1. Heyrumst! Eiríkur S. Jóhannsson Árni Pétur Jónsson Gunnar Smári Egilsson Viðar Þorkelsson Interim financial statements of Og fjarskipti hf. Third quarter of 2005

2. Heyrumst! Agenda Consolidated financial overview Interim consolidated financial statements at September 30th, 2005 Analysis of each entity of the group by sector – telecommunication and media Principal tasks for 365 - Media - the media sector Principal tasks for Og Vodafone - the telecommuncation sector Dagsbrún Forecast for 2005 and the future

3. Heyrumst! Consolidated financial overview – Q1-Q3 2005 Pretax-profit ISK 673 million Net profit ISK 554 million Consolidated EBITDA of ISK 2.319 mill. or 21,3% of total revenues Sales ISK 10.866 million Growth in sales of 115% from Q1-Q3 2004 By including revenues from the media sector in Q1-Q3 2004 then the growth in sales is ISK 1.921 million or 21,3% Cash from operations excluding interest is ISK 1.893 million Investments in fixed assets is ISK 828 million Financial outcome is in accordance with budget

4. Heyrumst! Consolidated Financial Statements September 30th, 2005

5. Heyrumst! Consolidated Income Statement Growth in Income Revenues increase by 115% between Q1-Q3 05 and Q1-Q3 05 21,3% increase when the media sector is taken into account in Q1-Q3 2004 Cost of services sold An increase of 136% Contribution margin The contribution margin is 39% for the first 9 months of 2005 compared to 45% the first 9 months of 2004. Operating expenses An increase of 93% Associates Operating results improving in Q3 In thousands ISK9 months 20059 months 2004Variance Sales10.865.5625.063.7155.801.847 Cost of services sold-6.632.635-2.808.056-3.824.579 Contribution margin4.232.9272.255.6591.977.268 Other operating revenues91.51284.0507.462 Operating expenses-3.109.843-1.609.676-1.500.167 Operating income1.214.596730.033484.563 Net financial expense-534.255-281.671-252.584 Share of loss of affiliated companies-7.3000 Pre-tax profit 673.041448.362224.679 Income tax-118.900-81.330-37.570 Net profit554.141367.032187.109

6. Heyrumst! Consolidated Balance Sheet Total assets Increase because of investment in P/F Kall and growth in cash due to sale of treasury stock Accounts Receivable ISK 75 million increase due to investment in P/F Kall In thousands ISK30.09.0531.12.04Variance Assets Fixed assets18.201.34417.485.435715.909 Current assets4.251.1073.365.216885.891 Accounts receivable1.604.1941.478.728125.466 Non- entered services433.935349.39084.545 Total assets22.452.45120.850.6511.601.800

7. Heyrumst! Consolidated Balance Sheet Stockholders´ equity Increases due to increase in retained earnings and sold treasury stock Current liablities Have decreased since the refinancing was concluded in the beginning of 2005 Interest bearing debt less cash and cash equivalent Amounts to ISK 8.477 million Current Ratio 0,95 and has increased from year-end 2004 when it was 0,66 In thousands ISK30.09.0531.12.04Variance Liablilities and Stockholders´ Equity Stockholders´ equity8.942.6107.562.5311.380.079 Liabilities Long term liabilities9.024.8488.160.250864.598 Current liabilities4.484.9935.127.870-642.877 Total Liabilities13.509.84113.288.120221.721 TOTAL LIABILITIES AND STOCKHOLDERS´ EQUITY 22.452.45120.850.6511.601.800

8. Heyrumst! Consolidated Cash Flow CASH PROVIDED FROM OPERATIONS Amounted to ISK 1.893 million or an increase of ISK 436 mill between years INVESTMENT ACTIVITIES Investments in fixed assets of ISK 828 million Investments in intangibles are ISK 148 million of which ISK 109 million are due to software and licensing In thousands ISK9 months 20059 months 2004 Net earnings according to Income Statement1.202.363730.033 Adjustments for non-cash items Depreciation / amortization1.104.652750.786 Gain on the sale of fixed assets-78.996-66.082 Changes in operating assets and liabilities-334.776-42.382 CASH PROVIDED FROM OPERATION EXCLUDING FINANCIAL ITEMS 1.893.2431.457.119 Received interest revenues133.50864.131 Paid interest expense-677.442-278.194 NET CASH PROVIDED FROM OPERATION1.349.3091.243.056 INVESTING ACTIVITIES-2.006.958-733.588 FINANCING ACTIVITIES990.11452.595 Cash and cash equivalent at the end of the period498.946685.401

9. Heyrumst! Sales itemized by services Q1-Q3 2005

10. Heyrumst! EBITDA - consolidated 528 Irregular revenues and cost are exempt in this presentation. EBITDA grows by 55% from Q3 2004 to Q3 2005

11. Heyrumst! Net profits – development in million ISK

12. Heyrumst! Segment reporting – Q1-Q3 2005 Og Vodafone P/F Kall365 MediaEliminationConsolidated Sales5.835.449170.3784.975.806-116.07110.865.562 Cost of services sold-3.248.353-121.100-3.276.40213.220-6.632.635 Contribution margin2.587.09649.2781.699.404-102.8514.232.927 Other operating revenue91.1390373091.512 Operating expenses-1.828.285-32.750-1.351.659102.851-3.109.843 Operating profit before financing items and taxes (EBIT) 849.95016.528348.11801.214.596

