Bakkafrost P/f

AGM Information • Apr 30, 2024

Minutes

From

Annual General Meeting 2024

Meeting location: Company's premises at Bakkavegur 8, Glyvrar, Faroe Islands

Time: Tuesday 30 April 2024 at 15:00 GMT

Present were shareholders representing 48,146,867 shares equating to 81.29% of the outstanding shares. The voting result for each respective item is set out on pages 14-16.

The following also attended: The Chairman of the Board of Directors, Rúni M. Hansen, the company's CEO, Regin Jacobsen, the company's CFO, Høgni Dahl Jakobsen, the company's lawyer Christian F. Andreasen, the company's auditor P/F Januar, løggilt grannskoðaravirki, Fróði Sivertsen and John M. Petersen, the Chairman of the Election Committee, Gunnar í Liða.

The general meeting was opened by the Chairman of the Board of Directors, Rúni M. Hansen.

After having recorded the list of shareholders present and presented it to the general meeting, the following agenda was discussed:

AGENDA:

1.	Election of Chairman of the Meeting	Decision
	The Board of Directors proposed to elect Mr. Christian F. Andreasen to chair the meeting and to sign the minutes.	Re. 1 Christian F. Andreasen was elected chairman of the meeting. The chairman of the meeting put to approval the notice and proposed agenda submitted 27 March 2024, and it was unanimously approved. The chairman then declared the general meeting legally convened.

2.	Briefing from the Board of Directors on the Activities of the Company in the Previous Financial Year	Decision
		Re. 2 Chairman of the Board of Directors, Rúni M. Hansen gave a presentation of the Bakkafrost Group's activities in 2023.
		The presentation was approved without voting.
3.	Presentation of the Audited Annual Accounts for Approval	Decision
	The Board of Directors' proposed profit and loss for 2023, balance sheet as of 31 December 2023, and notes thereto for P/F Bakkafrost and the Bakkafrost Group as well as the Board of Directors' and auditor's reports for 2023 are included in the Integrated Annual Report for 2023, which was presented to the meeting.	Re. 3 CFO Høgni Dahl Jakobsen reviewed the main accounts of the Board of Directors' proposed profit and loss account for the company and the Group for 2023. Subsequently, the general meeting passed the following resolution:
	Proposal from the Board of Directors: The Board of Directors proposes the following resolution to be passed: " The Board of Directors' proposal for Integrated Annual Report and Accounts for P/F Bakkafrost and the Bakkafrost as well as the Group Board of Directors' report for 2023 are approved ."	"The Board of Directors' proposal for Integrated Annual Report and Accounts for P/F Bakkafrost and the Bakkafrost as well as the Board of Directors' Group report for 2023 are approved." The resolution was passed unanimously.

4.	Decision on How to Use Profit or Cover Loss According to the Approved Accounts and Annual Report	Decision
	The Board of Directors proposes the following resolution to be passed: "Dividends of DKK 8.70 per share are paid to the shareholders, in total DKK 515 million. Dividends are paid to shareholders, registered in VPS as of close on 30 April 2024. After of dividends, the payment distributable equity totals DKK 10,148 million. The company's shares will be listed exclusive of dividend from 2 May 2024, and the shares will have a record date on 3 May 2024. The expected payment date is on or around 21 May 2024."	Re. 4 The Board of Directors' proposed resolution was presented by the Chairman of the Board of Directors. Subsequently, the general meeting passed unanimously the following resolution: "Dividends of DKK 8.70 per share are paid to the shareholders, in total DKK 515 million. Dividends are paid to shareholders, registered in VPS as of close on 30 April 2024. After payment of dividends, the distributable equity totals DKK 10,148 million. The company's shares will be listed exclusive of dividend from 2 May 2024, and the shares will have a record date on 3 May 2024. The expected payment date is on or around 21 May 2024."

5.	Election of Board of Directors	Decision
	Members of the board are elected for one year. Board members may be re-elected. According to the articles of association of the company, the election committee shall recommend the general meeting regarding the election of members of the board of directors. The board members are Guðrið Højgaard, Annika Frederiksberg, Einar Wathne, Øystein Sandvik and Teitur Samuelsen, in addition to the chairman, who is elected directly by the general meeting. The election committee recommends that, in addition to the chairman, Guðrið Højgaard, Annika Frederiksberg, Einar Wathne, Øystein Sandvik and Teitur Samuelsen are re-elected. The election committee also recommends Alf-Helge Aarskog as new board member. The proposed board members are further described in Appendix 1 of the Notice of the General Meeting, including consideration of their independence from Bakkafrost.	Re. 5 The general meeting passed the following resolution: Following members of the board are re elected for a period of one year:  Guðrið Højgaard  Teitur Samuelsen Annika Frederiksberg   Øystein Sandvik  Einar Wathne In addition, the general meeting elected Alf-Helge Aarskog as new board member. The resolution was approved without voting, as there was only one proposal.

