Fitch affirms Kaupthing's ratings - Outlook changed to stable

Fitch Ratings today announced that Kaupthing Bank's ratings were
affirmed at Long-term IDR 'A', Short-term IDR 'F1', Individual 'B/C',
Support '2' and Support Rating Floor 'BBB'. Fitch has changed the
Outlook for Kaupthing's Long-term IDR to Stable from Negative,
following the announcement by the bank that it will not acquire the
Dutch merchant bank NIBC Holding N.V.

Fitch says in its announcement: "The ratings of Kaupthing reflect its
strong position in the Icelandic market, the improved diversification
of its profits and assets, its good asset quality, its satisfactory
capitalisation and underlying profitability."

See link below:
http://www.kaupthing.com/Investors/Ratings/Fitch

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



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