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Second Repurchase Period for Landsbankinn's Own Shares

As described in Landsbankinn's news announcement on 15 September 2016, the bank's Board of Directors has decided to exercise an authorisation to purchase the bank's own shares, which was approved at the bank's AGM on 14 April this year. Buy-backs under the programme, effected during three repurchase periods, will total a maximum of 480 million shares, or the equivalent of 2% of issued share capital.

On 30 September 2016 Landsbankinn announced the results of its share buy-backs during the first repurchase period, from 19 September 2016 up until and including 30 September 2016.

The second period will extend from 31 October 2016 to 9 December 2016.

Those shareholders who decide to avail themselves of Landsbankinn's offer to purchase their shares during the second repurchase period must notify the bank thereof, using a form for this purpose accessible on the bank's website. Instructions are also provided on the bank's website for shareholders wishing to sell their shares during the second repurchase period. No letters will be sent to individual shareholders regarding this second period of bank's buy-back programme.

Notifications will be processed in the order in which they are received by the bank until the above-mentioned maximum (480 million shares) is reached. Once the maximum is reached no further notifications will be processed.

Based on Landsbankinn's interim results for the first nine months of 2016, the equity held by the bank's shareholders is ISK 251,106,010,127 and their outstanding shares are 23,661,764,751 . In accordance with the above, Landsbankinn will offer to purchase each share at a price of ISK 10.6123 during the second repurchase period.

Following the conclusion of the second repurchase period Landsbankinn will disclose the total number of shares purchased and whether the bank's CEO or managing directors have sold shares in the bank.

A third repurchase period is scheduled extending from 13 February 2017 up until and including 24 February 2017.

For more information (in Icelandic): www.landsbankinn.is/endurkaup

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