Grieg Seafood — Interim / Quarterly Report 2014

May 15, 2014

Highlights – First Quarter 2014

• First quarter results driven by strong salmon prices.
• EBIT before fair value adjustment of biomass was NOK 140m against NOK 51m in 2013.
• Seawater production up on last year due to higher water temperatures and improved fish health status.
• Substantially lower costs in Scotland and some improvement in Finnmark.
• As previously reported, the first quarter results include an extraordinary charge related to the writedown of smolt in Canada and storm damage in the south of Norway. This affects the results in the quarter negatively with NOK 26m.
• Grieg Seafood Finnmark nominated to be awarded four new green licences (April 2014).

Grieg Seafood Group (TNOK)	1Q 2014	1Q 2013
Total operating income	623 647	517 085
EBITDA operational (1)	172 554	85 200
EBIT operational (2)	140 142	51 080
EBIT (TNOK)	140 142	51 080
Profit before tax and fair value adj.	118 771	24 625
Harvest volume (gutted weight tons)	13 095	13 715
EBIT/kg operational	10,7	3,7
Total assets (TNOK)	4 584 991	4 056 894
Net interest-bearing debt (NIBDA)	1 379 622	1 463 144
Equity (TNOK)	2 024 129	1 591 967
Equity %	44 %	39 %
NIBD/EBITDA	2,4	122,0
ROCE (3)	18 %	7 %
Earnings per share (NOK)	0,51	0,69

First Quarter results

The Group's EBIT before fair value adjustment of biomass was NOK 140.1m, against NOK 51.1m in 2013. The harvested volume in this year's first quarter was 13 095 tons, marginally down on the corresponding period last year and slightly more than previously guided.

The improved performance is due to higher salmon prices and improved operations. As reported in connection with presentation of the accounts for the fourth quarter of 2013, this year's first quarter accounts include a write-down of smolt in Canada, while the results for Rogaland were also exceptionally weak due to storm damage affecting one of the sites. The total negative effect of these incidents amounts to NOK 26m.

Production costs in the first quarter were substantially lower in Scotland and slightly lower in Finnmark compared with the same period last year. Underlying production costs in both Rogaland and Canada were higher than the corresponding figures in 2013, also after adjusting for the negative events in this quarter. In general, the increasing underlying costs in salmon farming are due to higher feed costs and higher health, treatment and contingency costs.

The winter in Norway this year was characterised by unusually high seawater temperatures and as a result production was notably higher than in the same period last year. However, the unusual weather conditions in the first quarter were both challenging and negative for Rogaland and Scotland, with many storms and consequently lost feeding days, despite the higher seawater temperatures.

The global supply of salmon increased by slightly more than 4% in the first quarter, which was somewhat more than expected. At the same time demand has been good, resulting in record high prices.

The first quarter profit before tax and fair value adjustment of biomass was NOK 118.8m, against NOK 24.6m in the same period last year. The profit before tax incl. fair value adjustment of biomass

was NOK 72.1m MNOK. The cash flow from operations increased from NOK 107m in the first quarter of 2013 to NOK 130m in the first three months of 2014. At the end of the first quarter the Group's equity ratio stood at 44% while net interest-bearing debt amounted to NOK 1 380m.

Group operating income in the first quarter totalled NOK 623.6m, an increase of 20.6% on the same period last year. Prices were 27.2% higher, while volumes were 4.5% down on the first quarter of 2013.

For Grieg Seafood, the price increase has been weaker than the average increase in spot market prices. In addition to the somewhat negative effect of contracts, this was also brought about by the negative effect of emergency harvesting in Rogaland, weaker price realisation in Scotland and a lower superior quality share in Canada.

Rogaland

MNOK	1Q 2014	1Q 2013
Sales revenue	110,5	164,2
EBITDA operational	27,1	41,0
EBIT operational	20,3	34,1
Harvest (tons gw)	2 138	4 238
EBIT/kg operational	9,5	8,1
- of which from markets	0,4	0,7

In Rogaland, EBIT before fair value adjustment of biomass increased from NOK 8.1 NOK per kilo in the first quarter of 2013 to NOK 9.5 per kilo in the same period this year. The improved result is entirely due to higher salmon prices.

