SAM IYKKTIR FYRIR ADVANIA HF.

ARTICLES OF ASSOCIATION FOR ADVANIA HF

I. KAFLICHAPTER 1

Nafn, heimili 09 tilgangurThe name, domicile and purpose

1. grein

1.1 FéIagi er hiutafélag og er nafn hess Advania hf.

Article 1

1.1 The Company is a public limited company and its name is Advania hñ

2. grein

2.1 Heimilisfang félagsins er a Gu&ünartüni 10, ReykjavIk.

Article 2

2.1 The domicile of the Company is at Guôránartán 10, ReykjavIk.

3. grein

3.1 Tilgangur félagsins er rekstur starfsemi a svii uppIsingainaar a breium grundvelliog önnur skyld starfsemi, heildsala og smásala, ásamt Iánastarfsemi tengdM rekstrinumog annar skyldur rekstur samkvmt ékvörbun stjörnar.

Article 3

3.1 The objective of the Company is the operation of activity in the information industry in

the broad sense as well as other related activity, wholesale and retail, along with

lending activity associated with its operations as well as other related activity according

to the decision of the Board.

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II. KAFLI

Chapter 2

Hiutafé félagsins, hiutir og atkvôisrétturThe share capital, shares and the right to vote

4. grein

4.1 Hlutafé félagsins er kr. 1.040.086.218 — krönur einnrniiIjarurfjörutIumiiIjönir

áttatIuogsexüsundtvOhundruogátján 00/100 — a nafnveri.

4.2 Hver hiutur er a fjàrh8 1 kr. (em kröna) ea rnargfeidi jjeirrar fjárhar. Engar

hOrnlur etu settar vi rástöfun hiuthafa a hiutabréfum I félagmnu.

4.3 Eitt atkvi fylgir hverrf krönu hlutafjár I hiutafé.

4.4 Stjörn féiagsins er heimilt a ékvea hkkun hiutafjár urn alit a 160.000.000 hluti anafnveri me utgafu nrra hiuta, I einu lagi ea I afongurn. Heirnildin gildir til 29.

égüst 2019 og feilur niur ann dag a vI leyti sem hun hefur ekki egar veri ntt.

Heirnildina er hgt a n’ta til frekari vaxtar félagsins, fjarfestinga og til a uppfylia

kauprétti og áskriftarréttindi sern kunna a vera gerir vi starfsrnenn féiagsins ea

dötturféiaga sarnkvrnt jvI kaupaukakerfi sern kann a vera í gildi innan félagsins ahverjurn tIrna. Af eim 160.000.000 hluturn sern hkkunarheirnild tekur til er heirnilt

a n’ta alit a 108.000.000 hiuti vegna kaupaukakerfis. Hiuthafar hafa ekkiforgangsrétt til áskriftar aâ hiuturn sern gefnir eru 6t sarnkvrnt essari heirnild.

Hiutirnir skulu vera í sama flokki hiutafjár og egar ütgefnir hiutir. Hinir n’’ju hiutirskulu veita réttindi I félaginu frá og me skráningardegi.

4.5 Heirnilt er a hkka hiutafé féiagsins, hvort heidur er meà àskrift n’’rra hiuta ea

itgafu jöfnunarhiuta, rne áiyktun hiuthafafundar og arf til sama rnagn atkva ogtil breytinga a sarnykkturn essurn.

4.6. Stjörn féiagsins hefur akve8i ütgáfu áskriftarréttinda. Frestur til ütgáfu og n’tinguaskriftarréttinda ertil og me 31.12.2017. Kaupver hiuta Iáskriftarsarnningum rniastvi markasver a eirn tIrna egar áskriftarsarnningur er gerur. Séu áskriftarréttirekkf n’ttir a tIrnabiiinu feilur réttur rétthafa a grundveili eirra niàur. jeirn tilvikumegar hiutafé er hkka, ikka, gefmn eru ut breytanieg skuidabréf e8a n

askriftarréttmndi, aour en unnt er a neyta askriftarrétta, skal féiagió endurreikna

frarnangreint gengi hiutanna og/ea fjölda hiuta sern hver askriftarréttur tekur til svo

a rétthafar séu ems jafn settir og unnt er mi8a vi stöu jeirra aur en til

framangreindra tilvika kemur. I tilviki félagsslita, samruna ea skiptingar féiagsins skal

féIagi eigi sIar en tvemrnur manuurn fyrir hiuthafafund Jar a8 iütandi tilkynna

rétthöfurn urn silkar fyrirtlanir og urn fresti til a neyta askriftarretta.

Article 4

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4.1 The share capital of the Company is 15K 1,040,086,218 — Icelandic krona

onebillionfortymillioneigh tysixthousandtwohundredandeighteen 00/100 — in nominal

value.

4.2 Each share is in the amount of 1 15K (one krona) ora multiple thereof No impediments

are placed on the disposition by shareholders of shares in the Company.

4.3 One vote accompanies each kröna of share capital.

4.4 The Board of Directors of the Company is authorised to increase the share capital of

the Company by up to 160.000.000 shares in nominal value, with the issue of new

shares, in one tranche or several. The authorization shall be valid until 29 August 2019

at which time it lapses, to the extent that it has not then been exercised. The

authorization can be used for further expansion, in vestments or to fulfil stock option

agreements or subscription rights (herenafter warrants) potentially made with

employees and others according to the scheme on share based incentives in force

within the Company at any given time. Out of the 160.000.000 increase in share

capital, a 108.000.000 shares may be used for the purpose of share based incentive

schemes. Shareholders shall not have pre-emptive subscription rights to the shares

issued under this authorisation. The shares shall belong to the same class and carry

the same rights as shares already issued. They shall carry rights in the Company from

the date of registering of the increase in share capital.

4.5 The share capital of the Company may be increased, whether with a subscription to

new shares or the issue of bonus shares by the decision of a shareholders’ meeting,

for which the same number of votes is needed as for an amendment to these Articles

of Association.

4.6 The Board of Directors has decided to issue warrants. The deadline for the issuanceand notification for subscription of warrants is 31 December 2017. The price for thewarrants shall be determined by market value at the time a subscription agreement isentered into. If notification of subscription is not made within the deadline all rightsaccording to the warrants cease to exist. In the event of a share increase or decreaseor issue of convertibles or new warrants, before subscriptions can be made, theCompany shall re-calculate the subscription price and/or the number of shares eachwarrant entitles to subscribe for with the purpose of putting holders, as is possible, inan equivalent position as the one being at hand immediately prior to the recalculation.In the event of liquidation, merger or division of the Company, the Company shall nolater than two months prior to a shareholder’s meeting give holders a notice thereofand a deadline to exercise the warrant.

5. grein

5.1 Hluthafafundur getur einn sarnykkt aukningu hiutafjár I félaginu, hvort heldur meéskrift nrra hiuta ea tgáfu jöfnunarbréfa.

