Offer Document. Mandatory Offer to acquire all outstanding shares of. Which are not already owned by. Pan Fish ASA

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1 Offer Document Mandatory Offer to acquire all outstanding shares of Which are not already owned by Pan Fish ASA Offer Period: From and including 10 May to and including 7 June 2006, 16:30 (CET) Offer Price: NOK 8.38 per share in cash Managers: 8 May 2006

2 Offer Document Important notice This offer document has been prepared by Pan Fish ASA ( Pan Fish ) in order to document the terms of its mandatory offer for the shares in Fjord Seafood ASA ( Fjord Seafood ) not already owned by Pan Fish pursuant to the requirements of the Norwegian Securities Trading Act (the Offer ). This Offer Document has been prepared to comply with chapter 4 of the Norwegian Securities Trading Act, and has been reviewed and approved by Oslo Børs pursuant to said chapter. Shareholders in Fjord Seafood must rely upon their own examination of this offer document and should thus study it carefully so that a balanced judgment can be made of the Offer and the information that is discussed and described herein. When considering what actions to take, shareholders in Fjord Seafood are urged to seek the advice of financial and legal advisors. The issue and distribution of this offer document does not imply that the information included herein will continue to be correct and complete at any date subsequent to the date hereof. With the exception of Pan Fish and persons authorised by Pan Fish, no person or entity is entitled or authorised to provide any information or make any representations in connection with the Offer. If such information or representation is provided or made by any other subject than Pan Fish or persons authorised by Pan Fish, such information or representation should not be relied upon as having been provided or made by or on behalf of Pan Fish. This offer document will be distributed to the shareholders registered in Fjord Seafood s shareholder registry on 8 May 2006 and will also be available, free of charge at the offices of Carnegie ASA and DnB NOR Markets at the below addresses: Carnegie ASA Stranden 1 P.O.Box 684 Sentrum 0106 Oslo Norway Telephone: Telefax: DnB NOR Markets Corporate Finance Stranden 21 N-0021 Oslo Norway Telephone: Telefax: Financial Advisors Carnegie ASA and DnB NOR Markets are acting as financial advisors to Pan Fish in connection with the Offer. Carnegie ASA and DnB NOR Markets are acting for no one else in their respect and will not be responsible to any subject other than Pan Fish for providing (i) the protections normally granted to their customers or (ii) advice in relation to the Offer. No fairness opinion has been prepared in connection with the Offer.

3 Offer Document Restrictions General The distribution of this document or any separate summary documentation regarding the Offer, and the making of the Offer may, in certain jurisdictions (including, but not limited to Canada, Australia and Japan), be restricted by law. Therefore, persons obtaining this document or into whose possession this document otherwise comes, are required to inform themselves of and observe all such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. Pan Fish, Carnegie ASA and DnB NOR Markets do not accept or assume any responsibility or liability for any violation by any person whomsoever of any such restriction. This document is not directed to persons whose acceptance of the Offer requires that (i) further documents are issued in order for the Offer to comply with local law or (ii) registration or other measures are taken pursuant to local law. No document or material relating to the Offer may be distributed in or into any country where such distribution or offering requires any of the aforementioned measures to be taken or would be in conflict with any law or regulation of such country. In the event such distribution or offering nevertheless is made, an acceptance form sent from such a country may be disregarded as non-binding on Pan Fish. This document does not represent an offer to acquire or obtain securities other than the shares in Fjord Seafood that are subject to the Offer. The Offer and this document are governed by Norwegian law. United States of America The Offer is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial statements included in this document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to financial statements of U.S. companies. As used herein, the United States or the U.S. means the United States of America, its territories and possessions, any state of the United States of America, and the District of Columbia. Canada Neither this document nor any copy of it may be taken or transmitted into Canada or distributed or redistributed in Canada or to any individual outside Canada who is a resident of Canada, except in compliance with applicable rules. Japan Neither this document nor any copy of it may be taken or transmitted into Japan or distributed or redistributed in Japan for the purpose of soliciting an acceptance of the Offer to any residents of Japan. Australia The Offer is not being made directly or indirectly in or into and may not be accepted in or from Australia. Accordingly, if any copies of this document (and any accompanying documents) are mailed or otherwise distributed or sent in or into Australia, that action does not constitute an offer, and any purported acceptance by or on behalf of an Australian resident on the basis thereof will be invalid. No document reflecting the Offer has been or will be lodged with the Australian Securities & Investments Commission ( ASIC ) and ASIC has not approved the Offer in Australia.

4 Table of contents Mandatory Offer Important notice 2 Restrictions 3 Definitions 5 Responsibility for the Offer Document 7 The Board of Directors...7 Managers...7 Norwegian legal advisor to the Company Terms and conditions of the Mandatory Offer The Mandatory Offer The Offeror Pan Fish The target company Fjord Seafood The Offer Price Interest compensation The Offer Period Acceptance of the Offer Irrevocable acceptance Announcements Shareholder rights Settlement of the Offer Financing of the Offer Transaction expenses Fjord Seafood shares controlled by Pan Fish Contact between the parties prior to the Offer Agreements with Fjord Seafood's Board of Directors and management Statement from the Board of Directors of Fjord Seafood Compulsory acquisition of Fjord Seafood shares De-listing from Oslo Børs Consequences of the Offer for Fjord Seafood's employees Legal consequences of the Offer Tax consequences of the Offer Choice of law and legal venue Costs Managers Miscellaneous Background for the Offer 14 3 The Offer Price 15 4 Short presentation of Fjord Seafood Overview Description of operations Americas Shareholder structure in Fjord Seafood Short presentation of Pan Fish Business description Goals and strategy Board of Directors, senior management and employees Financial information Pan Fish Group Pro forma information for Fjord Seafood, Marine Harvest N.V. and Pan Fish Shareholder structure in Pan Fish Taxation of Norwegian shareholders Taxation of dividends Wealth tax Taxation of capital gains upon the realisation of shares Inheritance and gift tax Duties on the transfer of shares

