TENDENCIAS EN EL DESARROLLO DE LA PROTECCIÓN

The payment for New Equity Certificates allocated to a subscriber falls due on the Payment Date 3 April 2012. Payment must be made in accordance with the requirements set out in the Sections below.

9.14.1 Subscribers who have a Norwegian Bank Account

Subscribers who have a Norwegian bank account must, and will by signing the Subscription Form, provide SpareBank 1 Markets AS with a one-time irrevocable authorisation to debit a specified bank account with a Norwegian bank for the amount payable for the New Equity Certificates which are allocated to the subscriber.

The specified bank account is expected to be debited on or after the Payment Date. SpareBank 1 Markets AS as Global Coordinator is only authorised to debit such account once, but reserves the right to make up to three debit attempts, and the authorisation will be valid for up to seven working days after the Payment Date.

The subscriber furthermore authorises SpareBank 1 Markets AS to obtain confirmation from the subscriber’s bank that the subscriber has the right to dispose over the specified account and that there are sufficient funds in the account to cover the payment.

If there are insufficient funds in a subscriber’s bank account or if it for other reasons is impossible to debit such bank account when a debit attempt is made pursuant to the authorisation from the subscriber, the subscriber’s obligation to pay for the New Equity Certificates will be deemed overdue.

9.14.2 Subscribers who do not have a Norwegian Bank Account

Subscribers who do not have a Norwegian bank account must ensure that payment with cleared funds for the New Equity Certificates allocated to them is made on or before the Payment Date.

Prior to any such payment being made, the subscriber must contact SpareBank 1 Markets AS or any of the other Subscription Offices for further details and instructions.

9.14.3 Overdue Payments

Overdue payments will be charged with interest at the applicable rate from time to time under the Norwegian Act on Interest on Overdue Payment of 17 December 1976 No. 100, currently 8.75% per annum. If a subscriber fails to comply with the terms of payment, the New Equity Certificates will, subject to the restrictions in section 2b-23 of the Financial Institutions Act cf. section 10-12(4) of the

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Public Limited Liability Companies Act, and at the discretion of the Payment Guarantor Underwriter, not be delivered to the subscriber.

Pursuant to a payment guarantee agreement entered into by the Savings Bank and SpareBank 1 Markets (acting as Payment Guarantor), the Payment Guarantor will, subject to the terms and conditions of the payment guarantee agreement, on or about 10 April 2012 pay subscription amounts not paid by the subscribers, up to an aggregate maximum amount of NOK 150 million, when due, in order to enable timely registration of the capital increase pertaining to the New Equity Certificates issued in the Rights Offering with the Norwegian Register of Business Enterprises. In the event that the subscription amount that has not been paid by the subscribers exceeds NOK 150 million the date for the Payment Guarantor’s payment will be postponed to 10:00 hours on the first Business Day subsequent to the date such unpaid subscription amount has been reduced to an amount that is equal to or less than NOK 150 million. The conditions for the validity of the payment guarantee are as follows:

(a) That there have been no changes in the conditions of the Rights Issue compared with what appears from the Prospectus and what is important to the payment guarantee; (b) Payment from investors and/or Underwriters that have been allocated New Equity

Certificates in the Rights Issue for a total amount of at least the gross proceeds of NOK 740,406,420 with deduction of NOK 150 million;

(c) The Savings Bank has in principle met all terms and conditions and fulfilled the obligations of the payment guarantee as per the payment date;

(d) The Savings Bank has made all necessary resolutions and obtained all relevant approvals for the implementation of the Rights Issue and quotation of the New Equity Certificates on the Oslo Stock Exchange;

(e) In the period up to publication of the Prospectus regarding the Rights Issue there must not, neither nationally nor internationally, have been major changes in political, economic and/or financial matters that according to the Payment Guarantor are likely to significantly reduce the possibilities of implementing a successful Rights Issue, including subsequent sale of Equity Certificates in the secondary market;

(f) In the period up to expiry of the subscription period for the Rights Issue (i) the Savings Bank’s outstanding Equity Certificates must not be deleted or suspended from quotation on the Oslo Stock Exchange pursuant to the Stock Exchange Act section 25 or (ii) that no major restrictions with respect to Equity Certificates trading have been introduced on the Oslo Stock Exchange, the London Stock Exchange or the New York Stock Exchange ;

(g) In the period up to expiry of the subscription period for the Rights Issue neither the Prospectus nor any other information to the market must have unveiled material matters that the Savings Bank and the operation and activity of the Savings Bank relating to the period prior to signing the Underwriting Agreement, and that according to the Payment Guarantor will probably constitute a materially negative change in the assumptions of the rights issue making it inadvisable to carry out the rights issue; and

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(h) That the Payment Guarantor has not exercised its right to termination as referred to in the next section.

Condition (e) is fulfilled, but conditions (a) - (d) and (f) – (h) are still subject to uncertainty.

Unless otherwise is agreed in writing the payment guarantee lapses 10 July 2012 if the payment date has not been set to a date prior to the said date. The Payment Guarantor may at its own discretion terminate the payment guarantee with written notice to the Savings Bank if the Payment Guarantor at the time of registration of the Rights Issue or prior to such registration has become aware of any of the following:

(a) that statements given in the Prospectus are incorrect or misleading and that this is of material importance to the Payment Guarantor;

(b) that the Savings Bank does not meet the guarantees or the obligations arising from or given in the payment guarantee or any other agreement or obligations that will be binding for the Savings Bank in connection with the Rights Issue; and which must be considered to be of material importance to the Rights Issue or

(c) that some of the conditions referred to under the preceding section (a) – (h) has not been fulfilled or has lapsed.

The non-paying subscribers will remain fully liable for the subscription amount payable for the New Equity Certificates allocated to them, irrespective of such payment by the Payment Guarantor. The New Equity Certificates allocated to such subscribers will be transferred to a separate VPS account operated by SpareBank 1 Markets AS and will be transferred to the non-paying subscriber when payment of the subscription amount for the relevant New Equity Certificates is received. However, the Savings Bank and the Payment Guarantor reserve the right to sell or assume ownership of the New Equity Certificates from and including the fourth day after the Payment Date without further notice to the subscriber in question in accordance with section 2b-23 of the Financial Institutions Act cf. section 10-12 (4) of the Public Limited Liability Companies Act if payment has not been received within the third day after the Payment Date. If the New Equity Certificates are sold on behalf of the subscriber, the subscriber will be liable for any loss, costs, charges and expenses suffered or incurred by the Savings Bank and/or the Payment Guarantor as a result of or in connection with such sales. The Savings Bank and/or the Payment Guarantor may enforce payment for any amount outstanding in accordance with Norwegian law.

The Payment Guarantor shall receive a guarantee commission of 0.10% of the guaranteed amount under the payment guarantee agreement.