The Board of Glitnir HoldCo ehf. hereby presents the audited Financial Statements for the year 2015. The Financial Statements have been prepared in accordance with the Icelandic Financial Statements Act. The Board wants to draw the attention to the appendix to the Financial Statements which contains the specific information on consolidated bases.

Glitnir HoldCo ehf. Financial Statements 2015

Further to the announcements on 4 February and 16 February 2016, Glitnir confirms that the final amount which will be used to redeem the Notes, by payment in cash, is EUR 650,325,644. The aggregate principal amount of the Notes will be EUR 935,449,022 immediately following the payment on 7 March 2016.

In addition to the EUR amount of 89,700,000 and EUR 528,936,600 that originates from EUR or have previously been converted into EUR, the following amounts were converted into EUR on the Currency Conversion Date on 1 March 2016:

USD 1,713,000
GBP 15,600,000
NOK 71,720,000
DKK 18,500,000
The amount for distribution from the conversion on the Currency Conversion Date is EUR 31,689,044.

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 (received on Q3 2015, Q4 2015 and January 2016):

Loans to customers:

EUR 2,958,000
DKK 18,500,000
NOK 44,771,000
USD 1,713,000
GBP 429,000

Shares and equity:

EUR 22,501,000
GBP 6,303,000

Other sources is cash balance (holdback at composition).

Reykjavik 3 March 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer

The Board of Directors of Glitnir HoldCo ehf., id. No 550500-3530, hereby gives notice that the Annual General Meeting of the company will be held at Hilton Reykjavík Nordica, Suðurlandsbraut 2, Reykjavík, on 16 March 2016 and will start at 10:30 am.

Agenda for the meeting:

a) A report on the Company's operation during the past year and its financial status at year's end;
b) The Company's audited financial statements for the past year of operations along with comments by the Company's auditors submitted for approval;
c) Decision to be made as to the handling of profit or loss and dividends and contributions to the reserve fund;
d) The Board and Chairman to be elected;
e) The Company's auditor to be elected for the period until the end of the next Annual General Meeting;
f) Decision concerning payments to members of the Board for their work during the forthcoming year of operations;
g) Proposal of the Board on remuneration policy for the forthcoming financial year to be presented and voted upon;
h) Proposed Long Term Incentive Plan for the Board of Directors and Senior Management to be presented and voted upon; and
i) Debates and voting of other matters, lawfully tabled.

Shareholder’s proposals which shall be presented at the Annual General Meeting must be submitted to the Company at least 10 days before the meeting.

Further information on the agenda items and final submissions will be available for inspection by shareholders at Glitnir’s headquarters and on Glitnir’s secured website 7 days before the meeting.

Reykjavík, 2 March 2016

On behalf of Glitnir HoldCo ehf.
Mike Wheeler
Steen Parsholt
Tom Grondahl

Glitnir Holdco ehf. (the “Issuer”)

EUR 1,585,774,666 Amortising Zero-Coupon
Convertible Notes due 2030 (the “Notes”)

Optional Cash Redemption Notice

This notice is made to holders of the Notes (hereafter, the “Noteholders”) pursuant to Condition 6.3 of the Terms and Conditions of the Notes (the “Conditions”) and is published in accordance with Condition 21.

Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.

The Issuer hereby notifies the Noteholders that it will effect an optional redemption by redeeming the Notes (in part) in cash on 7 March 2016. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:

1. Agreement was reached with the Central Bank of Iceland for the conversion of ISK 75.4 billion to Euros in accordance with the provisions of the Assignment Agreement.
   The rate used for the conversion is based on the Central Bank of Iceland fixing rate (ask) on 18 January 2016 with conventional forward adjustments to reflect interest rate differentials. The Currency Conversion of ISK to EUR has already occurred.
   
   
2. The Euro Equivalent Redemption Funds to be distributed is EUR 528,936,600.

With reference to announcement on Glitnir website on 4 February 2016 the total estimated amount to be paid on 7 March 2016 will therefore increase from EUR 121,500,000 to EUR 650,436,600.

