COD – MANDATORY NOTIFICATION OF TRADE AND DISCLOSURE OF LARGE SHAREHOLDINGS

Reference is made to the stock exchange announcement made by Codfamers ASA (“Codfarmers” or the “Company”) dated 8 February 2012 regarding the private placement of 15,000,000 new shares at a subscription price of NOK 2 per share (the “Private Placement”) and subsequent offering of up to 15,000,000 new shares at a subscription price of NOK 2 per share (the “Subsequent Offering”). The Private Placement and the Subsequent Offering was today approved by an extraordinary general meeting of the Company.

Kontrari AS has subscribed for 5 million new shares in the Private Placement. Kontrari AS is owned by Frode Teigen, who is a member of the Board of Directors of Codfarmers. Following completion of the Private Placement, Frode Teigen and Kontrari AS will own 11,384,699 shares (19.87%) and 7,521,886 shares (13.13%) in the Company, respectively. In total, Frode Teigen and Kontrari AS will own 18,906,585 shares (33.0%) in the Company.

Dolphin Management AS has subscribed for 6,250,000 new shares in the Private Placement. Following completion of the Private Placement, Dolphin Management AS will own 13,386,834 shares (23.37%) in the Company. Øivind Tidemandsen, who owns a majority of the shares in Dolphin Management AS, is a member of the Board of Directors of Codfarmers.

AS Banan has subscribed for 3,750,000 new shares in the Private Placement. Kristian Nergaard, who is a deputy member of the Board of Directors of Codfarmers, is a significant shareholder of AS Banan. Following completion of the Private Placement, AS Banan will own 4,587,409 shares (8.01%) in the Company. Halfdan Holme AS, an affiliated company of Kristian Nergaard and AS Banan, owns 326,807 shares (0.77%) in the Company. In total, AS Banan and Halfdan Holme AS will own 4,914,216 shares (8.58%) in the Company.

For further information, please contact:

Marianne E. Johnsen, Chair of Codfarmers, telephone +47 93 66 30 00
Harald Dahl, CEO of Codfarmers, telephone +47 90 11 92 82

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.