General Terms and Conditions for the Opening and Use of Deposit Accounts

General Terms and Conditions for the Opening and Use of Deposit Accounts Landsbankinn hf. No. 1529-01 September 2017 These Terms and Conditions apply to all deposit accounts established with Landsbankinn hf., Reg. No. 471008-0280 (hereafter Landsbankinn or the Bank). Opening an account» Upon establishment of a deposit account (hereafter deposit account or account), customers must provide proof of identity by producing valid personal identification issued by a public authority, such as a passport, Icelandic identity card, driver s licence or a valid electronic certificate.» If an account is opened on behalf of a legal entity (companies and associations), all board members, managing directors and/or authorised signatories must verify their identity by showing valid identification. The provisions of law and Articles of Association or rules of the legal entity in question on establishing accounts on its behalf shall apply in other respects.» When opening an account, customers are required to divulge information on intended transactions in accordance with the provisions of Act No. 64/2006, on Actions to Combat Money Laundering and Terrorist Financing, as well as information about the real (beneficial) owner of the funds.» Landsbankinn may reject applications to open deposit accounts if information provided by customers is deemed insufficient. Rejections are communicated to customers as promptly as possible.» Deposit accounts may not be established on behalf of another financially competent party unless the customer has granted power of attorney to the effect, unless otherwise provided for by law.» Accounts are in Icelandic króna, unless otherwise expressly agreed. Deposit account agreement» A deposit account agreement shall be written on paper or in electronic format in a durable medium. These Terms and Conditions form an indivisible part of the agreement and apply to the contractual relationship, along with other applicable terms. The agreement and applicable terms are provided to the customer as print-outs or in electronic form in a durable medium, such as electronic documents accessible through online banking. The customer may request a copy of the terms of the agreement at any time during the contractual relationship.» The language of agreements governing deposit accounts and notifications from Landsbankinn during the contractual relationship, as well as other information the customer has a right to receive, shall be Icelandic. Power of attorney and authorisations» The account holder may empower a third party to open an account in his/her name and/or manage his/her account in a specified manner. Holders of power of attorney must provide the same proof of identity as account holders.» Account holders are fully responsible for a third party's use of accounts based on power of attorney.» Power of attorney can only be granted in writing. Power of attorney must be granted using a form provided and accepted by Landsbankinn. The power of attorney must be dated, signed and witnessed. Should a power of attorney fail to meet the Bank's or legal demands for form and/or clarity, the Bank is authorised to reject any dealings based on it.» All funds on an account opened by a third party are considered to be owned by the account holder once they have been deposited to the account. All information about the account is communicated to the account holder. Should an account holder object to the opening of an account in his/her name, any funds are returned to the person who applied for the account or deposited funds to the account.» The account holder is responsible for notifying Landsbankinn about any changes to power of attorney. Any changes to existing power of attorney shall be in writing in order to take effect, such as changes to the holder of power of attorney.» A power of attorney lacking a fixed term may be revoked by the account holder. Landsbankinn hf., Reg. No. 471008-0280, is a limited liability company licensed to operate as a commercial bank and regulated by the Financial Supervisory Authority, Iceland (FME). Page 1 of 7

» Revocation of power of attorney must in general be in writing and enters into effect once its reception has been confirmed in writing by the Bank. Only the account holder can revoke power of attorney, unless otherwise provided for by law. Previously issued powers of attorney remain effective despite the registration of new powers of attorney unless these are specifically revoked.» If a power of attorney provides for a means of withdrawing funds from the account (such as a debit card), the account holder shall ensure that such payment aids are returned to a local branch or destroyed once the power of attorney is revoked. Notwithstanding the revocation of power of attorney, the account holder is responsible for any payments made by means of issued payment aids.» Accounts held by an estate (of inheritance or bankruptcy) can only be accessed by a person duly authorised to manage the estate funds by a public authority. Permissions of the non-financially competent» A non-financially competent individual may not open and manage a deposit account unless authorised to do so by a legal guardian. Withdrawals from deposit accounts are contingent upon the approval of legal guardians.» A minor who turns 13 years old during the year may open a deposit account