Kaupþing banki hf. - Company Announcement

Kaupthing Bank sells its right to new shares in Exista

Kaupthing Bank hf. ("the Bank") has sold to Bakkabraedur Holding B.V.
its right to nearly all new shares in Exista hf. ("Exista"), which
the Bank was to receive for its shares in Skipti hf., according to
Exista's takeover bid which the Bank accepted on 31 March 2008. The
purchase price was decided in accordance with the closing price of
Exista yesterday, 29 May 2008, which was ISK 10.12 per share.

The Bank was entitled to 1,301,769,147 new shares, which represents
9.18% of the total share capital of Exista, taking into account the
company's intended share increase. The Bank has now accepted
Bakkabraedur Holding B.V.'s offer to buy the Bank's right to
1,271,961,953 new shares (8.97%) which means that Bakkabraedur
Holding B.V.'s ownership in Exista will remain unchanged after the
issue of new shares in Exista in relation to the takeover of Skipti
hf.

Further information:
Jónas Sigurgeirsson - Chief Communications Officer, +354 444-6112 or
at ir@kaupthing.com