Record high prices and profits, partially off-set by higher production cost
Agreement to divest farming activity in the UK for GBP 122.5 million
Partial refinancing through EUR 375 million convertible bond
Quarterly dividend of NOK 5.00 per share

HIGHLIGHTS – FIRST QUARTER 2014

Record high salmon prices for a first quarter.
High harvest volume of 92 243 tons compared to 80 035 in the first quarter of 2013.
Operational EBIT of NOK 1 090 million compared to NOK 482 million in the first quarter of 2013, the highest quarterly operating EBIT ever achieved.
The cost per kg for harvested fish increased significantly for salmon of Norwegian origin due to increased feed and sea lice mitigation costs combined with harvesting from sites with poor performance, and exceptional mortality costs.
Morpol and VAP Europe sustained losses in the first quarter due to the high raw material prices. End product prices have continuously been increased.
Capex amounted to NOK 402 million, including NOK 99 million invested in the feed factory.
Earnings per share (EPS) of NOK 1.87 and underlying EPS of NOK 1.80 in the quarter.
ROCE of 21.5%.
Supported by the strong operating results, the recent successful agreement to divest UK farming assets, a strong forward market and a solid financial position, the Board has resolved to propose a first quarter dividend of NOK 5 per share to the Annual General Meeting (AGM).
No escape incidents in the first quarter.
Decision to clean all relevant fish oil used in Marine Harvest fish feed for environmental pollutants.
The first two Marine Harvest farms ASC certified in February 2014 and the Group's first ASC certified products sold in Aldi stores in Germany.

Main figures
Unaudited NOK million	Q1. 14	Q1. 13	2013
Operational revenue	5 868	3 736	19 230
Operational EBITDA 1)	1 316	652	3 975
Operational EBIT 1)	1 090	482	3 212
EBIT	986	1 168	4 662
Net financial items	22	- 165	-1 204
Profit or loss for the period	766	753	2 522
Cash flow from operations	1 211	351	2 023
Total assets	32 834	24 906	33 728
Net interest-bearing debt (NIBD)	7 511	6 314	7 791
Earnings per share (NOK)	1.87	1.99	6.66
Underlying EPS (NOK) 2)	1.80	0.70	5.36
Net cash flow per share (NOK) 3)	1.75	-0.19	-0.38
ROCE 4)	21.5%	14.0%	18.5%
Equity ratio	49.9%	50.4%	48.5%
NIBD/Equity	45.8%	50.3%	47.7%
Harvest volume (gutted weight tons, salmon)	92 243	80 035	343 772
Operational EBIT - NOK per kg 5)
Norway	12.82	8.39	10.83
Scotland	12.66	7.87	12.45
Canada	19.10	6.63	10.19
Chile	6.73	-6.27	-2.32

1) Excluding change in unrealised gains/losses from salmon derivatives, net fair value adjustment of biomass, onerous contracts provisions, results from associated companies, restructuring costs, write-downs of fixed assets/intangibles and other non-operational items.

2) Underlying EPS: Operational EBIT adjusted for accrued payable interest, with estimated weighted tax rate.

3) Net cash flow per share: Cash flow from operations and investments, net financial items paid and realised currency effects

4) ROCE: Annualised return on average capital employed based on EBIT excluding fair value adjustment of biomass, onerous contracts provisions and other non-operational items / Average NIBD + Equity, excluding fair value adjustment of biomass, onerous contracts provisions and net assets held for sale, unless there are material transactions in the period.

5) Operational EBIT per kg including allocated margin from Sales and Marketing (from own salmon).

PR ROFIT - FINANC CIAL RE ESULTS S IN THE E QUAR TER

The valu both way resp Group's prof ue from healt h cost effectiv y that maint pects the need fit hinge on it thy, tasty and vely and in an tains a good ds of the wider ts ability to p d nutritious n environmen d aquatic en r society. provide custom seafood, farm tally sustaina nvironment a mer med able and

(Figure es in parenthesis refe er to the same quarte er in 2013.)

NOK million	Q1.14	Q1.13
Operational EBIT	1 0 9 0	482
Change in unrealised salmon derivatives Net fair value on biomass Onerous contracts provision Income from associated companies Impairment losses	3 $-208$ 87 14	17 644 $-18$ 43 1
	986	168

Oper 482 (NOK salm (NOK from rational EBIT am million). The co K 502 million). T on prices. Sale K 46 million) fro VAP Europe an mounted to NOK ontribution from The increase is es and Marketin om Markets, N nd NOK -38 mill K 1 090 million i m Farming was s due to the sig ng contributed w NOK -25 million lion from Morpo in the quarter (N NOK 1 090 mi gnificant increas with NOK 85 mi (NOK -18 mill ol. NOK illion se in illion lion)

Oper the a mitig state rational EBIT in amount of NOK ation of NOK 6 ements for furthe n the period wa K 76 million, w 62 million. Refe er details. s affected by e which primarily r to Note 6 to t exceptional item relates to sea he interim finan ms in lice ncial

Earn 1 168 ings before fina 8 million). ancial items (E BIT) were NOK K 986 million (N NOK

Fin ancial item ms

NOK million	Q1. 14	Q1.13
Interest expenses	$-131$	$-130$
Net currency effects	16	- 44
Other financial items	137
Net financial items	22	- 165

Total conv 111 m l change in fair ertible bond, inc million in the qu value of the co cluded in other arter (NOK - 35 onversion liability financial items, 5 million). y component of , amounted to N f the NOK

Ca ash flow an nd NIBD

NOK million	Q1.14	Q1.13
NIBD beginning of period	$-7791$	$-5.381$
Operational EBITDA	1 3 1 6	652
Change in working capital	$-2$	$-296$
Taxes paid	-96	$-17$
Other adjustments	$-7$	12
Cash flow from operations	1 2 1 1	351
Net Capex	$-375$	- 411
Other investments	2	- 675
Cash flow to investments	- 373	$-1086$
Net interest and financial items paid	-86	$-133$
Other items	-60	47
Dividend distributed	$-510$	0
Translation effect on interest-bearing debt	98	$-113$
NIBD end of period	$-7511$	-6 314

Cas mil sh flow from op lion), due to imp erations amoun proved profitabil nted to NOK 1 2 lity driven by the 211 million (NO e high prices. K 351

Cha was goo vol res sec ange in net wo s negatively im od growth in se umes, receivab sult of seasonali cond quarter. orking capital of mpacted by rec ea in the first bles, and bioma ity, the net work f NOK -2 millio cord high price quarter. This le ass inventory t king capital is e n (NOK -296 m es and excepti ed to higher ha than expected. expected to fall million) onally arvest As a in the

Net inve of N t Capex was estments in MH NOK 124 million NOK 375 mil H Fish Feed of n. llion (NOK 41 NOK 99 million 1 million), inc n, and in MH No luding orway

Div dist vidend of NOK tributed in the q 510 million, a uarter. adjusted for wit thholding taxes , was

GUIDING PRINCIPLE	AMBITION	2014 ACHIEVEMENT
Profitability	ROCE of at least 12% over a cycle $(4-5 \text{ years})$	Q1: 21.5%
Solidity	NIBD/Equity ratio below 50%	NIBD/Equity ratio of 45.8%

PROFIT - OPERATIONAL PERFORMANCE AND ANALYTICAL DATA

	MH Sales and Marketing			MH Farming		MH Other		MH Group 1)
	MH Markets		MH VAP Europe		Morpol
NOK million	Q1. 14	Q1. 13	Q1. 14	Q1. 13	Q1. 14	Q1. 14	Q1. 13	Q1. 14	Q1. 13	Q1. 14	Q1. 13
External revenue	3 717	2 750	1 114	900	917	104	73	15	12	5 868	3 736
Internal revenue	663	364	21	5	117	3 657	2 551	0	- 1	0	0
Operational revenue	4 380	3 114	1 135	905	1 034	3 761	2 624	15	12	5 868	3 736
Operational EBIT	85	46	- 25	- 18	- 38	1 090	502	- 21	- 49	1 090	482
Net fair value adj on biomass, onerous
contracts	0	0	0	0	0	- 125	626	4	- 1	- 121	626
Change in unrealised salmon derivatives	0	0	0	0	0	0	0	3	17	3	17
Income from associated companies	0	0	0	0	0	14	43	0	0	14	43
Write-down of fixed assets/intangibles	0	0	0	0	0	0	1	0	0	0	1
EBIT	85	46	- 25	- 18	- 37	978	1 172	- 14	- 33	986	1 168
Operational EBIT %	1.9 %	1.5 %	-2.2 %	-2.0 %	-3.7 %	29.0 %	19.1 %	na	na	18.6%	12.9 %

1) MH Group adjusted for eliminations.

Marine Harvest follows the overall value creation of the operations based on the salmon's source of origin. For this reason Operational EBIT related to own salmon in MH Markets, MH VAP Europe and Morpol is allocated back to country of origin.

The table below and upcoming performance review provide information along this line.

Other units reported Operational EBIT of NOK - 21 million in the quarter (NOK - 49 million), including a loss of NOK 0.4 million from Sterling White Halibut (NOK - 2 million). The currency effects of foreign currency contract sales towards NOK is recognized as income/cost of NOK 42 million in Marine Harvest ASA and Marine Harvest Norway respectively.

	SOURCES OF ORIGIN
NOK million	Norway	Scotland	Canada	Chile	Ireland	Faroes	Other 1)	MH Group
OPERATIONAL EBIT
MH FARMING	720	107	112	103	4	42		1 090
MH SALES AND MARKETING
MH Markets	32	28	10	17	0	1	-3	85
MH VAP Europe	- 13	- 4	0	0	0	0	- 8	- 25
Morpol	- 33	1	0	0	0	0	- 6	- 38
SUBTOTAL	706	133	122	119	4	44	- 16	1 111
Other entities 2)							-21	- 21
TOTAL	706	133	122	119	4	44	- 37	1 090
Harvest volume (gutted weight tons, salmon)	55 107	10 468	6 368	17 741	476	2 084		92 243
Operational EBIT per kg (NOK) 3)	12.82	12.66	19.10	6.73	8.70	20.98		12.05
- of which MH Markets	0.58	2.67	1.51	0.95	-0.14	0.61		0.92
- of which MH VAP Europe	-0.24	-0.35	0.00	-0.01	-0.47	0.00		-0.27
- of which Morpol	-0.59	0.07	0.00	0.00	0.00	0.00		-0.41
ANALYTICAL DATA
Price achievement/reference price (%) 4)	94%	93%	99%	103%		101%		95%
Contract coverage (%) 6)	40%	64%	0%	29%	96%	0%		37%
Quality - superior share (%)	91%	95%	76%	84%	90%	97%		89%
Exceptional items (NOK million) 5)	-75	0	0	-1	0	0		-76
Exceptional items per kg (NOK) 5)	-1.36	0.00	0.00	-0.08	0.00	0.00		-0.83
GUIDANCE
Q2 2014 harvest volume (gutted weight tons)	68 000	15 000	7 000	15 000	1 000	3 000		109 000
2014 harvest volume (gutted weight tons)	264 000	49 500	29 000	59 500	6 000	9 000		417 000
Q2 2014 contract share (%)	33%	46%	0%	17%	0%	0%		31%

1) Operational EBIT arising from non salmon speices and 3rd party salmon not allocated to source of origin

2) Sterling White Halibut, Headquarter and Holding companies

3) Excluding Sterling White Halibut, Headquarter and Holding companies

4) MH Markets' price achievement to third party, MH VAP Europe and Morpol

5) Exceptional items impacting operational EBIT

MARKET OVERVIEW

Industry

Global harvest volumes of Atlantic Salmon amounted to 451 000 tons in the first quarter, an increase of 4% compared to same quarter of 2013.