for personal income and/or gift funds and manage the account without the involvement of a legal guardian. All mandatory notifications concerning the deposit account are communicated to legal guardians.» A non-financially competent individual may enter into agreements to authorise payment aids or online banking with the written consent of legal guardians.» Both legal guardians and the account holder may access information about the deposit accounts of a non-financially competent individual, including its balance and account statements.» Landsbankinn must be notified of any changes to the legal guardianship of a minor or the appointment of a legal guardian.» The accounts of non-financially competent individuals are governed by, in addition to these Terms and Conditions, the Act on Legal Competence, No. 71/1997, as subsequently amended, as well as other Landsbankinn rules.» When the approval of the legal guardian is required according to these Terms and Conditions, the following applies: Where there are two legal guardians, both must consent unless they agree that approval from one legal guardian suffices. Where there is only one legal guardian, his/her approval suffices. Term of deposit» Funds on deposit accounts are governed by the special terms and conditions that apply to each type of deposit account and may be either indexed to the Consumer Price Index or non-indexed. An account has no fixed term unless provided for by law, regulations, rules or terms and conditions for deposit accounts.» To inflation-indexed accounts, the Central Bank's Rules No. 492/2001, on Price Indexation of Savings and Loans, as subsequently amended, and by virtue of the Act on Interest and Indexation, No. 38/2001, apply.» The fixed term of vacation pay accounts is provided for in the Act on Vacation Pay, No. 30/1987. Interest rates and interest rate calculation» Unless otherwise agreed, the interest rate applicable to deposit accounts is flexible based on Landsbankinn's tariff for each account type. Landsbankinn s tariff is available on the Bank s website, www.landsbankinn.is. Changes to the tariff are announced on the Bank's website, through online banking or in another manner.» Interest rate decisions are, inter alia, based on the Central Bank's policy rate decisions and changes to other reference rates, such as LIBOR. Interest rate decisions are also based on the Bank's other financing terms, public levies, operating costs, the Consumer Price Index as it applies to indexation, etc. Interest rate decisions are based on changes to one or more of the factors listed above.» Interest rate changes that are based on changes to the Central Bank's policy rates or other reference rates, such as LIOBOR, enter into effect without notice with the change to Landsbankinn's tariff. The same applies to interest rate changes the Bank deems beneficial to the customer.» Other interest rate changes enter into effect two months following notification thereof.» With specially negotiated interest rates, changes are provided for in the relevant agreement between the customer and the Bank.» Notwithstanding the above, all interest rate changes to accounts of customers other than consumers as provided for by Act No. 120/2011, on Payment Services, as subsequently amended, enter into effect without notice alongside changes to the tariff. Landsbankinn hf. No. 1529-01 September 2017 Page 2 of 7

» Unless otherwise expressly agreed, deposits bear deposit interest rates as of the date of deposit and to the date of withdrawal. The last day included in interest calculations is the date prior to withdrawal.» Interest is added to the principal at the end of each year and upon termination of deposit accounts, except when otherwise agreed.» As a general rule, interest is calculated for 360 days per annum (the interest year). Each month carries an interest term of 30 days. The beginning of each term depends on the account type and the current terms and conditions for deposit accounts.» For inflation-indexed accounts, indexation is calculated at the end of each month based on the Consumer Price Index for indexation and is in general added to the principal at the end of each month.» Special indexation is flexible and based on the published tariff at each time in accordance with the rules of the Central Bank of Iceland on the Price Indexation of Savings and Loans.» Special indexation is calculated within a month for all deposits and withdrawals. Special indexation is calculated for each day from deposit or withdrawal as 1/30 of the changes to indexation between months for each day throughout that month and added or subtracted from the deposited or withdrawn amount.» Financial income tax is levied on paid interest, indexation and currency gains in accordance with law and debited from the account. Security numbers and access to accounts» An account holder chooses a security number to use for authentication and confirmation of payments in communication with Landsbankinn, for example, through online banking, telephone banking and with the Customer Service Centre.» In selecting a security number, the account holder shall take care not to select a number that can easily be traced back to the account holder. The Bank advises customers against utilising the same number for multiple accounts.» The account holder is obliged not to divulge the security number to unauthorised parties. Unauthorised parties