- Motion for composition approved by 100% of creditors

PRESS RELEASE:

Hf. Eimskipafelag Islands:


MOTION FOR COMPOSITION APPROVED BY 100% OF CREDITORS -Preserving the company´s
operations and safeguarding 1,500 jobs 

A meeting of the creditors of Hf. Eimskipafelag Islands (Eimskip) was held
today, for the purpose of voting on the Group's composition proposal. 

100% of Eimskip's unsecured creditors voted in favour of the composition
proposal which was therefore approved. 

The next step is for the company to submit a written petition for confirmation
of the composition agreement to the district court judge during the next week.
This will be accompanied by a statement from the composition agent, Gardar
Gardarsson, supreme court attorney. 



Gylfi Sigfusson, CEO of Hf. Eimskipafélags Íslands:
The financial restructuring of Eimskip has been underway for many months. We
have now passed the largest milestone which was to establish a secure operating
base and lay the foundations for the company´s future. The board of directors
and  employees of the company are thankful for the creditors´ support for the
company during these demanding times. I want to thank both our employees and
our customers for their support and the goodwill shown towards the company
throughout the process. The financial restructuring would have been futile
without their support. The company´s transportation services and the jobs of
1,500 employees are now safeguarded. 

At this turning point it is important for the Icelandic economy to get its
momentum back and get its wheels turning at full speed. By achieving this
milestone Eimskip is setting the precedent for the reconstruction of Icelandic
companies for the benefit of the nation. 

Reykjavik, August 14, 2009