SPAREBANKEN VEST BOLIGKREDITT INVESTOR PRESENTATION - FEBRUARY 2016 EXECUTIVE SUMMARY Norwegian . Moderate growth in Norway. Growth in business investments and petroleum investments will be lower in economy the years ahead. A continued low oil price will enhance further downturn in petroleum investments . Capacity utilisation in the mainland economy has edged down, but is expected to be below a normal level . House prices have edged down, but no expectation of steep downturn . Excellent financial position of the Norwegian government with large budget surplus and the government pension fund accounting over 200% of GDP

Western Norwegian . An important business region in Norway with the most diversified industrial structure including oil and gas economy industry, metal industry, engineering, fish farming, fisheries, shipping and tourist industry . There has been an increase in unemployment in Western Norway, especially in Rogaland and Hordaland. The unemployment rate in these counties is now above the national average. . Still good activity in the housing market Sparebanken Vest . The third largest savings bank in Norway with a strong market position in Western Norway . High capitalisation; Capital ratio of 16.9% - Core Tier 1 ratio of 13.7% at 31 Dec. 2015 . Rated A1 (stable) by Moody’s and A- (stable) by Fitch . Strong asset quality – 75% lending to retail customers, of which 95% is residential mortgages

Sparebanken Vest . 100% owned and dedicated covered bond subsidiary of Sparebanken Vest Boligkreditt AS . Cover pool consisting of 100% prime Norwegian residential mortgages . High quality cover pool reflected by the weighted average LTV of 56.7% . Covered bonds rated Aaa by Moody’s with five notches “leeway” . Strong legal framework for covered bonds in Norway with LTV limit of 75% for residential mortgages . Good position in the well-functioning domestic covered bond market which mitigates refinancing risk . Besides many domestic issuances, also six benchmark covered bonds issues in EUR-market

2 1. NORWEGIAN ECONOMY

3 KEY INDICATORS OF THE NORWEGIAN ECONOMY 2014 2015 2016E 2017E 2018E

Mainland GDP 2.2 % 1.00 % 1.25 % 1.25 % 1.75 % Private Consumption 2.4 % 2.10 % 1.75 %1.75 %2 % Real private investments -0,5 % -2 %3 %5 %5 % Oil investments -1.7 % -15 % -10 % -6 % -4% Exports Mainland 3.4% 5 %3 %3 %3 % Sovereign Wealth Fund / GDP 209 215 n.a. n.a. n.a. Core inflation 2.4 % 2.75 % 3.00 % 1.75 % 1.75 % Key-Policy rate (Level) 1.5 % 0.95 % 0.35 % 0.35 % 0.75 % Unemployment, LFS (Level) 3.5 % 4.4 % 5 % 5.3 % 5 %

GDP growth, Mainland, Norway* Investments in the petroleum sector (act/est)*

Source:* Macrobond/Sparebanken Vest 4 LOWER GROWTH - BUT STILL HIGH COMPARED TO MOST OTHER COUNTRIES

GDP rebased, 2000 = 100 GDP growth, Mainland, Norway

Source:Source: Makrobond/Sparebanken Vest Source: Makrobond/Sparebanken Vest Source: Makrobond/Sparebanken Vest

. GDP growth expected to be close to 1% in 2016 . Capacity utilization is expected to decrease somewhat this year, and be below a normal level for a couple of years

5 OIL PRICE STABILIZED ON A NEW LOW LEVEL ? - BELOW BREAK-EVEN FOR SOME DEEP-WATER NORTH SEA PROJECTS

6 NORWEGIAN BUDGET BREAK-EVEN OIL PRICE IS ZERO! - PETROLEUM FUND MECHANISM AND BUDGET FISCAL POLICY RULE

Petroleum revenues and return on investment

Non-oil revenues National Budget

Transfer to finance non-oil budget deficit Government Pension Fund Global NOK 7 000 billion «structural non oil deficit» Fiscal rule (real return on the fund over time, estimated at 4%)

7 ACTIVITY IN THE OIL INDUSTRY DECLINES - OIL PRICE DIP HIT KRONE

Growth in petroleum investments %, Norway Oil prices and Norwegian krone Index USD/Barrel

