Bakkafrost P/f

Major Shareholding Notification • Feb 24, 2023

Date:22 October 2015 ESMA/2015/1597

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the competent authority)ⁱ

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: P/f Bakkafrost

LEI: 2138007LH7OP4V112978

1. Reason for the notification (please tick the appropriate box or boxes):

[X] An acquisition or disposal of voting rights

[X] An acquisition or disposal of financial instruments

[ ] An event changing the breakdown of voting rights

[ ] Other (please specify)iii:

3. Details of person subject to the notification obligationiv :

Name: The Goldman Sachs Group, Inc. City and country of registered office (if applicable): Corporation Trust Centre, 1209 Orange Street, Wilmington DE 19801, USA

1. Full name of shareholder(s) (if different from 3.)^v :

5. Date on which the threshold was crossed or reachedvi: 22/02/2023

6. Total positions of person(s) subject to the notification obligation:

	% of voting rights at tached to shares (to tal of 7.A)	% of voting rights through financial instru ments (total of 7.B.1 + 7.B.2)	Total of both in % (7.A + 7.B)	Total number of voting rights of is suervii
Resulting situation on the date on which threshold was crossed or reached	4.52%	0.43%	4.95%	59,143,000
Position of previous notification (if appli cable)	4.53%	0.58%	5.11%

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares
Class/type of shares ISIN code (if possi ble)	Number of voting rightsix		% of voting rights
	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)
FO0000000179		2,671,611		4.52%
SUBTOTAL A	2,671,611		4.52%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC
Type of financial in strument	Expiration datex	Exercise/ Conversion Periodxi	Number of voting rights that may be acquired if the instrument is exer cised/ converted.	% of voting rights
Securities Lending			114,047	0.19%
		SUBTOTAL B.1	114,047	0.19%

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
Type of financial instrument	Expiration datex	Exercise/ Conversion Pe riod x i	Physical or cash settlementxii	Number of voting rights	% of voting rights
Swap	20/02/2026		Cash	44,284	0.07%
Swap	31/08/2032		Cash	38,285	0.06%
Swap	06/10/2025		Cash	13,588	0.02%
Swap	20/09/2032		Cash	11,748	0.02%
Swap	29/09/2032		Cash	6,555	0.01%
Swap	29/09/2032		Cash	5,977	0.01%

Swap	01/12/2031	Cash	5,318	0.01%
Swap	17/11/2031	Cash	3,699	0.01%
Swap	29/09/2032	Cash	2,520	0.004%
Swap	29/09/2032	Cash	1,642	0.003%
Swap	14/02/2033	Cash	1,557	0.003%
Swap	29/01/2030	Cash	1,425	0.002%
Swap	02/12/2026	Cash	1,122	0.002%
Swap	29/09/2032	Cash	818	0.001%
Swap	14/10/2025	Cash	554	0.001%
Swap	13/01/2033	Cash	546	0.001%
Swap	17/08/2026	Cash	372	0.001%
Swap	21/12/2032	Cash	300	0.001%
Swap	29/09/2032	Cash	263	0.0004%
Swap	29/09/2032	Cash	90	0.0002%
Swap	17/08/2026	Cash	10	0.00002%
Swap	20/03/2023	Cash	8	0.00001%
Swap	25/04/2023	Cash	4	0.00001%
		SUBTOTAL B.2	140,683	0.24%

1. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[X] Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv	% of voting rights if it equals or is higher than the notifiable thresh old	% of voting rights through financial instruments if it equals or is higher than the notifiable thresh old	Total of both if it equals or is higher than the notifiable threshold
The Goldman Sachs Group, Inc.
Goldman Sachs (UK) L.L.C.
Goldman Sachs Group UK Limited
Goldman Sachs International
The Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC
The Goldman Sachs Group, Inc.
GSAM Holdings LLC
Goldman Sachs Asset Management, L.P.
The Goldman Sachs Group, Inc.
Goldman Sachs Bank USA
Goldman Sachs Bank Europe SE
The Goldman Sachs Group, Inc.
GSAM Holdings LLC
NNIP Holdings LLC
NNIP UK Holdings I Ltd
NNIP UK Holdings II Ltd
NNIP Holdings I B.V. / NNIP Holdings II B.V.

NN Investment Partners Holdings B.V.
--------------------------------------	--	--	--

1. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

10. Additional informationxvi:

Please note, the total amount of voting rights have been rounded to 2 decimal places therefore there is a possibility of a rounding error.

General email contact: gs-regops-emea-position-enquiries@gs.com

Done at London on 23/02/2023

Annex: Notification of major holdings (only to be filed with competent authority and not with the relevant issuer)

A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities) The Goldman Sachs Group, Inc.

Contact address (registered office for legal entities) Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA

E-Mail Sunaina.Kapoor@gs.com

Phone number / Fax number +44 207 051 3075

Other useful information (at least legal a contact person for legal persons) Alexandra J Wessel Email: gs-reg-ops-legal-queries@gs.com Tel: +44 207 774 5006

B: Identity of the notifier, if applicable

Full name

Goldman Sachs International Contact address

Plumtree Court, 25 Shoe Lane, London, EC4A 4AU, UK

E-Mail

Phone number / Fax number

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

Goldman Sachs International is an indirect wholly owned subsidiary of The Goldman Sachs Group, Inc.

C: Additional information: