q1         Q4             Year
Figures in MNOK                                       2008       2008      2008       2008       2007      2008         2007
  Individual annuity and pension insurance                61.4      54.6       58.4       50.3     103.4      224.7        253.5
  Individual endowment insurance                         116.6     113.6      117.0      115.3     118.3      462.4      1,465.6
  Group pension insurance                                125.9     133.2      135.2      377.6     158.3      771.8        700.9
  Individual life insurance                               41.3      41.0       40.1       40.7      41.3      163.0        156.7
  Group life insurance                                   122.1     127.4      128.3      194.6     116.0      572.4        546.1
  Unit Linked - Annuity                                   19.3       9.2        9.2       10.0      21.7       47.7         64.5
  Unit Linked - Endowment                                 47.0      49.1       58.5       71.1     128.2      225.7        672.7
  Defined contribution pension                           171.2     169.1      174.4      159.8     135.7      674.6        590.4
Total gross due premium income                           704.7     697.2      721.0    1,019.4     822.9    3,142.3      4,450.5
  Premium reserves transferred from other companies       77.7      77.7       85.9      228.5     116.6      469.9        447.9
  Reinsurance ceded                                      -39.8     -40.2     -132.2      -26.4     -18.0     -238.6        -71.4
Premium income for own account                          742.6     734.7      674.7    1,221.5     921.5    3,373.6      4,827.0




     44
44
SpareBank 1 Livsforsikring
     Results per portfolio



                                                    Previously
                                 Group             established       Investment choice     Company
                                portfolio      individual products       portfolio         portfolio      Total
 Figures in MNOK
                                       208.4                     2.2                -0.3            0.0       210.2
 Risk result
                                       -24.3                   -39.6              -130.5            0.0      -194.5
 Administration result
                                      -476.3                  -427.0                 0.0            0.0      -903.3
 Net investment result
                                       158.1                   193.3                -0.9            0.0       350.5
 Transferred to policyholders
                                         0.0                     0.0                 0.0     * -453.6        -453.6
 Return on company's assets
                                     -134.1                  -271.2              -131.7         -453.6      -990.6
 Sum




* Incl. write-down of an IT project by MNOK 417



     45
45
Key figures
                                             Q4             Q3             Q2             Q1             Q4             Q3             Q2             Q1             Q4
                                                                                                                                                                                   1)   All figures are in MNOK,
Figures in MNOK 1) & 2)                     2008           2008           2008           2008           2007           2007           2007           2007           2006

                                                                                                                                                                                        except for the number of
Group
Capital adequacy ratio acc.                    12.0 %         12.0 %         13.0 %        12.6 %         13.1 %          11.3 %         11.6 %         12.5 %         12.9 %
                                                                                                                                                                                        savings agreements
Core capital adequacy ratio acc.                   9.0 %          9.0 %          9.0 %          9.2 %          9.6 %          7.9 %       8.1 %             9.0 %       9.3 %
                                                                                                                                                                                   2)   All figures are per quarter,
Net profit acc.                                -807.8             221.5          211.1           63.6          309.0          275.6          352.6          241.3          406.2
                                                                                                                                                                                        unless otherwise stated
Life insurance
                                                                                                                                                                                   3)   Following the entry into
Gross due premium income                           704.7          697.2          721.0     1,019.4             822.9          844.6     1,596.5        1,186.4             713.1
                                                                                                                                                                                        force of the new insurance
  Retail                                           285.5          267.5          283.1          287.4          413.0          462.6     1,226.9             510.6          422.4
                                                                                                                                                                                        activities act on 1 January
  Corporate                                        419.2          429.7          437.9          732.0          410.0          382.1          369.6          675.8          290.7
                                                                                                                                                                                        2008, these measurement
Investment result 3)                                  -              -              -              -           199.0          224.5          407.6          138.6          435.3
                                                                                                                                                                                        figures are not relevant
Value adjusted return on assets 3)                    -              -              -              -           0.6 %          0.7 %       3.7 %             1.4 %          3.7 %
Total assets acc.                              21,079         22,286         23,087         23,388         23,998         23,574         23,641         22,711         22,041
                                                                                                                                                                                   4)   Assets under management
Capital adequacy ratio acc.                    14.3 %         14.8 %         14.8 %        12.5 %         12.5 %          10.8 %         11.3 %         12.0 %         12.6 %
                                                                                                                                                                                        are total assets under
                                                                                                                                                                                        management excl.
P&C insurance
                                                                                                                                                                                        receivables and reinsurance
                                                   935.0          931.5          908.5                         900.0          890.7          872.7          853.4          877.5
Net earned premium                                                                              902.6
                                                                                                                                                                                        shares of gross insurance
                                                   822.8          815.5          798.7                         791.0      787.44             771.6          755.3          777.3
  Retail                                                                                        791.2

                                                                                                                                                                                        provisions
                                                    89.9           90.5             85                          88.0           85.7     -1444.4        1,608.8              81.2
  Corporate                                                                                      87.6
                                                    22.3           25.5           24.7           23.8           20.0           17.6      1545.5        -1510.7                19
  Reinsurance
Net financial income                               -60.4           10.6           93.5           10.7          102.0           85.2          119.8           70.7           73.4
Assets under management acc. 4)               7,408.3        7,312.1        7,214.9        7,422.0        7,222.0        6,981.4        6,689.3        6,493.2        6,052.9
Return on financial assets                    -0.81 %         0.14 %         1.30 %         0.14 %        1.41 %          1.22 %         1.79 %         1.09 %         1.21 %
Claims Ratio, net                              69.7 %         74.1 %         70.3 %        74.2 %         74.0 %          72.4 %         74.6 %         76.7 %         69.3 %
Cost Ratio, net                                23.3 %         20.9 %         23.5 %        19.7 %         21.8 %          19.5 %         20.7 %         21.2 %         20.6 %