Supply	tons GW	Q1 2014 Change vs 12 month Q1 2013	change	Q4 2013 tonnes GW
Norway	236 000	1.6%	-2.1%	308 800
Chile	130 800	19.6%	19.6%	115 700
Scotland	29 800	4.9%	4.5%	41 100
North America	23 600	-26.7%	-18.6%	28 300
Faroe Islands	15 800	0.0%	2.8%	17 400
Other	15 000	-2.0%	0.0%	16 200
Total	451 000	4.1%	1.7%	527 500

Volumes from Norway increased by 2% compared to first quarter of 2013. A stronger growth from Norway is expected during the rest of 2014.

Volumes from Chile surprised on the upside and grew by 20% compared to the first quarter of 2013. Although Chile continued to deliver a substantial growth in the first quarter, growth is expected to diminish in 2014 as the industry rebuild seems to be coming to an end. The biological situation in the region remains very concerning.

Scotland grew by 5% in the quarter whereas North America declined by 27%. The decline in North America was mainly impacted by planned reductions resulting from previous biological issues. The remaining regions experienced small changes in absolute volumes compared to the same quarter of 2013.

Q1 2014 Change vs			Q1 2014 Change vs
NOK	Q1 2013	market 4)	Q1 2013
NOK 46.56 NOK 61.57	31.5%	EUR 5.58	17.0% 21.6% 40.4%
	Reference prices NOK 50.20	52.1%	31.8% USD 10.10 USD 8.24

1) Average superior price per kg gutted weight (FCA Oslo)

2) Average C trim per kg (Urner Barry M iami 2-3 pound), equivalent to NOK 40.0 and USD 6.6 3) Average superior price per kg gutted weight (Urner Barry Seattle 10-12 pound)

4) M arket price in local currency

Global demand for Atlantic salmon continued to be very strong. Global prices increased sharply compared to the same quarter of last year based on an increase in global consumption of 4%. Due to currency factors, European customers experienced a much lower price increase in EUR compared to the movement in NOK.

US demand proved strong in the quarter. However, prices for Chilean salmon increased to a lesser extent than Canadian. The volume sensitivity in the US for Chilean salmon led to a significant build-up of frozen inventory in the quarter.

Market		Q1 2014 Change vs
distribution	tons GW	Q1 2013	change
EU	183 200	0.5%	-0.9%
US	88 700	6.4%	4.8%
Russia	29 500	-11.7%	-7.5%
Brazil	23 500	30.6%	20.6%
China/Hong Kong	17 200	27.4%	16.5%
Japan	12 700	19.8%	2.2%
Other	79 800	-1.8%	5.5%
Total	434 600	2.9%	2.2%

Consumption in the EU was relatively flat despite a 2% growth in European volumes. This was partly driven by an increased export to the US and Asia from Europe. The US consumption increased by 6% compared to the first quarter of 2013. As for the previous quarter, consumption in Russia was somewhat down. This seems to be partly driven by consumer price sensitivity.

The Brazilian market continued to be strong and grew by 31%. The Asian markets also proved strong in the quarter, particularly China and Japan.

Source: Kontali

Ma rine Harve est

Geo ographic mar rket presence

Total indica Harv l salmon reve ated in the grap est's salmon wi nues in the f ph. Europe is by th 69% of the to efirst quarter w y far the larges otal (61%). ere distributed t market for Ma d as arine

Sale es by produc ct

The distri Group's main bution across p product is Atla products was as antic salmon. T follows in the fi The sales reve irst quarter: enue

The total (fresh has c incre main product, sales revenues h and frozen to changed compa eased from 6% t fresh whole sa s, while smoked otal) accounted ared to 2013 as to 11% due to M almon, represen and value adde for 40% (33% the share of sm Morpol. nted 51% (54% ed salmon prod ). The product moked products %) of ucts mix has

In th new show ready paire for pr launc same effort We h Cana ago a Our t salm e first quarter and further de w "Rebel Fish" y-to-prepare ne ed with culinaryreparation in the ched in retail st e event, we int ts to cross-sell have also re-lau adian origin. Th and it has a go target customer on product. In Marine Harves evelop existing was introduced ew line of fres -inspired season e microwave ov ores in the US roduced Morpo our extended unched our Ste is is a product ood standing in rs are upscale r Europe, we ha st continued its brands. At th d to customers sh, skinless sa ning rubs. "Reb ven. The produc in the second h ol's Admiral's B product portfol erling salmon b that was launc the business t restaurants in se ve introduced t effort to introd e Boston Seaf . "Rebel Fish" almon that com bel Fish" is inten ct is expected to half of 2014. At rand, one of m io across mark brand for salmo hed a few deca o business mar earch of a prem the brand Olav' duce food is a mes nded o be t the many kets. on of ades rket. mium 's in

Spa sal the ain with good mon with a sep e process of bein response. Olav arate pack of m ng launched in H v's is a series marinade. Olav's Holland, Belgiu of fresh pre-pa s products are a m and France. acked also in

Wit hav Thi Ha th our first salm ve also introduc s introduction i rvest Norway. mon farms cert ced our first ASC s an integrated tified against th C product in Ald d effort between he ASC standa di stores in Germ n Morpol and M rd we many. Marine

Pr ice achievem ment

Stro The neg leve was with spo orig ach ong demand co e overall price a gatively impacte el. The contrac s 37% in the qu h a superior sh ot market was gin, where a c hieved spot pric ontributed to re achievement co ed by high contr ct share based uarter. The qua hare of 89% ov good with the hallenging size e. ecord high price ompared to the ract shares at p on harvested v lity of harvested verall. The price exception of s e mix had a ne es for a first qu reference price prices below the volume for the d fish remained e achievement salmon of Norw egative effect o uarter. e was e spot group good in the wegian on the

* Pr rice achievement to t the five farming units s, Norway, Scotland, Canada, Chile and F Faroes.

The pric due ran e combined glo ce in the period e to a less fa nged from 0% fo obal price achie compared to 3% avourable contr or Canadian salm eved was 5% % below the ref ract portfolio. T mon to 64% for below the refe ference price in The contract s Scottish salmo erence n 2013 shares n.

MH H Markets
Q1 2014	Norwegian n	Scottish	C Canadian	Ch hilean
Con ntract share	40% %	64%	0%	29%
Qu ality - superior sh hare	91% %	95%	76%	84%
Pric ce achievement	94% %	93%	99%	103%

The ma (NO Bar exc ach of C No con e average price arkets (NOS fo OS + NOK 3.5 rry for Canadian ceed the relev hievement in the Chilean and Fa rwegian and S ntract shares at achievement is r Norwegian a 58 in the quarte n and Chilean s vant reference e period was ab aroese origin. T Scottish origin prices below th s measured vs r and Faroese sa er) for Scottish salmon). The am price in all bove the refere The price achiev was negatively he reference pric reference prices almon, derived h salmon, and mbition over time markets. The ence price for sa vement for salm y impacted by ce. s in all NOS Urner e is to price almon mon of y high

PROFIT - OPERATIONAL PERFORMANCE

Salmon of Norwegian origin

NOK million	Q1 2014	Q1 2013
Operational EBIT	706	397
Harvest volume	55 107	47 302
Operational EBIT per kg	12.82	8.39
- of which MH Markets	0.58	0.57
- of which MH VAP Europe	-0.24	-0.28
- of which Morpol	-0.59	na
Exceptional items incl in op. EBIT	-75	-32
Exceptional items per kg	-1.36	-0.68
Price achievement/reference price	94%	95%
Contract coverage	40%	28%
Superior share	91%	84%

Operational EBIT per kg

Operational EBIT in the first quarter amounted to NOK 706 million (NOK 397 million), which was NOK 12.82 per kg (NOK 8.39). The profitability in the four Norwegian regions shows variation, with Region West reporting the best result.

The increase in margin was a result of higher prices. Compared to 2013, costs per kg have increased significantly. There are several reasons for this including higher feed and lice mitigation costs, harvesting of small fish and exceptional mortality.

Price and volume development

The reference price for Salmon of Norwegian origin remained record high in the quarter, despite the increase in supply of approximately 3%. The average reference price in the quarter was NOK 46.56 per kg which is the highest ever recorded for a first quarter. The volume available for harvest was significantly higher than anticipated in the period due to favorable sea water temperatures resulting in accelerated growth. Marine Harvest had a contract share of 40% for salmon of Norwegian origin in the first quarter (28%). The overall price achieved was 6% below the reference price. The price achievement in the spot market was lower than normal due to an unfavourable size mix (big and small fish). The high contract share in a market with high spot prices negatively influenced the price achievement compared to the same period in 2013. The superior share was 91% in the period, compared to 84% in the first quarter of 2013.

High seawater temperatures during the winter of 2013/2014 have resulted in significant increases in production and harvest volumes compared to 2013 when the seawater temperature was lower than normal. Harvested volume in the first quarter thus ended at 55 107 tons gutted weight, compared to 47 302 tons gutted weight in the first quarter of 2013.

Costs and operations

The cost of harvested fish increased by 12% compared to the first quarter of 2013. The cost of feed per kg harvested was 6% higher than for fish harvested in the corresponding period in 2013 due to higher price per kg feed and higher feed conversion ratio. Harvesting of small fish due to fallowing requirements, AGD and lice mitigation costs further affected the cost of fish harvested in the period. Costs in Norway are expected to be lower for the remainder of the year.

As in previous periods, sea lice mitigation costs have been high for the harvested generation. The estimated exceptional cost related to sea lice mitigation amounted to NOK 62 million in the first quarter (MNOK 30 million). Year to date exceptional sea lice mitigation costs are NOK 1.12 per kg harvested (NOK 0.64). Despite all efforts put in to reduce the lice load, both non-medicinal (cleanerfish etc) and medicinal, Marine Harvest expects the cost to remain high in 2014.

