Festi - Buyback of shares

Purchase of own shares by reverse offer in accordance with General Shareholders‘ Meeting resolution of 21 March 2019

The Board of Directors of Festi hf. has decided to launch a purchase of own shares amounting to a maximum of 2% of the outstanding shares. The Purchase price shall not exceed the higher of (i) the share price of the latest independent trade and (ii) the highest current independent bid where the shares a registered for trading, which ever is higher.

The company has concluded an agreement with the securities dealer Íslenskir fjárfestar hf. to oversee the buyback in the form of a reverse offer. All shareholders of Festi hf. are eligible to submit offers for purchase of their shares to Íslenskir fjárfestar hf.

The offers shall be submitted to Íslenskir fjárfestar to the e-mail address markadir@fjarfestar.is or by phone +354 532-8000 before 18:00 GMT Sunday 10 November 2019.

The results will be announced in the news distribution system of Nasdaq OMX Iceland before 09:00 GMT Monday 11 November 2019.

Day of closing is 15 November 2019.

Festi publishes its Q3 results 6 November 2019.

The buyback is conducted in accordance with the Company Act No 2/1995 and the Act on Securities and Markets No 103/2007.

For further information contact

Eggert Þór Kristófersson, CEO

eggert@festi.is