5 7 Norsk sammendrag Bakgrunn for tilbudet Tilbyder Målselskapet Tilbudspris Rentekompensasjon Tilbudsperioden Aksept av Tilbudet Ugjenkallelig aksept av Tilbudet Oppgjør...28 Appendices 29 This offer document has been produced in the English language only. A summary in Norwegian is included in Section 7, titled "Norsk sammendrag" ("Norwegian Summary") for information purposes only. The English language version is the legally binding version and shall prevail in case of any discrepancies between the text and the Norwegian summary. 4

6 Definitions As used in this Offer Document, the following definitions apply except when otherwise stated. Definitions in plural also applies for words in singular, and vice versa: Acceptance The acceptance of the Offer by a Fjord Seafood shareholder Acceptance Form The form of acceptance enclosed as Appendix 2 and 3 to this Offer Document and to be used by Fjord Seafood shareholders when accepting the Offer Board of Directors The board of directors of the Company Business Day Any day except a Saturday, Sunday or any other day on which commercial banking institutions in Norway are authorized to close Carnegie Carnegie ASA Company Pan Fish ASA CET Central European Time DnB NOR DnB NOR Bank ASA DnB NOR Markets DnB NOR Bank ASA, DnB NOR Markets Dutch GAAP DGAAP; accounting principles generally accepted in the Netherlands EFTA The European Free Trade Association ESA The EFTA Surveillance Authority EU The European Union EUR or The currency introduced at the start of the third stage of the Economic and Monetary Union to the Treaty establishing the European Economic Community, as amended by the Treaty on the European Union Expiration Date The time the Offer Period expires, i.e. at 16:30 (CET) on 7 June 2006 Managers DnB NOR Markets and Carnegie Fjord Seafood Fjord Seafood ASA, a public limited liability company incorporated under the laws of Norway Fjord Seafood Shareholder Owner of one or more shares in Fjord Seafood Fjord Seafood Shares The shares in Fjord Seafood Geveran or Geveran Trading Geveran Trading Co. Ltd. Group Pan Fish and its subsidiaries IFRS International Financial Reporting Standards Marine Harvest Marine Harvest N.V., a public company with limited liability incorporated under the laws of the Netherlands, with its corporate seat in Amersfoort, the Netherlands NIBOR Norwegian InterBank Offer Rate; the reference interest rate quoted between Norwegian banks NOK or Norwegian kroner The lawful currency of the Kingdom of Norway Nordea Nordea Bank Norge ASA Norwegian Concession Equivalents Production capacity of one Norwegian license/concession (average of 1000 tons per production cycle) Norwegian GAAP NGAAP; accounting principles generally accepted in Norway Norwegian Register of Business Enterprises Offer or Mandatory Offer Offer Document The Norwegian Register of Business Enterprises at Brønnøysund, Norway (Foretaksregisteret) The mandatory offer made by Pan Fish to acquire all of the issued and outstanding Fjord Seafood shares, on the terms set out in this Offer Document This document prepared in connection with the Offer Offer Period The period from and including 10 May 2006 up to and including 16:30 (CET) on 7 June 2006 Offer Price NOK 8.38 per Fjord Seafood share in cash Oslo Børs Oslo Børs ASA Pan Fish or Offeror Pan Fish ASA, a limited liability company incorporated under the laws of Norway PLCA The Norwegian Public Limited Companies Act of 13 June 1997 No. 45 5

7 Public Limited Companies Act The Norwegian Public Limited Liability Companies Act of 13 June 1997 No. 45 Receiving Agent DnB NOR Markets Round weight Weight of ungutted fish (rw) Securities Trading Act The Norwegian Securities Trading Act of 19 June 1997 Settlement The cash consideration for the Fjord Seafood shares Share Capital The total amount of registered and outstanding Shares in Pan Fish STA Securities Trading Act of 19 June 1997 No. 79 USD American dollar VPS The Norwegian Central Securities Depository (Verdipapirsentralen) 6

8 Responsibility for the Offer Document The Board of Directors This document has been prepared by the board of Pan Fish ASA in order to provide the shareholders of Fjord Seafood ASA with the terms and conditions for Pan Fish ASA s mandatory offer for all of the shares in Fjord Seafood ASA pursuant to the requirements of the Norwegian Securities Trading Act. As per 5 May 2006, Pan Fish ASA owns 395,475,654 shares in Fjord Seafood ASA representing a total of % of Fjord Seafood ASA's issued shares and the voting rights in Fjord Seafood ASA s general meeting. The information in this document regarding Fjord Seafood ASA is based exclusively on publicly available information. Oslo, 8 May 2006 Gabriel Smith (Chairman) Tor Olav Trøim Arthur Duus Bjørn Simonsen Kathrine Mo Managers Carnegie ASA and DnB NOR Markets have assisted the board of directors of Pan Fish ASA in preparing this document. The information regarding Fjord Seafood and Pan Fish ASA in this document is based on material available in the public domain. Carnegie ASA and DnB NOR Markets do not provide any guarantees nor do we accept any responsibility in any way whatsoever with respect to the accuracy or completeness of the information set out in this document. As of the date of this document Carnegie ASA owned 0 shares in Fjord Seafood ASA and 0 shares in Pan Fish ASA, and employees in Carnegie ASA and companies controlled by employees, owned 0 shares in Fjord Seafood ASA and 0 Shares in Pan Fish ASA. DnB NOR Bank ASA, owned 0 shares in Fjord Seafood ASA and 19, Shares in Pan Fish ASA, and employees in DnB NOR Markets and companies controlled by employees, owned 0 shares in Fjord Seafood ASA and 0 Shares in Pan Fish ASA. Oslo, 8 May 2006 Carnegie ASA DnB NOR Markets Norwegian legal advisor to the Company Wiersholm, Mellbye & Bech, advokatfirma AS has acted as Norwegian legal adviser to Pan Fish ASA in connection with the offer described in this document. The terms of the offer as set out herein, complies in our opinion, with the formal requirements to mandatory offers pursuant to chapter 4 of the Norwegian Securities Trading Act. We have also reviewed Section 6 of this document describing the tax consequences of the offer made by Pan Fish ASA. The content thereof is, in our opinion, reflecting current Norwegian law. Our opinion as aforesaid is strictly limited to matters governed by Norwegian law. We express no opinion in relation to the description of commercial, financial or accounting issues in this document. Oslo, 8 May 2006 Wiersholm, Mellbye & Bech advokatfirma AS 7