Source: Makrobond/Sparebanken Vest

8 Percent FINANCIALPOSITION OFNORWEGIAN GOVERNMENT . . Government primarybalance % of GDP, OECD stable outlook Norwegian government rated AAA/Aaa/AAA with among the OECDcountries solid most in Norway financiallythe Public sector

ore arbn/prbne Vest Makrobond/Sparebanken Source: Percent

Percent Government primarybalance % of GDP, OECD estimate . from the oil production Strong primarybalance backed byhigh income 9

Source: Makrobond/SparebankenVest Percent ECONOMY AMONG HOUSEHOLDS

Household savings rate Household interest and debt burden

10 10

9 9 275 12 250 11 8 8 225 10 7 7 200 9

6 6 175 8

150 7 Prosent 5 5 125 6 Prosent 4 4 100 5 3 3 75 4 50 3 2 2 25 2 0 1 1 1 -25 0 0 0 2004 2006 2008 2010 2012 2014 2016 2018 -1 -1 Household Interest Burden, HS Household Debt Ratio, VS 2004 2006 2008 2010 2012 2014 2016 2018 Kilde:Source: Makrobond/Sparebanken Macrobond/Sparebanken Vest Vest Kilde:Source: Makrobond/Sparebanken Macrobond/Sparebanken Vest Vest

. Savings rate expected to be around 10 % in 2016 . Best social security benefits support for unemployed people in the world - according to OECD survey

10 NORWEGIAN HOUSING MARKET – KEY FEATURES

Home ownership . Among the highest in the world - around 80% of households own their own home . Buy-to-let market is very limited in Norway

Social benefit . Best social security benefits for unemployed people in the world (according to OECD) system . On average unemployment benefit approx. 62% of previous salary . Unemployment benefits paid for minimum of 104 weeks

Tax incentives . All interest expenses are tax deductible in Norway . Low effective real estate tax - i.e. approx. 30-35 pct. of market value . Capital gain on a dwelling is tax-free after one year of occupancy by the owner

Personal liability . Borrowers personally liable for their debt - also after foreclosure/forced sale . Strong incentive to service debt reflected in low arrears . Transparent and reliable information about borrowers available to the lenders

Mortgage lending in . 95% of residential mortgage loans granted by banks Norway . Typical maturity 25-30 years . Around 90% of residential mortgages variable rate loans . Banks allowed to increase interest rates with a six weeks notice to the borrower . No “sub-prime” market in Norway

11 . . . . . Fundamental factorsdrivehouseprices - HOUSE PRICES in house prices observe moderatedecrease Wenow increases the lastsixyears house price important factors for interest rates are continued low Relatively highemployment and houses increased demandfor the too lowtomatch New dwellingsstill housing in major cities for demand changes drivesup Immigration anddemographic been the maindrivers for increase House pricesinmajorcitieshave HOUSE PRICES IN NORWAYHOUSE PRICESIN HAVEOUT LEVELED

Index 12 Source:Price NEF Statistics LONG TERM OVERVIEW OF HOUSE PRICES - HIGH ECONOMIC GROWTH CONDUCIVE TO RISING HOUSE PRICES

House prices deflated with CPI growth, 2000 = House prices deflated with gross national 100 disposable income per capita, 2000 = 100 250 250 210 210

200 200 Norway Sweden 225 225 Sweden 190 190 180 180 200 200 170 170

175 175 160 Norway 160 Index Index USA 150 150 Index Index 150 150 140 140 Denmark Denmark 130 130 125 125 120 120

110 110 100 100 100 100 United States 75 75 90 90 2000 2002 2004 2006 2008 2010 2012 2014 2000 2002 2004 2006 2008 2010 2012 2014 Source:Kilde:Source: Macrobond/Sparebanken Makrobond/Sparebanken Makrobond/Sparebanken Vest Vest Source:Kilde:Source: Macrobond/Sparebanken Makrobond/Sparebanken Makrobond/Sparebanken Vest Vest Vest

. House prices in Norway correlate highly with development in wages and disposable income

Source: OECD, Statistics Norway and Norges Bank

13 SUPPLY OF NEW HOUSING IS LIMITED

Housing needs pr. year until 2020 New houses, annual Supply gap

Source: Norwegian Home Builders Association 2. Sparebanken Vest

15 OVERVIEW OF SPAREBANKEN VEST

. Established in 1823 - listed on Oslo Stock Exchange since 1995. Norway’s second oldest and third largest savings bank

. Operating in Western Norway - the most diversified and wealthiest region in the country

. NOK 156 bn in total assets with over 260,000 retail customers and 10,000 corporate customers

. Focused on the retail market (75% of total lending) and small & medium sized enterprises (SME’s). Low risk profile and well diversified corporate portfolio

. The bank offers a broad spectrum of financial services incl. insurance, stock brokerage and real estate brokerage.