The performance in Rogaland was greatly affected by storm damage to one site, as reported in connection with the presentation of the results for the fourth quarter of 2013. The total effect of storm damage on the results was in the order of NOK 17m, or almost NOK 8 per kilo.

Despite higher seawater temperatures, seawater production in Rogaland has been weaker than expected due to bad weather and the ensuing loss of feeding days at some sites.

The cost of fish harvested in Rogaland, adjusted for the negative effect of storm damage, was also clearly higher than in the corresponding period last year. For the most part, harvesting has been carried out from a site previously affected by PD (Pancreas Disease (2013). The cost level also reflects higher feed, treatment and contingency costs for this generation, especially with regard to lice and AGD (Amoebic Gill Disease). Grieg Seafood has two sites where PD was positively identified at the end of the first quarter, but neither has reported any substantial level of mortality, and no harvesting will take place from either of these two sites in 2014.

Finnmark

MNOK	1Q 2014	1Q 2013
Sales revenue	256,0	178,1
EBITDA operational	104,0	36,2
EBIT operational	92,1	24,9
Harvest (tons gw)	5 775	5 055
EBIT/kg operational	15,9	4,9
- of which from markets	0,1	0,4

In Finnmark the operating profit before fair value adjustment of biomass was NOK 15.90 per kilo in the first quarter of 2014, against NOK 4.90 per kilo in the same period last year. Both operations and production were satisfactory throughout the first quarter. The cost of fish harvested in this quarter was marginally lower than in the corresponding quarter last year, while salmon prices were substantially higher at the start of this year, compared with 2013.

Grieg Seafood Finnmark harvested its last trout production in the first quarter of 2014 and will now focus solely on the production of salmon. Trout have had a slightly negative effect on the results. While EBIT for trout was NOK 13.8 per kilo in the first quarter, the result for salmon was NOK 16.9 per kilo.

In April 2014 Grieg Seafood Finnmark was nominated to be awarded four new green licences. This accounts for 40% of the total increase in capacity in Finnmark. The new green licences in Troms and Finnmark will be allocated at a fixed

price of NOK 10m per licence and the criteria for allocation are the best overall operational and technical solutions to reduce the risk related to fish escapes and salmon lice. Grieg Seafood's focus on the production of large smolt (>200 grams) is one of several key elements in Grieg Seafood's green production concept.

Seawater production in Finnmark has been somewhat better than expected, despite the fact that seawater temperatures in Finnmark have not had the same level of effect as in other parts of Norway. We are now experiencing the benefits and positive effects of better smolt quality and larger smolt in Finnmark. During the first quarter salmon has been harvested from the northernmost production sites close to North Cape with good results in terms of production costs.

Regional director Håkon Volden has resigned from his position after heading the region for 23 years and his employment with the company will terminate at the end of the second quarter 2014. A recruitment process has been started to find a new regional director for Grieg Seafood Finnmark.

BC - Canada

MNOK	1Q 2014	1Q 2013
Sales revenue	58,6	77,3
EBITDA operational	-0,3	11,8
EBIT operational	-5,7	5,0
Harvest (tons gw)	1 053	1 939
EBIT/kg operational	-5,4	2,6
- of which from markets	-	-

In Canada, EBIT before fair value adjustment of biomass was a loss of NOK 5.40 per kilo in the first quarter against a positive result of NOK 2.60 per kg in the same period last year.

EBIT includes a charge of NOK 9.1m, corresponding to NOK 8.60 per kilo, related to the cull of smolt in the first quarter. This is in accordance with the information provided in the previous quarterly presentation.

