NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR
ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. 

Oslo, 26 May 2023: Reference is made to the stock exchange announcement made by
Ice Fish Farm AS(the "Company" or "Ice Fish Farm") on 30 March 2023 regarding
the successful completion of a private placement in the Company raising gross
proceeds of NOK 499,707,991.20(the "Private Placement") and a potential
subsequent offering of up to 1,810,536 new shares (the "Subsequent Offering"),
as well as the stock exchange announcement made on 16 March 2023 where the
Company announced that the general meeting had, inter alia, resolved to grant
the board of directors an authorization to increase the Company's share capital
by up to NOK 3,203,389.80. 

The board of directors has today resolved to launch the Subsequent Offering at
an offer price of NOK 27.60 per new share.

The resolution is conditional on the Norwegian Register of Business Enterprises
("NRBE") publication of a prospectus prepared for the offering of the new shares
to eligible shareholders in the Subsequent Offering (including the listing of
such new shares on the Euronext Growth Oslo) (the "Prospectus"). It is expected
that the Prospectus will be filed and published by the NRBE on or about 30 May
2023, and that the subscription period in the Subsequent Offering will commence
at 09:00 hours (CET) on 31 May 2023 and end at 16:30 hours (CET) on 13 June
2023. 

Shareholders of the Company as of 30 March 2023, as registered as such in the
Company's shareholders register in Euronext Securities Oslo, the Norwegian
Central Securities Depository (the "CSD") on 3 April 2023 (the "Record Date")
who (i) were not allocated shares in the Private Placement and (ii) are not
resident in a jurisdiction where such offering would be unlawful, or for
jurisdictions other than Norway, that would require any approval, filing,
registration or similar action of a registration document or prospectus (such
eligible shareholders jointly the "Eligible Shareholders") will be granted one
0.08250 non-transferable subscription right ("Subscription Right") for every
existing shares registered as held by such Eligible Shareholder in the CSD as at
the Record Date, rounded down to the nearest whole Subscription Right. Each
Subscription Right gives, subject to applicable law, the right to subscribe for,
and be allocated, one (1) new share in the Subsequent Offering at the
subscription price. Over-subscription will be permitted. Subscription without
subscription rights will not be permitted. 

Allocation of the new shares in the Subsequent Offering is expected to take
place on or about 14 June 2023, and the new shares are expected to be delivered
as soon as possible following registration of the share capital increase and
issue of new shares in the VPS. Further information regarding the Subsequent
Offering is set out in the Prospectus. 

DNB Markets AS, a part of DNB Bank ASA is acting as Sole Global Coordinator and
Joint Bookrunner, and Nordea Bank Abp, filial i Norge is acting as Joint
Bookrunner for the Subsequent Offering. Advokatfirmaet Thommessen AS is acting
as legal advisors to the Company, and Advokatfirmaet Wiersholm AS is acting as
legal advisor to the Managers. 

This information 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 


IMPORTANT NOTICE 

These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of the Company in the
United States or any other jurisdiction. The securities of the Company may not
be offered or sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States. 

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State). 

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so. 

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice. 

This announcement is made by and, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein. 

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein. 

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement. 

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. 

TARGET MARKET 

The target market for the Private Placement is non-professional, professional as
well as eligible counterparties and who