Over 97% of FIM shareholders accepted Glitnir shares as payment Glitnir Bank now holds 98.28% in FIM Group Reykjavík/Helsinki 21 May 2007: Glitnir Bank closed its tender offer on 16 May for all issued and outstanding shares and option rights in FIM Group and now holds total of 98.28% of FIM shares. Glitnir announced its intention to acquire FIM on February 5th, when the bank received undertakings from the 11 largest shareholders, holding 68.1%, to sell their shares to Glitnir. Over 97% of all FIM shareholders accepted a 50/50 combination of Glitnir shares and cash as payment. FIM will enter the consolidated accounts as of April 1. ”We are extremely pleased with the acceptance of FIM shareholder to Glitnir's offer. Owners of over 97% of FIM shares took the advantage of receiving half of their payment paid in Glitnir shares. Now as we have the tender offer behind us we can fully integrate FIM into the group. We have exciting times ahead of us in building up a new revenue stream in Glitnir, Investment Management, led by Jan Forsbom. We have broadened the offering of funds to our clients and are further strengthening our corporate finance and Nordic equity brokerage with a solid platform in Finland," said Lárus Welding, CEO Glitnir. The final result of the offer has, after recounting, been confirmed following the confirmation by redemption offer agencies of the number of final redemption orders. Glitnir's holding in FIM after termination of the tender offer, is a total of 41,951,451 shares representing about 98.28%t of shares issued by FIM and of votes attached to them. The consideration offered was 8.00 EUR per share, representing a market capitalization of EUR 341 million. In the Tender Offer shareholders were offered a combination of cash and Glitnir shares as payment or cash only. The value of the Glitnir shares was ISK 24.8 per share being the closing price on the Icelandic Stock Exchange on 15 January 2007. The ISK/EUR exchange rate is 91.44 being the mid rate published by the Icelandic Central Bank on 16 January 2007. Glitnir has decided to fully use the company's own shares held by Glitnir as the payment of the consideration shares of the combined consideration. Glitnir will initiate measures under the Finnish Companies Act to redeem the shares of FIM held by other parties than Glitnir. Glitnir will publish more information on the procedure separately. Further information: Bjorn Richard Johansen, Managing Director, Corporate Communications, tel: +47 47 800 100 or e-mail: bjr@glitnir.no. Vala Pálsdóttir, Head of Investor Relations, tel. 354-440-4989 or e-mail: vala.palsdottir@glitnir.is. News related to Glitnir Bank's acquisition of FIM Group: http://www.glitnir.is/English/AboutGlitnir/News/Default.aspx?ItemId=967 http://www.glitnir.is/English/AboutGlitnir/News/Default.aspx?ItemId=1029 About Glitnir The financial group Glitnir offers universal banking and is a leading niche player in three global segments; seafood/food, sustainable energy, and offshore services vessels. Glitnir considers Iceland and Norway its home markets. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway (BNbank, Glitnir Bank ASA, Glitnir Securities, Glitnir Factoring and Glitnir Property Holding (with partners). Glitnir's subsidiary BNbank owns 45 percent of the shares in Norsk Privatøkonomi ASA, an independent financial advisory company with 14 branches in key areas of Norway). In Sweden, Glitnir owns the leading Swedish brokerage firm Glitnir AB. Glitnir Property Group recently acquired 91 % of the shares in Leimdörfer AB, the leading commercial real estate advisor in Sweden. The group own 98.28 percent of the shares in the leading Finnish asset management company FIM, with operations around Finland and in Stockholm and Moscow. Glitnir operates branches in London and Copenhagen. The group has representative offices in Halifax, Canada and Shanghai, China, and plans to open an office in New York in 2007. Glitnir is listed on the Icelandic Stock Exchange (GLB). For more information: www.glitnirbank.com