Expecting approval of Superba Krill Oil in South Korea

26 Apr 2023 11:20 CEST

26 April 2023: The Korean Ministry of Food and Drug Safety (MFDS) recently held
a hearing regarding the potential grant of approval for Superba krill oil as
Health Functional Food in South Korea. Aker BioMarine has reason to believe
approval for Superba krill oil as Health Functional Food in South Korea will be
received. The formal documentation of the approval can be expected within 15
working days. Upon receipt of the documentation, the company and its local
partner will reinitiate marketing and sales in the country.

In South Korea, krill oil has been one of the most successful health-functional
foods the last years. However, due to overly aggressive marketing and
low-quality products from unserious suppliers, the Ministry of Food and Drug
Safety (MFDS) tightened the regulation of the krill oil category in late 2020,
effectively blocking all sales of krill oil products in the country.

The new regulations require krill oil products to undergo more rigorous testing
and labeling requirements to ensure their safety and efficacy. This move is
expected to restore consumer confidence in the krill oil market and promote the
development of high-quality products.

An approval is based on a review of the company’s manufacturing process, the
product characteristics, and conducted scientific studies, and will be exclusive
to Superba krill oil.

“The South Korean market for krill oil has historically been important for Aker
BioMarine, and in 2019 and 2020, it accounted for around 25% of our Superba
krill oil sales. We welcomed the tightening of regulations for the krill oil
category as the market had attracted less serious suppliers and products which
did not live up to their health claims. With approval of our high-quality
Superba krill oil as Health Functional Food, we will re-launch marketing and
sales in the South Korean market together with our long-term local partner. We
expect new marketing campaigns to start towards the end of the second quarter,
and gradually lift sales through 2023 and 2024.”, said Matts Johansen, CEO of
Aker BioMarine.

For further information, please contact
Katrine Klaveness, CFO
Mobile: +47 991 58 915
Email: Katrine.Klaveness@akerbiomarine.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Lars Jacobsen, General Counsel, on 26 April, at
11:19 CET.

About Aker BioMarine
Aker BioMarine is a leading biotech innovator and Antarctic krill-harvesting
company developing krill-derived products for pharma, consumer health and
wellness as well as animal nutrition. The company has a strong position in its
industry and is the world's leading supplier of krill, the natural, powerful and
health-promoting source of nutrients from the pristine waters of Antarctica.
Aker BioMarine is listed on Oslo Stock Exchange (AKBM). More information is
available at www.akerbiomarine.com.

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