- Glitnir Property Group and Leimdörfer create leading Nordic real estate adviser

New, leading Nordic real estate advisor formed:

Stockholm/Oslo/Reykjavik - 17 April 2007 - The leading Nordic commercial real
estate adviser, Glitnir Property Holding, is created through the combination of
the Norwegian Glitnir Property Group (the parent company of Glitnir
Næringsmegling AS and UNION Eiendomskapital AS, former UNION GRUPPEN) based in
Oslo and the Swedish real estate adviser Leimdörfer AB with offices in
Stockholm and Helsinki, Finland. This is one important step in the strategy to
become the leading real estate advisor in the Nordic market. The new entity
will be owned by Glitnir banki hf (Glitnir) (70 percent) and the former
partners of UNION Gruppen, Union Eiendomskapital and Leimdörfer (30 percent).
The combined proforma value of Glitnir Property Group's and Leimdörfer's
transactions in 2006 was approx. EUR 5 billion. 

Leimdörfer is a leading Swedish real estate adviser operating in the Nordic
property market. The company was founded in 1992 and has 40 employees.
Leimdörfer has very successfully focused on four business areas; brokerage,
corporate finance, financing advisory and strategic advisory. 

Glitnir Property Group is located in Oslo and is the leading Norwegian real
estate adviser and successfully focuses on brokerage, syndication and financing
advisory. The company owns Glitnir Norsk Næringsmegling AS, UNION
Eiendomskapital AS and Glitnir Real Estate AS. Glitnir Norsk Næringsmegling is
the leading Norwegian real estate brokerage firm. UNION Eiendomskapital manages
real estate funds and syndicated projects with assets of approx. EURO 1
billion. Their largest fund under management is Storebrand Eiendomsfond. 

The formation of the new entity is the result after of a process where the
Norwegian company Glitnir Property Holding AS, the parent company of Glitnir
Property Group, has entered into an agreement to acquire 91 percent of the
shares in the Swedish company Leimdörfer Holding AB. The purchase of Leimdörfer
is done by a combination of cash settlement and an issue of new shares in
Glitnir Property Holding AS. The price paid does not materially affect the
financial situation of Glitnir banki hf. Peter Leimdörfer will be Managing
Director of the new company and Frank O. Reite will be the Chairman of the
board. 

“We have clearly stated our intention to grow in the real estate market. The
merger between Glitnir Property Group and Leimdörfer is a future proof to this
strategy. Glitnir is already a strong, established player in the Norwegian real
estate market. The merger with Leimdörfer will consolidate our position as
adviser in the Swedish and Finnish real estate markets. By joining forces with
Leimdörfer, we aim to expand both our services and geographical scope in the
Nordic real estate markets“, said Bjarni Ármannsson, CEO of Glitnir. 

- The Swedish market is one of the most active in Europe and is highly
interesting, but as it is dominated by a few domestic players, it has been very
difficult to gain significant entrance says Lars P. Fasting, partner in the new
entity. By joining forces with Leimdörfer, our clients will be able to take
advantage of Leimdörfer's substantial research capability and strong
international network. 

- Joining forces with a proactive financial group like Glitnir, with a strong
presence in all Nordic countries and a global network in banking and finance,
will provide us with the opportunity to offer our clients even better advisory
services in cross border transactions says Peter Leimdörfer that will take on
the role as Managing Director in the new entity. Further, based on Glitnir´s
significant financial strength, we will be able to expand into new markets. 

The parties have agreed not to disclose the terms of the transaction. The
transaction is planned to be completed by the end of May and is subject to
regulatory approvals in Sweden and Iceland. 

For more information:
Peter Leimdörfer, Managing Director and partner, Glitnir Property Holding,
mobile +46 70 567 91 44, e-mail: peter.leimdorfer@leimdorfer.se 
Bjørn Richard Johansen, Managing Director, Corporate Communication, Glitnir, 
e-mail: brj@glitnir.no, mobile +47 47 800 100

For photos, please contact: akj@glitnir.no 

About Glitnir
The financial group Glitnir offers universal banking and is a leading niche
player in three global segments; seafood/food, sustainable energy, and offshore
services vessels. Glitnir considers Iceland and Norway its home markets.
Services include retail, corporate and investment banking, stock trade and
capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir
Bank Luxembourg S.A) and banks and financial services companies in Norway
(BNbank, Glitnir Bank ASA, Glitnir Securities, Glitnir Factoring and Glitnir
Property Holding (with partners). Glitnir's subsidiary BNbank owns 45 percent
of the shares in Norsk Privatøkonomi ASA, an independent financial advisory
company with 14 branches in key areas of Norway). In Sweden, Glitnir owns the
leading Swedish brokerage firm Glitnir AB. The group also recently acquired
68.1 percent of the shares in the leading Finnish asset management company FIM,
with operations around Finland and in Stockholm and Moscow. Glitnir operates
branches in London and Copenhagen. The group has representative offices in
Halifax, Canada and Shanghai, China, and plans to open an office in New York in
2007. Glitnir is listed on the Icelandic Stock Exchange. Glitnir closed the
books for 2006 with a record profit and a return on equity after tax of 39.4
percent. 

For more information: www.glitnirbank.com  

About Leimdörfer
Leimdörfer is a leading advisor in the Nordic property market. Since Leimdörfer
was founded in 1992, the company has built a solid track record of successfully
executed transactions in the Nordic property market. By combining cutting edge
financial skills with in-depth insight into the Nordic property market,
Leimdörfer offers a unique set of property related financial and strategic
advisory services. Leimdörfer offers advisory services across the following
areas: Property Transactions (EUR 13+ billion in successfully executed property
transactions), Corporate Finance (lead financial advisor in 10 of the last 18
public-to-private property transactions in Sweden), Property Financing (EUR 1+
billion of financing arranged), Strategic Advisory (25+ independent advisory
mandates since 2000), Leimdörfer operates in the Nordic property markets, with
offices in Stockholm and Helsinki and a team of 40 employees. For more
information: www.leimdorfer.com. 

About Glitnir Property Group
Glitnir Property Group is located in Oslo and is the leading Norwegian real
estate adviser and successfully focuses on brokerage, syndication and financing
advisory. The company owns Glitnir Norsk Næringsmegling AS, UNION
Eiendomskapital AS and Glitnir Real Estate AS, with a total of 30 employees.
Glitnir Norsk Næringsmegling, with 17 employees, is the leading Norwegian real
estate brokerage firm. The company acted as advisor in transactions totaling
approximately EUR 1.5 billion in 2006, and had a turnover of EUR 18 million.
UNION Eiendomskapital manages one of Norway's largest real estate funds,
Storebrand Eiendomsfond and have a total under property fund management of
approximately EURO 1 billion. UNION Eiendomskapital has 10 employees and had a
turnover of EUR 7 million in 2006.