Mowi ASA

Capital/Financing Update • May 11, 2017

Marine Harvest ASA (OSE: MHG): EUR 375 million Convertible Bond Agreement 2014/2019 ISIN NO 001 0710395 - Exercise of conversion

Marine Harvest ASA (OSE: MHG): EUR 375 million Convertible Bond Agreement 2014/2019 ISIN NO 001 0710395 - Exercise of conversion

Reference is made to the stock exchange release on 3 May 2017, where Marine

Harvest announced that it had exercised its right to redeem the outstanding

bonds under the EUR 375 million five year convertible bond issued by Marine

Harvest in 2014, maturing on 6 May 2019 (ISIN NO 001 0710395), at par value plus

accrued interest.

The loan agreement provided the bondholders the period up to and including 11

May 2017 to convert their bonds into shares.

Bondholders representing an aggregate principal loan amount of EUR 353.9 million

have elected to convert their bonds into shares. The conversion price is EUR

9.3458 per share. Marine Harvest will accordingly issue 37.9 million new shares.

The new shares will be issued on 19 May 2017. As a consequence some of the

bondholders will receive the shares earlier than the conversion date pursuant to

the loan agreement. Such early delivery shall not amend or affect the

bondholders' rights under the loan agreement.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.