Major shareholder announcements

Bakkavör Group Major Holdings

Name of party notifying Exista B.V
Address of the party notifing Tjarnargata 35
Date of transaction 11.5.2006
Number of shares in transaction 52.083.333
Number of shares before the transaction 470.524.954
Number of shares after the transaction 522.608.287
Holdings of total nominal value before the transaction % 22,91%
Holdings of total nominal value after the transaction % 25,45%
Notification is based on Art. 33 (1) of the Act no. 33/2003 point(s) no.1.

Additional information
Kaupthing bank hf. has exercised its right pursuant to Subordinated Convertible Loan Notes issued by Bakkavor Group hf. Kaupthing bank converted its total bond holding into a total of 437.046.648 shares in Bakkavor Group hf. Consequently Exista B.V. share decreased to 22.91% of the total share capital in Bakkavör Group hf. Following the transaction Exista B.V. owns a total of 25.45% of the total share capital in Bakkavör Group hf.

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