• The Resolution Committee of Landsbanki Íslands hf. has updated its assessment, presented in February this year, of the bank's assets as of the end of April 2009. According to the revised breakdown of the valuation, which was performed independently by the bank's experts, an estimated ISK 1,100 billion can be obtained for its assets to pay claims against the bank. Assuming that deposit claims in the UK and the Netherlands, are preferential claims, this would mean that around 83% of preferential claims will be covered, based on the position as of 30 April this year.
• The valuation also assumes that none of Landsbanki'sassets will be disposed of for a residual value and that loans in its portfolio, which comprise by far the greatest share of the bank's assets, will be held to maturity, wherever the payment capacity of the debtor/payer and collateral provided is sufficient. Special attention is drawn to the fact that the final valueof the bank's assets is subject to high uncertainty, in part due to the unpredictability of economic developments, both domestically and abroad, which may affect the future value of the underlying assets.
• The total value of the assets of Landsbanki Íslands hf. as of 30 April 2009 is assessed at ISK 816 billion. To this will be added an additional payment of ISK 284 billion from NBI hf. in return for the assets transferred to NBI hf. at the beginning of October 2008. This amount is subject to high uncertainty as negotiations are currently underway on the amount and arrangements for this payment are not yet concluded. Attention is also drawn to the fact that all figures are provisional due to high exchange rate volatility, especially with regard to the exchange rate of the ISK against leading foreign currencies.
• Bearing all of these factors of uncertainty in mind, it is the conclusion of Landsbanki Íslands hf. that the value of all of the bank's assets, as of the end of April 2009, amounts to ISK 1,100 billion. This valuation is under continuous review and can be expected to change.
• The following slides provide an account of the activities and current situation of Landsbanki Íslands hf. The valuation, updated as frequently as possible, will henceforth be published on this website.

Presentation.pdf