GlitnirA focused and well positioned Nordic Bank

Lárus Welding – CEO

March 13 2008

2

Sound revenuemix

High proportion of core income (90% in 2007)

Diversified revenue mix, both by type and geography

Strong Nordicplatform

Full banking and integrated service offering in home marketsIceland and Norway

Advisory and asset management service offering across theNordics supported by no. 2 equity broker position in the region

Unique positionin Niches

Leading global player in Seafood and Geothermal Energy

Strong player in the Norwegian Offshore Service Vessel market

High asset quality Diversified well collateralized loan portfolio

No sub-prime exposure

Favorableunderlyingcountry risk

Norway and Iceland are two of the world’s wealthiest economies

Dependence on strong sectors such as energy, seafood,aluminium and tourism

Executive SummaryStrong and sustainable business model

3

Clear Vision

4

The Journey – Built on Nordic HeritageWell positioned for further international growth

Universal Bankingin Iceland

InternationalExpansion

FutureVision

Domestic consolidator in the financialsector

Kreditbanken, Norway (2004) BNbank, Norway (2005) Norse Securities, Norway (2006) Fischer Partners, Sweden (2006) FIM, Finland and Russia (2007)

Bolt-on acquisitions supporting thestrategy & Vision

Strong organic growth outside Iceland Offices in:

Luxembourg, London, Copenhagen,Shanghai, Halifax & New York

Becoming Glitnir

Strong Nordic Corporate Bank providingintegrated solutions backed byCorporate Finance and Capital Markets

Global leader in Seafood & SustainableEnergy

Universal banking service offering Foundation for Niche expertise

established

1904 – 1997 1998 – 2007 Next five years

Org

anic

dev

elo

pm

ents

Str

ateg

icd

evel

op

men

ts

Note: 1. End of 1997Note: 2. End of 2007

Assets : ISK 89.5 bn1)

PBT : ISK 1.1 bn1)Assets : ISK 2,948.9 bn 2)

PBT : ISK 33.9 mm2)

5

Nordic Player with International Reach...and a global platform and client base in target niches

Corporate Banking Investment Banking Capital Markets

Services provided to Nordic and Niche clients Globally

Glitnir Offices

Seafood

Sustainable Energy

Offshore Service Vessels

6

0

100

200

300

2005 2006 2007

ISK

bn

8%

10%

12%

14%

Niches % of total loan portfolio

Increased emphasis on niche activities

Niche Loan Portfolio (2005-2007)

Niches Loan Portfolio 2007

Integrated service offering to niche clients Well- positioned in growth industries

Seafood: Long-standing position

Sustainable Energy: Unique position in boomingindustry

Offshore Service Vessels: Local niche inNorway, the leading global OSV hub

Break-through year in niche transactions, 42% of2007 CF advisory fees from niche- related activities

OffshoreService

28%

Seafood62%

SustainableEnergy10%

Industry background and heritage in home markets

Dedicated teams of industry experts, academics &professionals serving clients globally

Partnerships with industry associations and networks

Global Niche research and conferences

Niche strategy serves as a spearhead for origination ofcorporate lending, advisory and client relationsinternationally

Successful Concept

Successful Niche Strategy

7

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Chi

na

Peru

Indo

nesi

a

Indi

a

Chi

le

Japa

n

USA

Thai

land

Nor

way

Viet

nam

Icel

and

Can

ada

Mill

ion

MT

Capture Aquaculture

Seafood & Glitnir

Icelandic and Norwegian seafood industry heritage

Seafood teams located in 6 countries providingextensive geographical coverage and global researchon the industry

Glitnir has unique access to strategic partners and keycorporate players in the global seafood industry.