9 1 Terms and conditions of the Mandatory Offer This Offer Document contains the terms and conditions upon and subject to which Pan Fish offers to acquire all Fjord Seafood shares not already owned by Pan Fish. The Offer is made to all Fjord Seafood Shareholders and the Offer Document has been sent to shareholders with known addresses appearing in the shareholder register of Fjord Seafood in the VPS as of 8 May Fjord Seafood Shareholders residing in jurisdictions where the Offer Document may not be lawfully distributed have been excluded from the distribution thereof. 1.1 The Mandatory Offer Pan Fish is offering to acquire all outstanding shares in Fjord Seafood not currently held by the Company on the terms and conditions set out in this Offer Document. Fjord Seafood Shareholders accepting the Offer will receive a consideration of NOK 8.38 per Fjord Seafood Share in cash. See section 2 "Background for the Offer" for further information about the reasons for the acquisition of Fjord Seafood. 1.2 The Offeror Pan Fish The Offer is made by Pan Fish, a Norwegian public limited liability company incorporated under the laws of Norway. The shares of Pan Fish are listed on Oslo Børs with the ticker code PAN. Pan Fish is registered in the Norwegian Register of Business Enterprises under registration number NO The registered office and head office of Pan Fish is Maskinveien 32, P.O. Box 342 Forus, N-4067 Stavanger, Norway. The telephone number is and the fax number is Pan Fish owns 395,475,654 shares in Fjord Seafood, corresponding to % of the Share Capital and the votes in Fjord Seafood. See section 5 "Short presentation of Pan Fish" for further information about Pan Fish. 1.3 The target company Fjord Seafood Fjord Seafood is a Norwegian public limited liability company and is a leading, integrated, global supplier of value added seafood, with total revenues of EUR 484 million in Fjord Seafood is listed on Oslo Børs with ticker code FJO. See section 4 "Short presentation of Fjord Seafood" for further information about Fjord Seafood. Fjord Seafood has a registered share capital of NOK 589,785,694, divided into 589,785,694 shares, each with a par value of NOK 1,00 and of equal rights. Fjord Seafood is registered in the Norwegian Register of Business Enterprises under registration number NO The Fjord Seafood shares are registered in the VPS under ISIN number NO The registered office and head office of Fjord Seafood is at Beddingen 8, N-0250 Oslo, Norway. 1.4 The Offer Price Fjord Seafood Shareholders accepting the Offer will receive a consideration of NOK 8.38 per Fjord Seafood Share in cash. Any dividend or other payment on the Fjord Seafood Shares resolved to be paid prior to settlement of the Offer shall reduce the Offer Price accordingly. See section 3 "The Offer Price" for more about the background for the Offer Price. 1.5 Interest compensation No interest compensation will be paid from the date of acceptance of the Offer until settlement of the Offer is made. 8

