Bakkafrost P/f

P/F BAKKAFROST (THE "COMPANY") - COMPLETION OF CAPITAL INCREASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN

AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S

REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY

OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL.

Reference is made to the Company's announcement of the successful completion of

a private placement of 7,328,709 shares at a subscription price of NOK 500 on 25

September 2019 (the "Placement").

The Placement has, today, been completed by way of:

(i) the issue by the Company of 4,800,000 new shares of DKK 1 par

value;

(ii) the sale by the Company of 170,000 treasury shares of DKK 1

par value against a purchase price of NOK 500 per share; and

(iii) the delivery of 2,358,709 shares of DKK 1 par value borrowed by

the Company and DNB Bank ASA (as manager of the Placement) from Mr. Regin

Jacobsen to subscribers in exchange for the subscription price, NOK 500 per

share.

The proceeds from (i) and (ii) have been released to the Company. The proceeds

from (iii) is retained by the Manager and will, subject to the extraordinary

general meeting in the Company scheduled for 18 October 2019 resolving to

authorise the board to issue further shares and the board, subsequent to that,

resolving to issue 2,358,709 new shares to the Manager to be used to settle the

same whereafter the share loan from Mr. Jacobsen will be settled.

Following today's transactions, the Company's share capital is DKK 53,658,065

represented by 53,658,065 shares of DKK 1 par value.

The Company's holding of treasury shares is 2,726 shares.

Mr. Regin Jacobsen (CEO of the Company and a primary insider) has, as a

consequence of the share loan temporarily reduced his holding by 2,358,709

shares to 2,137,187 shares. Mr. Jacobsen was, furthermore, allocated 120,000

shares in the Placement and has thus increased his holding to 2,257,187 shares

as a consequence of today's settlement of the Placement.

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