Notice to convene extr.general meeting

Bakkavör Group Results of Extraordinary General Meeting 9 May 2006

10.5.06

The following proposal on amendments to the Articles of Association was approved:

The following Paragraph shall form a new Paragraph in Article 3 of the Articles of Association.

The Board of Directors of the Company is authorised to increase the share capital of the Company by up to ISK 85,000,000 nominal value through subscription of new shares. The current shareholders waive their pre-emptive subscription rights to the new shares pursuant to Article 34 of Act no. 2/1995 on Public Limited Companies. There will be no restrictions on trading in the new shares. The new shares shall grant rights within the Company from the date of registration of the increase of share capital. The new shares shall belong to the same class and carry the same rights as other shares in the Company. The Board of Directors of the Company shall determine more specifically how this increase will be executed, with reference to price and terms of payment. The Board of Directors of the Company is authorised to decide that subscribers pay for the new shares in part or in whole with other valuables than cash. This authorisation shall be effective until 9 May 2007, to the extent that it has not been exercised before that date.

Further information:

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

About Bakkavör Group

Bakkavör Group is a leading international food manufacturing company specialising in fresh prepared foods and produce. The Group operates over 40 factories and employs over 14,000 people in seven countries with a pro-forma turnover over £1 billion sterling. The Group's Head Office is in Reykjavík, Iceland, and the business is listed on the Iceland Stock Exchange (www.icex.is Ticker: BAKK). In addition to the UK and Iceland, the Group also has business operations in France, Belgium, South Africa and China.

Bakkavör Group was founded in 1986 and celebrates its 20th Anniversary this year. During this time, the business has grown significantly and today Bakkavör Group the largest manufacturer of fresh prepared foods and produce in the UK.

The Group's vision is to be recognised and respected as the world's leading fresh prepared foods and produce provider. Bakkavör Group has attained leading market positions in its key market areas of ready meals, pizzas, convenience salads and leafy salads. In total, the Group makes over 4,500 products in 17 product categories, which are developed and sold under its customers' own brands.