Major shareholder announcements

Bakkavör Group Major Holdings

31.5.06

Correction - See additional information and Holdings of total nominal value after the transaction %

Name of party notifying Exista ehf.
Address of the party notifing Tjarnargata 35
Date of transaction 31.5.2006
Number of shares in transaction 47.447.900
Number of shares before the transaction 522.608.287
Number of shares after the transaction 570.056.187
Holdings of total nominal value before the transaction % 24,49%
Holdings of total nominal value after the transaction % 26,71%
Notification is based on Art. 33 (1) of the Act no. 33/2003 point(s) no.1. 3.

Additional information
Exista B.V. is the owner of 522,608,287 shares in Bakkavör Group hf. Through Exista ehf. becoming the owner of 100% of the share capital of VÍS eignarhaldsfélag hf., which is the owner of 100% of the share capital of Vátryggingafélag Íslands hf., owner of 100% of Líftryggingafélag Íslands hf., owner of 56% of Vördur Íslandstrygging hf. and owner of 100% of Traustfang ehf., Exista ehf. has indirectly become the owner of these companies' shares and Traustfang ehf.'s shares in Bakkavör Group hf. Vátryggingafélag Íslands is the owner of 32,625,824 shares in Bakkavör Group hf., Líftryggingafélag Íslands hf. is the owner of 3,094,176 shares, Vördur Íslandstrygging hf. is the owner of 327,900 shares in Bakkavör Group hf. and Traustfang ehf is the owner of 11,400,000 shares, thereof 10,400,000 through forward contracts. Exista ehf. is a primary insider in Bakkavör Group hf. due to the holdings of Exista B.V. Exista B.V. is fully owned by Exista ehf. The board of directors of Exista ehf. includes Lýður Guðmundsson, Chairman of the Board of Directors of Bakkavör Group hf. and Ágúst Guðmundsson, CEO of Bakkavör Group hf., who are, due to their position, primary insiders in Bakkavör Group hf. The Chief Executive Officers of Exista ehf., Erlendur Hjaltason and Sigurður Valtýsson, are also primary insiders in Bakkavör Group hf.

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