Company Update Share Price: NOK August 2014 Target Price: NOK 70 (68) Building the capital base

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1 SpareBank 1 SMN BUY Company Update Share Price: NOK August 2014 Target Price: NOK 70 (68) Building the capital base Share data Sector Banks Bloomberg MING NO Risk rating Low Outst. shares (m) Market cap (NOKb) 7.0 Total assets (NOKb) Net lending (NOKb) 85.0 Free float 94 % Aver. vol. (t) High/low 52w 58.1/ 43.2 Weight PCC index % Rel. Perf 3/6/12 3/ -12/ -9 Abs. Perf. 3/6/12 3/ -6/ 7 Valuation Methods Dividend Discount Model 69 Book Equity Model 72 Target price (aver) 70 Dividend Discount Model NOK gov. bond 10Y 2.5 % Market risk premium 6.5 % Beta (adjusted) 1.00 Cost of equity 9.0 % Perpetual growth 2.5 % Fair value per share 69 Book Equity Model Adjusted ROE 10.9 % Perpetual growth 2.5 % Cost of equity 9.0 % Fair P/B multiple 1.29 Fair value per share 72 Prepared by analyst: Geir Kristiansen Fondsfinans AS TEL: SMN reported, like SR-Bank and SpareBank 1 Nord-Norge, a better than expected second quarter with a stronger growth in retail lending than we had expected. We increase our price target to NOK 70 (68), based on an unchanged target Price/Book of 1.1x 2014E. Our Buy recommendation stands firm. Lending growth was 5% YoY and 3% QoQ, including transfers to Bolig- and Næringskreditt. This is 1%-point better than expected. Net interest margin was 1.49%, up from 1.47% in 1Q14 and better than our expectation of 1.46%. However, the full effect of lower lending margins will be felt in the third quarter. We believe that the effect, net of higher deposit margins, is about NOK 75m on a yearly basis. SMN reports small loan losses. Non-performing and doubtful loans were 0.47% of gross loans at the end of the quarter, up from 0.45% the previous quarter. These figures include transferred loans. We expect loan losses to gradually increase the coming quarters and years. SMN reported a CET 1 ratio per of 11.4% vs expected 11.2%. This is 0.3% higher than year-end SMN is not a SIFI bank but still targets a CET 1 ratio of 13.5% per 1H16. We thus do not expect a normalisation of the dividend pay-out ratio before Note that we do not expect that SMN will be able to maintain a double-digit RoE given its conservative CET 1 target. Key figures (NOKm) E 2015E 2016E 2Q14 3Q14E Net interest income (NII) 1,477 1,616 1,713 1,765 1, Other op.revenues 1,590 1,965 2,249 2,136 2, Total operating revenues 3,067 3,581 3,962 3,902 3,940 1, Operating costs -1,653-1,722-1,785-1,845-1, Pre-provision profit (PPP) 1,414 1,859 2,176 2,056 2, Loan losses Pre-tax profit (PTP) 1,356 1,758 2,096 1,904 1, Taxes Net profit 1,061 1,370 1,699 1,504 1, EPEC BPS DPS Net interest income 1.41 % 1.45 % 1.44 % 1.41 % 1.37 % 1.50 % 1.41 % Loan losses (%) 0.08 % 0.13 % 0.09 % 0.17 % 0.25 % 0.07 % 0.10 % Core equity capital ratio (CET 1) 10.0 % 10.7 % 11.7 % 13.0 % 13.8 % 11.1 % 11.1 % Yield 4.4 % 3.3 % 3.8 % 4.2 % 6.5 % P/E P/B ROE 11.7 % 13.1 % 14.3 % 11.4 % 9.7 % 16.1 % 12.6 % Source: SpareBank 1 SMN / Fondsfinans research FONDSFINANS AS, HAAKON VII S GATE 2, P.O.BOX 1782 VIKA, NO-0122 OSLO, TEL: , FAX: , This report was prepared by an analyst employed by Fondsfinans AS, the Norwegian affiliate of Fondsfinans Inc., who is not registered as a research analyst with FINRA or subject to FINRA rules governing research. See page 7 of this report for Important Disclosure Information.