5.2 Hluthafar skulu hafa forgangsrétt a n’jurn hiuturn I sInum eigin flokkum I réttu hiutfaflivi8 skráa hiutafjáreign eirra I félaginu og innan tImarnarka sern greind verdi Isarnljykkt urn aukningu hlutatjár. Nü neytir einhver hiuthafa ekki forgangsréttar sinsog eiga é a&ir hiuthafar aukinn rétt til áskriftar. Hiuthafafundur getur rne 2/3 hlutaatkva ákveói aS vIkja fré forgangi vhS hkkun hlutafjár, enda Se hluthöfurn enganhátt rnisrnunaS.

5.3 Hiuthafafundur getur einn ákveShS ikkun hlutafjár.

5.4 Hlutafé er alit jafnrétthátt.

Article 5

5.1 Only a shareholders’ meeting can decide upon the increase in share capital, whether

by subscription for new shares or issue of bonus shares.

5.2 Shareholders shall have pre-emptive rights to new shares within their class of shares

in proportion to their shareholdings in the Company and within the time periods

specified in a resolution on the increase in share capital. If some shareholders do not

exercise their pre-emptive right, other shareholders will obtain an increased right to

subscription. A shareholders’ meeting can, with 2/3rds of the vote, decide to deviate

from the pre-emptive right to share capital, provided that shareholders are not

discriminated against.

5.3 Only a shareholders’ meeting can decide upon the reduction in share capital.

5.4 All shares carry equal rights.

6. grein

6.1 Hiutabréf félagsins eru gefin üt rne rafrnum htti sarnkvrnt ákvum laga urnrafrna eignaskráningu verbréfa. Nöfn stjórnenda rná rita rne vélrnum htti ahiutabréfin.

6.2 Iegar hiuthafi hefur greitt hiut sinn aS fullu til félagsins fr hann ütgefiô rafbréf IverbréfarnhSstöS og eignarréttindi skráS yfir Dvi og veitir honurn full réttindi, jauer sarnjykktir félagsins rnla fyrir urn.

6.3 Eignarskráning I verbréfarnhSstö teist fuilgild sönnun fyrir eignarrétti aà hiuturn I

félaginu og ar rne skréningar I hiutaskrá. Féiagsstjórn heldur hlutaskrá sern byggir aeignarskraningu I verbréfamhSstö.

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6.4 Hlutaskréin skal geymd a skrifstofu félagsins og eiga allir hiuthafar aógang a henni oger heimilt ab kynna set efni hennar.

Article 6

6.1 The shares in the Company are issued electronically in accordance with the provisionsof the Act on the Electronic Register of Securities. The names of the directors may betyped by electronic means on the stock certificate.

6.2 When a shareholder has paid his/her share in full to the Company, he/she will be issued

an electronic share in a securities depository and the asset right to it duly registered,

according him/her the full right provided in the Article of Association of the Company.

6.3 A register of assets held in a securities depository shall be viewed as conclusive proof

of the asset right to shares in the Company and an adequate basis for entry in the

register of shares. The board shall keep a register of shares based on the register of

assets in a securities depository.

6.4 The register of shares shall be kept at the offices of the Company and all shareholdersshall have access to it and are allowed to learn of its contents.

7. grein

7.1 Engar hömlur eru Iagar a rétt hiuthafa til ab selja, vebsetja, gefa eôa framseija hiutisIna.

7.2. Urn sölu hiuta til erlendra aiIa gilda ákvi Islenskra laga svo sem au eru a hverjumtIma.

7.3 Urn eigendaskipti a hiutum og framkvmd jeirra fer eftir ákvóum laga urn rafrnaeignaskraningu verbbréta.

7.4 Gagnvart félaginu skal hlutaskré skoast fuilgild sonnun fyrir eignarrétti a hiutum Ifélaginu og skal arur a hverjum tIma, svo og tilkynningar allar, sendast til Ijess aiIa,sem a hverjum tIma er skrabur eigandi vikomandi hluta I hlutaskra. Ber féIagi engaébyrgb a v1, ef greislur eba tilkynningar misfarast vegna vanrkslu hiuthafa a atilkynna eigendaskipti ea bteytingar a heimilisfangi.

Article 7

7.1 No impediments may be imposed on the shareholders’rights to sell, pledge, give awayor endorse their shares.

7.2 Sales of shares to foreign entities are subject to applicable Icelandic law in each

instance.

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Lie

7.3 The change in ownership of shares and related process is subject to the Act on

Electronic Register of Securities.

7.4 For the Company, the share register shall be regarded as final proof of ownership of

shares in the Company and dividends shall in each instance, as well as all notifications,

be sent to the party that in each instance is registered as owner of the relevant shares

in the share register. The Company is not responsible if payments or notifications fail

to reach their destination due to the negligence of the shareholder in notifying a change

in ownership or address.

8. grein

8.1 Engin sérréttindi tylgja hiutum I félaginu.

8.2 FéIagi ma ekki sjálft eiga meira en 10% at hiutafénu. Eignist aó meira at hiutafénuskal ja selt ea trt niur jannig a Iögmtu marki sé ná innan sex manaa.Oheimilt er a neyta atkvisréttar fyrir á hiuti sem féIagi é sjIft.

Article 8

8.1 No privileges are attached to shares in the Company.

8.2 The Company itself may not own more than 10% of the capital share. Should theCompany come into possession of a greater amount of shares, they shall be sold orshare capital lowered, so that lawful limits are acquired within six months. It isprohibited to exercise the right to vote for the shares that are in possession of theCompany.

9. grein

9.1 Félaginu er óheimilt a veita Ian üt a hiutabrét I télaginu. Félaginu er hvorki heimilt aveita hluthötum, stjórnarmönnum, forstjöra ea framkvmdastjórum félagsins Ian nésetja tryggingu tyrir .

9.2 Akvi essarar greinar taka ö ekki til venjulegra viskiptalána eóa kaupastartsmanna télagsins eOa tengds télags a hiutum I télaginu eOa kaup a hiutum Ifélaginu fyrir slIka aOila svo sem log og starfskjara- og kaupréttaratIanir félagsinsheimila.

Article 9

9.1 The Company is not allowed to provide loans for shares in the Company. The Company

is neither allowed to provide shareholders, members of the Board of Directors, the chief

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executive officer or executives of the Company with loans nor issue a security on their

behalf

9.2 Nonetheless, the provisions of this Article do not apply to ordinary commercial credits

or the purchase by employees of the Company or an associated company of shares in

the Company or the purchase of shares in the Company for such parties as permitted

by law, as well as remuneration policies and stock option plans of the Company.

10 g rein

10.1 Hluthafar bera ekki ébyrgb a skuldbindingum félagsins umfram hiut sinn I félaginu,nema heir taki é sig frekari ábyrgb me sérstOkum Ioggerningi. A ákvi essu geturengin breyting ori meô neins konar samljykktum hluthafafunda.

10.2 Hluthöfum er skylt, an sérstakrar skuldbindingar, a hlIta samykktum félagsins, bi

Ieim sem n6 eru og sIar kunna ab versa settat a Ioglegan hatt. Hiuthafar versa ekki,hvorki me8 samjykktum félagsins né me lagabreytingum skyIdair til a aukahlutafjàreign sIna I félaginu og eigi heldur a sta innlausn a hiutum sInum.

