Skipti hf. - Changes board/management/auditors

Steinn Logi Bjornsson new president and CEO of Skipti hf.

The Board of Directors of Skipti has reached an agreement with Steinn Logi
Björnsson to become Skipti´s new President and CEO effective today.  Steinn
Logi replaces Kristín Guðmundsdóttir who has recently resigned. 

Steinn Logi Björnsson is 51 years old.  He has worked as a management
consultant at his own firm during the past year as well as serving on company
boards.  He was the President and CEO of Húsasmiðjan hf from 2005 to 2010 and
before that worked in management positions for Flugleiðir/Icelandair  for 20
years, thereof 10 years as Senior Vice President of Marketing and Sales. 
Steinn Logi has a BA degree from Drew University in NJ and a MBA degree from
Columbia University Graduate School of Business in New York. 

Skúli Valberg Ólafsson, Chairman of the Board of Skipti: „We are extremely
pleased to have Steinn Logi join Skipti as its new CEO at this time and look
forward to working with him.  We have many challenging tasks ahead of us to
adjust to new reality in the business environment and the company´s finances.” 

Steinn Logi Björnsson: „This is a great challenge and an exciting opportunity
and I look very much forward to the tasks ahead. It is clear that the operating
companies of Skipti in Iceland and abroad are strong and have great
opportunities ahead of them.   The job has to be to maximize their earnings to
the benefit of the shareholders and debtholders of the group and to secure a
sustainable long term financial structure.” 

Skipti hf is the mother company of Síminn, Míla, Skjár1 and some additional
companies in Iceland and abroad. Skipti is 100% owned by Exista