Bakkavör Group hf. - Notice to general meeting

- The Annual General Meeting of Bakkavör Group hf. will be held on Friday 14 March 2008 at 16:30pm

The Annual General Meeting of Bakkavör Group hf. will be held on Friday 14
March 2008 at 16:30 at the National Theatre of Iceland (Þjóðleikhúsið),
Hverfisgata 19, 101 Reykjavík. 

Agenda:

1.  Presentation of the report of the Board of Directors on the activities of
    the Company in 2007 

2.  The accounts of the Company for 2007, including an audit report, submitted
    for confirmation. 

3.  Decision on dividend payments and disposal of profits for the year 2007.

4.  Decision on remuneration to the members of the Board of the Company for the
    upcoming term.
5.  Proposals for amendments to the Articles of Association of Bakkavör Group:
       a.  Amendment to Article 3 regarding the issue of share capital in
           foreign currency. 
       b.  Amendment to Article 19 regarding increasing the number of Directors
           on the Board of Directors from 7 to 8. 

6.  Elections of Board of Directors.

7.  Election of auditing firm.

8.  Proposal for a remuneration policy.

9.  Proposal to grant authorisation to the Board to buy the company's own
    shares. 

10. Other matters.

Those who wish to stand for election to the Board of Directors are reminded
that they must submit written notification to that effect to the Board, at
least five days before the Annual General Meeting. Only those who have
submitted such notice are eligible for election to the Board. In addition to a
candidate's name, an identity number and address, information about main
occupation, other directorships, education, experience and holdings of share
capital in the Company shall be stated in the notification of candidature.
Furthermore, all interest linked with the principal business parties and
competitors of the Company, as well as with shareholders holding over 10%
shares in the Company, shall be disclosed. The Company's Board of Directors
shall check the notifications of candidature and afford the parties concerned
in a verifiable  manner an opportunity of improving the shortcomings of the
notification within a specified time limit, which shall be no longer than 24
hours. If shortcomings to the notification of candidature are not improved
within the specified time limit the company's Board of Directors will decide
upon the validity of  candidature. It is possible to refer the conclusion of
the Board of Directors to a shareholders' meeting which wields final decisive
power concerning the validity of candidature. 

Information concerning candidates to the Board of Directors shall be submitted
on display to shareholders at the company's headquarters no later than two days
in advance of an Annual General Meeting. 

Shareholder's proposals must be submitted to the Board at least seven days
before the Annual General Meeting. 

The agenda, final submissions and financial statements will be available for
inspection by shareholders at Bakkavör Group's headquarters seven days before
the Annual General Meeting. The documents will also be posted for inspection at
www.bakkavor.com 

Ballots and other documents will be available at the National Theatre from
15:30 on the day of the Annual General Meeting. 

The meeting will be held in English.

Reykjavík 5 March 2008
The Board of Directors of Bakkavör Group hf.