The result is weak also adjusted for the write-down related to the cull of smolt. This is due to the very

low underlying production and exceptionally high unit costs of the fish harvested in the first quarter. The abnormally low volume in 2013 and 2014 is a direct consequence of the furunculosis outbreak in the smolt plant in 2012. Price realisation in Canada was weaker in the first quarter and as a result the realised price was lower than the average market price during this period. This was due to an unfavourable harvesting profile in the first quarter, but also to a low share of superior quality fish because of winter ulcers. EBIT was also negatively affected by the purchase of external fish to cover customer commitments.

Seawater production in Canada has been slightly better than planned. Seawater production will continue to increase as the year progresses when production growth picks on back of the increase in smolt stocking from the autumn of 2013. Costs will also decline and are expected to normalise when these generations are due for harvesting.

In 2014 Grieg Seafood will have a high proportion of Pacific salmon (33%) in addition to an unusually low harvest volume. The price of Pacific salmon does not develop in the same way as Atlantic salmon as the price of Pacific salmon is mainly determined by the volume of the commercial wild salmon catch.

By the end of May 2014 Grieg Seafood BC will have completed its planned smolt stocking required to re-establish a harvest volume in the order of 15 000 tons.

Scotland

MNOK	1Q 2014	1Q 2013
Sales revenue	198,7	97,4
EBITDA operational	49,2	1,2
EBIT operational	41,6	-7,3
Harvest (tons gw)	4 129	2 483
EBIT/kg operational	10,1	-2,9
- of which from markets	-	-

In Scotland, EBIT before fair value adjustment of biomass was NOK 10.1per kilo in the first quarter, against NOK -2.9 per kilo in the same period last year, showing that the positive operational and

financial development in Scotland is being maintained.

Most of the improved performance in Scotland is due to lower costs as a direct result of improvements in biological performance throughout 2013 which have also reduced the level of mortality and led to higher average harvest weights. At the same time, price development in Scotland has been considerably less positive than has been the case for Norway, although some increase in realised prices has also contributed to better results in Scotland. The weaker price development is partly due to contracts, but is also a reflection of a generally weaker prices realisation in Scotland compared with Norway.

The integration of the sales activities in Scotland in Ocean Quality is expected to bring synergies and an improved focus, and thus also better price realisation in the period ahead.

In the first quarter Grieg Seafood Scotland reported one case of escapes involving a total of slightly less than 26 000 fish in connection with a delivery of fish for harvesting. The cause of this deviation has been identified and corrective action has been taken to prevent a recurrence. In total, the escape resulted in a loss of NOK 1.6m which has been charged against first quarter profits.

The new smolt plant is now in the process of completion and production is expected to start this summer, with the first stocking due in the spring of 2015.

Seawater production in Scotland was as expected in the first quarter.

Ocean Quality

(60% owned by Grieg Seafood ASA. 40% owned by Bremnes Fryseri AS)

MNOK	Q1 2014	Q1 2013
Sales revenue	739,2	565,7
EBIT	6,2	8,7
Operating margin in %	0,8 %	1,5 %

Ocean Quality AS (relates solely to sales in Norway in the first quarter) recorded EBIT of NOK 6.2m (0.8%) against NOK 8.7m (1.5%) in 2013. In the first quarter of 2014 Ocean Quality realised an average price corresponding to 103,0% of the reference price level, against 103.6 % in the first quarter last year. Value creation measured against the reference level amounted to 1,6% in the first quarter, against 2.0% in the first quarter last year.

The process of including sales from Scotland as a separate unit of Ocean Quality is progressing as planned. Sales in Scotland have been an operational part of Ocean Quality since the first quarter of 2014 and will be legally included from the second quarter of 2014.

Cash flow and financial situation

The Grieg Seafood Group had a net cash flow of NOK 130m from operations in the first quarter of the year (NOK 106.8m in 2013). Investments in fixed assets during the same period amounted to NOK 40.7m (NOK 19.1m in the first quarter of 2013).

At the end of the first quarter the equity ratio stood at 44%, compared with 39% at the same time last year. At the end of the first quarter the Group had a satisfactory level of free liquidity and unutilised credit facilities. Net interest-bearing debt totalled NOK 1 380m at the end of the first quarter, against NOK 1 463m at the same time last year.

