Announcement from Landsbanki Islands hf.

Further to its announcement on 15 February 2012, Landsbanki announces the completion of the sale of the entire shareholdings held by Landsbanki and Glitnir hf (together with Landsbanki, the "Sellers") in Iceland Foods Group Limited ("Iceland Foods") to Oswestry Acquico Limited, a company owned by members of the senior management team of Iceland Foods, including Malcolm Walker, and other equity investors (the "Transaction"). The Transaction represents an equity value for 100% of Iceland Foods of £1,550m.

Landsbanki’s board of directors believes that the Transaction achieves Landsbanki’s objective of maximising the proceeds from the sale of its shares in Iceland Foods and delivering the best possible returns for the bank’s creditors.

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