Non-seawater costs in the quarter were higher than in the same period in 2013, due to higher wellboat and primary processing costs and exceptional mortality costs. Exceptional mortality was recorded at several sites in the period, with the main cause of mortality being treatment losses in connection with lice treatment. A total exceptional cost of NOK 13 million was recognised in the period. Losses from exceptional mortality in the first quarter of 2013 amounted to NOK 2 million.

There has been no exceptional mortality related to Amoebic Gill Disease (AGD) in 2013 or 2014, although an outbreak was confirmed in region South in the end of September and treatment was undertaken. The development is causing concern. The health team and seawater production department are prepared to take immediate action if problems should arise.

The Board recognizes the efforts made by the Norwegian team under challenging conditions. The Board is concerned about the biological issues facing salmon of Norwegian origin, and maintains its' view that an introduction of an average MAB could increase the biological challenges. The Board also believes that there is room for improvement in the operational efficiency in Norway based on the variation in performance between regions.

Q1|2014

Salmon of Norwegian origin by region

Regions NOK million	South Q1 2014	West Q1 2014	Mid Q1 2014	North Q1 2014	Total Q1 2014
Operational EBIT	169	277	126	135	706
Harvest volume	12 315	17 310	11 596	13 886	55 107
Operational EBIT per kg	13.73	15.98	10.85	9.72	12.82
Superior share	91%	95%	92%	87%	91%

Region South

Good Operational EBIT per kg harvested despite increased cost of harvested salmon due to AGD mitigation efforts
High lice mitigation costs in the quarter
Good sea water growth seawater temperatures above normal
First sites certified against the Aquaculture Stewardship Council salmon standard

Region West

The best performing region for Operational EBIT per kg in the first quarter due to good biological performance
Treatment losses resulting in exceptional mortality in the period
Very good growth conditions seawater temperatures above normal

Operational EBIT per kilo per regionQ1 2014 vsQ1 2013 incl.sales

Region Mid

Poor Operational EBIT per kg due to biological challenges in prior months and increased health costs contributing to high cost of harvested biomass
Harvesting out small fish with a negative effect on cost per kg
Non sea water costs high due to high wellboat costs as a result of quarantine regulations in Trønderlag and external processing due to temporary closure of processing plant
Biological concerns with regards to resistance to lice treatments in some areas
Good sea water growth seawater temperatures above normal

Region North

Poor Operational EBIT per kg due to challenges related to outbreaks of infectious salmon anaemia (ISA) and ordered harvest in an area of muliti-resistant lice to comply with area fallowing. Extraordinary mortality recorded in the quarter
Harvesting out small fish with negative effect on cost per kg (ISA and lice).
Unfavourable size mix (small and big fish) reducing price achievement
Normal sea water growth seawater temperatures above normal

Salmon of Scottish origin

NOK million	Q1 2014	Q1 2013
Operational EBIT	133	75
Harvest volume	10 468	9 568
Operational EBIT per kg	12.66	7.87
- of which MH Markets	2.67	0.94
- of which MH VAP Europe	-0.35	-0.06
- of which Morpol	0.07	na
Exceptional items incl in op. EBIT	0	0
Exceptional items per kg	0.00	0.00
Price achievement/reference price	93%	91%
Contract coverage	64%	61%
Superior share	95%	94%

Operational EBIT per kg

Operational EBIT for salmon of Scottish origin amounted to NOK 133 million in the first quarter (NOK 75 million), which was NOK 12.66 per kg (NOK 7.87). The increased margin compared to 2013 is a result of higher prices, combined with higher harvest volume.

Price and volume development

Spot prices were significantly higher in the first quarter of 2014 than in the same period last year. The spot price achievement was above the reference price, but the high contract share of 64% negatively affected the overall price achievement. The superior share was 95% which is high and also slightly above the first quarter of 2013 (94%). As a result of the above, the overall price achievement was slightly better when compared to 2013 and ended 7% below the reference level in the quarter (9% below last year).

The first quarter harvest volume was above the corresponding period in 2013 with 10 468 tons gutted weight (9 568 tons). The 2013 harvest was low due to stocking effects and early harvest due to AGD in the third quarter of 2012.

Costs and operations

Biological costs for fish harvested in the period increased by 8% compared to the first quarter of 2013 due to higher feed and sea lice mitigation costs. The feed cost per kg harvested salmon increased by 12% compared to 2013 despite the improvements achieved in the feed conversion ratio, due to the increasing feed raw material prices throughout 2013. The cost of medication has increased due to preventive AGD treatments and lice mitigation costs. Other seawater costs were largely unchanged compared to last year.

Non-seawater costs have increased compared to the first quarter of 2013, due to increased well boat and other costs as a result a changed operational set up, including Meridian farms.

There are no sites facing health challenges in Scotland at present. The health team and seawater production department are prepared to take immediate action if AGD problems should arise at other sites.

On March 27, 2014, Marine Harvest announced an agreement to divest the farming and processing activities on the Shetland and Orkney Islands in addition to some mainland freshwater assets to Cooke Aquaculture Inc at a price above the recognized value. The divestment is subject to approval by the EU.

The Board remains very pleased with the development of Marine Harvest Scotland, both financially and operationally.

Salmon of Canadian origin

NOK million	Q1 2014	Q1 2013
Operational EBIT	122	81
Harvest volume	6 368	12 232
Operational EBIT per kg - of which MH Markets - of which MH VAP Europe - of which Morpol Exceptional items incl in op. EBIT Exceptional items per kg	19.10 1.51 0.00 0.00 0 0.00	6.63 0.85 0.00 na -6 -0.50
Price achievement/reference price Contract coverage Superior share	99% 0% 76%	100% 3% 83%

Operational EBIT per kg

Operational EBIT amounted to NOK 122 million in the first quarter (NOK 81 million), which was NOK 19.10 per kg (NOK 6.63). In per kg terms, this is the highest value ever achieved for salmon of Canadian origin as our Canadian salmon continues to deliver strong results through a combination of exceptionally high prices, reduced claims and the spot position of sales.

Price and volume development

The prices for fresh whole Canadian salmon started the quarter at an all-time high level, but trended downwards in the period due to increased supply of salmon of Chilean origin. At its peak the price was above USD 4 per lb gutted weight (Urner Barry 10-12 lb), but due to supply increase from Chile, combined with a demand side affected by cold weather in the US (reducing consumer's ability and willingness to leave home for shopping and dining), the price decreased during the quarter. The reference price was approximately 50% higher in the first quarter of 2014 compared to the first quarter of 2013. Good demand and limited availability of salmon of Canadian origin in the American spot market is the main driver for the observed spot price increase.

The price achievement in the first quarter was 1% below the reference price due to a low superior share. There were no contracts for salmon of Canadian origin in the first quarter of 2014 compared to 3% in the first quarter of 2013. The superior share was 76% in the first quarter of 2014 (83%). The reasons for downgrading were mainly wounds and predator bites. The first and fourth quarters represent the predator season in Canada, and despite the introduction of double nets at the most exposed sites, some predator effects were experienced in the first quarter.

Marine Harvest Canada only harvested 6 368 tons gutted weight in the first quarter (12 232 tons) due to reduced smolt stocking in 2012 and a decision to delay harvest to increase the harvest weight.

Costs and operations

Low dissolved oxygen levels in the ocean during the fourth quarter of 2013 resulted in reduced feeding and thus slow growth. This affected the biomass cost per kg for fish harvested in the first quarter. In addition to the dissolved oxygen effect, the increased feed prices in 2013 hit the cost per kg for harvested biomass in the quarter. As a result, the cost of biomass harvested in the first quarter was 14% higher than in the corresponding period in 2013.

Canadian salmon also encountered significant negative scale effects in non-seawater costs in the period. The planned reduction in harvest volume will continue to influence the full cost per kg negatively in 2014. The reduction in harvest volume is a result of the decision to reduce the smolt output in 2012.

No exceptional mortality was recognised in the first quarter of 2014 and 2013.

The Board is pleased to see continued good results in the Canadian operation and congratulates the Canadian team with the record level EBIT per kg.

Salmon of Chilean origin

NOK million	Q1 2014	Q1 2013
Operational EBIT	119	- 52
Harvest volume	17 741	8 259
Operational EBIT per kg - of which MH Markets - of which MH VAP Europe - of which Morpol Exceptional items incl in op. EBIT Exceptional items per kg	6.73 0.95 -0.01 0.00 -1 -0.08	-6.27 -0.50 0.00 na -3 -0.37
Price achievement/reference price Contract coverage Superior share	103% 29% 84%	94% 39% 82%

Operational EBIT per kg

Operational EBIT for salmon of Chilean origin amounted to NOK 119 million in the period (NOK -52 million) which was NOK 6.73 per kg (NOK -6.27). The farming operations achieved an operational EBIT of NOK 103 million in the quarter, while the allocated profit from the sales and smoked operations was NOK 16 million.

Price and volume development

The Urner Barry price for Chilean salmon was strong in the beginning of the quarter, but due to the significant increase in the supply, it decreased to a level close to the last seven year average towards the end of the period. A similar trend was seen in the Brazilian market in the period. The price achieved was 3% above the reference price in the period as good spot price achievement in the Brazilian and US markets mitigated the negative effects of contracts. The contract contribution was negative in the first quarter, but it was less negative than in the corresponding period in 2013. The contract share was 29%, compared to 39% in the first quarter of 2013. The superior share was 84% in the period (82%). The reasons for downgrading were low color due to fish reaching maturation, gaping and melanin spots.

Marine Harvest Chile harvested 17 741 tons gutted weight in the first quarter (8 259 tons). The volume increase is a result of increased smolt stocking, delayed harvest from the fourth quarter of 2013 and good seawater growth.

Looking at the harvest volumes from Aquabench, there is an indication of increasing frozen stocks in Chile at present. This was also the case for Marine Harvest Chile.

The volume effect is negative despite higher volume in the first quarter of 2014 than in the firs quarter of 2013, due to negative margin on sales in 2013.

Costs and operations

The biological development remains a concern. The sea lice load at the end of the quarter was higher than at the corresponding time in 2013. The cost of harvested biomass has been reduced by 5% compared to the first quarter of 2013 as improvements in the feed conversion ratio has mitigated the effect of increasing feed prices, while good seawater growth has contributed to reduced other seawater cost per kg. The only biomass cost component that has increased compared to 2013 is the sea lice mitigation costs as the increased sea lice load has resulted in cost increases.

