Bakkafrost P/f - AGM Information 2023

Board of Directors propose to the AGM to maintain 10% limitation on the Company's ownership of own shares in the Articles of Association.

With reference to the announcement made 31 March 2023 regarding Notice of the

Annual General Meeting 28 April 2023 (NewsWeb

(oslobors.no) (https://newsweb.oslobors.no/message/586931))

As a response to feedback from shareholders, The Board of Directors intend to

change the previously announced proposed ammendment to § 4B in the Articles of

Associations as follows, to reintroduce the limitation stating that the company

may not own more than 10% of the entire share captial of the company:

§ 4B

In the period from 28. April 2023 until the ordinary general meeting of the

company, which will be held in 2028, the board of directors is authorized to buy

own shares on behalf of the company. Purchasing of own shares shall be conducted

to the official rate of the shares, but the board of directors may in special

circumstances deviate from the official price with up to 10%. The company may

not own more than 10% of the entire share capital of the company.

The rationale for the proposed changes announced 31 March 2023 was to align the

Articles of Associations to the Faroese law, in which the 10% limitation has

been removed. However, as shareholders have expressed concerns about this, the

Board of Directors will on the Annual General Meeting 28 April 2023 propose to

maintain the 10% ownership limitation.

Contacts:

· 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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