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Condensed Consolidated Interim Financial Statements

Fragility in the Fourth Quadrant can be re-expressed as “concavity to errors,” where losses from uncertain events vastly exceed possible profits from it over short horizons. One class of investment strate- gies that typically have this property are so-called “short volatility” trading strategies or positions (e.g. such as naked put-writing), which are often manifest in “carry trades.” These exposures increased sig- nificantly with concentration of positions in and across banks and other financial institutions as these organizations tended to find themselves attracted to similar strategies that had an apparent “his- tory” of profitability without much realized risk/volatility. As more and more organizations found. | marel Condensed Consolidated Interim Financial Statements 30 September 2010 marel CONTENTS 1 The Board of Directors and CEO s Report 2 2 Condensed Consolidated Statement of Comprehensive Income 3 3 Condensed Consolidated Statement of Financial Position 4 4 Condensed Consolidated Statement of Changes in Shareholders Equity 5 5 Condensed Consolidated Statement of Cash Flows 6 6 Notes to the Condensed Consolidated Financial Statements 7 marel 1 The Board of Directors and CEO s Report According to our best knowledge it is our opinion that the condensed consolidated information gives a true and fair view of the consolidated financial performance of the Company for the nine-month period ended 30 September 2010 its assets liabilities and consolidated financial position as at 30 September 2010 and its consolidated cash flows for the nine-month period ended 30 September 2010. Further in our opinion the condensed consolidated financial information and the endorsement of the Board of Directors and the CEO give a fair view of the development and performance of the Group s operations and its position and describes the principal risks and uncertainties faced by the Group. The Board of Directors and the CEO have today discussed the condensed interim financial information of Marel hf. for the nine-month period ended 30 September 2010 and confirm these by means of their signatures. Garỗab r 27 October 2010 Board of Directors Árni Oddur Rórỗarson Arnar Rór Másson Friỗrik Jóhannsson Helgi Magnússon Lars Grundtvig Margrét Jónsdóttir Theo Bruinsma Smári Rúnar Rorvaldsson Ásthildur Margrét Otharsdóttir Chief Executive Officer Theo G.M. Hoen