10 1.6 The Offer Period Mandatory Offer The Offer Period shall commence on 10 May 2006 and expires at 16:30 (CET) on 7 June The Offer Period will not be extended. 1.7 Acceptance of the Offer In order for Fjord Seafood Shareholders to accept the Offer, the Acceptance Form (or a copy thereof), properly completed and duly executed, must be sent by regular mail or fax or otherwise delivered, together with any other required documents, to the Receiving Agent at the address below, in time to be received by the Receiving Agent before 16:30 (CET) on 7 June A pre-paid postage envelope (addressed to DnB NOR Markets Registrars Department), which can be used if the Acceptance Form is sent by letter, is included in the Offer Document. The Acceptance Form must be received by the Receiving Agent before 16:30 (CET) on 7 June 2006: DnB NOR Markets Registrars Department Stranden 21, Aker Brygge N-0021 Oslo Norway Facsimile: / Fjord Seafood Shareholders holding Fjord Seafood shares in several VPS accounts will receive one Acceptance Form for each VPS account. Pan Fish is not required to honor Acceptance Forms that are received after the expiration of the Offer Period, but may do so at its discretion. Pan Fish reserves the right to reject any or all acceptances of the Offer, which are incorrectly, or otherwise illegally undertaken. Pan Fish also reserves the right to consider an acceptance of the Offer valid, wholly or partially, even if incorrect, not accompanied by the necessary document(s) or otherwise received elsewhere than stated above, in which event settlement will be completed when such acceptance is fully corrected and all necessary documents have been received, to the satisfaction of Pan Fish. Neither Pan Fish, Carnegie or DnB NOR Markets, nor any third parties will be under any duty to give notification of any deficiency or irregularity with respect to any acceptances or incur any liability for failure to give any such notification. All Fjord Seafood Shares to be tendered pursuant to the Offer are to be transferred free of any encumbrances and any other third party rights whatsoever and with all shareholder rights attached to them. Any third party with registered encumbrances or other third-party rights over the relevant Fjord Seafood Shares and/or VPS account(s) must sign on the Acceptance Form and thereby waive their rights to such Fjord Seafood Shares and approve the transfer of such Fjord Seafood Shares to Pan Fish free and clear of any encumbrances and any other third party rights whatsoever. Any shareholder whose Fjord Seafood Shares are registered with the VPS in the name of brokers, banks, agents, trustees, nominees, custodian or other managers must contact such persons in the event that it wishes to accept the Offer. Such broker, bank, agent, trustee, nominee, custodian or other manager must execute and deliver the Acceptance Form on behalf of such Fjord Seafood Shareholder. By executing and delivering the Acceptance Form, the Fjord Seafood Shareholder irrevocably authorizes the Receiving Agent to block the Fjord Seafood Shares encompassed by the acceptance in favour of the Receiving Agent on behalf of Pan Fish. This means that no transactions relating to the Fjord Seafood Shares encompassed by the acceptance may be undertaken after the Offer has been accepted. The blocking will only be in effect in relation to the Fjord Seafood Shares encompassed by the acceptance and will not have any affect on other securities, which are registered at the same VPS account. By delivering the Acceptance Form, the Fjord Seafood Shareholder also authorizes VPS, on instructions from the Receiving Agent, to transfer the Fjord Seafood Shares to an escrow VPS account in the name and in favour of the Receiving Agent for the benefit of Pan Fish. 1.8 Irrevocable acceptance The acceptance of the Offer by delivery of an executed Acceptance Form to the Receiving Agent is irrevocable, and such acceptance may not be withdrawn, in whole or in part by the applicable Fjord Seafood Shareholder, before or after the Expiration Date. 9

11 1.9 Announcements Mandatory Offer Without limiting the manner in which Pan Fish may choose to make any public announcement, and subject to Pan Fish's obligations under applicable law, Pan Fish will have no obligation to publish, advertise or otherwise communicate any such public announcement other than by release to Oslo Børs electronically information system Shareholder rights Fjord Seafood Shareholders accepting the Offer will remain owners of the tendered Fjord Seafood Shares and, to the extent permitted by Norwegian law, retain their voting rights and other shareholder rights, until the settlement of the Offer Settlement of the Offer Settlement of the Offer will be made in NOK. Upon Settlement, the amount due to each accepting Fjord Seafood Shareholder will be transferred to the bank account, which such Fjord Seafood Shareholder has registered with the VPS for dividend payments. If a bank account for any accepting Fjord Seafood Shareholder has not been registered with the VPS-account, Settlement will take place by bank transfer or, with regard to Fjord Seafood Shareholders resident abroad, by currency cheque. The cash payment will be made as soon as possible and at the latest 14 days after the expiration of the Offer Period, i.e. at the latest on 21 June Financing of the Offer The consideration payable by Pan Fish under the Offer will be financed with the proceeds from the private placement resolved at the extraordinary shareholders meeting on 26 April 2006, and other available cash Pan Fish has, as required by Norwegian law, established a bank guarantee covering its obligation to pay for the Fjord Seafood Shares to be purchased trough the Offer. See appendix 1 where a copy of the Payment Guarantee from DnB NOR Bank is enclosed Transaction expenses Pan Fish will pay costs directly related to VPS transactions in connection with the Offer. Fjord Seafood Shareholders accepting the Offer using the enclosed Acceptance Form will not be charged with broker s commission or other costs related to the Offer. Pan Fish will not, however, cover costs for any advice, assistance etc. sought by Fjord Seafood Shareholders Fjord Seafood shares controlled by Pan Fish As of the date of this Offer Document, Pan Fish owns 395,475,654 Fjord Seafood shares, i.e % of the aggregate amount of outstanding Fjord Seafood shares and the votes. Pan Fish has not acquired any Fjord Seafood Shares, and has not made any agreements for acquisition of Fjord Seafood shares, through the use of options or any other such financial instruments, nor does Pan Fish own options or other such financial instruments as per the date of this Offer Document Contact between the parties prior to the Offer There has been no formal contact with regard to the Offer between the Board of Directors of Pan Fish and the Board of Directors of Fjord Seafood prior to, and after, the press release on 10 April 2006 stating Pan Fish's intention to put forward a mandatory offer for all outstanding shares in Fjord Seafood. There has been no formal contact with regard to the Offer between the management of Pan Fish and the management of Fjord Seafood prior to, and after, the press release on 10 April 2006 stating Pan Fish's intention to put forward a mandatory offer for all outstanding shares in Fjord Seafood. 10