The significant increase in volume has contributed to lower nonseawater cost per kg (scale effects) compared to the first quarter of 2013. In the first quarter, the full cost per kg for a head on gutted salmon packed in a standard box was approximately USD 4.70.

Exceptional mortality in the amount of NOK 1 million was recognized in the quarter due to SRS. In the first quarter of 2013 exceptional mortality in the amount of NOK 3 million was recognized.

The Board appreciates the efforts made to drive best practice, and recognizes the achievements in reducing the feed conversion ratio and improve growth. The Board remains very concerned about the general development of the Chilean industry and monitors the situation closely.

Salmon of Irish origin

NOK million	Q1 2014	Q1 2013
Operational EBIT	4	18
Harvest volume	476	1 456
Operational EBIT per kg - of which MH Markets - of which MH VAP Europe - of which Morpol Exceptional items incl in op. EBIT Exceptional items per kg	8.70 -0.14 -0.47 0.00 0 0.00	12.26 0.65 -0.30 na 0 0.00
Price achievement/reference price Contract coverage Superior share	na 96% 90%	na 95% 91%

Salmon of Irish origin achieved an operational EBIT of NOK 4 million in the first quarter (NOK 18 million). Operational EBIT per kg harvested in the period was NOK 8.70 (NOK 12.26). The operational EBIT was positively affected by insurance compensation of NOK 9 million related to biological issues in 2013.

Achieved prices were slightly above last year. Harvest volume was 476 tons gutted weight (1 456 tons). Marine Harvest Ireland did not harvest fish in January and half of February in order to grow the fish.

Operationally, the first quarter was challenging due to a number of storms, which affected the feeding of fish and thereby reduced the seawater growth. There was no exceptional mortality recognized in the first quarter of 2013 and 2014, although AGD remains present and PD remains a factor for monitoring.

The Board recognizes the efforts made by the Irish team under challenging conditions.

Salmon of Faroese origin

NOK million	Q1 2014	Q1 2013
Operational EBIT	44	13
Harvest volume	2 084	1 218
Operational EBIT per kg - of which MH Markets - of which MH VAP Europe - of which Morpol Exceptional items incl in op. EBIT Exceptional items per kg	20.98 0.61 0.00 0.00 0 0.00	11.00 0.64 0.00 na 0 0.00
Price achievement/reference price Contract coverage Superior share	101% 0% 97%	97% 14% 95%

Salmon of Faroese origin achieved an operational EBIT of NOK 44 million in the first quarter (NOK 13 million). In per kg terms, the Faroese operations delivered an Operational EBIT of NOK 20.98, through a combination of favourable prices and the spot position of sales (NOK 11.00).

Harvest volume in the first quarter was 2 084 tons gutted weight (1 218 tons).

The cost of harvested fish was in line with the cost level in 2013 as increased feed and sea lice mitigation costs have been mitigated by increased volume. The cost per kg harvested salmon will increase in the second quarter due to harvest from a more expensive generation.

The Board congratulates the Faroese operation with continuous good results.

MH H VAP Euro ope

NOK m million	Q1 20 014	Q1 2013
Ope erating revenues s	1 135	90 05
Ope erational EBIT Ope eratonal EBIT %	- - 25 -2 2.2%	- 1 18 -2.0% %
Volu me sold (tons p product weight) )	14 049	13 53 38
Exce eptional items	0	0
Volu ume share salm mon Rev venue share sal lmon Gros ss margin shar re salmon	6 62% 7 71% 5 52%	58% % 65% % 51% %

Please results e note that the operat s per country of origin tional EBIT for salmo n. on in MH VAP Europ e also is included in the

Ope erational EBIT T

Oper perio (main millio salm marg rational EBIT fo od (NOK -18 m nly salmon of on, while the c on was NOK - 8 gin in VAP in the or VAP Europe million). The m Norwegian an contribution fro 8 million in the e period was -2. ended at NOK margin contribu d Scottish orig m other specie first quarter. Th .2% (-2.0%). K -25 million in ution from salm gin) was NOK es and third p he operational E the mon -17 party EBIT

Pric ces and volum me

Marin millio ne Harvest VAP on in the first qu P Europe's ope arter (NOK 905 erating revenues 5 million). s were NOK 1 135

The corre was volum total inclus average price esponding perio 14 049 tons p me has increas volume was 62 sion of Morpol U achieved in E od in 2013. Tot product weight sed compared t 2% in the first qu UK. EUR was 6% al volume sold (13 538 tons). to 2013 and th uarter of 2014 (5 higher than in in the first qua The salmon s e salmon shar 58%) mainly du the arter ales re of ue to

In Fra price of sa to ha salm ance, we see a of salmon, but almon in the con ard discount sto on products (e.g reduction in sa t we have been nventional retai res and food se g. cod). almon consumpt able to compe l channel throu ervice, and incre tion due to the h nsate for lost s gh increased s eased sales of n high ales sales non-

Exclu mark conv salm categ Our launc uding the Frenc ket will be sta entional retail s on products is gory manageme brand Olav's h ch these produc ch conventional able going forw stores toward ha expected to co ent to grow sal has been well cts in Holland, F retail market, w ward. In Fran ard discount as ntinue. We con es. Our brandin received in Sp France and Belg we believe the r ce the shift f the main outle ntinue to strengt ng efforts contin pain and a plan gium is in progre retail from et for then nue. n to ess.

Co osts

The per com (fre e strong incre rformance, as p mpensated for esh, frozen and ease in raw m price increases the increased smoked produc material prices for end produ raw material c cts). continue to cts still only pa cost in all categ affect artially gories

Go effe imp effe od salmon raw ect on margins provement in p ect will materiali material covera in the period. production in th ze in the third q age for contract . We are starti he restructured quarter. t sales had a po ing to see effic operations. Th ositive ciency he full

Sal res from rem les of frozen p structuring effec m contract cov mained lossmak roducts were p cts took effect. erage of raw m ing in the quarte profit making in Our frozen pro materials. Fresh er. n the first quart oducts also ben h and Smoked ter as nefited sales

Ot her issues

The am pro res 13 Jan rem the thir e plan to restr bition is to op oduction in few structuring the n to eight. Two nuary and our maining entity erefore expect t rd quarter will ha ructure the Eur ptimize the ca wer, but larger umber of units units were clos fresh operation will be closed hat our VAP op ave a new, strea ropean VAP o apacity usage entities is pro in VAP Europe sed in 2013, w ns in Rennes c d during the s perations from amlined cost ba perations wher and to conce ogressing. Afte will be reduced hile one was s closed in March second quarter the beginning ase. re the entrate er the d from sold in h. The r. We of the

The res e Board remain sults in the seco s confident tha nd half of 2014. at the restructur . ring of VAP will show

Morpol

NOK million	Q1 2014	Q1 2013
Operating revenues	1 034	na
Operational EBIT Operatonal EBIT %	- 38 -3.7%	na na
Volume sold (tons product weight)	11 358	na
Exceptional items	0	na
Volume share salmon Revenue share salmon	92% 89%	na na

Please note that the operational EBIT for salmon in Morpol Processing also is included in the results per country of origin.

Operational EBIT

Operational EBIT for Morpol ended at NOK -38 million in the period. The margin contribution from own salmon (mainly salmon of Norwegian origin) was NOK -32 million, while the contribution from third party salmon and other species was NOK -6 million in the first quarter. The operational EBIT margin in Morpol in the period was -3.7%. Morpol was not included in the Group's figures in the first quarter of 2013.

Prices and volume

Morpol's operating revenues were NOK 1 034 million in the first quarter. Total volume sold in the period was 11 358 tonnes product weight. The first quarter product mix was less favourable than in the fourth quarter of 2013 with increased sales of low margin products. End product prices have been increased for all main products during the quarter. The salmon share of total volume was 92% in the first quarter of 2014.

Excluding the French conventional retail market, we believe the retail market will remain stable going forward. In France the shift from conventional retail stores toward hard discount as the main outlet for salmon products is expected to continue. The German market for smoked products has been reduced due to the high salmon prices. It remains to be seen if this is a short or long term reduction.

We continue to strengthen category management to grow sales. Our branding efforts continue. Under the Boston Seafood Show we introduced our US customers to several Morpol products including the Admiral brand.

Through integrated effort between Morpol and Marine Harvest Norway we have also introduced our first ASC certified products in Aldi stores in Germany.

Costs

Morpol was significantly exposed to the spot price of salmon in the first quarter, as the products sold in the quarter were generally produced using raw materials purchased in the spot market. The average spot price increased by 12% in EUR (14% in NOK) compared to the fourth quarter of 2013 and margins were therefore affected. In addition, there was a higher than expected reduction in volume produced/sold compared to the fourth quarter of 2013, and delays in down-scaling our operations to adjust to the lower volumes resulted in high cost per kilogram produced in the quarter. Efforts to reduce costs and improve efficiency were put in place during the quarter and we experienced a significant improvement in these elements towards the end of the period.

The Board is confident that the Morpol acquisition remains an important step towards becoming a leading, integrated protein producer.

PE EOPLE – – SAFE AND M EANING GFUL JO OBS

Emp prid succ loca ployee safety de cannot be ceed as a com l communitie and employe e compromis mpany with es. ees' self‐respe sed if Marine good relatio ect and perso e Harvest is onships with onal s to the

Emp ployee Healt h and Safety y (not includi ng Morpol)

In the The opera in the the fi the fi at 12 e first quarter, t increase from ations that were e high seriousn irst quarter of 2 igure increased 2.1. The increas the Group reco 2013 is 26, of e not included in ness category, 2013. Measured compared to th e is mainly drive orded 48 LTIs fo f which 19 LTI n 2013. Four of which is an inc d in LTIs per mi he first quarter en by the inclus or own employe Is relate to Mo f the incidents w crease of one f llion hours work of 2013 and en sion of Morpol. ees. orpol were from ked, nded

The 5.7 inc e absenteeism 7% in 2013. The rease in VAP E e increase is du urope. m 4.1% in the fir ue to the inclus rst quarter of 20 ion of Morpol a 013 to and an

Glo obal SOX co onference

As Jan com SO inte imp init a beg imp a consequence nuary 28, 2014, mpliant in certa OX act requires t ernal control t plications for th iated to ensure global manage ginning of Marc plications in our %increased from e of the listing o Marine Harvest ain areas by the that a company hat is docume he Group, and that the necess ement conferen ch to increase global operatio on the New York t is committed t e end of 2014 y listed on the NY ented and tes d a Group-wid sary actions are nce was there the understand ons. The project k Stock Exchan to be Sarbanes . Section 404 o YSE must have sted. This will e project has e taken in this re efore hosted i ding of SOX a is on target. nge on Oxley of the e good have been egard, n the nd its

