Austevoll Seafood ASA — M&A Activity 2010

Sep 3, 2010

Austevoll Seafood ASA has entered into an agreement for sale of the shares of Epax Holding AS.

Austevoll Seafood ASA has today entered into an

agreement in respect of sale of all shares of Epax

Holding AS. The remuneration for the shares is NOK

561 mill based on enterprise value of NOK 875 mill by

December 31st 2009.

Epax Holding AS holds 100 per cent of the shares of

Epax AS and Epax Lipro AS, and is one of the leading

producers of high concentrate Omega - 3, based on

fish oils. Epax has been part of the Austevoll Group

since 2007. Throughout this period the company has

had close cooperation with the other fish oil

producers within the Group in the form of transfer of

competence as regards fish oil profiles,

environmental labeling and building traceability

systems. The involved parties agree that this

cooperation shall be continued.

The decision of Austevoll Seafood ASA to sell the

shares of Epax Holding AS is based on the Company's

strategy of focusing even more rigidly on the Group's

core business. The Group`s core businesses are

pelagic fishery, pelagic industry, farming of salmon

and trout, processing of seafood, and sale and

distribution of seafood. Austevoll Seafood Group is

currently a global leader within all of its core

business, and sees great opportunities for further

growth and development. Austevoll Seafood ASA will

therefore, with its strong balance and its good

access to capital, continue its strategy of expansion

in the years ahead.

"A sale of Epax must be considered a strategically

sound solution for Austevoll Seafood ASA, Epax and

their employees", says CEO Arne Møgster, and adds

that he is very pleased with the transaction price

achieved based on the current platform of Epax.

The sale of shares has been concluded subject to

fulfillment of normal closing conditions, hereunder

approval from Competition authorities

This information is subject of the disclosure

requirements acc. to § 5-12 vphl. (Norwegian

Securities Trading Act)

Contact persons:

Arne Møgster, CEO tel: +47 91 66 10 49

Helge Singelstad, Chairman of the Board tel: +47 91

66 10 01