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Improved credit rating for Landsvirkjun

February 11, 2005

Furthermore, S&P confirmed the credit rating of AA+ as relates to long-term liabilities in domestic currency. The outlook for S&P's rating is stable.

A news release from S&P indicates that the higher rating is based both on a joint and several guarantee for company liabilities by Landsvirkjun’s owners and also on the company’s dominant position in the energy market and its up-to-date electricity grid. The upped rating follows in the wake of a raised credit rating for the Icelandic state.

The improved credit rating reinforces Landsvirkjun’s status on the international financial market.

For further information, please contact Hulda Pjetursdóttir, Head of Funding, Tel. +354 515 9233.

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