Article 10

10.1 Shareholders are not responsible for the commitments of the Company in excess of

their share in the Company unless they undertake increased responsibility with a

special legal agreement. This article provision cannot be amended by any resolutions

of shareholders’ meetings.

10.2 Shareholders are obligated, without special commitment, to abide by the Articles of

Association of the Company, both those currently in force and those that later may be

lawfully adopted. Shareholders will not, neither by the Articles of Association of the

Company nor by amendments to law, be obligated to increase their shareholding or

have their shares redeemed.

III. KAFLIChapter 3

Samskipti viô hiuthafa og hiuthafafundirCommunication with shareholders and shareholders’ meetings

11.grein

11.1 fEsta vald I málefnum félagsins er I höndum logmtra hluthafafunda, innan jeirratakmarka sem samjykktir essar og log setja.

11.2 Hluthafafundi ma halda a heimili félagsins eba öbrurn jjeim stab a Islandi sem stjórninákvebur hverju sinni.

Article 11

11.1 The supreme authority in matters of the Company is in the hands of lawful

shareholders’ meetings, subject to the limits set by these Articles of Association and

by law.

11.2 The shareholders’meetings may be held at the Company’s domicile or any other placein Iceland decided by the board of directors in each instance.

12. g rein

12.1 Hluthafar fara meb akvörbunarvald sitt a hiuthafafundurn.

12.2 A hiutahafafundum rbur afi atkvba, nema öbruvIsi sé mIt I samjjykktum essumeba landslogum. Eftillaga frjafnmorg atkvbi meb og rnöti teist hun fallin. Eftveirrnenn eba fleiri fá jafnmOrg atkvbi, Iegar kjösa skal rnenn til starfa fyrir félagib skalhlutkesti rába ürslitum.

12.3 Tillogur urn breytingar a sarnykktum essum, tillaga urn slit félagsins eba urn samrunatess vib önnur félog verba abeins teknar til rnebferbar a fundi hiuthafa. Silkar tillogururfa samIykki 2/3 hluta greiddra atkvba, enda taki hluthafar, er rába a.m.k. 2/3

hiuturn hess hlutafjar sern farib er meb atkvbi fyrir fundinum, att I

atkvbagreibsIunni.

Article 12

12.1 Shareholders control their decision-making power at shareholders’ meetings.

12.2 The power of votes controls the resolution of all issues in shareholders’ meetings,

unless otherwise stipulated in these Articles of Association or by law. In the event that

a proposal receives equal votes in favor and against, the proposal is not considered

passed. If two individuals or more receive an equal amount of votes, in a resolution on

their appointment to provide services to the Company, a toss-up decides.

12.3 Proposals on amendments of these Articles of Association, proposals on the dissolution

of the Company or its merger with other companies shall only be considered at a

shareholders meeting. Such proposals must be agreed upon by at least 2/3rds of the

votes cast, on the condition that shareholders holding at least 2/3rds of the Company’s

shares capital represented at the meeting, participate in the voting.

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13. gre in

13.1 Félagsstjörn annast boun funda hiuthafa.

13.2 Abalfund skal boa me minnst tveggja vikna fyrirvara en aukafund me minnst sjödaga fyrirvara I ábyrgarbréfi ea é annan jafn sannanlegan htt svo sern augIsinguI fjoImIum. I fundarbo8i skal greina málefni jau sem taka a til rneferar a fundihiuthafa. Ef taka a til meferar tillögu urn breytingar a samykktum félagsins skalgreina meginefni tillögunnar I fundarboi.

Article 13

13.1 The Board convenes shareholders ‘meetings.

13.2 An Annual General Meeting shall be convened with not less than a two weeks’ notice

and extraordinary shareholders’ meetings with not less than a seven days’ notice with

a notice call to each shareholder sent by registered post or in another equally provable

manner such as an advertisement in media. The call for a meeting shall specify the

issues that shall be considered at the shareholders’ meeting. If proposals are to be

presented for amendments to the Articles of Association of the Company, the main

points of the proposals shall be presented in the call to the meeting.

14.g rein

14.1 OlIurn hluthöfurn skal heimilt a taka til máls a hluthafafundurn og neyta atkvôisréttarsins.

14.2 Rétt til setu a hiuthafafundum hafa hiuthafar, umboôsmenn hiuthafa, endurskoendurfélagsins og forstjöri, jött ekki sé hiuthafi. Pa getur stjörnin boi sérfringum setué einstökurn fundum ef leita Ijarf álits eirra e8a a8stoar ea ö8rurn abilurn teiji hunjess jOrf. Ennfremur er hiuthafa heimilt ab skja fund ásamt rágjafa. Régjafi hefurhvorki tillogurétt né atkvisrétt hiuthafafundum. Hiuthafa er heimilt aâ gefará8gjafa sinurn ori8 fyrir sIna hOnd.

14.3 Hluthafi getur áti umbosrnann skja hiuthafafund fyrir sIna hönd. Umboói erheirnilt a afturkalla hvenr sem er. Umbosmaur skal Ieggja fram skriflegt, dagsettog vottaà umbo frá hiuthafa.

Article 14

14.1 All shareholders shall be permitted to speak at shareholders’ meetings and exercise

their right to vote.

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14.2 The right to attend a shareholders’ meeting holds every shareholder, their proxies, the

Company’s auditor and chief executive officer, even though not a shareholder. The

Board of Directors of the Company may invite experts to individual meetings if their

opinion or assistance must be sought or other parties if the Board considers it

necessary. A shareholder is allowed to attend a meeting with an advisor. The advisor

neither has a right to present proposals nor vote at shareholders’ meetings. The

shareholder may allow the advisor to speak on his behalf

14.3 A shareholder can let a proxy attend a shareholders’ meeting on his/her behalf. The

proxy may be withdrawn at any given time. The proxy must submit a written, dated

and witnessed power of attorney.

15. g rein

15.1 Fundi hiuthafa stjörnar fundarstjöri, kosinn af fundinum. Forma8ur félagsstjörnar eóaannar, sem félagsstjórn tUnefnir, setur fundinn og stjörnar kjöri fundarstjöra. Iegarfundur hefur veri settur skal ger skrá yfir hluthafa og umbosmenn, er fundinnskja, til Jess aâ ljöst sé hversu mörgum hiutum og atkvbum hver tjeirra rur yfir.

15.2 Fundarstjöri skal Iáta kjösa fundarritara sem heldur fundargerôarbök. Ifundargerbarbók skal skrá ákvarbanir hiuthafafundar ésamt irsIitumatkvbagreibsIna. Skrá yfir vistadda hiuthafa og umbosmenn skal fr Ifundargerarbök eISa fylgja henni. Fundarstjöri og fundarritari skulu undirritafundargerbarbók. i sIasta lagi fjörtán dögum eftir hiuthafafund skulu hluthafar eigaaàgang ab fundargerarbók e3a stabfestu endurriti fundargera a skrifstofu félagsins.

