Eimskipafélag Íslands hf. - Other information disclosed according to the rules of the Exchange

Eimskip strengthens its worldwide forwarding services by acquiring the reefer logistics company Mareco in Belgium

Annual revenue about EUR 60 million and 32,000 TEU transported volume

Eimskip has strengthened its position in worldwide reefer logistics services by
acquiring 80% of the forwarding company Mareco N.V. The company was founded in
2002 and its headquarters are located in Antwerp, Belgium. The current
management team will continue to own a 20% share in the company and will manage
its operations. Mareco employs 26 people in two locations, 22 in Antwerp and
four in Sao Paulo, Brazil. 

Mareco focuses on reefer logistics services, especially export to West, Central
and South Africa from all over the world. Main commodities are seafood,
chicken, pork and beef. The company’s annual revenue amounts to approximately
EUR 60 million, with EBITDA ratio of 5-6% and it transports about 32,000 TEU
per year. 

The acquisition is estimated EUR 16.6 million, subject to the company’s
financial results for the year 2016, and is financed with cash and debt. Mareco
will become a part of the Eimskip group as from the beginning of this year. 

In relation to Eimskip’s investment and acquisition projects, the company has
made an agreement with Íslandsbanki for a revolving credit facility with an
agreed term of 18 months in the amount of EUR 47 million. Due to the
acquisition of Mareco, Eimskip has drawn EUR 7 million on the credit facility. 

The acquisition of Mareco expands Eimskip’s geographical reefer logistics
network, especially in areas in Africa and South America, and increases the
variety of frozen commodities. Mareco’s network will support the group to
capitalize on new opportunities in new regions and supports further development
in Eimskip’s reefer logistics services. 

Gylfi Sigfússon, President and CEO of Eimskip

“We are pleased to have Mareco as a part of the Eimskip group and the company
will further strengthen our reefer logistics services with a wider scope of
Eimskip’s services, both in terms of new commodities and new geographical
areas. This will also increase our diversification and the valuable experience
of Mareco’s management and employees will help us to further strengthen our
worldwide forwarding operation.” 

Koen Jansen, Managing Director of Mareco

“We have known Eimskip for many years and are very excited to become a part of
the Eimskip group as we think we can bring a great knowledge and expertise to
the group. In the past, the two companies have been focusing on different
markets and different commodities and therefore we foresee that both companies
will benefit from each other’s experience in growing into new markets.” 

About Eimskip

Eimskip is a leading transportation company in the North Atlantic with
connections to international markets and is specialized in worldwide freight
forwarding services, with the vision of providing excellence in transportation
solutions and services. Eimskip was founded in 1914 and is a publicly traded
company with its shares listed at Nasdaq Iceland. The company runs a network of
60 offices in 20 countries, operates 20 vessels and has around 1,680 employees.
Approximately half of the company’s revenue comes from operations outside
Iceland.