Glitnir Banki hf. Announcement of Change in the Asset Percentage of Covered Bond Programme (the "Programme")

Dated: 3rd of September 2008
GLITNIR BANKI HF.
Kirkjusandur 2
IS-144 Reykjavík
Iceland
(the "Issuer")

Announcement of Change in the Asset Percentage of Covered Bond
Programme (the "Programme")
The Issuer wishes to announce that the maximum Asset Percentage in
respect of each Pool has been reduced to 71.00 per cent from
previously 71.50 per cent.
Series 1 ISK 45,100,000,000 Inflation Linked Covered Bonds due 2051
Series 2 ISK 20,100,000,000 Inflation Linked Equal Payment Covered
Bonds due 2050
(together, the "Covered Bonds")

ISK 100,000,000,000 Covered Bond Programme
The Covered Bonds are admitted to trading on the regulated market of
the OMX Nordic Exchange Iceland hf.
Glitnir banki hf.