Article 15

15.1 The shareholders’meetings are directed by a chairman, so elected by the meeting. TheChairman of the Companys Board, or someone else nominated by the Board, opensthe meeting and administers the election of the meeting chairman. When the meetingis set a register on shareholders and proxies, attending, shall be drawn up for thepurpose of establishing how many shares and votes each holds.

15.2 The meeting chairman shall have a secretary of the meeting elected who shall keep a

record in a Book of Minutes. The decisions of the shareholders’ meeting shall be

recorded in the Book of Minutes along with the results of votes. A register of

shareholders present and proxies shall be entered into the Book of Minutes or be

attached thereto. The chairman of the meeting and the secretary shall sign Book of

Minutes. No later than fourteen days after a shareholders’ meeting, the shareholders

shall have access to the Book of Minutes or a certified copy of the minutes at the office

of the Company.

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16. grein16.1 A fundi hiuthafa ma einungis greia atkvbi urn au mal sem geti er I fundarboi svo

og lögiega frarn bornar viauka- og breytingartiiiogur vi [au.

16.2 Hver hiuthafi a rétt a vl a f ékvei rnái tekib til meferbar é hiuthafafundi, ef hanngerir skriflega kröfu urn Dac til félagsstjórnar me ab mikiurn fyrirvara, a unnt sé ataka máiib a dagskrá fundarins samkvmt sarnljykktum essurn.

16.3 tvláI sern ekki hafa veri greind I dagskrá er ekki unnt a taka til endanlegrar Cirlausnarhiuthafafundi nerna me samljykki 2/3 hluta atkvba vióstaddra hiuthafa. Silk rnái

er ekki unnt ab taka til endaniegrar üriausnar a fundinum nerna skyit hafi veri a takaja tii rneferar sarnkvmt iogum ea samykktum essum.

Article 16

16.1 At shareholders ‘meetings votes may only be cast on matters mentioned in the call forthe meeting as well as lawfully posed addends and proposed amendments thereto.

16.2 Each shareholder has the right to have an issue considered at a shareholders’ meeting

if he/she so demands in writing to the Board of Directors with sufficient notice for it to

be put on the agenda of the meeting in accordance with these Articles of Association.

16.3 Issues that have not been notified on the agenda cannot be taken up for final resolution

at a shareholders’ meeting unless so approved by 2/3 of the votes of the shareholders

present. Such issues will not be taken up for final resolution at the meeting unless so

required by law or these Articles of Association.

17. grein17.1 Stjörn féiagsins er heirniit ab ákvea ab hiuthafar geti tekib Ijátt I fundarstörfum

hiuthafafunda rne rafrnum htti, ar rneb taiib greitt atkvbi, an [jess a vera

fundarstab. Akvei stjórn a n’’ta [jessa heimild skai urn [jab sérstakiega getib I

fundarboói og ieiâbeiningar varbandi [jàtttöku veittar.

17.2 f fundarbobi tii hiuthafafunda sem haidnir versa rafrnt skuiu korna fram uppi’singarurn tknibünaà auk uppisinga urn jDa hvernig hiuthafar geta tiikynnt urn rafrna[játttöku sIna og hvar [jeir geta nalgast uppi’’singar urn frarnkvrnd rafrnnar [jatttoku

hiuthafa. Jafngiidir innsiegi8 agangsorb unditskrift vibkornandi hiuthafa og teist

viurkenning é [játttöku hans é fundinurn.

17.3 Telji stjörn a tiitkur Se ngiIega öruggur bünaur tii a gera silka [játttöku rnoguiegaog akve8i stjörn ab nta [jessa heirniid skai [jess sérstakiega getib I fundarboâi.

17.4 Skai hiuthafi sern hyggst n’ta sér rafrna [jatttoku tiikynna skrifstofu féiagsins [jar urnrne skrifiegurn htti eigi sIar en firnrn dögurn fyrir bobaan hiuthafafund.

Tilkynningunni skulu fylgja skriflegar spurningar er varba dagskré fundarins eafrarnIog skjöl, öski heir svara a fundinum.

17.5 Telji stjórn félagsins ekki vera fyrir hendi ástóur eba astbur til a bjóa upp a[átttöku meb rafrnurn htti skal hluthöfurn lJö veittur kostur é a greia atkvi urnrnál sem eru a dagskra fundarins bréflega. I fundarboi skal kvebib a urn framkvrndatkvagreislunnar. Skal beibni urn slIka atkvagreibslu hafa borist skrifstofufélagsins elgi sIar en firnrn dogum fyrir augl’stan hiuthafafund.

17.6 M ö&u leyti en her er kvei urn skal urn rafrna jàtttöku og/ea rafrnaratkvbagreislur gilda akvi 80. gr. a. laga nr. 2/1995 urn hlutafélog, sbr. log nr.89/2006.

Article 17

17.1 The Board of Directors are allowed to decide that shareholders can participate in the

meeting activities of shareholders’ meetings by electronic means, including voting,

without being present at the place of the meeting. Should the Board of Directors decide

to use this authority, it shall be specially notified in the notice call for the meeting, and

instructions regarding participation shall be provided.

17.2 A notice call for a shareholders’ meeting, which is held by electronic means, shall

include information on technical device and information on how shareholders may

notify of their electronic participation as well as where they may find information on

the process of electronic participation. An access code entered is equivalent to thesignature of the shareholder concerned and is deemed as his participation at themeeting.

17.3 Should the board consider sufficiently secure technical device be available to makesuch participation possible and should the board decide to exploit this authority, thismust be addressed specifically in the call for the meeting.

17.4 A shareholder who intends to use the means of electronic participation shall so informthe office of the Company in writing no later than five days before the announced

shareholders’meeting. The notice shall be accompanied by written questions regarding

the agenda of the meeting or submitted documents, if answers at the meeting are

requested.

17.5 Should the Board of Directors deem that conditions are not at hand to offer participation

by electronic means shareholders shall nonetheless be given the opportunity to vote in

writing on issues on the agenda of the meeting. The call notice shall specify how the

vote will be implemented. A request for such a vote shall have been received by the

office of the Company no later than five days before the advertised shareholders’

meeting.

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17.6 In other respects than here specified regarding electronic participation and/or

electronic voting, the provisions of Article 80a of the Public Limited Company Act no.

2/1995, cf. Act no. 89/2006, shall apply.

18. grein18.1 Heimil er notkun rafrnna skjalasamskipta og rafpósts I samskiptum miili féiagsins og

hIuthaa I stab jess ab senda ea Ieggja fram skjöl ritu é pappIr. Nr heirnildin tiihvers kyns samskipta miiii féiagsins og hiuthafa jjar me talin boun hiuthafafunda,greibslu ares ea annarra tiikynninga sem sendar skulu hiuthöfurn. Silk rafrnsamskipti skulu vera jafngiid samskipturn rituum a pappir.

18.2 Skal stjörn setja reglur urn framkvmd samskipta og kröfur sem gerbar eru tilhugbtinaar sem skal vera hiuthöfurn at3gengilegar.