13. Og Vodafone Telecommunication sector

14. Heyrumst! Financial overview - Telecommunication Sales are recorded at ISK 5.835 million in Q1-Q3 2005 A 15% increase in sales from Q1-Q3 2004 or ISK 771 million EBITDA in Q1-Q3 2005 is ISK 1.600 million and increases by 15% for the same period last year EBITDA ratio is 27% of total revenues in Q1-Q3 2005 compared to 27,0% in Q1-Q3 2004 Investments in fixed assets is ISK 541 million Sales are recorded at ISK 2.072 million in Q3 2005 A 16,7% increase in sales from Q3 2004 or ISK 297 million EBITDA in Q3 2005 is 554 million and increases by 23% from Q3 2004 EBITDA ratio is 27% of total revenues in Q3 2005 compared to 26,2% in Q3 2004

15. Heyrumst! Sales itemized by services – Q1-Q3 2005

16. Heyrumst! Mobile 15% increase Fixed line 9% increase Data transfer 50% increase Quarterly revenues itemized by services – Og Vodafone

17. Heyrumst! Cost of services sold – as percentage of sales

18. Heyrumst! Contribution margin – as percentage of sales

19. Heyrumst! Operating expenses – as percentage of sales

20. Heyrumst! * Irregular one-time expense is exluded in Q3 2004 Salaries and related expenses* - as a percentage of sales

21. Heyrumst! Note Irregular revenues and costs are excluded in this presentation of EBITDA. EBITDA EBITDA decreases slightly between years or from 29,6% in Q3 2004 to 26,8% in Q3 2005. This is due to temporary increase in operation costs because of organisational changes and rising sales and marketing activities. EBITDA – as a percentage of total revenues Regular operations ISK 528 m. ISK 554 m.

22. Heyrumst! Sales revenue ISK 170 million in Q3 EBITDA in Q3 ISK 33 million EBITDA ratio 19,4% in Q3 Operations according to plans in Q3 P/F Kall, The Faeroe Islands

23. 365 Media The media sector

24. Financial overview Media Total sales in Q1-Q3 2005 were ISK 4.976 million Increase in revenues is 26,5% from Q1-Q3 2004 Print 43% Broadcasting 17% EBITDA Q1-Q3 2005 is ISK 685 million EBITDA ratio in Q1-Q3 2005 was 14% Investments in fixed assets is ISK 277 million in Q1-Q3 2005 Total sales in Q3 2005 were ISK 1.668 million and increased by ISK 372 million from Q3 2004 or 29% EBITDA in Q3 2005 was ISK 224 million but was ISK 226 million in Q2 2005 EBITDA ratio in Q3 2005 was 13,4% compared to 13.7% in Q2 2005

25. Growth in sales An increase of 26% Q3 2005 and Q3 2004 365 broadcasting – sales trendline

26. Growth in sales An increase of 32% Q3 2005 and Q3 2004 365 print – sales trendline

27. Heyrumst! Cost of services sold – as a percentage of sales

28. Heyrumst! Contribution margin – as a percentage of sales

29. Heyrumst! Operating expenses – as a percentage of sales

30. Heyrumst! Note Irregular revenues and cost are excluded in this presentation of EBITDA EBITDA – as a percentage of total revenues

31. Heyrumst! Overview of 365 Media

32. Heyrumst! Main projects in Q3 – 2005 Media Re-organization of the news department of the broadcasting media New News channel The acquisition of the production company Saga Film and merger with Storm Sirkus – development of new concept for the younger generation Veggfóður

33. Heyrumst! Overview of Og Vodafone

34. Heyrumst! Simple management Technical divisionMarketing division Sales & customer care Administration & human resources CEO Creates, adjusts and maintains the technology that we rely upon Creates and maintains the image and provokes the customers interest in us and our products Creates and maintains good culture, ensures practical and efficient operation. Supports the staff in their daily work Sells our products and services and holds on to our customers by good after-sales services. Árni Pétur Jónsson Gestur G GestssonÓmar SvavarssonBjörn VíglundssonHrönn Sveinsdóttir

35. Heyrumst! Main projects in Q3 – 2005 Og Vodafone Introduction of new projects for Companies Advances on the market through the TV-show Idol Cooperation with Vodafone insures accessibility to the latest products, both to individuals and companies New prepaid system in use A new survey from “Sigos” reveales that roaming abroad is of excellent quality at Og Vodafone Payoff from systematic work in preceding months The bandwidth to foreign countries doubled in Q3 Introduction of new projects for the individual market in preparation

36. Heyrumst!

39. 2006 We have started to look towards the year 2006 Review of the Company’s policy formulation has begun Important issues of 2006 have been defined in co-operation with Vodafone The Company aims at rationalization in operations The Company as a hole is contemplating furter advances on the domestic market

42. Heyrumst! Dagsbrún hf. Dagsbrún will own and operate entities that compete in the telecommunication, news and entertainment sectors and related sectors The parent company will put emphasis on expansion and growth both domestically and abroad Several investment opportunities are being considered, both in listed aswell as unlisted companies. Ownership in P/F Kall is now 100% Dagsbrún will be able to invest for up to ISK 15 billion according to authorised increase in stockholder’s equity (ISK 1.200 million par value)

43. Financial forecast and the future

44. Heyrumst! Forecasted financial outcome 2005 Consolidated Turnover for 2005 is predicted to be ISK 14.500 – 14.600 million EBITDA for the year 2005 is expected to fall in the range of ISK 3.000 to 3.100 million The Company aims to double its operational activities in the next 18-24 months

45. Heyrumst! Thank you