12 1.16 Agreements with Fjord Seafood's Board of Directors and management No special advantages (or prospects of such) are accorded by agreement to members of the management or governing bodies of Fjord Seafood in connection with the Offer Statement from the Board of Directors of Fjord Seafood Under the Norwegian Securities Trading Act Section 4-16, the Board of Directors of Fjord Seafood is required to issue a statement concerning the Offer, including information on the employee s views and other factors of significance for assessing whether the shareholders should accept the Offer, no later than one week prior to the expiry of the Offer Period, i.e. within 31 May Compulsory acquisition of Fjord Seafood shares If as a result of the Offer or otherwise Pan Fish acquires more than 90% of the total issued shares in Fjord Seafood, Pan Fish will have the right to effect a compulsory acquisition pursuant to Section 4-25 of the Public Limited Companies Act, whereby Pan Fish will acquire all remaining Fjord Seafood Shares not already owned by Fjord Seafood. Each remaining holder of Fjord Seafood Shares will also have the right to require Pan Fish to effect such compulsory acquisition of their Fjord Seafood shares. At the time Pan Fish has resolved to acquire the remaining Fjord Seafood Shares and the purchase price offered for these shares has been paid into a separate account, the Fjord Seafood Shares will be transferred to Pan Fish. The price to be paid in a compulsory acquisition will, in the absence of an agreement between Pan Fish and the remaining Fjord Seafood Shareholders, be determined in accordance with Section 4-25, second and third paragraph of the Public Limited Companies Act. According to such provisions, Pan Fish shall first offer the remaining Fjord Seafood shareholders a price at which it is willing to purchase Fjord Seafood Shares. If Pan Fish presents the offer in writing to all of the remaining Fjord Shareholders with a known address, and the offer is announced in the Register of Business Enterprises electronic bulletin for public announcements and in a newspaper generally read at Fjord Seafood s place of business, Pan Fish may set a time limit of no less than two months for each former Fjord Seafood Shareholder to contest or refuse the offer. Former Fjord Seafood Shareholders who have not contested or refused such offer within the expiration of such time limit will be deemed to have accepted such offer. If certain Fjord Seafood Shareholders do not accept such offer, the price to be paid to those Fjord Shareholders in the compulsory acquisition will be determined by the Norwegian court. The Norwegian court will have full discretion with respect to evaluating the price to be paid for Fjord Seafood Shares as of the commencement of the compulsory acquisition De-listing from Oslo Børs If Pan Fish no longer considers the listing of the Fjord Seafood Shares on the Oslo Stock Exchange appropriate, Pan Fish may propose to the general meeting of Fjord Seafood that Fjord Seafood shall apply for the delisting of its shares on Oslo Børs. Such proposal requires the approval of a 2/3 majority of the Fjord Seafood Shares represented at Fjord Seafood's general meeting to be adopted. Any such delisting is to be decided by Oslo Børs in accordance with the Norwegian Stock Exchange Regulations. The board of directors of Oslo Børs may also decide, at its own initiative, to have the Fjord Seafood Shares delisted at Oslo Børs. Pan Fish intents to apply for a delisting of the Fjord Seafood Shares in the event that Pan Fish acquires more than 90% of the Fjord Seafood Shares Consequences of the Offer for Fjord Seafood's employees The process of integrating Pan Fish, Marine Harvest and Fjord Seafood will not start until competition authorities have cleared the transactions. The integration process is in an early phase, formal decisions have not been taken and at this stage it is too early to say what consequences the integration will have for the Fjord Seafood employees, other than that emphasis will be put on exploiting the combined management and employee resources in all three companies Legal consequences of the Offer The acquisition by Pan Fish of a controlling interest in Fjord Seafood and the acquisition of Marine Harvest will require certain regulatory approvals, including antitrust clearance and the approval of the Norwegian Ministry of Fisheries under the Norwegian Aquaculture Act. Pan Fish has on 20 March 2006 sent an application to the Ministry of Fisheries and Coastal Affairs, for permission to own up to 25 % of the national licensed biomass. Pan Fish will after completion of the acquisition of Marine Harvest N.V. control approximately % of the national licensed biomass, and % of the national licensed biomass provided a 11

13 successful completion of the offer to acquire all of the shares in Fjord Seafood. The Ministry of Fisheries and Coastal Affairs gave the necessary approval on 4 May 2006 on the following conditions: "1. The company's R&D-operations shall have a yearly actual increase of at least 5%. 2. The degree of processing of the company's products shall increase with the aim of economical integration in the coastal districts of Norway. This shall be operationalised by increasing the volume of salmon and trout (gutted weight) which is sent for filleting etc. in the coastal districts of Norway by 10% per year. 3. Pan Fish shall report on the development of the company's R&D-operations in Norway, and on the degree of processing on the company's products in Norway, cf. conditions 1 and 2. In addition, the company shall report on the development of the number of employees in Norway. 4. Pan Fish shall prepare a record showing the company's/group's ownership in subsidiaries or companies associated in other ways with permits to farm edible fish from salmon and trout in the sea. The ministry may grant exemption from the conditions under particular circumstances. The conditions shall be revised five years after the approval was given." The acquisition of Marine Harvest and the acquisition of a controlling interest in Fjord Seafood are subject to anti-trust and regulatory approvals being obtained. Required approvals include anti-trust clearance as well as the approval of the Norwegian Ministry of Fisheries under the Norwegian Aquaculture Act. Pan Fish is in the process of filing all required anti-trust clearance filings. A positive and unconditional clearing has already taken place in Norway following from the Norwegian Competition Authority s informal decision (26 April 2006) on not to open a so-called phase II investigation of the transaction. The decision has, however, no binding effect on the authorities in other relevant jurisdictions and there can be no guarantee that such approvals will be obtained, and, if obtained, they may be subject to conditions. Such conditions could include the divestment of certain assets Tax consequences of the Offer Acceptance of the Offer will imply a realization of the shares in Fjord Seafood for tax purposes. Each Fjord Seafood shareholder is responsible for any taxes as a consequence of his/her acceptance of the Offer. Pan Fish assumes no responsibility for any tax liability resulting from the acceptance of the Offer. For a brief description of certain tax matters, see section 6 Taxation of Norwegian shareholders. Fjord Seafood shareholders are urged to seek advice from their own tax advisors in order to determine the particular tax consequences to them from their acceptance of the Offer and the relevance or effect of any domestic or foreign tax laws or treaties Choice of law and legal venue The Offer and all acceptances thereof shall be governed by, and construed in accordance with Norwegian law. Any disputes that arise in conjunction with the Offer, the Offer Document and the Acceptance Form, which cannot be amicably resolved, are subject to the jurisdiction of Norwegian courts with legal venue in Stavanger Costs Pan Fish will pay all commissions and costs directly related to any VPS transaction required to complete the purchase of the Fjord Seafood shares under the Offer. Fjord Seafood Shareholders accepting the Offer will not incur any brokerage fees or other costs directly related to VPS transactions in connection with their possible acceptance of the Offer. Any tax consequences or costs incurred by Fjord Seafood Shareholders for financial or legal advice or any other costs incurred by them in connection with the Offer will, on the other hand, not be paid by Pan Fish Managers Managers for Pan Fish in connection with the mandatory Offer are Carnegie ASA, Stranden 1, Aker Brygge, P.O.Box 684 Sentrum, 0106 Oslo, Norway and DnB NOR Markets, Stranden 21 Aker Brygge, 0021 Oslo, Norway. 12

