Bond offering amounting to ISK 6 billion completed

Marel Food Systems hf.’s bond offering, which took place 22 and 23 May, has been successfully completed. Bonds amounting to ISK 6 billion (€ 52 million) were sold in the bond offering. Landsbanki’s Securities Brokerage was the manager of the bond offering.

Marel Food Systems hf. intention is that the share offering will take place on Thursday, 5 June, and Friday, 6 June, and will end at 16:00 that day.

Shareholders in Marel Food Systems hf. wishing to participate in the share offering must be listed in the company’s share register on 2 June. Due to clearane procedures on the Icelandic stock market (T+3), trades with the company’s shares need to take place prior to close of business on Wednesday, 28 May, if parties wish to be eligible in this part of the offering.

In addition to shareholders, investors who so specifically request can subscribe for shares in Marel Food Systems hf.’s offering, provided they subscribe for at least 75,000 shares in the company.

New shares in Marel Food Systems hf. on offer will amount in value to € 117 million. Should there be an oversubscription in the share offering, Marel Food Systems hf.’s Board of Directors reserves the right to increase the number of new shares on offer so that they will amount in value to € 147 million. The actual number of new shares to be sold will be determined by the EUR/ISK exchange rate and the offer price. An announcement will be made of the number of shares to be offered and the offer price following a meeting of the Board of Marel Food Systems hf. to be held on 3 June 2008.

Corporate Finance of Landsbanki Íslands hf. will serve as manager of the share offer.