MNOK 75 CREDIT FACILITY AND FACTORING AGREEMENT

Today, the Board of Codfarmers ASA signed a MNOK 75 credit facility and factoring agreement with DnB NOR Bank ASA.

The agreement comprises a MNOK 40 credit group account facility and a MNOK 35 factoring credit arrangement. The group credit facility is secured by pledge of assets in Codfarmers ASA and subsidiaries.

Since the establishment in 2002, Codfarmers’ growth has been financed by equity. Through the IPO in 2006 and the subsequent equity transactions in 2007, a total of MNOK 513 has been raised from a diversified shareholder structure including high quality Norwegian and international institutional investors.

The company had per fourth quarter an equity ratio of 75% with MNOK 215 in cash.

’In a period of strong growth in which we have integrated the value chain, removed bottle necks, reduced risk and demonstrated reduced production costs and substantial operational improvements, we see the agreement DnB NOR Bank as declaration of confidence. With this agreement, the company is even better financially suited to realize its objectives and to maintain and strengthen its position as the leading company in the development of large scale industrial cod farming, says Øystein Steiro, CEO of Codfarmers ASA.