ACQUISITION OF 21.93% AND SALE OF 51% IN P/F FAROE FARMING

P/F Bakkafrost has reached an agreement to acquire
the non-controlling shares in P/f Faroe Farming,
corresponding to 21.93% of the shares in the Company.

With this agreement Bakkafrost will become the owner
of 100% of the shares in P/f Faroe Farming effective
from 1 January 2012.

Subsequent to the acquisition of the non-controlling
interests, P/F Bakkafrost has sold 51% of the total
shares in P/F Faroe Farming to the Faroese based
investment company P/F Tjaldur.

Faroe Farming will harvest around 5,000 tgw in 2012.
Therefore Bakkafrost will harvest in the range
of 43,000-45,000 tgw in 2012, compared to previously
48,000-50,000 tgw.

Following these two transactions P/F Bakkafrost
complies with the legal requirements of not
controlling more than 50% of the licenses in the
Faroe Islands.

The transaction is subject to legal approval.

For further information - please contact:
Regin Jacobsen, CEO of P/F Bakkafrost: +298 235001
(mobile)

Teitur Samuelsen, CFO of P/F Bakkafrost: +298 235111
(mobile)

Glyvrar, 26 March 2012

P/F Bakkafrost
Bakkavegur 9
PO Box 221
Fo-625 Glyvrar
Tel. +298 405000Fax +298 40500
Bakkafrost@bakkafrost.com
www.bakkafrost.com

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 fish meal, fish oil and
salmon feed in Fuglafjørður. The Group operates 16
farming sites located in 15 different fjords. The
Group has primary processing in Klaksvík, Kollafjørð
and Strendur, and secondary processing (VAP) in
Glyvrar and Fuglafjørður. The headquarters are
located in Glyvrar, and the company has a total of
525 employees.