SpareBank 1 Sørøst-Norge

AGM Information • Dec 16, 2021

Merger of SpareBank 1 Sørøst-Norge and SpareBank 1 Modum has been approved by the bank's Supervisory Board/General Meeting

Merger of SpareBank 1 Sørøst-Norge and SpareBank 1 Modum has been approved by the bank's Supervisory Board/General Meeting

Reference is made to the stock exchange notice dated 15 September 2021 regarding the letter of intent for the merger of SpareBank 1 Sørøst-Norge and SpareBank 1 Modum and the stock exchange notice dated 10 November 2021 regarding the approval of a plan for merging the banks (merger plan) by the board of directors in the two banks.

The Supervisory Boards and the General Meeting in SpareBank 1 Sørøst-Norge and SpareBank 1 Modum respectively, have in meetings on 16 December 2021, approved the merger of the two banks, whereby SpareBank 1 Sørøst-Norge shall be the acquiring bank and shall thus take over the assets, rights and liabilities of SpareBank 1 Modum on implementation of the merger. As consideration for the banking business that SpareBank 1 Sørøst-Norge acquire, SpareBank 1 Sørøst-Norge shall issue equity capital certificates to the equity capital certificate holders in SpareBank 1 Modum, Varig Forsikring Midt-Buskerud and Sparebankstiftelsen SpareBank 1 Modum.

SpareBank 1 Sørøst-Norge and SpareBank 1 Modum shall also, in connection with the merger, convert NOK 624 million in primary capital into equity certificate capital and issue equity capital certificates. The equity capital certificates are issued by SpareBank 1 Sørøst-Norge to Sparebankstiftelsen SpareBank 1 Modum.

Reference is also made to the minutes from the meeting of the banks’ Supervisory Boards. The banks have applied for the necessary license from Finanstilsynet and have sent notification to the Norwegian Competition Authority. The merger is contemplated to be finalized in early April 2022.

The banks have retained SpareBank 1 Markets AS as common financial advisor in connection with the merger, while Advokatfirmaet Selmer AS has been retained as a common legal adviser.

Tønsberg 16. december 2021

Contact persons:

SpareBank 1 Sørøst-Norge:

Finn Haugan, Chairman, tel. + 47 900 41 002

Per Halvorsen, Group CEO, tel. + 47 934 07 441

SpareBank 1 Modum:

Trond Gewelt, Chairman, tel. + 47 970 44 880

Egil Meland, CEO, tel. + 47 481 05 221

This information is disclosed pursuant to the requirements of the Securities Trading Act § 5-12.