Bakkafrost P/f

Legal Proceedings Report • Mar 8, 2020

BAKKAFROST: Severe storm hit the Faroe Islands and damaged two farming sites resulting in the loss of 1 million fish

BAKKAFROST: Severe storm hit the Faroe Islands and damaged two farming sites resulting in the loss of 1 million fish

A severe storm hit the Faroe Islands on 28 February 2019 and lasted for four

days until 2 March 2019. The storm caused significant damage to two of

Bakkafrost's farming sites in the South Island (Suðuroy): A23 Hvalba and A15

Froðba.

The storm overstressed some of the farming equipment in A23 Hvalba and damaged

the nets in 12 pens in the two farming sites. In A15 Froðba a continuous ground

swell over 5 days caused significant mortality of the fish.

In total Bakkafrost lost around 1 million fish with an average weight of 2.1 kg.

The farming equipment is insured and the fish is insured at cost value.

Bakkafrost has previously guided on an expected harvest for 2020 of 57,000

tonnes HOG in the Faroe Islands. This incident is expected to reduce the harvest

in 2020 in the Faroe Islands by 5-6,000 tonnes HOG.

A more detailed overview of the incident can be found in the attached

presentation.

Contacts:

· Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)

· Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.