Marel hf.: Highlights from the 2018 Annual General Meeting

Marel's Annual General Meeting (AGM) was held at the company's headquarters in
Gardabaer, Iceland, on March 6, 2018. 

Chairman of the Board Asthildur Otharsdottir addressed the meeting on behalf of
the Board. CEO Arni Oddur Thordarson reported the Company's 2017 consolidated
financial statements and gave an extensive overview of the Company's business
activities. 

Chairman Asthildur Otharsdottir's statement

"We are proud of the achievements of the Marel team in 2017. It was a great
year with strong financial results. Significant investments were made in
strengthening Marel's foundation and important progress made towards our growth
targets, benefitting both customers and shareholders. 

This year, Marel celebrated the 25th anniversary of its listing on NASDAQ
Iceland and 2018 will mark the 35th anniversary of its founding. Marel has
created excellent value for its shareholders since its listing in 1992 and
progressed from a startup to a leading global provider of advanced food
processing systems for poultry, meat and fish. 

The listing on Nasdaq Iceland has served Marel well but we have growing
concerns about the relative size of the company on the Icelandic stock market.
To further advance the global vision and drive continued shareholder returns
Marel has engaged STJ Advisors, a leading independent capital markets advisory
firm, to evaluate potential listing alternatives. We are committed to
responsible growth and long-term value creation for Marel and all of our
shareholders." 

CEO Arni Oddur Thordarson's report:

"Marel is a global leader in a dynamic growth industry with over EUR 1 billion
in revenues. Revenues are up by 6% year-on-year and we have now been operating
at an EBIT level of around 15% for eight consecutive quarters. In transforming
the way food is processed, we have also been growing and advancing Marel as a
company. Our revenues are well balanced geographically, consisting of a healthy
mix of greenfield projects, modernization and extension projects with steady
recurring revenues coming from our maintenance business. With an innovative
portfolio and continued good partnerships with our customers, orders received
were a record EUR 1,144 million in 2017, up 13% over last year. 

The outlook is promising and in 2017 we introduced an ambitious growth plan for
the next ten years with a target of 12% average annual growth, both organic and
acquired. United under one vision and one set of values, our dedicated team of
5,400 employees is firmly committed to delivering increased value to our
society, customers and shareholders by enhancing safe and sustainable food
processing." 

Results of the AGM

The following were reelected to the Board of Directors: Olafur Steinn
Gudmundsson, Astvaldur Johannsson, Margret Jonsdottir, Helgi Magnusson, Arnar
Thor Masson, Asthildur Margret Otharsdottir, and Ann Elisabeth Savage. The new
Board of Directors has convened and assigned roles and responsibilities.
Asthildur Margret Otharsdottir will continue as Chairman of the Board and Arnar
Thor Masson, as the Vice-Chairman of the Board. 

All proposals presented by the Board were approved by the meeting.

The AGM approved a dividend payment of EUR 4.19 cents per share, corresponding
to 30% of net profits for 2017, be paid to shareholders. 

The AGM approved the Board of Directors' proposal to authorize the Company to
acquire up to 10% of its own shares and that this authorization will be in
effect for the next 18 months following approval. 

The Remuneration Policy for the year 2017 was approved un-amended for the year
2018 and remuneration to Board members was decided as well. KPMG hf. will
remain the company's external auditing firm until the next AGM. 

Annual Report 2017

Marel published its 2017 annual report on February 27, 2018. The report is
digital, complete with interesting videos, interactive graphs and tables. This
is the fifth consecutive year that Marel publishes a web version of its annual
report, accessible on both marel.com and on the 2017 annual report web:
http://ar2017.marel.com. 

AGM web

All relevant information and documents in relation to the Annual General
Meeting is available and archived on www.marel.com/agm. 

Investor relations

For further information, please contact Tinna Molphy via email
[e-mail] or [e-mail].

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