This past week Glitnir’s assets in Norway, which have been impounded since the bank’s collapse last October, were released. The action gives the bank’s Resolution Committee unrestricted control over its assets in Norway, which are valued at around ISK 100 billion.

Glitnir’s Resolution Committee has reached agreement with Milestone ehf., enforcing its charge on the entire share capital of Moderna Finance AB, a subsidiary of Milestone ehf. in Sweden.

Glitnir’s Resolution Committee and the Central Bank of Luxembourg (BCL) have signed an agreement providing for settlement of debts for Glitnir’s subsidiary, Glitnir Bank Luxembourg S.A. BCL is part of the network of European central banks in member countries of the Eurosystem.

Moderna Finance AB, a subsidiary of Milestone ehf. in Sweden, has concluded agreements for the sale of its insurance company Moderna Försäkringar and asset management company Aktie Ansvar. The company also intends to sell the life insurance company Moderna Liv and the bank Banque Invik.

On 19 February 2009 the District Court of Reykjavik ruled in favour of Glitnir’s request for an extension to the Moratorium order originally granted on 24 November 2008. The extension period is to end on 13 November 2009.

The Resolution Committee of Glitnir bank is pleased to announce the appointment of UBS Securities LLC (“UBS”) to act as financial and capital markets advisor to the Resolution Committee in connection with certain matters relating to the restructuring of Glitnir bank.

On 24 November 2008 the District Court of Reykjavik granted a Moratorium order on Glitnir hf. The Moratorium is not a bankruptcy proceeding and does not affect Glitnir's banking licences or its ability to operate as a bank in those jurisdictions where that is appropriate.

The Resolution Committee of Glitnir hf. („Old Glitnir“), has appointed Kristjan Davidsson as Managing Director. Mr. Davidsson formerly acted as Managing Director within Glitnir's Global Seafood division. He will work closely with the Resolution Committee, Glitnir‘s employees and advisors.

The Resolution Committee of Glitnir hf. has today held the first meeting of the Informal Creditors’ Committee (the “ICC”), made up of representatives of key creditors of Glitnir. The meeting proved constructive and covered a broad range of topics. Further information in respect of the meeting will be made available on the website (www.glitnirbank.com) in due course. It is anticipated that the next meeting will be held within one month.

The Resolution Committee of Glitnir bank are pleased to announce the appointment of the UK limited liability partnership of Deloitte & Touche LLP (“Deloitte”) to assist with the communication and consultation with all remaining creditors of Glitnir bank including its international branches, following the transfer of all of Glitnir bank’s deposits in Iceland into New Glitnir Bank hf, as announced on 15 October 2008.