BYR - sparisjóður - Company Announcement

- Byr takes over additional Pension Savings - Transfer free of charge for customers

Byr takes over additional Pension Savings
Transfer free of charge for customers

ICELAND - The Financial Supervisory Authority in Iceland has approved plans so
Byr Savings Bank can become the depository for the additional pension savings
of former clients of SPRON and nb.is. The pension savings will be transferred
automatically to Byr, free of charge, two weeks after the customers receive a
notice in the mail. The notice will be sent out in the next few days. 

According to a deal with the winding up board of SPRON and nb.is, Byr Savings
Bank will manage the rate of return for inflation-adjusted savings as well as
providing customer service, while Icelandic Securities ltd. will manage stock
related assets. The winding up board entered negotiations with Byr and
Icelandic Securities following an invitation to tender. 

Icelandic Securities ltd. is a specialized asset management firm established in
1987. It has 90 billion ISK under management on behalf of its clients, ranging
from individuals to institutional investors such as pension funds and insurance
companies. 

As stated earlier, the additional pension savings will transfer automatically
from SPRON and nb.is to Byr, two weeks after the customers receive a letter
regarding the matter, unless they request something else. The savings will
transfer to Byr free of charge for the customers. 

Owners of the additional pension savings in SPRON and nb.is will now receive
all the service they need through Byr's internet bank. Those who do not have
access already, can reach their username and password in their current internet
bank under "electronic files". All further information will be provided at
Byr's local branches. 


Further information,
Atli Örn Jónsson, Byr Savings Bank, Tel. 575 4000