Glitnir Funds liquidate Fund 9 and settle balances in cash

  • Redemption value is 85,12%
  • Emphasis put on liquidating assets and minimizing the loss of customers
  • Redemption amount deposited in a special high interest savings account in each holder‘s name
  • The Bank and Glitnir Funds deeply regret the inconvenience and loss suffered by its customers

The fund's redemption value is 85,12% . This value is based on the closing price of Fund 9 on October 6th 2008. The amount owed to each holder will be deposited into a high interest savings account in each individual‘s/company´s name. The fund‘s staff and board have in the past weeks worked very hard to liquidate the fund‘s portfolio of securities to be able to settle the balances of its customers. All customers will receive a letter stating the exact amount redeemed and details of the account the money will be deposited into. These accounts are fully accessible through Glitnir‘s branches and internet bank.

In light of these events Glitnir Funds would like to reiterate that all investments made on behalf of fund 9 were at all times in accordance with existing laws and regulations pertaining to money market funds. This was last confirmed by the Icelandic FSA on 2 October 2008.

Due to the extraordinary circumstances of the Icelandic financial sector unfortunately there remain certain limitations of money transactions to and from Iceland. Glitnir Funds urges customers to contact Glitnir‘s asset management staff through +354 440 4920 for a consultation of their options in the current situation.

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