2 Estimate changes We make small adjustments to revenues, where lending growth is expected to offset lower lending margins. We have adjusted operating costs down based on the strong cost control in the bank and in the sector in general. Loan losses are increased in 2015, when we expect a gradual normalisation of losses. Estimate changes post 2Q14 figures Estimate changes Curr. Prev. Curr. Prev. Change (%) NOKm 2015E 2015E 2016E 2016E 2015E 2016E Net interest income 1,713 1,672 1,765 1, % 2.3 % Non-interest income , , % -1.5 % Total revenues 3,962 3,875 3,902 3, % 0.2 % OPEX % -2.5 % Personnel expense % -2.1 % Pre-provision profit (PPP) 2,176 2,074 2,056 2, % 2.6 % Loan losses % 14.6 % Pre-tax profit (PTP) 2,096 1,990 1,904 1, % 1.8 % Tax expense % % Net profit 1,699 1,532 1,504 1, % 8.7 % EPEC (rep.) % 8.8 % Source: Fondsfinans research Investment case Norwegian savings banks are exposed to a strong and resilient Norwegian economy. SMN is, like the sector in general, traded at a discount to fair value. With a double-digit RoE and better liquidity than peers, we see about 30% upside to a price/book of about 1.1 as feasible. Strong capitalisation and moderate lending growth give room for increased dividend the coming years. Page 2 14 August 2014 Fondsfinans Research

3 SpareBank 1 SMN - Company Update Regulatory capital SMN reported a CET 1 ratio per of 11.4% vs expected 11.2%. This is 0.3% higher than year-end SMN is not a SIFI bank but still target a CET 1 ratio of 13.5% per 1H16. Regulatory capital and requirements REGULATORY CAPITAL 2Q14 3Q14E 4Q14E 1Q15E 2Q15E 3Q15E 4Q15E 1Q16E 2Q16E 3Q16E 4Q16E CET1 ratio (FF est.) CET 1 ratio (transition rule) 11.1 % 11.1 % 11.7 % 11.9 % 12.0 % 12.1 % 13.0 % 13.5 % 12.8 % 12.9 % 13.8 % Tier 1 ratio (transition rule) 13.0 % 13.0 % 13.6 % 13.8 % 13.8 % 14.0 % 14.8 % 15.3 % 14.5 % 14.7 % 15.6 % Capital adequacy ratio (trans rule) 14.7 % 14.7 % 15.3 % 15.4 % 15.5 % 15.6 % 16.4 % 16.9 % 16.2 % 16.3 % 17.2 % Counter-cyclical buffer CET 1 ratio req. (1.0% cc-buffer) 0.0 % 0.0 % 0.0 % 0.0 % 1.0 % 1.0 % 1.0 % 0.0 % 1.0 % 1.0 % 1.0 % Total CET 1 ratio requirement (with 1.5% cc-buffer) 0.0 % 0.0 % 0.0 % 0.0 % 1.5 % 1.5 % 1.5 % 0.0 % 1.5 % 1.5 % 1.5 % Total CET 1 ratio requirement (with 2.0% cc-buffer) 0.0 % 0.0 % 0.0 % 0.0 % 2.0 % 2.0 % 2.0 % 0.0 % 2.0 % 2.0 % 2.0 % Total CET 1 ratio requirement (with 2.5% cc-buffer) 0.0 % 0.0 % 0.0 % 0.0 % 2.5 % 2.5 % 2.5 % 0.0 % 2.5 % 2.5 % 2.5 % CET 1 requirements (ex. cc-buffer) SIFI MAX 0.0 % % % % % % % % % % % Systemic risk buffer 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % 3.0 % Conservation buffer 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % Core equity capital 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % 4.5 % Total CET 1 requirements (ex. cc-buffer) 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % 10.0 % Total CET 1 requirement Total CET 1 ratio requirement (with 1.0% cc-buffer) 10.0 % 10.0 % 10.0 % 10.0 % 11.0 % 11.0 % 11.0 % 10.0 % 11.0 % 11.0 % 11.0 % Total CET 1 ratio requirement (with 1.5% cc-buffer) 10.0 % 10.0 % 10.0 % 10.0 % 11.5 % 11.5 % 11.5 % 10.0 % 11.5 % 11.5 % 11.5 % Total CET 1 ratio requirement (with 2.0% cc-buffer) 