Pete Osborne has been appointed CEO of Eimskip's operation in Europe following organizational changes. Eimskip's acquisition of Innovate in the UK recently has led to the merger of Eimskip's operation in Europe and in the UK with a new CEO. Pete was formerly one of the owners of Innovate and together with Stephen Savage and Stephen Dargavel has developed the Innovate Group so that it has become the UK market leader in refrigerated transport. Baldur Guðnason, CEO of Eimskips: “Innovate has developed the leading temperature controlled logistics business in the UK and will now develop into markets in Europe. Pete has an extensive experience and expertise in logistics and property development which will come in good use in further growth in Europe.” Björn Einarsson, which was the Executive President of Europe and TVG Zimsen will become the CEO of TVG Zimsen, subsidiary of Eimskip, as the company has grown substantially in the last year. Eimskip's operation in Europe consists of Innovate in the UK, Daalimpex in the Netherlands and Eimskip's offices in eight countries in Europe. Eimskip operates 30 coldstores in the UK, and six coldstores in the Netherlands. Eimskip Europe employes approximately 3,000. Further information: Baldur Guðnason, CEO of Eimskip, telephone: 525 7202 About Eimskip Hf. Eimskipafelag Islands is one of the largest companies in Iceland and is publicly listed on the Icelandic Stock Exchange. The company has over 90 years of experience in providing transportation, warehousing and logistics services in Europe, primarily in the North Atlantic region. Operating with 200 locations around the world in over 30 countries with a total of 14,500 employees, Hf. Eimskipafelag Islands has global reach. It has an annual turnover exceeding EUR 1,450 billion and estimated 2007 EBITDA of EUR 135 million. It owns or operates 50 vessels, 180 cold-store facilities, 25 wide body cargo aircraft and 2,000 trucks and trailers. Eimskip is traded on the Icelandic Stock Exchange under the symbol of HFEIM. To find out more about Eimskip, visit our website at www.eimskip.is.