18.3 Regiur sem kve er a urn í samykkturn essum sern og abrar tegiur sern settar eruaf hàifu féiagsstjörnar og vara hiuthafa skulu vera agengiiegar a heirnasIu féiagsinseea sérstöku svi fyrir hiuthafa.

Article 18

18.1 Authorised is the use of electronic documents communication and electronic mailcommunication between the Company and it’s shareholders, instead of sending orpresenting documents in hard copy. This authority covers every kind of communicationbetween the Company and its shareholders including calling a shareholders’ meeting,the payment of dividends and other notifications which shall be sent to shareholders.Such electronic communication shall be considered equivalent to writtencommunication in hard copy.

18.2 The Board shall implement rules on the process for communication as well as therequirements which shall apply to the software accessible for the shareholders.

18.3 The rules set out in these Articles of Association, as well as other regulation made bythe Board of Directors concerning shareholders shall be accessible on the Company’swebsite or on a designated site for shareholders.

19. grein19.1 Félagsstjörn skal bo8a tii hiuthafafunda jjegar hun telur jess Ijörf, sem og ef

endurskoandi félagsins eba hiuthafar sem ráa yfir 1/10 hiutafjár I féiagfnu krefjastjess skrifiega. Skulu jjeir á jafnframt senda stjörninni greinarger urn [a hversvegna jjeir krefjast fundarins og tiikynnir stjórnin hiuthöfum fundarefni mefundarboinu.

19.2 Iegar iogmt krafa urn fundarhaid erfram komin skai stjörninni skyit ab boa til fundarI sIóasta lagi innan 14 daga fré vl henni berst silk krafa. Hafi féiagsstjörnin ekki boba

‘3

til fundar innan jess tIma geta hiuthafar krafist jess a8 fundur verdi bo8aursamkvmt kvum laga urn hlutafélog.

Article 19

19.1 The Board of Directors shall convene shareholders’meetings when it deems necessary,

and as well if the auditor of the Company or shareholders controlling more than l/lQth

of the share capital in the Company so demand in writing. They shall at the same time

send to the Board of Directors a report on why they demand the meeting, and the

Board of Directors shall notify the shareholders on the purpose of the meeting with the

call notice.

19.2 Once a lawful demand for convening a meeting has emerged, the Board of Directors is

obligated to convene a meeting no later than 14 days from the time it received the

demand. If the Board of Directors has not convened such a meeting within that time

period, the shareholders can demand that such a meeting be called in accordance with

the provisions of the Public Limited Companies Act.

20. grein20.1 Til hiuthafafundar, ar me taIi aaIfundar, skal boba meb tilkynningu til hvers

hiuthafa I ábyrgarbréfi eba a annan sannanlegan hátt ea eftir ãkvörun stjórnar rneôaugIsingu I dagbIoum.

20.2 Aôalfund skal boôa meô minnst tveggja vikna fyrirvara en aóra hluthafafundi meôminnst viku fyrirvara. Hiuthafafundur er Iogmtur an tillits til fundarsöknar ef réttilegaer til hans boàa. Skal mting rniast vib afhenta atkv8asebla.

20.3 f fundarbo8i skal greina málefni au sem taka a til meóferar a hiuthafafundi. Ef takatil rneferar a fundinurn tillögur til breytinga é sarnjykktum félagsins skal gteina

meginefni tillogunnar I fundarbobi. Sjö dögurn fyrir aaIfund sem og hiuthafafund, hiskernmsta skulu dagskré, endanlegar tillögur svo og érsreikningur, skrsla stjörnar ogsk’’rsIa endurskobanda sé urn abalfund aô log fram hluthöfum til sç’nis askrifstofu félagsins.

Article 20

20.1 A shareholders’meeting, including the Annual General Meeting, shall be convened with

a notice to each shareholder by registered post, or in another provable manner or by

the decision of the Board of Directors through an advertisement in newspapers.

20.2 An Annual General Meeting shall be convened with not less than a two weeks’ notice

and other extraordinary shareholders’ meetings with not less than a weeks notice. A

shareholders’meeting is lawful without regard to attendance if it is rightfully convened.

Attendance shall be based on voting slips delivered.

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20.3 The call for a meeting shall specify the issues that shall be considered at the

shareholders’meeting. If proposals are to be presented for amendments to the Articles

of Association of the Company, the main points of the proposals shall be presented in

the call to the meeting. At least seven days before the Annual General Meeting or an

extraordinary shareholders’meeting, the agenda, final proposals, as well as the annual

accounts, the report of the Board of Directors and the auditors report, in the case of

an Annual General Meeting, shall be presented for the inspection of the shareholders

at the office of the Company.

21. grein21.1 AaIfundur skal haldinn fyrir bk jOnIrnànabar ár hvert.

21.2 A aâalfundi skulu eftirfarandi mál tekin fyrir:

1. Stjörn fébagsins sk’’rir frá hag fébagsins og starfsemi a hinu bina startsári.2. Endurskobaur arsreikningur, ásarnt athugaserndum endurskobenda, Iagur tram til

stabfesti ngar.3. Akvörun skal tekin urn hvetnig fara skuli rne hagna8 ea tap félagsins a

reikningsárinu.4. Kosning stjörnar félagsins.5. Kosning laggflts endurskoanda ea endurskounarféIags6. Akvörun urn jjöknun til stjörnar og endurskoenda fyrir start jjeirra fyrir kornandi

starfsér, a8 fengnurn tillögurn félagsstjërnar7. Tillaga félagsstjërnar urn starfskjarastefna félagsins.8. Tilbogur til breytinga sarnykkturn télagsins sem löglegar eru frarn bornar.9. Onnur mel, boglega tram bonn.

Article 21

21.1 An Annual General Meeting shall be held before the end of June each year.

21.2 The following issues shall be considered at the Annual General Meeting:

1. The Board of Directors reports on the state of the Company and its activities over thepast operational year.

2. The audited annual accounts, along with the notes of the auditors, shall be presentedfor confirmation.

3. A decision shall be taken on the disposition of the profit or loss of the Company for theaccounting year.

4. Election of the Board of Directors.5. Election of certified auditors or auditing firm of the Company.6. A decision on the fees paid to members of the Board of Directors and auditors for their

services for the upcoming year, after receiving a proposal from the Board of Directors.7. The remuneration policy of the Company shall be presented for confirmation.8. Proposals for an amendment to the Articles of Association of the Company, lawfully

presented.

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9. Other issues lawfully presented.

IV. KAFLI

Chapter 4

Stjórn félagsins o.fI.The Company’s board etc.

22. grein22.1 Stjörn félagsins skai skipub remur rnönnum kjörnurn af hluthöfurn a abalfundi til ems

érs I senn. Urn hfi stjörnarrnanna fer ab Iogum. StjOrnarkjör skal jafnan vera skriflegteftillogur koma fram urn fleiri menn en kjösa skal.

