Marel — Major Shareholding Notification 2020

Nov 16, 2020

J111C

STANDARD FORM - NOTIFICATION OF THE ACQUISITION OR DISPOSAL OF MAJOR PROPORTIONS OF VOTING RIGHTS

VOTING RIGHTS ATTACHED TO SHARES—ARTICLE 85 OF THE ACT ON SECURITIES TRANSACTIONS NO. 108/2007

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: Marel – Marel hf.

2. Reason for the notification (please tick the appropriate box or boxes):
   ☑ an acquisition or disposal of voting rights
   ☐ an acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
   ☐ an event changing the breakdown of voting rights

3. Full name of person(s) subject to the notification obligation: The Pension Fund for State Employees, ID number: 711297-3919

4. Full name of shareholder(s) (if different from the person mentioned in point 3.): The Pension Fund for State Employees A-division, ID number: 550197-3409, The Pension Fund for State Employees B-division, ID number: 430269-6669, The Pension Fund for State Employees Division S-division, ID number: 421198-2259

5. Date of the transaction and date on which the threshold is crossed or reached: 16 November 2020

6. Threshold(s) that is/are crossed or reached: Under 5%

7. Notified details:

A) Voting rights attached to shares
Class/type of shares (if possible using the ISIN CODE)	Situation previous to the Triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of Voting rights^{viii}	Number of shares	Number of voting rights^{viii}		% of voting rights
			Direct	Direct^{ix}	Indirect^{x}	Direct	Indirect
IS0000000388	38.700.000	38.700.000			37.900.000		4,92%
SUBTOTAL A (based on aggregate voting rights)	38.700.000	38.700.000	0	37.900.000		4,92%

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B) Financial Instruments
Resulting situation after the triggering transaction^{81}
Type of financial instrument	Expiration Date^{82}	Exercise/Conversion Period/ Date^{83}	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights
		SUBTOTAL B (in relation to all expiration dates)
Total (A+B) [if applicable]	number of voting rights	% of voting rights
---	---	---

1. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable.

2. In case of proxy voting:

3. Additional information:

After trading in the shares of Marel hf. individual divisions of The Pension Fund for State Employees own following:

The Pension Fund for State Employees A-division, ID number: 550197-3409, 29.372.500 shares and 3,81% voting rights.

The Pension Fund for State Employees B-division, ID number: 430269-6669, 7.994.820 shares and 1,04% voting rights.

The Pension Fund for State Employees Division S-division, ID number: 421198-2259, 532.680 shares and 0,07% voting rights.

The Pension Fund for State Employees controls indirectly 37.900.000 shares or 4,92% voting rights.

Reykjavik, 16 November 2020

The Pension Fund for State Employees