	GUIDING PRINCIPLE - ISSUE		AMBITION	Q1 2014 ACHIEVEMENT
	Safe jobs		No lost time incidents (LTI)	million LTIS hours worked per increased to 12.1 due to a higher rate in Morpol than in the Group's farming operations.
	Healthy working environment	Sick leave $< 4\%$		Sick leave of 5.7% in the quarter
– TASTY AND HEALTHY SEAFOOD ill not compromise on the ability to assuredly healthy, tasty and responsibly to the Group's customers. Through this, solidity will be delivered. ontinues arine Harvest continued its effort to introduce op existing brands. We introduced "Rebel Fish" brand to the US retailers. We also re-launched rand for salmon of Canadian origin. In Europe e brand "Olav's" in Spain with good response. farms certified against the ASC standard we		and top quality from feed to fork.	Safe seafood - cleaning of all fish oils in our feed Our own verification program as well as regular testing by food safety authorities show that the level of environmental pollutants in our products are below the limits set by the food safety authorities, and below the levels detected in most wild fatty fish. Even so, we have decided, as the first global salmon producer, to start cleaning all relevant fish oil used in feed for Marine Harvest salmon. We wish to remove any uncertainty the consumers may have related to how much salmon they can eat. This is an important step for us in our strategy to become an integrated protein producer with total control
	GUIDING PRINCIPLE - ISSUE		AMBITION	Q1 2014 ACHIEVEMENT
	Food quality and safety		Supply seafood with valuable health	Health targets met

PR RODUCT T – TAS STY AND D HEALT THY SE EAFOOD

Mar cont prod long rine Harvest tinually delive duced seafood g‐term financi will not com er assuredly h d to the Grou ial solidity wi mpromise on healthy, tasty up's customer ill be delivered n the ability y and responsi rs. Through t d. y to ibly this,

Bran nding efforts continues

In th new and M our S we h With also e first quarter and further dev Morpol's Admira Sterling salmon ave introduced our first salmo introduced our f Marine Harves velop existing br al brand to the brand for salm the brand "Ola on farms certifi first ASC produ st continued its rands. We intro US retailers. W mon of Canadia av's" in Spain w ed against the ct in Aldi stores effort to introd duced "Rebel F We also re-launc n origin. In Eur with good respon ASC standard in Germany. duce Fish" ched rope nse. d we

Sa afe seafood – D– cleaning of f all fish oils i n our feed

	GUIDING PRINCIPLE - ISSUE	AMBITION	Q1 2014 ACHIEVEMENT
$\approx$	Food quality and safety	Supply seafood with valuable health benefits, preferred for its quality and documented safety	Health targets met
TASTY AND HEALTHY SEAFOOD PROVIDING CUSTOMER VALUE PRODUCT	Product innovation	Marine Harvest wants to play an important role in the design and use of products to satisfy customer needs	Introduction of Rebel Fish, cross selling of the Admiral Brand and planning for expansion of Olav's

PLANET – SUSTAINABLE AND RESPONSIBLE DEVELOPMENT

All Marine Harvests operations and the long‐term profitability ultimately depend on sustainable and environmentally responsible interactions with the natural environment. To maintain fish health, avoid escapes and minimize the environmental impact of the operations, the Group needs the best skilled people.

Escape prevention

Marine Harvest has a target of zero fish escapes and is constantly striving to prevent escapes and improve methods, equipment and procedures that can minimise or eliminate escapes. In the first quarter there were no escape incidents, despite severe weather conditions in several regions.

Fish health

Infectious Salmon Anaemia (ISA): ISA has re-emerged in the Chilean industry. In the first quarter of 2014 there was one new ISA confirmed site and one suspect site in the industry. The new confirmed site is in Region XI where Marine Harvest currently has no fish. At quarter end there were 33 HPRO positive in the Chilean industry, two of them being Marine Harvest sites. HPRO is the avirulant/non-pathogenic strain of the ISA virus without clinical symptoms. Marine Harvest supports strict measures to immediately harvest out sites with ISA outbreaks.

In the first quarter we had two outbreak of ISA in Region North in Norway. The sites have been harvested out. We do not expect additional ISA outbreaks in the affected areas.

Pancreas Disease (PD): There were five sites diagnosed with PD in Norway in the quarter, compared to three in the first quarter of 2013. PD was not a major cause of reduced survival in the first quarter. There were no new sites diagnosed with PD in Scotland and Ireland in the period which was also the case in the first quarter of 2013.

Amoebic Gill Disease (AGD): High presence of a microscopic amoeba named Neoparamoeba perurans, caused Amoebic Gill Disease, elevated mortality and reduced performance in Scotland and Ireland in 2012. In 2013, the amoeba was also found in Norway. The presence of the amoeba increases with higher seawater temperatures and the first quarter is therefore not the most challenging in this regard. AGD was not a top five cause of mortality in any region in the first quarter and no exceptional mortality has been recognized in this regard in the quarter. The Group's health team and seawater production departments are prepared to take immediate action if challenges should arise when the seawater temperature increases.

Lice management

Marine Harvest actively works to reduce the sea lice count in all farming units. With the exception of the Faroes and Canada, all farming regions reported higher levels of sea lice at the end of March 2014 than at the corresponding time in 2013. High seawater temperatures have contributed to the high lice levels. The lice level in Chile remains a concern due to the high number of treatments required per cycle to maintain the lice load at acceptable levels. Marine Harvest Chile continues to work to promote good sea lice practices both internally and in cooperation with the industry and the authorities.

Extensive testing of non- medicinal tools for sea lice control

Global R&D and Technical are together with Marine Harvest Norway preparing for extensive commercial trials with non- medicinal tools for sea lice control for the coming season. Sea lice control remains a significant challenge for the industry. Better control measures and reduced dependency on medicines in controlling sea lice is a top priority for Marine Harvest. Through full scale testing of various concepts in all the four regions we will generate valuable experience and identify potential need for further developments towards viable alternatives to medicinal sea lice control.

Medicine use

Marine Harvest focuses on preventing infectious diseases and limiting their spread. If fish get infected, they are treated with approved medicines. In the first quarter, the total use of antibiotics corresponded to 47 grams per ton biomass produced compared to 29 grams per ton in the first quarter of 2013, mainly due to increased use in Chile to treat for Rickettsia (SRS).

For further information regarding sustainability and biological risk management, reference is made to the 2013 Annual report.

GUIDING PRINCIPLE	AMBITION	Q1 2014 ACHIEVEMENT
Ensure sustainable wild-farmed interaction in the farming activity	Zero escapes	No escape incidents
Ensure healthy stocks minimising diseases and losses in the farming activities	Increase survival rates	Accumulated mortality (in numbers) was 2.21% which is a slight increase from the first quarter of 2013 due to higher mortality in Norway

EVENTS DURING AND AFTER THE CLOSE OF THE QUARTER

Grieg Seafood

In the third quarter of 2013, we entered into forward contracts to purchase a 25.8% stake in Grieg Seafood. The acquisition was cleared by the Canadian competition authorities on March 3, 2014 and is currently awaiting final completion approval.

Sale of our activities on the Shetland and Orkney Islands

The EU approval of our acquisition of Morpol was subject to divestment of Morpol's freshwater, seawater and processing activities on the Shetland and Orkney Islands. On March 27, 2014, Marine Harvest announced an agreement to divest these operations and some additional fresh water assets to Cooke Aquaculture Inc. The divestment is subject to approval by the EU.

Our first farms ASC certified

In 2013, we announced our commitment to be 100% ASC certified by 2020. The Aquaculture Stewardship Council (ASC) salmon standard is the most comprehensive environmental and social standard available for farmed fish. On February 7, 2014 the Group's first farms were certified and ASC certified products are now sold in Aldi stores in Germany.

Legal proceedings in Chile

In Chile, we are engaged in arbitration proceedings against a former director of Marine Harvest Chile and Salmones Sur Austral S.A. over certain contractual benefits and obligations. Salmones Sur Austral S.A. has countersued Marine Harvest for breach of contract and indemnification of damages, which were valued at USD 42 million. In June 2013, we lost an arbitration case and were ordered to pay USD 12.3 million as indemnification for breach of contract. The amount has been recognized in the 2013 financial statements. We are currently appealing that decision. On March 6, 2014, Salmones Sur Austral S.A. initiated collection procedures, asking for the payment of the USD 12.3 million awarded in the arbitration case. The court granted Salmones Sur Austral S.A.'s request to seize biomass owned by Marine Harvest Chile at two sites, Chequián and Peldehue. Marine Harvest has opposed the collection procedures and the seizure of the assets, alleging lack of jurisdiction of the court, and has also requested court authorization to release the fish for sale, on the condition that the proceeds from such sale be deposited in escrow. Permission to harvest the fish was granted on April 25. The proceeds from the sale will be deposited in an escrow account, up to an amount of USD 6.4 million per site.

No new licenses in Norway for Marine Harvest in the recent allocation rounds

In 2013 the Norwegian authorities announced that 45 new licenses would be issued (45 new licenses represents an increase of 4.7% compared to the total number of seawater licenses in Norway at year end 2013). Fifteen of the licenses were allocated in March 2014 to the prequalified applicants that offered the highest price. Marine Harvest was prequalified, but the prices we offered were not high enough. In addition, 20 licenses were allocated in April 2014. Marine Harvest Norway was not qualified to apply for the licenses in this group as the company does not have any operation in Troms and Finnmark. Morpol/Meridian was qualified, but was not allocated any of the licenses issued. It is assumed that the remaining 10 licenses will be allocated in May 2014.

Extension of syndicated borrowing facility

Marine Harvest has a EUR 775 million syndicated borrowing facility consisting of a term loan and two revolving credit facilities. The term loan had an original final maturity in January 2015, which also was the final maturity of the revolving credit facilities. The term-loan and revolving credit facilities have been extended until January 2016.

EUR 375 million convertible bond

On April 24, 2014, we issued a convertible bond with a principal amount of EUR 375 million. The bonds have an annual coupon of 0.875% payable semi-annually and a conversion premium of 35.0% over the reference price. The reference price was set at EUR 8.7019. Unless a prior conversion occurs, the bond will mature in 2019. The conversion price is subject to standard adjustment mechanisms for convertible bonds.

The building of the feed plant in Bjugn nearing completion

The building of the feed plant in Bjugn, Norway is nearing completion and everything is on schedule to commence full scale production from June/July 2014.

Proposed dividend of NOK 5 per share

Supported by the strong operating results, the recent agreement to divest UK farming assets, a strong forward market and a solid financial position, the Board has resolved to propose a first quarter dividend of NOK 5 per share to the Annual General Meeting (AGM). The AGM will be held May 22, 2014.