6.	Election of Chairman of the Board of Directors	Decision
	According to the articles of association of the company, the chairman of the board is elected directly by the general meeting. The Chairman of the board is Rúni M. Hansen. The chairman of the board is elected for one year. The chairman of the board may be re-elected. According to the articles of association of the company, the election committee shall recommend the general meeting regarding the election of the chairman of the board of directors. The election committee of the company proposes the re-election of Rúni M. Hansen as chairman of the board of directors.	Re. 6 The general meeting passed the following resolution: Rúni M. Hansen is re-elected as - chairman of the board of directors for one more year. The resolution was approved without voting, as there was only one proposal.
7.	Decision about Remuneration for the Board of Directors, the Accounting Committee and Remuneration Committee	Decision
	The election committee of the company proposes that the remuneration of the board of directors for 2024 is as follows: Board members receive DKK 255,000 per year and the chairman receives DKK 510,000 per year. The election committee proposes that the remuneration for the accounting committee is set at DKK 52,200 per year. The election committee proposes that the remuneration for the remuneration committee is set at DKK 26,100 per year.	Re. 7 The proposal from the election committee was sustained and was passed: members Board are granted a fee of DKK 255,000 per year. The Chairman the of board is granted a fee of DKK 510,000 per year. The members of the accounting are granted committee a fee of DKK 52,200 per year. The members of the remuneration are granted committee a fee of DKK 26,100 per year.

8.	Election of Members to the Election Committee, hereunder Election of Chairman of the Election Committee	Decision
	Gunnar í Liða and Rógvi Jacobsen are up for election for this general meeting. Gunnar í Liða is considered independent of Bakkafrost, though Rógvi Jacobsen is not considered independent. The other members of the Election Committee are considered independent. The election committee proposes the re-election of Gunnar í Liða and Rógvi Jacobsen. The election committee proposes the re-election of Gunnar í Liða as chairman of the election committee.	Re. 8 On basis of the election committee´s proposal the following members were re elected: - Gunnar í Liða - Rógvi Jacobsen for a period of two years. Gunnar í Liða was elected as chairman of the election committee for two more years. The resolution was approved without voting as there was only one proposal.
9.	Decision with regard to Remuneration for the Election Committee	Decision
	The election committee of the company proposes that the remuneration for the election committee members for 2023 is unchanged at DKK 14,000 per year, and the remuneration for the chairman shall be DKK 28,000 per year.	Re. 9 The election committee proposal resolution was passed.

10.	Election of Auditor	Decision
	The auditor of the company is P/F Januar, løggilt grannskoðanarvirki, Óðinshædd 13, 110 Tórshavn with Fróði Sivertsen (since 2017, except in 2021) and John M. Petersen (since 2021) as Key Audit Partners. The board proposes the re-election of the auditor for the period until the next annual general meeting.	Re. 10 The Chairman of the Board of Directors presented the Board of Directors' proposal in respect of the election of auditor until the next Annual General Meeting. The Board of Directors proposes re election of P/f Januar, løggilt grannskoðaravirki, Óðinshædd 13, 110 Tórshavn as the company's auditor. The resolution was approved without
		voting as there was only one proposal.
11.	Remuneration Policy	Decision
	Referring to § 10, subsection 4 in the Articles of Association, the board proposes that adopted guidelines about remuneration for the management of the company, approved at the general meeting in 2018, remain in effect unchanged for the accounting year 2024.	Re. 11 The chairman of the meeting presented the Board of Directors' proposal in respect of the guidelines for remuneration of the senior management of the company. The resolution was approved.
	The Remuneration Policy is available at the website of the company www.bakkafrost.com.
	The Remuneration Committee is responsible for enforcing the Remuneration Policy.

