4. Equal treatment of shareholders, transactions with close associates
Marine Farms has one class of shares, and all shares are equal in all respects. Each share in the Company carries one vote. All shares are freely transferable.

No shareholders shall be treated on unequally unless in the Company's and the shareholders' common interests. Any decision to waive the pre-emption rights of existing shareholders to subscribe for shares in the event of an increase of Marine Farms' share capital must be justified, and an explanation shall be appended to the agenda for the General Meeting.

Any transactions carried out by Marine Farms in its own shares shall be made either through the stock exchange or, if carried out in any other way, at prevailing stock exchange prices. If there is limited liquidity in the Company's shares, the Company should consider other ways to ensure equal treatment of all shareholders.

In the event of any not immaterial transactions between the Company and its shareholders, directors, members of the Executive Management or close associates of any such parties, the Board of Directors shall arrange for valuation to be obtained from an independent third party. The same shall apply to transactions between companies within the Marine Farms group where any of the companies involved have minority shareholders. All such transactions shall be reported by the Board of Directors in the Annual Report.

The Company has established and operates guidelines to ensure that members of the Board of Directors and the Executive Management promptly notify the Board of Directors if they have any significant direct or indirect interest in any transaction entered into by the Company