The following is an translation of an original Danish document. The original Danish document is the governing document for all purposes, and in case of any discrepancy, the Danish wording will be applicable. MERGER PLAN regarding Spar Nord Bank A/S CVR no. 13 73 75 84 Skelagervej 15 DK-9000 Aalborg and Sparbank A/S CVR no. 12 52 35 80 Adelgade 5 DK-7800 Skive CONTENTS Page 1 COMPANIES COMPRISED.....................................................................................................3 2 NAME OF CONTINUING COMPANY......................................................................................4 3 CONSIDERATION ...................................................................................................................4 4 THE NEW SHARES.................................................................................................................5 5 INTERIM BALANCE SHEET, STATEMENT BY VALUATION EXPERTS AND CREDITOR STATEMENT......................................................................................................................................5 6 EFFECTIVE DATE...................................................................................................................6 7 CONDITIONS PRECEDENT ...................................................................................................6 8 UNIVERSAL SUCCESSION ....................................................................................................6 9 ANY DEBT INSTRUMENTS WITH SPECIAL RIGHTS ...........................................................6 10 REMUNERATION TO THE MANAGEMENT ETC. ..................................................................7 11 TAXATION ...............................................................................................................................7 2 We, the undersigned Board of Directors of Spar Nord Bank A/S CVR no. 13 73 75 84 Skelagervej 15 DK-9000 Aalborg (“Spar Nord”) and the undersigned Board of Directors of Sparbank A/S CVR no. 12 52 35 80 Adelgade 8 DK-7800 Skive ("Sparbank") do hereby jointly make the following MERGER PLAN 1 COMPANIES COMPRISED 1.1 The merger comprises Spar Nord and Sparbank. 1.2 Spar Nord has registered the following ancillary names: SBN Bank A/S (Spar Nord Bank A/S), Sparbank Nord A/S (Spar Nord Bank A/S), Telefonbanken A/S (Spar Nord Bank A/S), Spar Nordjylland Bank A/S (Spar Nord Bank A/S), Spar Nordjylland Bankaktieselskab, (Spar Nord Bank A/S), Sparekassen Nordjylland A/S ( Spar Nord Bank A/S), Spar Nord Bankaktieselskab (Spar Nord Bank A/S), Aars Bank A/S (Spar Nord Bank A/S). Lokalbank Aabybro A/S (Spar Nord Bank A/S), Lokalbank Aalborg A/S (Spar Nord Bank A/S), Lokalbank Aars A/S (Spar Nord Bank A/S), Lokalbank Brønderslev A/S (Spar Nord Bank A/S), Lokalbank Danmark A/S (Spar Nord Bank A/S), Lokalbank Esbjerg A/S (Spar Nord Bank A/S), Lokalbank Fredericia A/S (Spar Nord Bank A/S), Lokalbank Frederikshavn A/S (Spar Nord Bank A/S), Lokalbank Fåborg A/S (Spar Nord Bank A/S), Lokalbank Grenaa A/S (Spar Nord Bank A/S), Lokalbank Haderslev A/S (Spar Nord Bank A/S), Lokalbank Hadsund A/S (Spar Nord Bank A/S), Lokalbank Hasseris A/S (Spar Nord Bank A/S), Lokalbank Herning A/S (Spar Nord Bank A/S), Lokalbank Hirtshals A/S (Spar Nord Bank A/S), Lokalbank Hjallerup A/S (Spar Nord Bank A/S), Lokalbank Hjørring A/S (Spar Nord Bank A/S), Lokalbank Hobro A/S (Spar Nord Bank A/S), Lokalbank Holbæk A/S (Spar Nord Bank A/S), Lokalbank Holstebro A/S (Spar Nord Bank A/S), Lokalbank Horsens A/S (Spar Nord Bank A/S), Lokalbank Kolding A/S (Spar Nord Bank A/S), Lokalbank København A/S (Spar Nord Bank A/S), Lokalbank Køge A/S (Spar Nord Bank A/S), Lokalbank Løgstør A/S (Spar Nord Bank A/S), Lokalbank Nakskov A/S (Spar Nord Bank A/S), Lokalbank Nyborg A/S (Spar Nord Bank A/S), Lokalbank 3 Nykøbing Falster A/S (Spar Nord Bank A/S), Lokalbank Næstved A/S (Spar Nord Bank A/S), Lokalbank Nørresundby A/S (Spar Nord Bank A/S), Lokalbank Odense A/S (Spar Nord Bank A/S), Lokalbank Randers A/S (Spar Nord Bank A/S), Lokalbank Ringsted A/S (Spar Nord Bank A/S), Lokalbank Silkeborg A/S (Spar Nord Bank A/S), Lokalbank Skagen A/S (Spar Nord Bank A/S), Lokalbank Skanderborg A/S (Spar Nord Bank A/S), Lokalbank Skive A/S (Spar Nord Bank A/S), Lokalbank Skjern A/S (Spar Nord Bank A/S), Lokalbank Slagelse A/S (Spar Nord Bank A/S), Lokalbank Støvring A/S (Spar Nord Bank A/S), Lokalbank Svendborg A/S (Spar Nord Bank A/S), Lokalbank Sæby A/S (Spar Nord Bank A/S), Lokalbank Sønderborg A/S (Spar Nord Bank A/S), Lokalbank Terndrup A/S (Spar Nord Bank A/S), Lokalbank Thisted A/S (Spar Nord Bank A/S), Lokalbank Vejgaard A/S (Spar Nord Bank A/S), Lokalbank Vejle A/S (Spar Nord Bank A/S), Lokalbank Viborg A/S (Spar Nord Bank A/S), Lokalbank Østeraa A/S (Spar Nord Bank A/S), Lokalbank Århus A/S (Spar Nord Bank A/S). 