Optional Redemption Second Notification Date - 19 January 2017 (increased amount)

Further to the announcement on 21 December 2016, the Issuer hereby announces that the EUR Equivalent Redemption Funds (EERF) to be distributed on 19 January 2017 will be increased by EUR 37,976,391. The increased amount derive from realizations of loans to customers (GBP 5,079,000 and NOK 290,411,659).

The amount which will be used to redeem the Notes on the 19 January 2017 is EUR 98,831,785.

The amount for distribution from the currency conversion is EUR 39,091,785.

The amounts that forms part of the EERF of EUR 98,831,785 derive from realisations of the following assets:

Restricted cash/indemnity fund: EUR 59,740,000
Loans to customers: GBP 5,079,000 and NOK 300,503,159.

Reykjavik, 17 January 2017

On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer