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24.10.2014

Announcement from LBI hf. – Creditors meeting

At the end of Q3 2014 cash already collected is the total equivalent of ISK 1,202bn, thereof the equivalent of ISK 716bn has already been distributed as partial payments to priority creditors (Art. 112). Cash balances increased over the quarter by ISK 105.1bn, from ISK 362.9bn at the end of Q2 to ISK 468bn at the end of Q3. LBI has submitted four exemption requests to the Central Bank of Iceland for the distribution of the total equivalent of ISK 402.1bn based on of FX rates at 30 September 2014, which remain outstanding.

Estimated recovery of the remaining 10 largest assets still to be collected is the total equivalent of ISK 330bn, thereof LB Financing is equivalent to ISK 230bn. If estimated recovery of the remaining assets still to be collected excludes the 10 largest assets, the estimated recovery of remaining assets still to be collected is the equivalent of ISK 45bn.

It was presented at the meeting that for the amount of claims that the Winding-up Board has accepted, the status is now final for more than 98%. Disputes about decisions on claims have therefore been resolved to a large extent.

Today, October 24, 2014, LBI and Landsbankinn agreed to extend the deadline for completion of the extension and amendment of the Landsbankinn bonds to October 31. 2014. In May this year, LBI and Landsbankinn agreed to restructure and amend the LB Financing obligations to LBI. Completion of the related amendment and extension agreements is subject to the satisfaction of conditions precedent regarding exemption requests that require the approval of the Central Bank of Iceland and the Ministry of Finance. These conditions remain unfulfilled and LBI awaits these approvals.

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LBI hf. (formerly Landsbanki Íslands hf.) is in winding-up proceedings in accordance with Icelandic law. LBI is governed by a Winding-up Board appointed by the Icelandic Courts.

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