Marel hf. - Decisions of extraordinary general meeting

Highlights of Marel’s AGM 2014

Marel's Annual General Meeting (AGM) was held at the company's headquarters in
Gardabaer, Iceland, on 5 March 2014. All proposals presented by the Board were
unanimously approved by the meeting. 

Chairman's address

Asthildur Margret Otharsdottir Chairman of Marel´s Board of Directors discussed
Marel´s powerful growth drivers during her presentation. Population growth,
urbanization, sustainability and environment are all trends that will drive
global economic development in the future and benefit Marel´s business
directly. She then talked about the Board´s proposal to pay no dividend for the
year 2013. “In the light of 2013 results, that were below full potential, and
the launching of refocusing program that will make Marel simpler, smarter, and
faster, the Board proposes that no dividend will be paid for the year 2013,”
Asthildur said. She then expressed her gratitude to Marel´s shareholders and
employees. ”With our great team, innovative products and global presence in a
world with an impending need to modernize and improve production, we are in a
unique position to create increased shareholder value,” she said. 

CEO's address

“Operating profit (EBIT) was 43 million euros and revenue was 662 million
euros. These results are neither in line with competitive position nor
potential,” said Arni Oddur Thordarson CEO of Marel in his address to the
company's AGM.  Arni then talked about the refocusing program “simpler, smarter
faster” that has been launched with the aim to simplify Marel´s organizational
structure and increase service to customers. Several steps have already been
taken towards this goal. During Q1 Marel's meat activities have been
strengthened, freezing activities have been streamlined, long term financing
has been extended and employees have been reduced by 75, thereof 25 on middle
management level. 

Confirmation of annual accounts

The Company's Consolidated Financial Statements and the Report of the Board of
Directors and CEO were approved unanimously by the meeting. Marel's total
revenues for the year amounted to 662 million euros and the net profit amounted
to 20.6 million euros. Marel's Board of Directors proposal to not pay dividend
for the year 2013 was agreed. 

New members of the Board of Directors

Astvaldur Johannsson and Olafur Gudmundsson were elected as new Board
Directors. Other Board Directors elected were Arnar Thor Masson, Ann Elizabeth
Savage, Asthildur Margret Otharsdottir, Helgi Magnusson and Margret Jonsdottir 

The new Board of Directors has convened and assigned roles and
responsibilities. Asthildur Margret Otharsdottir continues as Chairman of the
Board and Arnar Thor Masson, as the Vice-Chairman of the Board.

Attachments:

AGM 2014 - CEOs Address - OMX.pdf

AGM 2014 - Chairmans Address - OMX.pdf