Announcement regarding shareholding in Iceland Foods

Glitnir hf. confirms that the company together with Landsbanki Islands hf. have entered into exclusive discussions with ManagerCo, a company owned by the senior management team of Iceland Foods, including Malcolm Walker, to sell their respective shareholdings in Iceland Foods. Glitnir believes that this approach delivers the most certainty around sale completion whilst achieving the objective of maximising the proceeds from the sale of the shares.

It is expected that a binding share purchase agreement will be signed in a short period of time and further announcements will be made as appropriate. This announcement is in line with what was presented to creditors in the Open Creditors Meeting on 31 January 2012.