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COD – UPDATE ON VOLUNTARY DEBT RE-ARRANGEMENT

Reference is made to Codfarmers ASA’s stock exchange announcement dated 18 December 2012 regarding the Company’s proposal for a voluntary debt re-arrangement. Pursuant to the proposal, all unsecured debt as of 16 December 2012 was to be reduced by 50% and the remaining 50% was to be paid no later than 15 April 2013. As more time than originally estimated is required to complete the Company’s sale of assets and subsidiaries, the Group do not have the cash resources available on 15 April 2013 to make repayment in accordance with the debt re-arrangement. The Group will therefore request the

Codfarmers sells Fjord Gadus AS

The shares of the subsidiary company Fjord Gadus AS is sold to the company Jøkul AS against release of all obligations in regard to further going concern as of 8th April 2013. No further remuneration is paid to COD, however, the pay-roll and other operating expenses will be offloaded COD from this date. The equity of Fjord Gadus AS is negative. The facility was one of two landbased ongrowing facilities and has 4 employees. It is located in Vanylven munipicial in Møre & Romsdal on the western coast of Norway. The company’s ownership was with this transaction handed back to the origin which

COD – CHANGES IN THE BOARD AND NOTICE OF EXTRAORDINARY GENERAL MEETING

Marianne E. Johnsen, Chair of the Codfarmers ASA Board, and Board member Benedicte Fossum have informed the Company that they have resolved to step down from the Board. The background for their resolution is that the Company following planned asset sales and de-listing will come into a new phase. The two board members are of the view that the Company’s strategy for that phase should be determined by those who shall manage the Company in that phase. Marianne E. Johnsen and Benedicte Fossum will continue in their positions until the General Assembly has elected new board members. The Board

COD - Disclosure of voting rights

In connection with the Extraordinary General Meeting in Codfarmers ASA to be held on 13 March 2013, the chairman of the board, Marianne E. Johnsen, has received proxy based voting rights for 12,276,238 shares, representing 18.29 per cent of the shares and votes in the company. Marianne E. Johnsen owns 53,000 shares and will therefore represent a total of 12,329,238 shares, equivalent to 18.37 per cent of the shares and votes in Codfarmers ASA. The proxies are without instructions and are valid only for the Extraordinary General Meeting to be held on 13 March 2013. ***

COD - Disclosure of voting rights

In connection with the Extraordinary General Meeting in Codfarmers ASA to be held on 13 March 2013, the chairman of the board, Marianne E. Johnsen, has received proxy based voting rights for 8,974,595 shares, representing 13.37 per cent of the shares and votes in the company. Marianne E. Johnsen owns 53,000 shares and will therefore represent a total of 9,027,595 shares, equivalent to 13.45 per cent of the shares and votes in Codfarmers ASA.The proxies are without instructions and are valid only for the Extraordinary General Meeting to be held on 13 March 2013.***

COD - Disclosure of voting rights

In connection with the Extraordinary General Meeting in Codfarmers ASA to be held on 13 March 2013, the chairman of the board, Marianne E. Johnsen, has received proxy based voting rights for 6,488,567 shares, representing 9.67 per cent of the shares and votes in the company. Marianne E. Johnsen owns 53,000 shares and will therefore represent a total of 6,541,567 shares, equivalent to 9.75 per cent of the shares and votes in Codfarmers ASA. The proxies are without instructions and are valid only for the Extraordinary General Meeting to be held on 13 March 2013. ***

COD – PROFIT WARNING

The Q4 2012 earnings of Codfarmers will be reduced by MNOK 48 by reason of depreciations in fixed assets, goodwill and biomass in the Codfarmers group. The Company expects that the loss (EBIT) in that period will be MNOK 79. The Company’s Q4 report will be released on 28 February 2013. For additional information, please contact: Marianne E. Johnsen, Chair of Codfarmers, telephone +47 93 66 30 00Harald Dahl, CEO of Codfarmers, telephone +47 90 11 92 82

COD – LETTER OF INTENT FOR THE SALE OF ATLANTIC COD FARMS

Codfarmers ASA (“Codfarmers” or the “Company”) has entered into a letter of intent with a financially strong industrial player regarding Codfarmers’ sale of Atlantic Cod Farms AS and its subsidiaries (“ACF”), other than Festøy Eiendom AS. The parties have agreed on a value of the assets and rights of ACF in the amount of NOK 40 million, and that the debt in ACF shall be deducted when determining the price for the shares in ACF. Codfarmer’s loan to ACF, which currently is in the amount of NOK 55 million will be converted into shares in ACF. The main portion of the amount of NOK 40 million

