Company Announcement

Conversion rights for Bakkavör Group bonds exercised by Kaupthing Bank

Kaupthing bank hf. has decided to exercise its conversion right for bonds issued by Bakkavör Group hf.

Kaupthing bank will convert the bonds into 437,046,648 shares in Bakkavör Group which will represent 21.28% of the total share capital in the Group. Kaupthing bank had already converted 19.2% of the initial amount of the convertible bonds into shares and will not own any bonds with conversion rights in Bakkavör Group after the change. After the conversion, convertible bonds in issue will correspond to 1.1% of the total share capital in the Group. The Group's registered share capital after the conversion will be 2,053,639,403.

Bakkavör Group issued the convertible bonds in question in relation to the Group's acquisition of Katsouris Fresh Foods in December 2001.

The Board of Directors of Bakkavör Group will increase the Group's share capital, pursuant to article 3 of the company's Articles of Association, by the above amount within ten days.


For further information please contact:

Lýdur Gudmundsson, Chief Executive Officer
Tel. +44 20 8728 5015

Hildur Árnadóttir, Chief Finance Officer
Tel: +354 550 9700

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