The Issuer will provide a further notification on 3 March 2016 (which is the Optional Cash Redemption Second Notification Date). This will confirm the final amount of Euro Equivalent Available Optional Redemption Funds which will be used to redeem the Notes in cash, the aggregate principal amount of the Notes that will be outstanding immediately following the Optional Redemption Date of 7 March 2016 and the other information required under Condition 6.3(C).

Reykjavík, 16 February 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer

Due to the Optional Redemption Date on 7 March 2016 Noteholders are hereby informed that they may not require transfers from 19 February 2016 until, and including, 7 March 2016. This halt of transfers is necessary for the Company to be able to make payments to registered Noteholders on the Optional Redemption Date. This halt of transfers is in accordance with Condition 4.1 (b) of the terms and conditions of the Amortising Zero-Coupon Convertible Notes of Glitnir HoldCo ehf. (the “Conditions”).

Further information about the Optional Redemption can be found here.

Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.

Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 Amortising Zero-Coupon
Convertible Notes due 2030 (the “Notes”)
Optional Cash Redemption Notice

This notice is made to holders of the Notes (hereafter, the “Noteholders”) pursuant to Condition 6.3 of the Terms and Conditions of the Notes (the “Conditions”) and is published in accordance with Condition 21.

Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.

The Issuer hereby notifies the Noteholders that it will effect an optional redemption by redeeming the Notes (in part) in cash on 7 March 2016. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:

(i) The Currency Conversion Date is 1 March 2016.
(ii) The estimated Euro Equivalent Redemption Funds to be distributed is EUR 121,500,000.

The breakdown by currency of the amounts included in the calculation of such estimate are as follows:

EUR 89,700,000
USD 1,713,000
GBP 15,600,000
NOK 71,720,000
DKK 18,500,000

(iii) The Euro Equivalent Redemption Funds will derive from realisations of the following assets (received on Q3 2015, Q4 2015 and January 2016):

Loans to customers:
EUR 2,958,000, DKK 18,500,000, NOK 44,771,000, USD 1,713,000 and GBP 429,000 of the EERF
Shares and equity:
EUR 22,501,000 and GBP 6,303,000 EERF
Other sources is cash balance (holdback at composition).

The Issuer will provide a further notification on 3 March 2016 (which will be the Optional Cash Redemption Second Notification Date). This will confirm the final amount of Euro Equivalent Available Optional Redemption Funds which will be used to redeem the Notes in cash, the aggregate principal amount of the Notes that will be outstanding immediately following the Optional Redemption Date of 7 March 2016 and the other information required under Condition 6.3(C).

Reykjavík, 4 February 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer

Yesterday the Initial Shareholders' Meeting of Glitnir HoldCo ehf. was held. The following parties were elected for the Board of Directors of the company for the terms of two years:

Mike Wheeler, which was elected as the chairman of the board.
Tom Grøndal
Steen Parsholt

As a new Board of Directors has been elected for Glitnir HoldCo ehf., the duties of the Winding-up Board have concluded in accordance with the Act on Financial Undertakings. Further information, including the minutes of the meeting, can be found on the secured website.

The Board of Directors of Glitnir HoldCo ehf. have sent a shareholders' meeting invitiation to all shareholders. A copy of the notice can be found on the secured website.

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.

Glitnir's CEO steps down
Kristján Óskarsson, CEO of Glitnir hf., will leave the company at the end of this year. Kristján was appointed a member of the Resolution Committee of Glitnir Bank hf. at the end of October 2008 and subsequently took over as the CEO of Glitnir at the beginning of August 2009 after leaving the Resolution Committee. As CEO he has been responsible for Glitnir's day-to-day operations, including managing monetisation of the assets of the company.

Glitnir's new CEO
Ingólfur Hauksson, CFO of Glitnir hf., will take over as the company's CEO at year-end. He has served as Glitnir's CFO since April 2009.Ingólfur graduated with a degree in business administration from the University of Iceland in 1986 and became a certified public accountant in 1989. From 2005 to 2009 he worked in the Finance Division of Eimskipafélag Íslands, where he was responsible for the group financial accounts. Prior to that he worked as an auditor from 1986 to 2004, most of the time at KPMG where he was a partner.