-Letter of Intent on the sale of 81% of Icelandic Group´s share in Icelandic Holding Germany cancelled

Icelandic Group plc. and Finnbogi A. Baldvinsson have reached an agreement to
cancel the letter of intent on the sale of 81% share of Icelandic Holding
Germany, the parent company of Pickenpack Hussmann & Hahn GmbH Germany and
Pickenpack Gelmer SAS France, to the latter. 

The reason for the cancellation can primarily be attributed to the conditions
of the international financial markets, which have been especially
disadvantageous since the letter of intent was signed. 

For further information:
Björgólfur Jóhannsson CEO of Icelandic Group, tel.: + 354 896 1455

Reykjavík December 14th 2007






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.