Optional Redemption Second Notification Date - 29 June 2016

Further to the announcement on 31 May 2016, Glitnir announce that the amount will be increased by EUR 3.739.000. The increased amount derive from realizations of the following assets:

Loans to customers: EUR 60,000, USD 2,200,000, NOK 8,083,000

Other assets: EUR 527,000, DKK 2,600,000

The amount of the Notes reduced by EUR 1,890,374, from EUR 899,139,177 to EUR 897,248,803 with reference to the Supreme Court Ruling announced on Glitnir website on 31 May 2016.

The final amount which will be used to redeem the Notes, by payment in cash, is EUR 26,930,784. The aggregate principal amount of the Notes will be EUR 870,318,019 immediately following the payment on 29 June 2016. In addition to the EUR amount of 9,198,999 the following amounts were converted into EUR on the Currency Conversion Date on 24 June 2016:

USD 11,098,184
GBP 3,315,983
NOK 30,117,994
DKK 2,600,000

The amount for distribution from the conversion on the Currency Conversion Date is EUR 17,731,762.

The amounts converted into EUR on the Currency Conversion Date, and forms part of the Euro Equivalent Redemption Funds, derive from realisations of the following assets:

Loans to customers:
EUR 2,936,000, USD 4,600,000 and NOK 19,319,000

Equity:
USD 3.297.000 and GBP 1.287.000

Other assets:
EUR 2,396,000, GBP 1,071,000 and DKK 2,600,000

Restricted cash:
EUR 3,719,999, USD 3,201,184, GBP 957,983 and NOK 10,798,661

Other sources is reduced hold back of assets support fund and operating expenses reserve.

Reykjavik, 27 June 2016

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