Skipti hf. - Tender offer

- Results of a bid made to shareholders of Skipti: Exista with more than 99% of the share capital

Exista hf.'s (“Exista”) takeover bid made to the shareholders of Skipti hf.
(“Skipti”), which commenced on 31 March, expired yesterday, Monday 26 May, at 4
pm as stated in Exista's public offer document from 27 March 2008. 

The takeover bid was accepted by shareholders holding 4,225,224,096 shares in
Skipti, which represents 56.32% of the total share capital of the company. 

Prior to the bid Exista held 43.68% of the share capital of Skipti through its
subsidiaries, Exista B.V., Vátryggingafélag Íslands and Líftryggingafélag
Íslands, or 42.90% taking into account Skipti's share capital increase on 31
March 2008 in connection with the company's acquisitions of Sensa ehf. and Anza
ehf. 

Exista has therefore secured 99.22% of the share capital of Skipti and will
hold corresponding voting rights in the company when the takeover bid has been
settled. 

Shareholder who accepted the bid will receive the payment no later than 2 June
2008, in accordance with the terms of the bid. 

Exista will ask the board of directors of Skipti to accept that other
shareholders of Skipti shall be subject to redemption of their shares as soon
as possible.