Glitnir banki hf. - Company Announcement

Moody's assigns definitive Aaa ratings to Glitnir's first Covered Bonds

Moody's Investors Service announced on Thursday that it had assigned
a definitive rating of Aaa to Glitnir Bank's first two issuances of
Icelandic Covered Bonds. These two new Covered Bonds are issued under
the ISK 100 Billion Icelandic Covered Bond programme of Glitnir:

Series 1: ISK 16,000,000,000 Covered Bond due 2050 (ISIN
XS0354719014)

Series 2: ISK 40,000,000,000 Covered Bond due 2051 (ISIN
XS0354719527)

The Covered Bonds are bonds issued directly by Glitnir and benefit
from the security provided by a pool of Icelandic residential housing
loans.

Moody's press release is attached.

For further information, please contact:
Ingvar Ragnarsson, Managing Director, Treasury, tel. +354 440 4665,
mobile +354 844 4665 and e-mail: ingvar.ragnarsson@glitnir.is.

Vala Pálsdóttir, Head of Investor Relations, mobile +354-844 4989,
e-mail: vala.palsdottir@glitnis.is.

Attachments:

Press release (PDF)

Moodys announcement