14 1.26 Miscellaneous Mandatory Offer This Offer Document is sent to all eligible Fjord Seafood Shareholders of record as of , to the address recorded on each shareholder s VPS-account. No confirmation of receipt of acceptances or other documents will be given by, from or on behalf of Pan Fish. Additional copies of the Offer Document will be available on request from the Managers during normal business hours at: Carnegie ASA DnB NOR Markets Stranden 1 Aker Brygge Stranden 21 Aker Brygge P.O.Box 684 Sentrum NO 0021 Oslo NO 0106 Oslo Tel: Tel: Fax: Tel: All other documents referred to in this Offer Document are available at Pan Fish's head office in Stavanger or on the Internet at 13

15 2 Background for the Offer Mandatory Offer For a short presentation of Fjord Seafood, see section [4 "Short presentation of Fjord Seafood". The information in this Offer Document is retrieved from publicly available information regarding Fjord Seafood, such as annual reports, quarterly financial statements, Fjord Seafood's Web-pages, etc. On 6 March 2006 Pan Fish acquired 25.7 % (151,758,164 shares) of the total number of outstanding shares in Fjord Seafood ASA from Geveran Trading Limited and thus becoming the largest shareholder in Fjord Seafood. The acquisition of the shares in Fjord Seafood was financed through a share issue in Pan Fish of 280,195,692 new shares to Geveran Trading Limited. The subscription price was set to NOK 4.36 per share, which valued the Fjord Seafood shares at NOK 8.05 per shares. On 16 March 2006 Pan Fish announced another acquisition of 83,991,000 shares in Fjord Seafood (14.24 %) in the market at an average price of NOK 7.97 per share. After this acquisition Pan Fish held a total of 235,749,164 shares in Fjord Seafood, corresponding to %. On 7 April 2006, Pan Fish acquired, subject to approval by the shareholders, 104,410,363 shares in Fjord Seafood after trading hours at Oslo Børs equal to 17.7 per cent of total outstanding shares in Fjord Seafood. The required resolution was passed at the general meeting on 26 April 2006 by the issuance of 136,712,319 new Pan Fish shares as consideration for the acquisition of the 104,410,362 Fjord Seafood shares. The subscription price was set at NOK 6.40 per share which valued the Fjord Seafood shares at NOK 8.38 per share. After 7 April 2006, Pan Fish has acquired Fjord Seafood shares in the market at prices, which do not exceed the Offer Price, which brings its current holding in the company up to approximately 67 %. On April , Pan Fish announced that it would put forward a mandatory bid to acquire the remaining outstanding shares in Fjord Seafood. Pan Fish has through the acquisition of the Fjord Seafood shares on 26 April 2006 acquired a controlling interest in Fjord Seafood and the acquisition requires certain regulatory approvals, see section 1.21 Legal consequences of the Offer. For further information regarding these transactions see the prospectus dated 8 May 2006 which is available on and The acquisition Fjord Seafood is an important step in Pan Fish's strategy to be an active consolidator in the fish industry. The acquisition of Fjord Seafood will further strengthen Pan Fish's position as the largest player in the fish farming market, with an estimated harvest volume of approximately 424,000 tonnes (wfe) salmon in 2006, which corresponds to approximately 25 % of the world's farmed salmon production. Fjord Seafood provides the combined company with a robustness that will enable it to continue to grow in the fish farming markets and to introduce farmed fish into new regions. Operational synergies are expected to be realized by combining operations and improving the utilization of the combined company's assets. The Acquisition contributes significantly to Pan Fish's position as a year round supplier to the Company's key customers and it provides the Company with a wider product mix and customer base. The size and knowledge base of the combined company will enable it to further enhance its position within Value Added Products and secondary processing, and to create value by increasing its participation in a larger part of the value chain. The expansion in production capacity increases flexibility, specialization and product development, which in turn will enable the Company to strengthen its market position. The lowest cost position will be a strategic building block for the combined company, in addition to sustainable fish farming, animal husbandry, seafood quality and high-level partnership with customers. The key areas to focus on to achieve these objectives will be openness, continuous development of knowledge and a lean organisation. 14

16 3 The Offer Price The Offer Price is NOK 8.38 per Fjord Seafood share paid in cash. The Offer Price is equal to the market price at closing on Oslo Børs on 7 April 2006, and the price paid by the Managers on 7 April 2006 for the acquisition of 104,410,363 Fjord Seafood shares on behalf of Pan Fish. Pan Fish acquired these shares against consideration in the form of 136,712,319 new Pan Fish shares resolved to be issued at the general meeting on 26 April The subscription price was set at NOK 6.40 per share, which valued the Fjord Seafood shares at NOK 8.38 per share. Pan Fish has not purchased any Fjord Seafood shares at prices higher than the Offer Price over the last six months. The graph below shows the development in price and traded volume for the Fjord Seafood shares in the period 1 January 2005 to 8 May Figure 3-1: Development in share price and volume of the Fjord Seafood Share Share price FJO (NOK) Volume FJO (# of shares million) Source: JCF Group 15

