Marel hf. - Company Announcement

Agreement reached on Stork Pension Fund

A principle agreement has been reached between the Stork Pension Fund, the
Dutch company Stork BV and a number of companies that were formerly part of the
Stork group on the future arrangement of the pensions currently managed by the
Fund. Marel is party to the agreement due to its acquisition of Stork Food
Systems. 

A key part of the principal agreement is a new execution agreement on pension
arrangements, which safeguards employees‘ interests to the extent possible and
which is beneficial to Marel as it reduces open-ended financial exposure to
pension obligations. 

Another central element of the agreement is the intended transfer of the
pension arrangements from the Stork Pension Fund to the industry-wide pension
fund Metal-Electro (PME) in the Netherlands with the aim of achieving greater
economies of scale and risk diversification. Agreement has been reached with
the social partners on this roadmap and discussions between PME and the Stork
Pension Fund are underway. 

The principle agreement is subject to the final approval of the Dutch Central
Bank and the consent of the participation council of the Stork Pension Fund.
The estimated total cost due to the principle agreement for Marel is EUR 10
million, which is expected to be accounted as a one-time cost in Q2 2011,
payable over a period of 4 years 

Theo Hoen, CEO of Marel:

“This agreement is a very positive outcome for all stakeholders - the
employees, pensioners and companies concerned. It establishes a stable and
secure foundation for the pension plans for the long-term future and eliminates
the open-ended financial exposures associated with the previous arrangement.
All the parties have demonstrated commitment and responsibility in arriving at
this mutually beneficial conclusion.” 



The agreement is being announced in the Netherlands this morning (see attached
press release from Stork Pension Fund). 



Further information is provided by:

Jon Ingi Herbertsson, Investor and Public Relations Manager, tel: +354 563
8451; jon.herbertsson@marel.com.

Attachments:

Stork Pension Fund - Press release.pdf