12.	Proposals for Amendments to the Articles of Association	Decision
	12.1 To comply with Faroese legislation, the board proposes to amend § 4 of the company's Articles of Association is amended as in following paragraphs. The amendments have no effect on the operation or governance of the company. "The company can neither directly nor indirectly by way of influence as stipulated under Section 7 in the Act on Public and Private Limited Companies, parliamentary act no. 85 of 25 May 2009 as amended, control 50 per cent or more of Faroese farming licenses, c.f. Parliamentary Act	Re. 12.1 The chairman of the meeting presented the Board of Directors' proposal in respect of amending § 4 of the company's Articles of Association as well as deleting the last section of § 4. Subsequently, the general meeting passed to amend and § 4 and delete the last section of § 4 of the company's Articles of Association. Accordingly, the general meeting passed that § 4 of the company's Articles of Association will be as follows:
	no. 83 from 25 May 2009, as amended. If a company is connected to the company pursuant to Section 7(4) of the aforementioned Parliamentary Act no. 83 from 25 May 2009, as amended, or if two or more companies are connected to the company pursuant to the said Section 7(4), the company and the companies connected pursuant to Section 7(4) cannot control 50% or more of the farming licenses. If a physical person has influence over a company pursuant to Section 7(4) of the aforementioned Parliamentary Act no. 83 from 25 May 2009, as amended, the company shall be deemed as a connected company pursuant to Section 7(4).	"The shares of the company shall be registered shares. The shares may be freely transferred. No shares have any special rights. No restrictions apply with regard to sale or other transition of shares. The shares are issued through VPS ASA, Biskop Gunnerus Gate 10, 0185 Oslo, each with a value of DKK 1 according to the legislative provisions, which apply to the issuance of listed shares and dividends will be paid according to the applicable rules. Rights with regard to the shares shall be notified to VPS ASA.
	No natural or legal person may exercise its administrative rights in contravention of paragraphs 6, 7 and 8. All natural and legal persons with control over a farming license pursuant to Section 7(2) of Parliamentary Act no. 83 from 25 May 2009, as amended, and any and all natural and legal persons with control over voting rights pursuant to Section 7(3) of the aforementioned Parliamentary Act no. 83 from 25 May 2009, as amended, must inform the company thereof. All natural and legal persons not domiciled on the Faroe Islands that control more than 20 per cent of the company's voting rights, c.f. Section(7)(a)(1- 4) of Parliamentary Act no. 83 of 25 May 2009 as amended, must inform the company thereof.	The share registry of the company is kept by Nordea Bank Norge ASA, Middelthunsgata 17, P.O. Box 1166 Sentrum, NO 0107 Oslo, Norway. The company can neither directly nor indirectly by way of influence as stipulated under Section 7 in the Act on Public and Private Limited Companies, parliamentary act no. 85 of 25 May 2009 as amended, control 50 per cent or more of Faroese farming licenses, c.f. Parliamentary Act no. 83 from 25 May 2009, as amended. If a company is connected to the company pursuant to Section 7(4) of the aforementioned Parliamentary Act no. 83 from 25 May 2009, as amended, or if two or more companies are connected to the company pursuant to the said Section 7(4), the company and the companies connected pursuant to Section 7(4) cannot control 50% or more of the farming licenses. If a physical person has influence over a company pursuant to Section 7(4) of the aforementioned Parliamentary Act no. 83 from 25 May

A natural or legal person with control over voting rights pursuant to Section 7(3) of Parliamentary Act no. 83 from 25 May 2009, as amended, in two or more farming companies must, in addition to informing the company of its ownership in the farming company, also inform the company of the ownership in the other farming companies.

If the company has been informed in accordance with the abovementioned paragraphs 10 to 12, the company must inform the entity in control of the company, c.f. Section 7(2), or the shareholders c.f. Section 7(3) and Section 7(a)(2-4) in Parliamentary Act no. 85 of 25 May 2009 as amended, that the right of audience and the right to vote on the company's general assembly cannot be exercised in contravention with the company's articles of association, c.f. paragraphs 6, 7 and 8 above.

The company must as soon as possible inform the minister of the information received pursuant to Section (18)(a)(1-4) in Parliamentary Act no. 83 of 25 May 2009, as amended."

Subsequently the board proposes to delete the following last section in § 4 of the company's Articles of Association:

"No legal person, which does not fulfil the conditions in § 7a(4), litra 1), 2) and 3) in Parliamentary Act No. 83 from 25 May 2009 with later amendments, and no natural person, which does not fulfil the conditions in § 7a(3), litra 1) and 2) in the same Parliamentary Act, may control more than 20% of the shares of the company, or 20% of the shares of the parent company of the company. No shareholder may use his financial and administrative rights in the company and in the parent company in contravention of these stipulations."

