Announcing its financial results yesterday, the company – which produces around a fifth of Norway’s farmed cod - said its focus in 2008 remains on further expanding contract sales of Codfarmers’ growing fillet assortment to leading European retailers.

Company CEO Øystein Steiro said these are “hectic” times for Codfarmers. New locations are being prepared for the 2008 release of juveniles and the company aims to become self-sufficient with juveniles from its hatchery in Mørkvedbukta as soon as possible. It is also focusing on getting its Halsa processing plant automated and ready before the harvest season starts up in May and on developing the market in preparation for the coming increase in harvest volumes.

“Codfarmers now offer a range of fresh cod fillets produced with three different processing partners in Europe,” Mr Steiro said. “Codfarmers premium brand stRØM®, aimed at discerning chefs across Europe, will be launched in key markets through exclusive dealerships during the second half of the year. The sale of cod tongues and cheeks will add positively to the growing sale of liver and other bi-products.”

Highlights of the report include:

Q4/07 revenue was 19.4 MNOK with a total harvesting volume of 545 tons (r.w).

Sales revenues were up 8% compared to Q4/06. The total revenue in 2007 was 47.1 MNOK.

> EBIT of – 12,5 MNOK in Q4/07 relative to -9,7 MNOK in Q4/06, reflects 1,7 MNOK

in negative margin of fish sold, 3,8 MNOK in write-down loss due to high mortality at

one batch on the hammervika location, 6,3 MNOK in administration costs and negative

result of -0,8 MNOK from subsidiaries.

> Successfully closing of Private Placement at NOK 29 per share and convertible

bond issue, securing gross proceeds of MNOK 200.

> Hellvika generation fully harvested with a total of 1290 tons (r.w.) of which

545 tons (r.w) were harvested during Q4/07.

> Location Sjetnes, with a standing biomass of 1668 tons (r.w.), that represents the main bulk of the 2008 harvest volumes, shows good growth performance, falling production cost and also positive indications regarding the effect of the new light regimes.

the average weight is already about 2.0 kg with the best performers near 4kg.

Ø Total of 2.5 mill. juveniles were put to sea in 2007 at location hammarvika, Kjølvika and Vindvika.

> Market remains strong:

Average FOB price of 38.60 kr/kg in Q4-07, up 7 % on Q4-06. Average 2007 FOB price of 38 kr/kg, up 6% on 2006. EU quotas of wild Atlantic cod reduced by 10 % and landings by 11 % in 2007. 22% of all farmed cod exported from Norway in Q4/07 was produced by Codfarmers, relative to 31 % in Q3/07.

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