Skillcapital LLP (“Skillcapital”), working with the board selection committee (the “Board Selection Committee”) established by the Winding-up Board (the “Winding-up Board”) with the agreement of the Informal Creditors Committee, has identified nominees for the role of non-executive directors, as part of the planning for a potential composition proposal, which would see Glitnir hf. (“Glitnir”) exit the winding-up process.

Glitnir hf. herby present the Statement of Assets and Liabilities, incorporating an estimate of value of Glitnir's assets as at 30 September 2012 and a computation of liabilities.

  Glitnir Statement of Assets and Liabilities 30 September 2012.pdf

Due to the open creditor meeting on 29 November 2012 the Winding-up Board of Glitnir hf. will not issue new Notices of Successful Transfers until, and including, 29 November 2012. The open creditor meeting will not affect other notices sent from the Winding-up Board or its transfer agent, Epiq Bankruptcy Solutions, LLC, in the transfer process of requested transfers. Notices of successful transfers will be issued from 30 November 2012.

Following the recent comments made by the Governor of the Central Bank of Iceland (“CBI”), Már Guðmundsson, in the Icelandic media, regarding the conditions necessary for the CBI to approve exemptions required to complete the composition of Glitnir hf. (“Glitnir”), the Winding-up Board of Glitnir (“WuB”) has sought further clarification as to the implications for the previously announced target timetable for launch of a composition of Glitnir.

The Winding-up Board of Glitnir announces that an informal meeting of creditors will be held at the offices of Slaughter and May, One Bunhill Row, London EC1Y 8YY on 16 October 2012 at 10 a.m. to update creditors about the selection process for the post-composition board of directors of Glitnir and to introduce the candidate who has been nominated for the role of Chairman of the board of directors. An update on the progress in implementing the proposed composition work will also be provided.

The Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) has identified a candidate for the role of chairman of the post-composition board of directors, as part of the planning for a potential composition proposal, which would see Glitnir exit the winding-up process.

If a composition proposal is approved by the requisite majority of Glitnir’s creditors, the proposed chairman, along with other members of a proposed board of directors, would be nominated at a shareholders’ meeting held at a later date. The board of directors would then be constituted and play a key role in the preservation and return of value to the creditors.  Á íslensku

Glitnir hf. herby present the Statement of Assets and Liabilities, incorporating an estimate of value of Glitnir's assets as at 30 June 2012 and a computation of liabilities.

Glitnir Statement of Assets and Liabilities 30 June 2012.pdf

The Winding-Up Board will operate a Transfer Moratorium from 30 August 2012 to 23 of September 2012, but will continue to process Claim Transfer Request Forms already in its possession or in the possession of its agent, Epiq Bankruptcy Solutions, LLC, as at 30 August 2012. All Claim Transfer Request Forms received after 30 August 2012 until, and including, 23 September 2012, will not be processed due to the Transfer Moratorium.  If a Claim Transfer Request Form is received during this period, it will be held and treated for all purposes (including all time periods referenced in this notice) as though received on 23 September 2012. The Transfer Moratorium is due to the open creditors' meeting scheduled for 20 September 2012.

On 30 July 2012, the Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) announced that Glitnir had released a questionnaire for all registered claim holders with general claims (i.e. unsecured claims), disputed priority claims and/or disputed secured claims to complete.

At the informal creditors’ meeting on 2 July 2012, the Winding-up Board presented the proposed terms of a potential composition which would involve a proposal to Glitnir’s unsecured creditors to release their existing claims in return for cash or cash, debt securities and equity securities. Further details are available in the secure area of the website (http://glitnirbank.com/).

Please be aware that there may be creditors in certain jurisdictions who have not yet been granted access to the creditor questionnaire. Glitnir is attempting to resolve this issue and further details may be provided in due course.