Icebank has bought all the shares in Behrens Corporate Finance and the company's business activities will be merged into the Bank's operations. The acquisition price and other terms are confidential. Behrens has in recent years carved out a niche for itself in corporate finance advisory in Iceland and the Baltic States, where the company has been among the leading players. The firm has also undertaken projects in other Eastern European countries, such as the Czech Republic, Serbia and Rumania. The company has operations in Reykjavík, Iceland, in Riga, Latvia, and in Vilnius, Lithuania. It employs a team of twelve employees, of which six are based outside Iceland. All employees of Behrens will be a part of Icebank´s team. The offices in Latvia and Lithuania will be the Bank´s first offieces outside Iceland. Recent projects undertaken by Behrens include: • Advisory services in connection with the acquisition and financing by the Icelandic company Penninn of Coppa, a leading retailer in office furniture in Latvia, and later of Daily Service, the largest office supplies wholesaler and retailer in Lithuania. • Advisory relating to the acquisition and financing by an investor of one of the largest waste collection and recycling company in Latvia. • Advice to Penninn and Te og kaffi relating to the acquisition and financing of the largest coffee manufacturer in the Baltic States. • Advice to Icelandair in negotiations on the acquisition of Latcharter in Latvia in 2006 and Travel Service in the Czech Republic, as recently announced by Icelandair. Recent projects in Iceland include advisory services to Sævar Karl Ólafsson in the sale of the fashion shop bearing his name in downtown Reykjavík. The operation of Behrens has been successful the last few years. The company's project pipeline is also promising and there are bright prospects of further growth in Iceland and abroad. The merger with Icebank may be expected to result in a further surge for the company. Behrens will become part of Icebank as of 1 November 2007. Therefore, the acquisition will have only a minimum effect on the Bank's operations in 2007. Behren's budget assumes total revenues of about ISK 300 million in 2007. The nature of the operations is such that it requires very little working capital so Icebank's total assets will only increase marginally as a result of the acquisition. With the acquisition of Behrens, Icebank is substantially strengthening its activities in corporate finance advisory. The acquisition also represents an important step in the Bank's cross-border expansion, which consists mainly in bringing together investors in the Nordic countries and investment opportunities in the Baltic States and Eastern Europe. The Bank has plans to open offices in other parts of this region, either through further acquisitions of established companies or by starting up new businesses from scratch. The founders and largest shareholders of Behrens are Adalsteinn Jóhannsson and Sigurdur Smári Gylfason. On the acquisition they will join Icebank to form the core of the Bank's corporate finance advisory. For further information, please contact: Finnur Sveinbjörnsson, Icebank CEO, tel. +354 540 4000. Gunnar Svavarsson, Managing Director, Corporate Finance Division, tel. +354 540 4000.