ISK 26 bn XL/Jointrace loan guarantee falls on Eimskip XL Leisure Group („XL“) was put into aministration, last nigth, as attempts at refinancing the company were unsuccessful. It is therefore inevitable that a guarantee made by Eimskipafelag Islands („Eimskip“) over a loan taken by Jointrace Ltd will fall on the company and at the same time impact its earnings and balance sheet. As mentioned in Eimskip‘s announcement to the OMX Nordic Exchange on September 9, a group of significant investors led by Bjorgolfur Gudmundsson and Bjorgolfur Thor Bjorgolfsson will acquire the claim, should it fall on the company. The claim, in connection to the sale of XL and air operator certificates guarantees, amounts to around EUR 207 million, or around ISK 26 bn. As previously announced, the aforementioned group of investors will delay payment of the claim after taking it over. Furthermore, it is expected that any such claim will subordinate to other claims on Eimskip. In addition, Eimskip has provided guarantees in connection to airplane lease contracts, as stated in the company‘s annual report, but the financial impact of that is still unclear. For further information: Halldór Kristmannsson Executive Vice President of Corporate Communications & IR Tel: (+354) 525 7000 / (+354) 825 7221 E-mail: halldor@eimskip.is