Kaupthing Bank hf. (“Kaupthing”) today announces that it intends to purchase the entire share capital of NIBC Holding NV (“NIBC”) for EUR 2,985 million. NIBC represents an excellent strategic fit for Kaupthing in terms of geographic diversification, products and business culture. The purchase price of EUR 2,985 million represents 12.7x NIBC's last twelve months (“LTM”) net income and 1.5x NIBC's shareholders' equity as at 30 June 2007. The purchase consideration will be structured as follows: - 110 million of newly issued Kaupthing shares at SEK 115.375 per share for an aggregate value of EUR 1,360 million will be issued to the Sellers in relation to completion. The Sellers will become the second largest shareholder in Kaupthing. These shares will be subject to a customary lock-up arrangement whereby all will be restricted for 12 months from closing, tapering to approximately 48 million for 24 months. - Cash consideration of EUR 1,625 million financed from existing cash resources, an issue of Tier 1 hybrid instruments and proceeds from an issuance of 40 million new shares (via a pre-emptive rights issue). The rights issue is expected to take place early next year. Press conference and an analyst conference call Kaupthing and NIBC will hold a conference call for analysts and investors at 11.00 am (CET) today and a press conference at 14:00 (CET) today in Amsterdam. More information about Kaupthing's acquisition of NIBC is available at www.kaupthing.com. For analyst and investor conference call please dial +31 (0) 20 531 58 46 The press conference will be held on Hilton Amsterdam Schiphol Airport Hotel at Schipholboulevard 701, 1118 BN Schiphol Airport. Room: Cairo & Melbourne For further information, please contact: Kaupthing Bank Hreidar Már Sigurdsson Chief Executive Officer Tel: +354 444 6105 Jónas Sigurgeirsson Chief Communications Officer Tel: +354 444 6112 PR advisers to Kaupthing: Anita Scott/ Tom Williams, Brunswick Group LLP +44 207 404 5959 NIBC Peter Bodes Director Investor Relations & Corporate Communications NIBC Tel: +31 70 342 56 25