Creditex and Markit Determine Price of Kaupthing Subordinated Debt to Settle Credit Derivative Trades

London and New York, NY – Markit and Creditex, in partnership with 14 major credit derivative dealers, today announced the results of a Credit Event Auction that determined a price to facilitate the settlement of credit derivative trades referencing the subordinated debt of Kaupthing Banki hf.

At 3:45 pm GMT today, the final price for Kaupthing subordinated debt for the purpose of settling credit derivative transactions was determined to be 2.375%.

At 2:00 pm GMT today, the final price for Kaupthing senior debt for the purpose of settling credit derivative transactions was determined to be 6.625%.

The auctions were conducted in accordance with the International Swaps and Derivatives Association (ISDA) 2008 Kaupthing CDS Protocol. Markit and Creditex are the official administrators of Credit Event Auctions.

Credit Event Auctions enable market participants to cash settle credit derivative transactions. During a Credit Event Auction, dealers submit orders electronically on the Creditex platform. The auction submissions are delivered to Markit electronically. Markit calculates and verifies the results, and publishes them on www.creditfixings.com.

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For more information please contact:

Markit
John Dooley
Vice President, Corporate Communications
Tel: +1 212 205 1310
Email: john.dooley@markit.com

Creditex
Annette Bronkesh
Bronkesh Associates
Tel: +1 973 778 8648
Email: annettec@att.net

About Markit
Markit is a financial information services company with more than 1,000 employees in Europe, North America and Asia Pacific. Over 1,000 financial institutions use our independent services to manage risk, improve operational efficiency and meet regulatory requirements.

For more information, see www.markit.com

About Creditex
Creditex is a global market leader and innovator in execution and processing of credit derivatives. The company operates a hybrid model of voice and electronic execution, and was the first to successfully launch electronic trading for CDS in 2004. In addition to its core execution business, Creditex has two operating subsidiaries, T-Zero and Q-WIXX, which provide additional electronic processing and execution services in the CDS space. Creditex Group is a wholly-owned subsidiary of IntercontinentalExchange, Inc. (ICE).

For more information, see www.creditex.com