25 September 2019: P/F Bakkafrost ("Bakkafrost" or the "Company") is pleased to
announce today that it has signed a binding agreement for the acquisition of
68.6% of The Scottish Salmon Company Plc ("SSC") from Northern Link Ltd (the
"Transaction"). SSC was the #2 Scottish salmon farming company by harvest
volumes in 2018 as reported, and is listed on the Oslo Bors. Successful
acquisition of the 68.6% majority stake will trigger a Mandatory Tender Offer
for the remaining 31.4% free float in SSC. The agreed acquisition price of
NOK28.25 / SSC share implies an Enterprise Value for SSC of DKK 4,351.9m.

The Transaction and any subsequent Mandatory Tender Offer will be funded via a
mix of debt and equity, including an accelerated bookbuild offering of
approx.15% of share capital and a directed share issuance of approximately 5% of
share capital to Northern Link Ltd ("Northern Link"). The accelerated bookbuild
offering will be launched imminently

The Scottish Salmon Company is a leading salmon farming company with operational
headquarters in Edinburgh, Scotland. The company's operations are on the West
Coast of Scotland and the Hebrides with a clear vision and ambition to "Bringing
Scotland's finest salmon to the World." SSC has exclusive genetics to Native
Hebridean Salmon which is stronger, leaner and noticeable firmer compared to
Atlantic salmon. SSC had a harvest of 29,913 tonnes in 2018, an 18,463 tonnes
harvest in H1-2019 and has total harvest capacity of 50,000 tonnes. The company
generated an EBITDA of £56.7m in 2018 and £35.7m in H1-2019.

Regin Jacobsen, CEO of Bakkafrost since 1989, commenting on the transaction
"Bakkafrost's journey has been characterised by delivering industry leading
growth and profitability combined with a focus on shareholder value creation.
The Scottish Salmon Company represents an attractive acquisition at this
juncture providing exposure to the attractive and premium Scottish salmon
farming region with potential for synergies and transfer of best practices. The
entire Bakkafrost team is looking forward to working with the SSC management
team to continue to enhance performance of the business and drive value in the
years ahead."

Strategic Rationale

The strategic rationale for the acquisition includes

  · Provides Bakkafrost access to the Scottish farming region which is a niche
farming region with Scottish provenance products priced at a premium to the
market
  · Creates a combined differentiated global leader in premium salmon with dual
exposure to both Faroe Islands and Scottish premium salmon
  · Positive diversification of Bakkafrost's operations from a pure play Faroe
Islands company to a presence in two attractive salmon farming markets while
remaining both developed markets and premium product focused.
  · Potential for material improvement in The Scottish Salmon Company's
profitability over a five year horizon through realisation of identified
synergies, transfer of best practices and a targeted investment programme

Bakkafrost expects to generate synergies in three key areas mainly related to
Feed and Procurement, Sales Cooperation and SG&A and Overhead savings.

  · Feed & Procurement: Bakkafrost produces fish feed with a significantly
higher marine index compared to industry feed. Supplying feed to SSC would
result in fixed cost efficiency at Bakkafrost feed facilities through
intercompany sales of higher quality feed to SSC. Net synergy estimated at DKK
1.2 per kg feed, equating to annual synergies of approximately DKK 70mm from
2022 onwards (~NOK2.6 / kg of SSC harvested salmon)
  · Sales Cooperation Both SSC and Bakkafrost market premium salmon and brands
that obtain a significantly higher price due to provenance and product
differentiation. Both companies plan to drive efficiencies by coordinating sales
efforts going forward taking advantage of relative distribution strengths in
global markets.
  · SG&A & Overheads: Leaner head office structure in Scotland (through
discontinuing the listed functions of SSC).

Bakkafrost also believes that there is the potential for transfer of best
practices including (i) secondments to stimulate identification and transfer of
best practices, (ii) implementation of better farming procedures for improved
cost performance, (iii) gradual consolidation of sites, (iv) mitigation of
biological threats through de-licing expertise. The overall result of these
actions is expected to result in larger fish improving price achievement and
profitability.

Bakkafrost also plans to make targeted investments to achieve the efficiencies
outlined above. These include investment in a new modern recirculation plant for
smolt production replacing SSC's large number of small smolt facilities.
Additionally, investments are planned to be directed towards replacing SSC's
existing seawater equipment.

Bakkafrost is committed to strong cooperation with local communities and
authorities and hopes to stimulate employment through significant investment in
the business. Additionally, Bakkafrost is committed to ongoing work to
strengthen the Scottish regulatory framework.

Transaction Structure & Terms

Bakkafrost has signed a binding agreement for the acquisition of 68.6% of SSC
from Northern Link for an acquisition price of NOK28.25 / share. As per
regulations Bakkafrost will be required to make a Mandatory Tender Offer for the
remaining shares of SSC at the same price. The NOK28.25 / share price represents
an 8.5% premium to 3 month SSC VWAP and implies an Enterprise Value of DKK
4,351.9m an EV / EBITDA multiple of 7.2x (assuming H1-2019 annualised SSC EBITDA
excluding synergies).

Financing Structure & Terms

Bakkafrost has fully committed acquisition financing in place to secure funding
of the Transaction. The Transaction will be funded by a mix of debt and equity
including an accelerated bookbuild offering of 15% of Bakkafrost share capital,
a directed share issuance of 5% of Bakkafrost share capital to Northern Link and
an additional debt facility.

