Marel hf. - Total number of voting rights and capital

Landsbankinn completes a sale of 5% shareholding in Marel hf. for ISK 5.2 billion

Landsbankinn hf. Offering of up to 5% shareholding in Marel hf. was completed
today, Wednesday, 14 March 2012 at 16:00. Landsbankinn's Capital Markets
managed the Offering on behalf of Landsbankinn. 

Demand in the Offering was very good where investors requested to buy 74.3
million shares in Marel, which equals to 10.1% of the total share capital of
Marel. Offers for the shares were between ISK 138-142 per share, but 88% of the
amount of the offers, were at price of ISK 142 per share. 

The Sale Price in the Offering was determined at ISK 142 per share. The total
nominal value of accepted offers, after reduction, was 36.778.455 shares in
Marel which equals to 5% of the total share capital of Marel. The total sales
value of accepted offers, after reduction, in the Offering was ISK 5.2 billion. 

All accepted Offers were awarded to investors at the same price whereby the
lowest approved price determined the Sale Price. Accepted Offers at the same
price as the Sale Price were reduced to meet excess demand but never below
100,000 shares at nominal value for each investor. The reduction was 52% on the
number of shares exceeding 100,000 shares at nominal value. Offers received at
a price below the Sale Price were rejected. 



Steinthor Palsson, CEO of Landsbankinn:

 “Marel is a leading company in Iceland and has been listed on the stock
exchange since 1992. Strong demand by investor's in the offering is
particularly pleasing. Landsbankinn has been a large shareholder in Marel for
the past few years and the investment has delivered good returns for the bank.
We look forward to our continuing cooperation with Marel as a creditor and as
its commercial bank and thereby participating in the company's future growth
and prosperity.” 



The Offering took place on the 13th and 14th of March 2012 where investors were
invited to make an Offer for the minimum of 100,000 shares at nominal value and
the offer price range was between ISK 138-142 per share. 

The Offering Transaction date was today, Wednesday, 14 March 2012 and the
Settlement and delivery date is Monday, 19 March 2012. 

The Offering was concluded in accordance with the Terms of Offering that was
published on the NASDAQ OMX Iceland News System and on Landsbankinn‘s website:
www.landsbankinn.is on 12 March 2012. The Offering was based on an exemption
from the publication of a prospectus, in accordance with Point 1 (c) of the
first paragraph of Article 50 of Act No. 108/2007, on Securities Transactions. 


For further information, contact:

Helgi Thor Arason, Director of Capital Markets at Landsbankinn. Tel: +354 410
7335 

Hreidar Bjarnason, Managing Director of Markets and Treasury at Landsbankinn.
Tel: +354 410 7313