Skeljungur hf.

Transactions in relation to a share buy-back program

In week 45-46. 2020, Skeljungur purchased 4.500.000 of its own shares, at purchase price of ISK 35,947,500. See further details below:

Date	Time	No. of shares bought	Share price (rate)	Purchase price
5.11.2020	15:11	1.500.000	7,825	11.737.500
6.11.2020	09:45	1.500.000	7,825	11.737.500
10.11.2020	12:43	1.500.000	8,315	12.472.500
Total		4.500.000		35.947.500

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 23,500,000 own shares which corresponds to 94,68% of own shares that will be purchased according to the buy-back program. The purchase price for the bought shares is total ISK 187,330,000 which corresponds to 74.93% of maximum purchase price according to the buy-back program.

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 48,320,946 shares or 2.43 % of the Company’s share capital.

According to the buy-back program it is planned to buy up to 24,820,946 of the company’s own shares, which corresponds to 1,25% of the issued share capital, although the amount of the 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/