The Board of Directors of Icelandic Group hf. has decided that the Company's AGM will be held on 18 April at 4:00 pm. Details of the meeting will subsequently be dvertised. The Board of Directors of Icelandic Group hf. has agreed to submit a motion to shareholders at the Company's upcoming AGM that shareholders approve an authorisation to the company to take out subordinated debt, with a 4-year maturity and a total principal in ISK equivalent to EUR 41,000,000 at the time the loan is issued, and a fixed annual rate of interest of 23%, granting creditors the right to convert claims on the Company under the loan to share capital in the company at a share price of ISK 1.00. Assuming the above amount to be ISK 5,000,000,000, this would mean that the Company would issue new share capital of up to 11,444,332,050 nominal value, after four years. The intent is to offer the above-mentioned bond to the Company's shareholders and institutional investors in a private placement. The value of the above-mentioned loan would be used to further reinforce the Company's infrastructure and to reduce the proportion of short-term financing in the Company's total funding. The Board of Icelandic Group hf. furthermore agreed to withdraw a motion previously approved for submission that the AGM increase share capital by as much as the equivalent of EUR 30,000,000. For further information: Finnbogi A. Baldvinsson CEO of Icelandic Group tel: +49 1723 198 727 About Icelandic Group Icelandic Group (OMX Nordic Exchange: IG) consists of an international network of production and marketing companies selling seafood products on global markets. In several markets the company enjoys the prominent position of its brand, ICELANDIC, especially within the food service sector. The company is also a major supplier to the retail sector through its branded or private label production. The Group employs approximately 4,900 people. The personnel include renowned experts in the fields of fishing and primary processing, product innovation and value-added processing, and in the worldwide marketing of seafood products.