Reference is made to the stock exchange notices published by Ice Fish Farm AS
(the "Company") on 13 December 2021 and 22 April 2022 regarding the acquisition
of Laxar Fiskeldi ehf. ("Laxar"). The transaction between Laxar and the Company
regarding all shares in Laxar and 33.3% of the shares in Búlandstindur ehf. has
now been completed. The consideration for the shares amounted to NOK
1,358,420,339. 

The merger will create a potential for significant synergies. Diversification of
production will be significantly improved, with farming activities spread across
15 sites and 4 fjords. Furthermore, increased scale is expected to increase
negotiation position for procurement and have other benefits on the production
cost per kilo (e.g. well boat, service vessel, harvesting costs). The Company
already has capacity in place to supply its operating sites with post-smolt, and
the average size of smolts are expected to increase going forward, where the
size of the smolt will be between 300g and 1200g - ultimately reducing the time
in sea and increase production. The goal is to operate a sustainable and
profitable salmon operation. Ice Fish Farm AS now has MAB licenses for 43.8k
tonnes and an application for additional 10k tonnes.

This information has been published by Guðmundur Gíslason, CEO, and is subject
to the disclosure requirements in section 5-12 of the Norwegian Securities
Trading Act. For further information, please contact: Guðmundur Gíslason, CEO +
354 89 60 426