Nobel Peace Prize laureate Dr. Rajendra Pachauri joins the Board ofGlitnir's Sustainable Future Fund

Reykjavik/Oslo - 27 June 2008 - Glitnir Bank has announced the launchof "Save&Save", a unique deposit product which the Bank will offer tocustomers in its two main markets of Iceland and Norway. In duecourse, Glitnir Bank will extend the product's reach into otherinternational territories. The Save & Save concept will givecustomers a favourable interest rate while simultaneously allocatingfunds to a new global environmental fund whose objective is tosupport environmental projects, focused on sustainable energy and asustainable seafood industry.

This unique attribute of the product is that Glitnir will add aminimum of 0.1% annually of total funds in Save&Save customeraccounts, as a contribution to the development of the Glitnir GlobeSustainable Future Fund. Customers will therefore benefit from anattractive rate on their deposits while helping to addressenvironmental issues. The Glitnir Globe Sustainable Future Fund isexpected to become an important vehicle in financing research anddevelopment particularly within the areas of sustainable energy and asustainable seafood industry, two fields of significant expertise forGlitnir. The Fund is expected to accumulate up to EUR 4 millionwithin a few years, thus becoming one of the largest private fundssupporting research into sustainable development.

The Fund's Board of Directors will include Nobel Peace Prize laureateDr. Rajendra Pachauri, Johann Olav Koss, CEO of Right To Play andKristín Ingólfsdóttir, Dean of the University of Iceland togetherwith Grete Waitz and Jack Waitz, the renowned Norwegianphilanthropists. The Board will be chaired by Mr. Árni Magnusson,Managing Director of Glitnir's Sustainable Energy Team. The Boardwill be extended as the Save&Save concept grows into new markets.

Business has an important role in facilitating sustainableDevelopment

"The aim for our new deposit program will be to strengthen ourposition in international deposit markets. Our objective is toincrease our total loan-to-deposit ratio from 35% to 50% over thenext few years. I am confident that with this new deposit program,together with our niche sector strategy, we will furtherdifferentiate Glitnir from our competition in international markets"said Glitnir's CEO, Lárus Welding.

"Glitnir Bank wants to play its part as a creative force in ourplanet's future development by generating resources for the GlitnirGlobe Sustainable Future Fund. The Fund's Board will make decisionson policy, and we hope to be able to make a difference with ourinitiative", said CEO Lárus Welding. Glitnir has already allocatedinitial capital of EUR 205,000 and expects that the Fund size willgrow rapidly as the deposit product is launched in various markets.

"I am delighted and privileged to be on the Board of the GlitnirGlobe Sustainable Future Fund. I am looking forward to working withGlitnir on this initiative", says Dr. Rajendra Pachauri in a comment.Dr Pachauri knows Glitnir well, based on his knowledge of the Bank'sgeothermal projects and through its expansion plans in India. Dr.Pachauri is an economist and environmental scientist who has servedas the Chair of the Intergovernmental Panel on Climate Change (IPCC)since 2002. He is also the Director General of the Energy andResources Institute in New Delhi, an institution devoted toresearching and promoting sustainable development. On December 10,2007, Dr. Pachauri accepted the Nobel Peace Prize on behalf of theIPCC, together with co-recipient Al Gore.

The Centre of Excellence for the deposit project is located inTrondheim, Norway, where Glitnir works closely with IBM and EDBBusiness Partner AS to develop customer friendly products andservices. Save & Save account holders will be invited to influencethe selection of projects which will benefit from the initiative viaa poll on the product's web pages.

For more information:Bjørn Richard Johansen, Managing Director, Corporate Communication -Global,mobile +47-47 800 100, e-mail: brj@glitnir.no and www.glitnirbank.comMár Másson, Head of Corporate Communication - IcelandMobile +354 844 4990, e-mail: mm@glitnir.is

About Glitnir Bank

Glitnir is a Nordic bank, with headquarters in Iceland and operationsin ten countries. Our home markets are Iceland and Norway, where weoffer a broad range of financial services, including corporatebanking, investment banking, capital markets, investment managementand retail banking. Outside of our home markets we have operations inFinland, Sweden, UK, Luxembourg, US, Canada, China and Russia. Wewill furthermore open an office in India in the second half of 2008.Our international expansion is mainly driven by two specialisedindustry sectors - seafood and sustainable energy - in which we havedeveloped significant industry expertise built on our Icelandic andNorwegian heritage. Our shares are listed on NasdaqOMX in Icelandunder the symbol GLB. For more information, please visit:www.glitnirbank.com

Notes to Editors:

The Glitnir Global Sustainable Future Fund's Board has beenestablished with the following distinguished members:

Árni Magnusson, Iceland, Chairman,

Árni Magnússon is the leader of Glitnir's global sustainable energyteam. He joined Glitnir in March 2006 as Director of the GlobalSustainable Energy business unit of the bank. He is educated at TheBusiness School of Bifröst, The University of Iceland and TheUniversity of Akureyri. He worked as a journalist and news editorfor eight years, both with newspapers, radio and TV. Árni was thePolitical advisor to the Minister for Industry and Commerce in1995-1999 and the Minister for Foreign Affairs and External Trade in1999-2001. He was Managing Director for the Progressive Party, oneof Iceland's leading political parties, from 2001-2003. He waselected a member of the town council of Hveragerði in 1998 and againin 2002. He was elected a Member of Parliament 2003-2006 andappointed Minister for Social Affairs 2003-2006. Mr. Magnusson hasbeen on the board of many projects, institutions and companies,including the energy company Enex and the Icelandic InternationalDevelopment Agency, ICEIDA, where he served as Chairman.