. Ratings: A1 (stable) by Moody’s A- (stable) by Fitch Ratings

Key developments in 2015: . Stable net interest income . Stable net commission income . Increased contribution from associated companies . In line with cost reduction program

16 COMPANY STRUCTURE - SUBSIDIARIES AND ASSOCIATED COMPANIES

Sparebanken Vest Moody’s: A1 (stable) Fitch: A- (stable)

Fully owned Associated subsidiaries Companies

Eiendomsmegler Frende Forsikring Sparebanken Vest Brage Finans Vest AS Sparebanken Norne Securities (life and non-life Verd Boligkreditt Boligkreditt AS (leasing) (real estate Vest Eiendom AS 47.6% Insurances) 40% Aaa* 49.9% brooker) 39.7%

Other owners: 14 independent savings banks listed on slide 20

* Covered bonds issued rated Aaa by Moody’s

17 COOPERATION ON INSURANCE, LEASING AND BROKERAGE - STRONG RETAIL DISTRIBUTION PLATFORM THROUGH 14 INDEPENDENT SAVINGS BANKS

‐Sparebanken Sør, Spareskillingsbanken, Flekkefjord Sparebank, Søgne & Greipstad Sparebank, Lillesand Sparebank

‐Sparebanken Vest, Fana Sparebank, Haugesund Sparebank, Skudenes & Aakra Sparebank, Voss Sparebank, Luster Sparebank, Etne Sparebank, Sparebanken Sogn og Fjordane

‐ Sparebanken Øst

‐ Helgeland Sparebank

. All branches in Sparebanken Vest offer the customers personal insurance, while life insurance and compulsory occupational pension schemes are being offered to corporate clients . Frende Insurance has taken a good share of the insurance market in the market areas of the owners . Norne Securities creating platform for distribution of stock broking and corporate finance

18 KEY FIGURES

Fourth quarter The year 2015 NOK 1,396 MILL. PRE-TAX PROFIT NOK 341 MILL. (356) (1,439)

NOK 1,403 MILL. PROFIT ORDINARY BANKING OPERATIONS* NOK 341 MILL. (356) (1,102)

NOK 1,443 MILL. GOOD COST DEVELOPMENT NOK 371 MILL. (366) (1,470)

RETURN ON EQUITY ON TARGET 10.7% (12.2%) 11% (13.7%)

PROPOSED DIVIDEND 1.1 (4.0)

STRONGER CORE TIER 1 CAPITAL RATIO 13.7% (12.2%)

*Profit performance adjusted for financial instruments and non-recurring items 19 RETURN ON EQUITY

Return on equity Comments

13,6 12,2 . Positively affected by good contributions 11,1 10,7 from associated companies and stable 8,9 nominal net interest . Average equity NOK 9.8 bill. . Non-recurring effects in the quarter: . NOK 73 mill. reduction in fair value of fixed-interest loans Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 . NOK 76 mill. net gain on tangible fixed assets Return on equity for the year* Comments

11,1 %

. Return on equity above target at 11% . Better underlying operations in the past year 9,8 % . Reduced costs and slightly higher net interest make a positive contribution

Year 2014 Year 2015 *Profit performance adjusted for financial instruments and non-recurring items 20 GROWTH IN LENDING, RETAIL AND CORPORATE MARKET PER QUARTER

Corporate market Retail market Lending NOK 31.6 billion Lending NOK 98.4 billion

10,0 % 10,0 %

8,0 % 8,0 %

6,0 % 6,0 %

4,0 % 2,0 % 4,0 % 2,3 % 2,3 % 2,8 % 2,0 % 1,8 % 1,8 % 2,0 % 1,6 %

0,0 % 0,0 % -0,7 % 1. kvartalquarter 2. kvartalquarter 3. kvartalquarter 4. kvartalquarter -2,0 % 1. kvartalquarter 2. kvartalquarter 3. kvartalquarter 4. kvartalquarter Pr.Pr kvartalquarter 2015 Pr.Pr kvartal quarter PrPr kvartal quarter eks ex valutaeffekt currency effects 2015 20152015 eks ex valutaeffektcurrency effects

