Unscheduled payment estimated to be €297 million

Pursuant to Condition 9.2(a) of the Convertible Notes due 2035, LBI ehf. hereby gives notice of its intention to make an unscheduled payment in respect of the Convertible Notes on 5 April 2017 in an amount currently estimated to be €297 million.

The principal source of cash for this payment is the partial prepayment of Landsbankinn Bonds, which was received by LBI on 14 March 2017.

In accordance with the terms and conditions of the Convertible Notes, further detail will be provided on 23 March 2017.

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