At the AGM to be held on 11 June 2014 the Board of Grieg Seafood will ask the General Annual Meeting for authorisation to set the dividend for 2013.

Outlook

The market in the first quarter was strong with record high prices, despite the global supply being slightly higher than had been expected. This indicates that the global demand for salmon remains strong.

The winter of 2014 was unusually mild, with higher seawater temperatures and better growth than normal. This will result in some increase in expected harvested volumes, and we expect a higher increase in harvest volumes, especially in Norway for the rest of the year, than in the first quarter. It is likely that this will lead to some decline in salmon prices compared with the record high prices in the first three months of the year. Nevertheless, the increase in supply during the rest of the year is not expected to be high compared with the historic long-term growth in demand. Due to the low overall level of unutilised production capacity there is less scope for strong supply-side growth now than previously, which means that the market prospects are again good for 2015.

When fully utilised, the new green licences in Norway will mean a 4-5% increase in salmon production in Norway. This is not expected to have large effect until 2015.

Grieg Seafood expects to harvest 69 000 tons in 2014. This is as previously guided, but with a slightly different regional distribution. The harvest volume in the second quarter is expected to be 17 500 tons, compared with 14 398 tons in the same period last year, with Scotland accounting for most of the increase.

Cost levels in Rogaland were unusually high in the first quarter and are expected to fall in the period ahead. Costs in BC are also expected to gradually normalise as the underlying production increases. The required smolt stocking to re-establish a harvest volume in the order of 15 000 tons in BC was completed in May 2014.

The Group's four applications for green licences in Finnmark have achieved positive nomination, giving Grieg Seafood further organic growth potential in the period ahead.

Further information can be accessed at www.griegseafood.com.

Bergen, 15 May 2014

The Board of Directors of Grieg Seafood ASA

Per Grieg jr. Asbjørn Reinkind Karin Bing Orgland

Chair Vice-Chair Board Member

Board Member Board Member CEO

Terje Ramm Wenche Kjølås Morten Vike

Income Statement

All figures in NOK 1 000

	1Q 2014	1Q 2013
Sales revenues	620 943	516 951
Other operating income	2 704	134
Operating income	623 647	517 085
Share of profit from ass. companies and joint venture Change in inventories	1 843 12 062	3 244 -59 904
Raw materials and consumables used	-229 716	-160 423
Salaries and personnel expenses	-74 883	-69 417
Other operating expenses	-160 399	-145 385
EBITDA	172 554	85 200
Depreciation and amortisation of tangible assets	-32 125	-33 496
Amortisation of intangible assets	-286	-624
EBIT before fair value adjustment of biological assets	140 142	51 080
Fair value adjustment of biological assets	-46 714	76 777
EBIT (Operating profit)	93 428	127 857
Share of profit from ass. companies	1 669	1 190
Net financial item	-23 040	-27 645
Profit before tax and fair value adj. of biological assets118 771		24 625
Profit before tax	72 057	101 402
Estimated taxation	-15 466	-25 547
Profit after tax	56 591	75 854
Profit attributable to equity holders of the parent company	56 591	75 854
Earnings per share	0,51	0,69

Statement of Comprehensive Income

	1Q 2014	1Q 2013
Profit for the period	56 591	75 854
Other comprehensive income: Items to be reclassified to profit or loss in subsequent periods:
Currency translation differences, subsidiaries	-11 872	3 954
Currency effect of net investments	-12 531	-1 875
Tax effect of net investments	3 383	525
Items not to be reclassified to profit or loss in subsequent periods:
Other gain or losses	0	0
Total recognised income for the period	-21 020	2 604
Total comprehensive income for the period	35 571	78 458
Comprehensive income to ow ners of the company	35 571	78 458

