Glitnir advises on public-to-private transaction of Clearwater Seafoods Income Fund, a leading Canadian seafood company

REYKJAVIK, ICELAND–(EMWNews – August 15, 2008) –

Photo of Magnús Bjarnason

Reykjavik/New York/Halifax August 15th 2008 – Glitnir, the leading

provider of financing and advisory services to the global seafood

industry, has provided a suite of services to Halifax-based

Clearwater Fine Foods, Inc (“CFFI”) and its partners in their

offer

to take-private Toronto Stock Exchange listed Clearwater Seafoods

Income Fund (the “Fund”), the controlling entity of Clearwater

Seafoods Limited Partnership .

Glitnir Capital Corporation (New York) seafood advisory team

played a

key role in bringing together leading strategic and financial

partners into a solid investment consortium as well as in

structuring

and execution of the transaction. Canada’s TD Securities

collaborated

in the execution effort.

In addition, Glitnir’s Credit teams in Canada and Iceland provided

debt financing while Iceland’s Capital Markets participated

strongly

in debt restructuring for the transaction, as well as to bring in

several Icelandic based investors. Equity Investment complemented

this cross-border team effort by providing equity structuring

support. Together, these coordinated actions re-affirm Glitnir’s

delivery capability as a leading bank within the seafood industry.

Commenting on the transaction, John Risley, President of CFFI and

Stan Spavold, Executive Vice-President said:

“We are pleased to have had Glitnir as our financial partner

throughout this highly important transaction for the company. Once

again, they proved their Advisory execution and delivery

capabilities, deep industry knowledge and ability to participate

at

all levels of the capital structure”

Magnús Bjarnason, Executive Vice President, International Banking,

added:

“This is a major transaction within the seafood industry and we

are

delighted to have played such a key role in both its structuring

and

financing. The seafood sector is one of Glitnir’s key niche

industry

markets, 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’s

international

reach and strong presence in Canada out of our Halifax Branch, we

have been able to demonstrate the bank’s considerable talents in

this

important global industry even in times of market turbulence.”

About Clearwater

Clearwater Seafoods Limited Partnership (CSLP) is a leading

Halifax-based harvester and processor of premium seafood,

including

scallops, lobster, clams, coldwater shrimp, crab and ground fish

supplying quality products to clients all over the world. CSLP is

controlled by Clearwater Seafoods Income Fund, a Canadian Income

Trust. In Fiscal Year 2007 CSLP posted Revenues over CA$ 300

million

and the Fund currently has a market-based enterprise value upwards

of

CA$ 350 million. For more information: www.clearwater.ca

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

substantial

operations in the US (Glitnir Capital Corporation), Canada,

Finland,

Sweden, UK, Luxembourg China and Russia. Glitnir also operate with

representative offices to support the global seafood niche

strategy

in Chile, Peru and Japan. Glitnir 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. For more

information, please visit: www.glitnirbank.com

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