<p>Our leadership</p>

<p><span>Marel’s board of directors is committed to good corporate governance and ethical business practices that promote the long-term interest of shareholders, and help to build trust in the company. The board members are elected at each AGM for a term of one year. </span></p> <p><span>Marel's executive team consist of twelve experienced and highly qualified Marel managing directors.</span></p>

Board of directors

Asthildur Otharsdottir

<h4><span class="subtitle" style="font-weight: 400;">Chairman of the board</span></h4> <p class="last ng-star-inserted"><span>Asthildur Otharsdottir is an independent advisor and board director. She is the Chairman of the Board of Frumtak Ventures investment fund and a director of Promote Iceland. Otharsdottir is on the Board of Governors of the University of Iceland, the board of the Nordic Arbitration Centre at the Icelandic Chamber of Commerce and the board of Women Corporate Directors. She is a former director and chairman of the audit committee of Icelandair Group and several other organizations. Otharsdottir served as the Global Director of Corporate Development at Össur hf., where she managed several international acquisitions, corporate funding, investor relations and the dual listing of the company’s shares on Nasdaq Copenhagen. Prior to that, she served as a Senior Manager in Corporate Banking at Kaupthing Bank as well as a management consultant at Accenture in Copenhagen.</span></p> <p class="last ng-star-inserted">She has no interest links with Marel's main customers, competitors or major shareholders.</p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li><span>MBA, Rotterdam School of Management, the Netherlands</span></li> <li><span>Cand. Oecon., University of Iceland</span><span style="font-weight: 400;"><br /></span><span style="font-weight: 400;"></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li>2013 - Chairman of the Board</li> <li>2012 - Vice Chairman</li> <li>2011 - Chairman of the Audit Committee</li> <li>2010 - Director</li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li>Remuneration Committee (chair)</li> <li>Nomination Committee</li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>32,000 shares</span></li> </ul>

Arnar Thor Masson

<h4><span class="subtitle" style="font-weight: 400;">Vice-chairman of the board</span><span class="subtitle" style="font-weight: 400;"></span></h4> <p class="last ng-star-inserted">Arnar Masson is currently Chief Human Resources and Strategy Officer at Isavia, a company that handles the operations and development of all airports in Iceland. Before that, Masson was an alternate director at the European Bank for Reconstruction and Development (EBRD) in London, an investment and development bank that works primarily with private sector clients in developing economies. Before joining EBRD, he was Director-General in the Prime Minister’s Office in Iceland, overseeing organizational changes and coordinating the implementation of cross-cutting policy and strategic initiatives.</p> <p class="last ng-star-inserted">Prior to that, he worked in the Ministry of Finance and was responsible for public sector reforms, performance management, and state-owned enterprise governance. From 2000-2008 Masson held an adjunct lecturer position at the Department of Political Science of the University of Iceland. Masson has experience in corporate strategy, human resources, corporate social responsibility and finance and has worked with emerging markets. He has done executive courses for board directors both at Harvard Business School in the US and IMD in Switzerland.</p> <p class="last ng-star-inserted">He has no interest links with Marel's main customers' competitors or major shareholders</p> <p><span style="font-weight: 400;"><span class="colored-text" style="font-weight: 400;">Education</span></span></p> <ul> <li style="font-weight: 400;"><span>MSc, Comparative Politics, London School of Economics and Political Science</span></li> <li style="font-weight: 400;"><span>BA, Political Science, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li style="font-weight: 400;"><span>2013 Vice-chairman</span></li> <li style="font-weight: 400;"><span>2001 Board Director</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li><span>Remuneration Committee </span></li> <li><span>Audit Committee (chair)</span></li> <li><span>Nomination Committee (chair)</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">0</span></li> </ul>

Dr Olafur Gudmundsson

<h4><span class="subtitle" style="font-weight: 400;">Board director</span></h4> <p class="last ng-star-inserted">Dr Olafur S. Gudmundsson is currently the Head of Discovery Pharmaceutics and Analytical Sciences at Bristol-Myers Squibb (BMS), a global biopharmaceutical company. For more than two decades, Dr Gudmundsson has held roles of increasing responsibility within research and development, covering multiple therapeutic areas and stages of drug discovery, both for Bristol-Myers Squibb and Genentech Inc.</p> <p class="last ng-star-inserted">During his tenure at BMS, Dr Gudmundsson has helped bring multiple drug candidates to clinical trials, several of which have become marketed products. In his time within the pharmaceutical industry, Dr Gudmundsson’s responsibilities have included involvement with global portfolio strategy, evaluation of external acquisitions, strategic innovations, and integration of merged companies. Dr Gudmundsson has participated in governance teams providing input on global portfolio optimization and prioritization, lead process optimization teams and chairing integration teams.</p> <p class="last ng-star-inserted">Dr Gudmundsson is also associated with the graduate program of the Pharmaceutical Chemistry department at Purdue University. Currently, Dr Gudmundsson is a board member of Eyrir Invest, Marel's largest shareholder, as well as Glo and Noruz ehf.</p> <p class="last ng-star-inserted">He has no interest links with Marel's main customers.</p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>PhD, Pharmaceutical Chemistry, University of Kansas</span></li> <li style="font-weight: 400;"><span>Cand. pharm., Pharmacy, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2014</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li>Remuneration Committee</li> <li>Nomination Committee</li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>1,705,427 shares</span></li> </ul>