  · Private placement of 15% of Bakkafrost share capital via an accelerated
bookbuild offering

-        The Board of Directors is authorized to issue shares equal to 10% of
the existing share capital. In order to facilitate immediate settlement of the
full 15% of the private placement, the Company and the settlement bank in the
offering will enter into a share lending agreement with its largest shareholder.
The Company will redeliver such number of borrowed shares not being covered by
the current share issue authorization subject to the approval by an upcoming
extraordinary general meeting ("EGM")

  · Directed share issuance of 5% of Bakkafrost share capital to Northern Link

-        As part of the consideration received, the Company will issue shares
representing approx. 5% of current share capital to Northern Link

-        The share issuance will be subject to the approval by the EGM

  · In addition, the Company will use an additional debt facility to fund the
acquisition of potentially up to 100% of the outstanding shares in The Scottish
Salmon Company.

In case shareholders do not approve the issue of additional Bakkafrost shares,
the Company will use an additional bank facility to settle the share loan in
cash and Northern Link will receive a cash consideration for an amount
equivalent to the approximate 5% share issuance they would have otherwise
received.

DNB, Goldman Sachs International and Nordea acted as joint financial advisors to
Bakkafrost. Daiwa Corporate Advisory Limited (DC Advisory) acted as financial
advisor to SSC.

IMPORTANT NOTICES

This document is not an offer to sell or a solicitation of offers to purchase or
subscribe for shares. Copies of this document may not be sent to jurisdictions,
or distributed in or sent from jurisdictions, in which this is barred or
prohibited by law. The information contained herein shall not constitute an
offer to sell or the solicitation of an offer to buy, in any jurisdiction in
which such offer or solicitation would be unlawful absent registration, or an
exemption from registration or qualification under the securities laws of any
jurisdiction.

In any EEA Member State, this communication is only addressed to and directed at
qualified investors in that Member State within the meaning of the Prospectus
Regulation (Regulation (EU) 2017/1129) (the "Prospectus Regulation").

In addition, in the United Kingdom, this document is not being distributed, nor
has it been approved for the purposes of Section 21 of the Financial Services
and Markets Act 2000 ("FSMA"), by a person authorised under FSMA and is directed
only at persons who (i) are outside the United Kingdom, (ii) are investment
professionals falling within Article 19(5) of the U.K. Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or
(iii) high net worth companies, and other persons to whom it may lawfully be
engaged with, falling within Article 49(2)(a) to (d) of the Order (all such
persons in (i), (ii) and (iii) above together being referred to as "relevant
persons"). Under no circumstances should persons who are not relevant persons
rely or act upon the contents of this announcement. Any investment or investment
activity to which this document relates in the United Kingdom is available only
to, and will be engaged only with, relevant persons.

This document is not an offer for sale of securities in the United States.
Securities may not be offered or sold in the United States absent registration
with the United States Securities and Exchange Commission or an exemption from
registration under the U.S. Securities Act of 1933, as amended. Bakkafrost does
not intend to register any part of the offering in the United States or to
conduct a public offering in the United States of the shares to which this
document relates.

Any Mandatory Tender Offer by Bakkafrost to SSC's shareholders may be restricted
by law in certain jurisdictions.  In particular, SSC's shareholders resident in
the United States of America, its territories and possessions, any state of the
United States of American and the District of Columbia (the "United States") may
not be eligible to participate in any Mandatory Tender Offer and the Mandatory
Tender Offer may not be made, directly or indirectly, in or into the United
States.

To the extent that SSC's shareholders resident in the United States will be
included in any Mandatory Tender Offer, such offer may be made to SSC's
shareholders resident in the United States in reliance on, and in compliance
with, Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and Regulation 14E thereunder, or an exemption therefrom.  To
the extent Regulation 14E is applicable, Bakkafrost and/or its financial
advisors and their affiliates may acquire shares of SSC outside any Mandatory
Tender Offer during the applicable offer period in accordance with applicable
law and regulations and the provisions of the exemption provided under Rule 14e
-5 under the Exchange Act, if available.  Any of the purchases referred to in
this paragraph may occur either in the open market at prevailing prices or in
private transactions at negotiated prices.  Information about such purchases
will be disclosed as and if required by applicable securities laws.

This document includes forward-looking statements. The words "believes",
"expects", "may", "will", "seek", "would", "could", "should", "shall", "risk",
"intends", "estimates", "aims", "plans", "predicts", "continues", "assumes",
"positioned" or "anticipates" and similar expressions (or their negative)
identify certain of these forward-looking statements. These forward-looking
statements are statements regarding Bakkafrost's intentions, beliefs or current
expectations concerning, among other things, Bakkafrost's results of operations,
financial condition, liquidity, prospects, growth, strategies and the industry
in which Bakkafrost operates. The forward-looking statements in this document
are based on numerous assumptions regarding Bakkafrost's present and future
business strategies and the environment in which Bakkafrost will operate in the
future. Forward-looking statements involve inherent known and unknown risks,
uncertainties and contingencies because they relate to events and depend on
circumstances that may or may not occur in the future and may cause the actual
results, performance or achievements of Bakkafrost to be materially different
from those expressed or implied by such forward looking statements. Many of
these risks and uncertainties relate to factors that are beyond Bakkafrost's
ability to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants, the actions
of regulators and other factors such as Bakkafrost's ability to continue to
obtain financing to meet its liquidity needs, changes in the political, social
and regulatory framework in which Bakkafrost operates or in economic or
technological trends or conditions. Past performance should not be taken as an
indication or guarantee of future results, and no redocument or warranty,
express or implied, is made regarding future performance. Bakkafrost and each of
the joint financial advisors expressly disclaim any obligation or undertaking to
release any updates or revisions to these forward-looking statements to reflect
any change in Bakkafrost's expectations with regard thereto or any change in
events, conditions or circumstances on which any statement is based after the
date of this document or to update or to keep current any other information
contained in this document. Accordingly, undue reliance should not be placed on
the forward-looking statements, which speak only as of the date of this
document.