Milestone agrees ISK16.5 billion financing with Morgan Stanley Investment Company Milestone ehf. has concluded a 3 year equity financing agreement with Morgan Stanley, the global investment bank, for over ISK 16.5 billion. The funds have been used to refinance a portion of the Company's existing debt. This transaction follows Milestone's use of overseas financing last year, from another leading global investment bank, which participated in funding raised by Milestone for the acquisition of all of the share capital of Sjova hf. The transaction with Morgan Stanley represents an important step in Milestone's financing arrangements. Milestone's operations and financial standing have grown rapidly during recent years in parallel with the Company's efforts to restructure and formulate a clear investment strategy. The Company's main assets are a stake of over 20% in Glitnir hf., insurance company Sjova hf. and 85% of the investment bank Askar Capital. Further information is provided by: Guðmundur Ólason, Managing Director of Milestone ehf. Telephone no. 414-1800