Norcod — Share Issue/Capital Change 2023

Aug 28, 2023

NORCOD AS: New share capital registered

NORCOD AS: New share capital registered

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN 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 24 August 2023 regarding the capital increase through conversion of part of the Shareholder Loan by issuance of 2,953,524 new shares (the "Conversion Shares") in the Company at the Subscription Price of NOK 30 per share, with a total Subscription amount of NOK 88,606,022 to the Artha Shareholders (the “Debt Conversion”).

The share capital increase has been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). Following this, the Company's registered share capital is NOK 14,713,837 divided into 29,427,674 shares, each with a nominal value of NOK 0.50.

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.