22.2 Tryggt skal vi stjörnarkjör a hvort kyn eigi fulltrüa I stjórn.. Náist ekki vibhlItandiniurstaa urn kynjahlutföll vi stjórnarkjorjjá er stjórnarkjöri8 ógilt. ar til Iögmtkosning hefur fari fram rne vibhlItandi kynjahlutfallsniburstöbu já situr áframeldristjórn eftir jjvI sern vi a. Endurtaka skal stjórnarkjör, a jvI rnarki semnausynIegt er, a sarna hiuthafafundi, jegar uppI’singar urn öfuIIngjandi niburstöburstjórnarkjörs Iiggja fyrir. Abur en stjórnarkjöri er endurtekib, ab jjvI marki semnausynIegt er, tja skal gert fundarhlé og heimilt ab tilnefna fleiri frarnbjóendur tilstjörnar af IJvI kyni sem hallar a vib fyrri kosninguna. Vi endurtekió stjórnarkjör skulujeir tveir emnstaklingar sern flest atkvi fá I stjërnarkjöri til abalstjörnar teijastréttkjörnir ef nauósynlegt var a endurtaka kjör til stjórnar.

22.3 1 tilkynningu til hlutafélagaskrár jar sem niburstaóa stjörnarkjörs er tilkynnt skalsundurliba uppIsingar urn hiutfall kynjanna I stjörn. 1 sömu tilkynningu skulu jafnfrarntkoma fram uppIsingar I sömu veru urn hlutföll kynjanna rnebal starfsrnanna ogstjórnenda félagsins en stjórn skal sérstakiega gta ab kynjahlutfollurn vi raninguframkvrndastjöra.

Article 22

22.1 The Board of Directors shall have three members elected at the Annual General Meeting

for a period of one year at a time. The qualifications of board members are dictated by

law. The election of the Board of Directors shall, as a general rule, be in writing if there

are nominations for more members than shall be elected.

22.2 It must be assured in an election of the Board of Directorsthat each gender is

represented on the board. If an adequate gender result cannot be obtained by the

election of the Board of Directorsthe election of the Board of Directors is void. Until a

lawful election has taken place with an adequate gender ratio result, the incumbent

Board of Directors shall remain in office. The election to the Board of Directors shall be

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repeated to the extent necessary at the same shareholders’ meeting, once information

of an inadequate result of an election to the Board of Directors is known. Before the

election to the Board of Directors is repeated to the extent necessary, a recess of the

meeting shall be called, and the nomination of more candidates for the Board of the

gender lacking in the earlier election shall be allowed. In a repeated election, the two

persons that received the most votes in the election of principal members of the Board

of Directors shall be declared duly elected if it proves necessary to repeat the election

of the principal members of the Board of Directors.

22.3 In a notice to the Register of Public Limited Companies where the results of a Board of

Directors’ election is announced, the gender ratios in the Board of Directors shall be

specified. The same notice shall include information in the same manner on the gender

ratios amongst staff and management of the Company, and the Board of Directors shall

pay particular attention to gender ratios in the hiring of managers.

23. grein23.1 ieir sem hyggjast gefa kost a sér til setu I stjórn skulu tilkynna skriflega til stjórnar

félagsins a rninnsta kosti fimrn sólarhringurn fyrir upphaf aaIfundar, ea aukafundar,egar stjörnarkjör er jar a dagskrá. Peir einir eru kjörgengir a aaIfund sem anniggefa kost sér.

23.2 A abalfundi fara fram bundnar kosningar til stjörnar Jannig a kosi8 er urn á eina semgefi hafa kost a set rne tilskildum fyrirvara.

23.3 f tilkynningu urn frambo til stjörnar skal gefa, auk nafns frambjöbanda, kennitölu ogheirnilisfangs, upplsingar urn aaIstarf, önnur stjórnarstörf, menntun, reynslu oghlutafjáreign I félaginu. Iá skal einnig uppIsa urn hagsrnunatengsl vi heistuvibskiptaaiIa og sarnkeppnisaiIa félagsins sem og hiuthafa sem eiga meira en 10%

hiut I félaginu.

23.4 Félagsstjórn skal fara yfir frambostiIkynningar og gefa hIutaeigandi mesannanlegum htti kost a jvI a bta ür eim gollum sern eru é tilkynningunni innantiltekins frests. El ekki er btt Cit göllum a frambostiIkynningunni innan frestsinsürskurar félagsstjörn urn gildi frarnbos. Unnt er a skjöta niurstöu félagsstjörnartil hiuthafafundar sern fer rneó endanlegt ürskurarvaId urn gildi framboSs.

23.5 UppI’singar urn frarnbjóendur til stjórnar hiutafélags skulu Iagar fram hluthöfum tils’nis a skrifstofu félagsins og/ea birt hluthöfurn me rafrnurn htti eigi sIaar entveirnur dogum fyrir hiuthafafund.

23.6 KjörtImabil stjórnar skal vera eitt ar.

Article 23

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4

23.1 Those who wish to stand as candidates for the election to the Board of Directors shall

inform the Board of Directors thereof not less than five days before the start of the

Annual General Meeting or an Extraordinary Meeting where the election to the Board

of Directors is on the agenda. Only those can stand as candidates at the Annual General

Meeting who announce their candidacy in this manner.

23.2 A restricted election to the Board of Directors takes place at the Annual General

Meeting, where only those candidates who have informed of their candidacy with duenotice can stand for election.

23.3 In a notice of a candidacy for an election to the Board of Directors, the name of thecandidate shall appear, his/her Id. number, address, information on his/her mainoccupation, other directorships, education, experience and holdings of shares in theCompany. The candidate shall also disclose interest relationships with the maincustomers and competitors of the Company as well as with shareholders who hold morethan 10% of the shares in the Company.

23.4 The Board of Directors shall review candidacy announcements and give candidates in

a provable manner an opportunity to set right any faults in their notice within a certain

time limit. If such faults are not corrected in the candidacy announcements within a

set time limit, the Board of Directors shall decide upon the validity of the candidacy.The decision of the Board of Directors may be appealed to the shareholders’ meeting,

which ultimately determines the validity of the candidacy.

23.5 Information on candidates to the Board of Directors shall be on display for shareholders

at the office of the Company and/or displayed by electrical means no later than two

days before the shareholders’ meeting.

23.6 The boards term shall be one year.

24. grein24.1 Félagsstjërn fer me sta vald I málefnum félagsins é mull hiuthafafunda, annast urn

a skipulag félagsins og starfsemi sé jafnan I réttu og göu horfi og gtir hagsrnunahess gagnvart rija manni.

24.2 Stjörnin rur frarnkvmdastjöra félagsins og àkvarar starfskjör hans. Félagsstjörnog forstjöri fara rne stjörn félagsins.

24.3 Félagsstjórn skal annast urn a ngiIegt eftirlit Se haft me reikningshaldi og rneMerbfjármuna félagsins.

24.4 Félagsstjörn skal setja sér starfsreglur lar sern nánar er kvei a urn framkvmdstarfa hennar.

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24.5 Stjörnin fer rne málefni félagsins og skal hin annast urn a skipulag hess og starfserni

sé jafnan I réttu og göu horfi og tryggja a ngjanIegt eftirlit sé rne bökhaldi og

mebfer fjrrnuna félagsins.