Balance Sheet

ASSETS	31.03.2014	31.03.2013
Goodw ill	107 155	105 046
Licenses	987 496	976 530
Other intangible assets	5 185	4 068
Property, plant and equipment	1 201 620	1 123 455
Investments in associtated and joint venture companies	44 701	53 663
Other current receivables	1 634	4 067
Total non-current assets	2 347 792	2 266 829
Inventories	59 455	55 870
Biological assets	1 372 663	1 129 399
Fair value biological assets	350 253	196 532
Accounts receivable	107 517	127 533
Other current receivables	73 412	58 433
Derivates and other financial instruments	414	989
Cash and cash equivalents	273 485	221 309
Total current assets	2 237 199	1 790 064
Total assets	4 584 991	4 056 894

EQUITY AND LIABILITIES	31.03.2014	31.03.2013
Share capital	446 648	446 648
Treasury Shares	-5 000	-5 000
Retained earnings and other equity	1 582 481	1 150 319
Total equity	2 024 129	1 591 967
Deferred tax liabilities	566 133	455 632
Pension- and other obligations	788	9 790
Subordinated loans	21 679	21 787
Borrow ings and leasing	1 001 944	1 076 696
Total non-current liabilities	1 590 544	1 563 904
Short-term loan facilities	646 016	603 511
Accounts payable	217 253	164 372
Tax payable	2 047	0
Derivates and other financial instruments	8 697	14 871
Other current liabilities	96 306	118 268
Total current liabilities	970 318	901 022
Total liabilities	2 560 862	2 464 926
Total equity and liabilities	4 584 991	4 056 894

Changes in equity: Attributable to owners of the Company

All figures in NOK 1 000

	1Q 2014	1Q 2013
Equity period start	1 988 558	1 513 230
Profit for the period	56 591	75 854
Comprehensive income for the period	-21 020	2 604
Total recognised income for the period	35 571	78 458
Equity impact of merger	0	280
Total equity from shareholders in the period	0	280
Total change of equity in the period	35 571	78 738
Equity at period end	2 024 129	1 591 967

Cash Flow Statement

	Q1 2014	Q1 2013
EBIT after fair value adjustment	93 428	127 107
Adjustment for fair value adjustment	47 822	-77 782
Adjustment for depreciation and impairment	32 411	34 120
Adjustment for income/loss from associated and joint venture companies	-1 843	-1 190
Change in inventory, trade payables and trade receivables	-20 123	-10 081
Refund of taxes	0	5 116
Other adjustments	-21 703	29 515
Cash flow from operations	129 992	106 805
Capital expenditure (fixed assets)	-40 711	-19 110
Change in other non-current receiveables	-2	737
Cash flow from investments	-40 713	-18 373
Net changes in interest-bearing debt (non-current and current)	40 507	-82 841
Net interest and financial items	-21 186	-24 655
Cash flow from financing	19 321	-107 496
Changes in cash and cash equivalents in the period	108 600	-19 064
Cash and cash equivalents - opening balance	163 913	239 885
Currency effect on cash - opening balance	972	488
Cash and cash equivalents - closing balance	273 485	221 309

Selected notes to the first quarter accounts

Note 1 - Accounting principles

Note 2 - Segment information

Grieg Seafood ASA (the Group) comprises Grieg Seafood ASA and its subsidiaries, and includes the Group's share of the accounting results of associated companies. There has been no material change in the legal composition of the Group since year-end 2013.

The accounts for the first quarter have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations as approved by the EU, including IAS 34 – Interim Financial Reporting. The quarterly report does not contain all information required for a complete annual report, and it should therefore be read in conjunction with the last

annual report for the Group (2013). The quarterly report is unaudited.

The same accounting principles and methods of calculation which were used with respect to the last annual report (2013) have been used in the preparation of the first quarter report. The accounting principles used by the Group are extensively described in the Annual Accounts for 2013.

New standards and amendments implemented in 2014:

No new standards have been implemented in the first quarter of 2014. Amendments to IAS 1, IAS 19 and IFRS 13 were implemented in 2013. Please refer to note 2 to the Annual Accounts for 2013.

