Glitnir Advises on Public-to-Private Transaction of Clearwater Seafoods Income Fund, a Leading Canadian Seafood Company

Photo of Magnús Bjarnason: http://hugin.info/133924/R/1243786/268013.jpg

REYKJAVIK, ICELAND and NEW YORK, NY and HALIFAX, NS–(EMWNews – August 15, 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

Photo of Magnús Bjarnason: http://hugin.info/133924/R/1243786/268013.jpg

http://www.glitnirbank.com