Sparisjóður Mýrasýslu - Company Announcement

- SPM granted a moratorium on payments

As announced in a press release to the Nasdaq OMX Iceland on 6 April, the board
of directors of SPM intended to apply for a moratorium and to seek composition
with the savings bank's main creditors. An application for a moratorium has
been filed with the Vesturland District Court and was approved today. The
moratorium will be in effect for the next three weeks. The court appointed
attorney during the moratorium period is Sigurður Arnalds, supreme court
attorney. 

Creditors will be presented with a draft of a composition agreement in the next
few days. If composition is made with creditors it is the intention to merge
SPM and New Kaupthing Bank hf.