An agreement has been made between the board of directors of Alfesca hf and Q Iceland Holding ehf (formerly ELL162 ehf), the investment company of His Highness Sheikh Mohamed bin Khalifa Al-Thani, to cancel the proposed subscription of 850,000,000 shares in the capital of Alfesca in light of extraordinary financial turmoil and uncertainties impacting the Icelandic financial market and the sharp devaluation of the Icelandic Krona, until the financial environment has stabilised. In a letter to the board of directors of Alfesca, His Highness has reiterated his support and interest in Alfesca as a long term investment and has confirmed his intentions to continue to work with the company if the opportunity arises. Given the current circumstances, the board of directors has also decided to postpone the annual general meeting of the Company, which was to be held on Monday 20 October, to Tuesday 18 November 2008. Details relating to the meeting will be provided in due course. Enquiries: Antony Hovanessian Business Development Director +354 477 7000 About Alfesca Alfesca is a leading European producer in its selected categories, which are smoked salmon and fish; prawns and shellfish; foie gras and duck products, blinis and spreadables. The Company's products are sold under its own brands, including Labeyrie, Blini, Delpierre, Skandia, Lyons and Farne. The Company also has a substantial presence in the private label markets in the UK, France and Spain. Annual turnover is €647 million and 3,600 employees work for the Group. Alfesca is listed on NASDAQ OMX, Nordic Exchange in Iceland (Symbol: A). Further information about Alfesca can be found on: http://www.alfesca.com