Landsvirkjun - Company Announcement

Standard & Poor‘s revises Landsvirkjun’s outlook from stable to positive

Standard & Poor's Ratings Services has revised its outlook on Landsvirkjun to
positive from stable and affirmed Landsvirkjun‘s credit rating of BB+ for
long-term corporate credit rating. 

According to S&P the revised outlook is based on positive trend in the
operation of Landsvirkjun over the past few years with a combination of stable
cash flow generation, reduced debt and decreased market risk. The positive
outlook reflects the possibility of an upgrade within the next one or two years
if the positive trend continues. 

Reykjavik, December 1, 2015

For further information please contact Rafnar Larusson, CFO Tel. +354 515 9000
or by email: rafnar@lv.is