direct/ Glitnir (IS) - Glitnir publishes industry report: China Leads World in Seafood Output and Consumption

"Ocean of Opportunities 2007" Conference comes to Shanghai for the first time

Shanghai/Reykjavik - 5 November 2007 - Following the success of last year´s conference in Halifax, Canada, Glitnir Bank brings the "Ocean of Opportunities" conference to Shanghai, China for the first time. It is the fifth time the leading seafood bank hosts the international "think-tank" for the top global seafood companies. The latest edition of Glitnir´s 2007 China Seafood Industry Report, which provides valuable insights and independent analytical thinking of the current state of the seafood industry, was published at the conference. This report, which is one of the most credible and established sources of information and analysis of the seafood sector, points out that China is the global leader of both seafood output and consumption.

"The recent strategic consulting agreement with Fu Ji Holdings and the setting up of Glitnir´s representative office in Shanghai last year, demonstrate the bank´s belief and confidence in the opportunities and high potential that China as a market entails. Glitnir is determined and fully committed to better serving its clients in their strategic decisions and investment plans for the Chinese seafood industry", says Larus Welding, CEO of Glitnir Bank.

The annual seafood consumption in China is currently 26 kilos per capita and is expected to increase by 40 per cent over the next decade to 36 kilos per capita.

"China by far is the largest exporter of seafood, outstripping the number 2 country more than fourfold. Currently, China represents some 35 percent of total global seafood production. It´s fast growing farming competency and cost advantage , continues to attract investors to the country", says Kristján Th. Davídsson, head of Glitnir´s global seafood team, adding that the vast potential of China as a fast growing seafood market is another rapidly developing attraction.

The report further highlights the potential of shrimp as an increasingly important species. It states that last year, shrimp production in China rose by 14.7%. Given the easiness to raise and the ability to fetch a relatively quick profit thanks to the cost-effective production system, Glitnir predicts that the emphasis on the country´s aquaculture industry might soon add shrimp as an important species in addition to tilapia and other species already being farmed.

The high growth in production and export of seafood products is driven by demands from both the domestic and the overseas market, which is believed to bring unprecedented growth opportunities to investors.

To access the entire report, contact Glitnir´s seafood team at seafood@glitnir.is or brj@glitnir.no. You can also visit www.glitnir.is/seafood or download it from http://www.glitnir.is/English/Markets/Reports/?BirtaGrein=618285

For further information:

Magnús Bjarnason, Executive Vice President for International Banking, Glitnir.
Tel: +354 844 4523

Kristján Th. Davídsson, head of Glitnir´s global seafood team.
Tel: +354-844 4517, e-mail: kristjan.davidsson@glitnir.is

Jiang Zhu, Executive Director & Chief Representative, China,
Tel: +86 21 5882 5088, email: jiang.zhu@glitnirbank.com

Bjørn Richard Johansen, Managing Director, Corporate Communications, Glitnir.
Tel: +47-47 800 100, e-mail: brj@glitnir.no

For photos: please e-mail: akj@glitnir.no

About Glitnir

The financial group and investment bank Glitnir offers universal banking and financial services, with the Nordic region as its home base. Glitnir is a leading niche player in three global industry segments: seafood/food, sustainable energy, and offshore services vessels. The group´s services include retail, corporate and investment banking, stock trade/brokerage and capital management. Glitnir considers Iceland and Norway its home markets. The Glitnir group has operations in Iceland, Norway, Sweden, Denmark, Finland, the UK, Luxembourg, Russia, USA (Glitnir Capital Corporation), Canada and China. Glitnir is listed on the Icelandic Stock Exchange. For more information see www.glitnirbank.com

http://www.glitnir.com



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