here refers to parties who are not authorised to transfer funds from the account holder's account in accordance with the terms of a power of attorney. Should an account holder have reason to believe that an unauthorised party may have become aware of the security number, the account holder is obliged to change the security number immediately and notify Landsbankinn without delay.» The account holder is responsible for all payments and actions linked to his/her account using the security number. Payment service and payments» The account holder may use his/her deposit account to make payment, including depositing and withdrawing funds. A deposit account can be linked to a payment aid provided by Landsbankinn. A payment aid in these Terms and Conditions refers to any personalised equipment and/or procedure the payment service provider and customer agree upon and the customer utilises to issue payment orders, such as debit cards or electronic and digital means of payment. The terms and conditions of the relevant payment aid further apply to its use.» When a customer issues orders to withdraw funds from his/her account, he/she shall provide adequate proof of identity, such as the account's security number or by showing personal identification. The above applies whether or not the withdrawal is carried out by way of a payment aid or not. An account may only be debited for payment with authorisation from the account holder or holder of power of attorney.» Orders to debit payment from accounts may be given orally and confirmed with the security number at bank branches, over telephone, through online banking or by means of a payment aid. Written payment instructions shall be confirmed over telephone by the account holder or holder of power of attorney.» Instructions for payment sent before closing of a branch on a banking day shall be considered to have been received on that day. Instructions received after that time shall be considered to have been received on the next business day. Payment instructions issued through corporate online banking before midnight shall be considered to have been received on that day yet may be carried out on the following banking day.» Landsbankinn shall not be considered to have received payment instructions until the Bank has received all information necessary to carry out payment.» Landsbankinn may refuse to carry out payment if there is doubt as to a person's right to access the account.» Landsbankinn may also refuse to carry out payment for security reasons.» Domestic payments in Icelandic króna should take no more than one banking day as of reception of instructions for payment. Instructions for payment sent via mail may be carried out as much as two days from reception. A regular banking day is a day when banks are open in Iceland. Landsbankinn hf. No. 1529-01 September 2017 Page 3 of 7

» Landsbankinn may refuse to carry out a customer's payment instructions if a customer fails to comply with these Terms and Conditions, the provisions of linked terms and conditions or agreements for the establishment of deposit accounts, for example, if there are insufficient funds on the customer's account or if withdrawals have been halted for other reasons. The customer will be notified of Landsbankinn's decision to reject instructions for payment. If the customer is the cause of the Bank's decision to reject payment instructions, a fee may be charged for written notification.» If payment instructions are rejected by Landsbankinn, this is equivalent to such instructions not having been received at all.» Notwithstanding the above, the Bank may postpone carrying out instructions for payment until sufficient funds are available on the customer's account, including funds to cover fees and other expenses. The Bank may postpone debit of the payment from the customer's account for the next five banking days following reception of payment instructions.» A priori received payment instructions will be carried out despite latterly occurring events that would have prevented their issuance, such as the revocation of power of attorney or death of the account holder.» The account holder may only cancel or halt payment orders provided that the conditions of Article 61 of Act No. 120/2011, on Payment Services, as subsequently amended, are met.» A priori received payment instructions will not be carried out after the termination of an account.» If Landsbankinn receives multiple instructions for payment the same day, the Bank is not responsible for the order in which the instructions are carried out or which payments are not carried out due to an insufficient account balance.» Landsbankinn is responsible for the payment being carried out until the recipient bank has received the payment. After that time, the recipient bank is responsible for the handling of the payment.» The customer is responsible for ensuring that the payment instructions are correct. Landsbankinn is not responsible for the customer's mistakes, inter alia, the customer entering erroneous identifying information for the recipient. Such mistakes cannot be corrected one-sidedly by the Bank without the approval of the recipient of the payment.» If a customer can provide evidence to show that the amount of a payment, authorised by the customer and initiated by the recipient, was not specified in the issued authorisation and that the customer's account was debited