Bank 1 Oslo
Net interest income                                 91.6          105.3           95.9           96.7            97            90.4           83.0           77.5           83.5
Net loan loss provisions                            50.2           31.8          -13.2           -3.8           -3.0             -3           -2.6           -1.4           -2.1
Loans acc.                                     21,683         20,721         19,597         18,757         18,013         17,044         16,422         15,614         15,282
  Retail                                       15,331         14,551         13,690         12,872         12,417         11,981         11,602         11,121         10,764
  Corporate                                        6,352          6,170          5,907          5,885          5,596          5,063          4,820          4,493          4,518
Deposits acc.                                  15,925         14,122         14,681         13,578         13,378         13,550         13,325         13,055         11,617
Capital adequacy ratio acc.                     8.1 %          8.6 %          8.8 %        10.4 %          9.8 %           9.8 %          9.8 %         10.6 %         11.0 %
Net interest income/average totalt assets      1.48 %         1.82 %         1.81 %         1.86 %        1.92 %          1.85 %         1.78 %         1.76 %         1.95 %
Return on equity acc. (parent bank)                1.7 %          6.7 %      10.1 %             9.5 %          9.3 %      10.2 %          9.5 %             8.0 %      16.3 %
Return on equity acc. (group)                      0.6 %          5.5 %          9.0 %          8.3 %          8.1 %


ODIN
Assets under management acc.                   19,163         23,581         30,508         31,400         37,800         45,600         51,100         46,900         43,600
Equity fund market share acc.                  13.8 %         13.7 %         14.6 %        15.6 %         15.9 %          18.9 %         20.6 %         21.0 %         20.4 %
Savings agreements acc.                       223,643        225,732        236,182        236,681        239,605        233,539        232,563        223,790        198,677




     46
46
Premises for calculating the pension liability


     •    SpareBank 1 Gruppen always                                                   31.12.2008       31.12.2007       31.12.2006

          shows the prevailing market
                                                Discount rate                              3.80 %           4.80 %           4.45 %
                                                Basic amount adjustment/inflation          3.75 %           4.25 %           4.25 %
          value of its pension liabilities in   Wage adjustment                            4.00 %           4.25 %           4.00 %
          the balance sheet                     Expected return on pension funds           5.80 %           5.80 %           5.40 %

     •    Deviations from estimates are         AFP early retirement plan                    40 %             40 %             40 %
                                                Pension adjustments                        1.50 %           2.30 %           1.90 %
          recognised directly in equity each
          quarter. For 2008, MNOK 155 is        Mortality                                                    K2005            K1963
                                                                                           K2005
          recognized in equity                  Disability                                                  IR2003           IR2003
                                                                                           IR2003

     •    SpareBank 1 Gruppen uses a new                                              4 % below 50     4 % below 50     4 % below 50
          scale of tariffs, K2005                                                    years and 2 %    years and 2 %    years and 2 %
                                                Cancellations
                                                                                    above 50 years   above 50 years   above 50 years




     47
47

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Q4 2008 Financial results for SpareBank 1 Gruppen presented by acting CEO Kirsten Idebøen

