Skipti hf. - Changes board/management/auditors

Brynjólfur Bjarnason resigns as CEO of Skipti

Brynjólfur Bjarnason today notified the new board of directors of Exista,
Skipti's owner, that he would resign from his post with effect from today. At
the request of the owners he will manage the company until a decision has been
made on the way forward. Mr. Bjarnason took over as CEO of Síminn in 2002, and
on the establishment of Skipti in 2007 he accepted the post of CEO of that
company. 

Rannveig Rist, Chairman of the Board of Skipti: “Brynjólfur has done an
outstanding job at Skipti and at Síminn in recent years, and his departure is a
great loss. Under his management the company has flourished, and it shows the
strength of the company that at this milestone its equity ratio stands at 33%
and the company has met all its obligations to creditors in spite of the
calamities that have overwhelmed Icelandic society. On behalf of the board of
directors, I would like to express our great appreciation for the
co-operation.” 

Brynjólfur Bjarnason: “It has been a challenging task to manage Skipti and
Síminn through a period of profound changes, and I believe that his is the
right time for me to leave my post. The reason is primarily that the company
has reached a watershed: new owners have taken over and I think it is a proper
course that a new board of directors should have a free hand in arranging the
company's affairs. Also, the situation now is that the banks are both the
creditors and owners of the company and have the delicate role to look after
both the interest of the banks as well as the company´s. It is my hope and
believe that they will approach that task with professionalism.“