On 24 November 2008 the District Court of Reykjavik granted a Moratorium order on Glitnir hf. The Moratorium is not a bankruptcy proceeding and does not affect Glitnir's banking licences or its ability to operate as a bank in those jurisdictions where that is appropriate.

The Resolution Committee of Glitnir hf. („Old Glitnir“), has appointed Kristjan Davidsson as Managing Director. Mr. Davidsson formerly acted as Managing Director within Glitnir's Global Seafood division. He will work closely with the Resolution Committee, Glitnir‘s employees and advisors.

The Resolution Committee of Glitnir hf. has today held the first meeting of the Informal Creditors’ Committee (the “ICC”), made up of representatives of key creditors of Glitnir. The meeting proved constructive and covered a broad range of topics. Further information in respect of the meeting will be made available on the website (www.glitnirbank.com) in due course. It is anticipated that the next meeting will be held within one month.

The Resolution Committee of Glitnir bank are pleased to announce the appointment of the UK limited liability partnership of Deloitte & Touche LLP (“Deloitte”) to assist with the communication and consultation with all remaining creditors of Glitnir bank including its international branches, following the transfer of all of Glitnir bank’s deposits in Iceland into New Glitnir Bank hf, as announced on 15 October 2008.