Exista hf. - Tender offer

Takeover offer to shareholders of Exista hf.

As is stated in the announcement from Exista hf. today 8 December, BBR ehf. has
decided to subscribe for 50 billion new shares in Exista hf.. Thereafter, the
stake held by BBR ehf. and Bakkabraedur Holding B.V., both of which are owned
by Ágúst and Lýdur Gudmundsson, amounts to around 88% of total share capital in
Exista. BBR ehf. is therefore obliged to submit a takeover bid to Exista hf.
shareholders in accordance with Chapter X of the Act on Securities
Transactions, no. 108/2007. 

In view of the extraordinary circumstances now reigning in the financial
markets, and given that Exista shares have been closed for trading for 9 weeks,
BBR ehf. will request of the Financial Supervisory Authority (FME) that an
exemption be granted from the provisions of the Act on Securities Transactions
concerning the minimum price in a takeover offer. BBR ehf. will request that
the takeover offer be based on the price that BBR ehf. will pay for the new
shares in Exista hf., which is also the highest price that BBR ehf. and
Bakkabraedur Holding B.V. have paid for shares in Exista hf. over the past six
months. Therefore, BBR ehf. will request an exemption from the requirement that
the offer price be at least as high as the last price at which Exista hf.
shares traded on the day before the obligation to submit a takeover offer
developed or a prospective offer was announced. This exemption will be
requested because Exista shares have been closed for trading since 6 October
2008 and the last closing price for the shares hardly gives an accurate view of
the value of the company's shares.