Completion of the MBO means that in Equity Brokerage Kepler will continue to provide high quality independent research from our 50+ analysts located in 6 offices across Europe.

Our Fixed Income business line, which now numbers 40 sales people in Paris, Nyon and New York, is fast establishing itself as a leader in price discovery for Government, Covered and Corporate bonds. The Emerging Markets inter-dealer-broker business, based in Nyon, occupies a profitable niche in fixed income, foreign exchange and interest rate derivatives.

"As we suspected when we embarked on the MBO process, our clientele has welcomed the opportunity to partner with a truly independent financial intermediary. Post the MBO, we consider that our teams are more motivated than ever to offer high quality service and to accompany our clients in this very difficult market environment,'' commented Laurent Quirin, CEO of Kepler Capital Markets.

The financial details of the MBO will not be publicly disclosed.

Laurent Quirin, CEO

PRESS RELEASE From the Resolution Committee of Landsbanki Islands

The Resolution Committee of Landsbanki Íslands ("Old Landsbanki") and Kepler Capital Markets ("Kepler") are pleased to announce the sale of Kepler to management and staff through a management-led buy-out (MBO).

Kepler was a fully owned-subsidiary of Old Landsbanki. The Resolution Committee's sale of this asset is consistent with its commitment to maximise the value of assets within Old Landsbanki. It considered a timely realisation of its equity interest was best in order to maximise its value. Old Landsbanki's court appointed assistant, Kristinn Bjarnason, approved the transaction.

The MBO transfers 100% ownership from Landsbanki to Kepler's management and staff. The sale was subject to a fairness opinion from and independent accounting firm.

Kepler's business operations will continue unchanged following the transaction. Laurent Quirin, CEO of Kepler, states:

"We would like to thank all related parties for professionalism in bringing the Kepler MBO to a successful conclusion. We now have the challenge and opportunity of creating a unique independent European financial intermediary. We are convinced that we have the right business model to make this happen. As we suspected when we embarked on the MBO process, our clientele has welcomed the opportunity to partner with a truly independent house."

Lárus Finnbogason, Chairman of the Resolution Committee, adds: "We are very pleased that we were able to successfully execute the sale given very difficult circumstances and current financial market conditions."

Kepler Capital Markets is a European financial services company present in Amsterdam, Frankfurt, Geneva, Madrid, Milan, Paris, Zurich and New York. Its core business is equity brokerage, including research, sales and trading., in addition to fixed income, asset management and corporate finance platforms.

The terms of the sale will not be publicly disclosed as they are subject to a confidentiality clause.