Kaupþing banki hf. - Company Announcement

- Moody's maintains review of Kaupthing ratings

The Moody's Investors Service has announced that the Aa3/C ratings of Kaupthing
Bank hf. ("Kaupthing") remain under review for possible downgrade. Kaupthing
was placed on review following the announcement of the acquisition of NIBC in
August 2007. Moody's is maintaining its review although it was announced today
that Kaupthing has decided not to proceed with its acquisition of the Dutch
investment bank NIBC, nor with the planned issues of shares. Although the
announcement is viewed positively from a liquidity point of view. 

Moody's Investors Service downgraded Kaupthing Bank's credit rating to Aa3 in
April 2007. 

See link below:

http://www.kaupthing.com/Investors/Ratings/Moodys

Further information:
Gudni Adalsteinsson - Chief Treasurer, + 354 444-6126
Jónas Sigurgeirsson - Chief Communications Officer, +354 444-6112


About Kaupthing Bank
Kaupthing Bank offers comprehensive commercial and investment banking services
to individuals, companies and institutional investors. The Bank is a leading
player in all the main areas of the Icelandic financial market, and in addition
to Iceland, the Bank's key markets are Denmark and the United Kingdom. The Bank
focuses on the growth and development of its international activities and aims
to be one of the leading investment banks in northern Europe. 
 
Kaupthing Bank operates in thirteen countries with its headquarters located in
Reykjavík. The Bank's main subsidiaries are FIH Erhvervsbank in Denmark,
Kaupthing Singer & Friedlander in the United Kingdom, Kaupthing Bank Sverige,
Kaupthing Bank Luxembourg, Kaupthing Bank in Finland, Norvestia Oyj in Finland,
Kaupthing New York, Kaupthing Switzerland, Kaupthing Bank Belgium and Kaupthing
Bank Norge in Norway. The Bank also has activities in Isle of Man, the United
Arab Emirates (Dubai) and Qatar. As of 31 December 2007 the number of full-time
equivalent positions was 3,334 at Kaupthing Bank and its subsidiaries.
www.kaupthing.com