Skeljungur hf.

Transactions in relation to a share buy-back program

In week 43-44. 2020, Skeljungur purchased 4.500.000 of its own shares, at purchase price of ISK 36,615,000. See further details below:

Date	Time	No. of shares bought	Share price (rate)	Purchase price
23.10.2020	10:52	1.500.000	8,16	12.240.000
27.10.2020	11:01	1.500.000	8,13	12.195.000
28.10.2020	09:36	970.000	8,12	7.876.400
28.10.2020	09:37	530.000	8,12	4.303.600
Total		4.500.000		36.615.000

The trade is in accordance with Skeljungur’s share buy-back program, announced to Nasdaq Iceland on October 8th, 2020. The main purpose of the program is to reduce the issued share capital of the company.

Skeljungur has now purchased a total of 16,500,000 own shares which corresponds to 52.62% of maximum amount of own shares that will be purchased according to the buy-back program. The purchase price for the bought shares is total ISK 131,557,500. Before the share buy-back program began Skeljungur owned 24,820,946 of own shares or the equivalent of 1,25% of the issued share capital.

Skeljungur now owns a total of 41,320,946 shares or 2.08 % of the Company’s share capital.

According to the buy-back program the maximum purchase price may not exceed ISK 250.000.000, provided that Skeljungur and its subsidiaries shall only hold a maximum of 10% of the company´s shares. The share buy-back program will remain in effect until the Annual General Meeting in 2021, unless the conditions for maximum purchase are met before that time. The execution of the share buy-back program is in accordance with the Public Limited Company Act No. 2/1995 and Regulation on Insider Information and Market Manipulation No. 630/2005.

For further information please contact Ólafur Þór Jóhannesson, CFO, [e-mail]

www.skeljungur.is

https://www.linkedin.com/company/skeljungur-hf/