Accordingly, the board propose that § 4 of the company's Articles of Association will be as follows:

"The shares of the company shall be registered shares.

The shares may be freely transferred. No shares have any special rights. No restrictions apply with regard to sale or other transition of shares.

2009, as amended, the company shall be deemed as a connected company pursuant to Section 7(4).

No natural or legal person may exercise its administrative rights in contravention of paragraphs 6, 7 and 8.

All natural and legal persons with control over a farming license pursuant to Section 7(2) of Parliamentary Act no. 83 from 25 May 2009, as amended, and any and all natural and legal persons with control over voting rights pursuant to Section 7(3) of the aforementioned Parliamentary Act no. 83 from 25 May 2009, as amended, must inform the company thereof.

All natural and legal persons not domiciled on the Faroe Islands that control more than 20 per cent of the company's voting rights, c.f. Section(7)(a)(1-4) of Parliamentary Act no. 83 of 25 May 2009 as amended, must inform the company thereof.

A natural or legal person with control over voting rights pursuant to Section 7(3) of Parliamentary Act no. 83 from 25 May 2009, as amended, in two or more farming companies must, in addition to informing the company of its ownership in the farming company, also inform the company of the ownership in the other farming companies.

If the company has been informed in accordance with the abovementioned paragraphs 10 to 12, the company must inform the entity in control of the company, c.f. Section 7(2), or the shareholders c.f. Section 7(3) and Section 7(a)(2-4) in Parliamentary Act no. 85 of 25 May 2009 as amended, that the right of audience and the right to vote on the company's general assembly cannot be exercised in contravention with the company's articles of association, c.f. paragraphs 6, 7 and 8 above.

The company must as soon as possible inform the minister of the information received pursuant to Section (18)(a)(1-4) in Parliamentary Act no. 83 of 25 May 2009, as amended."

The shares are issued through VPS ASA, Biskop Gunnerus Gate 10, 0185 Oslo, each with a value of DKK 1 according to the legislative provisions, which apply to the issuance of listed shares and dividends will be paid according to the applicable rules. Rights with regard to the shares shall be notified to VPS ASA.

The share registry of the company is kept by Nordea Bank Norge ASA, Middelthunsgata 17, P.O. Box 1166 Sentrum, NO 0107 Oslo, Norway. The company can neither directly nor indirectly by way of influence as stipulated under Section 7 in the Act on Public and Private Limited Companies, parliamentary act no. 85 of 25 May 2009 as amended, control 50 per cent or more of Faroese farming licenses, c.f. Parliamentary Act no. 83 from 25 May 2009, as amended.

If a company is connected to the company pursuant to Section 7(4) of the aforementioned Parliamentary Act no. 83 from 25 May 2009, as amended, or if two or more companies are connected to the company pursuant to the said Section 7(4), the company and the companies connected pursuant to Section 7(4) cannot control 50% or more of the farming licenses. If a physical person has influence over a company pursuant to Section 7(4) of the aforementioned Parliamentary Act no. 83 from 25 May 2009, as amended, the company shall be deemed as a connected company pursuant to Section 7(4). No natural or legal person may exercise its administrative rights in contravention of paragraphs 6, 7 and 8.

All natural and legal persons with control over a farming license pursuant to Section 7(2) of Parliamentary Act no. 83 from 25 May 2009, as amended, and any and all natural and legal persons with control over voting rights pursuant to Section 7(3) of the aforementioned Parliamentary Act no. 83 from 25 May 2009, as amended, must inform the company thereof.

All natural and legal persons not domiciled on the Faroe Islands that control more than 20 per cent of the company's voting rights, c.f. Section(7)(a)(1- 4) of Parliamentary Act no. 83 of 25 May 2009 as amended, must inform the company thereof.

A natural or legal person with control over voting rights pursuant to Section 7(3) of Parliamentary Act no. 83 from 25 May 2009, as amended, in two or more farming companies must, in addition to informing the company of its ownership in the

farming company, also inform the company of the ownership in the other farming companies. If the company has been informed in accordance with the abovementioned paragraphs 10 to 12, the company must inform the entity in control of the company, c.f. Section 7(2), or the shareholders c.f. Section 7(3) and Section 7(a)(2-4) in Parliamentary Act no. 85 of 25 May 2009 as amended, that the right of audience and the right to vote on the company's general assembly cannot be exercised in contravention with the company's articles of association, c.f. paragraphs 6, 7 and 8 above.

