Syn — Major Shareholding Notification 2019

Nov 14, 2019

FJÁRMÁLAEFTIRLITIĐ
THE FINANCIAL SUPERVISORY AUTHORITY, ICELAND

STANDARD FORM – NOTIFICATION OF THE ACQUISITION OR DISPOSAL OF MAJOR PROPORTIONS OF VOTING RIGHTS

VOTING RIGHTS ATTACHED TO SHARES—ARTICLE 85 OF THE ACT ON SECURITIES TRANSACTIONS NO. 108/2007

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached $^{1}$: Sýn hf

2. Reason for the notification (please tick the appropriate box or boxes):
   ☑ an acquisition or disposal of voting rights
   ☐ an acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
   ☐ an event changing the breakdown of voting rights

3. Full name of person(s) subject to the notification obligation $^{ii}$:
   1 Lansdowne Partners International Limited;
   2 Lansdowne Partners Limited;
   3 Lansdowne Partners (UK) LLP

4. Full name of shareholder(s) (if different from the person mentioned in point 3.) $^{iii}$:

Lansdowne European Structural Recovery Fund

1. Date of the transaction and date on which the threshold is crossed or reached $^{iv}$ 13 November 2019
2. Threshold(s) that is/are crossed or reached: 10%
3. Notified details:

A) Voting rights attached to shares
Class/type of shares (if possible using the ISIN CODE)	Situation previous to the Triggering transaction		Resulting situation after the triggering transaction $^{vi}$
	Number of Shares	Number of Voting rights $^{vii}$	Number of shares	Number of voting rights $^{viii}$	% of voting rights

C2 restricted - External permitted

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FJÁRMÁLAEFTIRLITIÐ

THE FINANCIAL SUPERVISORY AUTHORITY, ICELAND

			Direct	Direct^{ix}	Indirect^{x}	Direct	Indirect
IS0000020485	33,094,000	33,094,000	21,945,000	21,945,000		7.40%
SUBTOTAL A
(based on aggregate
voting rights)	33,094,000	33,094,000	21,945,000	21,945,000		7.40%
B) Financial Instruments
---	---	---	---	---
Resulting situation after the triggering transaction^{xi}
Type of financial instrument	Expiration Date^{xii}	Exercise/Conversion Period/ Date^{xiii}	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights
		SUBTOTAL B (in relation to all expiration dates)
Total (A+B) [if applicable]	number of voting rights	% of voting rights
---	---	---
21,945,000	21,945,000	7.40%

1. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable $^{xiv}$:

Lansdowne Partners International Limited is the parent undertaking of Lansdowne Partners Limited which is the First Corporate Member of Lansdowne Partners (UK) LLP.

1. In case of proxy voting: [name of the proxy holder] will cease to hold [number] voting rights as of [date]. N/A

2. Additional information: Done at London on 14 November 2019.

C2 restricted - External permitted