PROFIT WARNING FOR SECOND QUARTER 2008

Based on the preliminary consolidated accounts the profit for second quarter 2008 will be lower than expected.

The main reason for this is that Codfarmers ASA has been made aware of the fact that one of our juvenile cod suppliers, Marin Invest AS, are experiencing serious financial problems and that the board of directors of the company is considering a bankruptcy petition. In that case, this will entail a potential loss for Codfarmers of MNOK 14.6 in total, divided in MNOK 9.6 for prepaid juvenile cod in addition to MNOK 5 for deprecation of Codfarmers’ stockholding in the company. In addition Codfarmers has juvenile cod in Marin Invest's premises with a booked value of MNOK 5. Even if Marin Invest should find a solution for continued operation the situation in the company indicates that Codfarmers must expect a considerable loss.

Additionally, Codfarmers chooses to make an extraordinary depreciation of the biomass at the Hammarvika site of MNOK 9.3. After a limited outbreak of disease the Norwegian Food Safety Authority (Mattilsynet) has ordered the company to speed up the harvesting of the biomass in relation to the original plan for harvesting. Codfarmers will try to have this decision changed since no further disease can be shown at the site and the biomass otherwise has a normal development.

The loss has no immediate consequences for the company’s cash balance. As of second quarter the company has MNOK 92 in cash, MNOK 12.6 in allocated support and MNOK 70 in unused loan facilities.

However, Codfarmers maintains the previous guiding for expected harvesting of 4 000 ton approximate round weight in 2008.

Further information will be provided in connection with the publication of the results for the second quarter 2008 at Hotel Bristol, Thursday 21 August, at 08.30am.