Correction: Straumur delays the publication of annual accounts

5 May 2009

On 9 March 2009 the Financial Supervisory Authority of Iceland (FME)
assumed the powers of the shareholders meeting of Straumur Burdaras
Investment Bank hf. (Straumur/the Bank) and suspended the Banks'
Board immediately. Further, the FME appointed a Resolution Committee
that took over all authority of the Board of Directors. On 17 March a
new CEO was hired.

On 19 March the District Court of Reykjavik granted Straumur a
moratorium on payments to creditors; the moratorium process expires
on 11 June 2009, as announced on 19 March.

The restructuring of Straumur is now in process and the management of
the Bank has met with Straumur's creditors to facilitate a financial
and operational restructuring of the Bank as announced on 30 March
and 17 April.

Due to Bank's situation the 2008 annual accounts have yet to be
finalised. The preparation of the accounts is estimated to be
completed in May and then made public in accordance with Article 57
of the Act on Securities Transactions.

The FME granted Straumur a permission to turn in the Bank's annual
accounts to the FME in the end of May. The FME's permission did not
warrant Straumur to delay the publication of the Bank's annual
accounts as could be deduced from Straumur's earlier notification.

For further information contact:
Georg Andersen
Head of Corporate Communications
Phone: +354 585 6707
georg@straumur.com