Company Announcement

Kaupthing Bank exercises conversion right on bonds issued by Bakkavör Group

Kaupthing Bank has sold shares in Bakkavör Group for ISK 17.2 billion (EUR 192 million)
The board of directors of Bakkavör Group has received notification from Kaupthing Bank that the Bank will convert the bonds into 437,046,648 shares in Bakkavör Group, representing 21.28% of the total share capital of Bakkavör Group. After this conversion Kaupthing Bank will own no convertible bonds in Bakkavör Group.
Kaupthing Bank has also sold 357,395,833 shares in Bakkavör Group, representing 17.40% of share capital in Bakkavör Group to 24 investors. The sale amounted to ISK 17.2 billion (ISK 48 per share). Following these transactions Kaupthing Bank will own a 4.12% holding in Bakkavör Group. Before converting the bonds the bank owned 0.24% of the total share capital in Bakkavör Group.
These convertible bonds were issued by Bakkavör Group hf. in connection with the financing of its acquisition of the British food producer Katsouris Fresh Foods in December 2001. In February 2004 Kaupthing Bank converted 19.2% of the original convertible bonds into shares.
For further information please contact Jónas Sigurgeirsson, Chief Communications Officer, Kaupthing Bank, on +354 444 6112.

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