- Decision on restriction of the voting rights


The Financial Supervisory Authority has instructed Glitnir Bank hf. to post the
following notice on the OMX prior to the shareholders' meeting on 30 April
2007: 

“Decision on restriction of the voting rights of FL Group hf., Elliðahamar
ehf., Jötunn Holding ehf. and Sund ehf. and their related parties in Glitnir
Bank hf. 

The Financial Supervisory Authority has been studying the question of whether a
collaboration has been undertaken concerning the exercise of a qualifying
holding in Glitnir Bank hf. following trading in shares in the Bank last 5
April. “Related parties” in the case of FL Group hf. refers to that company and
its subsidiaries. In the case of Elliðahamar ehf., the reference is to that
company and its subsidiary, Elliðatindar ehf. In the case of Sund ehf., the
reference is to that company and its subsidiary, Sund Holding ehf. The
conclusion of the Financial Supervisory Authority is that the above parties are
collaborating with FL Group on the exercise of a qualifying holding in Glitnir
Bank hf. in the understanding of Paragraph 2 of Article 40 of Act No. 161/2002
on Financial Undertakings, cf. Paragraph 2 of Article 40(a) and Sub-section 4
of Paragraph 3 of Article 40(a) of the Act. Since the above parties have not
obtained the approval of the Financial Supervisory Authority to exercise the
qualifying holding, the Financial Supervisory Authority has taken the measure
of restricting their joint voting rights in the company to 32.99% pursuant to
Article 45 of the Act.”