Skeljungur hf.

Results of Skeljungur´s AGM 2021

Skeljungur hf. held its Annual General Meeting today, Thursday March 4, 2021 at Icelandair Hotel Reykjavík Natura, in meetings room no. 2. and 3., Nauthólsvegur 52, 102 Reykjavík at 16:00. Chairman of the Board Jón Ásgeir Jóhannesson addressed the meeting on behalf of the Board, and CEO Árni Pétur Jónsson presented Skeljungur's financial results and went over the highlights of the operations in 2020.

All proposals that were put forward in the meeting can be found on the company's website:

https://en.skeljungur.is/shareholder-meeting-2021

The Company´s annual report can be found on the company's website:

https://en.skeljungur.is/financialstatements-2020

1. Annual accounts for 2020
The meeting approved the Financial Statements for 2020.

2. Proposed amendment to the Company’s policy on dividend payments
The meeting approved the Company´s amended policy on dividend payments, and it reads as follows:

“The Board of Skeljungur has adopted a dividend policy according to which it will propose on a yearly basis dividend up to 50% of the annual net profit.

The board’s proposal shall notwithstanding be in accordance with law and take into account and to consider the risk policy in place, financial covenants, market conditions, the company’s liquidity need and other possible factors that might limit payout to shareholders at any given time.

The dividend policy shall be the base for a dividend proposal put forth at Annual General Meetings.”

3. Allocation of profits 2020
The meeting approved a dividend payment in the amount of ISK 0.180781 per outstanding share, or ISK 350 million, which corresponds to 44% of the earnings of 2020. The entitlement of shareholders to dividend payments will be based on the Company’s share register on 8 March 2021 (record date). The ex-date, i.e., the date on which trading begins with shares in the Company without entitlement to dividends for the financial year of 2020, will be set as 5 March 2021, the next trading day following the annual general meeting. It is proposed that dividends should be paid on 8 April 2021 (payment date).

4. Proposal on repurchase of shares in the Company
Shareholder´s meeting approved to grant authorization to purchase shares in the Company, with the condition that the Company and its subsidiaries shall only hold a maximum of 10% of the Company´s shares. The following annex will be added to the Articles of Association: