Moody's maintains review of Kaupthing ratings

The Moody's Investors Service has announced that the Aa3/C ratings of
Kaupthing Bank hf. ("Kaupthing") remain under review for possible
downgrade. Kaupthing was placed on review following the announcement
of the acquisition of NIBC in August 2007. Moody's is maintaining its
review although it was announced today that Kaupthing has decided not
to proceed with its acquisition of the Dutch investment bank NIBC,
nor with the planned issues of shares. Although the announcement is
viewed positively from a liquidity point of view.

Moody's Investors Service downgraded Kaupthing Bank's credit rating
to Aa3 in April 2007.

Further information:
Gudni Adalsteinsson - Chief Treasurer, + 354 444-6126
Jónas Sigurgeirsson - Chief Communications Officer, +354 444-6112

See link below:

http://www.kaupthing.com/Investors/Ratings/Moodys

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 thirteen 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 in Finland, Norvestia Oyj in Finland, Kaupthing New York,
Kaupthing Switzerland, Kaupthing Bank Belgium and Kaupthing Bank
Norge in Norway. The Bank also has activities in Isle of Man, the
United Arab Emirates (Dubai) and Qatar. As of 31 December 2007 the
number of full-time equivalent positions was 3,334 at Kaupthing Bank
and its subsidiaries. www.kaupthing.com