OUTLOOK

The first quarter reference price in Norway reached the unprecedented level of NOK 46.6, which was 40% above the first quarter observations made over the last five years and 17% above the previous first quarter all-time high in 2011. The solid demand is expected to absorb the measurable supply coming to the market over the next quarters, as Fish Pool futures are currently being traded at NOK 41.6 for the second quarter and NOK 38.5 for the last three quarters of 2014. However seasonal price fluctuations should be expected.

The supply demand balance looks tight for the first half of 2014, while some more volume will come to the market in the second half and might put pressure on the prices. The expected volume increase tightens again in the first part of 2015.

The result for the first quarter was negatively impacted by high costs in Norway. The Board expect these costs to be lower for the remainder of the year.

Through its robust business model, Marine Harvest is well positioned for acquisitive and organic growth going forward. Several specific opportunities for growth are closely monitored and some actions are already taken, including the entry into forward contracts to purchase a 25.8% stake in Grieg Seafood. This purchase is currently awaiting final approval.

During 2013, considerable capital was re-invested to strengthen the pillars of Marine Harvest: Feed, Farming and Sales and Marketing. The Board expects the Bjugn feed plant to successfully commence production in July 2014 and is considering the construction of a second plant in Norway.

The secondary processing business will be strengthened through the integration of Morpol, as well as the completion of the on-going restructuring and consolidation of VAP Europe's site structure from 13 to eight and organic growth initiatives in Asia and America. The Board remains confident that measures taken will improve operational performance for VAP Europe when fully implemented.

The backward and forward integration is expected to reduce Marine Harvest's reliance on the volatile nature of the salmon commodity prices. The Board expects to develop these parts of the business organically going forward. Within farming, Marine Harvest will pursue selective acquisitions in Norway and Chile in order to substantially increase the global share of production from the current level of about 21%.

Marine Harvest is continuously monitoring the biological, sanitary and legislative developments within its geographically welldiversified salmon farming portfolio. The Board continues to be concerned about the sea lice situation in Norway and the general biological situation in Chile. Marine Harvest is working actively towards the Government of Norway to avoid changes in the regulatory system which is likely to cause a material adverse biological change for its' second largest export industry.

Marine Harvest is uniquely positioned among salmon farmers. We are geographically well-diversified and, contrary to most competitors, we are expecting to show strong volume growth in 2014. In 2014 Farming volumes are expected to grow by 22%, to a level of 417 000 tons. This growth in biomass will, together with the investment in the VAP activities and the new feed factory, lead to capital expenditures of approximately NOK 1 700 million during 2014. We expect capital expenditures and working capital investments to be significantly lower in 2015 as the feed plant has been finalised and less capital will be needed to fund growth in biomass .The Board is pleased with the way the Group is currently positioned with a fully integrated business model of sustainably produced, healthy proteins. Based on the future supply-demand balance, we see great opportunities for delivering a solid return to the shareholders in the years to come. Such a return is likely to include an increasingly large component of quarterly cash dividend payments as net debt comes down and capital expenditures normalize.

Marine Harvest has initiated discussions with Norwegian authorities with a view to remove the obstacles currently preventing a direct share listing at NYSE. A direct listing is expected to be a more desirable instrument than the existing ADR programme and should hence stimulate higher liquidity in the US.

Through the recent issuance of a EUR 375 million convertible bond, the Group is financed with a very low interest payable on its debt. The high proportion of unsecured debt in the portfolio provides Marine Harvest with a significant financial flexibility. The target for net interest bearing debt has been determined to NOK 7 500 million for 2014, which corresponds to about NOK 15 per kg harvest volume for Farming. The target is being assessed annually to reflect the scope of the business. The targeted net debt will also reflect the composition of the debt. Use of convertible debt and other unsecured instruments create more flexibility than traditional bank debt and might increase the net debt targets. Supported by the strong operating results, the recent agreement to divest UK farming assets, a strong forward market and a solid balance sheet, the Board has resolved to propose a first quarter dividend of NOK 5 per share to the AGM. The AGM will be held 22 May. On the back of the strong results so far in the quarter, and the current firm price levels, the Board expects to deliver strong results for the second quarter and for 2014. Significant free cash flow is expected to be generated which creates opportunities for continued high distribution to our shareholders.

OTHER RISKS

Marine Harvest has not identified any additional risk exposure beyond the risks described in note 3 of this report and the 2013 Annual report.

Reference is also made to the Planet section and the Outlook section of this report for other comments to Marine Harvest's risk exposure.

Oslo 29 April 2014

The Board of Directors of Marine Harvest ASA

Ole-Eirik Lerøy - Chairman of the Board Leif Frode Onarheim - Deputy Chairman of the Board Cecilie Fredriksen Michael Parker Hege Sjo Solveig Strand Tor Olav Trøim Stein Mathiesen Geir-Elling Nygård Turid Lande Solheim Alf-Helge Aarskog - CEO

Forward looking statements

This report may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest's goals and strategies, salmon prices, ability to increase or vary harvest volume, production capacity, trends in the seafood industry, restructuring initiatives, exchange rate and interest rate fluctuations, expected research and development expenditures, business prospects and positioning with respect to market, demographic and pricing trends, strategic initiatives, and the effects of any extraordinary events and various other matters (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Marine Harvest's business and results. Forward-looking statements are typically identified by words or phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements are Marine Harvest's current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. Marine Harvest ASA's registration statement on Form 20-F filed in 2014, including the section captioned "Risk Factors," contain additional information about factors that could affect actual results, including: changes to the price of salmon including the value of our biological assets; hedging risks; risks related to fish feed; economic and market risks; environmental risks; operational risks; risks related to escapes, disease and sea lice; product risks; risks related to our acquisitions; financing risks; regulation risks including relating to food safety, the aquaculture industry, processing, competition and anti-corruption; trade restriction risks; litigation risks; tax and accounting risks; strategic and competitive risks; and reputation risks. All forward-looking statements included in this report are based on information available at the time of the release, and Marine Harvest assumes no obligation to update any forward-looking statement.

INTERIM FINANCIAL STATEMENTS Q1|²⁰¹⁴

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Unaudited, in NOK million	Q1. 14	Q1. 13	2013








































Dividend declared and paid per share (NOK)	1.20	0.00	2.25

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Unaudited, in NOK million	Note	31.03.2014	31.12.2013	31.03.2013
ASSETS
Licences		6 005.2	6 036.1	5 495.9
Goodwill		2 362.9	2 374.9	2 124.5
Deferred tax assets		189.5	178.8	84.9
Other intangible assets		166.5	188.4	114.6
Property, plant and equipment		6 736.4	6 677.2	4 387.0
Investments in associated companies		872.7	900.4	699.8
Other shares and other non-current assets		125.6	140.9	1 758.6
Total non-current assets		16 458.9	16 496.9	14 665.3
Inventory		1 765.5	1 751.1	761.3
Biological assets	5	9 296.1	9 536.6	6 770.6
Current receivables		3 284.3	4 277.8	2 295.5
Cash		888.3	606.2	413.7
Total current assets		15 234.2	16 171.8	10 241.2
Asset held for sale	7	1 140.8	1 059.1	0.0
Total assets		32 834.0	33 727.7	24 906.5

EQUITY AND LIABILITIES
Equity		16 374.3	16 318.5	12 487.6
Non-controlling interests		24.2	27.8	76.8
Total equity		16 398.6	16 346.3	12 564.4
Deferred taxes liabilities		3 308.9	3 365.0	2 793.2
Non-current interest-bearing debt		8 113.9	7 710.2	6 431.7
Other non-current liabilities		564.9	976.2	448.9
Total non-current liabilities		11 987.8	12 051.3	9 673.8
Current interest-bearing debt		285.4	686.7	296.0
Other current liabilities		3 974.8	4 452.9	2 372.3
Total current liabilities		4 260.2	5 139.6	2 668.3
Liabilites held for sale	7	187.4	190.5	0.0
Total equity and liabilities		32 834.0	33 727.7	24 906.5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

2014		Attributable to owners of Marine Harvest ASA
Unaudited, in NOK million	Share capital	Share premium	Other equity reserves	Retained earnings	Total	Non controlling interests	Total equity
Equity 01.01.2014	3 077.9	2 954.6	- 84.0	10 370.0	16 318.5	27.8	16 346.3
Comprehensive income
Profit				769.6	769.6	- 3.9	765.7
Other comprehensive income			-196.3	- 30.8	- 227.1	0.3	- 226.8
Transactions with owners
Share based payment			5.8		5.8		5.8
Dividends				-492.4	- 492.4		-492.4
Total equity 31.03.2014	3 077.9	2 954.6	- 274.5	10 616.4	16 374.4	24.2	16 398.6

2013	Attributable to owners of Marine Harvest ASA
NOK million	Share capital	Share premium	Other equity reserves	Retained earnings	Total	Non controlling interests	Total equity
Equity 01.01.2013	2 811.3	779.0	- 692.8	8 722.2	11 619.7	69.0	11 688.7
Comprehensive income
Profit Other comprehensive income			600.4	2 515.1 -24.2	2 515.1 576.2	7.4 4.9	2 522.5 581.1
Transactions with owners
Issue of shares	266.6	2 175.6			2 442.2		2 442.2
Share based payment			8.4		8.4		8.4
Dividends				-843.3	- 843.3	-0.4	-843.7
Transactions with treasury shares				0.2	0.2		0.2
Acquisition of non-controlling interests						-74.1	-74.1
Non-controlling interest arising from business combination					0.0	21.0	21.0
Total equity 31.12.2013	3 077.9	2 954.6	- 84.0	10 370.0	16 318.5	27.8	16 346.3

Other equity reserves consists of cash low hegde reserve, share based payment expence and foreign currency transation reserve.

