Kaupthing Raises £500 Million for its First Third Party Private Equity fund

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Kaupthing Bank is committing £200 million to its first third party private equity fund, Kaupthing Capital Partners II ("KCPII"), and has raised an additional £300 million from third party investors. The third party investors are primarily pension funds, investment companies and high net worth clients.

Kaupthing Bank (http://www.kaupthing.com) is committing £200 million to its first third party private equity fund, Kaupthing Capital Partners II ("KCPII"), and has raised an additional £300 million from third party investors. Kaupthing will therefore own 40% of the total £500 million in the fund.

The third party investors are primarily pension funds, investment companies and high net worth clients. Kaupthing initially intended to raise between £100 and £200 million from investors but due to excess demand the amount was increased to £300 million. Kaupthing plans to close the fund in the next few weeks.

Future unlisted investments made by the bank will be held by KCPII, which will be managed by Kaupthing Principal Investments, the in-house private equity team. Assets in private equity owned by the bank at the end of last year will not be held by KCPII.

The establishment of the fund will increase transparency and provide clarity and discipline over Kaupthing Bank's private equity investment strategy. The fund will also enable the Bank to take part in larger and more numerous projects and increase activity within other business segments of the Bank.

For further information about this press release please contact:

Jónas Sigurgeirsson, Chief Communication Officer, tel +354 444 6112.

David Sherratt, Head of Kaupthing Principal Investments, tel: +44 203 205 5540.

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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