Of today’s top 100 seafood companies, Glitnir has 46%as clients, and 68% either as clients or ongoingrelationships Source: FAO FIGIS Database 2007

0

50.0

100.0

150.0

200.0

250.0

1970 1980 1990 2000 2010 2020 2030

Mill

ion

Ton

s

0

1

2

3

4

5

6

7

8

9

Population

(billion)

Aquaculture

Captured fisheries

World Population

Source: FAO

Fisheries Production and World Population

Global top 12 Suppliers of Seafood 2005

Selected Glitnir Customers

Glitnir Value Proposition

8

Sustainable Energy & Glitnir

Iceland & Norway with < 99% of electricity productionfrom renewables (~9% in the United States), Icelandbeing one of the leaders of geothermal energy utilisation

Focused team of industry experts providing extensiveglobal research and full range of financial services

Strong position among strategic partners and keycorporate players in the global Geothermal industry

Glitnir has client relationships with players representing10% of the world geothermal production

Installed Capacity today 9,000 MW, potential 150,000 MW

Source: Bertani, R. “What is Geothermal Potential”, International Geothermal Association, Glitnir Research ]

2,851 2,851 2,851 2,851

2,916

5,588

12,558

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Current Projected 2015Estimate

2025Estimate

(Additional) Resource Estimates

Projects in Development

Current Installed Capacity

Source: Geothermal Energy Association, “Update on US Geothermal Power Productionand Development, May 10, 2007”; WGA, Geothermal Task Force Report January 2006

Geoth. Electricity Capacity and Potential

U.S. Geoth. Installed Cap. Estimates (MW)

Selected Glitnir Customers

Glitnir Value Proposition

9

Strong and wellpositioned

10

0

1020

3040

5060

7080

90

Q107 Q207 Q307 Q407 2007

ISK

bn

Net Interest Income Net Fees & Comissions

Strong business model

Sustainability of core income strong

Net interest income stable

Fee and commissions sustainable

Other income less than 10%

Cost cutting potential

3.5 bn one off costs in 2007

Good asset quality

Focus on balance sheet management

Core income development

Cost development

Core income up 20.6% in 2007

0

10

20

30

40

50

60

Q107 Q207 Q307 Q407 2007

ISK

bn

11

Stable Net Interest Income

Iceland18.2

Europe10.5

Nordic8.3

International2.0

Total ISK 39.1 bn

2,83,8

5,23,7

5,52,0

2,0

2,13,0

3,51,7

2,0 2,3

2,3

0,8 0,4

0,4 0,5

0,6

2,0

0

2

4

6

8

10

12

Q4 06 Q1 07 Q2 07 Q3 07 Q4 07

ISK

bn

Iceland Europe Nordic International

Loan book grew 24% in 2007

Growth in NII estimated above 10%in 2008 even without increase in theloan book

The loan book is hedged* withregard to duration and currency

Increased funding cost shouldtherefore not materially affectingmargin on existing portfolio

Stable contribution from solid loan book NII by regions 2007

NII by regions

* With the exception of the CAD equity currency hedge and a long position in ISK inflation

12

Sustainable Net Fees and Commissions

Markets17,2

InvestmentManagement

8,6

Retail Banking4,4

InvestmentBanking

6,2

CorporateBanking

2,9

** Excluding Treasury and Other -1.6 bn

Total ISK 37.6 bn

Europe3.0

International0.8

Iceland18.1

Nordic15.7

OMX & OSE

0

500

1,000

1,500

2,000

Jan March May July Sept Nov Jan

Glit

nir

Tur

nove

r(I

SK

bn)

0%1%2%3%4%5%6%7%8%

Market

Share

Capital Markets built on Equity, FX andbond trading volumes

Corporate Finance Advisory with 43% offees from niche related business

Investment Management stable withsubstantial growth and cross sellingpotential

Strong foundation for resilient NF&C NF&C by business lines 2007**

Glitnir is the no. 2 equity broker in Nordics*

* Equity brokerage by turnover on OMX+OSE from January 2007 to January 2008

NF&C by regions 2007**

Total ISK 37.6 bnTurnover Market Share

13

0

10

20

30

40

50

2005 2006 2007

ISK

bn

Iceland Nordic Europe International

Growing contribution from non-Icelandic operations

PBT 2007 by regions PBT 2007 by business lines*CorporateBanking

12.7

Matkets7.2

Retail Banking5.0

InvestmentManagement

1.5

InvestmentBanking

8.1

Iceland48%

Nordic23%

Europe23%

International6%

*Chart excludes Treasury and Other -0.6 bn

Total ISK 33.9 bn

Profit Before Tax

(10)

0

10

20

30

40

50

2005 2006 2007

ISK

bn

Corporate Banking Investment BankingMarkets Retail BankingInvestment Management Treasury & Other

14

Well diversified funding mixSuccessful funding operations in 2007

Consolidated funding mix

Redemption profile (consolidated)

Distribution of LT debt investors (cons.)

