Profit for the Quarter € 2.3 million First Quarter Financial Highlights 2007 • Sales € 385.2 million • Growth in income was 1%. External growth was 8% • Earnings before interest, taxes and depreciation, (EBITDA) amounted to € 14.2 million • Operating profit (EBIT) € 9.5 million • Net earnings amounted to € 2.3 million • Cash provided by operation before taxes and interest amounted to € 10.7 million • Total assets amounted to € 911.7 million - equity ratio 19.4% • Return on equity 5.3% Icelandic Group CEO Björgólfur Jóhannsson, commented: “We see considerable changes for the better in the operations compared to the same period last year. The company sales are similar but costs have decreased considerably, which is very positive. The main operations we have been working on since the first year quarter 2006 are showing good results and will prove even more profitable in the coming months. Many difficult decisions have been taken within the Group and we now consider ourselves to be in the position to reach even better results in the future. The results for the first quarter are in line with budget, the company operations fluctuate from quarter to quarter and we are fully confident that we have the capacity to reach the budgeted EBITDA for the year”.