Glitnir banki hf. - Company Announcement

Fitch changes Glitnir Bank's long and short-term credit rating

Reykjavik 9 May, 2008 - Fitch Ratings Services announced today that
it has lowered its long-term counterparty credit ratings on Glitnir
Bank from A to A-, with a negative outlook and as a result  the
short-term rating  is lowered from F1 to F2 with a stable outlook.
The B/C individual rating was confirmed.
 "This result  reflects   Fitch's  view that  there  continues  to  be
uncertainty on  the development  of   the Icelandic   economy",  says
Ingvar Ragnarsson, Managing Director of Treasury at Glitnir. "Glitnir
performed well in the first quarter of 2008, in a challenging market,
with core income growing by 8.6% and costs reducing by 12% quarter on
quarter.  Glitnir  demonstrated  its  inherent  strengths  with   the
generation  of  ISK  7.7bn  pre-tax profits  in  the  first  quarter,
confirming the Bank's underlying resilience and flexibility.
 
We would like to point out  that in their press release Fitch  states
the following about Glitnir:
 "Glitnir's   ratings   reflect   the   bank's   adequate   underlying
profitability, its good asset quality."
 "Fitch views  positively  Glitnir's EUR8.7bn  liquidity  position  at
end-March 2008, which should help it meet expected refinancing  needs
despite the bank's reliance on wholesale funding."
 "...the agency notes  the sound outlook  in Norway, Glitnir's  second
home market, and in its  renewable energy and seafood industry  niche
businesses."
 
 
Fitch press release is attached.
 
Glitnir first quarter results:
http://www.glitnirbank.com/investor-relations/financial-reports/
 
 
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, tel. +354 440 4989,
mobile +354-844 4989, e-mail: vala.palsdottir@glitnir.is.
 
Bjørn Richard Johansen, Managing Director, Corporate Communication,
mobile +47-47 800 100, e-mail: brj@glitnir.no.
 
 
About Glitnir bank:
Glitnir is a Nordic bank, with its headquarters in Iceland and
operations in ten countries.  The Bank's home markets are Iceland and
Norway where it offers a broad range of financial services, including
corporate banking, investment banking, capital markets, investment
management and retail banking.  Outside of our home markets we have
operations in Finland, Sweden, UK, Luxembourg, US, Canada, China and
Russia. We will furthermore open an office in India in the second
half of 2008.  Glitnir's international expansion is mainly driven by
two specialized industry sectors - seafood and sustainable energy -
in which the bank has developed significant industry expertise built
on its Icelandic and Norwegian heritage.  Glitnir's shares are listed
on NASDAQ OMX in Iceland under the symbol GLB.

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Fitch announcement