Mowi ASA — Earnings Release 2010

Jul 21, 2010

IMPROVED RESULTS - PROPOSES HALF-YEAR DIVIDEND OF NOK 0.20 PER SHARE

(Oslo, 21(st) July 2010) Marine Harvest Group achieved an operational EBIT of

NOK 792 million in the second quarter of 2010, compared to NOK 268 million in

the corresponding quarter of 2009. Earnings per share improved from NOK -0.02 to

NOK 0.21. Strong demand and reduced industry supply lead to increasing prices

also in the second quarter. However Marine Harvest Norway showed a weak price

achievement in the quarter. Based on the strong cash-flow in the first half of

2010, the Board has resolved to call an EGM in August where a half-year dividend

of NOK 0.20 per share will be proposed.

Marine Harvest reported operating revenues of NOK 3 562 million (NOK 3 948

million) in the second quarter of 2010. Harvest volumes were 68 263 tons

compared to 83 960 tons in the second quarter of 2009. Net earnings in the

period were NOK 741 million (NOK -61 million).

- The group delivered an improved result in this quarter, supported by continued

strong demand, reduced global supply and increasing prices. Our Norwegian

operations showed a weak price achievement due to a large contact portfolio with

prices well below the spot prices and a lower than normal share of superior

fish. There is a considerable potential for improved results the next quarters,

comments CEO of Marine Harvest ASA, Alf-Helge Aarskog.

Cash flow from operations amounted to NOK 890 million (NOK 1 099 million) in the

second quarter of 2010. Net financial items amounted to a NOK -34 million (NOK

-204 million). Net financial items include net interest expenses of NOK 108

million (NOK 120 million). Net interest-bearing debt increased to NOK 4 678

million (4 140 at end of the first quarter) after dividend distribution in June.

The equity ratio decreased to 57.2 percent at the end of the quarter (60.4 at

end of the first quarter). Annualized ROACE was 20.7% (-4.5%) and NIBD/Equity

was 38.6% compared to 33.75 at the end of the first quarter.

Marine Harvest Norway achieved an operational EBIT per kg of NOK 11.22 (8.42) in

the second quarter, while Marine Harvest Canada and Marine Harvest Scotland

reported operational EBIT per kg of NOK 11.65 and NOK 9.35 respectively (9.14

and 8.17). Marine Harvest VAP Europe reported an operational EBIT-margin of

5.7% (5.4%) in the second quarter of 2010. Marine Harvest Chile achieved an

operational EBIT of NOK 17 million (NOK -391 million). The Chilean farming

operations achieved a break-even operational EBIT.

Marine Harvest expects to harvest a volume of 294 000 tonnes in 2010, of which

66 000 tonnes is expected to be harvested in the third quarter.

- The contract share for the third quarter will be in line with the second

quarter. However the average contract price is approximately NOK 3 higher than

in the second quarter. I expect a strong market and robust results for the

coming quarters. The main priorities going forward will be sustainable growth in

all regions, a better coordination of sales in the group, and further

operational improvements, says Alf-Helge Aarskog.

For further information, please contact:

Jørgen Andersen, CFO, Tel: +47 21 56 20 09, Mobile: +47 951 43 854

Henrik Heiberg, Finance Director, Tel: +47 21 56 20 11, Mobile: +47 917 47 724

About Marine Harvest

Marine Harvest is the world's leading seafood company and largest producer of

farmed salmon, with presence in 18 countries and about 4 800 employees

worldwide. The company is headquartered in Oslo, Norway, and is listed on the

Oslo Stock Exchange. Please seewww.marineharvest.com for further information.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1433035]