Sistranda, Norway, 14 June 2020: Reference is made to the stock exchange
announcement published by Ice Fish Farm AS("IFISH" or the "Company", OSE ticker
code "IFISH") on 31 May 2023 regarding registration of prospectus and
commencement of subscription period for a subsequent offering of up to 1,810,536
new shares at a subscription price of NOK 27.60 per share (the "Subsequent
Offering"). 

Laxar eignarhaldsfelag ehf., a close associate of board member Adalsteinn
Ingolfsson, has today subscribed for and been allocated 1,773,404 new shares in
the Subsequent Offering. 

Through his ownership in Laxar eignarhaldsfelag ehf. and Krossey ehf.,
Adalsteinn Ingolfson will indirectly, together with other shareholders in his
closely associated companies, hold in total 17,721,661 shares in the Company,
representing a total shareholding in the Company of 14.5%, following completion
of the Subsequent Offering.

For further queries, please contact: 
Guðmundur Gíslason 
CEO 
+354 89 60 426

Important information 
The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia). This release is an announcement issued pursuant to
legal information obligations, and is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued
for information purposes only, and does not constitute or form part of any offer
or solicitation to purchase or subscribe for securities, in the United States or
in any other jurisdiction. The securities mentioned herein have not been, and
will not be, registered under the United States Securities Act of 1933, as
amended (the "US Securities Act"). The securities may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the US Securities Act. 

The Company does not intend to register any portion of the offering of the
securities in the United States or to conduct a public offering of the
securities in the United States. Copies of this announcement are not being made
and may not be distributed or sent into Australia, Canada, Japan or the United
States.

Any offering of the securities referred to in this announcement is made by means
of a prospectus. This announcement is an advertisement and is not a prospectus
for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of
the Council of 14 June 2017 on prospectuses to be published when securities are
offered to the public or admitted to trading on a regulated market, and
repealing Directive 2003/71/EC (as amended) as implemented in any Member State.
Investors should not subscribe for any securities referred to in this
announcement except on the basis of information contained in the aforementioned
prospectus. Copies of the prospectus is available from the Company's registered
office and, subject to certain exceptions, on the websites of DNB Markets, a
part of DNB Bank ASA (www.dnb.no/emisjoner) and Nordea Bank Abp, filial i Norge
(www.nordeamarkets.com/ifish) (jointly, the "Managers").

Potential investors should read the prospectus before making an investment
decision in order to fully understand the potential risks and rewards associated
with the decision to invest in the securities referred to in this announcement.
The approval of the prospectus by the Norwegian Financial Supervisory Authority
should not be understood as an endorsement of the securities offered or admitted
to trading on the Oslo Stock Exchange.

The issue, subscription or purchase of shares in the Company is subject to
specific legal or regulatory restrictions in certain jurisdictions. Neither the
Company nor the Managers assume any responsibility in the event there is a
violation by any person of such restrictions. The distribution of this release
may in certain jurisdictions be restricted by law. Persons into whose possession
this release comes should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.
The Managers are acting for the Company and no one else in connection with the
subsequent offering and will not be responsible to anyone other than the Company
providing the protections afforded to their respective clients or for providing
advice in relation to the subsequent offering and/or any other matter referred
to in this release. 
Forward-looking statements

This release and any materials distributed in connection with this release may
contain certain forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they reflect the Company's
current expectations and assumptions as to future events and circumstances that
may not prove accurate. A number of material factors could cause actual results
and developments to differ materially from those expressed or implied by these
forward-looking statements.