direct/ Glitnir (IS) - Glitnir consolidates Executive Management: Sveinung Hartvedt appointed new EVP for Glitnir Markets

Morten Bjørnsen, head of Nordic Banking, to take seat in the Executive Management Board Frank O. Reite takes on new role as EVP for Strategic Growth & Business Development

Link to photos of Sveinung Hartvedt, new Executive Vice President of Glitnir Market, and Frank O. Reite, Executive Vice President, Strategic Growth & Business Development in Glitnir

Sveinung Hartvedt

Frank O. Reite

Reykjavik/Oslo/Stockholm/Helsinki, 9 May 2007 - Sveinung Hartvedt, Vice President Equity at DnB NOR Markets, has been appointed Executive Vice President of Glitnir Markets, which has operations in Iceland, Norway, Sweden, Finland and Russia. Hartvedt takes over from Frank O. Reite, who becomes Executive Vice President for Strategic Growth & Business Development within Glitnir. As part of the latest recruitment plan, Glitnir has strengthened its Executive Management board with both Morten Bjørnsen heading banking in the Nordic countries and Sveinung Hartvedt heading Capital Markets, joining the Executive Management board. Boosting the management board with leading experts will enable Frank O. Reite to focus fully on the strategic development and integration of the companies acquired by the group in the Nordic region. "Strengthening top management with experienced leaders, who have proven track records of creating shareholder value is key to our future success, says Lárus Welding," CEO of Glitnir.

"To manage our strong and profitable growth we continue to strengthen our management team. With industry leaders like Reite, Hartvedt and Bjørnsen on the team, Glitnir is set to minimise its risks and become an even stronger market player," says Lárus Welding, CEO of Glitnir.

"Frank O. Reite will work closely with me to analyze growth opportunities, head external acquisitions, develop and facilitate integration processes and serve as a resource for developing and maintaining Glitnir´s business plan," commented Lárus Welding. Reite will continue as chairman for the Glitnir companies that are currently in a development phase, for example FIM in Finland and Glitnir Property Holding in Norway and Sweden. Frank O. Reite will continue to have responsibility for the Nordic countries until Morten Bjørnsen takes over August 1 and for Glitnir Markets until Sveinung Hartvedt joins the bank September 1.

As Executive Vice President for Glitnir Markets, Sveinung Hartvedt takes on management of a division with approximately 300 employees in five countries. At the end of first quarter 2007, Glitnir had a market capitalisation of EUR 4.5 billion and EUR 25.3 billion in total assets. Glitnir Markets´ researchers follow more than 200 listed companies on a daily basis. As part of Glitnir´s goal to grow its markets business, Hartvedt will be tasked with extending the operations of Glitnir Markets to more of the countries in which the bank currently has offices or plan to open office.

"As a result of a smart and targeted acquisition strategy, Glitnir is now number two in the Nordic equity markets*. I´ve been impressed with what Glitnir and in particular Frank O. Reite, as the individual responsible, have accomplished over a short period of time in terms of expanding the group´s capital markets business. I look forward to contributing to Glitnir´s further growth," said Sveinung Hartvedt.

Glitnir is now a strong player in the Nordic securities market. Based on statistics published by OMX and Oslo Stock Exchange, Glitnir is the second largest equity broker in the Nordic countries in terms of market turnover*, with operations in five countries; Iceland, Norway, Sweden, Finland and Russia (the latter two as a result of the recent acquisition of FIM). Glitnir has increased its market share substantially in 1 year, from 0.8% Q1 2006 to 6.05% Q1 2007. The strong increase is a result of both organic growth and the acquisitions of Norse Securities (now Glitnir Securities), Fischer Partners (now Glitnir AB) and FIM Group (tender offer closing 16 May). The combined market share for Glitnir and FIM during the first three months of 2007 was 26% in Iceland, 6.66% in Finland, 6.28% in Sweden, 5.63% in Norway and 3.24% in Denmark.

"Our strong position in brokerage underpins Glitnir´s general position as a leading financial service provider in the Nordic region. Sveinung Hartvedt will help us take Glitnir Markets to the next level, and I am proud to announce his appointment as my first top-level recruitment to Glitnir," said Lárus Welding.

Marketshare Equity Trading Nordics Q1
Skandinaviska Enskilda Banken AB 7.53 %
Glitnir/FIM 6.05 %
Morgan Stanley & Co. International LTD 5.99 %
Carnegie Investment Bank AB 5.83 %
Svenska Handelsbanken AB 4.44 %

"Glitnir has shown very positive development and is fast becoming a strong brand in the markets where we operate. Glitnir´s employees are known for their professionalism and dedication, and I look forward to contributing to their strong team," said Hartvedt.

Sveinung Hartvedt has a solid track record in markets operations. Over the past 10 years, he has held several management positions in DnB NOR Markets. Before starting in DnB NOR Markets in 1997, he worked first as a broker and later as Head of Markets in FIBA Nordic Securities AS, and from 1989-1994 as a broker and Head of Research at Carnegie. As a Bachelor of Commerce (Siviløkonom) from the Norwegian School of Economics and Business Administration in Bergen, Norway, Hartvedt started his career as a journalist for the Norwegian business magazine Kapital.

For further information, please contact:

Lárus Welding, CEO, Glitnir: mobile +47-47 800 100
Frank O. Reite, Executive Vice President for Strategic Growth & Business Development in Glitnir: mobile +47-915 80 604
Sveinung Hartvedt, Executive Vice President, Glitnir Markets: mobile +47-909 31 368
Bjørn Richard Johansen, Managing Director, Corporate Communication, Glitnir:
e-mail: brj@glitnir.no, mobile +47-47 800 100

For photos, please contact: akj@glitnir.no

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 68.1 percent of the shares in the leading Finnish asset management company FIM, with operations around Finland and in Stockholm and Moscow. (Glitnir has made a tender offer for all shares in FIM). 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. For more information: www.glitnirbank.com

*Note: Based on Stocks, Equity Rights, Equity Warrants, ETFs, UCITs, Premium Bonds, Convertibles and Warrants traded on the Nordic Exchange. Double counted. Sources: OMX statistics:
http://omxgroup.com/nordicexchange/Themarket/Statisticsanalysis/details/?releaseId=269016&lang=EN

Oslo statistcs:
http://www.oslobors.no/servlet/BlobServer?blobtable=Document&blobheader= application2Fvnd.msexcel&blobwhere=1175227668727&blobcol=urlblob&blobkey= id&1175227668727.vnd.ms-excel

Iceland Statistics:
http://www.omxgroup.com/static/iceland_archive/monthly_stat/200703/
http://www.omxgroup.com/static/iceland_archive/member_stat/200703/

http://www.glitnirbank.com



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