Grieg Seafood — Capital/Financing Update 2015

Jul 15, 2015

Grieg Seafood ASA: High costs in Q2. Bond loan refinanced by bank debt.

Grieg Seafood ASA: High costs in Q2. Bond loan refinanced by bank debt.

Performance update - Q2 2015:

The Q2 2015 results for GSF will reflect high costs, as advised in connection

with the presentation of Q1 earlier this year. The performance has also been

affected by lower realised prices in some markets.  This situation has somewhat

complex causes, as summarised in the following:

* In Rogaland, fish affected by PD have been harvested, and the proportion of

rejects/Prod B has been high.

* In Finnmark, low harvest volume has resulted in high cost, measured per

kilo.

* The results in BC reflect the occurrence of acute mortality in connection

with a low oxygen level, which was also reported earlier. Added to this, the

US market remains weak which has resulted in low prices for BC fish.

* Fish harvested in Shetland have previously presented major gill challenges.

This has resulted in a reduced average weight for parts of the biomass,

which in turn has also led to low realised prices in the UK market.

The preliminary accounts for Q2 2015 show EBIT per region, as follows:

Q2 2015 EBIT Harvested vol. EBIT/kg

(MNOK) (Tons)

Rogaland 21,8 6 956 3,14

Finnmark -4,7 1 290 -3,65

BC 5,1 5 756 0,88

Shetland -44,3 3 556 -12,47

The Board is not satisfied with the company's performance trend and will revert

to this in connection with the presentation of Q2 on 19 August with further

information regarding implemented action and necessary measures ahead to reverse

this trend.

Refinancing:

GSF has extended its bank credit facility by MNOK 500 from MNOK 1 410 to MNOK

1 910. This has been done in order to refinance a bond loan of MNOK 400 which

matures in December this year. The covenant requirements are unchanged, and the

preliminary figures for Q2 are within the required limits. Danske Bank has

withdrawn from the loan syndicate, and DnB has joined it. The syndicate is thus

made up of Nordea and DnB.

For further information please contact:

- CEO Andreas Kvame (cell phone: +47 907 71 441)

- CFO Atle Harald Sandtorv (cell phone: +47 908 45 252)

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1938772]