ICE FISH FARM AS (IFISH): Majority shareholder Måsøval Eiendom forms strategic partnership with Ísfélag Vestmannaeyja hf. in relation to its shareholding in Ice Fish Farm AS

Frøya, Norge, 8 March 2023 Reference is made to the previous announcement on 17 November 2022 regarding the majority shareholder Måsøval Eiendom AS’ ("Måsøval Eiendom") engagement of ABG Sundal Collier ASA to explore the possibilities for a strategic partnership for its shareholding in Ice Fish Farm AS (“Ice Fish Farm”). Måsøval Eiendom is pleased to announce today that it has entered into a strategic partnership with Ísfélag Vestmannaeyja hf. (“Ísfélag Vestmannaeyja”, together with Måsøval Eiendom, the “Parties”), one of the largest fishery companies in Iceland, by entering into a subscription and share purchase agreement (the "Agreement") in relation to its shareholding in Ice Fish Farm. To facilitate the transaction and the partnership, Måsøval Eiendom has established Austur Holding AS ("Austur") for the sole purpose of holding shares in Ice Fish Farm. Austur will at closing of the Agreement i) own all 51,361,866 shares in Ice Fish Farm, formerly held by Måsøval Eiendom, and ii) hold the shareholder loans provided by Måsøval Eiendom to Ice Fish Farm. Furthermore, it is agreed between the Parties that Austur will subscribe for shares according to its pro-rata share in the upcoming capital raise, as announced by Ice Fish Farm on the 27 February 2023, to sustain its ~56% ownership. Ísfélag Vestmannaeyja shall at closing subscribe for new shares in Austur and purchase secondary shares in Austur, which in aggregate will result in a 29.3% ownership of the total issued and outstanding share capital of Austur (the “Transaction”). The Transaction values the shares in Ice Fish Farm at NOK 43 per share. Closing is expected to be concluded on or about 10 March 2023. Lars Måsøval, Chairman in Måsøval Eiendom, comments on the Transaction; “Måsøval Eiendom is very excited to form this partnership with Ísfélag Vestmannaeyja for our shareholding in Ice Fish Farm. Ísfélag Vestmannaeyja is a successful family-owned company with a long impressive history and with deep roots into the Icelandic seafood sector, which has a lot of similarities with Måsøval Eiendom and they align well with our values. Furthermore, Ísfélag Vestmannaeyja will broaden and strengthen the shareholder base of Ice Fish Farm and be a valuable stakeholder that we believe will contribute to our future success on the Icelandic East coast”. Ísfélag Vestmannaeyja's Vice-Chairman, Einar Sigurðsson, comments "We are very happy to form this partnership and take this step into the salmon farming sector in Iceland. We have a long tradition from the fishery sector, but we have over several years followed the strong growth within the salmon farming sector in Iceland, and we believe that it will be a steadily growing industry in Iceland for many years to come, and create a lot of jobs and value for the communities along the Icelandic coastline." About Ísfélag Vestmannaeyja Ísfélag Vestmannaeyja was founded in 1901, and is the oldest Icelandic company that is still in operations. The company focuses on responsible fishing and processing in harmony with the environment and society. Following an ongoing merger process with Rammi hf., the combined company (if combined) will hold nearly 8 per cent of the Iceland's quota limit, a robust fleet of 11 fishing and freezing vessels, six onshore facilities, and be one of the largest fishery companies in Iceland. About Måsøval Eiendom Måsøval Eiendom is fully controlled by members of the Måsøval family, who has been a pioneer within salmon farming since starting in the 1970s with salmon farming operations on the coast of Central Norway. Måsøval Eiendom is today the majority owner of two listed salmon farmers, Måsøval AS and Ice Fish Farm AS. Advisors ABG Sundal Collier ASA has acted as financial advisor to Måsøval Eiendom in the transaction, and Advokatfirmaet Thommessen has acted as legal advisor to Måsøval Eiendom. Juris acted as legal advisor to Ísfélag Vestmannaeyja in the transaction. Important Notice This announcement is not, and does not form a part of, any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. 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 "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" 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, the 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 the Company's control. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company's services, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company's ability to attract, retain and motivate qualified personnel, changes in the Company's ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. 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 forward -looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.