PROFIT WARNING THIRD QUARTER 2008

Based on the preliminary consolidated accounts, the third quarter results will be lower than expected. The drop in cod prices impact Q3 revenues and results and an extraordinary biomass write off.

The reduced prices seem to reflect a change in consumer patterns due to the global financial crisis. Consumers now substitute high priced fish species like cod with cheaper fish and alternative proteins.

As of Q3/08, the company has a total of MNOK 142 million in cash, unused loans and loan facilities.

Further information will be provided in connection with the publication of the third quarter 2008 results at Shippingklubben, Thursday 13 November, at 08.30am.