Ruling by the District Court of Reykjavik in Mainsee case

Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 253,747,615)
Amortising Zero-Coupon Convertible Notes due 2030 (the “Notes”)

This notice is given to holders of the Notes (hereafter, the “Noteholders”) pursuant to Condition 12.1(e) of the Terms and Conditions of the Notes (the “Conditions”) and is published in accordance with Condition 21. Capitalized terms used but not defined in this notice shall have the meanings given to them in the Conditions.

Reference is given to a Notice dates 12 October 2018 concerning litigation that the bankruptcy estate of Mainsee Holding ehf. initiated against the Issuer on 5 October 2018.

On 1 July 2020, the District Court of Reykjavik ruled in the dispute in favor of the Issuer and dismissed all claims against the Issuer. The Board of Directors of the Issuer believes that the ruling is clear and that the Appeal Court will confirm the ruling, if appealed. The ruling has no effects on the balance sheet of the Issuer as the Issuer had not made any provision for it in its accounts.

Reykjavík, 2 July 2020

On behalf of Glitnir HoldCo ehf.

Mike Wheeler 
Steen Parsholt 
Tom Grondahl