FOR IMMEDIATE RELEASE
May 4, 2006

CONTACTS:
Don Staniford, in Oslo, 011 44 7769 712 184
Bart Naylor, in Oslo, 202-257-4065
Dave Bard, in Washington, D.C., 202-778-4551

Fjord Shareholders Direct Board to Review Pure Salmon Reform Plan

Pan Fish CEO loses bid for Fjord board seat following Pure Salmon questions

OSLO, Norway — At its annual general meeting today, shareholders of Fjord Seafood directed the board to review a Pure Salmon Campaign resolution that aims to resolve environmental problems associated with salmon farming.

"We are pleased that shareholders of Fjord have now joined those at Cermaq to direct the board to take this proposal seriously," said Don Staniford, Pure Salmon Campaign's European Organizer. "Our shareholder resolution directs these companies to establish the highest standards for raising farmed salmon and to resolve outstanding environmental problems."

Fjord and Cermaq are currently among the four largest salmon producers in the world.

Citing numerous peer-reviewed studies and news accounts, the shareholder resolution asks Fjord to "undertake the necessary steps to adopt salmon production techniques so that disease transfer, waste pollution, and escapes are eliminated, and to make sure that fish feed is sourced solely from sustainable fisheries."

"We were especially encouraged by Fjord Chairman, Leif Frode Onarheim, pledge to consider our proposal seriously," said Don Staniford of Pure Salmon. "And we certainly agree with him that it is imperative that Fjord retain the trust of the market, which depends on producing an environmentally sustainable product."

At the same Fjord meeting, shareholders rejected the bid by Pan Fish CEO Atle Eide to serve on the Fjord board. Before this vote, Pure Salmon consultant Bart Naylor questioned the statements issued earlier by Pan Fish about its intentions to acquire control of Fjord.

On April 5, Fjord said Pan Fish communicated its interest in acquiring control of Fjord. Pan Fish responded April 6 that Fjord may have misinterpreted that communication, that Pan Fish was happy with its 39% stake and that Pan Fish was uncertain about further purchases. While Fjord's stock price rose after Fjord's statement, it fell following the April 6 Pan Fish statement. On April 7, Pan Fish purchased another 17% of Fjord, giving it legal control.

"At stake in this meeting is a contest for the management of Norway's salmon aquaculture industry, one of this nation's great exports," said Bart Naylor, of the Pure Salmon Campaign. "We believe this episode in early April bears on how shareholders should decide the outcome."

Fjord Chairman Leif Frode Onarheim, said "Pure Salmon should take these questions to Norwegian stock exchange authorities."

Pan Fish CEO Atle Eide, in attendance at the Fjord meeting, said Pan Fish's disclosures abided Norwegian law. He did not elaborate about how the company could have changed course in so short a period of time.

In addition to Pure Salmon's questions, other major shareholders were understood to be concerned about Eide's role in setting the price Pan Fish would pay for the balance of Fjord's shares. As a Fjord director, Eide should press for the highest price. As the Pan Fish CEO, he would wish to pay the lowest price.

Background on the Pure Salmon Campaign Shareholder Resolution to Fjord

Closed containment systems have an impermeable barrier that prevents the transmission of diseases and parasites, which subsequently reduces the impact on wild fish and the need for chemical and antibiotic treatment on the farms, as well as eliminates escapes and discharges of wastes into the oceans.

Closed containment technology is being used in Canada, United States and Tasmania by industry leaders such as, AgriMarine, Eco-Farm, Mariculture Systems and Future Sea Technologies.

For a copy of the resolution, click here.

The Pure Salmon Campaign is a global project of the National Environmental Trust. It has partners in the United States, Canada, Europe, and Chile all working to improve the way salmon is produced.