Hf. Eimskipafélag Íslands - Financial Overview 12 months 2007 • Total revenues of EUR 1,459 million • Total expenses of EUR 1,372 million • EBITDA EUR 125 million - EBIT EUR 54 million • Profit from continuing operations EUR 9 million • Loss for the year EUR 9 million • Total assets EUR 2,469 million • Working capital from operating activities EUR 41 million • Total equity at year end EUR 451 million - equity ratio 18.3% • Current ratio 1 Baldur Gudnason, President and CEO of Eimskip: “The current activities of Eimskip yielded over EUR 9 million in profits in 2007, which is in tune with projections. Results from the core activities of Eimskip met the expectations of the management, although the losses generated by Air Atlanta, amounting to approximately EUR 18 million, mean that the company as a whole shows a loss of EUR 9 million after taxes. It is clear that the aviation operations have had a negative impact on the results of the company over the past few years. Eimskip has sold all aviation -related operations, a move that will considerably lighten the operation of the company. Consequently, we anticipate better results in the future. Eimskip's turnover tripled during 2007. The 2007 turnover amounted to approximately EUR 1.5 billion, as compared to EUR 0,5 billion in 2006. EBITDA was EUR 140 million in 2007, of which the shipping activities of Eimskip accounted for EUR 125 million and Air Atlanta accounted for EUR 11 million. The EBITDA ratio has increased from 6% in 2006 to just under 9% in 2007. The year 2007 has been characterised by considerable growth. A great deal of work has been invested in the reorganisation and integration of operating units. These activities have meant a short-term increase in costs. All these restructuring activities are intended to lead to better results in 2008. We intend to continue our restructuring efforts within the company as well as the integration of operating units. In 2007, Kursiu Linija and Containerships were merged under the name of Containerships. Shipping capacity was increased through the use of newer and larger vessels, the number of vessels was reduced, offices were combined and staff was reduced. Eimskip took over the operation of Atlas and Versacold in 2007. Systematic work has been invested in integration and restructuring within the companies, an effort that will lead to synergistic effects in 2008. The management teams of the companies have been merged, the headquarters of Atlas in Toronto have been closed, staff has been reduced and other costs have been reduced. Due to the acquisitions Eimskip's debt has increased short term. Eimskip decided not to increase share capital to finance the acquisitions instead Eimskip decided to dispose real estates in North America. Assets for a total value of EUR 500 million have now been disposed and assets for a total value of EUR 700 million are expected to be disposed before the end of second quarter 2008. After the disposal of assets Eimskip's equity ratio is expected to be approximately 25%. We see the year 2008 as a new beginning in the history of Eimskip, giving rise to a stable and well-run company. Eimskip, now that it has divested itself of air carrier operations, can focus on shipping and warehousing operations, a field in which the company has become a global leader. The operations of the company are well distributed between the company's principal markets. These are: North Atlantic and Iceland, North America, Europe, the Baltic States and Russia and Asia.” The complete news release can be viewed as an attachment.