For further information related to share capital, reference is made to note 11.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

Unaudited, in NOK million	Q1. 14	Q1. 13	2013

Earnings before taxes (EBT)	1 008.3	1 002.3	3 457.4
Interest expense	130.6	130.3	640.2
Currency effects	- 16.0	44.3	311.7
Other financial items	- 137.0	- 9.1	252.4
Net fair value adjustment and onerous contracts	121.5	- 625.7	-1 669.9
Income/loss from associated companies	- 13.8	- 42.5	- 221.8
Depreciation and impairment losses	225.2	168.9	827.5
Change in working capital	- 2.2	- 296.3	-1 748.8
Taxes paid	- 95.7	- 17.1	- 115.5
Restructuring and other non-operational items	- 5.8	0.0	308.1
Other adjustments	- 4.6	- 4.4	- 18.3
Cash flow from operations	1 210.5	350.7	2 023.0
Proceeds from sale of fixed assets	27.3	0.5	66.0
Payments made for purchase of fixed assets	- 402.4	- 411.4	-1 967.6
Proceeds from associates and other investments	10.1	71.6	262.1
Purchase of shares and other investments 2)	- 8.2	- 746.2	- 833.8
Cash flow from investments	- 373.2	-1 085.5	-2 473.3
Proceeds from / downpayment of convertible bond	0.0	0.0	2 670.4
Proceeds from new interest-bearing debt	434.1	1 250.0	4 125.5
Down payment of interest-bearing debt	- 356.7	- 359.0	-5 053.5
Net interest and financial items paid	- 85.8	- 132.7	- 531.3
Realised currency effects	- 30.5	52.9	246.3
Dividend paid to owners of Marine Harvest ASA	- 510.4	0.0	- 825.3
Dividend paid to non-controlling interests	0.0	0.0	- 0.4
Transactions with treasury shares	0.0	0.0	0.2
Cash flow from financing	- 549.3	811.2	631.9

Change in cash in the period	288.0	76.4	181.6
Cash - opening balance 1)	439.1	246.0	246.1
Currency effects on cash - opening balance	- 6.8	1.4	11.4
Cash - closing balance 1)	720.3	323.8	439.1

1) Excluded restricted cash

SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENTS

Note 1 GENERAL INFORMATION

Marine Harvest (the Group) consists of Marine Harvest ASA and its subsidiaries, including the Group's interests in associated companies.

This interim report has not been subject to any external audit or review.

These interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The interim financial statements do not include all of the information and disclosures required by International Financial Reporting Standards (IFRSs) for a complete set of financial statements, and these interim financial statements should be read in conjunction with the annual financial statements. IFRSs as adopted by the EU differ in certain respects from IFRSs as issued by the IASB, but the differences do not impact the Group financial statements for the periods presented.

Note 2 ACCOUNTING PRINCIPLES

All significant accounting principles applied in the consolidated financial statement are described in the Annual Report 2013 (as published on the OSE on 30 April 2014 and as filed publicly with the SEC on 30 April 2014). No new standards have been applied in 2014.

The Group has discontinued hedge accounting of interest rate swaps, as they no longer qualify. The cumulative gain on the hedging instrument that has been recognized in other comprehensive income is reclassified from equity to profit or loss in the quarter, as it is no longer highly probable that the forecasted transactions are expected to occur.

Significant fair value measurements in accordance with IFRS 13:

Biological assets

Biological assets are, in accordance with IAS 41, measured at fair value, unless the fair value cannot be measured reliably. Broodstock, smolt and live fish below 1 kg are measured at cost less impairment losses, as the fair value cannot be measured reliably.

Biomass beyond this is measured at fair value, and the measurement is categorized into Level 3 in the fair value hierarchy, as the input is unobservable input. Live fish over 4 kg are measured to full net value, while a proportionate expected net profit at harvest is incorporated for live fish between 1 kg and 4 kg. The valuation is completed for each business unit based on a model and basis for assumptions supplied by corporate. All assumptions are subject to quality assurance and analysis on a monthly basis from a corporate level.

The valuation is based on an income approach and takes into consideration unobservable input based on biomass in sea for each sea water site, estimated growth rate on site level, mortality in the business unit, quality of the fish going forward, costs and market price. Special assessment is performed for sites with high/low performance due to disease or other special factors. The market prices are set for each business unit, and are derived from observable market prices (when available), achieved prices and development in contract prices.

Derivative financial instruments and other shares

Derivative financial instruments (including interest swaps, currency swaps and salmon derivatives) are valued at fair value on Level 2 of the fair value hierarchy, in which the fair value is calculated by comparing the terms agreed under each derivative contract to the market terms for a similar contract on the valuation date. Other shares are mainly valued on Level 1 of the fair value hierarchy and based on quoted prices on the Oslo Stock Exchange.

Conversion liability component of convertible bond

The conversion liability component is, subsequent to initial recognition, measured at fair value. The measurement is categorized into Level 3 in the fair value hierarchy, as some input is unobservable. The valuations are performed using Black-Scholes valuation model for option valuation, with quoted prices for share value, exchange rate and risk free interest rate, and unobservable input for volatility.

Note 3 ESTIMATES AND RISK EXPOSURE

The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting principles and recognised amounts of assets, liabilities, income and expenses. The most significant estimates relate to the valuation of biological assets and intangible assets. Estimates and underlying assumptions are reviewed on an ongoing basis, and are based on the management's best assessment at the time of reporting. All changes in estimates are reflected in the financial statements as they occur.

Marine Harvest is exposed to a number of operational and financial risk factors. The main operational risk factors are the development in the salmon price, biological risk linked to the salmon farming operations, the development in the salmon feed prices and feed utilisation and regulatory risk. Financially, the main risk factors are linked to general fluctuations in interest rates and exchange rates, credit risk and liquidity risk.

All risk factors are described in the 2013 Annual Report.

Note 4 BUSINESS SEGMENTS

For management purposes, Marine Harvest is organised in two business areas, Farming and Sales and Marketing. Farming is a separate reportable segment, while Sales and Marketing is divided in three reportable segments, Market, VAP Europe and Morpol. Fish Feed production will be a separate business segment, but the operational activity has not yet started.

The performance of the segments is monitored to reach the overall objective of maximising the Operational EBIT per kg. Consequently, reporting is focused towards measuring and illustrating the overall profitability of harvested volume based on source of origin (Operational EBIT/kg).

The same accounting principles as described for the Group financial statements have been applied for the segment reporting. Inter-segment transfers or transactions are entered into under normal commercial terms and conditions, and the measurement used in the segment reporting is the same as used for the actual transactions.

Note 4 BUSINESS SEGMENTS (continued)

BUSINESS AREAS	Farming		Sales and Marketing		Other 1)	Elimina	TOTAL
		MH	MH VAP			tions
NOK million		Markets	Europe	Morpol
Q1. 14
External revenue	103.9	3 717.2	1 114.0	917.4	15.4		5 868.0
Internal revenue	3 656.9	663.0	20.5	116.9	68.4	-4 525.7	0.0
Operational revenue	3 760.9	4 380.2	1 134.6	1 034.2	83.8	-4 525.7	5 868.0
Change in unrealised salmon derivatives	0.0	0.0	0.0	0.0	2.8	0.0	2.8
Revenue in profit and loss	3 760.9	4 380.2	1 134.6	1 034.2	86.6	-4 525.7	5 870.8
Operational EBITDA	1 262.5	90.4	- 4.3	- 15.1	- 17.8		1 315.8
Operational EBIT	1 089.5	84.9	- 25.3	- 37.9	- 21.0		1 090.3
Change in unrealised salmon derivatives	0.0	0.0	0.0	0.0	2.8		2.8
Fair value harvested fish	-1 234.1	0.0	0.0	0.0	0.0		-1 234.1
Fair value adjustment on biological assets	1 022.3	0.0	0.0	0.0	3.8		1 026.0
Onerous contracts provision	86.6	0.0	0.0	0.0	0.0		86.6
Restructuring cost	0.0	0.0	0.2	0.0	0.0		0.2
Other non-operational items	0.0	0.0	0.0	0.0	0.0		0.0
Income from associated companies	13.8	0.0	0.0	0.0	0.0		13.8
Impairment losses	0.0	0.0	- 0.2	0.5	0.0		0.3
EBIT	978.1	84.9	- 25.2	- 37.4	- 14.5		985.9

Q1. 13
External revenue Internal revenue	72.9 2 551.2	2 750.4 364.1	900.1 5.0		12.2 - 0.6	-2 919.7	3 735.6 0.0
Operational revenue	2 624.1	3 114.5	905.1		11.6	-2 919.7	3 735.6
Change in unrealised salmon derivatives	0.0	0.0	0.0		16.7	0.0	16.7
Revenue in profit and loss	2 624.1	3 114.5	905.1		28.3	-2 919.7	3 752.2
Operational EBITDA	648.6	49.6	0.2		- 46.6		651.8
Operational EBIT	502.4	46.2	- 17.9		- 48.8		481.9
Change in unrealised salmon derivatives	0.0	0.0	0.0		16.7		16.7
Fair value harvested fish	- 717.1	0.0	0.0		0.0		- 717.1
Fair value adjustment on biological assets	1 361.6	0.0	0.0		- 0.7		1 360.9
Onerous contracts provision	- 18.1	0.0	0.0		0.0		- 18.1
Restructuring cost	0.0	0.0	0.0		0.0		0.0
Other non-operational items	0.0	0.0	0.0		0.0		0.0
Income from associated companies	42.5	0.0	0.0		0.0		42.5
Impairment losses	1.0	0.0	0.0		0.0		1.0
EBIT	1 172.4	46.2	- 17.9		- 32.9		1 167.8
2013
External revenue	500.8	13 130.7	4 280.8	1 264.9	52.4		19 229.6
Internal revenue	12 391.5	1 931.6	61.6	91.8	162.6	-14 639.1	0.0
Operational revenue	12 892.3	15 062.2	4 342.4	1 356.7	215.0	-14 639.1	19 229.6
Change in unrealised salmon derivatives	0.0	0.0	0.0	0.0	- 30.2	0.0	- 30.2
Revenue in profit and loss	12 892.3	15 062.2	4 342.4		184.8	-14 639.1	19 199.4
Operational EBITDA	3 623.7	363.0	21.2	97.6	- 130.6		3 974.9
Operational EBIT	3 001.1	346.3	- 57.7	62.6	- 139.9		3 212.4
Change in unrealised salmon derivatives	0.0	0.0	0.0	0.0	- 30.2		- 30.2
Fair value harvested fish	-4 323.7	0.0	0.0	0.0	0.0		-4 323.7
Fair value adjustment on biological assets	6 141.7	0.0	0.0	- 30.8	7.3		6 118.3
Onerous contracts provision	- 124.7	0.0	0.0	0.0	0.0		- 124.7
Restructuring cost	- 4.3	- 32.7	- 235.7	0.0	0.0		- 272.8
Other non-operational items	- 74.4	0.0	0.0	0.0	0.0		- 74.4
Income from associated companies Impairment losses	221.8 - 6.8	0.0 - 9.7	0.0 - 40.6	0.0 - 7.7	0.0 - 0.2		221.8 - 65.0

