Photo of Magnús Bjarnason

Reykjavik/New York/Halifax August 15th 2008 - Glitnir, the leadingprovider of financing and advisory services to the global seafoodindustry, has provided a suite of services to Halifax-basedClearwater Fine Foods, Inc ("CFFI") and its partners in theirofferto take-private Toronto Stock Exchange listed Clearwater SeafoodsIncome Fund (the "Fund"), the controlling entity of ClearwaterSeafoods Limited Partnership .

Glitnir Capital Corporation (New York) seafood advisory teamplayed akey role in bringing together leading strategic and financialpartners into a solid investment consortium as well as instructuringand execution of the transaction. Canada's TD Securitiescollaboratedin the execution effort.

In addition, Glitnir's Credit teams in Canada and Iceland provideddebt financing while Iceland's Capital Markets participatedstronglyin debt restructuring for the transaction, as well as to bring inseveral Icelandic based investors. Equity Investment complementedthis cross-border team effort by providing equity structuringsupport. Together, these coordinated actions re-affirm Glitnir'sdelivery capability as a leading bank within the seafood industry.

Commenting on the transaction, John Risley, President of CFFI andStan Spavold, Executive Vice-President said:

"We are pleased to have had Glitnir as our financial partnerthroughout this highly important transaction for the company. Onceagain, they proved their Advisory execution and deliverycapabilities, deep industry knowledge and ability to participateatall levels of the capital structure"

Magnús Bjarnason, Executive Vice President, International Banking,added:

"This is a major transaction within the seafood industry and wearedelighted to have played such a key role in both its structuringandfinancing. The seafood sector is one of Glitnir's key nicheindustrymarkets, representing our long tradition of service to the sector.Drawing on the breadth of our skills, including M&A advisory,corporate lending, as well as the strength of Glitnir'sinternationalreach and strong presence in Canada out of our Halifax Branch, wehave been able to demonstrate the bank's considerable talents inthisimportant global industry even in times of market turbulence."

About Clearwater

Clearwater Seafoods Limited Partnership (CSLP) is a leadingHalifax-based harvester and processor of premium seafood,includingscallops, lobster, clams, coldwater shrimp, crab and ground fishsupplying quality products to clients all over the world. CSLP iscontrolled by Clearwater Seafoods Income Fund, a Canadian IncomeTrust. In Fiscal Year 2007 CSLP posted Revenues over CA$ 300millionand the Fund currently has a market-based enterprise value upwardsofCA$ 350 million. For more information: www.clearwater.ca

About Glitnir Bank

Glitnir is a Nordic bank, with headquarters in Iceland andoperationsin ten countries. Our home markets are Iceland and Norway, whereweoffer a broad range of financial services, including corporatebanking, investment banking, capital markets, investmentmanagementand retail banking. Outside of our home markets we havesubstantialoperations in the US (Glitnir Capital Corporation), Canada,Finland,Sweden, UK, Luxembourg China and Russia. Glitnir also operate withrepresentative offices to support the global seafood nichestrategyin Chile, Peru and Japan. Glitnir will furthermore open an officeinIndia in the second half of 2008. Our international expansion ismainly driven by two specialized industry sectors - seafood andsustainable energy - in which we have developed significantindustryexpertise built on our Icelandic and Norwegian heritage. Oursharesare listed on OMX in Iceland under the symbol GLB. For moreinformation, please visit: www.glitnirbank.com

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