for a higher amount than he/she could reasonably expect based on his/her spending patterns, these Terms and Conditions and other circumstances of the case, the customer shall notify Landsbankinn within eight weeks of funds being debited from his/her account. These conditions being met, the Bank shall refund the customer such payments within 10 days of receiving notice to the effect from the customer. Otherwise the Bank will refuse repayment. The above does not apply when a customer, who is not a consumer as defined by Act No. 120/2011, on Payment Services, as subsequently amended, orally consents to a third party withdrawing funds from his/her account.» The customer is not entitled to repayment once he/she has authorised Landsbankinn to carry out payment and, if appropriate, the Bank or the recipient provided information about future payments or transmitted such information to the payor in a previously agreed upon manner at least four weeks prior to the due date. If payment instructions have been revoked, Landsbankinn is neither responsible for paying interest nor other fees levied on overdue payments.» Payment services may be subject to limitations provided for in Act No. 87/1992, on Foreign Exchange, as subsequently amended, and rules based on the Act.» If regular payments have been agreed upon during the period of the contract, pursuant to payment service in accordance with a master agreement, the notice of termination shall factor in collection of payments following termination of a contract.» Landsbankinn is authorised to charge a fee on transfers from the payment account. The Bank may also charge a fee for assistance granted in recovering mistakenly paid funds, e.g. due to erroneous information about the recipient of payment issued along with instructions for payment. Fees are charged in accordance with Landsbankinn's tariff published on the Bank's website, www.landsbankinn.is. Deposit accounts in foreign currency» Payments between accounts in different currencies constitute foreign exchange trading. The customer enjoys currency gains or suffers currency loss based on the exchange rate developments of the currencies in question. Landsbankinn employs the relevant buy/sell rate based on the type of transaction. Landsbankinn publishes exchange rates on its website, www.landsbankinn.is, or in branches or communicates rates to customers in another manner.» Payments in foreign currency may involve expenses calculated based, inter alia, on the amount, the currency, the buy/sell rate differential and financing cost in accordance with law. The costs associated with foreign payments are advertised in Landsbankinn's tariff on the Bank's website, www.landsbankinn.is. Landsbankinn hf. No. 1529-01 September 2017 Page 4 of 7

Lending rates, NSF withdrawals, unauthorised overdraft and wrong or unauthorised payments» The customer is obliged to monitor the balance on his/her account and may not withdraw from the account an amount that is in excess of its balance or authorised overdraft.» If the account holder overdraws his/her account or exceeds the approved overdraft authorisation (e.g. with an NSF debit card transaction) or the overdraft authorisation is cancelled on other grounds, the account holder shall pay a fee for NSF withdrawals according to Landsbankinn's tariff. The fee for NSF withdrawals is charged on each withdrawal. The tariff is available on Landsbankinn's website, www.landsbankinn.is, and at the Bank's branches.» The customer obliges him-/herself to pay interest and the cost associated with overdraft authorisations in accordance with Landsbankinn's current tariff of charges and interest rates unless otherwise agreed. Interest is calculated on a drawn overdraft authorisation at the end of each day and calculated from the beginning and until the end of each month. Interest on outstanding debt is debited monthly unless otherwise agreed. The same applies to other costs associated with overdraft authorisations.» Unapproved overdraft becomes due on the day it is created and bears penalty interest from the transaction date (i.e. the day the payment is registered in Landsbankinn's systems) and to the date of payment. If a customer deposits funds to his/her current account after having made NSF withdrawals or exceeded overdraft authorisations, the Bank reserves the right to first utilise those funds to discharge penalty interest, then to pay the cost of the unauthorised overdraft, including collection and legal fees, and finally to discharge excess overdraft payments.» In the case of failure to remedy default on accounts despite reminders, Landsbankinn reserves the right to enforce the claim through legal collection and the Bank may retain the service of qualified outside parties to manage the collection process on its behalf. Fees for interim collection are in accordance with the Bank's current tariff and fees for legal collection are in accordance with the tariff of the relevant collection agent. Information about an account and its use» The account holder received all messages, information and notifications concerning the deposit account, such as account statements, interest rate changes, costs, etc., through online banking.» If the customer does not have access to online banking, the aforementioned information is sent to an email address the customer provides to Landsbankinn. If the customer provides no email address, this information