  • 1. Preliminary results 2008 Financial statements SpareBank 1 Gruppen Kirsten Idebøen, acting CEO Brigitte Ninauve, financial director 12 February 2009
  • 2. Highlights 4th quarter 2008 • The results have been strongly affected by the weak financial markets. SpareBank 1 Livsforsikring has a shareholding of 12 % in the group portfolio as at 31 December 2008. The Group has a solid capital base • One-off factors for SpareBank 1 Gruppen in 2008 totalled MNOK -405 • In October SpareBank 1 Gruppen AS acquired a 75 % stake in a newly established brokerage house that is jointly owned with former employees of Kaupthing’s Norwegian brokers. Argo Securities AS was granted a license at the end of November • In Q4 SpareBank 1 Gruppen AS reached agreement with SpareBank 1 Nord-Norge regarding the acquisition of its factoring business for a purchase price of up to MNOK 40. The company will merge into SpareBank 1 Factoring AS – formerly Glitnir Factoring • SpareBank 1 Gruppen AS purchases the remaining 10 % of Actor Fordringsforvaltning for MNOK 16 from Sparebanken Sør with effect from 1 January 2009 • In Q4 SpareBank 1 Gruppen AS’ owners injected equity into the Group through an incremental placement totalling MNOK 924 2 2
  • 3. Weak result for year, but solid capital base Pre-tax profit/loss group • The pre-tax loss for 2008 was MNOK -724, down MNOK 1,904 against the previous year 1,500 1,180 • At the end of 2008, the assets under 1,001 1,000 management were NOK 56.5 billion, up NOK 2.2 billion from 31 December 2007 375 240 500 • The return on equity after tax was -16.3 MNOK % (26.2 %) 0 • Core and capital adequacy ratios were Q4 Q4 Q4 2006 2007 2008 -500 9.0 % and 12.0 % for the year, against 2006 2007 2008 9.6 % and 13.1 % in 2007 -724 -1,000 • Additional provisions of MNOK 308 taken -1,038 to income in the consolidated accounts -1,500 were reversed in Q4. SpareBank 1 Livsforsikring has utilised MNOK 345 to Pre-tax profit - Q4 Pre-tax profit cover the negative investment result in the annual report and accounts 3 3
  • 4. Product companies strongly affected by the financial crisis Pre-tax profit subsidiaries • The combined loss for the year for the subsidiaries was MNOK -629 compared to 600 459 a profit of MNOK 1,258 last year 380 400 299 • The life insurance company was strongly 228 131 affected by the financial unrest and one-off 200 113 4 factors. The company is financially sound 0 • The excellent insurance result balances ODIN Skadefors. Livsfors.* Bank 1 Oslo out the weak financial result in the P&C MNOK -200 konsern SB1 SB1 insurance company -400 • Reduced volumes under management in ODIN Forvaltning -600 • Good underlying bank operation in Bank 1 -800 Oslo. The results so far this year are -991 marked by write-downs, losses on -1,000 securities and net losses on loans Pre-tax profit 2007 -1,200 Pre-tax profit 2008 4 4
  • 5. One-off factors in 2008 of MNOK -405 MNOK SpareBank 1 Livsforsikring IT write-downs -417 Settlements/claims -52 Subtotal -469 ODIN Forvaltning group Foreign exchange gain 15 Subtotal 15 SpareBank 1 Gruppen AS and SpareBank 1 Skadeforsikring AS have sold their shares in Alka Forsikring 49 Subtotal 49 Total -405 5 5
  • 6. SpareBank 1 Gruppen Preliminary results 2008 Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK 2008 2008 2008 2008 2007 2008 2007 * * Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring -647.7 -334.9 43.7 -51.8 46.6 -990.6 380.0 - Additional provisions recognised as -307.7 286.8 -41.7 62.6 0.0 0.0 0.0 income in consolidated accounts - SpareBank 1 Skadeforsikring -9.4 58.0 125.0 54.1 133.6 227.6 458.9 - Bank 1 Oslo group -56.3 -6.2 34.4 31.9 32.4 3.9 130.9 - ODIN Forvaltning 27.7 25.7 29.2 30.3 73.7 112.9 299.5 ** - Share of other companies 0.2 7.7 9.6 5.7 4.8 23.3 19.0 - Correction subsidiaries - pro forma IFRS -7.8 -3.3 7.0 -1.8 -41.0 -5.9 -30.5 Net result before tax from subsidiaries -1,000.9 33.8 207.2 131.0 250.1 -628.9 1,257.9 Total operating costs holding -16.3 -8.8 -11.9 -10.8 -17.7 -47.8 -60.9 Net investment charges holding -15.5 -15.9 -12.9 -23.6 -12.4 -67.9 -46.2 Gains from sale of companies holding -0.6 21.7 0.0 0.0 0.0 21.1 0.0 Share of associated company - First Securities -3.7 0.9 16.4 4.2 21.8 17.7 56.9 Net result before amortisation -1,036.9 31.6 198.8 100.8 241.7 -705.7 1,207.8 Amortisation -1.3 -14.2 -1.3 -1.3 -1.3 -18.2 -28.0 Pre-tax result -1,038.2 17.4 197.5 99.5 240.4 -724.0 1,179.8 Taxes 9.0 -7.0 -50.0 -35.9 88.4 -83.9 39.2 Net result for the period -1,029.3 10.4 147.4 63.7 328.7 -807.8 1,219.0 Majority interest -1,028.9 10.2 147.0 63.5 328.6 -808.2 1,218.4 Minority interest -0.4 0.3 0.4 0.1 0.2 0.38 0.6 * The figures have been restated in accordance with new annual accounts regulations for P&C and life insurance companies ** Other companies comprise SpareBank 1 Medlemskort AS, Actor Fordringsforvaltning AS and Argo Securities AS 6 6
  • 7. Bank 1 Oslo Good underlying bank operation 7 7
  • 8. Bank 1 Oslo (group) Good underlying bank operation • Pre-tax profit of MNOK 4 (131) for Pre-tax profit/loss per quarter 2008 70 • Q4 loss of MNOK -56 (profit of 32) 49 44 50 • Unrealised losses on securities 39 32 34 33 32 totalled MNOK 73 in 2008, of which 28 27 30 the bank’s shares in Nordito AS were 17 written-down by MNOK 23 and goodwill in EiendomsMegler 1 was 10 MNOK -6 written-down by MNOK 26 * -10 • Loan losses MNOK 65 (-10) for the 2006 2007 2008 year. MNOK 50 (-3) in Q4 -30 • Gross non-performing and impaired loans amount to 2.5 % (0.9 %) of -50 gross loans as at 31 December 2008 • Bank 1 Oslo has no direct or indirect -56 -70 exposure to the sub-prime market in the USA or to Icelandic banks. It is Pre-tax profit/loss - Q1 Pre-tax profit/loss - Q2 nevertheless affected by a general Pre-tax profit/loss - Q3 Pre-tax profit/loss - Q4 increase in the spread and unrest in the interest market * Adjusted to take account of the gain of MNOK 100.4 on the sale of the Hamar portfolio in Q3 2006 8 8
