IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S. EXCEPT TO QUALIFIED INSTITUTIONAL BUYERS (AS DEFINED BELOW) IMPORTANT: You must read the following before continuing. The following applies to the base prospectus following this page (the Base Prospectus), and you are therefore advised to read this page carefully before reading, accessing or making any other use of the Base Prospectus. In accessing the Base Prospectus you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. You acknowledge that you will not forward this electronic form of the Base Prospectus to any other person. NOTHING IN THE BASE PROSPECTUS CONSTITUTES AN INVITATION OR OFFER TO SELL OR A SOLICITATION OF AN INVITATION OR OFFER TO BUY THE NOTES DESCRIBED THEREIN IN THE UNITED STATES OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND THE ISSUER HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (REGULATION S)), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. CERTAIN OF THE SECURITIES WILL BE OFFERED AND SOLD IN THE UNITED STATES TO A LIMITED NUMBER OF “QUALIFIED INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 144A OF THE SECURITIES ACT (RULE 144A)) IN RELIANCE ON RULE 144A OF THE SECURITIES ACT. THE BASE PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN PARTICULAR, MAY NOT BE FORWARDED TO ANY U.S. PERSON OR TO ANY U.S. ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THE BASE PROSPECTUS IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. Confirmation of your Representation: To be eligible to view the Base Prospectus or make an investment decision with respect to the Notes described herein, investors must be (i) non-U.S. persons purchasing in offshore transactions (as defined in Regulation S) or (ii) “qualified institutional buyers” (as defined in Rule 144A) in reliance on Rule 144A inside the United States, and, in each case, in compliance with applicable securities laws. The Base Prospectus is being sent at your request and by accepting this e-mail and accessing the Base Prospectus you shall be deemed to have represented to us that, among other things: (1) you and any customers you represent are (i) “qualified institutional buyers” (as defined in Rule 144A) inside the United States or (ii) non-U.S. persons purchasing in an offshore transaction (as defined in Regulation S) and (2) you consent to delivery of this document by electronic transmission. You are reminded that the Base Prospectus has been delivered to you on the basis that you are a person into whose possession the Base Prospectus may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver the Base Prospectus to any other person. The information contained in this e-mail message is confidential information intended only for the use of the individual or entity to which it is addressed. Distribution of this electronic transmission of the Base Prospectus to any person other than (a) the person receiving this electronic transmission from the Dealer (as defined below) on behalf of the Issuer and (b) any person retained to advise the person receiving this electronic transmission with respect to the offering contemplated by the Base Prospectus (each an Authorised Recipient) is unauthorised. Any photocopying, disclosure or alteration of the contents of the Base Prospectus, and any forwarding of a copy of the Base Prospectus or any portion thereof by electronic mail or any other means to any person other than an Authorised Recipient, is prohibited. Failure to comply with this directive may result in a violation of the Securities Act. By accepting delivery of the Base Prospectus, each recipient hereof agrees to the foregoing. NONE OF THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED THAT THIS BASE PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES. The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place to any person whom offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the Dealer or manager or any affiliate of the Dealer or manager is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by or through the Dealer or manager or such affiliate on behalf of the Issuer in such jurisdiction. The Base Prospectus has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Issuer or any Dealer (as defined below) or any person who controls it nor any director, officer, employee, agent or affiliate of it or any such person accepts any liability or responsibility whatsoever in respect of any difference between the Base Prospectus distributed to you in electronic format herewith and the hard copy version available to you on request from the Issuer or any Dealer (as defined below). Notwithstanding any provision herein or in the Base Prospectus to the contrary, each prospective investor (and each employee, representative or other agent of each such prospective investor) may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and U.S. federal income tax structure of any transaction contemplated in the Base Prospectus and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such U.S. federal income tax treatment and U.S. federal income tax structure. SPAREBANK 1 BOLIGKREDITT AS (incorporated with limited liability in Norway) €35,000,000,000 Global Medium Term Covered Note Programme Under this €35 billion Global Medium Term Covered Note Programme (the Programme) SpareBank 1 Boligkreditt AS (the Issuer) may from time to time issue notes (Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). Notes may be issued in bearer form (Bearer Notes), registered form (Registered Notes) (the Bearer Notes together with the Registered Notes, the Ordinary Notes) or uncertificated book-entry form (VPS Notes) cleared through the Norwegian Central Securities Depositary (Verdipapirsentralen or Euronext VPS). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €35,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under "General Description of the Programme" and any additional Dealers appointed under the Programme from time to time by the Issuer (each a Dealer and together the Dealers), which appointment may be for a specific issue or on an ongoing basis. References in this Base Prospectus to the relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to purchase such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see "Risk Factors". This Base Prospectus has been approved as a base prospectus by the Central Bank of Ireland, as competent authority under Regulation (EU) 2017/1129 (the Prospectus Regulation). The Central Bank of Ireland only approves this Base Prospectus as meeting the standard of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer or the quality of the Notes that are subject of this Base Prospectus. Investors should make their own assessment as to the suitability of investing in the Notes. Such approval relates only to Notes that are to be admitted to trading on the regulated market (the Euronext Dublin Regulated Market) of the Irish Stock Exchange plc trading as Euronext Dublin (Euronext Dublin) or on another regulated market for the purposes of Directive 2014/65/EU (as amended) (MiFID II) in the European Economic Area (the EEA) and/or that are to be offered to the public in any member state of the EEA in circumstances that require the publication of a prospectus. Application has been made to Euronext Dublin for Notes issued under the Programme during the period of 12 months from the date of this Base Prospectus to be admitted to the official list of Euronext Dublin (the Official List) and to trading on the Euronext Dublin Regulated Market.