Sparisjóðabanki Íslands hf. granted a license of financial reorganization

Sparisjóðabanki Íslands hf. has today been granted a license of financial
reorganization for a period of 12 weeks by the District Court of Reykjavik. The
petition for a license of financial reorganization was put forward by the board
of directors of Sparisjóðabanki Íslands hf. following the decision of The
Financial Supervisory Authority of Iceland (FME) dated 21st of March 2009,
where FME instructed the board of directors to put forward such a petition. 

The board of directors has engaged for their assistance Mr. Tómas Jónsson,
Supreme Court lawyer, during the financial reorganization. With a license of
financial reorganization the board of directors and the bank´s management will
have a latitude to seek solutions regarding the bank‘s financial
reorganization.