MORPOL ASA 
By Press Release
Morpol divests Culmarex S.A.Oslo, 22 July 2011: Morpol ASA (OSE: MORPOL)
E-mail: morpol@morpol.comWeb: www.morpol.com Reference is made to the press release dated 15 April 2011 regarding the initiation of the process to divest Morpol?s fully owned subsidiary engaged in seabass and seabream operations in Spain, Culmarex S.A. (?Culmarex?). Morpol has entered an agreement to sell Culmarex to Cooke Aquaculture Inc., a major global aquaculture company headquartered in New Brunswick, Canada with operations in Canada, USA and Chile, for a total enterprise value of EUR 48.7 million. The transaction will reduce Morpol?s net debt by approximately EUR 40 million. Culmarex is currently classified as assets held for sale in Morpol?s financial statements and will be deconsolidated from 1 July 2011. ?We are very happy to place Culmarex in the hands of an owner that will focus on continued growth of the business going forward. We see Cooke Aquaculture as an excellent fit with Culmarex. At the same time the divesture will enable Morpol to emphasise its focus on its core strategy and operations,? says Morpol CEO Jerzy Malek. ?We are always looking for strategic development and investment opportunities in the seafood sector,? comments Glenn Cooke, CEO of Cooke Aquaculture. ?This purchase gives us the unique opportunity to enter into the farming of seabass and seabream in Spain by working with one of the best performing players in this industry. We see tremendous synergies between the two companies and look forward to working with this highly professional team and diversifying our business as a fully integrated aquaculture company?. ?We are very pleased to have a new owner with a long history in the aquaculture industry. We have a highly skilled and motivated staff and are proud to become part of a group that wants to further develop the seabass and seabream business?, says Geoff Smart, Managing Director of Culmarex. The closing of the transaction is due to take place at the end of July 2011. ABG Sundal Collier Norge ASA has been engaged as financial advisor and Advokatfirmaet Selmer DA has been engaged as legal advisor in relation to the transaction.For further information, please contact:
Steven Rafferty, Chief Financial Officer Morpol ASA, phone +47 97 66 41 04
About MorpolThe Morpol Group is engaged in salmon processing as well as sale and distribution of finished salmon products. The Morpol Group's main products are: cold and hot smoked salmon, gravadlax, fresh salmon fillets, frozen salmon portions, organic salmon, wild salmon and salmon specialties. The Morpol Group also has salmon farming activities in Scotland since 2010 and Norway since 2011. The Morpol Group had revenue of approximately EUR 430 million in
2010. Founded in 1996 in Ustka on the Baltic coast of Poland, the company employs over 3 000 people in eight countries. Morpol Group is the world leader in smoked salmon. The company has achieved its world leading position through the efficiency of processing activities, a constant focus on product quality and service provided to retail and food service customers. Morpol serves customers across Europe, Japan and the United States.www.morpol.com