The company must as soon as possible inform the minister of the information received pursuant to Section (18)(a)(1-4) in Parliamentary Act no. 83 of 25 May 2009, as amended."

12.2

Prior to the Annual General Meeting in 2022, § 4B of the company's Articles of Association authorized the board to buy own shares on behalf of the company. This authorization expired on the Annual General meeting of 2022.

The board proposes to renew this authorization, which shall be in force until the Annual General Meeting in 2025. The board proposes that the authorization is limited so that the board may not buy own shares exceeding 10% of the entire share capital of the company. This limitation was also set prior to the Annual General Meeting in 2022.

Accordingly, the board propose that § 4B of the company's Articles of Association is amended as follows:

"In the period from 30 April 2024 until the ordinary general meeting of the company, which will be held in 2025, the board of directors is authorized to buy own shares on behalf of the company. Purchasing of own shares shall be conducted to the official rate of the shares, but the board of directors may in special circumstances deviate from the official price with up to 10%. The company may not own more than 10% of the entire share capital of the company."

Re. 12.2

The chairman of the meeting presented the Board of Directors' proposal in respect of amending § 4B of the company's Articles of Association to renew the board's authorization to buy own shares on behalf of the company until the Annual General Meeting in 2025.

Subsequently, the general meeting passed to amend and § 4b of the company's Articles of Association as proposed.

Accordingly, the general meeting passed that § 4B of the company's Articles of Association will be as follows:

"In the period from 30 April 2024 until the ordinary general meeting of the company, which will be held in 2025, the board of directors is authorized to buy own shares on behalf of the company. Purchasing of own shares shall be conducted to the official rate of the shares, but the board of directors may in special circumstances deviate from the official price with up to 10%. The company may not own more than 10% of the entire share capital of the company."

	Re. 12.3 The chairman of the meeting presented the Board of Directors' proposal in respect of amending § 5 of the company's Articles of Association to change the timing requirements for the Annual General Meeting.
	Subsequently, the general meeting passed to amend and § 5 of the company's Articles of Association as proposed.
	Accordingly, the general meeting passed that § 5 of the company's Articles of Association will be as follows:
12.3 According to § 5 of the company's Articles of Association the Annual General Meeting must be held before the expiry of the month of April. The board proposes to change the this to be before the expiry of the month of May. Consequently, the board propose that § 5 of the company's Articles of Association will be as follows: "General meetings shall be convened with a deadline not shorter than 3 weeks and not longer than 5 weeks. The ordinary general meeting shall be held before the expiry of the month of May. The board of directors shall convene the general meeting by announcing it through advertisements in one or several of the major Faroese newspapers. The agenda and the time and place for the general meeting shall be stated in the notice. If proposals, which need a qualified majority to be adopted, are to be discussed by the general meeting, this shall also appear from the notice. A shareholder is entitled to submit	"General meetings shall be convened with a deadline not shorter than 3 weeks and not longer than 5 weeks. The ordinary general meeting shall be held before the expiry of the month of May. The board of directors shall convene the general meeting by announcing it through advertisements in one or several of the major Faroese newspapers. The agenda and the time and place for the general meeting shall be stated in the notice. If proposals, which need a qualified majority to be adopted, are to be discussed by the general meeting, this shall also appear from the notice. A shareholder is entitled to submit proposals to be discussed by the general meeting, if the relevant shareholder sends the proposal in writing to the board of directors not later than 6 weeks prior to the general meeting. An extraordinary general meeting shall be held when the general meeting, the board of directors or the company's accountant so decides or if shareholders owning 5% company so require. A request from the shareholders of the company for an extraordinary general meeting shall be sent in writing to the board of directors of the company, outlining the issues, which the shareholders wish to be discussed by the general meeting. The board of directors shall convene the general meeting not later than 14 days after the receipt of the request."
proposals to be discussed by the general

meeting, if the relevant shareholder sends

the proposal in writing to the board of

directors not later than 6 weeks prior to the general meeting. An extraordinary general meeting shall be held when the general meeting, the board of directors or the company's accountant so decides or if shareholders owning 5% company so require. A request from the shareholders of the company for an extraordinary general meeting shall be sent in writing to the board of directors of the company, outlining the issues, which the shareholders wish to be discussed by the general meeting. The board of directors shall convene the general meeting not later than 14 days after the receipt of the request."

