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 remaining biomass as increased quota for wild fish may reduce market prices for cod the next six months. The negative effect on the Company’s results of the resolved destruction and reduced future prices is NOK 67.7 million.

The above will have a total negative impact of NOK 95.8 million in the Company’s P&L accounts for Q3, 2012.

The Board and management continue the efforts to downscale operations, restructure debt and sell assets as announced on 12 November. The major shareholders of the Company are supportive to these efforts.

For further information, please contact:

Harald Dahl, CEO of Codfarmers, telephone +47 90 11 92 82