Fitch puts Glitnir Bank on rating watch negative

Fitch Ratings announced today that it has placed the Glitnir Banks'
credit ratings together with credit ratings of two of its peers in
Iceland on Rating Watch Negative. Fitch expects to resolve the Rating
Watch Negative on the banks over the coming weeks following a more
thorough review of their financial and risk profile.

Fitch press release is attached.

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

Vala Pálsdóttir, Head of Investor Relations, mobile +354-844 4989,
e-mail: vala.palsdottir@glitnis.is.

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