Creditors Meeting

On Thursday, 31 May 2012, at 9:00 am, a meeting will be held with creditors in the winding-up proceedings of Landsbanki Íslands hf., at Hilton Hotel Nordica, Suðurlandsbraut 2, Reykjavík.

The meeting was announced at the last creditors‘ meeting held on 17 November 2011, it has furthermore been advertised in the Legal Gazette in Iceland and in the Official Journal of the European Communities.

The agenda of the meeting as advertised is as follows:

  1. Meeting called to order, selection of chairman and secretary for the meeting.
  2. Introduction of material dispositions and administration of the asset portfolio.
  3. Review of financials and related matters.
  4. Disputes on claims lodged and other cases currently before the courts.
  5. Presentation of decisions by the Winding-up Board concerning interim distributions which have been made to creditors, in accordance with the authorisation in the sixth paragraph of Art. 102 of the Act on Financial Undertakings, No. 161/2002, as subsequently amended.
  6. Creditors will have the opportunity to object to the Winding-up Board's decision on the exchange rate reference of interim distributions as referred to in item 5 on the agenda. Should no such objections be submitted, the decision is considered final.
  7. Q&A session

The only objections accepted at the meeting as referred to in item 6 on the agenda must concern the Winding-up Board's decision to calculate the value of interim distributions made in foreign currencies using the same exchange rate for these currencies against the ISK as applied when claims against the bank were converted to ISK, as provided for in the third paragraph of Art. 99 of the Act on Bankruptcy etc., No. 21/1991, which is the quoted selling rate on 22 April 2009. Forms will be available at the meeting for creditors to use to submit their objections. If they so request, the creditors concerned will be granted a postponement to submit further documentation and/or grounds for their complaints. The Winding-up Board's decision on the time limit and further handling of disputes will be announced at the meeting.

In other respects the provisions of Act No. 21/1991, on Bankruptcy etc., shall apply to the meeting as appropriate. The meeting will be held in Icelandic with English interpretation available The right to attend creditors' meetings is limited to parties that have lodged claims against the bank which have not been finally rejected and/or those parties to whom such claims have been assigned in lawful manner.

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