1Q 2014	Rogaland			Finnmark	BC - Canada			Scotland		Elim. / other	Group
	1Q 2014	1Q 2013		1Q 2014 1Q 2013 1Q 2014 1Q 2013 1Q 2014				1Q 2013		1Q 2014 1Q 2013	1Q 2014	1Q 2013
Salgsinntekter (TNOK)	110 480	164 164	255 960	178 120	58 562	77 266	198 682	97 401	-2 741	0	620 943	516 951
Andre driftsinntekter (TNOK)	-49	49	1 226	1 216	0	-1 311	1 326	0	201	180	2 704	134
EBITDA operasjonell (MNOK) (1)	27 088	41 015	104 025	36 226	-346	11 848	49 155	1 195	-7 368	-5 084	172 554	85 200
EBIT operasjonell (TNOK) (2)	20 347	34 115	92 080	24 918	-5 724	4 976	41 618	-7 270	-8 178	-5 659	140 142	51 080
EBITDA operasjonell %	24,5 %	25,0 %	40,4 %	20,2 %	-0,6 %	15,3 %	24,6 %	1,2 %			27,7 %	16,5 %
EBIT operasjonell (TNOK) (2)	18,4 %	20,8 %	35,8 %	13,9 %	-9,8 %	6,4 %	20,8 %	-7,5 %			22,5 %	9,9 %
EBIT operasjonell /KG GWT (2)	9,5	8,1	15,9	4,9	-5,4	2,6	10,1	-2,9			10,7	3,7
Slaktet i tonn, GWT	2 138	4 238	5 775	5 055	1 053	1 939	4 129	2 483			13 095	13 715

The operating segments are geographically divided by country and region and are identified on the basis of the reporting method used by the Group management (the most senior decision-makers) when they assess performance and profitability at strategic level. From 2014 Shetland – UK is now characterized as Scotland, which is a more suitable equivalent for the area in the UK in which Grieg Seafood has activities.

The results from the segments are based on the operating result (EBIT), before fair value adjustment. This method of measurement excludes the effect of one-time costs, such as restructuring costs, legal costs and amortisation of goodwill when amortisation is the result of an isolated event which is not expected to recur. The

method of measurement also excludes the effect of share options, as well as unrealised gains and losses on financial instruments.

The column "Other items/eliminations" contains the results of activities carried out by the parent company and other non-production-geared companies of the Group, as well as eliminations of intra-Group transactions and the effect of own costs, as mentioned above.

Effective from 2013 the Group's share of the results from the sales company Ocean Quality is incorporated in the results from Rogaland and Finnmark. Previously, our share of the results from Ocean Quality was reported in the column for elimination. Only the supplier bonus was allocated to the related companies.

Adjusted operating EBIT for reportable segments

	1Q 2014	1Q 2013
EBIT before fair value adjustment	140 142	51 080
Fair value adjustment of biological assets incl. fair value of
financial instruments	-46 714	76 777
EBIT (operating profit)	93 428	127 857
Income from associated companies	1 669	1 190
Total income from associated companies	1 669	1 190
Net financial item:
Changes in fair value from hedging instruments	1 496	-61
Net financial interest	-21 936	-26 014
Net currency gain (losses)	-1 874	-371
Net other financial expenses /-income	-726	-1 199
Net financial item	-23 040	-27 645
Profit before tax	72 057	101 402
Estimated taxation	-15 466	-25 547
Net profit in the period	56 591	75 854

Note 3- Biological assets

The accounting treatment of living fish by companies which apply IFRS is regulated by IAS 41, Agriculture. The best estimate of the fair value of fish weighing less than 1 kilo is considered to be the accumulated cost, while fish between 1 kilo and 4 kilos include a proportionate share of the expected profit. The fair value of fish in excess of 4 kilos (ready for harvesting) is set at the net sale price calculated on the assumption that the fish are harvested/sold on the balance sheet date. If the expected net sale price is less than the

expected cost, this will entail a negative adjustment of the value of biological assets, and in such case this is 100%. The sale prices for fish ready for harvesting are based on spot prices, while the prices for fish between 1 kilo and 4 kilos are based on forward prices and/or the most relevant price information that is available for the period when the fish is expected to be harvested. The price is adjusted for quality differences, together with cost of logistics. The volume is adjusted for gutting loss since the sale price is measured for gutted weight.