Astvaldur Johannsson

<h4><span class="subtitle" style="font-weight: 400;">Board director</span><span style="font-weight: 400;"></span><span style="font-weight: 400;"></span></h4> <p class="last ng-star-inserted">Astvaldur Johannsson is Business Development Director at Controlant, a real-time monitoring Internet of Things (IoT) software solution company. His previous international business experience includes senior management positions within different markets at Össur hf., a global medical devices manufacturer and as an Executive Director leading the international division of Valitor hf., an eCommerca payment solutions and services provider Johannsson served as a member of the Executive Team of the IT company Nyherji hf., as Sales and Marketing Director at Penninn, and as a system analyst expert in the IT sector focusing on process design and development.</p> <p class="last ng-star-inserted">Johannsson is a proactive professional with extensive international experience of leadership within a multi-national culture and cross-functional environments, both on the executive and on a board level. He has a comprehensive background and knowledge in formulating and implementing policy and strategy, leading and integrating new businesses and initiatives to improve business performance.  </p> <p class="last ng-star-inserted">Johannsson has a solid background in managing business-to-business and business-to-consumer sales and marketing, business development, supply chain, outsourcing, negotiating, contracts and product management along with operations knowledge and experience in varying industries with progressive and successful organizations.</p> <p class="last ng-star-inserted">He has no interest links with Marel's main customers, competitors or major shareholders.</p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MBA, University of Iceland</span></li> <li style="font-weight: 400;"><span>BS, Management Information Systems, Heriot-Watt University</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;"> 2014</span><span style="font-weight: 400;"></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li style="font-weight: 400;"><span>Audit committee</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">0</span></li> </ul>

Lillie Li Valeur

<h4><span class="subtitle">Board director</span></h4> <p>Lillie Li Valeur is the CEO for Good Food Group in Denmark. During the last 18 years, Valeur held several senior managerial roles at Arla Foods, both in Asia and globally, including VP Greater China, VP South East Asia and VP Global Milk Based Beverages. Prior to that, she was Manager of Strategic Sourcing &amp; Commercialization and Director for Business Development &amp; Licensing at Novartis in Shanghai and Management Consultant at Bain &amp; Company in Beijing.</p> <p>Valeur was a member of the Board of Directors and Audit Committee of Aarhus Karlshamn AB, listed on Nasdaq Stockholm, from 2013 to 2020 and Meda AB from 2015 to 2016.</p> <p>Valeur neither holds shares nor share options in the Company. She has no interest links with the Company’s main customers, competitors or major shareholders.</p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2020<br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul></ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>0</span></li> </ul>

Ton van der Laan

<h4><span class="subtitle" style="font-weight: 400;">Board director</span></h4> <p class="last ng-star-inserted">Ton van der Laan is a Dutch national residing in the Netherlands. He has extensive experience from several executive roles in the food, feed and commodity industries. He is a non-executive board member of Vion Foods, Royal de Heus, Dümmen Orange and the Rainforest Alliance. Van der Laan is the former CEO of Nidera, a company globally active in financing and distribution of grains and oilseeds, EVP Animal Proteins and Animal Nutrition at Cargill in the USA, CEO of Provimi in the Netherlands, an acknolwedged leader in the animal nutrition industry.</p> <p class="last ng-star-inserted">Previously, Van der Laan held several executive roles at Unilever, the Anglo-Dutch consumer food company, for over 22 years. There he was located in the Netherlands, UK, Czech Republic and Slovakia. He has also served as the Managing Director of Philips Domestic Appliances and Personal Care. Van der Laan possesses extensive experience in multi-national businesses, strategic planning, portfolio management, acquisitions and company restructuring, large and small scale integrations and top team development.</p> <p class="last ng-star-inserted">He has no interest links with Marel's main customers, competitors or major shareholders.</p> <p><span class="colored-text">Education</span></p> <ul> <li>MS, Mechanical Engineering, Twente University</li> <li><span>New Board Program, Nyenrode Business University</span></li> </ul> <p><span class="colored-text">Elected</span></p> <ul> <li>2019</li> </ul> <span class="colored-text">Sub-committees</span><br /> <ul> <li>Audit committee</li> </ul> <p><span class="colored-text">Holdings in Marel</span></p> <ul> <li>0</li> </ul>

