15.10.2018

Agreement reached between Kaupthing, Robert Tchenguiz, the Tchenguiz Discretionary Trust and the Tchenguiz Discretionary A Trust

As part of a wider commercial settlement, Kaupthing ehf. (“Kaupthing”), Robert Tchenguiz, R&H (as former trustees of Tchenguiz Discretionary Trust and the Tchenguiz Discretionary A Trust), Fort Trustees Limited (in its capacity as co-trustee of the Tchenguiz Discretionary Trust and co-trustee of the Tchenguiz Discretionary A Trust), and Balchan Management Limited (in its capacity as co-trustee of the Tchenguiz Discretionary Trust and co-trustee of the Tchenguiz Discretionary A Trust) (the “TDT Claimants”) have reached an agreement (the "Settlement") concerning, amongst other matters:

i. Legal proceedings brought before the English Commercial Court in August 2015 by the TDT Claimants against Kaupthing, Grant Thornton UK LLP, Stephen Akers, Hossein Hamedani, Jóhannes Rúnar Jóhannsson and various companies incorporated in the BVI (other than Kaupthing, the “Defendants”) (the "English Proceedings"). Kaupthing is no longer a party to these proceedings but the case has, until now, continued against the Defendants.

ii. Legal proceedings brought by the TDT Claimants against various companies incorporated in the BVI seeking admission of their proofs of debt in the liquidations of those companies (the "BVI Proceedings").

As a result of the agreement:

i. The TDT Claimants shall withdraw all allegations and release all claims made in the English Proceedings, and, accordingly, shall discontinue the English Proceedings in their entirety;

ii. The TDT Claimants shall withdraw all allegations and release all claims made in the BVI Proceedings, and, accordingly, shall discontinue the BVI Proceedings in their entirety; and

iii. Kaupthing agrees not to enforce certain of its entitlements against the TDT Claimants, the details of which are confidential.

As part of the Settlement, no liability as part of the English Proceedings or the BVI Proceedings has been admitted by either party to the Settlement.

None of the Defendants is a party to the Settlement. None of the Defendants has made any payment, or foregone any benefit, of any kind, to the TDT Claimants under the Settlement.

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