NOTIFICATION OF TRADE


Chairman Harald Dahl and CEO Øystein Steiro have
purchased stock options in Codfarmers ASA for a
total amount of NOK 260 569. The stock option
gives the right to subscribe 114 285 shares at
NOK 27 per share.Future Generation Invest AS has today entered an
agreement to transfer the option to subscribe 89
285 shares in Codfarmers ASA (`COD`) at NOK 27
per share to Futurum Capital AS. Futurum Capital
AS is 100% owned by Chairman, Harald Dahl.
Futurum Capital AS will pay NOK 203 569 for the
stock options. Future Generation Invest AS has
entered a similar agreement to transfer an
option to subscribe 25 000 shares in COD to
Øystein Steiro, CEO in Codfarmers, at the same
price. Øystein Steiro will pay NOK 57 000 for
the stock options.

The transaction will by accomplished around 8
February 2007.

The stock option is related to Future Generation
Invest AS`subscription of COD shares in 2005. At
that time, Future Generation Invest AS
subscribed 380 952 shares in COD, and granted in
connection with the placement stock options with
the right to subscribe 114 285 shares at NOK 27
per share

After the transaction, Harald Dahl will own 278
shares in COD, together with 858 995 COD shares
and 89 285 share options at NOK 27 in Futurum
Capital AS. Øystein Steiro will own 30 027
shares and 250 000 stock options.

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)

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