SpareBank 1 SMN

Resolutions of the Supervisory Board of SpareBank 1 SMN

Not for release, publication or distribution in the United States, Canada,
Australia or Japan.

At its meetings on 6 March 2012 the Supervisory Board adopted decisions
concerning adoption of the final accounts for 2011, increase of equity
certificate capital, transfer from nominal equity certificate capital to the
savings bank´s surplus fund and acquisition and establishment of security
interest in the Bank´s own equity capital certificates.

Accounts for 2011 - distribution of profit
The Supervisory Board resolved that the annual accounts with additional
information be adopted as the bank´s annual accounts for 2011, and that the
profit for the year of NOK 795 million be distributed as follows:

Dividends on ECCs (NOK 2.00 per ECC)                                        NOK
190 million

Transferred to dividend equalisation fund
NOK 297 million

Transferred to ownerless capital                                        NOK 268
million

Allocation to charitable purposes
                                       NOK 40 million

Increase of equity certificate capital
The Supervisory Board of SpareBank 1 SMN resolved the Board of Directors´
proposed terms for the rights offering and the employee offering, however so
that the board members will not be invited to participate in the employee
offering. The equity certificates will be traded exclusive of dividend and
rights to receive subscription rights from and including 7 March 2012.

The Board of Directors proposed terms are described in the stock exchange notice
dated 6 March 2012. See further details in the prospectus for the rights
offering and employee offering which is expected to be released on or about 8
March 2012.

Authorisation of the board of directors to increase the nominal equity
certificate  capital
The Supervisory board adopted the Board of Directors´ proposal and authorise the
Board of directors to increase the nominal equity certificate capital with up to
NOK 200 million through the issuance of up to 10 million new equity certificates
at market price.

Transfer from the nominal equity certificate capital to the surplus fund
The Supervisory board adopted reduction of the nominal equity certificate
capital with NOK 474,651,430 from NOK 2,373,257,150 to NOK 1,898,605,720 by
changing the nominal value per equity certificate from NOK 25 to NOK 20, and
transferring NOK 474,651,430 to the surplus fund.

Acquisition and establishment of security interest in the Bank´s own equity
capital certificates
The Supervisory Board adopted to authorise the Board of Directors to acquire and
establish security interest in the Bank´s own equity certificates for a total
nominal value of NOK 200 million.  The total holding of equity certificates