	Tonn		NOK 1 000	NOK 1 000
Biological assets	1Q 2014	1Q 2013	1Q 2014	1Q 2013
Biological assets - beginning of period	50 567	50 692	1 766 332	1 310 143
Currency translation			-13 547	-432
Increases due to purchases	212	0	3 035	0
Increases due to production	14 760	10 302	378 051	285 997
Decreases due to sales/harvesting/mortality	-16 164	-16 578	-363 197	-349 815
Fair value adjustment beginning of period	N/A	N/A	-398 011	-116 494
Fair value adjustment aquisitions	N/A	N/A	0	0
Fair value adjustment end of period	N/A	N/A	350 253	196 532
Biological assets - end of period	49 372	44 416	1 722 916	1 325 931

Biological assets - status 31.03.2014	Number of fish (1.000)	Biomass (tons)	Cost of production	Fair value adjustment	Carrying amount
Smolt /brood/small fish 0-1 kg	31 082	3 888	256 693	0	256 693
Biological assets w ith round w eight < 4 kg	14 155	26 501	715 141	133 191	848 333
Biological assets w ith round w eight > 4 kg	3 714	18 983	400 828	217 062	617 890
Total	48 951	49 372	1 372 663	350 253	1 722 916

Biological assets - status 31.03.2013	Number of fish (1.000)	Biomass (tons)	Cost of production	Fair value adjustment	Carrying amount
Smolt /brood/small fish 0-1 kg	26 990	4 114	233 177	0	233 177
Biological assets w ith round w eight < 4 kg	12 321	26 078	635 253	78 465	713 717
Biological assets w ith round w eight > 4 kg	2 907	14 224	260 970	118 067	379 037
Total	42 218	44 416	1 129 399	196 532	1 325 931

Note 4 - Associated companies and joint ventures

Investments in companies which are closely related to the Group's operations are classified as a part of the operating result. This relates to cases where the associated companies and joint

ventures have activities in the same area of the value chain as the Group. In the accounts, participation in joint ventures is recognised applying the equity method.

Ocean Quality AS is a joint venture.

ASSOCIATED / JOINT VENTURE COMPANIES		Acqusition cost	Book value 01.01.2014	Share of profit YTD 2014	Book value 31.03.2014	Share of profit Q1 2014
Ocean Quality AS	60% (50%)	6 000	13 132	77	13 209	77
Finnmark Brønnbåtrederi AS	49 %	55	9 490	371	9 861	371
Bokn Sjøservice AS	50 %	506	6 430	0	6 430	0
Salmobreed AS	37,50 %	5 230	6 231	1 395	7 626	1 395
Isopro AS	20 %	520	990	0	990	0
Share of profit classified as operations		12 311	36 274	1 843	38 117	1 843
Salten Stamfisk AS	34 %	1 913	4 915	1 669	6 584	1 669
Share of profit classified under operating result		1 913	4 915	1 669	6 584	1 669
Total		14 224	41 190	3 513	44 701	3 513

Note 5 - Related parties

The Group has transactions with companies which are controlled by Grieg Seafood ASA's majority owner, Grieg Holdings AS. Grieg Seafood ASA's

offices are rented from Grieg Gaarden KS. All services and the rental relationship are on an arm's length basis. Transactions with other related parties in associated companies are the purchase of services related to operations.

