Icelandic Salmon AS

Quarterly Report • May 16, 2008

Results Q1 2008

Highlights

Sales Overview

Business Environment

Financial Higlights

Q1 Highlights

Sales:€ 321.1 million.

• Decrease by 16.6% compared to Q1 2007.
• •Strong Euro
• •Asset sale of OTO
• •Economic conditions

EBITDA: € 11.9 million

EBIT:€ 7.3 million

Net Loss:€ 7.3 million

Operating Expenses reduced by 17% compared to Q1 2007

Q1 Highlights

Cash generated from operations: € 32.9 millionTotal assets: € 723.0 million, decrease by € 73.1 million in Q1 Inventories: € 198.8 million, decrease by € 43.7 million in Q1Interest bearing debt: € 477.6 million, decrease by 37 million in Q1 Equity ratio: 16.1%

Events after first Quarter

Icelandic Group requested delisting from OMX NordicStock Exchange

Closure of Coldwater Redditch Site will be finalized in June

Convertible Loan

Sales overview – Sales €´000

Sales by Business segments

´0 A i € 0 0 t m o u n s n	Q 1 2 0 0 8	Q 1 2 0 0 7	C h % a n g e
P d i i t r o u c o n c o m p a n e s	2 6 2. 0 1 7	3 2 0. 0 5 0	-1 8, 1 %
S l d k i i t a e s a n m a r e n g c o m p a n e s	1 3 1. 5 9 3	1 5 0. 0 6 5	-1 2, 3 %
S i d h l d i i e r v c e a n o n g c o m p a n e s	6 4 0	4. 5 4 8	-8 5, 9 %
	3 9 4. 2 5 0	4 4. 6 6 3 7	-1 6, 9 %
I l t n e r c o m p a n y s a e s	( ) 7 3. 1 6 8	( ) 8 9. 5 0 2	-1 8, 2 %
T l l t o a s a e s	3 2 1. 0 8 2	3 8 5. 1 6 1	-1 6, 6 %

Business Environment

Business Environment

Fish prices still rising

Increasing commodity prices

Increasing energy prices

Currency volatility

Increased price sensitivity in the marketplace

Income Statement

´0 A i € 0 0 t m o u n s n	Q 1 2 0 0 8	Q 1 2 0 0 7	C h % a n g e
S l a e s	3 2 1. 0 8 2	3 8 5. 1 6 1	-1 6, 6 %
C f d l d t o s o g o o s s o	( 2 8 0 0 9 ) 7.	( 3 4 2. 9 2 ) 7	-1 6, 3 %
G i r o s s m a r g n	3 4. 0 3 7	4 2. 2 3 4	-1 9, 3 %
O h i i t t e r o p e r a n g n c o m e	1. 4 1 7	1. 6 6 5	-1 4, 4 %
O h i t t e r o p e r a n g e p e n s e s x	( ) 2 8. 0 6 0	( ) 3 4. 3 3 4	-1 8, 3 %
S h f ( l ) i i t a r e o o s s n a s s o c a e s	( ) 1 0 5	( ) 4 3	1 4 4, 2 %
E B I T	5 7. 3 2	5 9. 1 3	-2 3, 0 %
N f i i l t e n a n c a e x p e n s e s	( ) 1 5. 1 6 1	( ) 5. 8 7 2	1 5 8, 2 %
( ) P l f i t t r e- a o s s p r o x	( ) 7. 8 3 6	3. 6 4 1	-3 1 2 % 5,
I t n c o m e a x	5 8 3	( ) 1. 3 5 4	-1 4 3, 1 %
N ( l ) i t e o s s e a r n n g s	( 2 5 3 ) 7.	2. 2 8 7	-4 1 1 % 7,
E B I T D A	1 1. 8 8 3	1 4. 1 7 0	-1 6, 1 %
E B I T D A i t r a o	3, 7 %	3, 7 %	0, 0 %

Balance Sheet

´0 A i € 0 0 t m o u n s n	3 1. 3 2 0 0 8	3 1. 1 2 2 0 0 7	C h % a n g e
N t t o n- c r r e n a s s e s u	3 4 8. 1 4 6	3 6 6. 1 4 6	-4 9 % ,
C t t r r e n a s s e s u	3 7 4. 8 0 8	4 2 9. 9 1 7	-1 2, 8 %
T l t t o a a s s e s	7 2 2. 9 5 4	7 9 6. 0 6 3	-9 2 % ,
E i t q u y	1 1 6. 2 8 2	1 3 2. 3 3 0	-1 2, 1 %
N l i b i l i i t t o n- c u r r e n a e s	1 8 2. 5 3 5	1 9 5. 4 4 2	-6 6 % ,
C l i b i l i i t t u r r e n a e s	4 2 4. 1 3 7	4 6 8. 2 9 1	-9 4 % ,
T l i d l i b i l i i t t t o a e q u y a n a e s	2 2. 9 5 4 7	9 6. 0 6 3 7	-9 2 % ,

Statement of Cash Flow

´0 A i € 0 0 t m o u n s n	Q 1 2 0 0 8	Q 1 2 0 0 7	C h % a n g e
C h d f i t t a s g e n e r a e r o m o p e r a o n s	3 2. 9 2 6	1 0. 2 2 7	2 0 % 7
f N h i i i i t t t t e c a s r o m o p e r a n g a c v e s	2 6. 9 6 8	3. 3 7 4	6 9 9 %
N h ( d i ) i i i i i t t t t e c a s u s e n n v e s n g a c v e s	( 6 4 4 ) 7.	( 2. 3 8 1 )	-2 2 1 %
( ) f f N h d i i i i i i t t t e c a s s e n r o m n a n c n g a c e s u v	( ) 1 9. 4 7 8	8. 6 2 7	-3 2 6 %
( ) I d i h d h i l t n c r e a s e e c r e a s e n c a s a n c a s e q a e n s u v	( ) 1 4 5	9. 6 2 0	-1 0 2 %

Key Ratios

	Q 1 2 0 0 8	2 0 0 7
C i t t u r r e n r a o	0, 8 8	0, 9 2
E i i t t q r a o u y	1 6. 1 %	1 6. 6 %
R i t t e u r n o n e q u y	( ) 2 3. 8 %	( ) 1 6. 7 %
I l V l t n e r n a a e u	3, 1 7	3, 6 1
E B I T D A	3. 7 %	2. 0 %
E B I T	2. 3 %	( ) 0. 2 %

Disclaimer

The information contained herein has been prepared by Icelandic Group hf. for professional investors exclusively. This information is provided for information purposes only and should not be regarded as a recommendation or invitation to invest in the company's securities. Investing in securities involves risk and investors should consult their own advisors before making any investment decisions regarding investment in any security instruments issued by Icelandic Group hf. as well as to seek legal and tax advise in relation to such investment.

Due care and attention has been used in the preparation of this information. Icelandic Group hf. relies on information obtained from sources that are believed to be reliable. However, Icelandic Group hf. does not guarantee the accuracy or completeness of the information and accepts no responsibility for its source. Information may change without notice or later be found to be untrue, inaccurate or uncompleted. Icelandic Group hf. is under no obligation to make any amendments or changes to this information if errors are found.

Any statement contained in this presentation that refers to Icelandic Group's estimated or anticipatedfuture results or future activities are forward-looking statements which reflect the Company's currentanalysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions, the success of new products, the strength of competition, the success of research and development issues, unexpected contract breaches or terminations, exposure to product liability and other lawsuits, the effect of currency fluctuations and other factors. Icelandic Group does not undertake the obligation to update or alter these forward-looking statements beyond its duties as an issuer of listed securities on OMX Nordic Exchange.

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