  • 9. Bank 1 Oslo (parent bank) Good underlying bank operation MNOK 31.12.2008 31.12.2007 Change Net interest income 387.8 347.1 11.7 % Other operating income 186.4 166.7 11.8 % Operating costs 388.6 369.2 5.3 % Result underlying bank operation 185.5 144.5 28.3 % Cost/income ratio underlying bank operation 67.7 % 71.9 % -4.2 % Underlying bank operation is defined as operating result before losses excluding exchange rate gains/losses, securities, derivatives, dividend, as well as extraordinary items 9 9
  • 10. Bank 1 Oslo Competitive and consumer-friendly • The bank was awarded a bronze medal in the Norwegian Bank Championships, in the category for mortgages within 80 % of the value of the home • The medal is a reward for low prices on mortgages throughout one year • Recently SpareBank 1 Oslo & Akershus was named as Norway’s fifth best bank, up from 47th place the previous year 10 10
  • 11. Bank 1 Oslo (parent bank) Higher interest income as a result of good growth Net interest income per quarter 120.0 2.00 % • Lending growth of 19.9 % during 105.3 97.0 96.7 95.9 the past 12 months. The retail 100.0 1.90 % 90.4 89.9 83.0 market increased by 23.5 % and 77.5 80.0 1.80 % the corporate market by 12.0 % MNOK • Net interest income of MNOK 90 60.0 1.70 % (97) in Q4. Net interest income for 40.0 1.60 % 2008 of MNOK 388 (347), up 11.7 % 20.0 1.50 % • Accumulated net interest income 0.0 1.40 % measured against average total Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 assets of 1.71 % (1.83 %) as at 31 2007 2007 2007 2007 2008 2008 2008 2008 December 2008 Net interest income Net interest income measured against average total assets 11 11
  • 12. Bank 1 Oslo (parent bank) Margin and volume developments 22,000 1.80 % 1.60 % 20,000 1.64 % 1.42 % 1.49 %1.51 %1.27 % 1.40 % 1.50 % 1.25 % 18,000 1.37 % 1.15 % 1.33 % 1.20 % MNOK 1.05 % 16,000 1.20 % 0.90 % 1.00 % 1.04 % 0.81 % 0.78 % 0.98 % 14,000 0.71 %0.72 % 0.91 % 0.69 % 0.80 % 0.62 % 0.83 % 0.82 % 12,000 0.60 % 10,000 0.40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 Lending Spread for ordinary Spread for deposits lending to custom ers from custom ers The reference interest rate used in the margin calculation is 3 months NIBOR + 0.10 bp (the bank’s intra-group interest rate) 12 12
  • 13. Bank 1 Oslo (parent bank) Increase in non-performing loans attributable to a few corporate market commitments % MNOK Percent 3.0 600.0 1. kv 2008 2.5 500.0 2.0 400.0 1.5 300.0 517.1 1.0 200.0 246.1 234.5 240.9 203.6 220.0 214.0 0.5 100.0 165.8 162.7 113.1 - 0.0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 Total non-performing loans as % of gross loans Non-performing loans = Total of overdue claims over 90 days and impaired non-overdue claims over 90 days 13 13
  • 14. Bank 1 Oslo (parent bank) Change in losses in last year MNOK 60.0 44.4 40.0 20.0 9.9 3.5 -11.8 -22.7 -52.3 -16.3 -65.1 0.0 Individual Collective Net write-offs Net loan -20.0 write-downs impairment and incomings on losses previous write-offs -40.0 -60.0 2007 2008 -80.0 14 14
  • 15. Bank 1 Oslo (group) Growth in other income Other income per quarter • Increase in commission income in 100 2008 of 8 % to MNOK 80 (74) 80 • Income from financial investments 60 reduced owing to weak financial MNOK markets 40 • In 2008 the bank has written down 20 the shares in Nordito AS by MNOK 0 23 -20 • In 2008 the Bank group suffered a -40 write-down of goodwill in Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EiendomsMegler 1 of MNOK 26 2007 2007 2007 2007 2008 2008 2008 2008 Guarantee commissions/others Real estate agency commission Revenue from financial investments Payments system Commission revenues from insurance and savings 15 15
  • 16. Bank 1 Oslo (group) Profit/loss for 2008 Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK 2008 2008 2008 2008 2007 2008 2007 Net interest income 91.6 106.7 96.5 96.9 97.5 391.7 348.3 Other operating income 43.4 32.3 72.8 40.0 68.7 188.4 217.1 Operating costs 141.1 113.1 148.2 108.8 136.6 511.1 444.4 Operating result before losses -6.1 25.9 21.0 28.1 29.6 68.9 121.0 Net loan loss provisions 50.2 31.9 -13.2 -3.8 -2.8 65.1 -9.9 Pre-tax operating profit -56.3 -6.0 34.3 31.9 32.4 3.9 130.9 Taxes -17.6 -1.5 9.4 8.9 11.5 -0.7 38.1 Net profit/loss for the period -38.7 -4.6 24.8 23.0 20.9 4.6 92.8 Nøkkeltall Q4 Q3 Q2 Q1 Q4 Year 2007 Tall i prosent 2008 2008 2008 2008 2007 2008 Net interest margin 1.48 % 1.85 % 1.75 % 1.86 % 1.87 % 1.73 % 1.84 % Cost/income ratio excl. equity investment portfolio (parent bank) 79.3 % 59.6 % 73.0 % 70.3 % 69.8 % 70.2 % 70.6 % Cost/income ratio incl. equity investment portfolio 104.5 % 81.4 % 87.5 % 79.5 % 82.4 % 88.1 % 78.6 % Return on equity (parent bank) 1.7 % 9.3 % Return on equity 0.6 % 8.1 % Deposit coverage ratio 77.2 % 74.2 % Capital adequacy ratio (parent bank) 8.1 % 9.8 % 16 16
  • 17. SpareBank 1 Livsforsikring Strongly affected by the financial crisis and one-off events 17 17
