The offering of structured covered bonds is closed

Kaupthing Bank hf. announces the results of the offering of
structured covered bonds on 27 June 2008. Offers for a total nominal
value of ISK 6.2 billion were received.  Accepted offers for
structured covered bonds:

- KAU CB1 for a nominal value of ISK 0.4 billion, with a weighted
average yield of 5.30%
- KAU CB2 for a nominal value of ISK 4.4 billion, with a weighted
average yield of 5.17%

The settlement date is 2 July 2008.

For further information please contact Ólöf Hildur Pálsdóttir, Deputy
Head of Investor Relations, tel. +354 444 6112 or ir@kaupthing.com.


About Kaupthing Bank
Kaupthing Bank is a Northern European bank offering integrated
financial services to companies, institutional investors and
individuals. These services include corporate and retail banking,
investment banking, capital markets services, treasury services,
asset management and comprehensive wealth management for private
banking clients.

The Bank operates in all of the Nordic countries (Denmark, Finland,
Iceland, Norway and Sweden) and in 6 countries in mainland Europe
(the UK, Luxembourg, Belgium, Switzerland, Germany and the Isle of
Man), as well as the US, the Dubai International Financial Centre
(DIFC) and the Qatar Financial Centre (QFC). In Denmark, Kaupthing
Bank operates under the name FIH Erhvervsbank. As of 31 March 2008
the number of full-time equivalent positions was 3,324 at Kaupthing
Bank and its subsidiaries. www.kaupthing.com