Long-term funding equivalent to EUR 6.45 bnduring 2007

Large part of parent’s funding executed in thefirst half of 2007

Well spread maturity profile

Liquidity postion is comfortable with EUR 7billion immediate available funds withmaturing long term debt of EUR 2.5 billion forthe group due for the remainder of 2008

GMTN 29%

FI deposits 2%

Internationalloan markets

5%

AUD MTN 1%

US MTN 8%

Norwegianbond markets

9%

Otherborrowings

14%

Subordinatedloans 4%

Deposits 28%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

EU

Rm

Funding done - Consolidated Refinancing need - Consolidated

Other9%

UK &Ireland12%

Norway17%

Germany16%

USA21%Italy

6%Iceland

7%

Switzerland4%

France2% Austria

2%Australia

2%

Japan2%

15

HOME MARKETS Norway and Iceland are two of the world’swealthiest economies

Main dependence on strong sectors such as energy,seafood, aluminium and tourism

Ability to effect GDP development by increasingutilization of energy sources

INTERNATIONAL Seafood and Sustainable Energy

Increased focus on Niches in the current market

Loans to Niches have higher margins than theaverage portfolio

Strong advisory business related to niches

Niches provide a unique deal flow to Glitnir’s equityinvestments team

Glitnir is fundamentally well positionedIn Home Markets and Internationally

16

Appendix

17

Key Financial Ratios2004 2005 2006 2007

CAD ratio (end of period) 12,6% 12,6% 15,0% 11,2%

Tier 1 capital (end of period) 9,4% 9,9% 10,8% 8,1%

Return on equity after taxes 40,0% 30,3% 39,4% 19,3%

Earnings per share (ISK) 1,13 1,48 2,68 1,86

Average number of full-time employees 1.126 1.216 1.392 1.977

Net interest margin 2,7% 1,9% 2,0% 1,6%

Cost/income ratio 49% 36% 38% 57%

Impairment losses

- as a proportion of average total assets 0,6% 0,2% 0,3% 0,2%

- as a proportion of loans and guarantees 0,7% 0,2% 0,3% 0,2%

Share price (end of period) 11,2 17,3 23,3 22,0

Price/earnings (end of period) 9,5 11,7 8,7 11,7

Dividend per share 0,35 0,38 0,66 0,37

Pay-out ratio 29,7% 25,7% 24,6% 20,0%

Outstanding shares (end of period) 11.081 13.112 14.161 14.729

Share price/book value (end of period) 2,56 2,68 2,26 1,90

Market Capital (ISK bn end of period) 124.107 226.838 329.951 323.302

18

Key Ratios

CAD ratio EPS ROE

43.6%

20.5%29.8% 26.9%

7.1%0%

10%

20%

30%

40%

50%

Q4 06 Q1 07 Q2 07 Q3 07 Q4 07

0.19

0.550.660.46

0.64

0.00

0.25

0.50

0.75

1.00

Q4 07Q3 07Q2 07Q1 07Q4 06IS

K

8.6311.70 12.03 12.12 11.7

0.0

5.0

10.0

15.0

20.0

Q4 06 Q1 07 Q2 07 Q3 07 Q4 07

2.26 2.60 2.76 2.481.9

0.0

1.0

2.0

3.0

4.0

5.0

Q4 06 Q1 07 Q2 07 Q3 07 Q4 07

323418419398

330

0

100

200

300

400

500

Q4 07Q3 07Q2 07Q1 07Q4 06

ISK

billi

on

9.4% 8.5% 8.1%

3.2% 3.1%

11.6%10.8%

2.6%4.2%3.8%

11.2%11.7%13.2%14.2%15.0%

0%

4%

8%

12%

16%

Q4 06 Q1 07 Q2 07 Q3 07 Q4 07Tier 1 Tier 2

P/E P/BMarket Capitalization

19

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