At Exista's Extraordinary Shareholders Meeting today at 1pm, Lýdur Gudmundsson, Executive Chairman, will discuss the present situation and outlook for Exista. At the end of Q3 2008 Exista's financial position was sound with book value of equity of around EUR 2 billion. Exista's operating environment has been extremely turbulent since 6 October 2008, when trading in the Company's shares was suspended temporarily. Exista's position is affected profoundly by the current problems in the Icelandic financial system and the Government takeover of the commercial banks, especially that of Kaupthing Bank. On 9 October 2008 the Icelandic Financial Supervisory Authority intervened in Kaupthing Bank's operations under the authority of Act no. 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc, which had considerable effects on Exista's financial status. Exista has responded to the current situation by selling assets. The Company has already sold its 19.98% holding in Sampo Oyj, its 8.69% holding in Storebrand ASA, and its 39.63% holding in Bakkavör Group hf. which is subject to creditors' approval. Exista's current situation is unclear at present time. Exista has significant assets in Icelandic banks in the form of deposits and unsettled agreements which have not been released. Exista is currently in dialogue with Icelandic banks, receivership committees and foreign creditors to resolve outstanding issues. Within Exista are solid companies that play an important role in Icelandic society, among them the P&C insurance company Vátryggingafélag Íslands hf. (VÍS), the life insurance company Líftryggingafélag Íslands (Lífís), the asset finance company Lýsing hf., and Skipti hf., the parent company of Iceland Telecom (Síminn). These companies are wholly owned by Exista, and rich emphasis is placed on maintaining uninterrupted operations. In accordance with previous announcements, Exista will publish its earnings reports for the first nine months of the year on 27 November 2008. At the same time, the Company will give as detailed account of the effects of recent events on its operations and financial position as possible. Enquiries: Exista hf. Group Communication Sigurdur Nordal Managing Director +354 550 8620 ir@exista.com