Glitnir banki hf. - Company Announcement

Moody's changes rating on Glitnir Bank

Reykjavik, 9  October  2008  - Moody's  Investors  Service  yesterday
downgraded Glitnir  Bank's financial  strength rating  ("BFSR") to  E
from D and its long-term  foreign and local currency deposit  ratings
to Caa1 from  Baa2. The Bank's  short-term rating to  Not Prime  from
Prime 2.  The bank's deposit and debt ratings remain under review for
possible downgrade


For further information contact:

Sigrun Hjartardottir, Head of Investor Relations, sihj@glitnir.is ,
mobile + 354 844 4748

Attachments:

091008.doc