The Board of Directors of SPRON have received a fairness opinion from MP Investment Bank (MPB) on the payment to be made for the share capital in SPRON in the merger of SPRON and Kaupthing. The Boards of Directors of both Groups agreed to get an external financial company to give an opinion on the payment to be made for the share capital in SPRON in the merger. MPB built their opinion on the payment for the share capital in SPRON on SPRON's price determination in OMX Nordic Exchange Iceland hf. (OMX ICE) and on information that is available on SPRON as well as on information given to them by SPRON's Directors. Key figures for comparable financial companies were also rewieved. Given the above presuppostion it is the opinion of MPB that the acquisition price received by SPRON's shareholders, which is the equivalent to ISK 3.83 on each share in SPRON, is fair. At the same time MPB notes that the payment is in other shares thus it follows the share price development in Kaupthing and Exista. Payment to SPRON shareholders Upon the merger, shareholders in SPRON 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 ISK 1 in SPRON. No payment will be made for SPRON own shares. SPRON shareholders will be given the option of exchanging the said shares internally, through Kaupthing's intermediation, free of commission for two weeks after the settlement of the acquisition price, at the market price current at that time. The price corresponds to the listed closing price of Kaupthing and Exista shares on 30 June 2008. The payment is equivalent to ISK 3.83 exchange rate for each share in SPRON or to ISK 763 for each share in Kaupthing and ISK 7.52 for each share in Exista. Conditions of the merger The merger is subject to the approval of a shareholders' meeting in SPRON and the Icelandic Financial Supervisory Authority. The merger is also subject to the competition authorities not rejecting it or imposing conditions which the Boards of Directors of the companies consider unacceptable or which would make it inevitable to resubmit the merger proposal to a SPRON shareholders' meeting. The creditors' approval of the merger has already been obtained. The SPRON shareholders' meeting is scheduled for the beginning of August. The opinion of an external financial company on the payment to be made for the share capital in SPRON in the merger will be submitted at that meeting. For further information on the fairness opinion you can visit SPRON's website www.spron.is or send an email to ir@spron.is For further information please contact: Gudmundur Hauksson, CEO of SPRON, tel. +354 550-1200