Ann Elizabeth Savage

<h4><span class="subtitle" style="font-weight: 400;">Board director</span></h4> <p class="last ng-star-inserted">Ann Savage previously served as Technical Director of Bakkavor. Her primary responsibilities have included food safety, health and safety management, manufacturing excellence and corporate social responsibility management in the UK, US and Asia. Savage has held a variety of roles in technical, and research and development departments within the retail and food industry over her 35-year career. She worked for the Cooperative Wholesale Society (CWS), Northern Foods from 1990 until 1999 and at Geest/Bakkavor for over 19 years.</p> <p class="last ng-star-inserted">Savage‘s responsibilities have included representing businesses with UK regulators such as Food Standards Agency, Department for Environment Food and Rural Affairs, Health Protection England. She has chaired the Food Network for Ethical Trade, the IGD Technical Leadership Forum, and been a member of the advisory group for the Better Regulation Task Force and the British Retail Consortium Advisory Board. Savage has worked closely with UK retailers to deliver on their corporate social responsibility commitments and to develop reporting procedures.</p> <p class="last ng-star-inserted">She has experience in operational management, product development and incident management. She has worked with Farm Africa in both Tanzania and Kenya to support African endeavors in tilapia fish farming and beekeeping. She is currently a technical advisor to Gousto, a member of her parish council and a Governor of Boston College, one of the top five colleges in the UK.</p> <p class="last ng-star-inserted">She has no interest links with Marel's main customers, competitors or major shareholders.</p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li><span>Mathematics, Technology and Systems Management, Open University</span></li> <li style="font-weight: 400;"><span>Post Graduate Diploma in Management Studies, Nottingham University</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Elected</span></p> <ul> <li><span style="font-weight: 400;">2013</span><span style="font-weight: 400;"></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Sub-committees</span></p> <ul> <li style="font-weight: 400;"><span>Remuneration Committee</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span style="font-weight: 400;">0</span></li> </ul>

Executive team

Arni Oddur Thordarson

<h4><span class="subtitle" style="font-weight: 400;">Chief executive officer</span></h4> <p><span>Arni Oddur Thordarson took up his current position as Marel’s CEO in November 2013 after having served as Chairman of Marel’s Board of Directors from 2005. He co-founded Eyrir Invest in 2000 and was the company's CEO until 2013. Thordarson has extensive international global business experience and has served as a non-executive director of various companies, including Fokker Technologies and Stork Technical Services.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MBA, IMD, Switzerland</span></li> <li style="font-weight: 400;"><span>Cand. Oecon., Business Administration, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>131,869 shares</span></li> </ul> <p><span><span class="colored-text" style="font-weight: 400;">Other holdings</span></span></p> <ul> <li><span>17.9% of total outstanding shares in Eyrir Invest, Marel's largest shareholder (Eyrir Invest holds 24.7% of total shares in Marel)</span></li> </ul>

Linda Jonsdottir

<h4><span class="subtitle" style="font-weight: 400;">Chief Financial Officer and evp finance, it and hr</span></h4> <p><span>Linda Jonsdottir has been Marel's CFO since 2014. Before that she was Marel’s Corporate Director of Treasury and Investor Relations. Prior to joining Marel, Jonsdottir worked in treasury and financing for Eimskip, Burdaras and Straumur Investment Bank. She was a director of the Icelandic Enterprise Investment Fund from 2010 to 2015.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MS, Finance, Reykjavik University</span></li> <li style="font-weight: 400;"><span>Cand. Oecon., Business Administration, University of Iceland</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>182,500 shares</span></li> </ul> <p> </p>

Arni Sigurdsson

<h4><span class="subtitle" style="font-weight: 400;">Chief strategy officer and executive vice president of strategic business units</span></h4> <p><span>Arni Sigurdsson is responsible for strategy, development and mergers and acquisitions as well as the Innova software and Cross-Industry. He serves on the board of Worximity Technology Inc. in Canada and Curio ehf. in Iceland. Before joining Marel in 2014, he worked at AGC Partners, an investment bank. Before that, Sigurdsson worked at Landsbanki Íslands, where he worked closely with Marel for many years and was instrumental in advising Marel on the acquisition of Stork Food Systems.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MBA, Harvard Business School</span></li> <li style="font-weight: 400;"><span>BS, Industrial Engineering, University of Iceland</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>100,000 shares</span></li> </ul>

