- Glitnir's Resolution Committee takes over share capital of Moderna Finance AB

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. In so doing, the Resolution Committee
acquires control of Moderna's Icelandic subsidiaries Sjóvá, Askar Capital and
Avant. Work continues on restructuring these companies and the agreement
reached with the Resolution Committee is part of efforts to ensure their
long-term operation. The actions will not affect the Icelandic companies'
day-to-day operations. 
 
The agreement will not affect the sales process which had previously been
initiated for the foreign assets of Moderna Finance AB. Árni Tómasson, chairman
of Glitnir's Resolution Committee has stated that the takeover of share capital
of Moderna Finance AB is part of the normal continuation of the Committee's
work, after plans to restructure the Moderna group proved to be to no avail. 

For further information contact:
Árni Tómasson, chairman of Glitnir's Resolution Committee: +354 898 2994