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Gunnar Tryggvason Acting CEO

Gunnar Tryggvason Acting CEO. HKI objectives Background & owners HKI Targets. 1. 2. 3. Hydrokraft’s Vision. Global Demand for Energy is forecast to rise by more than 50% over the next 25 years Increased importance of Renewables to meet growing demand for energy

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Gunnar Tryggvason Acting CEO

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  1. Gunnar Tryggvason Acting CEO

  2. HKI objectives Background & owners HKI Targets 1 2 3

  3. Hydrokraft’s Vision • Global Demand for Energy is forecast to rise by more than 50% over the next 25 years • Increased importance of Renewables to meet growing demand for energy • Renewables can make major contributions to: • diversity and security of energy supply • economic development • addressing local environmental pollution • mitigating CO2 emissions at the global level • The development of renewable energy technologies are important for the future of a sound global energy economy • Hydropower can make a major contribution

  4. Stable and high prices in Europe

  5. Hydro plays a significant role Renewables in world electricity production (2004) In 2004 Hydro generated 2.810 TWh – in 2030 4.900 TWh (est.)

  6. Ownership Landsvirkjun Landsbanki 50% 50% HydroKraft Invest hf. Investors Investors SPV 1 SPV 2

  7. HydroKraft’s Strategy HydroKraft’s aim is to invest in renewable energy, primarily in hydropower Main focus is on investing in projects which are operational but require: • Technical upgrade or major maintenance with potential of increasing capacity • Financial restructuring • Operational reorganisation Generation of electricity with hydropower is reliable and established technology of which the founders of HydroKraft have proven knowledge and excellent track record

  8. HKI objectives Background & owners HKI Targets 1 2 3

  9. GWh/a 18.000 Hydropower 16.000 Oil 14.000 Geothermal 12.000 10.000 8000 6000 4000 2000 0 '83 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 ICELAND - Electricity Production by Sources 1983-2010

  10. Landsvirkjun - Background • Established by the Icelandic State and the City of Reykjavík in 1965 to undertake the first major power project in Iceland • Owned by the State 100% since Jan 1 2007 • Landsvirkjun is rated Aaa/A+ by Moody’s and Standard & Poor’s • Landsvirkjun is the marketleader in generation Produces 84% of the electricity used in Iceland supplies electricity wholesale to distribution companies and power intensive industries • 70% ownership of Landsnet (the Transmission Company) • Current legal mandate is primarily to operate in the energy sector, both locally and internationally

  11. Landsvirkjun – Key numbers

  12. Kárahnjúkar dam 18 May 2006

  13. Landsbanki’s engagement in the Icelandic Energy Sector • Active provider of corporate advisory in the energy sector in Iceland • Provider of finance for new capacity in small scale hydropower projects • Projects developed in 2003-2005 • New projects under construction • Support to development of new large scale hydro power plants • Provision of financial services and support to main contractor of Kárahnjúkar power plant (690 MW)

  14. Landsbankinn - 2006 Results Income Statement • Profit before taxes EUR 510m • Profit after taxes EUR 459m • ROE before taxes 40% • ROE after taxes 36% • Cost-Income Ratio 43% Balance Sheet • Total assets EUR 23.2bn • Shareholders equity EUR 1.5bn • Tier 1 Capital Ratio 13.0% • CAD Ratio 14.8% Income by origin Income bysegment ISK / EUR Beginning of 2006 74.70 At year-end 2006 93.72 Average 2006 87.57 At 29 March 2007 88.45

  15. Landsbankinn - Extensive Operations in 15 countries

  16. HKI objectives Background & owners HKI Targets 1 2 3

  17. World Hydro Electrical Potential Only 35% of economically feasible been utilized. The feasibility is increasing with higher power prices.

  18. Types of investment • Power production systems in which hydro plays a big role • Technical, financial or operational transformation is likely to increase the investment value significantly • Exit foreseeable in 3-5 years

  19. First target market SE-Europe: • Big hydro • Power deficit • Emerging markets • Lack of investment in the past • FDI welcomed • Unexploited potential

  20. Thank you

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