- Subscriptions in Skipti hf. share offering in light of the proposed takeover bid from Exista hf.

Exista hf. announced earlier today, 19 March 2008, that it intended to submit a
voluntary takeover bid for all outstanding shares in Skipti hf. According to
the announcement, Exista hf. intends to offer ISK 6.64 for each share and
payment will be made with shares in Exista hf. The price of the Exista hf.
shares is determined by their closing price on 18 March 2008, which was ISK
10.1 a share. 

In light of this announcement by Exista hf., Kaupthing Bank has decided not to
collect payment for the subscriptions received in the Skipti hf. offering held
between 10 March and 13 March 2008, and all subscriptions which remain unpaid
before 4:00 p.m. on 26 March 2008 will be cancelled. Subscribers are
nevertheless permitted to pay for their subscriptions in accordance with the
terms of the offering. 

For further information please contact one of Kaupthing Bank's consultants on
+354 444 7000.