Marel hf. - Company Announcement

Marel hf. : Share options cash settled

375,000 share options in Marel hf. granted on 3 June 2008 to Mr. Theo Bruinsma,
then Managing Director of Stork Townsend and now Member of the Board of
Directors of Marel hf., vested on 1 July 2012. Mr. Bruinsma has now chosen to
exercise his options but due to restrictions in the Act on Public Limited
Companies and the Act on Foreign Exchange as well as terms of his stock option
agreement, no transaction will take place. Instead it will be settled with cash
payment equaling to the difference of the exercise price (ISK 87.41) and market
price (ISK 139.50), multiplied with the number of share options. The amount
paid to Mr. Bruinsma corresponds to EUR 127,000 on today's ISK/EUR mid-rate
issued by the Central Bank. Mr. Bruinsma holds no further stock options in
Marel hf. after this settlement.