- Moody's changes rating on Glitnir Bank

Reykjavik 12 February 2009     Moody's Investors Service yesterday downgraded
Glitnir Bank's long-term foreign and local currency deposit ratings to C from 
Caa1. The Banks E financial strength rating and Not Prime short-term local and
foreign currency ratings were affirmed. The outlook on all ratings is stable. 

For further information contact:
Kristján Davíðsson, Managing Director, Glitnir bank hf., E-mail:
kd@glitnirbank.com, Tel: +354 440 4517