"Being part of a pioneering company continuously triggers your curiosity and willingness to understand."

"I experience each morning as different. We partner with nature, but nature has its own rules. You have to work with her and not fight against neither nature nor biology. This is the beauty and the challenge of this job."

"On a daily basis we deal with an outstanding product that is the result of the accumulated efforts of our colleagues on the farms. The only way to make sure this quality reaches the consumer is by nurturing and applying a culture of passion for detail."

"In a starting position, I believe that previous experience can be useful to a certain extent, but the most important thing is how you think and do things. Attitude is everything."

"It is easy to feel energized every day when you like what you do and you do it together with a great team of people."

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Codfarmers is a leading company in the new industry of cod farming.

 Located above the Arctic Circle, our farms provide the best combination of stable low temperatures, strong currents and ocean shelter required to grow premium quality Atlantic Cod.

Through six harvest generations, Codfarmers has acquired a proven track record producing top quality farmed cod in large volumes.

Our global focus and extensive commercial network allow us to fulfil the daily needs of discerning customers and consumers worldwide.

We set ourselves ambitious goals for sustainable aquaculture, fish welfare and social responsibility, in line with our Responsible COD Culture programme.  

Codfarmers is listed on the Oslo Stock Exchange.

Subsequent to extensive research to identify the most suitable region and the best sites for cod farming Codfarmers began in January 2002 as a private limited company, Gadus AS. We adopted the name Codfarmers AS in April 2004, and became a public limited liability company (ASA) in April 2006.

Codfarmers was listed on the Oslo Stock Exchange as the first cod farming company on 19 October 2006 under the ticker code COD.

In March 2007, we established a juvenile and on-growing facility and entered into a strategic partnership with Marine Breed AS, the global leader in breeding programmes for marine species. This allows us to satisfy our own brood stock, cod fry and juvenile requirements, in addition to selling surplus juveniles to third parties.

We acquired a harvesting and filleting plant in July 2007, up-graded it and in June 2008, had it quality certified in accordance with the British Retail Consortium (BRC) standard.

Today, Codfarmers has more than 70 employees, a total capacity of 21,030 tonnes and several pending applications for additional production capacity.

We have fully integrated our value chain from brood stock to fillets and portions, with the purpose of guaranteeing our customers and consumers a consistent supply of the best quality cod nature can provide.

The Responsible COD Culture programme, based on fish welfare and sustainable aquaculture principles, ensures our quality focus throughout the value chain.

"The best cod roe provides the best cod specimens
...or is it the other way around?"

It is actually both.

By carefully selecting the best genetic stock we can ensure the best roe and develop an efficient and high quality production based on systematic selection.

This is only the beginning. Once the best roe is selected, know-how and state of the art facilities are required to ensure optimal conditions for hatching and for the fish in its early development stages.

This meticulous process is critical for ensuring the quantity and quality of juveniles required for us to become a self-sufficient industry leader.

The purchase of the hatchery facilities in March 2007, laid the foundation for Codfarmers Juveniles AS. This part of our business was developed into a fully integrated brood stock, hatchery and land based juvenile facility for farmed cod during 2008. The aim is to produce more than 7 million large juveniles per year.

Our dedication to systematically capturing best practice and to develop core competencies in cod farming have been a stronghold of the Company since the very beginning.

Our emphasis on R&D reflects this mindset. We are currently conducting several research projects throughout the value chain. These include issues like feed efficiency, light manipulation and maturation, processing, utilization of bi-products as well as marketing.

We have established sound operational procedures along with programs to preserve, develop and share best practices throughout the organisation.

By developing written protocols, procedures and routines, we have laid the foundation for an ongoing learning process aimed at establishing Codfarmers’ operations as the industry benchmark.

In July 2007, Codfarmers acquired the Halsa harvesting plant in Meløy, Nordland. We aim to establish Halsa as a state-of-the-art cod harvesting, packing and filleting facility. As part of an overall refurbishment of the facility, the production process, flow and equipment has been re-designed.

The aim has been to combine quality optimisation and efficiency gains while giving full consideration to fish welfare, and humane slaughtering principles.

Halsa’s combination of state-of-the-art machinery with a dedicated and experienced staff ensures top quality in both primary and secondary processing. The refurbishment of Halsa in early 2008 also laid the foundation for further capacity expansion in line with our future growth plans.

Cod Processing AS at Halsa is the world’s first specialized harvesting and packing plant for farmed cod. It was quality certified in accordance with the British Retail Consortium (BRC) standard in June 2008.

