LBI’s Management Accounts for Q3 2023 have been made available on LBI’s website under https://www.lbi.is/financial-info.

LBI will be hosting investor calls going forward when there are material developments to report on. There were no material developments during the quarter ended 30 September 2023 and LBI will therefore not be hosting an investor call at this time.

Pursuant to 9.1 (d) of the Conditions LBI hereby confirms, as the Euro Equivalent Available Cash, as determined on a Determination Date in respect of a Payment Date, is lower than the Distribution Threshold, LBI has decided not to make a payment of principal to the Bondholders on 15 December 2023 and to postpone such payment of principal until the scheduled Payment Date on 15 June 2024 unless otherwise communicated.

LBI’s has on 29 September 2023 decided to initiate a partial conversion of EUR 50,185,354.25 of Bonds into new 50,185,354.25 Class A Shares (equity) each of nominal value EUR 0.01 (the “Conversion”) according to authorization provided in Art. 6.2. and Art. 29 of the Company’s Articles of Association, and Art. 6.1.(a) of the Terms and Conditions of the Bonds (the “Conditions”). In addition, on 27 October 2023 85.07% of Bondholders have approved a written Extraordinary Resolution with respect to the partial conversion which was posted on LBI´s website on 2 October 2023.

Further to the above, the Board of Directors of the Issuer will, with reference to Article 6.2 of the Articles of Association and Condition 6.1(a) of the Conditions, increase the Issuer’s share capital by 501,853.54 from EUR 13,670,036.50 to EUR 14,171,890.04 nominal value, by issuing 50,185,354.25 new Class A Shares each of a nominal value of EUR 0.01. The Conversion rate of the new shares shall be EUR 0.01 per share.

According to Article 6 of the Terms and Conditions of the Bonds a partial conversion of the Bonds into Class A Shares may be effected by the Issuer, provided that the Board of Directors has determined, acting reasonably, that it is reasonably likely that the Issuer will be unable to redeem the Bonds in full on or before the Final Maturity Date.

The aggregated amount by which the Bonds may be redeemed shall not exceed the amount equal to the tax losses available to the Issuer in the financial year in which the Partial Issuer Conversion is proposed to be effected and which will cease to be available after the end of that financial year.

The Board of Directors believes that the conversion is in the best interests of both LBI and the Bondholders, as it is reasonably likely that LBI will be unable to redeem the Bonds in full on or before the Final Maturity Date and due to the fact that post income year 2023 the Issuer may not have sufficient tax losses available to cover later income that LBI will realize from later conversion or cancellation of debt. The Board of Directors therefore would like to propose a Partial Conversion at this point.

LBI’s Management Accounts for Q2 2023 have been made available on LBI’s website under https://www.lbi.is/financial-info.

LBI will be hosting investor calls going forward when there are material developments to report on. There were no material developments during the quarter ended 30 June 2023 and LBI will therefore not be hosting an investor call at this time.

LBI’s Management Accounts for Q1 2023 have been made available on LBI’s website under https://www.lbi.is/financial-info.

LBI will be hosting investor calls going forward when there are material developments to report on. There were no material developments during the quarter ended 31 March 2023 and LBI will therefore not be hosting an investor call at this time.

Pursuant to 9.1 (d) of the Conditions LBI hereby confirms, as the Euro Equivalent Available Cash, as determined on a Determination Date in respect of a Payment Date, is lower than the Distribution Threshold, LBI has decided not to make a payment of principal to the Bondholders on 15 June 2023 and to postpone such payment of principal until the scheduled Payment Date on 15 December 2023 unless postponed further.

LBI’s Financial Statements 2022 and investor call presentation have been made available on LBI’s website under https://www.lbi.is/financial-info.

LBI will host an investor call to present and discuss the results on Monday 27 March 2023 at 15:00 (GMT), 16:00 London and 11:00 New York time (EDT).

Please note that shareholders of LBI will need to register in advance to participate in the call by sending an email to ir@lbi.is no later than 18:00 (GMT) London and 14:00 New York time (EDT) on Friday 24 March 2023.

In accordance with Art. 17.1 of LBI's ehf. Articles of Association the Annual General Meeting of LBI ehf., reg. no. 540291-2259, will be held at BBA//Fjeldco at Katrínartún 2, 19th floor, 105 Reykjavík, on 4 April 2023. The meeting will commence at 10.00 AM (GMT) Reykjavik.