P/F BAKKAFROST (the "Company") – CAPITAL INCREASE COMPLETED – PRIMARY INSIDER HOLDING UPDATED

P/F Bakkafrost's share capital has, with effect from the date hereof, been increased from DKK 53,658,065 to DKK 58,273,244 by way of the issue of 4,615,179 new shares of DKK 1 par value. A copy of the updated Company Certificate reflecting the current share capital is attached for reference.

2,256,470 of the new shares were subscribed for and issued to Messrs. Northern Link Limited and represent settlement of the Seller's Credit granted by them pursuant to the Share Purchase Agreement concluded between the Company and Northern Link on 25 September 2019 in respect of approx. 68.6% of the shares in issue in The Scottish Salmon Company Plc.

The remaining 2,358,709 new shares were subscribed to by DNB Bank ASA (in their capacity as settlement agent for the private placement of new shares which the Company completed on 8 October) and has been used to settle the share loan provided by Mr. Regin Jakobsen to DNB Bank ASA and the Company on 8 October this year in order to enable the Company to settle the said private placement in full.

As a consequence of the above, Mr. Regin Jakobsen's holding of shares in P/F Bakkafrost has, today, increased to 4,615,896 shares, representing 7.92% of all shares in issue.

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