Board of Directors

Chairman of the Board

Mr. Árni Oddur Þórðarson

Mr. Þórðarson is born in 1969 and resides in Iceland. He became a Board Member in 2005 and has been the Chairman of the Board from that time.

Mr. Þórðarson is a co-founder of the investment company Eyrir Invest ehf., and has been Eyrir Invest‘s CEO since foundation. He has over 15 years of extensive international experience in various businesses. Prior to co-founding Eyrir Invest, Mr. Þórðarson was Head of Corporate Finance & Capital Markets at Búnaðarbanki Íslands hf., which later merged with Kaupthing Bank hf. He is currently Board Member of Stork B.V. and Ölgerðin Egill Skallagrímsson ehf., as well as being a Member of the Board of Advisors for Arctic Ventures I.

Mr. Þórðarson has an MBA degree from IMD in Switzerland, as well as a Cand. Oecon degree in Business Administration from the University of Iceland.

He and related parties hold 233,056,672 shares in the Company, but he holds no share options. In addition to being CEO, Mr. Þórðarson is a major shareholder of Eyrir Invest, the Company’s largest shareholder, and was nominated as Director by Eyrir Invest ehf. He has no interest links with the Company’s main clients or competitors.

Vice-Chairman of the Board

Mr. Friðrik Jóhannsson

Mr. Jóhansson is born in 1957 and resides in Iceland. He became a Board Member in 2004.

Mr. Jóhannsson is the Managing Director of Icora Partners ehf. He is also the Chairman of the Board of Directors of numerous Icelandic companies, including Brú Venture Capital hf., Eignarhaldsfélag hlutafélaga ehf. and Sportís ehf., and a member of the Board of Directors of P/F Vónin, Vörður tryggingar hf., A1988 hf. (Eimskipafélag Íslands), Áning ehf. and Icora Partners ehf. Mr. Jóhannsson has extensive business experience and he was the CEO of Straumur-Burðarás Investment Bank hf. from June 2006 to May 2007, and CEO of Burðarás hf. from March 2004 to September 2005.

He has a degree in Business Administration from the University of Iceland, and is a Certified Public Accountant.

Mr. Jóhannsson and related parties hold 4,300,000 shares in the Company, but he holds no share options. He has no interest links with the Company’s main clients, competitors or major shareholders.

Other Board Members

Mr. Arnar Þór Másson

Mr. Másson is born in 1971 and resides in Iceland. He became a Board Member in 2001.

Mr. Másson is the Deputy Director General of the Department of Financial Management at the Ministry of Finance, as well as Adjunct lecturer at the Department of Political Science at the University of Iceland. Currently, he does not sit on the Board of Directors of any other company, but has in the past been a member of the boards of Hjaltadalur Heating Utility, and the Weights and Measures Office.

He has a M.Sc. degree in Comparative Politics from London School of Economics and Political Science, and a BA degree in Political Science from the University of Iceland.

Mr. Másson neither holds shares nor share options in the Company. He has no interest links with the Company’s main clients, competitors or major shareholders.

Ms. Ásthildur Margrét Otharsdóttir

Mr. Otharsdóttir is born in 1968 and resides in Iceland. She became a Board Member in 2010.

Ms. Otharsdóttir is an independent consultant with extensive prior work and business experience as a Director of Treasury and Corporate Development at Össur hf. (2006-2010), Senior Account Manager at Kaupthing Bank hf., now Arion bank (2004-2006), and Consultant at Accenture (1996-2000). Currently, she does not sit on the Board of Directors of any other company.

She has an MBA degree from Rotterdam School of Management, The Netherlands, and a Cand. Oecon. degree from University of Iceland.

Ms. Otharsdóttir neither holds shares nor share options in the Company. She has no interest links with the Company’s main clients, competitors or major shareholders.

Mr. Helgi Magnússon

Mr. Magnússon is born in 1949 and resides in Iceland. He became a Board Member in 2005.

Mr. Magnússon is the Chairman of the board and CEO of Eignarhaldsfélagið Hofgarðar ehf. and Eignarhaldsfélagið Harpa ehf. He is also the Chairman of the Board of Directors of numerous Icelandic companies and organisations, including the Federation of Icelandic Industries, Varðberg ehf., Efnavörur ehf., AB-68 ehf., Flügger ehf., Hörputónar ehf., Enox World Holdings ehf. and EuroAsia Silu International ehf. Mr. Magnússon is the Vice-Chairman of the Pension Fund of Commerce and Bláa Lónið hf., and a member of the boards of its subsidiaries, Bláa Lónið Heilsuvörur ehf. (Blue Lagoon International (Ltd.), Eldvörp ehf. and Hraunsetrið ehf. He is also a member of the boards of Fasteignafélagið Laugardalur ehf., Íþrótta- og sýningarhöllin hf. and Sjöfn ehf. He is a deputy member of the Board of Saffron Holding ehf.

