Statement from the Resolution Committee of Glitnir hf.

Glitnir hf. and Bjarni Ármannsson, former CEO of Glitnir, have reached an agreement on the repayment of the premium paid in share transactions between companies owned by Bjarni Ármannsson with Glitnir upon his termination of employment in April 2007.

Glitnir hf. recently requested that Bjarni Ármannsson and companies owned by him repay the premium in question plus contractual interest. This request was agreed to. Glitnir is pleased that Bjarni Ármannsson considers himself obliged to respond to its initiative, with this agreement as a result. The payment made amounts to over ISK 650 million.

Just over one year ago Bjarni Ármannsson repaid on his own initiative payment made to him upon his termination of employment, amounting to a total of ISK 370 million. His payments to the bank following his termination of employment have therefore amounted to approximately ISK 1,020 million.

This represents a final settlement between the parties, including as well the cancellation of bond claims by companies owned by Bjarni Ármannsson against the bank amounting to approximately ISK 273 million. No other claims exist from Bjarni Ármannsson or companies owned by him against the bank.

On behalf of the Resolution Committee,
Árni Tómasson