Announcement from Glitnir hf. regarding sale of shareholding in Iceland Foods

Further to its announcement on 16 February 2012, Glitnir announces the completion of the sale of the entire shareholdings held by Glitnir and Landsbanki Islands hf. (together with Glitnir, the "Sellers") in Iceland Foods Group Limited ("Iceland Foods") to Oswestry Acquico Limited, a company owned by members of the senior management team of Iceland Foods, including Malcolm Walker, and other equity investors (the "Transaction"). The Transaction represents an equity value for 100% of Iceland Foods of £1,550m.