24.6 Einungis félagsstjörn getur veitt próküruurnbo.

24.7 Undirskrift rneirihluta stjörnar skuldbindur félagib.

Article 24

24.1 The Board of Directors has the supreme authority over the affairs of the Company

between shareholders’ meetings, shall see to it that the organisation of the Company

and its operations are appropriately run and protect the Company’s interests towards

third parties.

24.2 The Board of Directors hires the managing director of the Company and decides upon

his/her emoluments. The Board of Directors and the chief executive officer manage the

Company.

24.3 The Board of Directors shall ensure sufficient supervision over the accounts and the

handling of finances of the Company.

26.4 The Board of Directors shall set Rules of Procedure for itself further detailing the

conduct of its affairs.

24.5 The Board of Directors has the supreme authority over the affairs of the Company and

shall ensure it that the organisation of the Company and its operations are

appropriately run and ensure that the Company’s accounting and handling of the

Company’s assets are under supervision.

24.6 Only the Board of Directors can issue the powers of procuration.

24.7 The signature of the majority of the Board of Directors commits the Company

25. grein25.1 Félagsstjórn skal kjösa sér formann ür sInurn hópi.

25.2 ForrnaSur bo8ar til stjörnarfunda og set til hess ab allir stjórnarmenn séu boaóir tileirra. Stjórnarfund skal jafnan halda ef einn stjörnarrnaur ea frarnkvrndastjöritelur hess jorf.

25.3 Stjërnarfundir eru Iogrntir ef rneirihluti stjörnarmanna er rnttur. MikiIvgakvörun ma [ö ekki taka an jess a allir stjörnarrnenn hafi tök a jvI a fjalla urn

máIi sé tess kostur. MI atkva rur 6rslitum. Falli atkvi jöfn rur atkviform ann s.

25.4 Stjórnarmönnum er heimilt aô taka Ijátt I stjórnarfundi meó asto8 fjarfundarbünaarea sambriIegs fjarskiptab6naar ef allir fundarmenn geta heyrt I ö&umfundarmönnum a sama tIma. Skal silk étttaka jafngilda fundarsetu I eigin persönu.

25.5 Forstjóri a sti fundum féIagsstjörnar Ijótt ekki sé hann stjórnarmaur og hefur arumru- og tiIIögurétt, nema féIagsstjörn ákvei anna I einstOkum tilvikum.

25.6 Haldin skal gerarbök urn a5 sem gerist a stjórnarfundum sern undirritu skal at Ijeimer fund sitja. Se einhver stjórnarrnanna ea forstjöri ekki sammála ákvörun stjórnara vikomandi rétt til hess a té séralit sitt skré I gerarbökina.

Article 25

25.1 The Board of Directors shall elect a chairman from amongst its members.

25.2 The chairman convenes board meetings and ensures that all board members are

notified. A board meeting shall, as a general rule, be held if one board member or the

managing director deem it necessary.

25.3 Board meetings are legitimate if a majority of board members are in attendance.

Important decisions may not be taken unless all board members have had the

opportunity to consider the issue, if possible. The power of votes determines the

results. If votes are evenly split, the Chairman’s vote will decide.

25.4 Board members are authorised to participate in board meetings using teleconferencingequipment or equivalent communication equipment if all in attendance can listen to allother participants at the same time. Such participation is equivalent to participating inperson.

25.5 The CEO has the right sit in on board meetings, even if he/she is not a board member,

and shall have the right to participate in discussions and present proposals, unless the

Board of Directors decides otherwise in individual instances.

25.6 A Book of Minutes shall be kept on events at board meetings and it shall be signed bythose who attend the meeting. If a board member or the CEO do not agree with thedecision of the Board of Directors, the person in question has the right to register aseparate opinion in the Book of Minutes.

26. grein26.1 Stjörnin skal hafa agang a öllum gögnum er vara félagió og rekstur jess.

26.2 Stjörnarmenn skulu ekki taka att I mefer máls ef varbar:

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1. vi8skipti jeitra sjálfra eba fyrirtkja sern Jeir sitja I stjórn hjá, eru fyrirsvarsmennfyrir ea eiga a öru leyti verulegra hagsrnuna ab gta I

ea

2. vibskipti sarnkeppnisaiIa jeirra sern rir urn í 1. tölul.

26.3 Hib sarna skal gilda urn viskipti abila sern eru tengdir stjörnarrnönnurn persónulegaeba fjárhagslega.

26.4 Viskiptaerindi stjórnarrnanna sern og fyrirtkja sern [eir kunna a vera í forsvarifyrir skulu Iög fyrir stjörn félagsins til sarnykktar ea synjunar.

Article 26

26.1 The board shall have access to all documents concerning the Company and itsoperation.

26.2 Board members shall not participate in proceedings concerning:

1. business of their own or of a company of which they are board members, theyrepresent or in other ways hold substantial interests in

or

2. business of the competitors of those mentioned in clause 1.

26.3 The same shall apply to any business of parties connected to the members of theBoard, whether personally or financially.

26.4 The business of board members and of the companies’ they represent shall bebrought before the Company’s Board for approval or disapproval.

27. grein27.1 Forstjöri og félagsstjörn fara saman rne stjórn félagsins.

27.2 Forstjóri annast daglegan rekstur félagsins og skal I jJeirn efnum fara eftir eirri stefnuog fyrirrnIurn sern félagsstjórnin hefur gefib. Hinn daglegi rekstur tekur ekki tilrábstafana sern eru övenjulegar eba rnikilshttar. SlIkar ráàstafanir getur forstjöriaeins gert sarnkvrnt sérstakri heirnild frá félagsstjárn nerna ekki sé unnt aâ bIaákvar8ana félagsstjórnar en verulegs óhagrbis fyrir starfsemi félagsins. I silkurntilvikurn skal forstjöri hafa samrà vi stjörnarformann, sé [ess kostur, og sI3an skalfélagsstjörn tafarlaust tilkynnt urn ráastofunina.

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27.3 Forstjóri skal sj urn a bökhald félagsins sé frt I samrmi vi log og venjur ogmebferb eigna félagsins sé meb tryggilegum htti.

27.4 Forstjöra ber ab veita stjörnarmOnnurn og endutskoendurn félagsins allar uppIsingarurn tekstur hess sem jjeir kunna a8 óska eftir og veita bet samkvmt Iögum.

27.5 Forstjöri skal sitja fundi stjórnat nema fjallab Se urn mI et varar hann sjálfan.

Article 27

27.1 The CEO and the Board of Directors jointly manage the Company.

27.2 The CEO undertakes the management of daily operations of the Company and in so

doing he/she shall follow the policy and instructions given by the Board of Directors.

The daily operations do not include extraordinary or major measures. The CEO can

only take such measures according to a special authorisation of the Board of Directors,

unless it proves impossible to wait for the decision of the Board of Directors without

undue inconvenience for the operation of the Company. In such instances, the CEO

shall consult the chairman, if possible, after which the Board of Directors shall

immediately be informed of the measures.

