Today, on February 20th, Moody’s announced a downgrade of the Housing Financing Fund´s credit to Ba1 from Baa3; the outlook is stable.

| Source: ÍL-sjóður ÍL-sjóður

The Standalone credit assessment was lowered to caa1 from b2.

See attachment.

Attachments

HFF-CO-20 02 13.pdf