  • 18. SpareBank 1 Livsforsikring Strongly affected by the financial crisis and one- off events Pre-tax profit/loss per quarter • Pre-tax loss of MNOK -648 (47) in Q4 and loss of MNOK -991 (380) for 2008 230 129 • Improvement in the risk result before technical 111 93 83 130 48 7336 allocations; of MNOK 264 (187) in 2008 47 44 • The investment result totals MNOK -903 (969) 30 and is strongly affected by the financial crisis -70 2006 2007 -522008 • Assets under management as at 31 December 2008 were NOK 21.1 billion MNOK -170 – down by NOK 2.9 billion from 31 December -270 2007 • No write-down of real estate in Q4 -335 -370 • CDO investments written-down by MNOK 138 * -470 • Negotiated settlement in 2008 amounted to Pre-tax profit/loss - Q1 MNOK 52 Pre-tax profit/loss - Q2 -570 Pre-tax profit/loss - Q3 • A major IT project was written down by MNOK Pre-tax profit/loss - Q4 -670 417 -648 ** * Collateralized debt obligation ** MNOK 345 of the interest deficit was covered by customers’ additional provisions in the annual report and accounts 18 18
  • 19. SpareBank 1 Livsforsikring The life insurance company has a solid capital base • In July, SpareBank 1 Livsforsikring received a group contribution of MNOK 216 from its owners, SpareBank 1 Gruppen AS • In October, SpareBank 1 Gruppen AS decided to transfer an additional MNOK 219 to the company as a group contribution to be paid in April 2009 • In December 2008, the holding company carried out a share capital increase in SpareBank 1 Livsforsikring of MNOK 300. The remaining guarantee totals MNOK 300 • Core capital and capital adequacy ratios of 11.2 % (9.6 %) and 14.3 % (12.5 %) respectively for 2008 • The buffer capital with additional provisions within a one-year interest rate guarantee equals 5.8 % (14.9 %) for the year 19 19
  • 20. SpareBank 1 Livsforsikring Continued high shareholding in the group portfolio As at 31 December 2008 Company portfolio Investment choice portfolio Group portfolio 7 %1 % 12 %3 % 27 % 29 % 32 % 32 % 23 % 54 % 33 % 17 % 30 % Stocks Other Stocks Other Stocks Other Bonds Real estate Bonds held to maturity Real estate Bonds held to maturity Bonds Bonds NOK 14.7 billion NOK 1.3 billion NOK 4.0 billion 20 20
  • 21. SpareBank 1 Livsforsikring Return on ordinary customer portfolio with guarantee as at 31 December 2008 Percent Norwegian shares -54 Foreign shares -42.4 Money market 5.2 Norwegian bonds 8.3 Foreign bonds 6.2 Hedge funds -31.2 Held to maturity 5.3 Real estate 6.7 -60 -50 -40 -30 -20 -10 0 10 20 21 21
  • 22. SpareBank 1 Livsforsikring Value adjusted return on customer portfolios with guarantee per Q3 and Q4 2008 (excl. value change bonds held to maturity) Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 2008 2008 2008 2008 2008 2008 2008 2008 1 0.3 0 -0.2 -1 -2 -1.8 Percent -1.8 -2.0 -2.0 -2.1 -3 -4 -5 -4.9 -6 SpareBank 1 Storebrand Vital Nordea 22 22 Source: company presentations
  • 23. SpareBank 1 Livsforsikring Booked return on customer portfolios with guarantee per Q3 and Q4 2008 3 2.0 1.9 2 1 0.6 0.3 0.3 0.1 Percent 0 -0.1 -1 -2 -3 -2.8 -4 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 2008 2008 SpareBank 1 Storebrand 2008Vital Nordea 2008 2008 2008 2008 2008 Nordea SpareBank 1 Storebrand Vital 23 23 Source: company presentations
  • 24. SpareBank 1 Livsforsikring carries out IT write-downs of MNOK 417 • The life insurance company has pursued a programme for the broad renewal of its system portfolio, including the core systems. The renewal was to take place through agreed delivery from an external supplier • Owing to defaulted delivery, the life insurance company experienced IT write-downs of MNOK 417 • The life insurance company has cancelled the contract with the supplier • The life insurance company is seeking restitution and compensation from the supplier for a maximum amount of MNOK 130 • No implications for the capital adequacy • The write-down does not impact on customers 24 24
  • 25. SpareBank 1 Livsforsikring Profit/loss for 2008 Q4 Q2 Q1 Q4 Year Figures in MNOK 2008 2008 2008 2007 2008 2007 Insurance risk income 290.8 288.1 289.6 274.3 1,159.5 1,076.8 Insurance risk claims -207.5 -243.7 -207.2 -210.8 -895.7 -890.1 Risk result 83.3 44.4 82.4 63.5 263.9 186.7 Technical allocations -2.8 -15.3 -19.6 -318.8 -53.6 -338.4 Risk result after technical allocations 80.5 29.1 62.8 -255.3 210.2 -151.7 Fees 138.1 150.2 137.7 171.4 572.6 616.5 Expenses, exclusive comissions -113.6 -140.5 -123.7 -121.7 -511.8 -457.8 Comissions -93.8 -58.8 -48.0 -55.2 -255.3 -224.9 Administration result -69.3 -49.1 -34.0 -5.5 -194.5 -66.3 Net investment income -460.9 167.4 49.3 304.2 -466.4 1,387.3 Guaranteed interest to policyholders -109.8 -109.7 -107.9 -105.6 -436.9 -418.4 * Investment result -570.7 57.7 -58.6 198.6 -903.3 968.9 Result before allocations -559.5 37.7 -29.8 -62.2 -887.6 750.9 Allocation to additional provisions 345.1 0.0 0.0 -160.0 345.1 -160.0 Transferred to policyholders 7.3 -2.2 -5.8 268.7 5.4 -211.0 Return on company's assets -440.6 8.2 -16.2 0.0 -453.6 0.0 Net profit to owner before tax -647.7 43.7 -51.8 46.5 -990.6 380.0 Taxes -83.5 -11.6 5.7 124.7 0.0 236.7 ** Net profit/loss for the period -731.2 32.1 -46.1 171.2 -990.6 616.6 Key figures Q4 Q2 Q1 Q4 Year 2008 2008 2008 2007 2008 2007 Capital adequacy ratio 14.3 % 12.5 % Buffer capital in % of insurance provisions 5.8 % 14.9 % Buffer capital in % of insurance provisions after allocation of profits 5.8 % 9.3 % * The investment result in 2008 is not directly comparable with the investment result in 2007. Based on new regulations, the figures for 2008 have been split in investment result and return on company’s assets. ** In 2008 the accounting regulation for life insurance was adapted to international accounting standards (IFRS). As a result of this the company’s deferred tax advantage is not shown in the balance sheet, and consequently there is no tax cost in the company accounts. A tax cost of MNOK 16 is shown in the consolidated accounts of SpareBank 1 Gruppen in 2008 25 25
