Unscheduled Payment estimated to be €415,000,000

Pursuant to Condition 9.2(a) of the Convertible Notes due 2035, LBI ehf. hereby gives notice of its intention to make an unscheduled payment in respect of the Convertible Notes on October 12, 2016 in an amount currently estimated to be €415,000,000.

The principal source of cash for this payment is the partial prepayment of Landsbankinn Bonds, which was received by LBI on September 15, 2016.

In accordance with the terms and conditions of the Convertible Notes, further detail will be provided on October 3, 2016.

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