Write-down of HFF Bonds of ÍL-sjóður and Bondholders’ Meeting on April 10

ÍL-sjóður has completed the write-down of its own holdings in bond series HFF150434 and HFF150644. The table below provides an overview of the nominal value outstanding before and after the reduction (all amounts are in ISK, nominal value).

In a stock exchange announcement dated March 11, ÍL-sjóður convened meetings of bondholders in these series, to be held on April 10th. At each meeting, a proposal will be presented to amend the terms of the bonds in the respective series. The proposal grants the issuer the authority to settle with bondholders. If approved by the required majority and exercised by the issuer, the bonds will be considered fully repaid for all holders.

Bondholders are encouraged to review the proposal in detail. To be adopted, the proposal must receive approval from holders representing at least 75% of the total outstanding nominal value (post-reduction) in each bond series. If adopted, the proposal becomes binding on all bondholders in the relevant series.

Voting rights are proportional to each holder’s claim relative to the total outstanding nominal amount of the respective series, with one vote allocated per ISK 100,000 of nominal value. Voting rights are based on confirmation from the bond custodian. Where a legal entity comprises separate financial units under law, each unit is entitled to vote, provided the bonds are held in separate custody accounts.

Bondholders are strongly encouraged to exercise their voting rights by attending the meeting in person or by appointing a proxy with valid authorisation. Failure to vote will be regarded as a vote against the proposal.

All bondholders are entitled to attend the meeting. Proof of ownership or a proxy appointment must be submitted no later than 48 hours before the meeting. Custodians will issue ownership confirmations with the required details, and should forward copies of these to ilsjodur@fjr.is no later than 24 hours before the meeting. Bondholders are advised to contact their custodians for further information.

The bondholders’ meetings will be held in accordance with the Fiscal Agreement, EXHIBIT G: “Provisions for Meetings of the Noteholders,” available on the Ministry of Finance and Economic Affairs website (fjr.is). Bondholders are encouraged to familiarise themselves with these provisions.