Reykjavík, 7 June 2010
Dear Shareholder:
At the Exista hf. shareholders’ meeting held on 28 May 2010, it was agreed that the company should be converted to a private limited liability company; cf. Article 132 of the Act on Public Limited Companies, no. 2/1995. Furthermore, the shareholders’ meeting approved amendments to the company’s Articles of Association, some of which follow from the conversion of the company to a private limited liability company. Following the change, the name of the company is Exista ehf.
The above-specified change is considered to have been made when the amended Articles of Association have been registered with the Enterprise Register and an announcement to this effect has been published in the Official Gazette (Lögbirtingablaðið).
After the change takes effect, the company’s operations will be governed by the provisions of the Act on Private Limited Companies, no. 138/1994. The change has no effect on the shareholdings or rights of company shareholders except to the extent that follows from the provisions of the amended Articles of Association and the Act on Private Limited Companies, no. 138/1994.
Attention is drawn to the fact that, according to Article 132 of the Act on Public Limited Companies, no. 2/1995, capital shares issued by Exista hf. become invalid as of the date the change takes effect because a private limited liability company cannot issue share capital as such. Ownership of shares in the company will then be determined by registration in the company’s register of shares, in accordance with the provisions of the Act on Private Limited Companies, no. 138/1994. Notifications of change of ownership of shares, changes of shareholder address, and the like shall be sent hereinafter to the Register of Shares, Exista ehf., Ármúli 3, 108 Reykjavík.
Electronically registered shares in Exista hf. will be de-registered from the Icelandic Securities Depository system over the coming days as a result of this change.
Parties with questions and comments on the foregoing are welcome to direct them to the company by telephone or by e-mail at exista@exista.is.
Respectfully yours,
Board of Directors, Exista ehf.