Optional Redemption Notice for 27 October 2016 (increased amount)

Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 494,323,905)
Amortising Zero-Coupon Convertible Notes due 2030 (the “Notes”)

Further to the announcement on 5 October 2016, the Issuer hereby announces that the amount will be increased by EUR 58,354,000.

The increased amount derives from realizations of the following assets:

Loans to customers: EUR 14,000,000

Equity investments: NOK 288,500,000 and EUR 12,550,000

The estimated amount which will be used to redeem the Notes on 27 October 2016 is EUR 64,354,000. The following amounts will be converted into EUR on the Currency Conversion Date on 21 October 2016:

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

Amounts that form 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 investments:
USD 2,589,000, EUR 12,550,000 and NOK 288,500,000

The Issuer will provide a further notification on 25 October 2016 (the Optional Cash Redemption Second Notification Date) which will disclose the final amount of Euro Equivalent Available Optional Redemption Funds and other information required under Condition 6.3(C).

Reykjavik, 18 October 2016

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