Sales of majority sharholding

This transaction will mean that Denofa no longer will be consolidated within the group accounts of Cermaq ASA. The transaction is expected to be completed towards the end of 3. quarter 2009. Cermaq has previously stated that Denofa is considered non-core and that divestment opportunities would be pursued.

Denofa is a company which imports non-gmo soya beans, mainly from Brazil, and processes this to soy oil, soy meal and lecithin. Denofa also has operations in rape seed oil processing in Poland. The operating revenue of the Denofa group was NOK 1 825 million in 2008, with a pre-tax profit of NOK 36 million. The company has 90 mployees, of which 60 are based in Fredrikstad. The board of Denofa consists of 7 members, of which 2 are employee representatives. Geir Sjaastad is the Chair of the board, and the CEO of the company is Øystein Haslum. The transaction will provide Denofa with a long-term partner, Amaggi, which is the major supplier of soya beans to the crushing plant in Fredrikstad in south-east Norway. Amaggi and Norgrain have entered into a shareholders agreement to manage the cooperation on Denofa. This agreement also gives Norgrain an option to sell their remaining shares to Amaggi after 4 years at a predetermined price.

The Denofa acquisition matches the strategic planning of André Maggi Group to keep the growth of the non-GMO (Genetically Modified Organisms) soybean business. With the transaction the group further expands its business in the European market after having opened the Amaggi Europe office, in Rotterdam, Holland. The André Maggi Group held the 33rd position among the largest exporter companies in Brazil with annual sales volume reaching the mark of US$ 2 billion in 2008. The group is composed of four business divisions; Amaggi, Divisão Agro, Hermasa and Maggi Energia. Amaggi is responsible for the origination, storage, crushing, marketing and production of soybean seeds, as well as purchase and sale of fertilizers and chemicals. Divisão Agro deals with the production of soybean, corn and cotton, and cultivated 206 thousand hectares of these commodities in the last harvest (2008/2009).

Denofa AS will be consolidated in the group accounts as per 30 June 2009 and until the transaction is completed. The impact of the transaction on the Cermaq group accounts will be improved equity ratio, reduced net interest bearing debt and also a net gain on the sale. As of 30.06.09 the net interest bearing debt in Denofa AS was NOK 200 million.