Share issue with subscription rights for eligible shareholders

As previously announced the general meeting of Codfarmers ASA resolved on 10 July 2009 a private placement of 10,000,000 new shares at a subscription price of NOK 4 per shares, and further a subsequent rights offering of up to 2,000,000 new shares at a subscription price of NOK 4 per share to those shareholders who were not allotted shares in the private placement (“Eligible Shareholders”). In connection with the subsequent offering Codfarmers has issued subscription rights to the Eligible Shareholders. The Eligible Shareholders have received one subscription right per every 8.40586 share they held as of 25 June 2009, rounded off downwards to the nearest whole number of subscription rights. One subscription right gives the right to subscribe and be allotted one share in the subsequent rights offering. Over subscriptions are permitted. The subscription period is from and including 31 July 2009 until 14 August 2009 at 17:30 (CET). The subscription rights are non-transferable. Subscription rights not used to subscribe for shares before the expiry of the subscription period will be of no value and will lapse without compensation to the holder. Time schedule for the subsequent rights offering: 26 June 2009 - COD shares were traded exclusive of the right to participate in the subsequent rights offering 10 July 2009 - An extraordinary general meeting of Codfarmers ASA was held and the offering to Eligible Shareholders was resolved; 24 June 2009 - Subscription rights were delivered to VPS-accounts of Eligible Shareholders 31 July 2009 - Publication of Prospectus 31 July 2009 - Subscription period begins 14 August 2009 at 17:30 (CET) - Subscription period ends On or about 18 August 2009 - The results of the offering and the allotment is announced 24 August 2009 - Due date of payment for shares subscribed and allotted in the offering On or about 27 August 2009 - Listing and first day of trading for the shares issued in the subsequent rights offering Any changes to the above time schedule will be announced through Oslo Børs information system. A prospectus prepared by the Company and approved by Oslo Børs will be announced and made available no later than 09:00 (CET) on the 31 July 2009. The prospectus will be available at the Company’s and DnB NOR Markets’ websites and on request. Codfarmers ASA Skur 39 Vippetangen PO Box 1745 Vika N-0121 Oslo, Norway Tel: +47 22 40 33 90 Fax +47 22 40 33 99 http://www.codfarmers.com DnB NOR Markets Corporate Finance Stranden 21 N-0121 Oslo, Norway Tel: + 47 22 94 88 80 Fax: +47 22 83 20 00 http://www.dnbnor.no/emisjoner Oslo 31 July 2009 Codfarmers ASA For further information, please contact: Michael Malling CEO +47 22 40 33 94