Hreidar Mar Sigurdsson, CEO of Kaupthing Bank hf., and Sigurdur Einarsson, Executive Chairman of Kaupthing Bank hf., have today, 22 March 2007, each exercised a call option on 812,000 shares in the Bank at a price of ISK 303 per share in accordance with a stock option plan which was approved at the Bank's annual general meeting on 27 March 2004. Hreidar Mar Sigurdsson has also transferred his shares to his holding company, Hreidar Mar Sigurdsson ehf. Hreidar Mar Sigurdsson now has a call option on 3,248,000 shares in the Bank. Parties financially related to Hreidar Mar Sigurdsson own 7,384,039 shares in the Bank following the transaction. Rights according to a forward contract, of parties financially related to Hreidar Már Sigurdsson, are 205,078 shares. Sigurdur Einarsson owns 8,180,423 shares in the Bank after the transaction. Sigurdur Einarsson now has a call option on 3,248,000 shares in the Bank. Parties financially related to him own 14,111 shares in the Bank.