Bakkafrost P/f

M&A Activity • Jul 21, 2016

BAKKAFROST: Acquisition of P/F Faroe Farming approved by the authorities

BAKKAFROST: Acquisition of P/F Faroe Farming approved by the authorities

In market announcement on 29 June 2016, Bakkafrost announced that it had entered

an agreement with Sp/f Hjallur to acquire 51% of the shares in P/F Faroe

Farming, a salmon farming company that operates in the southern part of the

Faroe Islands, Suðuroy. The agreement was conditioned on the approval of the

Faroese Registry and the Competition Authorities.

These authorities have now approved Bakkafrost's acquisition of the remaining

outstanding shares of P/F Faroe Farming. Consequently, the acquisition is final

and Bakkafrost hereafter owns 100 % of the shares in P/F Faroe Farming.

Contacts:

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

Gunnar Nielsen, 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.

About Bakkafrost:

Bakkafrost is the largest salmon farmer in the Faroe Islands. The Group is fully

integrated from feed production to smolt, farming, VAP and sales. The Group has

production of fishmeal, fish oil and salmon feed in Fuglafjørður. The Group

operates licenses on 14 farming fjords. The Group has primary processing in

Klaksvík, Strendur, Kollafjørður, and secondary processing (VAP) in Glyvrar and

Fuglafjørður. The headquarter is located in Glyvrar, and the company has a total

of around 725 full-time employees.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES.

This press release does not constitute or form part of an offer or solicitation

to purchase or subscribe for securities. The securities referred to herein may

not be offered or sold in the United States absent registration or an exemption

from registration as provided in the U.S. Securities Act of 1933, as amended.

Copies of this announcement are not being made and may not be distributed or

sent into the United States, Australia, Canada or Japan.