Skipti hf. - Tender offer

- Redemption of Shares in Skipti hf.

Exista hf., ID no. 610601-2350, Ármúli 3, Reykjavík, (“Exista”) and the Board
of Directors of Skipti hf., ID no. 460207-0880, Ármúli 25, Reykjavík,
(“Skipti”) have decided that other shareholders in Skipti shall be subject to
redemption of their shares, pursuant to Article 110, paragraph 1, of Act No.
108/2007 on Securities Transactions. 

Exista and its subsidiary companies own in total 99.22% of the share capital of
Skipti and have corresponding voting rights. This redemption applies to all
other shareholders in Skipti who are listed in the shareholders register at the
end of the day of 2 June 2008. This notification has been sent to those
shareholders and it is also being published in daily newspapers in accordance
with Skipti's Articles of Association on convening annual general meetings, cf.
Article 110, paragraph 1, of Act No. 108/2007. 

Shareholders in Skipti, whom are subject to the redemption, are encouraged to
transfer their shares in Skipti to Exista within four weeks of the date of this
notification. 

The redemption price is ISK 6.64 for each share in Skipti. The shares will be
paid for with shares in Exista whereby each share in Exista is priced at ISK
10.1. This is the same price and compensation that Exista offered shareholders
in Skipti in its takeover bid on 26 May 2008. Payment will be made on 2 July
2008. 

In order to transfer their shares in Skipti to Exista, shareholders must ll in
the share transfer form which has been sent to shareholders along with this
notication. The completed form must then be sent to the Investment Banking
division of Kaupthing Bank hf., Borgartún 19, 105 Reykjavík, before 12:00
(Icelandic time) on Wednesday 2 July 2008. 

If the shares in Skipti have not been transferred to Exista, in accordance with
the above, the value of the Skipti shares, i.e. shares in Exista, will be
transferred into the custody account where the relevant shareholder's shares
are kept in custody. From that time Exista will be considered the rightful
owner of the shares in Skipti, cf. Article 110, paragraph 2, of Act No.
108/2007. 

Kaupthing Bank hf. is managing the redemption on behalf of Exista. For further
information, please contact the Bank's nancial consultants, tel. (+354)
444-7000. 

Please note that Kaupthing Bank hf. is under no obligation to assess whether the
transactions related to the redemption are appropriate for the shareholders and
they do not therefore enjoy the protection involved in such assessment
according to Article 16 of Act No. 108/2007. Shareholders are advised to seek
specialist advice on this transaction.

Viðhengi:

share transfer form-skipti.pdf

notification on redemption-skipti.pdf