S&P changes Glitnir Bank's counterparty rating

Reykjavik, Iceland 29 September 2008

Standard & Poor's Rating Services announced today that it is lowering
its counterparty credit rating on Glitnir Bank to 'BBB/A-3' from
'BBB+/A-2'. The agency furthermore states that it will lower its
ratings on the bank's hybrid capital instruments to 'BB'. The outlook
on Glitnir remains negative.

This is announced on the back of S&P's downgrade on the rating of the
long- and short-term foreign currency sovereign credit rating of the
Republic of Iceland from 'A/A-1' to 'A-/A-2' also announced today.
The Republic's local currency sovereign credit was also downgraded
from 'AA- / A-1+' to 'A+ / A-1'.

Further information:
Vilhelm Mar Thorsteinsson, Executive Vice President of Treasury, +354
440 4012

Sigrun Hjartardottir, Head of Investor Relations, sihj@glitnir.is ,
mobile + 354 844 4748

Bjorn Richard Johansen, Managing Director of Global Corporate
Communications, brj@glitnir.no , mobile +47 47 800 100




About Glitnir bank:
Glitnir is a Nordic bank, with its headquarters in Iceland and
operations in ten countries.  The Bank's home markets are Iceland and
Norway where it offers 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. We will furthermore open an office in India in the second
half of 2008.  Glitnir's international expansion is mainly driven by
two specialized industry sectors - seafood and sustainable energy -
in which the bank has developed significant industry expertise built
on its Icelandic and Norwegian heritage.  Glitnir's shares are listed
on NASDAQ OMX in Iceland under the symbol GLB.