- Organisational changes

| Source: Hf. Eimskipafélag Íslands Hf. Eimskipafélag Íslands 

Following Eimskip's recent financial reorganisation, we are now working on
changes to its organisational structure. The goal is to simplify the structure,
achieve greater economy in operations and to continue to operate a dynamic
Eimskip that is a leader in shipping solutions in the North Atlantic. Eimskip's
operations in Iceland will roughly be divided into two units: Sales and
Services and Domestic Iceland. Work is underway on further changes to the
company's overall organisation, and these will be announced before the end of
July. 

Matthías Matthíasson has been recruited to the position of Managing Director of
Sales and Services in Iceland. Sales and Services will be responsible for the
sale of imports and exports, together with services and document management.
Matthías initially joined Eimskip in 1983 and remained with us until 2004.
Among other things, Matthías was the sales manager for international
transportations, the head of imports and exports and the Managing Director of
Eimskip UK. He returned to Eimskip in April this year as General Manager of
special projects. Matthías is currently completing several such projects, e.g.
at Eimskip's offices in Hamburg, and will return to Iceland to take up his
position in mid-July. 

Gudmundur Nikulásson will be taking over the position of Managing Director of
Domestic Iceland. Domestic Iceland will be responsible for the operation of the
company's domestic network, the operation of Vöruhótel, Flytjandi, goods
distribution in the greater Reykjavík area, port areas in Iceland and cold
store facilities. Gudmundur has worked for Eimskip since 1997 and has held
various commissions of trust and executive positions. 


Retirement

As a result of the Eimskip's organisational restructuring, Gudmundur P.
Davídsson, Executive Vice-President of Eimskip Iceland, will be leaving the
company's employ. Gudmundur joined Eimskip in September 2007. He was
responsible for the company's domestic operations which have now been divided
into two departments, Sales and Services and Eimskip Iceland. These departments
will be under the direct control of Gylfi Sigurdsson, President/CEO. 

Eimskip thanks Gudmundur for his excellent services on behalf of the company
and wishes him all the best for the future.