Codfarmers pursues a differentiated product and brand strategy aimed at offering top quality value added-products in addition to whole fish sourced primarily from our own farms but also from other quality conscious Norwegian cod farmers that adhere to our high quality standards.

Our distribution strategy is founded on the belief that we need to be as close to the consumer as practically and economically feasible. This allows us to understand and fulfil consumer requirements better while guaranteeing superb taste, optimum freshness, quality control and traceability.

Our sales office in Oslo, Norway, supported by local sales teams in some markets, aims to build strong direct relations with regional, national and international retailers catering for discerning consumers who value top quality fresh cod.

In the food service industry we seek to form long-term exclusive partnerships with specialized fresh seafood wholesalers servicing the quality conscious end of their market segments.

Wherever economic activity takes place, the environment will be affected in one way or another. Our activity will therefore, always impact the environment. We commit ourselves however, to minimize the environmental impact of our activities.Codfarmers is also a commercial enterprise with the aim to maximise long term return on the capital employed.

We do appreciate the fact that we can only deliver this provided we’re able to take good care of the natural resources that form the basis for the value we create.

Consequently, at Codfarmers we aim to run our business as environmentally friendly as possible. In that respect, fish welfare, eco-friendliness and sustainability are more than just slogans to us – they’re the very foundation for securing Codfarmers operation over the long-term.

Codfarmers has adopted the basic principles inherent in those terms. The philosophy is rooted in what we call “Responsible C O D Culture” – the backbone of our thinking and working at Codfarmers.

Located at 67º North, above the Arctic Circle, the region of Nordland has been the principle spawning area of the Norwegian Arctic cod for centuries.

Considered by marine biologists as the ultimate location for cod farming, these waters provide a unique combination of deep fjords rich in oxygen with the low temperatures optimal for breeding the finest cod.

The tidal waters of the Saltstraumen maelstrom create strong currents and rapid water circulation. In addition to guaranteeing oxygen rich and clean water they provide a continuous source of exercise for our cod.

Codfarmers Cod is the fittest cod in farming.

Brood fish and spawning

We select fish with the best taste, growth and health attributes for our brood stock. They are used for egg production from around the age of 3 years. During spawning the male and female swim belly to belly and release their eggs and milk in the water. Fertilized eggs then float to the surface and are collected from the spawning tanks. The cod spawn every 3 days in a spawning cycle of some 2 months, during which the female produces eggs at a quantity of up to 1.6 times her own body mass.

Eggs and hatching

Cod eggs are small. One litre contain up to 500,000 eggs. The collected fertilized eggs are disinfected and transferred to incubators where they are stored in circulated water for approximately 12 days until hatching. Temperature during incubation is between 4-6 ºC. An incubator can contain more than 5 million eggs. Newly hatched larvae are transferred to larvae tanks.

Fish larvae and first feeding

The fish larvae have a yolk sack that nourishes them the first few days. Approximately 3 days after hatching the larvae start to feed on small prey. At around 60 days and a weight of 0.2 grams, the small fry are transferred to nursery tanks for on-growing.

Fry and nursery stage

During the nursery stage the fry are grown up to a size of 2 grams. The fish are graded frequently to ensure good and even growth, and to prevent cannibalism. At this stage the fish is vaccinated against diseases for the first time. They stay here for about 60 days.

Juveniles and early on-growing

The small juveniles are then moved from the hatchery to bigger tanks for on-growing up to a size suitable for placement in sea cages. The fish are vaccinated by injection at the size of approximately 40 grams. The size at which they are put to sea can vary from 50-200 grams, depending on the

time of the year, temperatures, the size of the sea cages and net meshes, planned grow out time in the sea, etc. The fish are graded and quality sorted during this on-growing period that may last for 5 – 10 months, depending of growing temperature and final size.

Harvest Size

After the juveniles are transferred to sea cages, they are looked after by our dedicated farm managers and crews. During this time the fish are fed with a healthy diet of fish oil and a protein-rich combination of marine and vegetable feed materials.

In line with the Codfarmers Responsible COD Culture, we seek to ensure a sustainable marine raw material usage to the extent possible. When ready for harvest, our cod weigh around 3-4 kilos. They are transferred live by well boat to the waiting pens at our processing plant.

For more information about our products please contact us at market@codfarmers.com

Growing the best cod is only the beginning. Our goal is to ensure that consumers around the world, whether at home or in restaurants, enjoy a superior quality and taste experience every time they chose the finest fresh Cod from Nordland, Norway.

Illustration of a classic tail cut offering a
"whole" individual portion of chunky fillet.

