Icelandic FSA takes over Kaupthing's operations

| Source: Kaupþing banki hf. Kaupþing banki hf. 


Kaupthing Bank announces that the Icelandic Financial Supervisory
(IFSA) has decided to take on the powers of Kaupthing Bank's
shareholders' meetings. Furthermore, the board of directors has
resigned. In addition, the IFSA has appointed a receivership
committee to assume the powers of the board of directors with
immediate effect.

The members of the receivership committee are Finnur Sveinbjörnsson,
Knútur Thórhallsson, Bjarki H. Diego, Gudný Arna Sveinsdóttir and
Steinar Thór Gudgeirsson.

The receivership committee has asked Hreidar Már Sigurdsson to remain
as CEO of Kaupthing Bank hf. and be responsible for daily operations.