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Altor and Bain Capital to Buy Ewos for NOK 6.5 Billion

19 July 2013

NORWAY - Cermaq has entered into a definitive share purchase agreement with Altor and Bain Capital regarding the sale of EWOS.

The purchaser will be a Norwegian company established by funds advised by Altor and Bain for this purpose. The agreed consideration implies an enterprise value of EWOS of NOK 6.5 billion, and will be payable in cash upon completion. The transaction is expected to close by the end of October 2013.

Altor and Bain Capital have followed the aquaculture industry for several years, and see great potential in working with EWOS’ management team to further develop its world leading fish feed business.

The transaction will enable Cermaq to free up significant funds. Such funds will be used to reduce debt to ensure a continued solid capital structure and compliance with all financing commitments for the remaining operations, and to realize an extraordinary dividend to the shareholders. Subject to completion of the transaction, the company expects an extraordinary distribution to Cermaq’s shareholders of around NOK 4.5 – 5.0 billion, or between NOK 48 and NOK 54 per share.

The Cermaq board will now continue its efforts to further develop the company's significant farming activities in Norway, Canada and Chile. Cermaq supports a further consolidation of the farming industry in selected geographical areas and will consider various solutions to further develop the company's strong position and further maximize residual shareholder value.

ABG Sundal Collier has acted as financial advisor, and Schjødt as legal advisor, to Cermaq in connection with the transaction.

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