10.0 % 10.0 % 10.0 % 10.0 % 12.0 % 12.0 % 12.0 % 10.0 % 12.0 % 12.0 % 12.0 % Total CET 1 ratio requirement (with 2.5% cc-buffer) 10.0 % 10.0 % 10.0 % 10.0 % 12.5 % 12.5 % 12.5 % 10.0 % 12.5 % 12.5 % 12.5 % Margin above total CET 1 req. Total CET 1 ratio requirement (with 1.0% cc-buffer) 1.1 % 1.1 % 1.7 % 1.9 % 1.0 % 1.1 % 2.0 % 3.5 % 1.8 % 1.9 % 2.8 % Total CET 1 ratio requirement (with 1.5% cc-buffer) 1.1 % 1.1 % 1.7 % 1.9 % 0.5 % 0.6 % 1.5 % 3.5 % 1.3 % 1.4 % 2.3 % Total CET 1 ratio requirement (with 2.0% cc-buffer) 1.1 % 1.1 % 1.7 % 1.9 % 0.0 % 0.1 % 1.0 % 3.5 % 0.8 % 0.9 % 1.8 % Total CET 1 ratio requirement (with 2.5% cc-buffer) 1.1 % 1.1 % 1.7 % 1.9 % -0.5 % -0.4 % 0.5 % 3.5 % 0.3 % 0.4 % 1.3 % Nominal difference (NOKm) Total CET 1 ratio requirement (with 1.0% cc-buffer) Total CET 1 ratio requirement (with 1.5% cc-buffer) Total CET 1 ratio requirement (with 2.0% cc-buffer) Total CET 1 ratio requirement (with 2.5% cc-buffer) Source: SpareBank 1 SMN / FF research Risk assessment Retail share in lending portfolio of 67% could result in high losses if mortgage prices fell sharply. Weaker economic activity and growth could result in higher loan losses, pushing earnings lower. There is still uncertainty with regard to new capital and liquidity standards, and what they might result in for the sector and the bank. Fondsfinans Research 14 August 2014 Page 3

4 INCOME STATEMENT (Y) E 2015E 2016E Net interest income Net commission income Other income Total core income Personnel expenses Administrative expenses Deprectiation Other expenses Total expenses Pre-provision profit (core items) Loan loss provision Pre-tax profit (core items) Dividends Income from associated companies Capital gains Total financial income Pre-tax profit Taxes Net profit (recurring) One-offs Net profit (reported) Adjustments Adjusted net profit EPEC (rep.) EPEC (adj.) BALANCE SHEET (Y) E 2015E 2016E Assets Cash Lending to credit institutions Gross lending to customers Individual writedowns Collective writedowns Net lending to customers Equity Bonds Derivatives Inv. in associated companies Intangible assets Fixed assets Other assets Total assets Liabilities Deposits from credit institutions Deposits from customers Issued bonds Issued sub. Bonds Other liabilities Total liabilities Equity Equity certificat capital Primary capital Other equity Total equity Page 4 14 August 2014 Fondsfinans Research

5 SpareBank 1 SMN - Company Update INCOME STATEMENT (Q) 3Q13 4Q13 1Q14 2Q14 3Q14E 4Q14E 1Q15E Net interest income Net commission income Other income Total core income Personnel expenses Administrative expenses Deprectiation Other expenses Total expenses Pre-provision profit (core items) Loan loss provision Pre-tax profit (core items) Dividends Income from associated companies Capital gains Total financial income Pre-tax profit Taxes Net profit (recurring) One-offs Net profit (reported) Adjustments Adjusted net profit EPEC (rep.) EPEC (adj.) BALANCE SHEET (Q) 3Q13 4Q13 1Q14 2Q14 3Q14E 4Q14E 1Q15E Assets Cash Lending to credit institutions Gross lending to customers Individual writedowns Collective writedowns Net lending to customers Equity Bonds Derivatives Inv. in associated companies Intangible assets Fixed assets Other assets Total assets Liabilities Deposits from credit institutions Deposits from customers Issued bonds Issued sub. Bonds Other liabilities Total liabilities Equity Equity certificat capital Primary capital Other equity Total equity Fondsfinans Research 14 August 2014 Page 5

