Glitnir has signed a three-year Syndicated Term Loan Facility for EUR 550,000,000. This is the largest syndicated facility ever signed by Glitnir, and the bank's largest single credit issuance so far this year. Altogether 29 international banks in 12 countries contributed to the facility. The terms are 30 basis points above EURIBOR, or 38 basis points if fees are included. The facility was originally set at EUR 300,000,000 when it was opened for participation on 16 October, but in view of the 83% oversubscription from the market, it was raised to its final sum of EUR 550,000,000. Most of Glitnir's financing this year has taken the form of private placements, with the exception of two subordinated issues that took place in June and September. On 13 November this year the bank announced a bond issue in the USA for USD 500 million. The bank thus completed two public issues for a total of about EUR 950,000,000 in little over a week. According to Ingvar H. Ragnarsson, Executive Director of International Funding, demand for the loan was very strong, as was the case with the bond issue ten days ago: "In recent months we have made it a priority to market Glitnir in various markets, and the Bank has been very favorably received. This loan is largely from European banks, and it is very gratifying to see how much faith the banks hold in Glitnir, as is reflected both by the over-subscription and by the favorable loan terms." The mandated lead arrangers of the facility were Fortis Bank SA/NV, HSH Nordbank AG, ING Bank N.V., London Branch, Natexis Banques Populaires, the Royal Bank of Scotland plc and Sumitomo Mitsui Banking Corporation Europe Limited. For further information, please contact Ingvar H. Ragnarsson, Executive Director of International Funding, phone +354 440 4665, e-mail: [email protected] Bjorn Richard Johansen, Managing Director for Communications, phone +47-47 800 100, e-mail [email protected] About Glitnir Glitnir is a leading financial group, with Iceland and Norway as home markets, that offers universal banking and is a leading niche player in three global segments; sustainable energy, seafood/food, and offshore supply vessels. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of banks in Luxembourg (Glitnir Bank Luxembourg S.A) and Norway (BNbank and Glitnir bank, Glitnir Securities and Glitnir Kapitalforvaltning, the factoring company Glitnir Factoring, as well as 50.1 percent of Union Gruppen). Glitnir's subsidiary BNbank own 45 per cent of the shares in Norsk Privatøkonomi ASA. Norsk Privatøkonomi ASA is an independent financial advisory company with 12 branches in key areas of Norway. Glitnir own the leading Swedish brokerage firm Fischer Partners. The bank has a branch in London and in Copenhagen, Denmark. Glitnir has an office in Halifax, Canada. Glitnir plans to open an office in Shanghai, China in December 2006. Glitnir is listed on the Icelandic Stock Exchange. For more information go to: www.glitnirbank.com in English, www.glitnir.is in Icelandic and www.glitnir.no in Norwegian.