COD – DELISTING PROPOSAL, EGM NOTICE

The Board of Directors of Codfarmers ASA (“Codfarmers” or the “Company”) has unanimously decided to propose to the general meeting of the Company that the Company applies for a delisting of its shares from Oslo Børs. The Company has, as earlier announced, severe financial challenges. The ownership structure in the Company is concentrated as 76% of the shares are owned by board members, deputy board member, the CEO, the CFO and their respective close associates. The market value of all shares in the Company is currently less than NOK 50 million, and only around 150 shareholders own shares

COD – SALE OF ASSETS IN ATLANTIC COD JUVENILES AS

Atlantic Cod Juveniles AS, a subsidiary of Codfarmers ASA, has today entered into an agreement for the sale of its cod juvenile production facility with related fixed and operating assets and juvenile licence. The facility, which has not been in production since the spring of 2012, is sold to Marine Harvest ASA’s subsidiary Marine Harvest Labrus AS for a purchase price of NOK 5 mill. Atlantic Cod Juveniles AS will use the proceeds from the sale to repay debt. For further information, please contact: Harald Dahl, CEO of Codfarmers, telephone +47 90 11 92 82

CODFARMERS PROPOSES VOLUNTARY DEBT RE-ARRANGEMENT

Reference is made to previous stock exchange announcements regarding Codfarmers ASA’s (”Codfarmers” or the ”Company”) financial situation. Codfarmers has now proposed a voluntary debt re-arrangement to its creditors. The debt re-arrangement will have the following effects for claims against the Company as of 16 December 2012: (a)   claims having priority pursuant to law and debt to governmental entities will be paid in full; (b)  unsecured claims of less than NOK 10,000 will be paid in full; (c)   each unsecured claim in excess of NOK 10,000 not having priority pursuant to law,

CODFARMERS THIRD QUARTER 2012

Codfarmer’s revenues in Q3 2012 were MNOK 46.9, compared to MNOK 24.6 for the same period in 2011. The Company had a negative EBIT of MNOK 105.2 in Q3 2012, compared to MNOK 45.1 in that period in 2011. Codfarmers is in default under its loan agreements and has started negotiations with its lenders. The Company has also to turned to its suppliers for deferred payment. The Company has resolved to implement extensive cost reductions. As a part of this the Company will downscale its operations by disposing subsidiaries, locations, equipment and land bases. The report and presentation

CODFARMERS – PROFIT WARNING

Codfarmers announced on 12 November 2012 substantial losses as fish ready for harvesting had been hit by diseases. The loss was then estimated to NOK 25 million, but the estimate has now been adjusted upwards to NOK 28.1 million. The loss has had a material negative impact on the Company, and the Company has therefore resolved to downscale its operations substantially to reduce costs. As a consequence of this, the Company has resolved to destruct a substantial portion of the Company’s fish that is smaller than 1 kg. In addition, the Company has reduced the expected future prices for its

REFINANCING DUE TO SUBSTANTIAL LOSSES

Codfarmers ASA has suffered substantial losses as fish being ready for harvesting at two locations in Møre has been hit by diseases. This, in combination with low prices in the market for cod, has brought the Company into a difficult liquidity position. Substantial portions of the biomass at two locations in Møre have been destructed. The remaining portions of the biomass at these locations have been downgraded, and have therefore been sold at prices lower than those otherwise achievable. The destruction and downgrading have caused an extraordinary loss of around NOK 25 million, which

COD – LOANS FROM SHAREHOLDERS

Codfarmers ASA has today entered into loan agreements with Kontrari AS and Dolphin Management AS for unsecured loans of a total amount of NOK 16 million. The loans shall accrue interest at a rate equal to NIBOR 6 months + 7 percentage points and fall due for repayment on 31 December 2012. The proceeds will be used to cover finance needs that have arisen due to lower harvest activity than expected during the summer, mainly due to limited access to wellboat services for fish transportation in August and capacity restrains in the Company’s harvesting plant in July and in the first half of

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