Further to the announcement on 27 May 2008, Alfesca is pleased to announce that
it has entered into an agreement with ELL162 ehf, the investment company of His
Highness Sheikh Mohamed bin Khalifa Al-Thani, under which the investment
company will subscribe for 850,000,000 shares in the capital of Alfesca. 

The new shares will be issued at the subscription price of ISK 6.45 per share
and when completed will represent 12.6% of the increased share capital of the
Company.  The subscription is conditional, among other matters, on publication
of a prospectus by Alfesca.  It is envisaged that the investment will be
completed within the next 8 weeks. 

The investment by His Highness is the result of a close dialogue and
relationship that has built up over the last 2 years and the board of directors
of Alfesca warmly welcome His Highness as a significant shareholder during an
exciting period in the development of Alfesca. 

Antony Hovanessian	Business Development Director	+354 477 7000