Landsbanki Islands hf. confirms that the bank and Glitnir have entered into exclusive discussions with ManagerCo, a company owned by the senior management team of Iceland Foods, including Malcolm Walker, to sell their respective shareholdings in Iceland Foods. Landsbanki believes that this approach delivers the most certainty around sale completion whilst achieving the objective of maximising the proceeds from the sale of the shares.

It is expected that binding share purchase agreement will be signed in a short period of time and further announcements will be made as appropriate.

This announcement is consistent with previous statements by Landsbanki in relation to the process initiated to evaluate its options with regards to its holding in Iceland Foods.