AGREEMENT TO TERMINATE THE CONTRACT FOR THE SALE OF VENUS HF 519

On 17th of December 2013 HB Grandi published news that the freezer trawler Venus HF519 (built in Spain in 1973) had been sold to the Greenlandic company Northern Seafood Aps for the price of 320 million ISK that should be paid over the next few years.

Today, just over a year later, agreement was made to terminate the contract due to the non fulfillment of the buyer. It was the assessment of HB Grandi‘s management that the best optionfor the company would be to reclaim the ship and look for a new buyer. Parallel to this, the valuation of the ship was decreased by 85 million ISK in HB Grandi‘s books.