FL GROUP hf. and subsidiaries (FL Group) and Jötunn Holding ehf. have signed a shareholder agreement stipulating the cooperation that the companies intend to have regarding the exercise of shareholding in Glitnir banki hf. According to the agreement the companies will cooperate on the election of board members at shareholders meetings in Glitnir banki hf. The aim of the parties is to ensure a clear and firm policy of continuing build up and growth of Glitnir banki hf., to the benefit of the company, its customers and shareholders. The companies will agree upon which individuals they will endorse to take a seat in the Board of Directors of Glitnir banki hf., and exercise their voting in the same way in elections to the Board of Directors at shareholders meetings in the company. Otherwise the companies are uncommitted to each other on the exercise of their shareholding in Glitnir banki hf. According to the agreement the companies are free to reduce or increase their shareholding in Glitnir banki hf., but the combined shareholding cannot exceed 39.9% according to the agreement. In its letters dated 25 April 2007, the Financial Supervisory Authority notified those concerned that it was reviewing whether a new qualifying holding had been established in Glitnir banki. The Financial Supervisory Authority pointed out in its letters that FL Group and Jötunn Holding ehf. were possibly related parties according to law on financial undertakings. Due to these views put forward by the Financial Supervisory Authority the parties concerned consider it vital to terminate any uncertainty in this regard and inform the shareholders of Glitnir banki hf., financial markets analysists, public bodies and the financial market in general, that FL Group and Jötunn Holding ehf. have embarked upon the said cooperation from this day forward. FL Group is now approved to exercise up to 33% qualifying holding in Glitnir banki hf. Thus, and with a reference to the aforementioned agreement FL Group and Jötunn Holding ehf. will apply for an approval of the Financial Supervisory Authority to exercise up to 39.9% qualifying holding in Glitnir banki hf. Today FL Group has 31.97% shareholding in Glitnir banki hf. and Jötunn Holding ehf. has 6.85% shareholding. While the Financial Supervisory Authority is processing the application the parties anticipate that Jötunn Holding will not enjoy voting rights in Glitnir banki hf. West Coast Capital, which is majority owned by Sir Tom Hunter has 60% shareholding in Jötunn Holding ehf., Baugur Group hf. has 30% shareholding and Fons eignarhaldsfélag ehf. has 10% shareholding. Stefán H. Hilmarsson is the CEO of Jötunn Holding ehf. Further information: FL GROUP Kristján Kristjánsson Tel:+354 591 4427 Jötunn Holding Stefán H. Hilmarsson Tel: +354 530 7800
Notification on an agreement on the exercise of sharholding in Glitnir banki hf.
| Source: FL GROUP hf.