Glitnir banki hf. - Company Announcement

S&P changes rating on Glitnir Bank

Reykjavik, Iceland 7 October 2008

Standard & Poor's Rating Services announced today that it is lowering
its counterparty  credit  rating  on Glitnir  Bank  to  'CCC/C'  from
'BBB+/A-2'. The  agency furthermore  states that  it will  lower  its
ratings on the bank's hybrid capital instruments to 'CC'. The  rating
has been placed on CreditWatch with negative implications.


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





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.

Attachments:

S&P announcement.doc

Press Release from S&P.pdf