Dr. Rajendra Pachauri, India, Board Member,

Dr. Rajendra Kumar Pachauri (born August 20, 1940, Nainital, India)is an economist and environmental scientist who has served as thechair of the Intergovernmental Panel on Climate Change (IPCC) since2002. Pachauri is also the director general of the Energy andResources Institute in New Delhi, an institution devoted toresearching and promoting sustainable development. On December 10,2007, Dr. Pachauri accepted the Nobel Peace Prize on behalf of theIPCC, along with co-recipient Al Gore. Dr. Pachauri has beenassociated with many academic and research institutes. He was on theBoard of Directors of the Indian Oil Corporation (January 1999 toSeptember 2003); Board of Directors of GAIL (India) Ltd. (April 2003to October 2004); National Thermal Power Corporation Ltd (August 2002to August 2005); the Board of Governors, Shriram Scientific andIndustrial Research Foundation (September 1987); the ExecutiveCommittee of the India International Centre, New Delhi (1985onwards); the Governing Council of the India Habitat Centre, NewDelhi (October 1987 onwards); and the Court of Governors,Administrative Staff College of India (1979-81). In acknowledgementof his environmental contributions, Dr. Pachauri was awarded thePadma Bhushan in 2001 - one of India's highest civilian awards thatrecognises distinguished service to the nation

Johann Olav Koss, Norway/Canada, board member

Johann Olav Koss is a former speed skater, considered to be one ofthe best in history. Mr. Koss lives in Toronto, Canada. He is the CEOof the international charity organisation Right To Play. Right ToPlay uses sport and play as a tool for the development of childrenand youth in the most disadvantaged areas of the world. Koss had atotal of twenty-three World Cup wins, while winning four overallWorld Cup titles. In 1994, the final year of his speed skatingcareer, Koss gained fame outside the speed skating world by winningthree gold medals at the 1994 Winter Olympics in his native Norway,winning all races in new world records, two of which would remainunbeaten until the clap skate era. For his performance, he was namedSports Illustrated magazine's Sportsman of the Year in 1994, togetherwith Bonnie Blair. In addition, he received the Oscar Mathisen Awardin Norway three times: in 1990, 1991, and 1994. After his speedskating career, Koss trained as a physician. He became a UNICEFambassador and a member of the International Olympic Committee (until2002).

Grete Waitz and Jack Waitz, Norway, board members

Grete Waitz is a legendary athlete, nine times winner of New YorkCity Marathon and silver medallist in the 1984 Olympic Gamesmarathon. She won the 1983 World Championship marathon, and she wasthe first woman to break 2hours:30minutes in the marathon. She hasaccomplished numerous other athletic achievements, and received St.Olav's medal (the highest ranking public acknowledgement for acivilian in Norway) for outstanding citizenship from King Olav in1982. She was the first non-French person to be awarded the MoniqueBerlieux Prize from the French Academy of Sports. Mrs. Waitz has,since her retirement from competitive running, worked on promotingsustainable values, health and fitness worldwide. Grete and herhusband and close partner Jack Waitz have been heavily involved inthe cancer association in Norway and in the US, after she contractedthe disease some years ago. For more than 25 years, Grete Waitz hasserved as an ambassador for the worldwide JPMorgan Chase CorporateChallenge which is focused on promoting health and wellness tofull-time workers.

Kristín Ingólfsdóttir, Iceland, board member

Dr. Kristín Ingólfsdóttir became President and Dean of the Universityof Iceland in July 2005, as the first woman to hold the positionduring the University's 100 year history. Prior to taking office,Ingólfsdóttir was professor at the University of Iceland's Faculty ofPharmacy. Mrs. Ingólfsdóttir received her first degree in pharmacy atthe University of Iceland and her doctorate from the University ofLondon in the field of pharmaceutical chemistry and pharmacognosy.She has served as Member of the Icelandic Research Council, DeputyBoard Member of the Council for Science and Technology PolicyResearch Fund, Chairman of the Icelandic Cancer Society's ScienceCouncil and delegate on the Board of the Nordic Academy for AdvancedStudy, NorFA. She has also been a member of the Medicine Council ofthe Icelandic Medicines Control Agency and served as representativeat the European Medicines Agency (EMEA). She is currently a boardmember of the Nordic University Association (NUS) and council memberof the European University Association (EUA). For her contribution toeducation and research, Mrs. Ingólfsdóttir was honoured with theMykolas Romeris Award, granted by the Mykolas Romeris University,Vilnius, Lithuania on June 29, 2006 and made Knight of the Order ofthe Falcon by Dr. Ólafur Ragnar Grímsson, President of Iceland onJanuary 1, 2007.

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