COD – PRELIMINARY RESULT IN THE REPAIR OFFERING

NOT FOR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

The subscription period in Codfarmers ASA’s (“Codfarmers”) repair offering expired at 17:30 hours (CET) on 10 April 2012. Preliminary counting indicates that Codfarmers has received subscriptions for approximately 11,254,353 new shares at the end of the subscription period. Pursuant to the resolution on the repair offering passed by the general meeting in Codfarmers on 8 March 2012, the final number of shares subscribed by Kontrari AS will be reduced so that Kontrari AS’ ownership share following the repair offering does not exceed 33.3%. After the reduction of the number of shares subscribed by Kontrari AS, the preliminary result shows that approximately 9,349,061 new shares have been subscribed.

The final allocation of the shares offered in the repair offering is expected to take place on 16 April 2012 in accordance with the allocation criteria set out in the prospectus dated 21 March 2012. The final result of the repair offering is expected to be published on 16 April 2012, and letters will be sent on the same day, giving notification of allocated new shares and the corresponding subscription amount to be paid by each subscriber.

Payment for the allocated shares falls due on 18 April 2012.

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

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This announcement is not an offer for sale of securities in the United States. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Codfarmers does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Any offering of securities will be made by means of a prospectus that may be obtained from Codfarmers and that will contain detailed information about the company and management, as well as financial statements. Copies of this announcement are not being made and may not be distributed or sent into the United States.

This communication is directed only at persons who (i) are outside of the United Kingdom or (ii) have professional experience in matters relating to investments or (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.

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

About Us

ABOUT CODFARMINGCOD BOOM The latest issue of “norsk Fiskeoppdrett” (#10, October 2007, www.kyst.no) focused on the development in cod farming and predicted a boom within the coming two years in this relatively new industry. The following extract of just one of the articles offers a brief background for the prediction. THE TABLE IS SET FOR COD Traditionally, the battle for fishing rights has been very hard. In recent history, it should suffice to mention the cod war between UK and Iceland, Canada throwing Portuguese and Spanish vessels out of its national waters when fishing at Grand Banks, as well as Iceland’s demand for fishing rights in what Norway considered Norwegian territorial waters. In 1987 2.1 million ton cod was caught in the North Atlantic. Since then, landings of North Atlantic cod has been reduced by more than 1.2 million tons down to 0.8 million tons in 2006. Iceland has announced a quota reduction in 2007/8 of 30% amounting to 65,000 tons of cod – this equals two years of total volume of cod caught in the Norwegian Lofoten fisheries. In the Barents Sea, quotas seem to remain stable so far. Volumes of cod from the North Atlantic appear to remain relatively stable in the medium-term and the gap between supply and demand has to be filled by aquaculture. THE MARKET Cod is no new species. With a global market of more than a million tons, the cod farmers don’t have to worry about first building the market. In Europe alone, 100,000 tons of fresh cod is sold annually. It is possible to increase this volume considerably with fresh cod and cod products without impacting prices negatively. Once can make a small comparison with the salmon farmers who produced 600 tons in 1974. They had to develop a whole new market for their products, which until then had been a small niche market. The cod farmers come to a table already set. They only need to fill it with good quality products. Extract of article in the publication “norsk FISKEOPPDRETT” Nr. 10, October 2007 (www.kyst.no), by Stein-Ove Hansen, Analyst, Terra Securities (un-official translation by Codfarmers)