has completed the refinancing of the Group with a €280 million syndicated credit facility. The new facility improves Alfesca's financial position, provides greater flexibility and creates a strong platform for the Company‘s planned growth. Annual savings on a like for like basis following the refinancing are estimated at €1.5 million or ISK 125 million. The credit facility was arranged by Kaupthing Bank and the French bank Natixis who were Mandated Lead Arrangers and Bookrunners. Alfesca was pleased that the syndication was oversubscribed and to have received interest from leading European banks, which mirrors the strong international presence of the Company. The new credit facility took effect during the fourth quarter of the Company‘s 2007 finanical year. Altogether ten banks were involved in the refinancing of Alfesca which operates in six countries and receives all its revenues from outside of Iceland. Earlier this month the Company's headquarters moved to new offices at the House of Commerce in Kringlan in Reykjavik city centre, following the sale of its property in Hafnarfjordur. For further information, please contact: Antony Hovanessian Business Development Director +33 (0) 5 58 56 74 74 ah@alfesca.com Hrefna Ingolfsdottir Head of Corporate Communications +354 477 7000 hi@alfesca.com