Notice to convene annual general meeting

Candidatures for the Board of Directors of 2008

12.3.08

Below are the candidates for the Board of Directors of Bakkavör Group hf.
at the Annual General Meeting, held on 14 March 2008 at 16:30 at the National
Theatre of Iceland.

1. Antoniou P. Yerolemou, United Kingdom, Member of the Board of Directors of
Bakkavör Group hf. (First elected 2001)

2. Ágúst Gudmundsson, United Kingdom, CEO of Bakkavör Group hf. (First elected
1986)

3. Ásgeir Thoroddsen, Iceland, Attorney to the Supreme Court of Iceland (First
elected 2000)

4. Dionysos A. Liveras, United Kingdom, Managing Director of Laurens
Patisseries (First elected 2007)

5. Hildur Árnadóttir, Iceland, State Authorised Public Accountant

6. Katrín Pétursdóttir, Iceland, Managing Director of Lýsi hf. (First elected
2007)

7. Lýdur Gudmundsson, United Kingdom, Executive Chairman of Exista hf. (First
elected 1986)

8. Panikos J. Katsouris, CEO of Katsouris Brothers Ltd. (First elected 2001)

Further information on candidates for the Board of Directors is available at
Bakkavör Group hf. headquarters, Ármúli 3, 108 Reykjavík, Iceland.