Orkuveita Reykjavíkur - Company Announcement

Financing of Headquarters Purchase Completed

Reykjavik, 2013-10-09 19:35 CEST (GLOBE NEWSWIRE) -- The purchase of Reykjavik
Energy's headquarters, led by Straumur Investment Bank, has now been financed.
With the sale of the headquarters all targets of Reykjavik Energy's Plan are on
track. Sale and leaseback documentation will be finalized in the next few
weeks. 

Early this year Reykjavik Energy's Board of Directors approved the purchase
offer for the company's headquarters in Reykjavik. The sale of the headquarters
is an important factor in the progress of the Plan and will increase the
company's liquidity. The purchase price is 5.1 billion ISK. Straumur Investment
Bank made the purchase offer, on behalf of an unestablished company, subject to
due diligence and financing. Now both are completed. 



Bjarni Bjarnason CEO:

The staff of Reykjavik Energy is working according to an ambitious plan in
operations, i.e. The Plan.  All targets, except sales of asset, have been on
track from the beginning and have even exceeded expectations. With the sale of
the headquarters the asset sales are also on track. The sale is financially
favourable for Reykjavik Energy, the liquidity position gets stronger and
operational risks are decreased. Also, it is important that the company has an
option to buy back the property if it sees fit when time comes. 


         Further information:
         Bjarni Bjarnason, CEO.
         Tel: + 354 516 7707.