Agreement regarding acquisition of shares in NAP Marine AS

Codfarmers ASA has today entered into a share purchase agreement with certain large shareholders in NAP Marine AS (“NAP Marine”) regarding Codfarmers acquisition of at least 51% of the shares in NAP Marine. The agreement includes an offer to the other shareholders to participate in the transaction. The time limit for this offer is 9 July 2009. The transaction is expected to be completed on 3 August 2009. The transaction will be settled with consideration shares to be issued by Codfarmers to the sellers. The agreed consideration is 0.284834 COD shares for every share in NAP Marine. The aggregate consideration for 100% of the shares in NAP marine will be 3,599,0466 shares in Codfarmers. The sellers have agreed to become long term shareholders in Codfarmers and according to the agreement the seller’s of NAP Marine will be subject to lock up undertaking towards Codfarmers whereby the sellers undertake not to sell or transfer shares in Codfarmers for 26 weeks after the date of the agreement. Further, the sellers have undertaken that they, or some of them, will participate with NOK 15 million as equity in the contemplated private placement in Codfarmers as announced by the Company today. This undertaking is subject to the subscription price in the private placement not exceeding NOK 5.50 per share. Codfarmers has made the agreement subject to the necessary approvals by the general meeting of the Company and completion of the private placement. NAP Marine AS is a cod farming company established in Gildeskål municipality and 11 employees. The company has 7 licences for production of farmed cod and is localized in the same fjord area as Codfarmers. NAP marine has more than 1 million cod in the sea divided on two localities. “We are very pleased with the acquisition of NAP Marine AS. The company has long experience with production of farmed cod. The localities of the company is in the same fjord area as Codfarmers, and increased volumes will allow us to benefit from cost synergies and benefits of scale through the whole value chain. NAP Marine has a strong balance sheet with limited debt. The company’s owners are willing to invest in our private placement as part of the transaction, something we regard as positive” says Michael Malling, CEO of Codfarmers. This information is subject of the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act (vphl. § 5-12). Oslo, 25 June 2009 Codfarmers ASA For further information, please contact: Michael Malling CEO - phone: +47 93 20 77 97 Harald Dahl COB, phone: +47 90 11 92 82