One of Kaupthing Bank Luxembourg's two Managing Directors leaves the Bank

Johnie W. Brøgger, Managing Director of Kaupthing Bank Luxembourg,
has left the Bank at his own request, to pursue other interests.
Johnie Brøgger has served the Bank for nine years as Managing
Director of Kaupthing Bank Luxembourg alongside Magnús Gudmundsson.

Hreidar Már Sigurdsson - CEO"Since Johnie Brøgger joined our business in Luxembourg he has played
a vital role in building it up to the successful bank that it is
today. On behalf of our Bank, I would like to thank him for his
contribution and I wish him all the best in his future endeavours."

For further information:
Jónas Sigurgeirsson, Chief Communication Officer, tel 354-444-6112 or
ir@kaupthing.com



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 twelve 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 Oyj in Finland, Kaupthing New York,
Kaupthing Asset Management in Switzerland and Kaupthing Norge in
Norway. The Bank also has activities in the United Arab Emirates
(Dubai) and Qatar. As of 30 September 2007 the number of full-time
equivalent positions was 3,190 at Kaupthing Bank and its
subsidiaries. www.kaupthing.com