Shares & Shareholders

Share Performance

Marel's shares have been listed on the NASDAQ OMX Nordic Exchange Iceland since 1992 under the symbol MARL. Marel's share price stood at ISK 133.00 at the end of 2013, compared to ISK 140.50 at the end of 2012, a decrease of 5.3%.

In euros, the shares stood at 84 cents per share at year end compared to 83 cents at the beginning of the year.

Shareholders

The number of Marel's shareholders was recorded in the shareholders' register to be 1,846 at year-end 2013, compared to 2,144 shareholders at year-end 2012. As of 31 December 2013, Marel held 117,300 treasury shares.

Eyrir Invest hf. is Marel's largest shareholder, with 29.3% of shares, followed by Grundtvig Invest A/S (8.4%) and Lífeyrissjóður verzlunarmanna – the Pension Fund of Commerce (8.1%).

The ten largest shareholders held 70.3% of the total shares. In total, Icelandic pension funds held 31.1% of Marel's share capital. International shareholding was 17.0% at year-end 2013. The free float of Marel shares was 71% and free float adjusted market value of the company was EUR 433 million.

Top 10 Shareholders as of 31 December 2013

Shareholders		No of shares	%
1. Eyrir Invest ehf	Investment company	215,366,838	29.3%
2. Grundtvig Invest A/S	Investment company	61,560,494	8.4%
3. Lífeyrissjóður verzlunarmanna	Pension fund	59,275,042	8.1%
4. Gildi - lífeyrissjóður	Pension fund	36,139,331	4.9%
5. Columbia Acorn International	Asset management	35,982,499	4.9%
6. Lífeyrissjóður starfsmanna ríkisins (A & B division)	Pension fund	31,350,000	4.3%
7. Stefnir – ÍS 15	Asset management	26,785,199	3.6%
8. Stafir lífeyrissjóður	Pension fund	17,322,964	2.5%
9. Sameinaði lífeyrissjóðurinn	Pension fund	16,564,347	2.3%
10. Stapi lífeyrissjóður	Pension fund	15,233,239	2.1%
	Top 10 total	517,012,078	70.3%
	Others	218,556,919	29.7%
	Total issued shares	735,568,997	100.0%

Share Capital

At year-end, Marel's shares totaled 735.6 million, all in one class; thereof Marel holds 0.1 million treasury shares.

In 2013, Marel purchased 4.7 million shares for EUR 4.2 million to fulfil stock option obligations, and sold 8.7 million treasury shares for a total amount of EUR 4.7 million to fulfil the employees' stock option program.

Stock options are granted to management and selected key employees. Total granted and unexercised stock options at end of the year 2013 were 18.1 million shares, of which 5.0 million were exercisable at the end of 2013 and the remainder will become exercisable in the years 2014 to 2018.

At the company's 2010 Annual General Meeting, the shareholders authorized the Board of Directors to increase the company's share capital by 45 million shares to fulfil stock option agreements. Thereof, 8.4 million shares have been issued at end of 2013.

Liquidity of Shares

Marel has made agreements with Landsbankinn hf. and MP Bank hf. regarding market making for the issued shares of Marel. The purpose of the agreements is to improve liquidity and to enhance transparent price formation in the company's shares on NASDAQ OMX Iceland. The duration of these agreements is unspecified but they can be terminated with one month's notice.

Shares in Marel were traded 1,831 times in 2013 for a total market value of ISK 28.8 billion (up from ISK 27.4 billion in 2012), which corresponds to a turnover rate of 28.0%.

This places Marel with the third highest turnover on the NASDAQ OMX Nordic Exchange Iceland in 2013. The average end-of-day spread of Marel was 0.93%. The market value of the company at year-end 2013 was ISK 97.8 billion (EUR 612.8 million) compared to ISK 103.3 billion (EUR 607.6 million) at year-end 2012, a decrease of ISK 5.5 billion (an increase of EUR 5.3 million). As the company's shares are traded in ISK, the fluctuations of the Icelandic krona during the year 2013 affects the market value, when converted into EUR.

Dividend

The Board of Directors will propose to the 2014 Annual General Meeting that no dividend will be paid for the operational year 2013.

Stock options as of 31 December 2013

Program initiated	Number of shares in thousands	Exercise price per share	Exercisable in
May 2010	8,910	EUR 0.549 - 0.572	2014 - 2015
June 2012	9,198	EUR 1.056 - 1.143	2015 - 2018
Total	18,108

Distribution of shares as of 31 December 2013

Number of Shares		Shareholders	%	Shares	%
1 -	9,999	1,178	36.81%	4,292,277	0.58%
10,000 -	99,999	513	27.79%	16,023,468	2.18%
100,000 -	199,999	53	2.80%	7,030,160	0.96%
200,000 -	799,999	49	2.26%	17,798,942	2.42%
800,000 -	1,399,999	10	0.54%	11,163,693	1.52%
1,400,000 -	2,999,999	12	0.65%	23,627,953	3.21%
3,000,000 -	9,999,999	16	0.87%	87,094,961	11.84%
10,000,000 -	99,999,999	14	0.76%	353,170,705	48.01%
100,000,000 -	>100,000,000	1	0.05%	215,366,838	29.28%
		1,846	100.00%	735,568,997	100.00%