17 4 Short presentation of Fjord Seafood The text below is provided for information purposes only as the text sets forth a brief description of Fjord Seafood. 4.1 Overview Fjord Seafood is an integrated, global supplier of value added seafood with operations in nine countries. The company produces a wide range of seafood products for customers in Europe, the US and Asia. The products are processed in a number of countries, including Belgium, the Netherlands, Scotland and France, as well as in Chile and the US. The salmon used in the production mainly comes from Fjord Seafood's own aquaculture operations in Norway, Chile and Scotland. The company's strategic focus areas include fresh water and on-growing farming activities, value added processing, marketing, product development and sales. The group's head office is located in Oslo, Norway, and the company employed 2,444 people at the end of Leif Frode Onarheim is chairman of Fjord Seafood's Board of Directors. Additional Directors are Olav Fjell, Bent Fuglesang, Truls Holthe, Marianne E. Johnsen, Solveig Strand, Bjørn Haug (employee representative) and Frank Øren (employee representative). The Corporate Management consists of Helge Midttun (President & CEO), Sverre Hærem (CFO), Torben Petersen (EVP America), Thomas Farstad (EVP Norway Farming) and Jo Dekeyzer (EVP Europe). Table 4-1: Historical financial information Fjord Seafood Income statement Fjord Seafood Figures in EUR million Gross operating revenues Profit/loss before value adjustment on biomass Value adjustments on biomass Operating profit/loss after value adjustments on biomass Profit/loss before tax Net profit/loss Balance Sheet Fjord Seafood ) 2004 Figures in EUR million Total fixed assets Total current assets Total assets Total liabilities Total equity Total liabilities and equity Description of operations Europe Fjord Seafood combines farming facilities in Norway and Scotland with processing facilities in Belgium, the Netherlands, Scotland, Iceland and France. The Norwegian sales organisation focuses on sales to European smokehouses, Russia, the Far East and sister companies in Central Europe. Customers in the Retail segment consist of big European retailers inclusive hard discounts. The Foodservice segment serves institutional and commercial catering, transport catering, distributors, hotels and restaurants. 16

18 Norway Activities in Norway include farming, slaughtering, packaging and sales. The company has smolt operations in 4 different locations, 52 on-growing operations' licenses and 1 slaughterhouse at Herøy. Norwegian products are sold through the Norwegian sales organisation in Måløy, the company's main office in Norway is located in Brønnøysund. Norway Slaughtered volume (tonnes gutted weight) 35,359 34,388 Revenue (EUR millions) EBIT (EUR millions) Employees Belgium The company operates in Belgium through its wholly owned subsidiary Fjord Seafood Pieters. With locations in Brugge, Londerzeel and Namen, activities include purchasing, processing, product development, marketing, sales and distribution. Londerzeel and Namen are distribution centers with own sales team. Fjord Seafood Pieters is to some extent involved in primary processing, namely filleting, and is extensively involved in secondary processing, namely grading, portioning, packaging, preparation of meals and meals components, coating and smoking. Species used in the products include salmon, white fish and shellfish. Belgium Total sold volume (thousand kg) 20,977 19,367 Revenue (EUR millions) EBIT (EUR millions) Employees The Netherlands Fjord Seafood Sterk is located in Lemmer, Holland, and is Fjord Seafood's specialist in coated and/or prefried products. Activities involve purchasing, processing, product development, marketing and sales. Processing activities comprise both filleting, grading, breading, per frying and packaging. The products are mainly based on flatfish (plaice). The Netherlands Total sold volume (thousand kg) 7,914 7,195 Revenue (EUR millions) EBIT (EUR millions) Employees France In France, Fjord Seafood has 3 companies engaged in processing of fresh and frozen seafood. Fjord Seafood Rolmer, Fjord Seafood Appéti'Marine and Fjord Seafood Les Mareyeurs Bolounnais are located in Challans, Dunkerque and Boulogne-sur-Mer, respectively. Activities include purchasing, processing and sales. France Total sold volume (thousand kg) 6,549 5,651 Revenue (EUR millions) EBIT (EUR millions) Employees Scotland In addition to salmon farming, Fjord Seafood's operations in Scotland include slaughtering, filleting and smoking while sales are being coordinated out of Belgium. The bulk of products are designated for 3 key retailers on the European mainland, but there are also some customers in Scotland and England. The company has 8 on-growing licenses and 1 combined slaughtering house/ processing facility/ smokehouse. Scotland Slaughtered volume (tonnes gutted weight) 4,686 5,820 Revenue (EUR millions) EBIT (EUR millions) Employees Americas Fjord Seafood's Americas operations include activities in Chile and the US. The Chilean operations consist of farming, processing and sales. The bulk of the production is sold in the US through Fjord Seafood's American sales organisation, but South America and Japan are also important markets. Fjord Seafood also has its own processing and distribution network in the US. 17

