Landsbankinn hf. - Company Announcement

Offering of covered bonds issued by Landsbankinn

Landsbankinn will offer covered bonds for sale via auction held on Tuesday 23
February at 15:00. Two covered bond series already issued on Nasdaq Iceland
will be offered for sale, an inflation-linked series LBANK CBI 22 and a
non-indexed series LBANK CB 19. 

In connection with the auction, a covered bond exchange offering will take
place where holders of the non-indexed series LBANK CB 16 can sell the covered
bonds in the series against covered bonds purchased in the above-mentioned
auction. The price of the bonds in the series LBANK CB 16 is predefined and is
decided by the yield 6.30% that equals the clean price 99.961 (the dirty price
is 104.5285). 

Landsbankinn Capital Markets will manage the auction. For further information,
please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.