Optional Redemption Second Notification Date - 20 September 2016

Further to the announcements on 27 August and 9 September 2016, Glitnir confirms that the final amount, which will be used to redeem the Notes, by payment in cash, is EUR 375,994,114. The aggregate principal amount of the Notes will be EUR 494,323,905 immediately following the payment on 22 September 2016. In addition to the EUR amount of 373,967,000 the following amounts were converted into EUR on the Currency Conversion Date on 16 September 2016:

USD 1,150,000
NOK 9,300,000

The amount for distribution from the conversion on the Currency Conversion Date is EUR 2,027,114.

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 476,000, USD 610,000 and NOK 9,300,000

Íslandsbanki Tier 2 note and Deposit issued by Íslandsbanki and held by Glitnir: EUR 369,000,000

Equity: EUR 50,000

Other assets: EUR 106,000

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

Reykjavik, 20 September 2016

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