Geysir Green Energy Auður Nanna Baldvinsdóttir Head of Marketing and Relations June 16 th, 2007

THE NEED FOR RENEWABLE ENERGY —Demand for energy is rising —Increased awareness of climate change, sustainable development and local pollution issues Statements from the Stern Review: “The world has to act now on climate change or face devastating economic consequences” “If no action is taken on emissions, there is more than a 75% chance of global temperatures rising between two and three degrees Celsius over the next 50 years” Harnessing renewable energy sources in a sustainable way is the the way of the future according to the Stern Review

OVERVIEW OF GEYSIR Company information —Founders —Financing —Board of Directors Strategy and projects —Focus areas —Strengths and opportunities —Current investments

About Geysir

ABOUT GEYSIR GREEN ENERGY Geysir Green Energy was founded early in 2007 by several Icelandic investors —FL Group, an investment company with specific interest in the sector —Glitnir Bank; a bank operating within the renewable energy niche —VGK Hönnun; a leading engineering consulting firm in Iceland with extensive expertise Founding shareholders: —FL Group35% —Glitnir25% —VGK-Hönnun10% —TBA30% The company aims to invest in renewable energy with a specific focus on geothermal energy —Other renewables are not ruled out —Utilising the relationship and expertise of Icelanders within the segment First round of financing of USD 100 million —Completed in May —Investors with access to deal flow and expertise

INVESTMENT STRATEGY Geysir Green Energy is seeking leading market opportunities in the harnessing of geothermal energy, investing in the development and construction of geothermal plants, acquiring geothermal plants currently owned by power utilities and participating in the privatization of energy companies all over the world. Expansion is planned through mergers and acquisitions and the development of new projects in all areas of the geothermal value chain OperationInvestmentsConstructionDevelopmentExploration

FOCUS AREAS The map shows high temperature areas Geysir’s geothermal focus areas

GEYSIR’S STRENGTHS Iceland is a leader in geothermal energy and the company is able to tap into local resources and utilize the knowledge available Supportive founders with a long term outlook on geothermal —Strong financial backup —Investment knowledge —Access to deal flow —Experience and expertise in engineering, project management and construction Capable management —CEO with experience in the sector —Board of Directors with relevant investment expertise and industry know-how Access to world-leading partners —Financial institutions —Carbon credit mechanisms —Tax credits —The geothermal community

ICELAND | A LEADER IN GEOTHERMAL ENERGY Iceland offers impressive statistics when it comes to renewable energy —Around 89% of district heating energy in Iceland is geothermal —Nowhere does geothermal energy contribute as great a part of a nation’s energy supply —Power supply from geothermal energy sources increased tenfold from 1997 to 2007 —Substantial contribution to  The national economy  Air quality  Social welfare  Minimal emissions from the energy sector

Geysir’s Projects

GEYSIR’S CURRENT INVESTMENTS ENEX (26.9%) —Founded in 1969 by Iceland’s largest energy and engineering companies. —Enex is an active participant in geothermal and small to medium-size hydro energy projects. —Largest shareholders: Geysir (26.9%), Landsvirkjun (24.2%) and Orkuveita Reykjavíkur (24.2%). ENEX CHINA (33.3%) —Joint project by Enex China, Shanxi CGCO Energy Development Construction Co. Ltd (Sinopec). —District Heating system with potential to provide heating for 500,000 people (450 MW). —Potential to become the world’s largest geothermal district heating system- phase 1 ready —Owned by Enex, Orkuveita Reykjavíkur and Geysir Green Energy. EXORKA (86%) —Development of the Exorka technique started in 1997, based on Kalina technology. —The technique uses an ammonia-water mixture for steam production, through a binary cycle. The efficiency within a wide temperature range is noticeably higher than with other technologies. —A 2.1 MW power plant in North Iceland (2000). —Now hold 4 concessions in Germany for 5-10 MW each. —Germany has the highest wholesale electricity price is in the world for renewables, 20 US cents/ Kwh

12 MOST RECENT INVESTMENT: HITAVEITA SUDURNESJA World leading geothermal operator for 30 years Svartsengi Power Plant a technical breakthrough —First geothermal CHP unit in the world Transforming the traditional power plant into a “resource park” —Electricity, District heating, 150 MW —Water production and distribution —Blue Lagoon Spa, Restaurant and Health Clinic —Cosmetics/Personal Care, biotechnology research New 100 MW power plant at Reykjanes in operation since 2006 Further expansion of power plants —150 MW by 2010 —135 MW by 2014 —Mainly providing power to the planned Century Aluminium smelter at Helguvik Further opportunities for power plant development in Iceland

CURRENT PRIORITIES Hitaveita Sudurnesja hf. —Pending purchase of the 15.2% previously held by the government United States —Agreement on joint venture with American firm to build a power plant in California —Several similar projects under consideration The Philippines —Cooperating with Reykjavík Energy on plan to acquire stakes in companies as well as individual plant in addition to developing greenfield projects Exorka ehf. —Exorka recently gained more production permits in Germany —Drilling to start this year —Merger pending with another similar firm, sure to bring interesting opportunites

PIPELINE AND OPPORTUNITIES Current pipeline includes investment opportunities within all areas of the value chain —Exploration / drilling —Development —Construction —Operation Different types of projects —High temperature  Electricity generation —Low temperature  Direct use  Electricity generation Huge potential for further development —North America —Asia —Europe

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