Skipti hf. - Company Announcement

Skipti - Financial restructuring to commence - New Members of the Board of Directors

As revealed in earlier news releases from Skipti hf. preparations have been in
progress in recent months for the refinancing of the company. The Board of
Directors of Skipti hf. has decided to launch the financial restructuring of
the company. Co-operation on the project will be sought with the company's
creditors, and it is hoped that proposals will be available in the first or
second quarter of this year. It is probable that the proposals will include
requests for the owners of listed bonds to accept amended terms or a conversion
of debt into equity. 

Over the past two years, Skipti has been working on the basis of a three-year
plan designed to improve the company's operation and thereby increase its
value. The plan has returned results, with the company's performance improving
significantly. The interim accounts for 2012 are now available. According to
the accounts, Skipti hf.'s earnings before depreciation and financial items
(EBITDA) will amount to ISK 8 billion for the year, net of one-off items, as
compared to ISK 6,230 million in 2011 and 5,278 in 2010. 

Three new members have been elected to Skipti's Board of Directors. Mr Benedikt
Sveinsson, Ms Heiðrún Jónsdóttir and Mr Helgi Magnússon will take seat on the
Board of Directors. Other Board members are Ms Dagný Halldórsdóttir and Mr
Magnús Scheving Thorsteinsson. Mr Benedikt Sveinsson will be the Chairman of
the Board and Ms Heiðrún Jónsdóttir Vice-chairman. Mr Skúli Valberg Ólafsson,
Ms Jóhanna Waagfjörd and Mr Jón Örn Gudmundsson will step down from the Board
of Directors. Klakki ehf. holds 100% of the shares in Skipti hf. 



Further information:

Steinn Logi Björnsson, CEO, Skipti hf.
Tel. 550-6003

Pétur Óskarsson
VP, Strategy and Communication, Síminn.
Mobile: 863-6075