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Landsbanki Guernsey Limited in Administration update 1 December 2010

We understand that there has been some reference in the States of Guernsey to speculation in relation to the estimated ultimate recovery to creditors of the Bank.

The Joint Administrators would like to draw creditors’ attention to their fourth interim report, which states that their estimate of the ultimate recovery to creditors of the Bank remains at between 85p and 91p in the pound. However, it should be noted that these returns are subject to a wide range of factors which may result in the actual return being lower or higher than this range. For example, should the legal action in Iceland be successful then the recovery may increase, however the Joint Administrators remain cautious about the prospects of success.

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