SHAREHOLDERS MEETING AND SUBSCRIPTION RIGHTS

The general meeting of Codfarmers ASA has today
approved the Private Placement of 3,448,200 new
shares at a subscription price of NOK 29 per share,
a rights offering of up to 1,000,000 new shares at
a subscription price of NOK 29 and a Convertible
Loan in the amount of NOK 100,000,000. The minutes
of the meeting are attached hereto.Codfarmers will issue a total of 1,000,000
subscription rights to its shareholders as of 27
November 2007 in connection with the rights
offering. The shareholders will receive one
subscription right per approximately 16.92815
shares held as of 27 November 2007. One
subscription right will give the holder thereof the
right to subscribe for and be allotted one new
shares in the rights offering. The subscription
period for the rights offering will commence on 3
December 2007 and expire on 17 December 2007 at
16:30 hours (CET).

The shares in Codfarmers will be traded ex right to
participate in the rights issue as from 28 November
2007.

The participants in the Private Placement and the
Convertible Loan have agreed not to exercise or
transfer the subscription rights issued to them,
and such subscription rights will be kept by DnB
NOR Markets in a blocked VPS account and will
remain unexercised throughout the subscription
period. Persons exercising subscription rights and
over-subscribing (i.e. subscribing for more shares
than the number of subscription rights exercised by
them) will have priority to the offered shares that
would otherwise have been issued on the basis of
unexercised subscription rights. The over-
subscribing holders of subscription rights will
accordingly be allotted more than one new share for
each subscription right exercised.

As of 16 November 2007, the participants in the
Private Placement and the Convertible Loan held
approximately 9,443,794 shares in the Company,
corresponding to approximately 55.8 % of the total
number of shares in issue prior to the Private
Placement and the Rights Offering. Given no changes
in the shareholdings of the participants in the
Private Placement and the Convertible Loan between
16 November and 27 November 2007, a holder of
subscription rights who over-subscribe can expect
to be allotted a minimum of approximately 2.26
shares per subscription right exercised (assuming
over-subscription of an adequate number of new
shares).

On 3 December 2007, Codfarmers will publish
information with regard to the number of
subscription rights issued on the basis of shares
held by participants in the Private Placement and
Convertible Loan to be kept in the blocked VPS
account.

Oslo, 27 November 2007

Codfarmers ASA



For further information, please contact:

Michael Malling
CFO
+47 20 40 33 94


or
Ove C. Allers
DnB NOR Markets, Corporate Finance
+47 22 94 81 21