Press Release

Kaupthing Edge Chooses AboveNet’s WDM and IP Transit Service
Implementing an AboveNet WDM and IP Transit service, Kaupthing Edge has launched its online retail banking arm in the UK.

LONDON, 30th April, 2008 - AboveNet Communications UK Ltd., a leading provider of fibre optic connectivity solutions for business and carriers and a subsidiary of AboveNet Inc., today announced its IP Transit and Metro-WDM service provisioning for Kaupthing Edge, the online retail banking arm of Kaupthing, a leading northern European bank offering integrated financial services for business. AboveNet’s services have provided the connectivity infrastructure to support the successful launch of Kaupthing’s new online banking offering in the UK, Kaupthing Edge.

Following the launch of its online retail banking service in Sweden, Norway and Finland, Kaupthing Edge looked to replicate this success in the UK. To enable this, the bank recognised the need to implement a secure, reliable network infrastructure that would support the vast amount of financial information accessed on a daily basis. Subsequently, Kaupthing Edge deployed AboveNet’s Metro-WDM service which, utilising Nortel’s OM5000 series equipment, enables a robust, scalable wavelength-based solution and provides Kaupthing Edge access to hundreds of gigabits of capacity between core metropolitan sites. Predicting a large volume of online customers, Kaupthing Edge also chose AboveNet’s Tier-1 IP Transit service to cope with the demands for fast and reliable Internet banking.

As a Tier-1 Transit provider, AboveNet operates one of the most modern IP networks. With advanced routing capabilities, rich peering fabric and spare capacity allowing massive scalability, Kaupthing Edge and its customers can now experience high speed Internet access with outstanding levels of performance and stability. AboveNet offers its customers true bandwidth on demand, operating its network with 100% headroom ensuring additional bandwidth is readily available when or if required. This means that Kaupthing Edge customers can take advantage of AboveNet’s IP Transit service to provide low latency, high performance connectivity resulting in an unrivalled Internet banking experience.

AboveNet’s sales director, Alan Berryman, commented, “With many of the world’s largest commercial banks reliant on AboveNet’s IP Transit network to enable central business operations such as online banking, AboveNet’s expertise and service quality within the finance sector are well proven.“

“Kaupthing Edge is committed to providing our customers the most efficient, reliable and secure infrastructure possible,” said John Echavarria, director of IT at Kaupthing Edge. “AboveNet’s IP Transit and WDM solution proved an obvious choice to help deliver Kaupthing Edge. Our customers can rest assured that their financial information is available on demand 24x7, with the highest levels of security and data protection in place.”

About AboveNet, Inc.
AboveNet, Inc. provides high bandwidth connectivity solutions for business and carriers. Its private optical network delivers key network and IP services in and among top U.S. metro markets and globally. AboveNet's network is widely used in demanding markets such as financial services, media, health care, retail and government.

Kaupthing Bank offers comprehensive commercial and investment banking services to individuals, companies and institutional investors. The Bank is a leading player in all the main areas of the Icelandic financial market, and in addition to Iceland, the Bank's key markets are Denmark and the United Kingdom. The Bank focuses on the growth and development of its international activities and aims to be one of the leading investment banks in northern Europe.

About Kaupthing Bank
Kaupthing Bank offers comprehensive commercial and investment banking services to individuals, companies and institutional investors. The Bank is a leading player in all the main areas of the Icelandic financial market, and in addition to Iceland, the Bank's key markets are Denmark and the United Kingdom. The Bank focuses on the growth and development of its international activities and aims to be one of the leading investment banks in northern Europe.

Kaupthing Bank operates in thirteen countries with its headquarters located in Reykjavík. The Bank's main subsidiaries are FIH Erhvervsbank in Denmark, Kaupthing Singer & Friedlander in the United Kingdom, Kaupthing Bank Sverige, Kaupthing Bank Luxembourg, Kaupthing Bank in Finland, Norvestia Oyj in Finland, Kaupthing New York, Kaupthing Switzerland, Kaupthing Bank Belgium and Kaupthing Bank Norge in Norway. The Bank also has activities in Isle of Man, the Dubai International Financial Centre (DIFC) and the Qatar Financial Centre (QFC). As of 31 December 2007 the number of full-time equivalent positions was 3,334 at Kaupthing Bank and its subsidiaries. www.kaupthing.com

About Kaupthing Edge
Kaupthing Edge is the trading name of Kaupthing Bank hf, Kaupthing Singer and Friedlander's online retail financial services offering. In February 2008, it launched a market leading instant access savings account and fixed term deposit accounts in the UK.

Kaupthing Edge is now present in Norway, Sweden, Finland, United Kingdom, Germany and Belgium with plans to extend during the year in additional territories.

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This news release contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such risks and uncertainties include, but are not limited to, general economic and business conditions, competition, changes in technology and methods of marketing, and various other factors beyond the Company’s control. This also includes such factors as are described from time to time in the SEC reports filed by AboveNet, Inc., including the most recently filed Form 8-K.