Eimskipafélag Íslands hf. - Company Announcement

The public offering more than five times subscribed

Today, 2 November 2012 at 16:00 a public offering of shares in Eimskipafélag
Íslands hf. was completed. Straumur fjárfestingabanki hf. and Íslandsbanki hf.
are joint listing advisors to the Company and the sellers. The price in the
offering was predetermined at ISK 208 per share. Total subscriptions amounted
to over ISK 11 billion, which is more than five times the value of the 5% stake
offered for sale by Landsbanki Ísland hf., ALMC hf. and Samson eignarhaldsfélag
ehf. Based on the oversubscription, the Company will increase the number of
shares offered, by offering 6,000,000 treasury shares for sale as stated in the
Company's Prospectus. Therefore, a total of 16,000,000 shares, or 8% of the
Company´s issued share capital, will be sold as a part of the public offering. 

In total about 2,500 investors subscribed for shares in the public offering.
The public offering follows the sale of a 20% stake in the book building
process completed last Thursday, 26 October 2012, and the sale of a 14% stake,
sold by Landsbanki Íslands hf. and funds relating to The Yucaipa Companies to
Lífeyrissjóður verzlunarmanna in a process prior to the book building process.
In total a 42% stake in the Company has been sold in relation to the listing of
the Company's shares on the Main Market at NASDAQ OMX Iceland hf. The sale
proceeds for the 42% stake totals in excess of ISK 17 billion. 

Allocation of shares in the public offering will be in accordance with section
6.2.5 in the Securities Note of Eimskipafélag Íslands hf. dated 22 October
2012. Investors that subscribed for shares will be notified on the allocation
via e-mail sent before 16:00 on Monday, 5 November 2012. 



Gylfi Sigfússon, CEO

“I'm very pleased how well Eimskip has been received by investors. The public
offering results indicate that the number of shareholders following the listing
will be around 3,000 which means that the Company will have a diversified
ownership base as I had hoped for. On behalf of Eimskipafélag Íslands I would
like to thank new shareholders and the Company's employees for the trust they
have shown the Company and I hope to have good co-operation with them in the
future.”