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Bjarni Armannsson Invests in Glitnir Property Holding.

Reykjavik and Oslo, Dec 27, 2007 - (ACN Newswire) - Bjarni Armannsson, former CEO of Glitnir Bank, signed an agreement, after closing of market on Friday 21st of December, to buy 12% of Glitnir Property Holding (GPH), a subsidiary of Glitnir Bank, for ISK 970 million. Glitnir Bank's remaining share inGlitnir Property Holding after the transaction will be 48.8%. The agreement is subject to the approval of the Board of Directors of Glitnir Property Holding and the 21 partners making up the remainder of the shareholding in GPH.

Glitnir's gainfrom the sale of 12% share amounts to approximately ISK 300 million. Additionally, previously deferred capital gains of ISK 1.5 billion are realized as GPH will no longer be part of the consolidated accounts. According to the most recent transactions, the unrealized fair value gains of the share amounts to approximately ISK 1 billion.

Bjarni Armannsson will be nominated to the board of Directors of GPH. Currently the Board consists of the following members: Larus Welding, Alexander Guomundsson, Morten Bjornsen, Knut Marius Stokke, Bjorn Henningsen, Peter Leimdorfer, Petter Bjornstad and Frank O. Reite, Chairman.

"I'm very pleased with this transaction. I have always been struck by the exceptional combination of creativity, drive anddetermination of the people working in GPH, which has given GPH unrivalled market recognition. I look forward to working with the other owners, management and employees to further develop the business into a leading player in the commercial real estate advisory sector, including its investment management segment," says Bjarni Armannsson.

"We are very pleased to have Bjarni Armannsson on board. Together with Frank Reite, he was instrumental in setting up Glitnir's real estate business and developing it into Glitnir Property Holding in early 2007. Glitnir will continue to be a shareholder and support GPH, as we foresee good potential to create further value for Glitnir's shareholders", says L--rus Welding, CEO of Glitnir Bank.

AboutGlitnir Property Holding

Glitnir Property Holding (GPH) is a leading Nordic based commercial real estate adviser, focusing on transaction advisory, investment management, syndication and financing advisory services. GPH is a holding company ownedby Glitnir Bank (48.8%) and other active partners (51.2%) when latest transaction taken into the account. GPH owns 100% of the shares in Glitnir Property Group AS (GPG), 100% in BSA AS and 90% in Leimdorfer Holding AB.

GPG owns Glitnir Norsk Naeringsmegling AS, Union Eiendomskapital AS and Glitnir Real estate AS. Glitnir Norsk Naeringsmegling is the leading Norwegian commercial property advisory firm, and acted as adviser in transactions with a total value of more than EUR 1.5 billion in 2006. Union Eiendomskapital is a leading investment management firm that focuses on structuring, financing and managing real estate projects, and has a total of approx. EUR 1.2 billion in property assets under management.

GPH has offices in Oslo, Stockholm, Helsinki and Frankfurt with 84 employees.

About Glitnir Bank

Glitnir is a Nordic bank, with headquarters in Iceland and operations in ten countries. Our home markets are Iceland and Norway where we offer a broad range of financial services, including corporate banking, investment banking, capital markets, investment management and retail banking. Outside of our home markets we have operations in Finland, Sweden, UK, Luxembourg, US, Canada, China and Russia. We will furthermore open an office in India in the second half of 2008. Our international expansion is mainly driven by two specialized industry sectors - Seafood and sustainable energy - in which we have developed significant industry expertise built on our Icelandic and Norwegian heritage. Our shares are listed on OMX in Iceland under the symbol, GLB (IR:GLB). For more information see www.glitnirbank.com .

Source: Glitnir Bank

Contact:
Larus Welding,
CEO Glitnir
Tel: +47 47 800 100

Frank O. Reite,
Chairman, Glitnir Property Holding
Mobile: +47 915 80 604

Bjarni Armannson,
Incoming investor in Glitnir Property Holding
Mobile +354 844 4002

Bjorn Richard Johansen,
Managing Director, Corporate Communication, Glitnir
E-mail: brj@glitnir.no
Mobile +47 47 800 100


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Publication:ACN Newswire
Date:Dec 27, 2007
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