19 Chile In Chile Fjord Seafood has a fully integrated fish farming operation, in addition to processing and sales activities. Fjord Seafood has 5 freshwater licences, 50 on-growing operations' licenses and 1 processing facility. Chile Slaughtered volume (tonnes gutted weight) 28,767 26,015 Revenue (EUR millions) EBIT (EUR millions) Employees 989 1,051 USA Fjord Seafood's activities in the US involve purchasing, smoking, marketing and sales. The company has a fish smoking facility in Belfast, Maine and sales office in Miami, Florida. Species sold in the US include salmon, herring, tilapia, shrimps, scallops and mussels. The smoked products are marketed through the Ducktrap brand. USA Total sold volume (thousand kg) 13,716 na Revenue (EUR millions) EBIT (EUR millions) Employees Permits and licenses The following table gives and overview of the seawater licenses in Fjord Seafood. Country # Owned # Leased # Total Norway Chile Scotland Total For further information on Fjord Seafood, see the company Web site: 4.4 Shareholder structure in Fjord Seafood As of 8 May 2006 Fjord Seafood had 5,703 shareholders, of whom 214 were non-norwegian, registered in the VPS. Among Fjord Seafood's foreign shareholders, 1 of them is resident in a jurisdiction (Australia, Canada or Japan) where the Offer will not be put forward. This shareholder owns 2,000 Fjord Seafood shares, which constitutes % of the total outstanding share capital. Fjord Seafood s 20 largest shareholders registered in the VPS as at 8 May 2006: Table 4-2: The 20 largest shareholders in Fjord Seafood Shareholder in Fjord Seafood Number of Shares % 1 Pan Fish ASA 388,394, % 2 Skandinaviska Enskilda (Publ) Oslofilialen 9,302, % 3 Credit Suisse Securities Special Custody a/c 8,400, % 4 Clearstream Banking CID Dept. Frankfurt 7,657, % 5 Danske Bank A/S 3887 Operations Sec 7,214, % 6 Morgan Stanley & Co. Client Equity Account 5,848, % 7 Skandinaviska Enskilda a/c Sec. Fin. Proprie 5,513, % 8 MP Pensjon 5,121, % 9 Fondsavanse AS 4,751, % 10 Carnegie Investment Client Account 4,698, % 11 Svenska Handelsbanken c/o Handelsbanken AS 4,356, % 12 Goldman Sachs Intern Equity House Clearan 4,161, % 13 JP Morgan Chase Bank Clients Treaty Account 4,030, % 14 Skandinaviska Enskilda a/c Finnish Resident 3,818, % 15 Morgan Stanley and C Trading Account 3,563, % 16 JP Morgan Chase Bank Clients non Treaty A. 3,514, % 17 Fischer Partners Fon 3,254, % 18 Verdipapirfondet NOR v/nordea Fondene AS 3,163, % 19 Goldman Sachs & Co. Equity Nontreaty Cus. 2,956, % 20 Deutsche Bank AG Lon 2,588, % Total 20 largest shareholders 482,309, % Other shareholders 107,475, % Total shares 589,785, % * Registered as nominee shareholder in the VPS. 18

20 5 Short presentation of Pan Fish 5.1 Business description Pan Fish is one of the world s leading marine aquaculture companies. Its focus is to become the world s most cost-effective producer of salmon. In addition to producing high quality salmon, Pan Fish processes its own raw materials at four modern secondary processing plants in France. Pan Fish has undergone an extensive financial and operational restructuring process, as well as a complete strategic overhaul. Pan Fish will continue to participate actively in the continuing restructuring of the fish farming industry to the extent that such participation is deemed to be a strategy that is value-adding for the Company s shareholders. Pan Fish produces Atlantic salmon in Norway, Scotland, Canada and the Faroes. 5.2 Goals and strategy The cornerstone of Pan Fish s strategy is its vision of being the lowest-cost supplier of quality salmon to the global market. Achieving cost leadership is a goal that is fully backed by the entire organisation. It will be realised by means of sustainable operations and a strong focus on fish health. All aspects of the farming process have been highlighted, with particular attention being paid to smolt, the day-to-day operating routines at the individual farming facility and the processing of the fish. An important factor in these efforts is the development and implementation of efficient systems to identify and correct any deviations without delay throughout the production cycle. Furthermore, Pan Fish has developed an advanced and effective sales strategy based on key-customer partnership. The aim has been to identify long term oriented customers and supply such customers with high quality, traceable salmon, again focusing on keeping transaction costs at a lowest possible level while enhancing value for both partners. Processing has become an increasingly important element of the company strategy and Pan Fish has established a strong foot hold in high value added products in France and Italy. The Company s long-term objective has been to bring production back up to a level commensurate with the capacity of its infrastructure. Production growth will take place at a rate that is considered reasonable with respect to both good fish health and biological safety, and the fact that Pan Fish, as a leading player in the global market, must help to maintain a healthy market balance. The production volume targets will be revisited after the acquisition of Marine Harvest. The other cornerstone of the Company s strategy is that Pan Fish shall produce and supply a product that satisfies the stringent standards with respect to quality, food safety and traceability, which are set by legislators and the world s leading purchasers of salmon products. These absolute requirements apply to both round fish and the final processed product. 5.3 Board of Directors, senior management and employees Board of Directors The Board of Directors consists of Gabriel Smith (chairman), Arthur Duus, Kathrine Mo, Bjørn Simonsen and Tor Olav Trøim. Senior management Senior Management consists of Atle Eide (CEO), Trine Sæther Romuld (CFO) and Øyvind Tørlen (COO and MD Norway). Employees As of 1 January 2006, the Pan Fish Group had 932 people on its payroll, equivalent to roughly the same number of full-time jobs. 5.4 Financial information Pan Fish Group The figures and comments below are based on continued operations and are in accordance with IFRS. The following table sets out certain selected, consolidated financial information of the Pan Fish Group for the years ended 31 December 2005, 2004 and A more extensive description of the Company s financial situation can be found in the Company's annual reports for 2005, 2004 and

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