Kaupthing to Launch Middle East Office

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Kaupthing Bank is preparing to commence activities in the Middle East and has appointed Umar Ali as Managing Director of operations. The Bank will initially focus on investment banking and wealth management in this region.

Kaupthing Bank (http://www.kaupthing.com) is preparing to commence activities in the Middle East. Operations will be based in the Gulf and Kaupthing Bank is currently in discussions with regulatory authorities in the region to obtain necessary licenses.

The Bank will initially focus on investment banking and wealth management in this region.

Kaupthing has appointed Umar Ali as Managing Director of operations in the Middle East. Mr Ali has 15 years experience in international finance and was previously employed at HSBC Bank and NatWest Markets where he had extensive experience of the region. Kaupthing expects to employ approximately 10-15 people in the area during the first year.

About Kaupthing Bank

Kaupthing Bank offers comprehensive commercial and investment banking services to individuals, companies and institutional investors. The Bank is a leading player in all the main areas of the Icelandic financial market, and in addition to Iceland, the Bank's key markets are Denmark and the United Kingdom. The Bank focuses on the growth and development of its international activities and aims to be one of the leading investment banks in northern Europe.

Kaupthing Bank operates in ten countries with its headquarters located in Reykjavík. The Bank's main subsidiaries are FIH Erhvervsbank in Denmark, Kaupthing Singer & Friedlander in the United Kingdom, Kaupthing Bank Sverige, Kaupthing Bank Luxembourg, Kaupthing Bank Oyj in Finland, Norvestia in Finland, Kaupthing Føroyar, Kaupthing New York, Kaupthing Asset Management in Switzerland, Kaupthing Norge in Norway, Arion and Kaupthing Líftryggingar hf. in Iceland. As of 31 December 2006 the number of full-time equivalent positions was 2,719 at Kaupthing Bank and its subsidiaries.

For further information on Kaupthing visit the bank's website, http://www.kaupthing.com.

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Jónas Sigurgeirsson
Kaupthing Bank
354 444 6112.
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