16. January 2005

Bill of Sale signed by the Icelandic Government and Eignarhaldsfélagsins AV ehf.

On the 2nd of May, 2003, Mr Halldór Ásgrímsson, the Minister for Foreign Affairs, and Mr Geir H. Haarde, the Finance Minister, together with the representative(s) of EAV ehf, have signed a Bill of Sale for EAV to purchase the Government's 39.86% share of IPC. The Bill of Sale is based on the government regulations regarding this sale and the bid from EAV ehf.

The main points of the Bill of Sale are:

· Shares in IPC with a total nominal value of ikr 558,007,874
· Payment and handing over of shares shall take place on 16th May, 2003.
· The agreed purchasing value is 3.69 per share
· Total purchase price of the shares is ikr 2,059,049,055

In accordance with the contract EAV is bound to own the shares for at least 12 months from the date of the Bill of Sale. The owners of EAV are the managers and employees of IPC. It was agreed to discuss the sale to IPC after evaluation of their bid by the Verðbréfastofan hf. At the completion of this sale, the Icelandic Government will no longer own any part of IPC.


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