Shares controlled by board members and management:
	No. shares	Shareholding
Board of directors:
Per Grieg jr. *)	60 726 561	54,38 %
Wenche Kjølås (Jaw endel AS)	7 000	0,006 %
Asbjørn Reinkind (Reinkind AS)	120 000	0,107 %
Karin Bing Orgland	0	0,00 %
Terje Ramm	0	0,00 %
Management:
Morten Vike (CEO)	75 000	0,07 %
Atle Harald Sandtorv (CFO)	45 500	0,04 %
Knut Utheim (COO)	0	0,00 %
Sigurd Pettersen (Regional Director)	1 800	0,00 %
Alexander Knudsen (Regional Director)	44 000	0,04 %
Håkon Volden (Regional Director)	60 362	0,05 %
Total shares controlled by board members and management	61 080 223	54,70 %
* Shares ow ned by the follow ing companies are controlled by Per Grieg jr. and closely related( Verdipapirhandelloven § 2-5):
Grieg Holdings AS	55 801 409

Grieg Shipping II AS	824 565
Ystholmen AS	2 868 197
Grieg Ltd AS	217 390
Kvasshøgdi AS	1 000 000
Per Grieg jr. private	15 000

Note 6 - Share capital and shareholders as per 31 March 2014

Share capital:

As of March 31, 2014, the company has 111 662 000 shares at a nominal value of NOK 4 per share. The company purchased in June 2011 1 250 000 ow n shares at rate 14.40 NOK per share.

Date of registration	Type of change	Change in share capital (TNOK)	Nominal value per share (NOK)	Total share capital (TNOK)	No. of ordinary shares
31.03.2014			4,00	446 648	111 662 000
	Holdings of own shares		4,00	-5 000	-1 250 000
Total ordinary shares				441 648	110 412 000

The largest shareholders in Grieg Seafood ASA as of 31.03.2014 were:

	No. shares	Shareholding
GRIEG HOLDINGS	55 801 409	49,97 %
DNB NOR BANK ASA	22 175 739	19,86 %
NORDEA BANK NORGE ASA	6 605 998	5,92 %
KONTRARI	5 586 896	5,00 %
YSTHOLMEN	2 868 197	2,57 %
OM HOLDING AS	2 610 000	2,34 %
STATE STREET BANK AND TRUST CO.	1 254 438	1,12 %
GRIEG SEAFOOD ASA	1 250 000	1,12 %
KVASSHØGDI AS	1 000 000	0,90 %
SKANDINAVISKA ENSKILDA BANKEN AB	850 742	0,76 %
GRIEG SHIPPING II AS	824 565	0,74 % 0,40 %
STATE STREET BANK & TRUST COMPANY	450 000
STOREBRAND VEKST	443 670	0,40 %
VERDIPAPIRFONDET PARETO NORDIC VAL	429 000	0,38 %
VERDIPAPIRFONDET DNB SMB	375 000	0,34 %
HSBC BANK PLC	373 428	0,33 %
SKANDINAVISKA ENSKILDA BANKEN AB	224 027	0,20 %
GRIEG LTD A/S	217 390	0,19 %
PICTET & CIE(EUROPE) S.A.	206 355	0,18 %
MP PENSJON PK	200 000	0,18 %
Total 20 largest shareholders	103 746 854	92,91 %
Total other	7 915 146	7,09 %
Total numbers of shares	111 662 000	100,00 %

Information about Grieg Seafood ASA

Head Office - Grieg Seafood ASA

Postal address:	P.O. Box 234 Sentrum, NO-5804 Bergen
Office address:	Grieg-Gaarden, C. Sundtsgt. 17/19, NO-5004 Bergen
Tel.:	+47 55 57 66 00
Internet:	www.griegseafood.com
Organisation number:	NO 946 598 038 MVA

Board of Directors of Grieg Seafood ASA

Per Grieg jr.	Chair
Asbjørn Reinkind	Vice Chair
Terje Ramm	Board Member
Wenche Kjølås	Board Member
Karin Bing Orgland	Board Member

Group Management

Morten Vike	CEO
Atle Harald Sandtorv	CFO
Knut Utheim	COO Farming

Financial Calendar

First Quarter 2014	15 May 2014
Annual General Meeting	11 June 2014
Second Quarter 2014	19 August 2014
Third Quarter 2014	30 October 2014
Preliminary results 2014	12 February 2015

The company reserves the right to amend the above dates.