Substantial Shareholding Disclosure - Bakkafrost P/F

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

b. Date which holding exceeded threshold: November 19, 2025

c. Name of Shareholder: Sprucegrove Investment Management

d. Number of shares the notification encompasses: 2,904,411 shares (4.91%) based on shares outstanding of 59,143,000 shares (source: Signal)

e. Subsequent Situation Prior to Disclosure: We previously disclosed September 17, 2025 at 5.05%.

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: Redemptions 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