Ossur hf. acquires the Gibaud Group in France

previously acquired companies. It will be operated more as a stand-alone unit at least for the next 18-24 months and therefore limited synergies are expected to be realized during this period.

The seller of Gibaud is a consortium of private equity funds, led by Barclays Private Equity. The consortium acquired Gibaud in 2001. Website: www.gibaud.com

Banc of America Securities Limited advised Ossur on the transaction. Kaupthing Bank advised on the financing of the acquisition and provided Ossur with a bridge loan facility. An equity offering is planned to take place during the first half of 2007 to take out the bridge loan facility and to finance future acquisitions.

Update on Ossur operational outlook 2006

Overall sales for the year are still expected to be above 250 million US dollars. Earnings before interest, tax, depreciation and amortization (EBITDA) for the full year are expected to be approximately 19% (excluding restructuring expenses). This is slightly below the expected EBITDA of 20% communicated after closing of the third quarter of 2006.

Conference call

A conference call to explain the acquisition will be held today, Friday December 22nd . During the conference call, Jon Sigurdsson, President and CEO, and Hjorleifur Palsson, CFO, will present and discuss the key aspects of the acquisition.

The conference call will be held in English at 13:00 GMT, 14:00 CET and 8:00 a.m. Eastern Standard Time. The conference call can be heard on the Ossur website: www.ossur.com.


Contact: Beverly Millson

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