Hf. Eimskipafélag Íslands - Decisions of extraordinary general meeting

CONCLUSIONS OF THE SHAREHOLDERS' MEETING ON 8 SEPTEMBER 2009

CONCLUSIONS OF THE SHAREHOLDERS' MEETING ON 8 SEPTEMBER 2009


The following proposals were submitted to the shareholders' meeting and were
approved: 


1.	The Board's proposal for the amendment of Article 1 of the company's
Articles of Association to change the company's name. 

The chairman of the meeting submitted a proposal to the effect that the name of
the company be changed to A1988 hf. 

The proposal was submitted for approval and was approved by an overwhelming
majority of votes. 

2.	Approval of agreements relating to the company's financial restructuring.

The chairman of the meeting submitted the following proposal:

“The shareholders' meeting of Hf. Eimskipafélag Íslands, held on 8 September
2009, confirms the Board's authorisation to assign all the company's assets
relating to vessel operation to Eimskip Ísland ehf. and, in so doing, increase
the share capital of that company and receive in return shares in Eimskip
Ísland ehf. Furthermore, the meeting confirms the Board's authorisation to
assign the above shares in Eimskip Ísland ehf., together with all other assets
belonging to the company, with the exception of the 51% shareholding in Eimskip
Tango ehf., to the company L1003 ehf. in exchange for the delivery of shares in
L1003 ehf.” 

The proposal was submitted for approval and was approved unanimously.