  • 26. SpareBank 1 Skadeforsikring The insurance business produced excellent results 26 26
  • 27. SpareBank 1 Skadeforsikring The insurance business produced excellent results Pre-tax profit per quarter • The pre-tax loss for Q4 came to MNOK 160 -9 (134) and the profit for 2008 is 139 134 140 MNOK 228 (459) 125 121 • The insurance result for the year 120 totals MNOK 200 (83) 100 • Net claims ratio at year-end of 72.1 % 82 77 (73.9 %) MNOK 80 66 58 • Net financial income for the year is 54 60 50 MNOK 54 (378) and includes a gain from the sale of Alka Forsikring in Q3 40 18 • Combined ratio of 94.0 % (94.6 %) as 20 at 31 December 2008 -9 0 • Capital adequacy ratio of 25.8 % (17.9 %) at the end of the year 2006 2007 2008 -20 Pre-tax profit/loss - Q1 Pre-tax profit/loss - Q2 Pre-tax profit/loss - Q3 Pre-tax profit/loss - Q4 27 27
  • 28. SpareBank 1 Skadeforsikring Total portfolio growth of 3.3 % in 2008 in a market characterised by increased competition Retail Market (RM) portfolio Corporate market (CM) portfolio (excl. group home insurances) 2,720 640 11.6 634 15.6 630 2,691 -10.6 2,700 16.7 30.5 620 2,680 12.6 610 24.5 MNOK MNOK 2,660 600 5.2 2,640 2,631 588 590 2,620 580 2,600 570 2,580 560 Change Change Change Change Change Change Change Change 2007 Q1 Q2 Q3 Q4 2008 2007 Q1 Q2 Q3 Q4 2008 2008 2008 2008 2008 2008 2008 2008 2008 Total RM portfolio Change in RM portfolio Total CM portfolio Change in CM portfolio 7.9 % growth in 2008 2.3 % growth in 2008 28 28
  • 29. SpareBank 1 Skadeforsikring Development in net combined ratio Combined ratio per year Combined ratio per quarter 100 % 94.6 % 94.0 % 91.1 % 89.9 % 97.9 % 100 % 87.2 % 92.7 % 91.9 % 95.9 % 93.9 % 93.8 % 95.1 % 93.1 % 90 % 84.9 % 90 % 20.7 % 21.9 % 21.2 % 22.1 % 80 % 20.6 % 21.8 % 20.9 % 19.7 % 20.5 % 23.5 % 20.2 % 23.3 % 19.5 % 80 % 70 % 21.4 % 70 % 60 % 60 % 50 % 50 % 40 % 40 % 76.7 % 73.9 % 72.1 % 74.2 % 74.1 % 69.3 % 74.0 % 69.0 % 72.4 % 72.5 % 66.7 % 70.3 % 69.7 % 30 % 63.5 % 30 % 20 % 20 % 10 % 10 % 0% 0% 2004 2005 2006 2007 2008 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 2007 2007 2007 2008 2008 2008 2008 Claims ratio Cost ratio Claims ratio Cost ratio 29 29
  • 30. SpareBank 1 Skadeforsikring Allocation of financial assets Bonds Bank deposits 60.1 % 3.9 % Bonds held to Hedge funds maturity 4.3 % 11.6 % Real estate Stocks 15.1 % 5.0 % Total: NOK 7.7 billion 30 30
  • 31. SpareBank 1 Skadeforsikring Profit/loss for 2008 Q4 Q3 Q2 Q1 Q4 Year 2007 * 2007 * Figures in MNOK 2008 2008 2008 2008 2008 Gross written premium 917.8 900.2 1,034.8 1,191.2 875.3 4,044.0 3,844.6 Net earned premium 935.0 931.5 908.5 902.6 899.7 3,677.6 3,516.5 Net incurred claims -652.1 -690.7 -638.8 -669.7 -666.1 -2,651.3 -2,598.5 Net insurance operating costs -218.0 -195.1 -213.4 -177.7 -196.3 -804.1 -726.7 Changes in other technical reserves -5.9 10.3 -19.5 -7.0 -40.1 -22.1 -108.4 Operating result before finance 59.0 56.1 36.8 48.3 -2.8 200.1 82.9 Net financial income -60.4 10.6 93.5 10.7 102.2 54.4 377.9 Other costs -1.7 -2.5 -1.5 -1.5 -1.2 -7.2 -4.5 Result before changes in security reserve -3.1 64.2 128.8 57.4 98.2 247.3 456.3 Changes in security reserve -6.2 -6.2 -3.9 -3.4 35.4 -19.7 2.7 Pre-tax profit -9.4 58.0 125.0 54.1 133.6 227.6 458.9 Taxes 2.6 -16.2 -35.0 -15.1 -37.4 -63.7 -128.5 Net profit/loss for the period -6.8 41.7 90.0 39.0 96.2 163.9 330.4 Key figures Q4 Q3 Q2 Q1 Q4 Year Figures in percentage 2008 2008 2008 2008 2007 2008 2007 Claims ratio, net 69.7 % 74.1 % 70.3 % 74.2 % 74.0 % 72.1 % 73.9 % Cost ratio, net 23.3 % 20.9 % 23.5 % 19.7 % 21.8 % 21.9 % 20.7 % Combined ratio, net 93.1 % 95.1 % 93.8 % 93.9 % 95.9 % 94.0 % 94.6 % Capital adequacy ratio 25.8 % 17.9 % * The figures have been restated in accordance with new insurance regulations 31 31
  • 32. ODIN Forvaltning Lower assets under management 32 32
  • 33. ODIN Forvaltning Lower assets under management Pre-tax profit per quarter • Pre-tax profit of MNOK 28 (74) in Q4 90 85 and profit for 2008 of MNOK 113 (299) 76 80 74 • Net financial income of MNOK 18 (5) in 74 72 67 Q4, of which foreign currency gains 70 amounted to MNOK 15 60 52 50 • The drop in profits was mainly caused MNOK 50 by a decrease in the assets under 40 management due to the financial crisis 30 29 26 28 and low new subscriptions 30 • The assets under management fell in 20 2008 NOK 18.6 billion, of which NOK 10 4.4 billion in Q4 to NOK 19.2 billion 0 • Market share equity funds was 13.8 2006 2007 2008 %, a reduction from 15.9 % at the turn of the year Pre-tax profit/loss - Q1 Pre-tax profit/loss - Q2 Pre-tax profit/loss - Q3 Pre-tax profit/loss - Q4 33 33
  • 34. Stable development in savings agreements the last year in spite of the financial crisis 300 650 632 629 626 Number of agreements (1,000) 600 239.6 250 588 223.6 600 Average amount in NOK 579 198.7 200 549 550 150.6 508 150 497 107.3 500 88.2 84.3 84.1 100 65.9 450 50 0 400 2000 2001 2002 2003 2004 2005 2006 2007 2008 Number of savings agreements Average amount per agreement 34 34
