Glitnir (IS) - direct/ Glitnir (IS) - Bjarni Ármannsson invests in Glitnir Property Holding

Reykjavík/Oslo - 27th of December 2007 - Bjarni Ármannsson, above CEO of Glitnir Bank, active an agreement, afterwards closing of bazaar on Friday 21st of December, to buy 12% of Glitnir Property Holding (GPH), a accessory of Glitnir Bank, for ISK 970 million. Glitnir Bank´s actual allotment in Glitnir Property Holding afterwards the transaction will be 48.8%. The acceding is accountable to the approval of the Board of Directors of Glitnir Property Holding and the 21 ally authoritative up the butt of the shareholding in GPH.

Glitnir´s accretion from the auction of 12% allotment amounts to about ISK 300 million. Additionally, ahead deferred basic assets of ISK 1.5 billion are accomplished as GPH will no best be allotment of the circumscribed accounts. According to the a lot of contempo transactions, the abeyant fair amount assets of the allotment amounts to about ISK 1 billion.

Bjarni Ármannsson will be nominated to the axle of Directors of GPH. Currently the Board consists of the afterward members: Lárus Welding, Alexander Guðmundsson, Morten Bjørnsen, Knut Marius Stokke, Bjørn Henningsen, Peter Leimdörfer, Petter Bjørnstad and Frank O. Reite, Chairman.

"I´m actual admiring with this transaction. I accept consistently been addled by the aberrant aggregate of creativity, drive and assurance of the humans alive in GPH, which has accustomed GPH unrivalled bazaar recognition. I attending advanced to alive with the added owners, administration and advisers to added advance the business into a arch amateur in the bartering absolute acreage advising sector, including its investment administration segment," says Bjarni Ármannsson.

"We are actual admiring to accept Bjarni Ármannsson on board. Together with Frank Reite, he was active in ambience up Glitnir´s absolute acreage business and developing it into Glitnir Property Holding in aboriginal 2007. Glitnir will abide to be a actor and abutment GPH, as we apprehend acceptable abeyant to actualize added amount for Glitnir´s shareholders", says Lárus Welding, CEO of Glitnir Bank.

For added information:
Lárus Welding, CEO Glitnir, +47 47 800 100
Frank O. Reite, Chairman, Glitnir Property Holding, adaptable +47 915 80 604
Bjarni Ármannson, admission broker in Glitnir Property Holding, adaptable +354 844 4002
Bjørn Richard Johansen, Managing Director, Corporate Communication, Glitnir, e-mail: brj@glitnir.no, adaptable +47 47 800 100

For photos: akj@glitnir.no

About Glitnir Property Holding
Glitnir Property Holding (GPH) is a arch Nordic based bartering absolute acreage adviser, absorption on transaction advisory, investment management, alliance and costs advising services. GPH is a captivation aggregation endemic by Glitnir Bank (48.8%) and added breath ally (51.2%) if latest transaction taken into the account. GPH owns 100% of the shares in Glitnir Property Group AS (GPG), 100% in BSA AS and 90% in Leimdörfer Holding AB.

GPG owns Glitnir Norsk Næringsmegling AS, Union Eiendomskapital AS and Glitnir Real acreage AS. Glitnir Norsk Næringsmegling is the arch Norwegian bartering acreage advising firm, and acted as adviser in affairs with a absolute amount of added than EUR 1.5 billion in 2006. Union Eiendomskapital is a arch investment administration close that focuses on structuring, costs and managing absolute acreage projects, and has a absolute of approx. EUR 1.2 billion in acreage assets beneath management.

GPH has offices in Oslo, Stockholm, Helsinki and Frankfurt with 84 employees.

About Glitnir
The banking accumulation and Corporate and Investment case Glitnir offers retail, accumulated and investment cyberbanking services. Glitnir is a arch amateur aural Capital Market on OMX in Reykjavik, Stockholm, Helsinki and Copenhagen, as able-bodied as on Oslo Stock Exchange and the Stock Exchange in Moscow. Glitnir is a arch alcove amateur in three all-around industry segments: seafood/food, acceptable energy, and adopted account vessels. Glitnir operates in Iceland, Norway, Sweden, Denmark, Finland, the U.K., Luxembourg, Russia, Canada, USA (Glitnir Capital Corporation) and China. Glitnir is listed on the Icelandic Stock Exchange (GLB). For added advice visit: www.glitnirbank.com.

www.glitnirbank.com