Company Announcement

Changes in Bakkavör Group's management

REYKJAVIK, 27 March 2006. At Bakkavör Group's Annual General Meeting on Friday March 24 it was announced that Lydur Gudmundsson, CEO of Bakkavör Group (ICEX: BAKK) will move his day-to-day focus from Bakkavör Group to Exista as its Executive Chairman. Lýdur will resign as CEO of Bakkavör, but continue to play an active role in the further strategic development of the Group as a key Board member.

He will remain dedicated to his post as CEO until a suitable replacement has been identified.


For further information, please contact:

Ágúst Gudmundsson, Executive Chairman, Bakkavör Group
Tel: +44 20 8728 5100

Lýdur Gudmundsson, CEO, Bakkavör Group
Tel: +44 20 8728 5100


Bakkavör Group is a leading international food manufacturing company specialising in fresh prepared foods and produce. The Company was founded in 1986 and its headquarters are based in Iceland. Bakkavör Group is listed on the Iceland Stock Exchange and its ticker is BAKK. Bakkavör Group's operations have grown significantly in recent years both organically and through strategic acquisitions. Bakkavör Group has business operations in six countries, operating over 40 factories and employing around 14,000 people. The main retailers in the UK are the Group's principal customers and strong customer relations are the cornerstone of the Group's operations. The Company manufactures products primarily under retailers' own label and is focused on innovation and new product development. Bakkavör Group manufactures over 4,500 products in 17 product categories ranging from pizza, ready meals and salads to dips, dressings, soups and desserts.

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