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, will be paid as follows: NOK 10,000 plus 50 % of the amount of the claim in excess of NOK 10,000, no later than 15 April 2013.

The Company reserves the right to fully pay amounts due to certain suppliers critical to its operations. Secured debt is not comprised by the debt re-arrangement proposal.

Debt that is incurred after 16 December 2012 will be paid when due.

Implementation of the debt re-arrangement proposal is subject to support from the creditors and financing of the amount to be repaid to creditors. The debt re-arrangement proposal must be approved no later than on 10 January 2013.

For further information, please contact:

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