Today, it was made known that SpareBank 1 Gruppen AS is writing down the value
of its ownership stake in Kredinor AS. In a statement related to its
fourth-quarter report, they said:

"SpareBank 1 Gruppen AS has conducted a valuation assessment of the jointly
controlled entity Kredinor AS. The updated value results in an impairment of the
ownership stake and has a negative impact on the net income of SpareBank 1
Gruppen's parent and group results by NOK 769 million in the fourth quarter of
2023 and for the year 2023."

SpareBank 1 Gruppen owns 50% of the shares in Kredinor AS, with the
Kredinorstiftelsen owning the other half.

Kredinor's CEO, Rolf Eek-Johansen, says that he understands that an impairment
of the values was necessary.

- The recent period has been challenging, with high interest rates and
inflation, which particularly affects us on the cost side. Prospects of lower
interest rates are positive for the industry as a whole, but at the same time,
competition is intensifying. It is the truly good companies that will perform
the best. Therefore, Kredinor aims to be the best in operational efficiency in
the industry and keep focus on the core business going forward.

Kredinor will publish its results for the fourth quarter of 2023 on Wednesday,
February 14, 2024, at 07:00.

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