Icelandic Group hf. - Company Announcement

- Coldwater Seafood Ltd. starts 90 day consultation period in Redditch

Coldwater Seafood Ltd., Icelandic Group's subsidiary, is entering into a 90 day
consultation period at its Redditch site as part of a process for a proposed
restructuring of the Coldwater Seafood business.   The process starts today by
talks with labour Unions and employee representatives at Redditch. 

During the consultation period, Coldwater Seafood Ltd. will consider any
alternatives to restructuring of the business. 

Coldwater Seafood is a UK based company that currently employs around 900
people across three sites, two in Grimsby and one in Redditch.