Mr. Magnússon has a Cand. Oecon. degree in Business Administration from the University of Iceland and is a Certified Public Accountant.

He and related parties hold 6,308,044 shares in the Company, but holds no share options. Mr. Magnússon has no interest links with the Company’s main clients, competitors or major shareholders.

Mr. Lars Grundtvig

Mr. Grundtvig is born in 1941 and resides in Denmark. He became a Board Member in 2007.

Mr. Grundtvig is the Managing Director of Grundtvig Invest A/S and a Member of the Board of Directors of Grundtvig Invest A/S, JJ Steel Holding A/S, JJ Steel A/S, Anker Andersen Holding A/S, Anker Andersen A/S, Scanvaegt Nordic Holding Aps, Scanvaegt Nordic A/S and Black Lily A/S. Mr. Grundtvig joined Scanvaegt International A/S in 1959, and served the company in several different capacities, including as Managing Director for 19 years and as Executive Chairman for thirteen years prior to the sale of the Scanvaegt Group to Marel Food Systems hf. in 2006.

He has a Bachelor of Commerce degree from Arhus and Silkeborg Business College.

Mr. Grundtvig and related parties hold 61,673,000 shares in the Company, but holds no share options. He has no interest links with the Company’s main clients, competitors or major shareholders.

Ms. Margrét Jónsdottir

Ms. Jónsdóttir is born in 1954 and resides in Iceland. She became a Board Member in 2006.

Ms. Jónsdóttir is the Chief Financial Officer (CFO) of Eyrir Invest ehf. Currently, she does not sit on the Board of Directorsof any other company. Prior to joining Eyrir Invest, Ms. Jónsdóttir was the Director of Finance at Edda Publishing hf. (December 2001 - October 2002), Director of Finance at Kreditkort hf. (August 2000 - December 2001), and Manager of Accounts and Planning at Fjárfestingarbanki Atvinnulífsins hf. (January 1998 - June 2000).

She has a M.Sc. degree in Accounting and Auditing from the University of Iceland, and a Cand. Oecon degree in Business Administration from the University of Iceland.

Ms. Jónsdóttir and related parties hold 200,419 shares in the Company, but holds no share options. She is the CFO of Eyrir Invest, the Company’s largest shareholder, and was nominated as Director by Eyrir Invest ehf. She has no interest links with the Company’s main clients or competitors.

Mr. Theo Bruinsma

Mr. Bruinsma is born in 1950 and resides in the Netherlands. He became a Board Member in 2010.

Mr. Bruinsma is General Manager of Townsend USA/Europe and President of Townsend Further Processing, one of the Company’s subsidiaries. He is a member of the Board of Directors of Salm Partners, honorary member of the Dutch Service Management Association and representative in the European Standardization Committee for the Food Industry. Mr. Bruinsma has extensive experience in the fields of the Company’s operations and has served Townsend, Stork Food Systems and their subsidiaries in several different capacities in various jurisdictions in his 35 years with the companies, including as Service Coordinator, Service Manager, Technical Director, Sales Director, General Manager of Townsend USA/Europe, President of Townsend, Managing Director of the meat group of Stork Food Systems and of the SU team of Stork Food Systems.

He is a skilled Technical and Service Management (instrument rate) multi-engine pilot and has MCE General Management diplomas from the Netherlands and the United States.

Mr. Bruinsma and related parties hold 1,000,000 shares in the Company, but holds no share options. He has no interest links with the Company’s main clients, competitors or major shareholders.

Mr. Smári Rúnar Þorvaldsson

Mr. Þorvaldsson is born in 1973 and resides in Iceland. He became a Board Member in 2010.

Mr. Þorvaldsson is an independent investor and advisor. He is a member of the Board of Directors of Promens and has previously served on the boards of several companies. He was Managing Director of Horn Invest (2008-2009), Director of Proprietary Trading & Private Equity at Landsbanki Íslands hf. (2003-2008), and Director of Proprietary Trading & Principal Investment at Búnaðarbanki Íslands hf. (2001-2003).

He has over 11 years of experience in financial markets since graduating with a Bsc degree in Economics from the University of Iceland in 1999.

Mr. Þorvaldsson neither holds shares nor share options in the Company. He was nominated as a Director by Horn Fjarfestingarfelag ehf., the Company’s second largest shareholder. Mr. Þorvaldsson has no interest links with the Company’s main clients or competitors.