Optional Redemption - Remaining balance after 27 October payment

Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 429,462,724)
Amortising Zero-Coupon Convertible Notes due 2030 (the “Notes”)

This notice is made to holders of the Notes (hereafter, the “Noteholders”) by way of information and is published in accordance with Condition 21 of the Terms and Conditions of the Notes (the “Conditions”).

Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.

The Issuer effected an optional redemption of the Notes in part on 27 October 2016 in accordance with Condition 6.3(A)(ii). The aggregate principal amount of each Noteholder’s interest in the Notes was reduced accordingly as a result of such redemption. Noteholders who wish to confirm the principal amount outstanding in respect of their holding of Notes can do so through the secured website.

Reykjavík, 27 October 2016

On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer