Investigation on activities and financial matters

The Winding-up Board and Resolution Committee of Landsbanki Íslands hf. have, through legal counsel, engaged Deloitte in London to carry out an investigation of the bank's activities and financial matters. The team involved in the examination specialises in forensic accounting and has extensive experience in this area. Deloitte in London will be assisted in its investigation by Deloitte in Iceland.

The principal aim of the investigation is to assist the Winding-up Board and Resolution Committee in maximizing the amount of assets available for distribution to all admitted creditors of Landsbanki Islands hf., as provided for in the legislation applicable to the bank's winding-up procedure. The period which will be examined is determined, in particular, by the deadlines in rules on voiding measures, and therefore may extend as far back as 24 months prior to the reference date of 15 November 2008. Deloitte will, in consultation with Landsbanki's attorneys abroad, also assist in the enforcement of claims in jurisdictions outside of Iceland.

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