Bergen/Tokyo 11 May 2021. Proximar Seafood AS (ticker: PROXI) has signed a
Memorandum of Understanding ("MoU") with Marubeni Corporation ("Marubeni") with
regards to a potential sales and marketing agreement. 

This agreement is an important milestone for Proximar and in line with the
company's strategy to engage in strategic partnerships with strong local
partners in Japan. Marubeni is one of the largest general trading companies
(sogo shosha) in Japan, with 136 branches and offices in 68 countries and
regions. 

The intention with the MoU is to conclude in a firm off-take agreement once the
parties have found a suitable long-term model. 

Proximar's CEO, Joachim Nielsen, comments: "We have been in discussions with
Marubeni for more than a year now and are very happy to finally complete the
first step towards a long and fruitful cooperation with one of the leading sales
and marketing companies within seafood in Asia.

By signing this agreement, both parties signal a strong commitment to the
process going forward. We are very pleased to formalize our discussions and move
to the next stage." 

In March, Proximar Seafood together with its construction partner Daiwa House,
started construction of the first large-scale land-based fish farming facility
for Atlantic Salmon in Japan. This was celebrated on Monday 26 April at the
official Ground-Breaking Ceremony at the construction site in Oyama Town where
both the Norwegian Ambassador, the Major of Oyama Town, and the Director of
Daiwa House Industry were present.  The facility is expected to be finalized
during the third quarter of 2023. 

"Being a Norwegian company, Proximar will bring in industry expertise when it
comes to farming Atlantic Salmon. But succeeding in Japan requires understanding
local conditions as well. In March we signed the construction contract with
Daiwa House after years of planning and preparations together with them. In
terms of sales and marketing, we have considered different alternatives over the
past years and are very pleased to proceed with Marubeni, a company which has
both the size, capabilities and know-how to help Proximar become a strong
seafood brand in Asia. The discussions relating to sales and marketing are also
important for the long-term financing alternatives in Japan" says Mr. Nielsen.

For more information, please contact:

Joachim Nielsen, Chief Executive Officer
Phone: +47 928 55 559, e-mail: jn@proximarseafood.no

Pål Grimsrud, Chief Financial Officer
Phone: +47 994 77 599, e-mail: pkg@proximarseafood.no

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.