Optional Redemption Second Notification Date - 27 October 2016

Further to the announcements on 5 and 18 October 2016, Glitnir confirms that the final amount, which will be used to redeem the Notes, by payment in cash, is EUR 64,861,181. The aggregate principal amount of the Notes will be EUR 429,462,724 immediately following the payment on 27 October 2016. In addition to the EUR amount of 28,600,000 the following amounts were converted into EUR on the Currency Conversion Date on 21 October 2016:

USD 2,589,000
NOK 298,934,000
and GBP 443,000

The amount for distribution from the conversion on the Currency Conversion Date is EUR 36,261,181.

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 14,000,000, GBP 443,000 and NOK 10,434,000
Equity: EUR 12,550,000, USD 2,589,000 and NOK 288,500,000
Other sources is reduced hold back of operating expenses reserve.

Reykjavik, 25 October 2016

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