Grieg Seafood - Earnings Release 2014

Grieg Seafood ASA: A challenging quarter for Grieg Seafood ASA

The expected Q3 2014 result (EBIT before fair value adjustments) for Grieg

Seafood ASA is NOK -63m. This is due to non-recurring events during Q3

amounting to NOK 95m. Total harvest in Q3 is 16,750 tons vs. previous guiding of

15,600 tons.

In the Q2 report Grieg Seafood has informed about challenging environment- and

disease issues caused by PD in Rogaland. In that regard a NOK 24m write-down due

to mortality in July was announced. Unfortunately, the negative consequences of

PD have increased during Q3. Write-down for Rogaland in Q3 has increased to NOK

39m.

The result from operations in Canada is affected by extremely negative profit

for Pacific salmon. Market conditions have been challenging due to a strong wild

salmon season. As a consequence the total amount for loss and write down is NOK

25m. Grieg Seafood has decided to discontinue production of Pacific salmon, and

the last harvest is scheduled for Q3 2015.

The Q3 result in Finnmark is lower than expected. This is due to mature fish.

This has caused large deviances against quality expectations, and consequently

lower sales prices during Q3. In addition to these issues the production cost

was unusually high. The total estimated negative P&L effect is NOK 29m.

Finnmark encountered escape from one site during Q3, where the total number of

escaped fish was 11,100. The total P&L effect of this incident was NOK 1.5m.

If adjusted for the above mentioned one-time effects, the Grieg Seafood Q3

result would have been NOK 32m.

The final Q3 result will be presented, as planned, on October 30th.

For additional information please contact:

CFO Atle Harald Sandtorv, tel. +47 90 84 52 52

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1863741]

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