Iceland

BEST BANK
Kaupthing Bank

BEST DEBT HOUSE
Deutsche Bank

BEST EQUITY HOUSE
Kaupthing Bank

BEST M&A HOUSE
Kaupthing Bank

Kaupthing Bank continues to grow at an amazing pace without sacrificing profitability – return on equity reached 22.6% in 2004 and 33% in the first quarter of 2005.

The bank now has a market capitalization of €4.3 billion – more than double its nearest Icelandic rival, National Bank of Iceland.

In the second quarter of 2004, Kaupthing made its most significant acquisition to date: leading Danish corporate bank FIH-Erhvervsbank, which it bought for €1.3