Kepler Capital Markets sold to management and staff through a management-led buy-out (MBO).


The Resolution Committee of Landsbanki Íslands ("Old Landsbanki") and
Kepler Capital Markets ("Kepler") are pleased to announce the sale of
Kepler to management and staff through a management-led buy-out

Kepler was a fully owned-subsidiary of Old Landsbanki. The Resolution
Committee's sale of this asset is consistent with its commitment to
maximise the value of assets within Old Landsbanki. It considered a
timely realisation of its equity interest was best in order to
maximise its value. Old Landsbanki's court appointed assistant,
Kristinn Bjarnason, approved the transaction.

The MBO transfers 100% ownership from Landsbanki to Kepler's
management and staff. The sale was subject to a fairness opinion from
an independent accounting firm.

Kepler's business operations will continue unchanged following the
transaction. Laurent Quirin, CEO of Kepler, states:"We would like to thank all related parties for professionalism in
bringing the Kepler MBO to a successful conclusion. We now have the
challenge and opportunity of creating a unique independent European
financial intermediary. We are convinced that we have the right
business model to make this happen. As we suspected when we embarked
on the MBO process, our clientele has welcomed the opportunity to
partner with a truly independent house."

Lárus Finnbogason, Chairman of the Resolution Committee, adds: "We
are very pleased that we were able to successfully execute the sale
given very difficult circumstances and current financial market

Kepler Capital Markets is a European financial services company
present in Amsterdam, Frankfurt, Geneva, Madrid, Milan, Paris, Zurich
and New York. Its core business is equity brokerage, including
research, sales and trading., in addition to fixed income, asset
management and corporate finance platforms.

The terms of the sale will not be publicly disclosed as they are
subject to a confidentiality clause.