Whether to provide a healthy meal or an exciting recipe for entertainment, cod is entering the menus of top chefs and top restaurants around the world.

Cod’s creamy flavour and succulent texture offers versatility for the professional and the home cook alike.

Cod is a healthy and nutritious option for anyone who enjoys the pleasure of cooking and treasures the combination of tasty food and healthy eating.

Cod is a perfect combination of great taste and health.

Each succulent bite is rich in proteins, low in fat content and full of vitamines.

Codfarmers’ success relies on the combined efforts of our committed employees.

Our approach is simple: find the best motivated people, build a culture of shared vision and goals, then enable each employee to maximize their individual contributions while developing their own personal potential.

"There is something fascinating every time you witness the beginning of life."

Before moving to Norway, Hassan lived in Iraq for 14 years. He joined Codfarmers in 2006 and now works as a site technician.

"I love what I do and I know how to do it. I feel I am part of a real team where all contributions are respected."

Stian works as a fish farm biology controller. He helps to ensure that all the biological needs of our cod are well looked after.

"The most important thing is to enjoy what you do so much that at the end of the day you find it hard to see it just as work."

Codfarmers offers its employees the opportunity to spearhead the development of a new industry. This is a continuous learning curve in which motivated people thrive. We are extremely result oriented, but emphasize a very flexible and free working environment with lots of room for individual development and with a broad range of opportunities for those that are motivated and passionate about what they do.

Our people work in close partnership with nature to create, prepare, brand and sell our products.

Working in the Hatchery means taking part in a pioneering race to improve the understanding of the cod biology in order to produce the best possible starting point for the rest of the process.

A whole range of opportunities cover all the initial stages from the cod development, from the egg to the early juveniles.

The waters of Nordland offer a unique location for farming cod.

In the farms, you will be in continuous contact with nature, either providing general support to the operation, being assigned to a specific pen or becoming the manager of a cluster of pens.

The processing department is the last stage of our value chain. The transformation that takes place here, allows us to turn high quality fish into delicious and nutritious cod based products.

Working in this division offers multiple opportunities ranging from primary to secondary processing as well as quality management.

From dealing with key accounts to being responsible of developing new markets and growing current markets, the sales department offers a range of positions which combine the possibility of contributing to your personal development while having a direct impact on results.

Despite the seafood market is global, it is crucial to understand the specific regional and local market dynamics in order to succeed. In this environment, having a specialized sales force is a must for a leading company.

From corporate marketing to brand management and new product development, the marketing discipline is aligned with the long term strategy of the company based on brand and new product development as key drivers for differentiation.

If you feel passionate about discovering new consumer insights and turning them into brands or new product features, there is no doubt that marketing is your place.

From receiving the client’s orders to their final fulfillment, the logistics covers all the value chain, acting as the main backbone of the company.

Coordinating the deliveries and reception of life product through the inbound logistics, ensuring the right processing according to customer specifications and finally, coordinating the timely and effective delivery of the product to its final destination.

From interacting with the capital markets to cost controlling every business unit, the finance department offers a a whole range of positions.

As a public company we continuously monitor the heartbeat of the financial markets and try to deliver the best results to our shareholder community. The role of the finance department is paramount in this task.

If you are interested in employment opportunities at Codfarmers, please see our vacant positions.

If there is no suitable vacant position, we encourage you to submit your profile and tell us about yourself at careers@codfarmers.com for possible vacancies in the future.

Please note that the following list has been
compiled by the company, based upon shareholder
information from VPS share registers. This
information includes all direct registered holdings in
Codfarmers ASA.

Company

No. of Shares

Ownership

The analysts' views, estimates,
and recommendations are their
own and do not necessarily reflect
the views of Codfarmers ASA

Company

Phone

Codfarmers' objetive is to yield a competitive return of invested capital to the shareholders throught a combination of dividends and share price development. In evaluating the dividend amount, the Board of Directors shall prioritize stable development, the Company's dividend capacity, and the requirements for sound equity capital as well as for adequate financial resources to enable future growth.

Codfarmers expects to pay limited or no dividends in the foreseeable future because of the Company's development, acquisitive and organic growth strategy.

Codfarmers has not made any dividends payments since its incorporation.

The Codfarmers ASA stock is listed on the Oslo Stock Exchange.
If you have any questions regarding your holding of Codfarmers ASA shares,

please contact the registrar in Norway:

DnB NOR VPS Service
Registrars Departament
Stranden 21
0021 Oslo
Norway
Phone: +47 22 48 35 90
Fax: +47 22 48 11 71

The board of codfarmers adopted the company's principles for corporate governance in September 2006. The principles are based on the Norwegian Recommendations for Corporate Governance updated 21 October 2009. Please see statement on how Codfarmers has adapted to the Norwegian recommendations enclosed in the Annual Report 2009.

