Moody's reviews Glitnir's rating for possible downgrade

Moody's Investors Service announced today that they have placed on
review for possible downgrade the Aa3 long-term rating and C bank
financial strength rating ("BFSR") of Glitnir banki hf. Glitnir's P-1
short term rating was affirmed.

According to the release the three largest Icelandic commercial
banks, have now been placed on review for possible downgrade.

Moody's announcement is attached:

For further information contact:
Ingvar H. Ragnarsson, Managing Director, Treasury, phone +354 440
4665,
mobile +354 844 4665, e-mail: ingvar.ragnarsson@glitnir.is .

Vala Pálsdóttir, Head of IR, phone: +354 440 4989, mobile: +354 844
4489,  e-mail: vala.palsdottir@glitnir.is.

Bjørn Richard Johansen, Managing Director, Corporate Communication,
mobile +47-47 800 100, e-mail: brj@glitnir.no .