Styrmir Þór Bragason has been appointed Managing Director of MP Investment
Bank, effective immediately.

Styrmir, who is 35 years old, was previously a
specialist with the Corporate Banking Division of Landsbanki Bank. Before that
he was Managing Director of Atorka Group for three years. Prior to that he was
Managing Director of Landsvaki, a licensed management company owned by
Landsbanki Bank, and before that he was employed with the Securities and
Treasury Division of Bunadarbanki Íslands bank.

Syrmir holds an MSc degree in
financial economics from the University of Stirling in Scotland. He graduated
with a degree in business administration from the University of Iceland in
1995.

Styrmir is married to Heiða Lára Aðalsteinsdóttir, political scientist,
and they have two daughters.

Sigurður Valtýsson, who now leaves the post of
Managing Director of MP Investment Bank, has been appointed one of two Chief
Executive Officers of Exista. Sigurður was with MP Investment Bank for six
years, of which three as a Managing Director. The Board of Directors of MP
Investment Bank would like to express their thanks to Sigurður for his input to
the Bank and excellent work done and wishes him success in his new job.

MP
Investment Bank is a progressive financial institution authorized for loans
operations and is listed on the Iceland Stock Exchange. The bank employs a
group of specialists with extensive education and experience. The bank has
operations in three countries as well as Iceland, through its subsidiaries.


For further information, please contact:
Styrmir Þór Bragason, Managing
Director of MP Investment Bank, on +354 540 3200.