Annual General Meeting of Askar Capital for 2008

A notification sent by Askar Capital to NASDAQ OMX Iceland on 15 May 2009 stated that all unsecured creditors of Askar's parent company had approved the company's proposals for financial restructuring. These creditors have now taken over the company. The company's leading creditor is Glitnir banki hf., with a holding of 53.3%, followed by Saga Capital hf. which has a 18.1% stake. Ten other shareholders hold 28.6% of the company. Share capital of previous shareholders has been written off in full; Moderna Finance AB owned 80.8% of the company and 15 other shareholders held the remaining 19.2%.

The AGM of Askar Capital was held on 19 June 2009. At the AGM the company's annual financial statements for 2008 were approved and a new Board of Directors elected. The following were elected as Directors:

• Eiríkur Jóhannsson, Managing director,
  Gestur Jónsson, Supreme Court Attorney,
  Heimir Haraldsson, CPA,
  Ragnar Halldór Hall, Supreme Court Attorney and
  Þórólfur Jónsson, District Court Attorney.

The equity of the Askar Capital group following these changes amounts to ISK 8 billion and its capital adequacy ratio, calculated in accordance with the Act on Financial Undertakings, is 19%.

For more information, contact Benedikt Árnason, CEO, tel. +354 665 8859.