16. January 2005

Information from an announcement by the Committee for Privatization, dated 25th April, 2003

On 6th March, last, the Committee for Privatizaton advertised in Kauphöll Íslands that the Icelandic Government wished to sell its 39.86% shares in IPC HF. The advertisement contained the necessary information for bidders to be selected to discuss the purchase. The bids were to be submitted by 21st March and the following four groups submitted bids.

Jarðboranir hf
JB Byggingafélag ehf and Trésmiðja Snorra Hjaltason ehf
Joco ehf
Eigarhaldsfélagið AV ehf (IPC management and several IPC employees)

Verðbréfastofan hf was asked to study the bids and give its recommendation. As a result, the first discussions are being held with Eignarhaldsfélag AV on the basis of its bid. This has been discussed by the Committee for Privatization and has now been sent to the Ministers committee for approval. It is expected that the results of these discussions will be available within two weeks.


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