Eyrir Invest ehf. - Notice to convene extr.general meeting

Annual General Meeting of Eyrir Invest ehf. on 15 April 2011 - Proposal for an amendment to the Company´s Articles of Association

At the Annual General Meeting of Eyrir Invest ehf., which will be held on 15
April 2011, the Company's Board of Directors intends to propose the following
amendment to paragraph 3 of Article 5 in the Company's Articles of Association. 

The paragraph currently states:

The Company's Board of Directors is authorized to increase the Company's share
capital by up to 201,536,244 shares by issuing new shares. The Board of
Directors is authorized to determine more specifically how this increase will
be executed, with reference to participants, price and terms of payment. The
shareholders waive their pre-emptive rights to the new shares in accordance
with Article 24 in the Icelandic Act No. 138/1994, on Private Limited
Companies. The Board of Directors may authorise individual shareholders in each
instance to subscribe for the new shares in part or in whole. The new shares
shall belong to the same class and carry the same rights as other shares in the
Company. This authorisation shall be effective for eighteen months, to the
extent that it has not been exercised before that date. 

It is proposed that this paragraph be removed and replaced by a concurrent
paragraph with the exemption that the authorization of the Company's Board of
Directors to issue new shares shall be decreased to 101,000,000 shares. The new
paragraph shall be as follows: 

The Company's Board of Directors is authorized to increase the Company's share
capital by up to 101,000,000 shares by issuing new shares. The Board of
Directors is authorized to determine more specifically how this increase will
be executed, with reference to participants, price and terms of payment. The
shareholders waive their pre-emptive rights to the new shares in accordance
with Article 24 in the Icelandic Act No. 138/1994, on Private Limited
Companies. The Board of Directors may authorise individual shareholders in each
instance to subscribe for the new shares in part or in whole. The new shares
shall belong to the same class and carry the same rights as other shares in the
Company. This authorisation shall be effective for eighteen months, to the
extent that it has not been exercised before that date.