21 STRENGTHENING THE RETAIL MARKED POSITION - GROWHT IN DESIRED SEGMENT

Corporate market Retail market Lending NOK 31.6 billion Lending NOK 98.4 billion

8,1 %

7%

3,8 %

2,5 %

Growth Target Average growth last three years Growth Target Average growth last three years Tall per tredje kvartal 2015 22 DEVELOPMENT IN NET INTEREST, FOURTH QUARTER - INCREASED DEPOSIT MARGIN COMPENSATES FOR REDUCED LENDING MARGIN

2.600

2.354 2.400 2.320 -145

30 -22 -2 2.200 13 5 155 2.000

1.800

1.600

1.400 31.12.2014 margin Lending Deposit volume volume Lending Deposit margin Bonds levy Guarantee fund Other assetsand 31.12.2015 liabilities

23 COST DEVELOPMENT 2012–2015 – 5% COST REDUCTION IN THE PARENT BANK

4 %

Cost ex IT

IT**

-8 % 1305* 1240 MNOK MNOK

2012 2015 The goal of average annual cost growth of max. 2% in 2012–2015 was achieved – result: 1.7% annual reduction

*) The 2012 figures are exclusive of non-recurring effects related to pensions totalling NOK 301 million and bonuses in the parent bank. The planned development in the parent bank is exclusive of bonuses. All figures have been revised pursuant to IAS19R. **) IT costs are the total costs of the IT department in the parent bank, including payroll expenses, external fees, ICT costs and other operating costs in the department. STRONG POSITION IN RETAIL MARKET - MORE THAN 70% OF THE PORTFOLIO IN HORDALAND

Loan portfolio Total loanbook by geographic area

5 % 8 %

24 % 16 %

76 % 71 % 24%

76% Hordaland Rogaland Sogn og Fjordane ØvrigOther BMCM PMRM GROSS LENDING RETAIL MARKET - 94% WITHIN LTV RATIO OF 70%, 74% OF THE PORTFOLIO IN HORDALAND

LOANS BROKEN DOWN BY LTV RATIO BROKEN DOWN BY REGION

74% 94,0 %

(75)

14% 7% 5% 4,4 % 1,6 % (15) 0% (7) (5) LTV <= 70 % 70 - 85 % LTV > 85 % HORDALAND ROGALAND SOGN OG RESTENREST OF AV UTLANDABROAD FJORDANE NORWAYNORGE

Figures as of the end of the third quarter 2015 Gross lending in NOK bill. in brackets 26 BREAKDOWN OF LENDING, CORPORATE MARKET

Breakdown of gross lending in NOK bill. Breakdown by sector

17,06 15,34

7,02 7,45

4,18 4,61

1: 0-50 3: 50-150 4: 150m-

2014 2015

Over NOK 150 mill. is largely Jonsvoll 27 DEFAULTS AND POTENTIAL BAD DEBT* - THE INCREASE IN CM IS MAINLY DUE TO ONE LARGE COMMITMENT

1.600 5,00%

1.400 4,00% 1.200

1.000 3,00% 1.256 800 1.119 1.080 1.092 1.053 2,00% 600

400 0,98% 0,99% 0,94% 0,92% 0,87% 1,00% 200 237 230 229 220 218 - 0,00% Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Retail market Corporate market Share of total portfolio

*) Includes all defaults, not just defaults of payment. Includes commitments with individual write-downs, calculated as a percentage of the total lending volume. 28 CAPITAL PLANNING ICAAP – LEVEL CONSIDERABLY ABOVE MINIMUM AND BUFFER REQUIREMENTS

Core Tier 1 capital taking into account Basel I floor Assumptions (ICAAP 2016–2018)

16,0 % 14,5 % 14,5 % 14,5 % 13,7 % 14,0 % 12,2 % . Increased lending margins CM 12,0 % 11,2 % 11,5 % 11,5 % 11,5 % 11% . Growth: 10,0 % 10% . Retail market 5.0% 9% 8,0 % . Corporate market 2.5%

6,0 % . Annual expected loss cost of 15–20 bp of gross lending (NOK 250–300 mill.) 4,0 %

2,0 % . Continued capital accumulation in 2016 and potential increased distribution 0,0 % capacity in 2017 2013 2014 2015 Q4 2016 2017 2018

Core Equity Basel 1 floor Forecast Core Equity Basel 1 floor Combined Pilar 1 minimum and Buffer requirements

29 THE BOARD'S PROPOSED ALLOCATION OF PROFIT – 90.4% WILL BE RETAINED TO STRENGTHEN CAPITAL ADEQUACY

Basis for dividend NOK 980 mill.