EBIT	4 830.8	303.9	- 334.0	24.1	- 163.0		4 661.8

1) Inclusive MH Fish Feed

Note 5 SPECIFICATIONS OF BIOLOGICAL ASSETS

NOK million	Norway	Scotland	Canada	Chile	Other	TOTAL
Fair value adjustment on biological assets in the statement of comprehensive income
Q1. 2014	614.0	55.7	114.4	202.7	36.5	1 023.3
Q1. 2013	891.7	200.0	178.6	33.6	50.8	1 354.7
2013	4 007.9	999.1	595.1	284.2	218.7	6 105.0
Fair value adjustment on harvested fish in the statement of comprehensive income
Q1. 2014	-915.5	-73.0	-48.1	-147.3	-50.2	-1 234.1
Q1. 2013	-516.7	-125.9	-71.6	23.4	-26.3	- 717.1
2013	-2 898.1	-822.3	-360.3	-123.9	-119.1	-4 323.7
Volumes of biomass in sea (1 000 tons)
31.03.2014 31.12.2013						265.2 270.3
Fair value adjustment on biological assets in the statement of financial position 31.03.2014
Fair value adjustment on biological assets	1 561.7	378.7	273.5	174.0	125.9	2 513.8
Biomass at cost						6 782.3
Total biological assets						9 296.1
31.12.2013
Fair value adjustment on biological assets	1 863.2	398.0	219.0	121.3	141.4	2 742.9
Biomass at cost						6 793.7
Total biological assets						9 536.6
Reconciliation of changes in carrying amount of biological assets
Carrying amount 1.1.2014						9 536.6
Purchases						2 184.5
Change in fair value						1 023.3
Fair value adjustment on harvested biomass						-1 234.1
Mortality for fish in sea						- 16.3
Cost of harvested fish						-2 121.0
Currency translation differences						- 76.9
Total carrying amount of biological assets as of 31.03.2014						9 296.1
Price sensitivities effect on fair value - (salmon only)
The sensitivities are calculated based on a NOK 2 increase of the salmon price in all markets (fish between 1-4 kg is measured proportonately based on their level of completion).
	206.0	44.0	27.7	55.6	16.5	349.9

Note 6 EXCEPTIONAL ITEMS

NOK million

Exceptional items	Q1. 14	YTD Q1. 14
Sea lice mitigation in MH Norway	61.8	61.8
Exceptional mortality in MH Norway	13.1	13.1
Exceptional mortality in MH Chile	1.4	1.4
Exceptional items in operational EBIT	76.3	76.3

The note summarises elements affecting Operational EBIT and Cost of goods sold in the Statement of Comprehensive income that management considers exceptional relative to the underlying operations. The elements for the current quarter is commented on in the chapters for each operating unit.

Note 7 ASSETS HELD FOR SALE

As remedies for the competition approval of the purchase of Morpol, Marine Harvest agreed to divest the farming capacity on the Shetland (11 000 tonnes) and Orkney Islands (7 000 tonnes). Furthermore, the company has agreed to divest freshwater capacity and primary processing plants in the same areas. These assets and related liabilities are classified as "Assets / liabilities held for sale" in the consolidated financial position. On March 27, 2014 Marine Harvest announced an agreement to divest these assets at an agreed enterprise value of GBP 122.5 million. The agreement is subject to approval from the EU Commission, and the gain from the divestment will be recognized when the transaction is completed.

Note 8 FINANCIAL ITEMS

NOK million Note
	Q1. 14	Q1. 13	2013
Interest expense	-130.6	-130.3	-640.2
Currency effects on interest-bearing debt	47.9	-49.5	-528.5
Currency effects bank, trade receivables and trade payables	-21.3	-18.6	105.7
Gain/loss on short-term transaction hedges	-0.3	-4.4	46.6
Realised gain/loss on long-term cash flow hedges	-10.3	28.2	64.5
Net currency effects	16.0	-44.3	-311.7
Interest income	8.4	2.1	25.0
Gain/loss on salmon derivatives	0.2	1.4	3.9
Change in fair value of financial instruments	42.4	39.1	46.3
Change in fair value conversion liability components 9	110.5	-34.6	-516.1
Change in fair value other shares	-20.2	2.2	60.8
Dividends and gain/loss on sale of other shares	0.1	0.0	134.9
Net other financial items	-4.4	-1.2	-7.1
Other financial items	137.0	9.1	-252.4
Total financial items	22.3	-165.5	-1 204.4

Note 9 CONVERTIBLE BONDS

NOK million

	Statement of financial position	Statement of comprehensive income
	Non-current interest-bearing debt	Conversion liability component	Interest expenses	Net currency effects	Other financial items
Initial recognition
EUR 350 mill bond	2 267.1	378.0
Subsequent measurement Recognized 2013
Interest and currency effects	270.8		- 92.7	- 222.0
Change in fair value of conversion liability component		182.9			- 182.9
			- 92.7	- 222.0	- 182.9
Recognized 2014
Coupon interest			- 16.8
Amortized interest	19.7		- 19.7
Currency effects	- 37.4			37.4
Change in fair value of conversion liability components		- 110.5			110.5
Net recognized end of period 2014	2 520.2	450.4	- 221.9	- 406.6	- 255.3
Sensitivity analyses conversion liability component:
	NOK million
A 10% increase in share price	135.7
A 10% increase in exchange rate EUR/NOK	- 75.4
A 0.50% point increase in risk free interest rate	17.1

The carrying amount of the debt liaibility component of the convertible bond is classified as non-current interest-bearing debt, and the conversion liability component is classified as other non-current interest-free liabilities in the statement of financial position. All profit and loss elements related to the convertible bonds, are included in the specification of financial items in note 8.

Note 10 EARNINGS PER SHARE

Basic Earnings per share (EPS) is calculated on the weighted average number of shares outstanding during the period. Convertible bonds that are "in the money" are considered to have a dilutive effect if EPS is reduced when assuming a full conversion into shares at the beginning of the period and reversing all its effects on earnings for the period. On the other hand, if the effect of the above increases EPS, the bond is considered anti-dilutive, and is then not included in diluted EPS. The adjustments to earnings are interest expenses, currency gains/losses and changes in fair value of equity conversion option, adjusted for estimated taxes.

The equity conversion option on the 2013 convertible bond was not "in the money" at the end of the reporting period, and a dilution effect has not calculated.

Average diluted number of shares is affected by the share price bonus call options to senior executives.

Note 11 SHARE CAPITAL

	No of shares	Share capital	Share premium
Share Capital
Issued at the beginning of 2014	410 377 759	3 077.9	2 954.6
Share capital end of period	410 377 759	3 077.9	2 954.6
			Cost
Treasury Shares
Treasury shares at the beginning of 2014	410		2.8
Treasury shares end of period	410		2.8

Note 12 SHAREHOLDERS

Overview of the major shareholders at 31.03.2014
Name of shareholder	No. of shares	%
Geveran Trading Co Ltd	108 701 732	26.49 %
Folketrygdfondet	37 059 866	9.03 %
Clearstream Banking S.A.	11 099 112	2.70 %
State Street Bank & Trust Co.	8 371 001	2.04 %
DNB NOR Bank ASA	8 233 835	2.01 %
State Street Bank and Trust Co	6 078 309	1.48 %
State Street Bank and Trust Co.	5 843 784	1.42 %
Geveran Trading Co Ltd	5 444 072	1.33 %
Skandinaviska Enskilda Banken AB	4 740 539	1.16 %
Verdipapirfondet DNB Norge (IV)	4 223 642	1.03 %
Verdipapirfondet DNB Norge Selektiv	4 089 928	1.00 %
The Northern Trust Co.	3 659 634	0.89 %
Varma Mutual Pension Insurance	3 490 000	0.85 %
JP Morgan Chase Bank, NA	3 306 820	0.81 %
The Bank of New York Mellon SA/NVT	3 196 387	0.78 %
JP Morgan Chase Bank, N.A	3 181 101	0.78 %
Danske Invest Norske Instit. II.	3 128 947	0.76 %
Statoil Pensjon	2 883 678	0.70 %
Euroclear Bank S.A./N.V. ('BA')	2 865 717	0.70 %
J.P. Morgan Chase Bank N.A. London	2 682 217	0.65 %
Total 20 largest shareholders	232 280 321	56.60 %
Total other	178 097 438	43.40 %
Total number of shares 31.03. 2014	410 377 759	100.00 %

Geveran Trading Co Ltd, which is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family, has extended TRS agreements relating to 70 million shares in Marine Harvest ASA. The new expiration of the TRS agreements is August 20th 2014. The exercise price on the agreements is NOK 7.8267 per share.

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Mowi ASA

3665_rns_2014-04-30_12fc8d04-ae4e-45bc-afa6-736b16512c3b.pdf

HIGHLIGHTS – FIRST QUARTER 2014

PR ROFIT - FINANC CIAL RE ESULTS S IN THE E QUAR TER

Fin ancial item ms

Ca ash flow an nd NIBD

PROFIT - OPERATIONAL PERFORMANCE AND ANALYTICAL DATA

MARKET OVERVIEW

Industry

Ma rine Harve est

Geo ographic mar rket presence

Sale es by produc ct

Pr ice achievem ment

PROFIT - OPERATIONAL PERFORMANCE

Salmon of Norwegian origin

Operational EBIT per kg

Price and volume development

Costs and operations

Q1|2014

Salmon of Norwegian origin by region

Region South

Region West

Region Mid

Region North

Salmon of Scottish origin

Operational EBIT per kg

Price and volume development

Costs and operations

Salmon of Canadian origin

Operational EBIT per kg

Price and volume development

Costs and operations

Salmon of Chilean origin

Operational EBIT per kg

Price and volume development

Costs and operations

Salmon of Irish origin

Salmon of Faroese origin

MH H VAP Euro ope

Ope erational EBIT T

Pric ces and volum me

Co osts

Ot her issues

Morpol

Operational EBIT

Prices and volume

Costs

PE EOPLE – – SAFE AND M EANING GFUL JO OBS

Emp ployee Healt h and Safety y (not includi ng Morpol)

Glo obal SOX co onference

PR RODUCT T – TAS STY AND D HEALT THY SE EAFOOD

Bran nding efforts continues

Sa afe seafood – D– cleaning of f all fish oils i n our feed

PLANET – SUSTAINABLE AND RESPONSIBLE DEVELOPMENT

Escape prevention

Fish health

Lice management

Extensive testing of non- medicinal tools for sea lice control

Medicine use

EVENTS DURING AND AFTER THE CLOSE OF THE QUARTER

Grieg Seafood

Sale of our activities on the Shetland and Orkney Islands

Our first farms ASC certified

Legal proceedings in Chile

Extension of syndicated borrowing facility

EUR 375 million convertible bond

The building of the feed plant in Bjugn nearing completion

Proposed dividend of NOK 5 per share

OUTLOOK

OTHER RISKS

Forward looking statements

INTERIM FINANCIAL STATEMENTS Q1|2014

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENTS

Note 1 GENERAL INFORMATION

Note 2 ACCOUNTING PRINCIPLES

INTERIM FINANCIAL STATEMENTS Q1|²⁰¹⁴