Glyvrar 30 / 04 / 2024 Time: 17:00

Approved by the chairman of the Annual General Meeting:

_____________________________________________

Christian F. Andreasen

Voting Protocol for general meeting P/F Bakkafrost 30-04-2024 15:00

						Represented
					Poll not	shares with
Agenda item	For	Against	Poll in	Abstain	registred	voting rights
1. Election of Chairman of the Meeting
Votes cast	48.137.254	0	48.137.254	9.613	0	48.146.867
% of votes cast	100,00%	0,00%	100,00%	0,02%	0,00%
% of reperesented shares	99,98%	0,00%	99,98%	0,02%	0,00%
% of total share capital	81,39%	0,00%	81,39%	0,02%	0,00%
2. Briefing from the Board of Directors on the Activities of the Company in the Previous Financial Year
Votes cast	48.137.254	0	48.137.254	9.613	0	48.146.867
% of votes cast	100,00%	0,00%	100,00%	0,02%	0,00%
% of reperesented shares	99,98%	0,00%	99,98%	0,02%	0,00%
% of total share capital	81,39%	0,00%	81,39%	0,02%	0,00%
3. Presentation of the Audited Annual Accounts for Approval
Votes cast	48.137.254	0	48.137.254	9.613	0	48.146.867
% of votes cast	100,00%	0,00%	100,00%	0,02%	0,00%
% of reperesented shares	99,98%	0,00%	99,98%	0,02%	0,00%
% of total share capital	81,39%	0,00%	81,39%	0,02%	0,00%
4. Decision on How to Use Profit or Cover Loss According to the Approved Accounts and Annual Report
Votes cast	48.137.254	0	48.137.254	9.613	0	48.146.867
% of votes cast	100,00%	0,00%	100,00%	0,02%	0,00%
% of reperesented shares	99,98%	0,00%	99,98%	0,02%	0,00%
% of total share capital	81,39%	0,00%	81,39%	0,02%	0,00%
5. Election of Board of Directors
5.1 Guðrið Højgaard is re-elected
Votes cast	47.572.376	544.328	48.116.704	30.163	0	48.146.867
% of votes cast	98,87%	1,13%	100,00%	0,06%	0,00%
% of reperesented shares	98,81%	1,13%	99,94%	0,06%	0,00%
% of total share capital	80,44%	0,92%	81,36%	0,05%	0,00%
5.2 Annika Frederiksberg is re-elected
Votes cast	47.544.268	572.436	48.116.704	30.163	0	48.146.867
% of votes cast	98,81%	1,19%	100,00%	0,06%	0,00%
% of reperesented shares	98,75%	1,19%	99,94%	0,06%	0,00%
% of total share capital	80,39%	0,97%	81,36%	0,05%	0,00%
5.3 Einar Wathne is re-elected
Votes cast	45.918.675	1.932.835	47.851.510	295.357	0	48.146.867
% of votes cast	95,96%	4,04%	100,00%	0,62%	0,00%
% of reperesented shares	95,37%	4,01%	99,39%	0,61%	0,00%
% of total share capital	77,64%	3,27%	80,91%	0,50%	0,00%
5.4 Øystein Sandvik is re-elected
Votes cast	42.997.817	4.561.068	47.558.885	587.982	0	48.146.867
% of votes cast	90,41%	9,59%	100,00%	1,24%	0,00%
% of reperesented shares	89,31%	9,47%	98,78%	1,22%	0,00%
% of total share capital	72,70%	7,71%	80,41%	0,99%	0,00%
5.5 Teitur Samuelsen is re-elected
Votes cast	34.060.127	13.629.705	47.689.832	457.035	0	48.146.867
% of votes cast	71,42%	28,58%	100,00%	0,96%	0,00%
% of reperesented shares	70,74%	28,31%	99,05%	0,95%	0,00%
% of total share capital	57,59%	23,05%	80,63%	0,77%	0,00%
5.6 Alf-Helge Aarskog is elected
Votes cast	46.945.071	1.192.183	48.137.254	9.613	0	48.146.867
% of votes cast	97,52%	2,48%	100,00%	0,02%	0,00%
% of reperesented shares	97,50%	2,48%	99,98%	0,02%	0,00%
% of total share capital	79,38%	2,02%	81,39%	0,02%	0,00%

