SECOND MEETING OF INFORMAL CREDITORS' COMMITTEE

The Resolution Committee held an informal creditors' committee  (ICC)
meeting on 12  December 2008.  The ICC is  made up  of creditors  and
creditors'  representatives  of   Old  Landsbanki  representing   the
interests of different classes and types of creditors.

This was the second meeting held, following the first meeting on 14th
November.

The Resolution  Committee  has  achieved many  notable  successes  in
protecting and thus preserving value in Old Landsbanki's assets since
the first  meeting. These  were shared  with the  ICC. This  included
specific actions involving the bank's UK assets and the entering into
a moratorium without any impact  on the banks business or  operations
due to extensive preparation. In  regard to the moratorium,  Kristinn
Bjarnason, the  court appointed  assistant  to Landsbanki  under  the
moratorium introduced himself and discussed his role with  creditors.
The Resolution  Committee  also  presented  to  the  ICC  a  detailed
description of  the  banks assets,  and  its asset  strategy.  Branch
managers responsible for managing the  branch assets were present  at
the meeting to provide their hands-on knowledge.

Specifically in  response  to  ICC  members  requests  prior  to  the
meeting, the Resolution Committee arranged for relevant third parties
to  discuss  topics  relevant  to  the  restructuring  process.  This
included a representative from  the Prime Minister's Office  involved
in discussions with the International Monetary Fund (IMF) to  present
the program  and to  discuss points  specific to  bank  restructuring
under the program with the ICC.  Oliver Wyman, the firm appointed  to
conduct the valuation in regard to the transfer of assets to NBI  hf,
and a representative  from the Icelandic  financial regulator  (FME),
the body overseeing the  valuation process, were  on hand to  present
the process and valuation principles and  to hear the ICC's views  on
the process, as was a representative from NBI hf, to present the  new
banks' operations and strategy.

Discussions were constructive and the Resolution Committee will
continue to consult and discuss with the ICC in carrying out its
mandate to maximise recovery for all stakeholders.

Further information about the ICC  including contents of the  meeting
will be made available at. http://www.oldlandsbanki.is .