- Unit share and asset acquisistion agreements signed re. Landsbanki Private Equity I

As of 15 June 2009:

1. Landsvaki hf. (identification number 700594-2549), of Hafnarstraeti 5, 155
   Reykjavik, entered into a unit share acquisition agreement (the "Unit Share
   Acquisition Agreement") with, inter alia, The Aurora Fund LP (registered
   number SL007100), a Scottish limited partnership having its principal place
   of business at 80 George Street, Edinburgh EH2 3BU, United Kingdom (the
   “Purchaser”), pursuant to which the Purchaser agreed, inter alia, to acquire,
   for a consideration of ISK 1, all of the unit shares held by Landsvaki hf. in
   Landsbanki Private Equity Fund 1 (identification number 680405-9720), an
   institutional investor fund as provided for in Article 4 of the Act on
   Undertakings for Collective Investment in Transferable Securities and
   Investment Funds No. 30/2003, whose registered office is at Hafnarstræti 5,
   105 Reykjavík, Iceland (the “Fund”); and 

2. the Fund entered into an asset acquisition agreement (the "Asset Acquisition
   Agreement") with, inter alia, the Purchaser, pursuant to which the Purchaser
   agreed, inter alia, to acquire all of the underlying fund investments and the
   Euro cash account of the Fund. 


Completion of the Unit Share Acquisition Agreement is conditional upon and
subject to certain conditions specified therein being fulfilled or waived by
the Purchaser on or before the last time and date specified therein. 

Completion of the Asset Acquisition Agreement is conditional upon and subject
to the prior completion of the Unit Share Acquisition Agreement. 

The consideration payable by the Purchaser pursuant to the terms of the Asset
Acquisition Agreement is intended to be applied, inter alia, and subject to the
terms of the Asset Acquisition Agreement and to no claims being made by the
Purchaser thereunder, in the redemption of the outstanding LPE 1 C bonds (ISIN
number IS0000012938) and LPE 1 D bonds (ISIN Number IS0000012920), issued by
the Fund. 


For further information please contact:

Fabio C. Quaradeghini
Senior Fund Manager, Asset Management - Alternative Assets
Landsvaki hf.
Hafnarstraeti 5
155 Reykjavik
Tel: (+354) 410 7178
Mobile: (+354) 821 2021
Fax: (+354) 410 3004
Email: Fabio.Quaradeghini@landsvaki.is


Hlynur Hreinsson
Institutional Sales Manager
Securities Brokerage - institutional desk
Securities and Treasury
NBI hf.
Hafnarstræti 5, 3 hæð
155 Reykjavík
Tel.: (+354)  410 7156
Mobile: (+354)  860 5530
Fax: (+354)  410 3006
Email: hlynurh@landsbanki.is