Magnús Þorsteinsson resigns from the Board of Directors of Hf. Eimskipafélags Íslands

Magnús Þorsteinsson Chairman of the Board of Hf. Eimskipafélag Íslands
announced at a Board meeting today that he will resign from his duties at a
Chairman of Board with immediate effect. Magnús holds a controling interest in
the company. Sindri Sindrason was, appointed Chairman of the Board by the Board
members at the meeting. A new Board of Directors will be elected at the next
annual general meeting which will be helt before the end of February 2008. 

Magnus Thorsteinsson former Chairman:
„I´ve had good times with Eimskip and the company has achieved its goals. The
vision is clear and its a time for me to resign at this point. I´ve thought
about this for a long time and now is the right time for me to leave. I´ve been
in business in close to two decades with a lot of travelling and I´ve needed to
spend a lot of time away from my home in Iceland. Now I want to focus on other
things. I say farewell to Eimskip content and believe that the company can
provide good earnings for its shareholders in the future if things will be well
managed. I want to use this oppertunity and thank the Board of Directors, CEO
and all the good employees of the company that I´ve been in contact with for
good cooperation.” 

Sindri Sindrason Chairman:
„Magnús has accomplished good things during his time with the company. I want
to wish him all the best in his future projects on behalf of the Board of
Directors now that he has announced his decision. Magnús has done good work for
the company and he will be missed. We respect his decision.“ 

Magnus's decision is not related to the decision of the Competition Authority
of Iceland in any way. Magnus was not connected to the company in the era that
the case reaches to.

Further information: Sindri Sindrason, Chairman, tel: 354 525 7202 or 354 825
7202