Glitnir's Proposed Composition is unconditional

On 7 December 2015, Glitnir announced that the District Court of Reykjavik had issued its ruling confirming the Composition. That confirmation became final and binding under Icelandic law at the close of court on 14 December 2015.

Accordingly, 14 December 2015 is the Effective Date of the Composition for the purposes of the Explanatory Memorandum.

Glitnir will make a further announcement once it receives the final exemption from the Central Bank of Iceland to permit it to proceed with the implementation of the Composition.

Words and Expressions defined in the Explanatory Memorandum have the same meanings when used in this announcement. For further information on the Composition, creditors are referred to the Explanatory Memorandum, which can be found on the secured website.