Completion of the Composition - Issue of New Notes and New Ordinary Shares

Glitnir has today executed the Deed of Issuance and issued the New Notes and New Ordinary Shares pursuant to the Composition. The existing ordinary shares have been cancelled and the Company has adopted the New Articles of Association.

Certificates for the New Notes and the New Ordinary Shares have been despatched to Eligible Creditors with recognised claims who have returned duly completed Creditor Forms.

Each such creditor will be able to view copies of their certificates, together with the terms and conditions of the notes and the form of transfer certificate (which have also been sent to them with their certificates) on the secure section of the company’s website.

Words and expressions defined in the Explanatory Memorandum published on 6 November 2015 (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.