is send to his/her legal domicile or residence provided to the Bank.» The customer may request to have notifications mailed, for a fee. Fees for such services are listed in Landsbankinn's tariff, available on the Bank's website, www.landsbankinn.is. Account transactions and statements» All transactions on deposit accounts (account statements) are accessible through the customer's online banking. The customer receives end-of-year account statements to electronic documents in online banking. The customer shall regularly review his/her account statements.» Landsbankinn is obliged to refund amounts which the Bank verifiably wrongly withdraws from its customers accounts. The Bank is similarly authorised to retract payments wrongly credited to its customers' accounts, for example, if the same funds are deposited twice by mistake or wrong information about the recipient is entered. Such corrections shall take place immediately and appear on the account statements of the Bank's customers.» The customer shall review all information prior to making payment to a third party account, regardless of whether such payment is made with a payment aid, through online banking, via telephone, with a teller or using other means.» Any comments the customer may have regarding his/her account statement should be send in writing and undersigned to Landsbankinn within 30 days of the date of the payment in question or within 20 days of receiving an account statement. If the customer is a legal entity, comments shall be made within 30 days of the date of payment.» In the case of unauthorised or erroneous payments through no fault of the customer, the customer has not provided wrong information about the recipient and the erroneous payment cannot be traced to circumstances outside the Bank s control (force majeure) or legal requirements the Bank is obliged to comply with, the Bank shall remit to the customer the unauthorised or erroneous payment and, if appropriate, backdate the customer's account balance. The customer shall lodge correction claims without undue delay if he/she becomes aware of or should have become aware of unauthorised or erroneous payments and no later than 13 months following the date of debit. This extended time period for notification only applies if the customer can show that the Bank failed to fulfil the provisions of these Terms and Conditions concerning the customer's access to account statements. The above does not apply to customers who are not consumers as defined by Act No. 120/2011, on Payment Services, as subsequently amended. Landsbankinn hf. No. 1529-01 September 2017 Page 5 of 7

Termination of accounts» Account holders may request termination of their account in writing, by calling Landsbankinn or sending an email. Customers requesting termination of their account via telephone or email must provide appropriate proof of identity in their communication with the Bank. Any fees or costs owed the Bank by the customer for services rendered may be debited from the customer's account prior to its termination.» The customer may request temporary closing of his/her account if he/she considers that there may be a risk of a third party taking unauthorised advantage of the account.» Landsbankinn reserves the right to terminate accounts of its own initiative if an account holder is demonstrated to have committed an offence against the Bank's rules, its terms and conditions or other rules applying to his/her business with the Bank. In such cases, the Bank may terminate an account without first notifying the customer.» Landsbankinn reserves the right to terminate accounts of its own initiative when an account has been inactive for a period of 6 months or longer or if it is considered evident that the customer no longer does business with the Bank. In such cases, the Bank may terminate an account without first notifying the customer.» Landsbankinn may close a customer's account if the Bank considers the customer or a third party to be misusing the account.» Landsbankinn may close customers' accounts with two months' notice, as provided for by Act No. 120/2011, on Payment Service, unless otherwise agreed.» The customer will be notified of the closing of the account as promptly as possible.» Any balance on an account terminated on the initiative of Landsbankinn shall be deposited to another account in the customer's name. If the customer owns no other account, the balance is deposited to the Bank's main account.» In the case of any negative balance upon termination, e.g. charged fees, the Bank reserves the right to enforce the claim through legal collection. Other terms and conditions» In addition to these Terms and Conditions, special terms and conditions may apply to individual deposit accounts.» Payment services provided in connection with deposit accounts are governed by the Act on Payment Service, No. 120/2011, as subsequently amended.» The customer may request a copy of the Terms and Conditions for Deposit Accounts at any time.» Otherwise the General Terms and Conditions of Landsbankinn apply.» The above terms and conditions, as well as other Landsbankinn terms, are available on the Bank's website, www.landsbankinn.is. Tariff and costs» Landsbankinn's tariff is an indivisible part of these Terms and Conditions. Customers pay charges for the Bank's services and other expenses linked to services rendered in accordance with the