  • 35. ODIN Forvaltning Profit/loss for 2008 Q4 Q3 Q2 Q1 Q4 Year 2007 Figures in MNOK 2008 2008 2008 2008 2007 2008 Management fees 50.4 76.1 84.6 82.5 110.7 293.6 488.1 Subscription and redemption fees 9.2 7.9 10.4 14.7 24.4 42.3 97.7 Total operating income 59.6 84.1 95.0 97.2 135.1 336.0 585.8 Salaries 23.0 25.3 26.3 27.0 27.4 101.6 144.4 Depreciations 3.8 3.7 3.5 3.4 3.7 14.5 13.7 Other operating costs 23.2 32.4 38.2 41.0 34.9 134.8 144.1 Total operating costs 50.0 61.5 68.0 71.4 65.9 250.9 302.2 Operating profit 9.7 22.6 27.0 25.8 69.2 85.1 283.6 Net financial income 18.1 3.1 2.1 4.5 4.5 27.8 15.9 Pre-tax profit 27.7 25.7 29.2 30.3 73.7 112.9 299.5 Taxes 7.8 7.2 8.2 8.5 20.9 31.6 84.1 Profit after tax 20.0 18.5 21.0 21.8 52.9 81.3 215.4 35 35
  • 36. Other factors 36 36
  • 37. New kick-off from Frisk Forsikring • In Q1 2008, Frisk Forsikring was launched as a new brand for a product group • Used by SpareBank 1 Skadeforsikring and SpareBank 1 Livsforsikring for sales in new channels • First agreement was signed with 15 organisations in Norway’s Confederation of Sports with 230,000 members • In Q1 2009 an agreement was signed with the Norwegian Football Association with its 375,000 members • This forms the basis for direct sales of products to well over half a million sports members – and their families and friends 37 37
  • 38. Bank. Insurance. And you. 38 38
  • 39. Appendix 39 39
  • 40. SpareBank 1 Gruppen consolidated Quarterly results Q4 Q3 Q2 Q1 Q4 Q3 Figures in MNOK 2008 2008 2008 2008 2007 2007 * * Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring -647.7 -334.9 43.7 -51.8 46.6 111.2 - Additional provisions recognised as income in consolidated accounts -307.7 286.8 -41.7 62.6 0.0 0.0 - SpareBank 1 Skadeforsikring -9.4 58.0 125.0 54.1 133.6 120.8 - Bank 1 Oslo group -56.3 -6.2 34.4 31.9 32.4 38.7 - ODIN Forvaltning 27.7 25.7 29.2 30.3 73.7 84.5 - Share of other companies ** 0.2 7.7 9.6 5.7 4.8 3.9 - Correction subsidiaries - pro forma IFRS -7.8 -3.3 7.0 -1.8 -41.0 20.8 Net result before tax from subsidiaries -1,000.9 33.8 207.2 131.0 250.1 379.9 Total operating costs holding -16.3 -8.8 -11.9 -10.8 -17.7 -10.2 Net investment charges holding -15.5 -15.9 -12.9 -23.6 -12.4 -11.9 Gains from sale of companies holding -0.6 21.7 0.0 0.0 0.0 0.0 Share of associated company - First Securities -3.7 0.9 16.4 4.2 21.8 2.4 Net result before amortisation -1,036.9 31.6 198.8 100.8 241.7 360.2 Amortisation -1.3 -14.2 -1.3 -1.3 -1.3 -7.0 Pre-tax result -1,038.2 17.4 197.5 99.5 240.4 353.3 Taxes 9.0 -7.0 -50.0 -35.9 88.4 -70.2 Net result for the period -1,029.3 10.4 147.4 63.7 328.7 283.1 Majority interest -1,028.9 10.2 147.0 63.5 328.6 282.9 Minority interest -0.4 0.3 0.4 0.1 0.2 0.2 * The figures have been restated in accordance with new annual accounts regulations for P&C and life insurance companies ** Other companies comprise SpareBank 1 Medlemskort AS, Actor Fordringsforvaltning AS and Argo Securities AS 40 40
  • 41. SpareBank 1 Gruppen’s ownership structure SpareBank 1 SpareBank 1 Sparebanken SpareBank 1 Samarbeidende LO SR-Bank SMN Hedmark Nord-Norge (19.89%) Sparebanker (19.89%) (9.29%) (19.89 %) (19.89 %) (11.14%) SpareBank 1 Gruppen AS SpareBank 1 SpareBank 1 ODIN Oslo Skadeforsikring Forvaltning The Alliance (100%) (100%) (100%) SpareBank 1 SpareBank 1 Argo Boligkreditt Livsforsikring Securities (100%) (75%) - Broad alliance EiendomsMegler 1 - Brands BNbank - Technology *SpareBank 1 First Gruppen Finans - Expertise Securities (Bank-owned Holding AS - Shared processes and utilisation of best practise (24,5%) operation) (100%) - Purchasing - Regional centres of expertise SpareBank 1 Actor Fordrings- SpareBank 1 - The Payments Sector: Trondheim Factoring forvaltning LTO - Credit: Stavanger (100%) (100%) (100%) - Teaching: Tromsø Verdigjenvinning (100%) * SpareBank 1 Gruppen Finans Holding AS’ function is to coordinate the underlying 41 41 companies (Application for concession has been sent to The Financial Supervisory Authority of Norway)
  • 42. Bank 1 Oslo (parent bank) Development in non-performing loans at the end of 2008 600.0 500.0 117.5 400.0 MNOK 300.0 47.6 67.4 399.6 47.6 200.0 50.8 57.0 42.8 63.6 58.0 100.0 186.9 193.3 160.8 169.2 157.1 49.3 178.7 102.3 104.7 63.8 0.0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 Corporate market Retail market 42 42
  • 43. SpareBank 1 Livsforsikring Balance sheet for 2008 * Figures in MNOK 31.12.2008 30.09.2008 Intangible assets 78.3 454.0 Investments 1,359.1 1,750.4 Reinsurance's part of insurance obligations 211.2 172.6 Accounts receivable 394.3 236.8 Other assets 321.5 759.2 Prepayed liabilities and accrued income 3.4 3.3 Investments group portfolio 14,808.0 14,693.8 Investments options portfolio 4,041.0 4,216.6 Total assets 21,216.9 22,286.6 Paid in capital 1,203.7 685.1 Other equity -66.9 1,119.7 Subordinated loan capital 525.0 525.0 Insurance obligations - contractual 14,812.6 15,262.8 Insurance obligations - investment options 4,079.8 4,216.6 Provisions for obligations 98.4 72.1 Premium deposits from reinsurance companies 116.6 94.1 Other obligations 371.9 227.7 Accrued liabilities, prepaied income 75.9 83.5 Total liabilities and equity 21,216.9 22,286.6 * Based on new accounting regulations pursuant to a new act relating to insurance, life insurance companies are exempt from preparing comparison figures for 2007 43 43
