Optional Cash Redemption Notice, 26 April 2017

Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 (Remaining balance EUR 314,058,317)
Amortising Zero-Coupon Convertible Notes due 2030 (the “Notes”)

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. Capitalized 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 26 April 2017. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:

The Euro Equivalent Redemption Funds (EERF) is EUR 28,283,000. The EERF derive from realizations of shares and equity instruments.

Reykjavík, 5 April 2017

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