The Icelandic Financial Supervisory Authority (FME) has granted Straumur-Burdarás Investment Bank hf.(“Straumur”) a commercial banking licence. It is not expected that the new licence will make a substantial impact on the Bank's operations. The Financial Supervisory Authority has granted Straumur a commercial banking licence. The licence will enable the Bank to solicit deposits in its current markets, and it intends to begin doing so immediately in Iceland and Denmark. Straumur's Finnish subsidiary, eQ, already has a commercial banking licence and therefore has the authority to receive deposits, and the Bank's operations in Finland are funded to a large degree through deposits. The Bank does not expect to begin offering conventional commercial banking services to individuals and corporations; for example, through the operation of branches. The commercial banking licence takes effect on August 29th 2007. Straumur was granted an investment banking licence in 2004. Today it is the largest investment bank in Iceland. As a conglomerate, Straumur offers comprehensive, integrated banking services, including capital markets, corporate finance, debt finance, and asset management services. The Bank currently employs a staff of over 440. Further information can be obtained from Haukur Hauksson (haukur.hauksson@straumur.net), Director of Investor Relations, at +354 858 6744.