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Announcement from the Board of Directors of Stodir

The Board of Directors of Stodir has reached an agreement with Jon Sigurdsson, CEO of Stodir, where he is released from his duties as CEO. The reason for this is a lawsuit filed recently in New York by Glitnir, Stodir´s largest shareholder, against Sigurdsson.

With this decision, the Board of Directors of Stodir is not taking a stand in regard to the lawsuit in question. However, it is the opinion of the Board that Sigurdsson is not able to continue as CEO of Stodir while this matter has not been concluded. Julius Thorfinnsson has been appointed CEO of Stodir.

The Board wants to thank Jon Sigurdsson for his valuable contribution in the restructuring of Stodir last year and believes Sigurdsson deserves credit for his work during the last year, where the value of the Stodir´s assets has increased significantly.

On behalf of the Board of Directors,

Eirikur Elis Thorlaksson,

Further information

Tel: +354 591 4400