Directors' Dealings

Hreidar Mar Sigurdsson, CEO of Kaupthing Bank hf., and Sigurdur
Einarsson, Executive Chairman of Kaupthing Bank hf., have today, 6
August 2008, each exercised a call option on 812,000 shares in the
Bank at a price of ISK 303 per share in accordance with a stock
option plan which was approved at the Bank's annual general meeting
on 27 March 2004. Hreidar Mar Sigurdsson has also transferred his
shares to his holding company, Hreidar Mar Sigurdsson ehf.

Hreidar Mar Sigurdsson now has a call option on 2,436,000 shares in
the Bank. Parties financially related to Hreidar Mar Sigurdsson own
8,195,856 shares in the Bank following the transaction. Rights
according to a forward contract, of parties financially related to
Hreidar Már Sigurdsson, are 205,078 shares.

Sigurdur Einarsson owns 8,992,423 shares in the Bank after the
transaction. Sigurdur Einarsson now has a call option on 2,436,000
shares in the Bank. Parties financially related to him own 14,111
shares in the Bank.