Glitnir banki hf. - Company Announcement

Moody's changes rating on Glitnir bond

Reykjavik,  01  October  2008  -  Moody's  Investors  Service   today
downgraded Glitnir Covered Bond to  Aa1 from Aaa. The ratings  remain
on review for possible further downgrade.


For further information contact:

Sigrun Hjartardottir, Head of Investor Relations, sihj@glitnir.is ,
mobile + 354 844 4748
Bjørn Richard Johansen, Managing Director of Global Corporate
Communication, brj@glitnir.no mobile +47 47 800 100


About Glitnir Bank
Glitnir is a Nordic bank, with headquarters in Iceland and operations
in ten countries. Our home markets are Iceland and Norway, where we
offer 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.
Our international expansion is mainly driven by two specialised
industry sectors - seafood and sustainable energy - in which we have
developed significant industry expertise built on our Icelandic and
Norwegian heritage. Our shares are listed on NasdaqOMX in Iceland
under the symbol GLB