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Regulatory press release

Substantial Shareholding Disclosure - Bakkafrost P/F

Bakkafrost
a.	Name of Issuer of shares: Bakkafrost P/F

b. Date which holding exceeded threshold: November 19, 2025

c. Name of Shareholder: Sprucegrove Investment Management

d. Number of shares the notification encompasses: 2,904,411 shares (4.91%) based
on shares outstanding of 59,143,000 shares (source: Signal)

e. Subsequent Situation Prior to Disclosure: We previously disclosed September
17, 2025 at 5.05%.

f. Percentage of the votes/shares of the company held in the form of rights to
shares: 0

g. The circumstance that triggered disclosure obligation: Redemptions for client
accounts

h. Chain of controlled undertakings through which shares/rights are owned:
Shares are held beneficially in client accounts which are managed by Sprucegrove
Investment Management

i. Notification concerning rights to shares: Sprucegrove does not hold any
rights
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