Correction: Footnote in Interim Consolidated Financial Statements missing, should read "Amounts in thousands of GBP" Bakkavör Group's Results for the first nine months 2007: Operating profit £86.9 million Business highlights for the first nine months and Q3 2007 • Turnover £1.1 billion in 9M, up 23% and £375.7 million in Q3, up 13% • Growth in like-for-like sales in underlying business 8.6% in 9M • EBITDA £115.6 million in 9M, up 7% and £39.7 million in Q3, down 2% • EBITDA ratio 10.5% in 9M and 10.6% in Q3 • Operating profit (EBIT) £86.9 million in 9M, up 4%, and £30.1 million in Q3, down 6% • Shareholders' earnings £36.4 million in 9M, up 4%, and £11.3 million in Q3, down 25% • Cash generated from operations £110.2 million in 9M, down 11% • Equity ratio 19.4%, up from 18.2% at year end 2006 • Earnings per share 1.7 pence in 9M, down 9% • Return on equity 19.2% compared with 28.2% in 9M 2006 • Two acquisitions in Q3 strengthened Bakkavör Group's operations in the UK and Central Europe - Exotic Farm Produce Group in the UK and Heli Food Fresh in the Czech Republic. The Group acquired Welcome Food Ingredients in the UK in October Ágúst Gudmundsson, Chief Executive Officer, said: "We are experiencing the toughest trading conditions in decades, which have affected Bakkavör Group's performance and heavily impacted sales in the first nine months of the year. Fundamental changes in world supply are resulting in global commodity price increases, which are having a significant impact on our business. This, coupled with extreme weather conditions in the UK, a major product recall in Q1 and capacity transfer within part of our ready meals operations in Q2, is reflected in our nine-month results. Against this backdrop, Bakkavör Group sales outperformed market growth and we continued to strengthen our position across our markets with five acquisitions during the period, in the UK, Czech Republic, France and China. The Group's long-term prospects are good - the demand for fresh prepared foods is growing around the world and we will continue to take advantage of favourable market trends and further develop our business on a global scale.” Further Information: Ágúst Gudmundsson, CEO Tel: +354 550 9700 Hildur Árnadóttir, CFO Tel: +354 858 9706 Ásdís Pétursdóttir, IR Tel: +354 858 9715 About Bakkavör Group Bakkavör Group is a leading international food manufacturing company specialising in fresh prepared foods and produce. The Group operates 55 factories and employs around 20,000 people in eight countries. The Group's Head Office is in Reykjavík, Iceland, and the business is listed on the OMX Nordic Exchange in Iceland (www.omxgroup.com/nordicexchange Ticker: BAKK). 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 4,700 products in 17 product categories, which are developed and sold predominantly under its customers' own brands. In addition to the UK and Iceland, the Group also has business operations in France, Belgium, Spain, South Africa, China and the Czech Republic. To subscribe to Bakkavör Group's mailing list, please log onto: www.bakkavor.com/subscribe