The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to wholesale depositors of Glitnir Bank hf.

4.11.2008

On 31. October 2008, the Financial Supervisory Authority, Iceland (the FME) obtained confirmation that Glitnir Bank hf. had not been able on 3. October 2008 to render payment of certain wholesale deposits in the United Kingdom in accordance with applicable terms. It is the opinion of the Financial Supervisory Authority, Iceland (the FME) that on the same day, Glitnir bank hf. was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.

Therefore, with regards to the aforementioned, the Depositors' and Investors' Guarantee Fund (the Fund) has become obligated to render payments in accordance with Article 9 of Act No. 98/1999 on Deposit Guarantees and Investor Compensation Scheme, to Glitnir Bank‘s customers who did not receive the amount of their wholesale deposits.

Further information may be found at the Fund's website (http://www.tryggingarsjodur.is/).

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