SalMar ASA

Earnings Release • Aug 25, 2015

SalMar - Results for the second quarter 2015

SalMar - Results for the second quarter 2015

A MIXED QUARTER FOR THE SALMAR GROUP

The price of Atlantic salmon fell sharply at the start of the quarter. As a

result, the average price for the quarter ended at NOK 38.00 per kg, NOK 3.12

per kg less than in the previous quarter. For the Group as a whole, Operational

EBIT per kg came to NOK 9.62 in the period.

"The second quarter was mixed for the SalMar Group," says CEO Leif Inge

Nordhammer. "Our results remain affected by the inconsistent performance of our

fish farming segments, while the Sales and Processing segment posted

satisfactory results. We continue to face a difficult biological situation,

particularly in the Rauma and Central Norway segments. Sales and processing

activities continued to perform well, and is overall providing satisfactory

results in the quarter".

SalMar generated gross operating revenues of NOK 1.8 billion in the second

quarter, marginally up from the same period last year. A total of 34,800 tonnes

was harvested during the quarter, compared with 35,100 tonnes in the same period

in 2014. Operational EBIT totalled NOK 335.1 million, down from NOK 447.4

million in the second quarter of 2014. In the first quarter this year,

Operational EBIT came to NOK 360.8 million.

The Central Norway and Rauma segments continue to be affected by the challenges

associated with salmon lice and PD. Dealing with the situation results in higher

costs and affects the segments' financial performance.

The Northern Norway segment gave a steady performance in the second quarter,

with satisfactory results. The overall biological situation for this segment is

considered to be good.

The Sales and Processing segment continued to improve during the quarter,

achieving a combined operating margin of 4.2 per cent in the period. Operating

efficiency was good on both the harvesting and processing sides of the business,

with steady operation during the quarter. At 40 per cent, the rate of output

sold under contract was slightly down on previous periods. Nevertheless, the

volumes were sold at prices exceeding the spot level, which made a positive

contribution to the overall result.

Based on estimates of the standing biomass at the close of the quarter, the

global supply of Atlantic salmon is expected to increase by around 4 per cent in

2015. This is unchanged from three months ago. Norway's output is forecast to

rise by 5 per cent, bringing the total volume expected to be harvested by

Norwegian fish farmers to just under 1.26 million tonnes in 2015.

For 2015 as a whole, SalMar expects to harvest around 139,000 tonnes in Norway.

Norskott Havbruk (Scottish Seafarms) is expected to harvest around 31,000 tonnes

in 2015.

The full report for the second quarter 2015 is attached.

For more information, please contact:

CEO Leif Inge Nordhammer

Tel: + 47 916 85 250

CFO Trond Tuvstein

Tel: + 47 918 53 139

Email: trond.tuvstein@salmar.no

Web: www.salmar.no

This information is subject to the disclosure requirements stipulated in section

5-12 of the Norwegian Securities Trading Act.

[HUG#1947267]