Exemption from Capital Controls - final settlement of priority claims.

Today, 11 January 2016, LBI hf. was granted an exemption by the Central Bank of Iceland from the capital controls under Act No. 87/1992, in accordance with and based on the Composition Agreement of LBI hf., which became effective on 25 December 2015. Upon receipt of the exemption a final settlement of the remaining balance of accepted claims with priority ranking according to Article 112 of the Act on Bankruptcy etc. No. 21/1991 in the winding-up proceedings of LBI hf. has been executed.

The final settlement of the priority claims was executed in the same manner as prior partial payments with respect to the same claims. Outstanding aggregate balance of the claims in question was equivalent to approximately 210.6 billion ISK. The settlement was made in the three following currencies and their respective amounts in aggregate: EUR 706,244,191, GBP 374,300,000 and USD 306,200,000. The applicable rate is that of the relevant currencies against ISK on the date of payment, which is today.

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