6 KEY FIGURES (Y) E 2015E 2016E Dividend NOK Dividend yield 8.1 % 4.9 % 4.4 % 3.9 % 3.9 % 4.1 % 6.5 % Book equity per EC Book equity per EC (excl intangible assets) P/B P/B (excl intangible assets) ROE % % % % % % 9.68 % ROE (core banking) 9.1 % 6.8 % 6.8 % 8.4 % 8.4 % 7.4 % 5.9 % ROA 1.12 % 1.03 % 1.03 % 1.24 % 1.40 % 1.21 % 1.10 % RORWA 1.53 % 1.36 % 1.30 % 1.58 % 1.85 % 1.62 % 1.49 % RORWA (core banking) 1.12 % 0.79 % 0.84 % 1.12 % 1.19 % 1.19 % 1.11 % C/I 44.6 % 53.2 % 53.9 % 48.1 % 45.1 % 47.3 % 48.7 % C/I adj % 64.1 % 63.2 % 55.9 % 54.5 % 54.7 % 56.7 % Costs in % of total assets 1.25 % 1.49 % 1.58 % 1.54 % 1.50 % 1.48 % 1.50 % Loan loss ratio (gross loans) 0.19 % 0.04 % 0.08 % 0.13 % 0.09 % 0.17 % 0.25 % Net interest margin (normalised) 1.44 % 1.40 % 1.41 % 1.45 % 1.44 % 1.41 % 1.37 % Deposit-to-loan ratio Net Loans/Equity CET 1 ratio (transition rule) 9.3 % 8.9 % 10.0 % 10.7 % 11.7 % 13.0 % 13.8 % Tier 1 ratio (transition rule) 10.9 % 10.4 % 11.3 % 12.6 % 13.6 % 14.8 % 15.6 % Tier 2 ratio (transition rule) 13.0 % 12.0 % 13.3 % 14.2 % 15.3 % 16.4 % 14.7 % KEY FIGURES (Q) 3Q13 4Q13 1Q14 2Q14 3Q14E 4Q14E 1Q15E Book equity per EC Book equity per EC (excl intangible assets) P/B P/B (excl intangible assets) ROE % % % % % % % ROE (core banking) 16.1 % 10.9 % 12.1 % 14.1 % 11.6 % 10.9 % 12.2 % ROA 1.53 % 1.26 % 1.68 % 1.61 % 1.23 % 1.18 % 1.34 % RORWA 2.02 % 1.63 % 2.19 % 2.12 % 1.65 % 1.60 % 1.82 % RORWA (core banking) 2.00 % 1.40 % 1.56 % 1.86 % 1.56 % 1.49 % 1.69 % C/I 43.3 % 47.9 % 41.8 % 43.1 % 46.9 % 49.0 % 45.3 % C/I adj % 50.9 % 47.6 % 45.6 % 48.3 % 50.5 % 46.5 % Costs in % of total assets 1.44 % 1.64 % 1.55 % 1.54 % 1.45 % 1.53 % 1.47 % Loan loss ratio (gross loans) 0.15 % 0.16 % 0.09 % 0.07 % 0.10 % 0.12 % 0.14 % Net interest margin (normalised) 1.54 % 1.51 % 1.47 % 1.50 % 1.41 % 1.44 % 1.43 % Deposit-to-loan ratio Net Loans/Equity CET 1 ratio (transition rule) 10.4 % 10.7 % 10.9 % 11.1 % 11.1 % 11.7 % 11.9 % Tier 1 ratio (transition rule) 12.3 % 12.6 % 12.8 % 13.0 % 13.0 % 13.6 % 13.8 % Tier 2 ratio (transition rule) 13.9 % 14.2 % 14.6 % 14.7 % 14.7 % 15.3 % 15.4 % Page 6 14 August 2014 Fondsfinans Research

7 SpareBank 1 SMN - Company Update Definitions of ratings Buy Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 20%. Neutral Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -20% to + 20%. Sell Low risk: min 5%. Medium risk: min 10%. High risk: min 20%. Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H). Target: Our valuation as of today. Time frame of target: Target is what we value the share as of today. Recommendation distribution as of : Companies in each recommendation category that have been investment banking clients over the past 12 months: Recommendation No Percent Recommendation No Percent Buy % Buy 1 2 % Neutral % Neutral 1 7 % Sell 4 6 % Sell 0 0 % Total % Total 2 Our intention is to issue preview and update research on a quarterly basis. Our investment recommendation is elaborated in accordance with The Norwegian Securities Dealers Associations standards. This report has not been sent to the companies for correction of any factual errors. Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Fondsfinans has internal instructions and guidelines for handling sensitive information. The analyst receives compensation that is impacted by overall firm profitability, including investment banking activities. Fondsfinans is under supervision of The Financial Supervisory Authority of Norway. The recommendation has not been changed from BUY. The previous recommendation was issued Ownership per in Sparebanken 1 SMN: Analyst (including his/her closely related persons or companies): 0, corresponding to 0% of the company share capital Employees (including their respective closely related persons or companies): 0, corresponding to 0% of the company share capital Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries): 0, corresponding to 0% of the company share capital. Fondsfinans may hold shares in Sparebanken 1 SMN as a result of daily trading/market making. Information on such holdings is not given when of non-significant value. Fondsfinans do not act as market maker in Sparebanken 1 SMN: Fondsfinans has not acted as corporate adviser, lead manager in IPO etc. during the past 12 months. This report was issued and distributed DISCLAIMER This report is provided for information purposes only. It should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are subject to change without prior notice. This report is based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that the information herein is not misleading, Fondsfinans AS makes no representation or warranty expressed or implied as to its accuracy or completeness. Neither Fondsfinans AS, its partners and employees, nor any other person connected with it, accepts any liability whatsoever for any direct or consequential loss of any kind arising out of the use or reliance on the information in this report. This report is prepared for general circulation and general information. It does not take into account the specific investment objectives and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in this report, should seek independent financial advice relating thereto. This report may not be distributed, quoted from or reproduced for any purpose without written approval by Fondsfinans AS. DISCLOSURE OF INTERESTS Fondsfinans AS is constantly seeking investment-banking mandates, and may at any time perform investment banking or other services or solicit investment banking or other mandates from the company or companies covered in this report. Fondsfinans AS may from time to time as part of its investment services hold positions in securities covered in this report. Under our internal regulations, our analysts are not permitted to purchase new securities in the companies they cover. Holdings are specified as part of shareholder information in each report. DISTRIBUTION IN THE US Research reports are prepared by Fondsfinans AS for information purposes only. Fondsfinans AS and its employees