The investor relations function (IR) in Codfarmers ASA aims to provide the market with precise, consistent and relevant information about the company.

Codfarmers ASA is concerned that investors and other market players are treated equally and have rapid access to relevant information. This is targeted to ensure that the markets valuation assessment of the group is formed on the best possible basis.

Codfarmers ASA holds quarterly financial presentations open to the public. Annual and quarterly results are transmitted directly via web cast. Important information is published on a continuous basis on the company’s web site www.codfarmers.com in accordance with laws and regulations.

The Annual General Meeting is held each year before the end of June. Extraordinary General Meetings may be called by the Board of Directors at any time. The Company's auditor or shareholders representing at least five percent of the total share capital may demand that an Extraordinary General Meeting be called.

General Meetings are convened by written notice to all shareholders with known addresses no later than 21 days prior to the date of the meeting. Proposed resolutions and supporting information will be distributed to the shareholders no later than the date of the notice.

The members of the nomination committee of Codfarmers ASA are:

MORTEN WERRING

JARL ULVIN

OTTAR HAUGERUD

If you have any questions, please contact

HARALD DAHL - CEO

Email: hd@codfarmers.com

Telephone: +47 23 11 85 65

Articles of Association of Codfarmers ASA

Business registration no. 984 186 614

as amended in the Extraordinary General Meeting held on 10 July 2009

The name of the Company is Codfarmers ASA. The Company is a Public Limited Company.

Harald Dahl

Position: CEO

Telephone: +47 90 11 92 82

Email: hd@codfarmers.com

Codfarmers ASA holds presentations open to the public every quarter.

Please note that the financial calendar is subject to change.

The website will be updated for any changes as soon as they become known.

Codfarmers ASA will present its financial reports on a quarterly basis (see financial calendar), no later than 45 days after each quarter has ended.

Codfarmer ASA will present its provisional annual accounts in February each year. Board approved annual accounts and the director´s report will be made public during March each year. Complementary annual report will be sent to all shareholders more than 14 days before the ordinary annual meeting.

Harald Dahl (42) is one of the founders of Codfarmers ASA. From 1986 to 1996 Harald Dahl was working- and partner in different Norwegian investment banking firms. His main focus was the process involving founding and listing of smb companies at the Oslo Stock Exchange.  Mr. Dahl's last position was as a partner with saga securities. He left investment banking in 1996 to establish his own financial investment and consulting company Ørn Unoterte AS and Ørn Rådgivning AS. he was the founder of Infostream ASA in 1992, an internet software and consulting company which grew from 6 to 170 employees, and he was chairman when Infostream was listed on Oslo Stock Exchange in July 1999. He has been actively engaged as an investor and board member in several companies eg. Voss Water of Norway ASA, Link Mobility etc. Harald Dahl resides in Oslo in Norway.

Dahl is one of two founders and has been a member of the board since the incorporation of the company, and held the position as chairman since in the period 2004 - 2010. His business address is C/O Codfarmers ASA, Vippetangen Skur 39, 0150 Oslo.

Marianne Elisabeth Johnsen (44) is a lawyer with a law degree from the University of Oslo and an MBA (with honours) from Solvay Business School in Brussels. She has several years of management experience both from public and private sector as a member of the top management at Ullevaal University Hospital and Vice President Strategy and Business Development within Elkem ASA. She is currently a partner and owner in X-lence Group AS, a management consulting company working mainly with turnarounds and business process improvement for major industry leaders in the Nordic countries. Johnsen has extensive experience as a board member/chairperson of several companies the last 10 years within the areas of finance, shipping/logistic, technology, offshore and aquaculture amongst others. Johnsen is currently a chairman of the board of X-lence Group AS and a member of the boards of directors of Grieg Logistics AS, Odin Fund AS, Pharmaq AS and the Norwegian Refugee Council. She has previously held directorships in Fjord Seafood ASA, Petroleum Geo Services ASA, Ementor ASA, HandiCare ASA and Aker University Hospital. Johnsen resides in Oslo. Her business address is Lilleakervn 2e, bld 8, 0283 Oslo.

Johnsen has been a member of the board since 10 May 2007.

COD JUVENILES

COD FARMING

COD PROCESSING

COD MARKET

COD FINANCE & ADMINISTRATION