Leroy Seafood Group - Earnings Release 2015

Lerøy Seafood Group ASA: Update, production in Q3

Update, production in Q3 - Lerøy Seafood Group

In the interim report dated 12 August, Lerøy Seafood Group communicated our

expectations for higher than normal release from stock costs in coming quarter.

This materialised, based as expected on high production costs for Lerøy Sjøtroll

during the previous winter. The release from stock costs throughout Q3 were,

however, higher than expected due to early harvest of fish for Lerøy Midt during

the late summer/autumn. Moreover, further restrictions were imposed late August

on sales to significant markets, resulting in lower prices realised, in

particular for trout. Following the above mentioned factors/events, the result

achieved by the Group in Q3, according to our evaluation at the time of writing,

is weaker than indicated by market expectations. The Group's operating profit

prior to so-called fair value biomass adjustment for Q3 is approximately NOK

250 million. The volume of fish harvested in the Group in Q3 2015 totalled

approx. 41,000 tons gutted weight.

* Further restrictions were imposed with effect from late August on the import

of salmon and trout to the countries surrounding Russia (the EAEU Customs

Union). This has had a particularly negative impact on prices realised for

trout.

* Throughout the quarter, several of Lerøy Midt's sites have experienced an

escalation in lice challenges and this has required early harvest of the

spring and autumn 2014 generations. The earlier harvest of fish results in a

lower average weight than planned and higher release from stock costs.

Earlier harvest also has an impact on the prices realised by the Group. Also

in the start of fourth quarter there is a requirement for early harvest in

Lerøy Midt. This factor combined with the increased requirement for

treatment will continue to have a negative impact on earnings in Q4 2015.

The Group's production volume and cost profile will be affected by the above-

mentioned events, but the Group will work to identify the best possible

adaptations in order to minimise the consequences on the total slaughter volume

in 2016. More detailed information will be provided in the company's

presentation of the third quarter figures in Oslo on 11 November.

Queries may be addressed to the company's CFO, Sjur S. Malm

The Board of Directors of Lerøy Seafood Group ASA,

Bergen, 14 October 2015

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1958929]

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