A shareholders' meeting of Reykjavík Savings Bank hf. (SPRON) will be held at the Hilton Reykjavík Nordica, Sudurlandsbraut 2 in Reykjavík, on Wednesday 6 August 2008 at 5:00 pm. Agenda: 1. Proposal of the Board of Directors on the merger between Reykjavík Savings Bank hf. (SPRON) and Kaupthing Bank hf. The proposal is as follows: "A shareholders' meeting in Reykjavik Savings Bank hf. held on 6 August 2008 confirms the merger schedule signed by the board of directors of the company and the board of directors of Kaupthing Bank hf. on 1 July 2008, thereby confirming the merger between the company and Kaupthing Bank hf. on the basis of the provisions of the said merger schedule." The proposal assumes that SPRON shall be dissolved without settlement of debts and Kaupthing Bank hf. will take over the assets and liabilities of SPRON on the basis of the provisions of Chapter XIV of Act no. 2/1995 on Public Limited Companies, cf. Art. 106 of Act no. 161/2002 on Financial Undertakings. The merger is subject to the approval of a SPRON shareholders' meeting, the approval of the Icelandic Financial Supervisory Authority and the condition that the competition authorities do not invalidate it or impose conditions which the boards of directors of the companies would consider unacceptable or which would leave them with no choice but to resubmit the merger proposal to another SPRON shareholders' meeting. The merged company will assume the operations, assets and liabilities, as well as the rights and obligations of SPRON when the above conditions have been met. Upon the merger SPRON shareholders will receive 0.002007864 shares in Kaupthing Bank hf. and 0.305585106 shares in Exista hf. as payment for each share of a nominal value of one króna in SPRON. In all other respects, reference is made to the merger schedule which was approved by the boards of directors of the companies on 1 July 2008. 2. Any other business legitimately raised. Ballot papers and other material will be distributed to shareholders or their proxies at the meeting venue from 4:00 p.m. on the day of the meeting. The shareholders' register as current at 9:00 a.m. on the day of the meeting will be used to determine voting rights. Shareholders who are unable to attend the meeting can vote electronically online at www.spron.is/kosningar. In order to be able to vote electronically shareholders must register before 4:00 p.m. on 30 July 2008 and they will then be allocated a password. Electronic votes must be received before 4:00 p.m. on 31 July 2008. Shareholders can register to vote electronically at SPRON's headquarters at Ármúli 13a, 108 Reykjavík by showing a valid personal identification document. Electronic votes will only be deemed acceptable if the party voting is a registered shareholder in the shareholders' register at 9:00 a.m. on the morning of the shareholders' meeting. If a shareholder who has voted online also attends the meeting, the online vote will not be counted. The agenda of the meeting is available at Ármúli 13a in Reykjavík and on SPRON's homepage, www.spron.is. The Board of Directors of SPRON hf. For further information please contact: Soffia Sigurgeirsdóttir Director of Investor Relations Tel: +354 550 1771 or ir@spron.is