ACF - Atlantic Cod Farms AS

Havnegata 11 Ålesund , Norway
Tel: +47 57 85 75 50
Fax: +47 57 85 75 56

Email: post@atlanticcodfarms.no

Website: http://www.atlanticcodfarms.no

1 Jul, 2011: Codfarmers and Atlantic Cod Farms to merge Codfarmers ASA (COD) and Atlantic Cod Farms AS (ACF) have today entered into a letter of intent for the combination of the companies (the "Transaction"). The Transaction will be structured as a share for share exchange, under which the ACF shareholders will receive COD shares as consideration for their ACF shares. Based on the agreed exchange ratio and assuming 100% acceptance from the ACF shareholders, the COD shareholders and the ACF shareholders will own 51.1% and 48.9%, respectively, of the combined company.

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