1.3 Sparbank has registered the following ancillary names: Sparbank Vest A/S, Skive Sparekasse A/S, Egnssparekassen i Skive A/S, Nordvestjysk Sparekasse A/S, Breum Sparekasse A/S, Ejsing Sparekasse A/S, Haderup Sparekasse A/S, Hald Sparekasse A/S, Harre og Omegns Sparekasse A/S, Hem Sparekasse A/S, Hjerk Sparekasse A/S, Højslev Sparekasse A/S, Junget-Thorum Sparekasse A/S, Oddense Sparekasse A/S, Rødding Sparekasse A/S, Rønbjerg Sparekasse A/S, Sallingsund Sparekasse A/S, Selde-Åsted Sparekasse A/S, Sjørup Sparekasse A/S, Stoholm Sparekasse A/S. 1.4 Spar Nord will be the continuing company, while the discontinuing company, Sparbank, will be dissolved without liquidation in connection with the merger. 1.5 Spar Nord’s registered office is located in the Municipality of Aalborg. 1.6 Sparbank’s registered office is located in the Municipality of Skive. 2 NAME OF CONTINUING COMPANY 2.1 In connection with the merger, Spar Nord will take over Sparbank’s name and ancillary names as new ancillary names. 3 CONSIDERATION 3.1 In connection with the completion of the merger (see Clause 7), the shareholders of Sparbank will receive shares in Spar Nord, such that Sparbank shareholders will receive two new shares of nominally DKK 10 in Spar Nord (the “New Shares”) for each one share of nominally DKK 20 in Sparbank. 3.2 No consideration will be payable for the merging banks’ shares in Sparbank, and Sparbank’s (and Sparbank’s subsidiaries’) portfolio of shares in Sparbank will be cancelled in connection with the merger and will thus not be exchanged. 4 3.3 As of the date of signing this merger plan, the share capital of Spar Nord amounts to nominally DKK 1,141,376,200, divided into shares of nominally DKK 10. 3.4 As of the date of signing this merger plan, the share capital in Sparbank amounts to nominally DKK 120,533,300 divided into shares of nominally DKK 20. Sparbank’s portfolio of treasury shares amounts to nominally DKK 6,610,320 as of the date of signing this merger plan. 3.5 As a result of the merger, the share capital in Spar Nord will be increased by nominally DKK 113,922,980, which is thus payable as consideration in connection with the merger. After the merger, the share capital of Spar Nord will amount to DKK 1,255,299,180, equal to 125,529,918 shares of nominally DKK 10.. 4 THE NEW SHARES 4.1 The New Shares will have the same rights as Spar Nord’s existing shares and will rank for dividend as from the time when the New Shares are issued, and will be admitted for listing in the same ISIN code as Spar Nord’s existing shares. 4.2 The issuing of New Shares to the shareholders of Sparbank will be effected through VP Securities immediately after recording the merger with the Danish Business Authority. The shareholders of Sparbank will receive a notice when the merger has been recorded with the Danish Business Authority. 4.3 The new shares will be registered in the Register of Shareholders of Spar Nord the day after the recording of the capital increase with the Danish Business Authority. 4.4 An application for admission of the New Shares to trading and official listing on NASDAQ OMX will be made, the expected first trading day being 16 November 2012. 5 INTERIM BALANCE SHEET, STATEMENT BY VALUATION EXPERTS AND CREDITOR STATEMENT 5.1 The merging companies have each prepared an interim balance sheet as at 31 July 2012 in accordance with section 239(1) of the Danish Companies Act (selskabsloven). The interim balance sheets are available on the merging companies' individual websites and are furthermore enclosed in the company announcement regarding the merger published by the merging companies. 5.2 The merging companies have arranged for the preparation of a joint valuation expert statement on the merger plan, including on the consideration in accordance with section 241(1) of the Danish Companies Act. The valuation expert statement has been prepared by KPMG Statsautoriseret Revisionspartnerselskab and PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab. The valuation expert statement is available on the merging companies' individual websites and is furthermore enclosed in the company announcement regarding the merger published by the merging companies. 5 5.3 The independent valuation experts mentioned in Clause 5.2 have furthermore prepared a declaration as to the creditors' position after the merger in accordance with section 242 of the Danish Companies Act. 6 EFFECTIVE DATE 6.1 In connection with the merger, Sparbank’s rights and obligations will be transferred to Spar Nord with accounting effect as of 1 January 2012 in accordance with section 237(3) para. 8 of the Danish Companies Act, it being noted that for use in preparing the 2012 Consolidated Financial Statements in accordance