Fitch ratings

Kaupthing Bank - Comprehensive commercial and investment banking services

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. As of 30 June 2008 the number of full-time equivalent positions was 3,207 at Kaupthing Bank and its subsidiaries.

Kaupthing´s shares are listed on the OMX Nordic Exchange in Iceland and Stockholm.

For further information about Kaupthing Bank:

Fitch

On 9 October 2008 Fitch Ratings downgraded Kaupthing Bank's credit ratings.

Date	Long-term	Short-term	Individual	Support
October 2008 (2)	D	D	F	5
October 2008	CCC	C	E	5
September 2008	BBB	F3	C	2
May 2008	A-	F2	B/C	2
January 2008	A	F1	B/C	2
December 2007	A	F1	B/C	2
August 2007	A	F1	B/C	2
July 2007	A	F1	B/C	2
March 2007	A	F1	B/C	2
August 2006	A	F1	B/C	2
November 2005	A	F1	B/C	2