Potential acquisition by Ice Fish Farm of Laxar

Sistranda, 13 December 2021

Reference is made to the stock exchange notice published by Ice Fish Farm AS
(the "Company" or "Ice") on 23 June 2021 regarding strategic discussions between
the Company and Laxar Fiskeldi ehf ("Laxar"). 
The majority shareholders of the Company and Laxar, being Måsøval Eiendom AS,
Skinney Þinganes hf and Eggjahvita ehf, have today, 13 December 2021, entered
into an agreement to vote in favour of a combination of Laxar and Ice, by way of
Ice assuming ownership to Laxar and its subsidiaries, with the consideration to
be paid in newly issued Ice shares, subject to the approval by the board of
directors and the shareholders (the "Combination").
The parties have agreed that the number of shares to be issued in Ice shall be
37,525,424 new shares, which will increase the total numbers of shares
outstanding in the Company to 91,525,424.

About Laxar
Laxar is a fully integrated salmon farming company, with a total maximum allowed
biomass ("MAB") of 16,000 tonnes, located in Reyðarfjörður on the East coast of
Iceland. Through the fully owned smolt facility "Laxabraut", Laxar has its own
production of smolt and post-smolt with an annual capacity of 2.5 million fish
with proven strong operational track-record producing post-smolt at an average
weight of ~400 grams in 2020. Laxar also has two fully owned hatchery facilities
and 1/3 ownership in the processing facility "Bulandstindur" (where Ice also has
1/3 ownership). With 4,007 and 4,846 tonnes salmon produced in 2019 and 2020
(HOG), Laxar is one of the largest salmon farming companies on Iceland with
significant growth potential.

The combined company
The combined company will hold all granted licenses on the East Coast of Iceland
with a total MAB of 36,800 tonnes (34,500 tonnes of fertile licenses and 2,300
tonnes of sterile licences). All granted licences are distributed over 15 sites
in 3 different fjords