Grieg Seafood — Earnings Release 2016

Jul 5, 2016

Grieg Seafood ASA : Q2 2016 trading update, improved Shetland result, harvest moved from Q3 to Q2

Grieg Seafood ASA : Q2 2016 trading update, improved Shetland result, harvest moved from Q3 to Q2

GSF's return from Shetland operations has improved significantly throughout

2016. Cost reduction was higher than anticipated for Q2 2016, and EBIT/kg for

Shetland is estimated at NOK 20 for Q2

Earlier this year GSF initiated a strategic review of its Shetland operations.

In this regard selling the region, or a part of the region, has been considered.

The Board has concluded that the bids received do not reflect the overall

improvements currently being materialized in the region. Consequently, a sale

will not be conducted now.

GSF will continue exploring other strategic alternatives at Shetland. The

company anticipate a significant potential for biological and operational

synergies through improved coordination between the parties in the region

The production cycle at Shetland is currently being changed from 24 to 18

months. This change will partly mitigate the biological risk, and improved

profitability from this is expected. Furthermore, a weaker pound sterling,

especially upon the Brexit effect, yield a competitive advantage for Shetland.

GSF has harvested biomass in Q2 intended for Q3 2016 in order to reduce

biological risk. Preliminary harvest volume for Q2 is:

+-------------+---------------+--------------------+

| 1,000 tons  | Updated | Harvest guiding Q2 |

| | | |

| HOG* | Q2 harvest | per 12 May 2016 |

+-------------+---------------+--------------------+

| Rogaland |   6,4 |   6,2 |

+-------------+---------------+--------------------+

| Finnmark |   2,0 |   1,5 |

+-------------+---------------+--------------------+

| BC |   4,9 |   4,2 |

+-------------+---------------+--------------------+

| Shetland |   2,9 |   2,1 |

+-------------+---------------+--------------------+

| Sum |   16,2 |   14,0 |

+-------------+---------------+--------------------+

*Head on gutted equivalents

Q2 2016 will be presented August 18th 2016.

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.

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