Glitnir Strengthens Seafood Team and Focus on South America: Appoints Business Directors in Chile and Peru

REYKJAVIK, ICELAND–(EMWNews – August 22, 2008) – Glitnir has recruited two new business

directors for Chile and Peru to be based in Santiago and Lima respectively.

Glitnir thereby strengthens its global network of expertise within the

seafood industry.

Mr. Wilfredo Cáceres, former chairman of Copeinca ASA, is Glitnir’s new

representative in Peru, while Mr. Vicente Perez joins Glitnir in Chile with

responsibility for Glitnir’s operations in Chile, Argentina and Uruguay

after 15 years as CEO of Congelados Pacifico S.A. Glitnir is currently

preparing applications for Representative Office licenses in Chile and Peru

in order to follow up on the bank’s success in Latin America, and to

provide better service to the customers.

“We are extremely happy to have Vicente and Wilfredo onboard the Glitnir

Team. To have people of their calibre joining the bank is still another

statement of Glitnir’s strength. This will not only build new opportunities

for our business in South America, but also create opportunities in other

regions seeking targets for European, US and Asian companies in South

America,” says Jón Gardar Gudmundsson, Glitnir’s Managing Director for Asia

& Latin America.

Mr. Wilfredo Cáceres is Glitnir’s representative in Peru. He is the former

chairman of Copeinca ASA, which is the third largest fishmeal player in the

world. Mr. Cáceres has worked closely with Glitnir during the past three

years — most recently on the private placement and listing of the Peruvian

agribusiness Camposol. Mr. Cáceres has also been financial manager of the

most important Peruvian mining company, Cia. Minera Milpo, and director and

shareholder of FIMA, the country’s most important metal mechanics company.

Mr. Cáceres is 50 years old and holds a degree in economics from the

University of Pacifico, Peru and an MBA degree from IESE Business School,

Spain. He has already started working full time with Glitnir.

The Peruvian fish meal and fish oil industries are among the growing

industries in the country, which has a long tradition as a fisheries

nation. The country has experienced tremendous economic growth in the past

few years, with more than a doubling of its GDP between 2003 and 2007.

Glitnir assisted Copeinca with listing on the Oslo Stock Exchange in

January 2007.

Mr. Vicente Perez is Glitnir’s representative in Chile. He has 18 years’

experience in the seafood sector in Chile and internationally and has for

the past 15 years worked as a CEO for Congelados Pacifico S.A. in Chile,

focusing on both salmon farming and whitefish capture and processing. Mr.

Perez’ other work experience includes sectors like shipping, cold storage

and feed production. He has served as a board member, partner or/and an

executive of various companies in the extractive fishing sector, with

operations in Chile and abroad with great emphasis on the international

aspect of the industry. Mr. Perez is 48 years old and holds a Bachelor

Degree in Business Administration from the University of Tarapaca, Chile.

He started working for Glitnir on 1 July.

Glitnir plays an important role in the Chilean market and has worked on

various projects with some of the country’s leading seafood companies such

as e.g. Aquachile, El Golfo, Trusal, Marine Harvest, Salmones Cupquelan and

Invertec. The region also has a great potential for geothermal energy,

which is another of Glitnir’s main niches. Although the main focus in the

region for the bank in the near future remains on the seafood sector, there

are also plans to tap into the geothermal sector in the near future.

Magnús Bjarnason, Executive Vice President of International Banking in

Glitnir, says that “As a part of aligning Glitnir’s strategy, we feel it is

important to have people on the ground in strategic markets. Our two new

business directors are great assets for Glitnir’s international strategy

and we welcome them on board the Glitnir team.”

“With the recruitment of Mr. Cáceres and Mr. Perez, we are taking a logical

next step in our business development in South America, where many of the

world richest fishing resources are located and the whole seafood segment

has a great potential,” says Kjartan Olafsson, Glitnir’s global Seafood

Director.

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. Glitnir will furthermore open an office in

India in the second half of 2008. Glitnir also operate with representative

offices to support its global niche strategy in Chile, Peru and Japan. 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.

Glitnir Capital Corporation is a non-banking subsidiary of Glitnir banki

hf. For more information, please visit: www.glitnirbank.com

Photo of Mr. Vincente Perez, Glitnir’s representative in Chile:

http://hugin.info/133924/R/1245610/269063.jpg

For further information, please contact: Bjørn Richard Johansen Managing Director, Corporate Communication Mobile +47-47 800 100 e-mail: [email protected] E-mail [email protected]