• ISB Holding ehf. owned by Glitnir banki hf., which holds a 95% share in the bank, appoints six highly experienced individuals to the Board
• The Icelandic State Banking Agency, as holder of a 5% share,  appoints one member based on nominations by a selection committee
• Mr. Fridrik Sophusson, former CEO of Landsvirkjun and former Minister of Finance elected chairman at shareholders' meeting
• Among members are four overseas experts in the field of banking and finance

A new Board of Directors has been appointed for Íslandsbanki.Six members out of the seven are appointed by ISB Holding ehf. owned by Glitnirbanki hf. which holds a 95% share in the bank. The Icelandic State BankingAgency (ISBA) appoints one member based on nominations from a selectioncommittee.

GlitnirBank's Resolution Committee, on behalf of its creditors, decided on 15 October 2009to acquire a 95% share in Íslandsbanki with the Icelandic government holdingthe remaining 5% of shares. The new Members of the Board all have comprehensiveexperience in business, financial markets and management.

At ashareholders' meeting held on 25 January 2010 Mr. Fridrik Sophusson, formerMinister of Finance and former CEO of Landsvirkjun hf., was elected chairman. Thecompany's articles of association stipulate that a shareholders' meeting electsthe chairman directly.

Thefollowing six people have been appointed on behalf of ISB Holding hf., owned byGlitnir bank hf.:

Mr. Neil Graeme Brown
Neil Graeme Brown, a British national, has extensiveexperience of finance and restructuring of international businesses. Amongpositions held by Mr. Brown are head of buyouts and financial services at ApaxPartners and partner at Coopers & Lybrand (now PwC). Mr. Brown has 20 yearsof experience in international private equity and is an expert in US andEuropean M&A markets. Furthermore, he has listed companies on the London, AIM and Nasdaqmarkets. Mr. Brown has served and serves as a board member for a number ofinternational companies.

Mr. Brown holds a M.A. degree in business fromEmmanuel College Cambridge and is an associate of the Institute of CharteredAccountants (ACA). 

Mr. John E. Mack
John E.Mack, a USnational, has many years' experience in international banking and M&A.Moreover he has thorough knowledge of the development of best-practicecorporate governance.  He was Corporate ExecutiveOfficer and CFO of Shinsei Bank in Tokyofrom 2002 - 2005 where he managed the Bank's Global IPO. Prior to that, hespent 27 years working for Bank of America (BoA) and its affiliates, mostrecently as a funding executive for the Parent Company. John Mack has specificexperience in corporate work-outs and problem loans through his former role asdirector of Strategic Solutions, Inc., a majority-owned subsidiary of BoA.

Mr.Mack holds an MBA from the Universityof Virginia, Darden School of Businessand an undergraduate degree in Economics from Davidson College.

Mr. RaymondJ. Quinlan
Raymond J.Quinlan, a USnational, has a wide ranging career in financial markets. Mr. Quinlan workedfor Citigroup, Inc. and its subsidiaries for over three decades where hevariously served as manager, chairman and CEO at among others their retailfinancial services business in North America, M&A execution for allCitigroup businesses, the International Cards Division, the Global TransactionService Group as well as Analytics for the Global Corporate Bank.

Ray Quinlan holdsM.Phil. and  Ph.D.  degrees in Economics from the Graduate Schooland University Center of the City University of New York, as well as MBA degreesfrom both the Columbia University Graduate School of Business and the New YorkUniversity, Stern School of Business.

Mr. Fridrik Sophusson
FridrikSophusson has nearly forty years' wide-ranging experience in fiscal policymaking, management and public service in Iceland. He was Managing Director ofthe Icelandic Management Association from 1972 - 1978 when he was elected toParliament where he served as an MP for a period of twenty years from 1978 to 1998.During his stretch as an MP he moreoverheld the position of Minister of Industry and Energy 1987 - 1988 and Ministerof Finance from 1991 - 1998. Mr. Sophusson was appointed the CEO ofLandsvirkjun ltd., The National Power Company, in 1999 and held that positionfor almost 11 years, resigning in 2009. Among companies he has served as board memberis Landsbanki from 1990 - 1992, Pharmaco (later Actavis), Enex - a renewableenergy solution company, Samorka - the Icelandic Energy and Utilities Assciation,Nordel -Nordic Transmission System Operators, Eurelectric - Union of the  European Electricity Industry, and theIcelandic Chamber of Commerce.

Mr.Sophusson holds a Cand. Jur. degree in Law from the University of Iceland.

Ms. MarianneØkland
MarianneØkland, a Norwegian national, currently holds the position of Managing Directorof Avista Partners, a Londonbased consulting firm specialising in advisory andcapital raising. Ms. Økland has spent most of her career in bankingdealing with debt financing in various positions at JP Morgan and Union Bank ofSwitzerland (UBS). She worked for their CapitalMarket division focusing on Nordic Debt Origination and Structuring.Ms. Økland is also familiar with the consulting business from her work atMarsoft Limited, a Boston, Osloand Londonbased consulting firm specialising in shipping investments.

Ms. Økland holds a M.Sc. degree in Finance and Economics from theNorwegian School of Economics and Business Administration where she worked as aresearcher and taught mathematics and statistics.

Mr. Árni Tómasson
ÁrniTómasson began his work in accounting in 1979 and has worked in bank andfinancial institution auditing since 1985. He was partner and later chairman ofDeloitte ltd. In Iceland until 2001. He has served as president of the Institute of State Authorized Public Accountants inIceland (FLE) and held the same post for the Nordic Association of Accountants(NFR). Mr. Tómasson has a combined over 20 years of experience in teaching atReykjavik University and the University of Iceland and has been chairman of theexamination committee for the FLE for the past 6 years.  Mr. Tómasson was CEO of Bunadarbankinn (latermerged with Kaupthing) from 2001 - 2003 and has since worked as an independentconsultant. Mr. Tómasson was appointed chairman of Glitnir‘s ResolutionCommittee in October 2008 and has led the committee‘s work and the creditors‘negotiations with the Icelandic government since that time.

Árni Tómassonhas a Cand. oecon. degree in Business Administration from the University of Icelandand is a state authorized public accountant.

Member appointed by the Icelandic State Banking Agency:

Ms. MarthaEiríksdóttir
MarthaEiríksdóttir is an independent project manager. She worked as executivedirector of relationship management and marketing for Landsnet ltd. from 2003 -2009. In 2001 - 2003 Ms. Eiríksdottir was executive director of sales andmarketing for Islandssimi ltd. During 1994 - 2000 she was dept. manager atEuropay Int‘l in Belgium and had prior to that worked as marketing director forKreditkort ltd (Icelandic Europay) Ms. Eiríksdottir was executive director ofmarketing for the Icelandic Fisheries Bank from 1988 - 1990. She was appointedto the Board of Directors of Íslandsbanki in February 2009 and is the current vice-chairmanof the Board. She was chairman of the board of Kreditkort 2008-2009 and hasbeen a member of the board of Icelandair Group since 2006.

Martha Eiríksdottirhas a Cand.oceon. degree in Business Administration from the University of Icelandand a B.Ed. degree from the IcelandicCollege of Education. 

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