Iceland Bondco Plc - Consent Solicitation - Launch

Iceland Bondco plc Announces Consent Solicitation Relating to its

4.625% Senior Secured Notes due 2025

Regulation S Notes: Common Code 168180632, ISIN XS1681806326 Rule 144A Notes: Common Code 168181078, ISIN XS1681810781

(the “2025 Notes”)

4.375% Senior Secured Notes due 2028

Regulation S Notes: Common Code 230419833, ISIN XS2304198331 Rule 144A Notes: Common Code 230422354, ISIN XS2304223543

(the “2028 Notes” and, together with the 2025 Notes, the “Notes”)

29 MARCH 2023

Full announcement with full disclosures and disclaimers available via Luxse

"March 29, 2023 — Iceland Bondco plc (the “Issuer”) announced today that it has launched a solicitation (the “Solicitation”) for consents (with respect to each applicable series of Notes, the “Consents”) from holders of the Notes (with respect to each applicable series of Notes, the “Holders”) to approve certain amendments and waivers to the Indenture dated September 14, 2017 relating to the 2025 Notes, and the Indenture dated February 22, 2021 relating to the 2028 Notes (each, an “Indenture” and together, as amended, supplemented or otherwise modified from time to time, the “Indentures”) to (i) defer (x) the publication and furnishing by the Iceland VLNCo Limited (the “Company”) to the Trustees (as defined below) of audited consolidated financial statements for the fiscal year ended March 31, 2023 (which shall be the financials of WD FF Limited) (the “Fiscal Year 2023 Audited Financial Statements”) and (y) delivery by the Company and the Issuer to each Trustee of a compliance certificate which, pursuant to Sections 4.03(a)(i) and 4.04(a) of the Indentures, respectively, are required to be delivered within 120 days after the end of such fiscal year (the “Fiscal Year 2023 Audited Financial Statements Deferral Amendments” and the “Compliance Certificate Deferral Amendments,” respectively), (ii) waive any Defaults or Events of Default under the Indentures arising as a result of not furnishing to the Trustees the Fiscal Year 2023 Audited Financial Statements or the compliance certificates within 120 days after the end of the fiscal year ended March 31, 2023 (provided that the Fiscal Year 2023 Audited Financial Statements are furnished to the Trustees and the compliance certificates are delivered to the Trustees no later than September 30, 2023) (the “Proposed Waivers”) and (iii) make any ancillary amendments to the Indentures required to effect the Fiscal Year 2023 Audited Financial Statements Deferral Amendments, the Compliance Certificate Deferral Amendments and the Proposed Waivers (the foregoing clause (i) and this clause (iii), collectively, the “Proposed Amendments”)."