Substantial Shareholding Disclosure - Bakkafrost P/F - 5.05%

18 Sep 2025 17:29 CEST

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

b.Date which holding exceeded threshold: September 17, 2025

c.Name of Shareholder: Sprucegrove Investment Management

d.Number of shares the notification encompasses: 2,984,520 shares (5.05%) based
on shares outstanding of 59,143,000 shares (source: Signal)

e.Subsequent Situation Prior to Disclosure: Not Applicable. This is our first
disclosure for this company investment.

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: Withdrawal-in-Kind of
shares 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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