Norcod — Capital/Financing Update 2023

Jun 30, 2023

NORCOD AS: Preliminary result of Subsequent Offering

NORCOD AS: Preliminary result of Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange notice from Norcod AS ("Norcod" or the "Company") on 16 June 2023 regarding the start of the subscription period in the subsequent offering (the "Subsequent Offering") of up to 1,333,333 new shares (the “Offer Shares”) at a subscription price of NOK 30 per share (the "Offer Price").

The subscription period for the Subsequent Offering ended today at 16:30 CET. At the expiry of the subscription period the Company has received subscriptions for approximately 332,367 shares in the Subsequent Offering.

The allocation of the Offer Shares will be resolved in accordance with the prospectus dated 15 June 2023. The final result of the Subsequent Offering will be published shortly thereafter, and letters regarding allocation of Offer Shares and the corresponding subscription amount to be paid by each eligible shareholder who has subscribed for Offer Shares in the Subsequent Offering, will be distributed on or about 4 July 2023.

ABG Sundal Collier ASA is acting as bookrunner for the Subsequent Offering (the "Manager"). Advokatfirmaet Haavind AS is acting as legal counsel to Norcod.

For more information, please contact:

Christian Riber,

CEO, Norcod AS

Tel: +47 905 37 990

E-mail: cr@norcod.no

Arne Kristian Hoset

CFO, Norcod AS

Tel: +47 988 10 282

E-mail: arne.hoset@norcod.no

About Norcod:

Norcod AS’ core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod’s existing fish farms are located in Mid-Norway with ideal conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on Oslo’s Euronext Growth market.