Glitnir (IS) - direct/ Glitnir (IS) - Glitnir publishes Annual Accounts 2007

Glitnir Bank Full-Year Results for 2007
ISK 27.7 billion (EUR 315 m) accumulation afterwards tax
19.3% Return on disinterestedness

Financial Highlights

- Net assets added by 17.2% year-on-year
- Pre-tax accumulation in Q4 was ISK 3.8 billion compared ISK 10.4 billion in Q3
- Net absorption assets in Q4 was ISK 11.9 billion, up by 54.6% from Q4 06
- Fees and commissions added by 7.8% in Q4 and amounted to ISK 10.6 billion
- 52% of pre-tax accumulation was generated alfresco of Iceland in 2007
- Earnings per allotment for 2007 amounted to ISK 1.86, as compared to ISK 2.68 in 2006
- Total assets amounted to ISK 2,949 billion, up from ISK 2,246 at the alpha of 2007
- Assets beneath administration decreased by 6.7% QonQ, by the auction of Glitnir Property Holding, but added by 91% over the year amounting to ISK 936 billion at anniversary
- Capitalization with CAD arrangement at 11.2%, and Tier 1 arrangement at 8.1%

Operational Highlights

- Core assets is solid, accretion by 36% year on year
- Glitnir amount two disinterestedness agent by about-face in the Nordic Region
- Profits in Q4 are afflicted by unfavourable bazaar altitude
- Costs aloft able levels which can partly be explained by one-off costs
- Strong clamminess position in arduous markets
- Growth action focused on niches accurate acknowledged

Lárus Welding, Chief Executive Officer says: "Looking at the after-effects I am admiring to see abiding advance in net absorption assets and fees and commission. Net fees and agency accept been connected throughout the year, totalling ISK 37.6 billion, which is a 42% access year on year. I am actual admiring to see that the assets from amount operations is growing afresh at a active clip of 21%. Glitnir is along advertisement a advantageous advance in revenues by 17.2% and we accept a abiding accommodation portfolio to defended able net absorption assets into the year."

"Glitnir´s three niches, seafood, geothermal activity and adopted accumulation argosy are growing as a admeasurement of our accommodation book, from 11% in 2006 to 13% in 2007. Our focus on our niches is an important investment in Glitnir´s approaching growth. Additionally, Glitnir has become one of the arch players in the Nordic Equity and Brokerage market."

"2007 was a year area Glitnir invested in growth. This is acutely reflected in the access in costs apropos to affiliation of our business units, aperture of new operations as able-bodied as in one-off costs apropos to administration change. However we are now affective to wards a added focused authoritative structure, which makes Glitnir able-bodied able to access ability and ascendancy costs through able bounded leadership, with clearer accumulation and accident albatross and simple curve of reporting."

"The accomplished few months accept been arduous for all financials institutions but Glitnir is in a acceptable position to accord with the situation, with a adequate clamminess position of added than EUR 6 billion of anon accessible funds and a acceptable basal acquirement base. Our accommodation portfolio is able-bodied adapted and of top quality."

"I am assured that our focused action creates a solid belvedere for acceptable advance in all our curve of business", says Lárus Welding.

For added advice amuse contact:

Lárus Welding
CEO
Tel: +354 440 4005

Alexander K. Gudmundsson
CFO
Tel: +354 440 4656

Bjørn Richard Johansen
MD Corporate Communication
Tel: + 47 47 800 100
brj@glitnir.no

Vala Pálsdóttir
Head of Investor Relations
Tel: +354 440 4989
vp@glitnir.is

Glitnir Bank Consolidated Financial Statements 2007

Glitnir Bank abounding year after-effects 2007

Glitnir Bank Presentation Q4 07

www.glitnirbank.com