Gudbjorg Heida Gudmundsdottir

<h4><span class="subtitle" style="font-weight: 400;">Executive vice president of Marel fish</span></h4> <p>Gudbjorg Heida Gudmundsdottir took up her current position in March 2020. She joined Marel in 2011 and served most recently as a Local Manager for Marel in Iceland. Prior to that, she was Innovation Cluster Manager for Iceland and the UK. Within Marel, Gudmundsdottir has led strategic projects within Innovation and Marel Fish such as the Flexicut project, an innovation that has revolutionized the global fish industry.</p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li>MSc, Industrial Engineering, University of Iceland</li> <li>BSc, Mechanical Engineering, University of Iceland</li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>0</span></li> </ul>

Roger Claessens

<h4><span class="subtitle" style="font-weight: 400;">Executive</span><span class="subtitle" style="font-weight: 400;"> vice president of Marel Poultry</span></h4> <p><span>Roger Claessens joined the Executive Team in September 2019. He has been with Marel and its predecessors since 2001, most recently as Director of Innovation Marel Poultry. Roger has a broad knowledge of poultry processing and innovation, having also served as Product Specialist and Manager Process Technology for Marel.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">MSc, Agricultural Engineering, <!--StartFragment --><span>Wageningen University</span></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>0</span></li> </ul>

David Wilson

<h4><span class="subtitle" style="font-weight: 400;">Executive</span><span class="subtitle" style="font-weight: 400;"> vice president of Marel Meat</span></h4> <p><span>Following decades of experience in the food industry, David Wilson began in his current position in 2012. He has been with Marel and its predecessors since 1998. Wilson was Senior Vice-President for the Marel Poultry Industry Center in Gainesville until 2012. Before that, he served as Vice-President of Sales and Marketing and as a Regional Sales Manager.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MS, Animal Science, Aberdeen University</span></li> <li style="font-weight: 400;"><span>BS (Hons), Agricultural and Business Management, Aberdeen University</span><span style="font-weight: 400;"><br /></span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>87,367 shares</span></li> </ul>

Folkert Bolger

<h4><span class="subtitle" style="font-weight: 400;">Executive Vice President of global supply chain</span></h4> <p><span>Folkert Boger has extensive global managerial experience in supply, procurement and operational positions. Before joining Marel, he was Vice-President of Operations and Procurement at Bang &amp; Olufsen in Denmark. Bolger held various management positions at Philips and Siemens-VDO in Asia, Central Europe and Western Europe.</span></p> <p><span class="colored-text" style="font-weight: 400;">Education</span></p> <ul> <li style="font-weight: 400;"><span>MSc, Mechanical Engineering, Delft University of Technology</span></li> </ul> <p><span class="colored-text" style="font-weight: 400;">Holdings in Marel</span></p> <ul> <li><span>17,862 shares</span></li> </ul>

Anna Kristin Palsdottir

<h4><span class="subtitle">EXECUTIVE VICE PRESIDENT OF innovation</span></h4> <p>Anna Kristin Palsdottir joined the Executive Team in March 2020. Since joining Marel in 2015, Palsdottir has held various managerial roles within Innovation. Most recently, she was Innovation Director for the Cross Industry. Her broad experience in Innovation prior to that include Innovation Manager for X-ray solutions and Infrastructure Manager. Palsdottir has demonstrated excellence in leading cross-functional innovation teams within Marel.</p> <p><span class="colored-text">Education</span></p> <ul> <li>MSc, Production Engineering, Technical University of Berlin</li> <li>BSc, Engineering Management, Reykjavik University</li> </ul> <p><span class="colored-text">Holdings in Marel</span></p> <ul> <li>0</li> </ul> <p> </p>

Ulrika Lindberg

<h4><span class="subtitle">EXECUTIVE VICE PRESIDENT OF SERVICE</span></h4> <p><span>Ulrika Lindberg joined Marel in 2018. She has extensive managerial experience in senior sales and service positions at large international organizations. Before joining Marel she was Vice President of Global Service at Alfa Laval and has held various management positions worldwide for Alfa Laval and Tetra Pak.</span></p> <p><span class="colored-text">Education</span></p> <ul> <li><span>BSc, Business and Administration, University of Lund</span></li> </ul> <p><span class="colored-text">Holdings in Marel</span></p> <ul> <li>0</li> </ul> <p> </p>