are not subject to the Rules of the Financial Industry Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the United States solely to major U.S. institutional investors as defined in Rule 15a-6 under the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Fondsfinans AS research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Reports are prepared by Fondsfinans AS and distributed to major U.S. institutional investors under Rule 15a-6(a)(2). These research reports are prepared by Fondsfinans ASA and distributed in the United States by Fondsfinans Inc. under Rule 15a-6(a)(2). Any U.S. Person receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Fondsfinans Inc., a member of FINRA. Fondsfinans Research 14 August 2014 Page 7

8 SpareBank 1 SMN Analyst: Geir Kristiansen tel Sector: Banks Price 54.0 EC outstanding (mill.) Date: 14.aug.14 Book equity per PCC: 55.6 Market capitalisation (NOKb): 7.01 Next result: 13.aug.14 Price/Book: 0.97 Total assets (NOKb): Target 70 Deposit/loan ratio (%): 69.8 % Recommendation: BUY 12 month high/low: 58.1/ 43.2 CET1 ratio (excl. profit): 10.7 % 2,012 2, E 2015E 2016E 1Q14 2Q14 3Q14E 4Q14E 1Q15E INCOME STATEMEN (NOK million) Net interest income 1,477 1,616 1,713 1,765 1, Non-interest income 1,590 1,965 2,249 2,136 2, Net Commission income 872 1,136 1,208 1,259 1, Dividends Income from ass. companies Gains/losses on fin. assets Other operating income Total operating income 3,067 3,581 3,962 3,902 3,940 1,055 1, Total operating expense -1,653-1,722-1,785-1,845-1, Personnel expense ,008-1, Administrative expense Depreciation/amortisation Other expense Pre-provision profit (PPP) 1,414 1,859 2,176 2,056 2, Loan loss provision Pre tax profit (PTP) 1,356 1,758 2,096 1,904 1, Tax Net profit 1,061 1,370 1,699 1,504 1, BALANCE SHEET (NOK billion) Gross loans to customers Specified provisions Group provisions Net Loans to customers Interest bearing assets Total assets Deposits from customers Interest bearing debt Equity KEY FIGURES Net interest income (norm.) 1.41 % 1.45 % 1.44 % 1.41 % 1.37 % 1.47 % 1.50 % 1.41 % 1.44 % 1.43 % Commission income in % of ATA 0.83 % 1.02 % 1.01 % 1.01 % 1.01 % 1.05 % 1.04 % 1.01 % 1.01 % 1.01 % Cost/income 53.9 % 48.1 % 45.1 % 47.3 % 48.7 % 41.8 % 43.1 % 46.9 % 49.0 % 45.3 % Cost/income adj. for fin. items 63.2 % 55.9 % 54.5 % 54.7 % 56.7 % 47.6 % 45.6 % 48.3 % 50.5 % 46.5 % LLP in % of gross aver. lending 0.08 % 0.13 % 0.09 % 0.17 % 0.25 % 0.09 % 0.07 % 0.10 % 0.12 % 0.14 % EPS EPS adj Dividend Major shareholders as of Dividend yield 4.4 % 3.9 % 3.8 % 4.2 % 6.5 % Odin Forvaltning As 3.1 % 4,042 Sparebankstiftelsen 3.1 % 3,965 P/E DnB Norge 2.8 % 3,577 P/E adj Pareto Aksje Norge 2.7 % 3,462 Nordea Norge Verdi 2.2 % 2,900 ROE 11.7 % 13.1 % 14.3 % 11.4 % 9.7 % Odin Norden 2.2 % 2,855 State Street 2.1 % 2,758 P/B Vind LV 2.1 % 2,736 Book value Wimoh Invest 1.8 % 2,359 MP Pensjon 1.6 % 2,058 CET 1 ratio (transition rule) 10.0 % 10.7 % 11.7 % 13.0 % 13.8 % Tier 1 ratio (transition rule) 11.3 % 12.6 % 13.6 % 14.8 % 15.6 % Capital adequacy ratio (trans rule) 13.3 % 14.2 % 15.3 % 16.4 % 14.7 % Total number of EC shares 23.7 % 129,836

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