Equity certificate holders Primary Capital NOK 192 mill. NOK 788 mill.

Equalisation Dividend NOK Primary capital reserve Donations 1.1 NOK 127 NOK 768 NOK 65 mill. NOK 20 mill. mill. mill.

Distribution percentage of 33.8% to equity certificate owners

* The owner fraction used for the allocation of profit (19.6%) is lower than as of 31 Dec. 2015 (25.6%) because issued equity counts 10/360 in the weighted owner fraction for the allocation of profit OUTLOOK

. Tight cost control will continue to produce results

. The adjusted capital plan means the bank is well-equipped to meet future capital adequacy requirements

MEASURES . The bank is well-equipped to contribute to growth in Western Norway

. Sparebanken Vest`s target maximum lending growth for 2016 is 5% in the retail market and 2,5% in the corporate market. 3. SPAREBANKEN VEST BOLIGKREDITT AS

32 EXECUTIVE SUMMARY SPAREBANKEN VEST BOLIGKREDITT . Wholly owned subsidiary of Sparebanken Vest - and a dedicated covered bond company . Revolving credit facility provided by Sparebanken Vest to cover payment obligations in the cover pool for a rolling 12 month period less amounts already disbursed under the facility . Loans transferred to Boligkreditt as true sale on a non-recourse basis . Cover pool 100% prime, Norwegian residential mortgages . FSA appointed investigator: Deloitte . Covered bonds rated Aaa by Moody’s – five notches “leeway” . Approval from the Norwegian FSA to report capital according to IRB methods . Loans transferred to the cover pool at 31 Dec 2015: NOK 55.4 billion (EUR 5.8 billion) . Covered bonds issued at 31 Dec 2015: NOK 56.5 billion* (EUR 5.9 billion) . Pre-tax result FY 2015: NOK 656.4 million (NOK 714.1 million FY 2014) . Tier 1 capital ratio at 31 Dec 2015: 12.9% (23.0% IRB) . Total capital ratio at 31 Dec 2015 – transitional regime: 14.9% ( 26.6% IRB) . Risk weight for mortgages is 40% for Norwegian banks and covered bond companies.

EUR/NOK at 31.12.2015: 9.56 33 *Hedged outstanding bonds amounts to NOK 50.8 billion (EUR 5.3 billion) ELIGIBILITY CRITERIA FOR THE COVER POOL

. Employed retail clients and independent self employed individuals

Customer criteria . Resident in Norway . No negative credit history

. Probability of default max 1.25%

Credit criteria . Not in arrears . Not delinquent – 31 days or loss write-down

. Max LTV 75%

Collateral . Recent valuations . Quarterly valuation from independent AVM provider

. Primary residences

Type of properties . Cooperative housing loans . No holiday homes

. Principal repayment loans Type of products . Revolving credits (flexi-loans) . Fixed and variable rate loans (currently all loans are variable rate loans)

Source: Sparebanken Vest Boligkreditt

34 COVER POOL (1/2)

Cover pool as of 31.12.2015 Distribution according to LTV (indexed) Total cover pool NOK 57.7 bn Total loan balance (mortgages) NOK 55.4 bn 45,0 % Average loan balance NOK 1,208,400 39,5 % 40,0 % No. of loans 45,769 35,0 %

No of properties 40,566 30,0 %

WA seasoning (in months) 40 25,0 % WA remaining terms (in months) 279 20,0 % 16,7 % 17,8 % WA indexed LTV (limit) 56.7% 15,0 % 11,9 % 11,8 % WA indexed LTV (drawn amount) 53.7% 10,0 % Variable rates 90% 5,0 % 2,3 %

Defaults (Basel) NOK 26.1 m 0,0 % OC level (eligible)* 13.7% OC level if house prices drop 20% 6.9 %

