COD – COMPLETION OF SHARE ISSUE AND CONSOLIDATION OF SHARES AND WARRANTS

Reference is made to the extraordinary general meeting of Codfarmers ASA held on 28 February 2011 and the stock exchange notice of the same day.

The share capital increase has now been registered in the Norwegian Register of Business Enterprises.

In the extraordinary general meeting it was also resolved a consolidation of shares in the ratio 10:1, by an increase of the shares’ nominal value with NOK 0.90 from NOK 0.10 to NOK 1.00, so that 10 shares are consolidated into 1 share. The share consolidation will be effective with respect to trading in the company's shares as of 10 March 2011 as the per date (ex consolidation).

A similar consolidation was resolved for the outstanding warrants. 

Following the above mentioned changes, the company’s share capital is NOK 14,954,978, divided into 14,954,978 shares, each with a par value of NOK 1.00. There are issued 1,240,000 warrants. Each warrant gives a right to require issued one new share, with a nominal value of NOK 1.00, in the company at a subscription price equal to the price per share in the private placement approved by the general meeting on 25 June 2010 multiplied with 10, and which shall be increased by 1% per month from the date of the general meeting (i.e. as from 25 June 2010) until the warrants are exercised (such that the maximum increase is 36%). In other respects the conditions remain unchanged. 1,200,000 warrants are owned by the company’s CEO Harald Dahl, while 40,000 warrants are owned by the company’s CFO Nicolaj Weiergang.