Icelandic Salmon AS

Transaction in Own Shares • Feb 20, 2008

Disclosure 255510

Icelandic Group hf. - Company Announcement

- Icelandic Group sells Ocean to Ocean inventories and trademarks in Canada

Ocean to Ocean, a subsidiary of Icelandic USA, sold its Ocean to Ocean Canada trade name, customer lists, packaging, Canadian trademarks and brands and inventory. The buyers are the management of Ocean to Ocean Canada. Included in the management group are Joe Wineck and Lillian Chow, the entity's President and Executive Vice President, respectively. They hold the majority of the shares. The marketplace in the commodity shrimp arena has become increasingly difficult in recent years and Ocean to Ocean sold its US inventories and trademarks in December 2007. This sale allows Icelandic USA to focus on its core competency which is valued added seafood and commodity Groundfish products. The sale does not have significant effects on the Income statement and Balance sheet of Icelandic Group but the operations of Ocean to Ocean have been making a loss for some years. Looking ahead this will have a positive effect on the operations of Icelandic USA. The purpose of the sale is to sharpen the focus within Icelandic Group´s operation and to lower debt. For further information: Finnbogi A. Baldvinsson CEO of Icelandic Group tel: +49 1723 198 727 Reykjavík February 20 2008 About Icelandic Group Icelandic Group (OMX Nordic Exchange: IG) consists of an international network of production and marketing companies selling seafood products on global markets. In several markets the company enjoys the prominent position of its brand, ICELANDIC, especially within the food service sector. The company is also a major supplier to the retail sector through its branded or private label production. The Group employs approximately 4,600 people. The personnel include renowned experts in the fields of fishing and primary processing, product innovation and value-added processing, and in the worldwide marketing of seafood products.