Bakkafrost P/f

Share Issue/Capital Change • Dec 6, 2019

BAKKAFROST - Final results of the Subsequent Offering

BAKKAFROST - Final results of the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, WHETHER IN WHOLE OR IN PART,

DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG, KONG, JAPAN, THE

UNITED STATES, SWITZERLAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE,

PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT

CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

The subscription period for the subsequent offering (the "Subsequent Offering")

in P/F Bakkafrost ("Bakkafrost") expired on 5 November 2019 at 16:30 hours

(CET).

The final allocation of the new shares in the Subsequent Offering has now been

completed based on the allocation criteria set out in Bakkafrost's prospectus

dated 20 November 2019 (the "Prospectus").

At the expiry of the subscription period, Bakkafrost had received subscriptions

for a total of 1,865,055 new shares in the Subsequent Offering. The board has

allocated a total of 869,756 new shares in the Subsequent Offering, of which

674,497 of the new shares were allocated based on subscriptions rights, and the

remaining portion of the new shares were allocated to subscribers who over

-subscribed. Hence, 869,756 new shares will be issued.

Notification of allocated new shares, and the corresponding subscription amount

to be paid by each subscriber, are expected to be distributed on or about 6

December 2019. Payment for the allocated new shares falls due on 10 December

2019 (and accordingly not on 12 December 2019, as stated in yesterday's

announcement).

Subject to timely payment by all subscribers, the share capital increase

pertaining to the Subsequent Offering is expected to be registered with the

Register of Business Enterprises on the Faroe Islands on or about 12 December

2019. The new shares are expected to be issued and delivered to each

subscribers' VPS account, and commence trading on Oslo Børs, on or about 13

December 2019.

DNB Markets, a part of DNB Bank ASA, and Nordea Bank Abp, filial i Norge, acts

as Managers and Joint Bookrunners for the Subsequent Offering. Ro Sommernes

advokatfirma DA acts as Norwegian legal counsel to Bakkafrost.

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

-12 of the Norwegian Securities Trading Act.

For further information please contact:

Regin Jacobsen, CEO of P/F Bakkafrost: +298 235001 (mobile)

Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 235060 (mobile)

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Important information: The release is not for publication or distribution, in

whole or in part, directly or indirectly, in or into Australia, Canada, Hong

Kong, Japan, Switzerland, and the United States, (including its territories and

possessions, any state of the United States and the District of Columbia). This

release is issued for information purposes only and does not constitute or form

part of any offer or solicitation to purchase or subscribe for securities, in

the United States or in any other jurisdiction. The securities mentioned herein

have not been, and will not be, registered under the U.S. Securities Act of

1933, as amended (the "US Securities Act"). The securities may not be offered or

sold in the United States except pursuant to an exemption from the registration

requirements of the US Securities Act. Bakkafrost does not intend to register

any portion of the offering of the securities in the United States or to conduct

a public offering of the securities in the United States. Copies of this

announcement are not being made and may not be distributed or sent into

Australia, Canada, Hong Kong, Japan, Switzerland or the United States. The issue

or exercise of subscription rights, and the subscription, purchase or sale of

shares in Bakkafrost are subject to specific legal or regulatory restrictions in

certain jurisdictions. Neither Bakkafrost nor the Managers assumes any

responsibility in the event there is a violation by any person of such

restrictions. The distribution of this release may, in certain jurisdictions, be

restricted by law. Persons into whose possession this release comes should

inform themselves about and observe any such restrictions. Any failure to comply

with these restrictions may constitute a violation of the securities laws of any

such jurisdiction. The Managers are acting for Bakkafrost and no one else in

connection with the Subsequent Offering and will not be responsible to anyone

other than Bakkafrost providing the protections afforded to their respective

clients or for providing advice in relation to the Subsequent Offering and/or

any other matter referred to in this release.