Glitnir’s Proposed Composition and Open Creditors’ Meeting Undertakings to Vote in Favour of the Resolutions

By a notice published in the Icelandic Law and Ministerial Gazette on 4 November 2015, Glitnir convened a composition meeting to be held on 20 November to consider a Composition proposal which was published on 6 November 2015.

By a notice which was posted to the creditors on 6 November 2015, Glitnir convened an open creditors meeting to be held on 20 November to consider the Revised Stability Proposal and related matters and certain releases from liability.

As at 16 November 2015, Composition Creditors representing 53.89% by value of all Composition Claims have entered into lock-up agreements pursuant to which they have undertaken to vote in favour of each of these resolutions and not to transfer their claims prior to the meetings without obtaining a similar undertaking from the transferee.