27.3 The CEO shall ensure that the accounts of the Company be kept in accordance with law

and accounting practices, and that the handling of the Companys assets takes place

in a secure manner.

27.4 The CEO shall provide the board members and the Companys auditors with all

information regarding operations they wish and that must be provided by law.

27.5 The CEO shall attend board meetings unless issues concerning himself will beaddressed at the meeting.

V KAFLIChapters

Reikningshald, endurskoôun o.fI.Accounting, auditing, et al.

28.grein28.1 A aalfundi félagsins skal kjösa félaginu lOggiltan endurskobanda eba

endurskounarfélag til ems rs I senn til ab tannsaka reikninga félagsins og leggjaniurstöur sInar fyrir aalfund. Skal endurskoandi hafa agang a öllurn bökumfélagsins og skjOlum I Ijeim tilgangi.

28.2 Endurskoendur ma ekki kjösa ür höpi stjórnarmanna ea starfsmanna félagsins ogme hann ekki starfa I gu félagsins ab öbru leyti en endurskoun. Hann ma ekki kornatram gagnvatt félaginu sem umbosrnaur annarta og ekki veta skuldugur félaginu

22

11

hvorki sern aaIskuIdari né ábyrgàarmaur. Hi sama gildir urn rnaka hans. Urn hfiog hlutgengi endurskoenda fer ab öru leyti a Iogurn.

28.3 Endurskoandi skal I sarnrrni vi log urn endurskoendur ems og au eru a hverjurntIma endurskoa arsreikninginn og I IJvI sambandi kanna bëkhaldsgOgn félagsins oga&a IJtti sern varba rekstut jjess og stOu.

Article 28

28.1 A chartered auditor or a firm of auditors shall be elected at the Annual General Meeting

of the Company for one year at a time in order to investigate the accounts of the

Company and present the conclusion to the Annual General Meeting. The auditor shall

have access to all the books and documents of the Company for this purpose.

28.2 Auditors may not be elected from amongst the board members or the staff of the

Company and he shall not provide other service for the Company save for auditing. He

may not present himself towards the Company as an agent of others and not be in

debt towards the Company, whether as a debtor or as a guarantor. The same applies

to his spouse. The appropriate qualifications of auditors are decided by law in other

respects.

28.3 Auditor shall, in accordance with law on auditors in each instance, audit the annualfinancial statement and in that context review the Company’s accounting data andother factors regarding the Company’s business.

29. grein29.1 Starfsár og reikningsár félagsins er alrnanaksári5. Stjórnin skal hafa loki8 ger

arsreikninga og lagt fyrir endurskoendur eigi sIar en einurn rnánu8i fyrir aalfund.

29.2 Arsreikningur og sk’rsla stjörnar skulu undirritu af forstjöra og félagsstjórn. Hafistjórnarrnaur e8a forstjóri rnótbárur fram a8 fra gegn arsreikningi skal hann skrifaundir rne fyrirvara og gera grein fyrir jvI I sk’rslu stjórnar I hverju fyrirvarinn felst.

29.3 Arsreikningurinn skal gerur I sarnrmi vi log urn ársreikninga ems og jjau eruhverjurn tIma, bói a vI er var8ar rnat einstOkum liurn, uppsetningu, sundurliunog heiti lisa svo og uppIsingar urn lii utan efnahagsreikninga.

Article 29

29.1 The calendar year is the operating and fiscal year of the Company. The Board ofDirectors shall have prepared the annual accounts and submitted them to the auditorsno later than one month before the Annual General Meeting.

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29.2 The annual accounts and the board’s report shall be signed by the CEO and the boardof directors. If a board member or the CEO has any objections as regards the annualaccounts he shall sign the annual accounts with a reservation and shall clarify, in theboard’s report, the content of the reservation.

29.3 The annual accounts shall be made in accordance with law in each instance, bothregarding the valuation of particular items in the report, the setup, the item/sat/on andtitles of items as well as information on items outside the balance sheet.

30. grein30.1 Arsreikningur ásamt mefyIgjandi skrsIu stjórnat og endurskoenda skal Iiggja

frammi a skrifstofu félagsins og/ea a rafrnu svi fyrir hiuthafa og afhentur 7dogum fyrir aaIfundar.

Article 30

30.1 At least seven days prior to Annual General Meeting, the annual accounts, the report

of the Board of Directors and the auditor’s report shall be presented for the inspection

of the shareholders at the office of the Company or be accessible at the shareholders’

designated website.

VI. KAFLIChapter six

Breytingar a saml,ykktum, slit o.fl.Amendments to the Articles of Association, dissolution et al.

31. g rein31.1 Sarnljykktum essurn ma elnungis breyta a Ioglegum abalfundi eba aukafundi enda sé

hess rkilega getib I fundarboi aó silk breyting sé fyrirhugu og I hverju h6n feist Imeginatrium.

31.2 Akvörun veróur jJvl abeins gild a hCin hljöti samykki minnst 2/3 hluta greiddraatkva svo og samykki hluthafa sem raa minnst 2/3 hlutum hess hlutafjár semfari er rne atkvi fyrir a hluthafafundinum, enda sé annab atkvamagn ekkiáskiiib I sarnykktum eba landslogum, sbr. 93. gr. laga urn hlutafélog.

Article 31

31.1 These Articles of Association can only be amended at a lawful Annual General Meeting

or an Extraordinary Meeting, provided that it is clearly stated on the meeting notice

that such an amendment is contemplated and the main elements of its contents

explained.

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31.2 The decision is only valid if it receives at least 2/3rds of the votes cast, as well as the

consent of shareholders controlling at least 2/3rds of the share capital represented at

the meeting, provided that no other quantity of votes is made conditional in the Articles

of Association or in law, cf. Article 93 of the Public Limited Company Act.

32. grein32.1 Akvaranir urn slit a félaginu, sarnruna og skiptingu [ess fer eftir ákv8um laga urn

hlutafélog og eru jvI aeins heimilar a r hafi hlotf samjykki hluthafa eftir eirn

reglurn sem gilda urn bteytingar a sarnIykktum essum enda hafi tillaga hess efnisveri kynnt I fundarboai.

Article 32

32.1 The dissolution of the Company, its division or merger shall be subject to the Public

Limited Company Act, as it is in force in each instance and are only authorized if agreed

by shareholders by rules on amendments on the condition that a proposition has been

presented in the call for the meeting.

33. grein33.1 Iar sern akvi sarnykkta essara segja ekki til urn hvernig me skuli fari skal hlIta

ákvum gildandi laga urn hlutafélog svo og ö&urn lagaákvum sem vi geta tt.

Article 33

33.1 Where the provisions of these Articles of Association do not stipulate the manner of

proceeding, the provisions of the Public Limited Companies Act, as it is in force in

each instance, as well as other applicable laws, shall apply.

34. grein34.1 Korni misrmi I Ijës, á skal Islenski textinn ganga frarnar.

Article 34

34.1 In case of discrepancy, the Icelandic text shall prevail.

Iannig samlykkt I ReykjavIk, 29. maI 2015

So agreed in ReykjavIk, 29th of May 2015

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