						Represented
					Poll not	shares with
Agenda item	For	Against	Poll in	Abstain	registred	voting rights
6. Election of Chariman of Board of Directors
Votes cast	46.945.071	1.192.183	48.137.254	9.613	0	48.146.867
% of votes cast	97,52%	2,48%	100,00%	0,02%	0,00%
% of reperesented shares	97,50%	2,48%	99,98%	0,02%	0,00%
% of total share capital	79,38%	2,02%	81,39%	0,02%	0,00%
7. Decision with Regard to Remuneration for the Board of Directors and the Accounting Committee
Votes cast	48.098.693	38.561	48.137.254	9.613	0	48.146.867
% of votes cast	99,92%	0,08%	100,00%	0,02%	0,00%
% of reperesented shares	99,90%	0,08%	99,98%	0,02%	0,00%
% of total share capital	81,33%	0,07%	81,39%	0,02%	0,00%
8. Election of Members to the Election Committee, hereunder Election of Chairman of the Election Committee
8.1 Rógvi Jacobsen is re-elected
Votes cast	45.085.018	3.052.236	48.137.254	9.613	0	48.146.867
% of votes cast	93,66%	6,34%	100,00%	0,02%	0,00%
% of reperesented shares	93,64%	6,34%	99,98%	0,02%	0,00%
% of total share capital	76,23%	5,16%	81,39%	0,02%	0,00%
8.2 Gunnar í Liða is re-elected as chairman
Votes cast	42.660.243	5.196.356	47.856.599	290.268	0	48.146.867
% of votes cast	89,14%	10,86%	100,00%	0,61%	0,00%
% of reperesented shares	88,60%	10,79%	99,40%	0,60%	0,00%
% of total share capital	72,13%	8,79%	80,92%	0,49%	0,00%
9. Decision with Regard to Remuneration for the Election Committee
Votes cast	47.628.288	508.966	48.137.254	9.613	0	48.146.867
% of votes cast	98,94%	1,06%	100,00%	0,02%	0,00%
% of reperesented shares	98,92%	1,06%	99,98%	0,02%	0,00%
% of total share capital	80,53%	0,86%	81,39%	0,02%	0,00%
10. Election of Auditor
Votes cast	45.024.112	2.820.517	47.844.629	302.238	0	48.146.867
% of votes cast	94,10%	5,90%	100,00%	0,63%	0,00%
% of reperesented shares	93,51%	5,86%	99,37%	0,63%	0,00%
% of total share capital	76,13%	4,77%	80,90%	0,51%	0,00%
11. Remuneration Policy
Votes cast	24.633.866	22.984.000	47.617.866	529.001	0	48.146.867
% of votes cast	51,73%	48,27%	100,00%	1,11%	0,00%
% of reperesented shares	51,16%	47,74%	98,90%	1,10%	0,00%
% of total share capital	41,65%	38,86%	80,51%	0,89%	0,00%
12. Proposal for Amendments to the Articles of Association
12.1 Proposed amended to §4 is approved
Votes cast	48.137.254	0	48.137.254	9.613	0	48.146.867
% of votes cast	100,00%	0,00%	100,00%	0,02%	0,00%
% of reperesented shares	99,98%	0,00%	99,98%	0,02%	0,00%
% of total share capital	81,39%	0,00%	81,39%	0,02%	0,00%
12.2 Proposed amended to §4B is approved
Votes cast	41.917.158	5.655.715	47.572.873	573.994	0	48.146.867
% of votes cast	88,11%	11,89%	100,00%	1,21%	0,00%
% of reperesented shares	87,06%	11,75%	98,81%	1,19%	0,00%
% of total share capital	70,87%	9,56%	80,44%	0,97%	0,00%

Agenda item	For	Against	Poll in	Abstain	Poll not registred	Represented shares with voting rights
12.3 Proposed amended to §5 is approved
Votes cast	48.137.254	0	48.137.254	9.613	0	48.146.867
% of votes cast	100,00%	0,00%	100,00%	0,02%	0,00%
% of reperesented shares	99,98%	0,00%	99,98%	0,02%	0,00%
% of total share capital	81,39%	0,00%	81,39%	0,02%	0,00%
		Number of	Nominal
Share information		shares	value	Share capital
Share capital		59.143.000		1 59.143.000
Own shares without voting rights		49.744

Total shares with voting rights 59.093.256 Represented shares with voting rights 48.146.867