Bank's tariff at each time. Costs may include the cost of carrying out payments made using debit cards and withdrawals from ATMs and tellers. A fee is charged on NSF withdrawals (unauthorised overdraft). Fees and charges to the customer under the provisions of these Terms and Conditions are in accordance with the Bank's current tariff, available on Landsbankinn's website, www.landsbankinn.is, and its branches. Should other terms or the Bank's agreements with the customer provide for charging fees, those terms shall take precedence over the Bank's tariff. The customer undertakes to ensure that the account balance is at all times sufficient to cover accrued cost for the use of the account and the Bank may debit fees and charges from the customer's deposit account and such debit entries shall be shown on the customer's account statement.» If the account holder is not a consumer as provided for in Act No. 120/2011, on Payment Service, as subsequently amended, Landsbankinn may amend its tariff without notice.» Landsbankinn may amend its tariff with two months notice and collect fees accordingly provided the changes are made to service items that fall under the scope of Act No. 120/2011, on Payment Service. Changes outside of the scope of the Act may be made to the tariff without prior notice. Amendments to the Terms and Conditions are published on the Bank s website, www.landsbankinn.is. The customer is considered to have approved changes to the tariff if he/she does not object before they enter into effect. Should the Bank and the customer have agreed on specific service charges, the terms of that agreement shall prevail over general changes to the Bank's tariff and change in accordance with the provisions of that agreement.» Landsbankinn s tariff is available on the Bank s website, www.landsbankinn.is. Customers can also access information about the tariff in branches or from the Bank's Customer Service Centre. Landsbankinn hf. No. 1529-01 September 2017 Page 6 of 7

Changes to terms and conditions» Landsbankinn may unilaterally amend these Terms and Conditions at any time, provided that changes are to the advantage of the Bank s customers. Changes that are not to the advantage of customers and fall under the scope of the Act on Payment Service shall enter into effect with two months notice.» Notifications about changes are sent to customers via a durable medium, such as messages through online banking or email or mail to the registered address or legal domicile of the customer. A notice of amendments to the Terms and Conditions shall draw attention to the actual changes and the customer s right to terminate the agreement. If the customer does not notify Landsbankinn to the contrary before the changes are implemented, this is regarded as an indication of consent. If a customer does not terminate his/her agreement and uses the account two months following notification of the amendments, he/she is considered to have agreed to the changes. Netting» Landsbankinn reserves the right to net the balance of a customer's account against claims the Bank may have on the customer, provided the claims are comparable, eligible for netting, valid, clear and unequivocal. If payments are not in the same currency, the Bank may convert a payment to ISK or other currency agreed upon before applying netting. Settlement of disputes, legal venue, etc.» The account holder may refer any dispute with the Bank to the Complaints Committee on Transactions with Financial Undertakings provided the dispute falls under the Committee's purview. The Complaints Committee is hosted by the Icelandic Financial Supervisory Authority, www.fme.is.» All disputes concerning deposit accounts with Landsbankinn shall be resolved in accordance with Icelandic law, unless otherwise agreed.» Any dispute which may arise as a result of these Terms and Conditions may be brought before the Reykjavík District Court. About Landsbankinn hf.» Landsbankinn is a universal bank that provides individuals, corporations and investors with solid, comprehensive financial services based on long-term business partnerships. Landsbankinn operates branches, outlets and ATMs throughout Iceland.» Landsbankinn hf. is licenced to operate as a commercial bank in accordance with the Act on Financial Undertakings and is subject to supervision by the Financial Supervisory Authority, Katrínartún 2, 105 Reykjavík, Iceland, cf. Act No. 87/1998, on Official Supervision of Financial Activities, as subsequently amended (see the Financial Supervisory Authority's website, www.fme.is). Further information on Landsbankinn's operation is available on the Bank's website, landsbankinn.is. Landsbankinn hf. Austurstræti 11 101 Reykjavík Iceland Tel: +354 410 4000 Reg. No.: 471008-0280 Email: info@landsbankinn.is SWIFT: NBIIISRE Entry into force» These Terms and Conditions are published in Icelandic and are valid as of 13 November 2017. Upon the entry into force of these Terms and Conditions, the General Terms and Conditions for Current Accounts, No. 1516, the General Terms and Conditions for Savings Accounts, No. 1501, and the Terms and Conditions for Payment Accounts, No. 1520, become invalid. This is a translation of the authoritative Icelandic text. In the event of any discrepancies between the translation and the original Icelandic text, the original text shall prevail. Landsbankinn hf. No. 1529-01 September 2017 Page 7 of 7