Bakkafrost P/f

Environmental & Social Information • Sep 28, 2022

Revenue tax on salmon farming in the Faroe Islands

Revenue tax on salmon farming in the Faroe Islands

With reference to the press release 28 September 2022 from the Norwegian

government regarding a proposal to introduce a resource tax on salmon and trout

farming in Norway.

Bakkafrost is subject to tax in the countries where Bakkafrost operates. This

does not include Norway.

Since 2014, the salmon farming industry in the Faroe Islands has been subject to

a special revenue tax on the value of harvested fish calculated using actual

salmon spot prices. The current tax rate is between 0.5% - 5% depending on the

salmon spot price. The Faroese Government is currently working on a proposal to

adjust the revenue tax to reflect the recently high salmon prices as well as the

increasing production costs for the salmon industry. The proposal has not yet

been presented to the Parliament for voting. Bakkafrost will send a press

release to the market once the proposal has been presented to the Parliament.

Contacts:

· Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)

· Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)

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

-12 of the Norwegian Securities Trading Act.