Introduction to Glitnir Sustainable Energy Fall 2006 USD

2 Glitnir is a specialist bank Glitnir’s key figures –USD 27.9 billion total assets –USD 4.9 billion market cap. –29.4% avg. ROE past 5 years –Record Profits in 2005, 9 months ’06 –Strong credit ratings Home markets are Norway and Iceland Product excellence in Northern Europe Focus on niche segments world wide –Food/ seafood industry –Sustainable energy –Offshore vessels/ Shipping

3 Glitnir’s vision Glitnir’s Vision: Initiating and embracing sustainable success. Corporate Banking Vision: A focused player in niche segments and products Segments and products that build on knowledge and network and we can become one of the best operators.

4 Long history of consolidation & diversification

5 Glitnir Bank’s Mission in Sustainable Energy To be a leading financial services company serving the global sustainable energy sector.” “Glitnir has a unique interest in the Geothermal sector and emphasizes that especially.” Glitnir’s Center of Excellence in Sustainable Energy holds: An experienced team of professionals focused on this important and growing sector. Deep industry expertise and knowledge on the sector. Strategic partners with leading positions in the sector.

6 Home markets unique base

7 Glitnir - Niche focus global reach Glitnir Offices Glitnir ActivitiesNew Office in ‘06 High-Temperature Geothermal Provinces (Schematically shown) Source: GeothermEx Inc., Glitnir Research

8 Geothermal electricity & central heating GWh United States Phillipines9.253 Mexico6.282 Indonesia6.085 Italy5.340 Japan3.467 New Zealand2.774 Iceland1.483 Costa Rica1.145 Kenya1.088 El Salvador967 Electricity ProductionDirect Use* GWh China Sweden United States8.678 Turkey6.901 Iceland6.806 Japan2.862 Hungary2.206 Italy2.099 New Zealand1.969 Brazil1.840 Georgia1.752 Source: Electricity – Bertani, Direct Use – Lund, Freeston, Boyd (all Geothermics, with data of 2005) Annual Energy Produced/ year*e.g. heating, Use/ year

9 Niche with strong potential Global Geothermal Use Direct use (TWh)Electricity generation (TWh)

10 Geothermal market Increased demand for sustainable energy solutions worldwide Our primary focus is geothermal –New and interesting developments in Iceland Geothermal is key to driving economic prosperity –China Xianyang district heating project, in co-operation with Sinopec, indevelopment stage –Interesting projects in the United States & Europe

11 Why Geothermal? Lower generation cost than other renewables, such as wind and solar In the EU, geothermal potential for energy production more than wind and solar combined In the US geothermal could provide up to MW of power or 6% of today’s electricity demand

12 China - geothermal district heating in Xianyang Geothermal District Heating in Xianyang Joint project by Enex-Kína, Shanxi CGCO Energy Development Construction C. Ltd (Sinopec and Xianyang City Investment Co, Ltd.) District Heating system for ,000 people with potential for overall heating for 400,000 people. (450 MW) Enex-Kína is a joint company by Enex, Reykjavik Energy & Glitnir.

13 Some geothermal plants in Iceland Nesjavellir – installed, capacity 120 MWe, 290 MWth, Reykjavik Energy, serving capital area, production of electricity and district heating. Hellisheidi – installed capacity 300 MWe, 400 MWth (by 2015), Reykjavik Energy, serving capital area, in development, to produce electricity and district heating

14 In conclusion - Why Glitnir Bank? Has very strong financial background Comes from a Geothermal environment Has unique interest in the Geothermal sector Is working with the sector as a complete financial partner –Advisory –M&A –Lending –Providing Equity

15 From coal to cool – but warm!

16 Glitnir – Sustainable Energy Team Magnús Bjarnason Managing Director Region Asia & Americas Direct line: Mobile: Árni Magnússon Director Sustainable Energy Direct: Mobile: Jóhannes Hauksson Senior Business Manager Direct: Mobile: Michael Richard Director Mobile: +1 (508) Alexander Richter Analyst Direct: Mobile: