Excellent participation in public offering

Exista's initial public offering closed today. In total, approximately 7,400 investors applied to buy approximately ISK 42 billion of shares. A total of 65 million shares were offered, generating proceeds of ISK 1,397.5 million.

Owing to the great demand, investors will be allocated half of the shares for which they subscribed, but each investor will be allocated a maximum of approximately ISK 240 thousand.

Parallel to the public offering, an offering to employees of Exista and subsidiaries also took place. A total of 65 million shares in the company were offered and subscriptions were received for all shares.

Lýdur Gudmundsson, Executive Chairman of Exista:

"We are both grateful and pleased with the interest shown by the public in becoming shareholders in Exista. The high level of participation in the offering by Exista employees is also very positive and underlines their confidence in the company's future. In recent weeks a good number of individuals and investors have joined the shareholder group, and it is now up to us to repay the trust we have been shown."

Exista's share capital will be listed on the Iceland Stock Exchange (ICEX) on Friday 15 September 2006.

Kaupthing Bank – Investment Banking was the manager of the share offering and listing on ICEX. Kaupthing Bank was the owner of the share capital sold in the offering.

Further information on Exista and the recently completed offering can be found in the presentation and prospectus published in connection with the offering. The prospectus can be obtained on the website of Exista (www.exista.com).

Enquiries:

Erlendur Hjaltason, CEO, Tel: +354 862 1484

Sigurdur Nordal, Managing Director of Group Communications, Tel: +354 860 8620