Glitnir acts as a market maker for Glitnir's Covered Bonds

Glitnir banki hf. will act as a market maker for Glitnir Bank's
Covered Bonds. Glitnir has committed to making daily bid and ask
offers before the market opens each trading day, for a minimum of ISK
100,000,000 at nominal value. The maximum bid-ask spread shall not
exceed 0.5%.

If offers are accepted, Glitnir is obliged to make new offers within
10 minutes. If Glitnir's trades reaches ISK 500,000,000 at nominal
value, the bank is no longer obliged to keep the minimum spread of
0.5%.

If, at any point of time, Glitnir bank hf. owns one-third or more of
outstanding bonds, the bank is no longer obliged to make bid offers.
Further, if the bank does not own any bonds, the bank is not obliged
to make ask offers.

The agreement is effective as of Tuesday 25 March 2008.