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Introduction to Glitnir Sustainable Energy

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  1. 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 Activities New Office in ‘06 Glitnir Offices High-Temperature Geothermal Provinces (Schematically shown) Source: GeothermEx Inc., Glitnir Research

  8. Geothermal electricity & central heating Electricity Production Direct Use* Annual Energy Produced/ year *e.g. heating, Use/ year Source: Electricity – Bertani, Direct Use – Lund, Freeston, Boyd (all Geothermics, with data of 2005)

  9. Niche with strong potential Global Geothermal Use Electricity generation (TWh) Direct use (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 30.000 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 100-150,000 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: +354 440 4523 Mobile: +354 844 4523 magnus.bjarnason@glitnir.is Árni Magnússon Director Sustainable Energy Direct: +354 440 4688 Mobile: +354 844 4688 arni.magnusson@glitnir.is Jóhannes Hauksson Senior Business Manager Direct: +354 440 4514 Mobile: +354 844 4514 johannes.hauksson@glitnir.is Michael Richard Director Mobile: +1 (508) 878 0171 michael.richard@glitnirbank.com Alexander Richter Analyst Direct: +354 440 4766 Mobile: +354 844 4766 alexander.richter@glitnir.is

  17. www.glitnirbank.com