Optional Redemption Cash Notice
Glitnir Holdco ehf. (the “Issuer”)
EUR 1,585,774,666 Amortising Zero-Coupon (Remaining balance EUR 935,449,022)
Convertible Notes due 2030 (the “Notes”)
Optional Cash Redemption Notice
This notice is made to holders of the Notes (hereafter, the “Noteholders”) pursuant to Condition 6.3 of the Terms and Conditions of the Notes (the “Conditions”) and is published in accordance with Condition 21.
Capitalised terms used but not defined in this notice shall have the meanings given to them in the Conditions.
The Issuer hereby notifies the Noteholders that it will effect an optional redemption by redeeming the Notes (in part) in cash on 12 April 2016. The Issuer is providing the following information pursuant to Condition 6.3(B) in connection with such redemption:
(i) The Currency Conversion Date is 6 April 2016.
(ii) The estimated Euro Equivalent Redemption Funds to be distributed is EUR 35,500,000.
The breakdown by currency of the amounts included in the calculation of such estimate are as follows:
DKK 15,000,000 and
(iii) The Euro Equivalent Redemption Funds will derive from realisations of the following assets:
Loans to customers: EUR 16,520,000 and NOK 26,500,000 of the EERF
Other assets: EUR 1,860,000, GBP 947,000 of the EERF
Other sources is reduced holdback of assets support fund and the operating expenses reserve.
The Issuer will provide a further notification on 8 April 2016 (which will be the Optional Cash Redemption Second Notification Date). This will confirm the final amount of Euro Equivalent Available Optional Redemption Funds which will be used to redeem the Notes in cash, the aggregate principal amount of the Notes that will be outstanding immediately following the Optional Redemption Date of 12 April 2016 and the other information required under Condition 6.3(C).
Reykjavík, 16 March 2016
On behalf of Glitnir HoldCo ehf.
Ingólfur Hauksson, Chief Executive Officer