Bergen/Tokyo, 1st November 2021. Proximar Seafood AS (ticker: PROXI) has signed
an extension to the Memorandum of Understanding ("MoU") with Marubeni
Corporation ("Marubeni") with regards to a potential sales and marketing
agreement for the salmon produced at Proximar Seafood's facility which is under
construction at the foot of Mount Fuji in Japan. 

The parties have since May worked closely to find a common framework for the
future sales and marketing of the Atlantic Salmon produced by Proximar. The
parties are pleased with the progress so far and have now extended the initial
agreement to permit sufficient time to finalize the negotiations. The intention
with the MoU is to conclude on a firm off-take agreement. 

Proximar's CEO, Joachim Nielsen, commented: "We are very pleased about the
progress in our discussions made over the past months. Marubeni has allocated
significant resources and a very competent team to the discussions, which is
really encouraging. We share the same view on the product's attractiveness and
potential for branding and pricing, which is important for Proximar."

Partnering with strong, strategic players is part of Proximar's strategy.
Marubeni is one of the largest general trading companies ("sogo shosha") in
Japan, with 136 branches and offices in 68 countries and regions. Proximar
signed in March the construction contract with Daiwa House, which is a dominant
construction company in Japan.

"The construction planning was time consuming but pays off when progress so far
is in accordance to time and budget. We are now focusing on the operational
planning and sales strategy. An off-take agreement for sales is an important
part of the long-term bank financing. Next summer, the first eggs will be
delivered, and the first sales are expected in 1H 2024," said Nielsen.

Proximar Seafood's large-scale RAS production facility in Japan is utilizing
proven technology and design provided by Aqua Maof. "The AquaMaof technology is
a proven technology that works well on a number of sites around the world and
recently we had samples of fresh Atlantic Salmon delivered to relevant parties
in Japan from the AquaMaof facility in Poland. The feedback was very positive,
and we look forward to serving the Japanese market with the freshest Atlantic
salmon from 2024", said Nielsen.

For more information, please contact:
Joachim Nielsen, CEO, +47 92 85 55 59, [email protected] 
Pål K. Grimsrud, CFO, +47 99 47 75 99, [email protected] 

About Proximar: 
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility under construction at the foot of Mount Fuji in Japan.
Through land-based fish farming, the company will produce fresh Atlantic Salmon,
harvested the same day. Proximar's location, near one of the world's most
important fish markets, implies significant advantages, both in terms of reduced
cost and carbon footprint.

About Marubeni:
Marubeni Corporation is a general trading house, listed on the Tokyo Stock
Exchange, with a market cap of approx. USD 16 billion. Marubeni is represented
through 138 branches in 68 countries Worldwide, with a total number of employees
around 45.000. 

Marubeni's marine products business leverages its procurement capability in
marine products and marine processed goods to meet the needs of consumers in the
diverse Japanese and U.S. markets. Marubeni procures marine products and marine
processed goods from production and processing sites around the world according
to the diverse needs of consumers and sells the products in Japan and the U.S.,
the two major consumer markets through the industry's top-class sales companies.
Marubeni has a strong presence in the industry, with a 11% handling share of
wild red salmon globally and a U.S. sales company having approximately 6% share
of the shrimp wholesale market in the U.S., the third largest in the country. 

Furthermore, Marubeni is also proactively promoting businesses in line with the
Sustainability Development Goals (SDGs). In April of 2020, Marubeni, together
with Nippon Suisan Kaisha ("Nissui"), took a 66.7% stake in Danish Salmon A/S in
Denmark, entering the sustainable, closed circulation aquaculture salmon
business in Europe. Through this investment, Marubeni will be able to respond
not just to the growing global demand for marine products but will also be able
to contribute to solving problems by providing a stable, environmentally
conscious supply of salmon to consumers.

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