Reference is made to the announcement made by Codfarmers ASA (“Codfarmers”) on 26 August 2011 regarding the intention to make a voluntary exchange offer (the “Offer”) for all of the issued and outstanding shares of Atlantic Cod Farms AS (“ACF”).

The offer document and information memorandum containing equivalent information as a prospectus (the “Offer Document”) has been reviewed by the Financial Supervisory Authority of Norway in accordance with Section 7-13, cf. Sections 7-4 no 6 and 7-5 no 7 of the Norwegian Securities Trading Act. The Offer Document will also serve the purpose of being an information memorandum pursuant to Oslo Børs’ Continuing Obligations section 3.5.4.

The acceptance period for the Offer will be from and including 14 September 2011 to 21 September 2011 at 17.30 (CET).

The Offer Document will be sent to the registered address of all shareholders in ACF. The Offer Document will also be available on and by request to the manager of the Offer, DnB NOR Markets.

Contact persons:

For further information, please contact:

Marianne E. Johnsen, chair of Codfarmers, telephone +47 93 66 30 00
Harald Dahl, CEO of Codfarmers, telephone +47 90 11 92 82

Helge Hellebust, chair of ACF, telephone +47 93 20 25 50
Ivar Kvangardsnes, CEO of ACF, telephone +47 916 89 295



About Us

ABOUT CODFARMINGCOD BOOM The latest issue of “norsk Fiskeoppdrett” (#10, October 2007, 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 (, by Stein-Ove Hansen, Analyst, Terra Securities (un-official translation by Codfarmers)

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