. 100% prime Norwegian residential mortgages . Moody’s TPI of “High” . 4.9% substitute assets in the cover pool . CB rated Aaa with “leeway” of five notches** . 99.95% performing loans . Moody’s minimum OC-requirement: 0.5% . Cover Pool Collateral Score: 5.0%

*Based on hedged value of bonds 35 **Sparebanken Vest is rated A1 (stable outlook) COVER POOL (2/2)

Geographic distribution Development in arrears and indexed LTV

1,0 % 75% 70% 0,8 % 65% Rest of Norway (4.7%) 60% 0,6 % 55% 30-60 50% 60-90 0,4 % 90 45% Sogn & Fjordane (5.8%) LTV (RA) 0,2 % 40% Hordaland (76.3%) 35% 0,0 % 30% Rogaland (13.2%) Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Q2 14 Q4 14 Q2 15 Q3 15 . Properties mainly located in the market area of . Low arrears Sparebanken Vest in Western Norway . LTVs calculated based on limit of flexible . Western Norway has the most diversified credit mortgages (i.e. undrawn portion industrial structure included)

36 AMORTISATION OF MORTGAGES VS. COVERED BOND MATURITIES

70

60

Milliarder 50 Covered Bonds 40

30 Planned amortisation cover pool

20 Real amortisation cover pool (2.5% Prepayments)* 10

- jan.23 jan.22 jan.21 jan.20 jan.19 jan.18 jan.17 jan.16 mai.22 mai.21 mai.20 mai.19 mai.18 mai.17 mai.16 sep.22 sep.21 sep.20 sep.19 sep.18 sep.17 sep.16

. NOK 4.0 bn mature in February 2016 . The maturity profile of CBs matches real amortisation in mortgage portfolio in the cover pool

* Refers to prepayment level of 2.5% per month, which is the long term average observed in the cover pool

37 RISK MANAGEMENT - LOW RISK LEVEL

. Credit risk framework is set out in separate document stating which loans can be bought . Board resolution required for any change in credit risk framework . Framework requirements: maximum risk level (PD), type of property, objective Credit risk documented LTV threshold and customer requirements . Credit risk managed by IRB standards

. Currency risk – 100% hedged by swaps, open limit of MNOK 5 . Interest rate risk – hedged by swaps if any, limit of 3% of equity (based on 1% parallel Market risk shift in yield curves* (* 2.5% in the 90 day time band) . No investments/placements in “risky” assets; Norwegian government or high quality fixed income securities (so far only rated Norwegian covered bonds investments)

. The law requires positive cash flow from the cover pool to cover bond holders . Soft bullet structure on all covered bonds issued Liquidity risk . Note Purchase Agreement with parent securing that Boligkreditt will be able to meet the next 12 months of maturities at all times

38 SUMMARY OF SPAREBANKEN VEST BOLIGKREDITT

. Cover pool consisting of prime residential mortgages in Norway

. Strength of the cover pool reflected in the low average LTV and high granularity

. Strict underwriting and eligibility criteria for transfers to Sparebanken Vest Boligkreditt

. Covered bonds rated Aaa by Moodys - with «leeway» of five notches

. Solid financial position of Sparebanken Vest and strong market position in Western Norway

. Strong legal framework for covered bonds in Norway including strict LTV limits, supervision by the Norwegian FSA, requirement for an independent inspector, and prudent liquidity, currency and interest rate risk management

. Strong credit culture of the Norwegian households, supported by low unemployment, sound financial position and generous social benefit system (the best in the OECD)

. Still relative strong performance of the Norwegian economy compared to most European economies

39 CONTACT DETAILS AND WEB-SITES

Egil Mokleiv, Managing Director/CEO, Sparebanken Vest Boligkreditt AS . Mobile: +4795265976 . E-mail: [email protected]

Fredrik Skarsvåg, Head of Operations/COO, Sparebanken Vest Boligkreditt AS . Mobile:AS +4798857275 . E-mail: [email protected]

Web-site for Sparebanken Vest: www.spv.no

Web-site for Sparebanken Vest Boligkreditt AS: https://www.spv.no/om-oss/investor-relations/sparebanken-vest-boligkreditt/

Web-site for the Norwegian Covered Bonds Market: http://www.fno.no/en/main/covered-bonds

40