Straumur-Burðarás Fjárfestingabanki hf. - Changes board/management/auditors

Benedikt Gíslason appointed Managing Director

16 May 2008

Straumur-Burdaras Investment Bank hf. ("Straumur") has appointed
Benedikt Gíslason as Managing Director and Head of Capital Markets,
Proprietary Trading and Merchant Banking, including Straumur Capital
Management ("SCM"). Benedikt was previously Managing Director of
Capital Markets at FL Group. Prior to joining FL in April 2007, he
was Managing Director of Proprietary Trading at Straumur. Other
previous positions include working in capital markets for the
Icelandic Investment Bank (FBA) and Íslandsbanki. Benedikt holds a
CSc in engineering from the University of Iceland and is a certified
stock broker.

Says William Fall, Straumur's CEO: "We are delighted to welcome
Benedikt back to our team. His extensive experience both domestically
in the Icelandic capital market, as well as through his international
activities, will add a critical dimension to our company."

Says Benedikt Gíslason: "I'm very pleased to be rejoining Straumur.
The Bank has come a long way in a short period of time and I believe
there are many exciting opportunities for us going forward."

Straumur's current Managing Directors of Proprietary Trading,
Flemming Bendsen and Fredrik Sjöstrand, will continue their role
within the company but will report to Benedikt in the future.

For further information contact:
Ólafur Teitur Gudnason
Media Relations
tel: +354 858 6778
e-mail: olafur.gudnason@straumur.net