9 March 2009 In spite of its strong capital position and the support of funding banks Straumur Burdaras Investment bank hf. (Straumur) believes that its liquidity position is no longer strong enough to sustain its activities. The Icelandic Financial Supervisory Authority (IFSA) has therefore decided to assume the powers of a meeting of the shareholders of Straumur and immediately suspend the Board in its entirety. Further, the IFSA hereby appoints a Resolution Committee, which will take over all authority of the Board of Directors. As a result of this Straumur is closed. According to a statement from the government of Iceland dated 6 October 2008, all deposits of Icelandic commercial banks are fully secured. Straumur is a licensed commercial bank and is a member of The Depositors' and Investors' Guarantee Fund. Further to this, William Fall, CEO of Straumur, has tendered his resignation for the company, effective immediately. For further information, contact The Financial Supervisory Authority - Iceland (FME) Phone: +354 525 2700 fme@fme.is Georg Andersen Senior Vice President, Head of Corporate Communications Tel: +354 585 6707 georg@straumur.com
The Icelandic FSA decision regarding Straumur Burdaras Investment bank hf.
| Source: Straumur-Burðarás Fjárfestingabanki hf.