Landsvirkjun - Company Announcement

Landsvirkjun signs a new USD 200m Revolving Credit Facility

Icelandic electricity company, Landsvirkjun, signed a USD 200m three year multi
currency Revolving Credit Facility, to replace a similar USD 400m Facility
maturing in Dec. 2012.  The Facility has a 3+1+1 feature which means that the
maturity can be extended up to five years. 

The Facility was led by Barclays Capital (the investment banking division of
Barclays Bank PLC), Citi and SEB as Mandated Lead Arrangers and Bookrunners. 
Banks joining the Facility include Arion Banki and J.P. Morgan, as Mandated
Lead Arrangers and Landsbankinn, UBS and Islandsbanki as Lead Arrangers. 

The new Facility was oversubscribed in syndication and the final Facility size
was increased from its original launch amount. 

This represents the first syndicated Facility of an Icelandic State owned
entity since the financial crisis of 2008.  Landsvirkjun is an energy company
owned by the Icelandic State.  The company produces electricity from renewable
hydro and geothermal sources. Landsvirkjun produces 75% of all electricity in
Iceland and is the country's biggest electric generator. The company is also a
leader in sustainable energy generation and encourages transparency, innovation
and technological development. 





For information, please contact:



Landsvirkjun:                    Rafnar Lárusson, CFO     +354 515 9010

Barclays Capital:              Jonathan Macdonald      +44 20 7773 0709

Citi:                                    Richard Basham           +44 20 7986
6006 

SEB:                                  Michael Dicks                +44 20 7329
6679