As is stated in the announcement from Exista hf. today 8 December, BBR ehf. has decided to subscribe for 50 billion new shares in Exista hf.. Thereafter, the stake held by BBR ehf. and Bakkabraedur Holding B.V., both of which are owned by Ágúst and Lýdur Gudmundsson, amounts to around 88% of total share capital in Exista. BBR ehf. is therefore obliged to submit a takeover bid to Exista hf. shareholders in accordance with Chapter X of the Act on Securities Transactions, no. 108/2007. In view of the extraordinary circumstances now reigning in the financial markets, and given that Exista shares have been closed for trading for 9 weeks, BBR ehf. will request of the Financial Supervisory Authority (FME) that an exemption be granted from the provisions of the Act on Securities Transactions concerning the minimum price in a takeover offer. BBR ehf. will request that the takeover offer be based on the price that BBR ehf. will pay for the new shares in Exista hf., which is also the highest price that BBR ehf. and Bakkabraedur Holding B.V. have paid for shares in Exista hf. over the past six months. Therefore, BBR ehf. will request an exemption from the requirement that the offer price be at least as high as the last price at which Exista hf. shares traded on the day before the obligation to submit a takeover offer developed or a prospective offer was announced. This exemption will be requested because Exista shares have been closed for trading since 6 October 2008 and the last closing price for the shares hardly gives an accurate view of the value of the company's shares.