- Stephen Jack assumes management responsibility for Straumur's Treasury Division

REYKJAVIK & LONDON - Stephen Jack, Chief Financial Officer of Straumur-Burdaras
Investment Bank (“Straumur”) is extending his role to include full management
responsibility for Treasury, including Investor Relations.  His appointment to
this position follows the resignation of Svanhildur Nanna Vigfúsdóttir, who had
been Head of Treasury since 2005. 

William Fall, Chief Executive Officer of Straumur commented: “We are delighted
that Stephen has agreed to extend his CFO brief to lead our Treasury division. 
Straumur's business model has changed dramatically in the past twelve months
and having an integrated approach to our financial divisions is key to
generating long-term shareholder value.  We are determined to broaden ownership
of Straumur's stock into the international markets and establish equity
research coverage by international brokerages. Stephen has the experience and
qualities necessary to help us achieve these targets. 

We would like to thank Svanhildur Nanna Vigfúsdóttir for her work for the Bank
and we wish her all the best in the future.” 

Between 2004 and 2006, Jack was Group Finance Director of Collins Stewart
Tullett plc. Before that he spent three years as CFO at Tullett & Tokyo Liberty
plc and two years as Global CFO at ING Barings. Prior to that, Jack had a 13
year career at Dresdner Kleinwort Benson where he held a number of senior
finance positions. 

For further information, please contact: 
Georg Andersen (georg@straumur.net) 
Director of Investor Relations 
+354 585 6707.