Bakkafrost P/f

BAKKAFROST - CLOSING OF THE ACQUISITION OF A MAJORITY OF THE SHARES IN THE SCOTTISH SALMON COMPANY

P/F Bakkafrost (the "Company") has, today, completed the acquisition of

133,125,109 shares in The Scottish Salmon Company ("SSC") from Northern Link

Limited ("Northern Link"). As a consequence of this, the Company now owns

150,974,735 of the shares in SSC representing approx. 77,8% of all of the shares

in issue in SSC.

The purchase price paid to Northern Link was NOK 3,760,784,329.25. This

represents a purchase price of NOK 28.25 per share in SSC. The additional shares

in SSC acquired by the Company in the market during the last week have also been

acquired at a price of NOK 28.25 per share.

70% of the purchase price due to Northern Link was settled in cash today. The

remaining 30% (being NOK 1,128,235,298.75) has been financed by a seller's

credit.

Subject to the Company's extraordinary general meeting called for on 18 October

2019 resolving to grant the Company's board authority to issue further shares in

the Company, the seller's credit will be settled through the issue of 2,256,470

new shares in the Company (based on a subscription price of NOK 500 per share).

The seller's credit will be settled in cash if the general meeting does not

grant the board such authority.

The Company will, on the terms of the Securities Trading Act, make a mandatory

cash offer for the remaining shares in SSC. The formal offer is expected to be

launched no later than 31 October 2019.

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