  • 44. SpareBank 1 Livsforsikring Development in premium income Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK 2008 2008 2008 2008 2007 2008 2007 Individual annuity and pension insurance 61.4 54.6 58.4 50.3 103.4 224.7 253.5 Individual endowment insurance 116.6 113.6 117.0 115.3 118.3 462.4 1,465.6 Group pension insurance 125.9 133.2 135.2 377.6 158.3 771.8 700.9 Individual life insurance 41.3 41.0 40.1 40.7 41.3 163.0 156.7 Group life insurance 122.1 127.4 128.3 194.6 116.0 572.4 546.1 Unit Linked - Annuity 19.3 9.2 9.2 10.0 21.7 47.7 64.5 Unit Linked - Endowment 47.0 49.1 58.5 71.1 128.2 225.7 672.7 Defined contribution pension 171.2 169.1 174.4 159.8 135.7 674.6 590.4 Total gross due premium income 704.7 697.2 721.0 1,019.4 822.9 3,142.3 4,450.5 Premium reserves transferred from other companies 77.7 77.7 85.9 228.5 116.6 469.9 447.9 Reinsurance ceded -39.8 -40.2 -132.2 -26.4 -18.0 -238.6 -71.4 Premium income for own account 742.6 734.7 674.7 1,221.5 921.5 3,373.6 4,827.0 44 44
  • 45. SpareBank 1 Livsforsikring Results per portfolio Previously Group established Investment choice Company portfolio individual products portfolio portfolio Total Figures in MNOK 208.4 2.2 -0.3 0.0 210.2 Risk result -24.3 -39.6 -130.5 0.0 -194.5 Administration result -476.3 -427.0 0.0 0.0 -903.3 Net investment result 158.1 193.3 -0.9 0.0 350.5 Transferred to policyholders 0.0 0.0 0.0 * -453.6 -453.6 Return on company's assets -134.1 -271.2 -131.7 -453.6 -990.6 Sum * Incl. write-down of an IT project by MNOK 417 45 45
  • 46. Key figures Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 1) All figures are in MNOK, Figures in MNOK 1) & 2) 2008 2008 2008 2008 2007 2007 2007 2007 2006 except for the number of Group Capital adequacy ratio acc. 12.0 % 12.0 % 13.0 % 12.6 % 13.1 % 11.3 % 11.6 % 12.5 % 12.9 % savings agreements Core capital adequacy ratio acc. 9.0 % 9.0 % 9.0 % 9.2 % 9.6 % 7.9 % 8.1 % 9.0 % 9.3 % 2) All figures are per quarter, Net profit acc. -807.8 221.5 211.1 63.6 309.0 275.6 352.6 241.3 406.2 unless otherwise stated Life insurance 3) Following the entry into Gross due premium income 704.7 697.2 721.0 1,019.4 822.9 844.6 1,596.5 1,186.4 713.1 force of the new insurance Retail 285.5 267.5 283.1 287.4 413.0 462.6 1,226.9 510.6 422.4 activities act on 1 January Corporate 419.2 429.7 437.9 732.0 410.0 382.1 369.6 675.8 290.7 2008, these measurement Investment result 3) - - - - 199.0 224.5 407.6 138.6 435.3 figures are not relevant Value adjusted return on assets 3) - - - - 0.6 % 0.7 % 3.7 % 1.4 % 3.7 % Total assets acc. 21,079 22,286 23,087 23,388 23,998 23,574 23,641 22,711 22,041 4) Assets under management Capital adequacy ratio acc. 14.3 % 14.8 % 14.8 % 12.5 % 12.5 % 10.8 % 11.3 % 12.0 % 12.6 % are total assets under management excl. P&C insurance receivables and reinsurance 935.0 931.5 908.5 900.0 890.7 872.7 853.4 877.5 Net earned premium 902.6 shares of gross insurance 822.8 815.5 798.7 791.0 787.44 771.6 755.3 777.3 Retail 791.2 provisions 89.9 90.5 85 88.0 85.7 -1444.4 1,608.8 81.2 Corporate 87.6 22.3 25.5 24.7 23.8 20.0 17.6 1545.5 -1510.7 19 Reinsurance Net financial income -60.4 10.6 93.5 10.7 102.0 85.2 119.8 70.7 73.4 Assets under management acc. 4) 7,408.3 7,312.1 7,214.9 7,422.0 7,222.0 6,981.4 6,689.3 6,493.2 6,052.9 Return on financial assets -0.81 % 0.14 % 1.30 % 0.14 % 1.41 % 1.22 % 1.79 % 1.09 % 1.21 % Claims Ratio, net 69.7 % 74.1 % 70.3 % 74.2 % 74.0 % 72.4 % 74.6 % 76.7 % 69.3 % Cost Ratio, net 23.3 % 20.9 % 23.5 % 19.7 % 21.8 % 19.5 % 20.7 % 21.2 % 20.6 % Bank 1 Oslo Net interest income 91.6 105.3 95.9 96.7 97 90.4 83.0 77.5 83.5 Net loan loss provisions 50.2 31.8 -13.2 -3.8 -3.0 -3 -2.6 -1.4 -2.1 Loans acc. 21,683 20,721 19,597 18,757 18,013 17,044 16,422 15,614 15,282 Retail 15,331 14,551 13,690 12,872 12,417 11,981 11,602 11,121 10,764 Corporate 6,352 6,170 5,907 5,885 5,596 5,063 4,820 4,493 4,518 Deposits acc. 15,925 14,122 14,681 13,578 13,378 13,550 13,325 13,055 11,617 Capital adequacy ratio acc. 8.1 % 8.6 % 8.8 % 10.4 % 9.8 % 9.8 % 9.8 % 10.6 % 11.0 % Net interest income/average totalt assets 1.48 % 1.82 % 1.81 % 1.86 % 1.92 % 1.85 % 1.78 % 1.76 % 1.95 % Return on equity acc. (parent bank) 1.7 % 6.7 % 10.1 % 9.5 % 9.3 % 10.2 % 9.5 % 8.0 % 16.3 % Return on equity acc. (group) 0.6 % 5.5 % 9.0 % 8.3 % 8.1 % ODIN Assets under management acc. 19,163 23,581 30,508 31,400 37,800 45,600 51,100 46,900 43,600 Equity fund market share acc. 13.8 % 13.7 % 14.6 % 15.6 % 15.9 % 18.9 % 20.6 % 21.0 % 20.4 % Savings agreements acc. 223,643 225,732 236,182 236,681 239,605 233,539 232,563 223,790 198,677 46 46
  • 47. Premises for calculating the pension liability • SpareBank 1 Gruppen always 31.12.2008 31.12.2007 31.12.2006 shows the prevailing market Discount rate 3.80 % 4.80 % 4.45 % Basic amount adjustment/inflation 3.75 % 4.25 % 4.25 % value of its pension liabilities in Wage adjustment 4.00 % 4.25 % 4.00 % the balance sheet Expected return on pension funds 5.80 % 5.80 % 5.40 % • Deviations from estimates are AFP early retirement plan 40 % 40 % 40 % Pension adjustments 1.50 % 2.30 % 1.90 % recognised directly in equity each quarter. For 2008, MNOK 155 is Mortality K2005 K1963 K2005 recognized in equity Disability IR2003 IR2003 IR2003 • SpareBank 1 Gruppen uses a new 4 % below 50 4 % below 50 4 % below 50 scale of tariffs, K2005 years and 2 % years and 2 % years and 2 % Cancellations above 50 years above 50 years above 50 years 47 47