Q U A R T E R L Y R E P O R T 2 N D Q U A R T E R

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1 Q U A R T E R L Y R E P O R T 2 N D Q U A R T E R

2 1. Grieg Seafood develops as planned Grieg Seafood was listed in June, and has now 869 shareholders after 2 shares issues of MNOK 700 in total. The board of directors is generally satisfied with the development in production, even if operating results are behind expectations primarily due to lower market prices and somewhat lower harvest volumes. So far the company is in line with the development plans and necessary investments to reach the goals as presented in connection with the IPO and the private placement. The market prices for farmed salmon are presently strengthening, and we believe that 2007 and 2008 will give healthy returns for the company. 2. Highlights 2 nd quarter 2007 Total operating income for the second quarter 2007 was MNOK 291,6 an increase of 85% compared to the same period last year. The increase is primarily due to acquisitions and sales of financial assets. EBITDA before fair value adjustments for the second quarter 2007 is MNOK 97,7 compared to MNOK 70,7 in 2Q Two share issues in May and June increased equity with NOK 700 million. Total equity is now MNOK 1,277 or 44% of the total balance. On June 21st Grieg Seafood ASA was listed at Oslo Stock Exchange. On June 4th, Grieg Seafood finalised the acquisition of Hjaltland Seafarms Ltd in the UK. Hjaltland has 31 sea farming licences in five clusters in the Shetland Isles, and will harvest tons gutted weight of salmon in 2007, and produce tons of value added products. Grieg Seafood Hjaltland acquired another four salmon farming licences on June 25th, increasing this year s harvest with tons. The company sold it s shares in Marine Farms ASA (MAFA) during the period with a realised profit of MNOK 41,6 (IFRS). The production at sea was better than planned in Norway, but behind in the UK and Canada. Harvest was reduced as a consequence of lower sales prices in May and June. The company has realised substantial synergies in all regions after renegotiating contracts for feed, insurance and equipment. Page 2 of 17

3 3. 2 nd Quarter Report 3.1. Financials - proforma Pro Forma Key figures 2nd Quarter 2007 South- Norway North-Norway Canada UK Other Group Sales revenue (MNOK) 98,6 64,6 63,6 73,0 0,5 300,3 EBITDA (MNOK) 24,2 7,6 19,3 17,4 42,0 110,5 EBITA (MNOK) 2 21,0 2,9 11,2 12,7 43,3 91,1 Harvest in tonnes, GWT EBITA NOK/kg 1 5,74 1,03 5,67 6,29 8,72 1) The calculation is based on EBITA is before fair value adjustment of biological assets 2) EBITDA and EBITA is before FV adj. bio.ass The acquisition of both Grieg Seafood Finnmark and Hjaltland Seafarms requires reporting of pro forma financial information. Pro forma financial information has been prepared for the income statements of 2006 full year and second quarter and YTD The pro forma financial information is enclosed to this report. Pro forma sales revenue for the 2 nd quarter 2007 was MNOK 300,3 and pro forma EBITDA before fair value adjustments was MNOK 110, Financials - main results The accounts include Hjaltland as from June. The Group generated total operating income of MNOK 291,6 in the second quarter, an increase from MNOK 157,6 (+85%) from second quarter of Operating income in the 6 months of 2007 is MNOK 465,8 mill, and increase of 67% from of Other operating income in the second quarter of 2007 of MNOK 41,6 is mainly from sales of financial assets. EBITDA before fair value adjustment of the biological assets is MNOK 97,7 for the second quarter. Year to date 2007 is MNOK 140,7 compared to MNOK 76,3 in the same period in The sale of shares in Marine Farms was realised with a profit of MNOK 41,6 and with a cash effect of MNOK 69,7. Profit after tax was MNOK -16,6. The fair value adjustments of biomass is MNOK -117,7. The cash flow from operations for the period was MNOK 67,2. The 2006 comparable figures do not include Grieg Seafood Finnmark AS (former Volden Group AS) since the company was acquired on November 1 st Hjaltland Seafarms Ltd (UK) was acquired on June 1 st 2007, and is included from this date and forward. Page 3 of 17

4 3.3. Operation and farming Rogaland Harvest volume from Rogaland was tons of salmon during the second quarter. Realized operating margin was 5,74 NOK/kg during the quarter. An outbreak of Pancreas disease had a net negative effect of MNOK 4,2 (NOK 1,2 pr kg in the second quarter). The smolt entry for 2007 spring went according to plan. Finnmark Harvest volume from Finnmark was tons of salmon and trout during the second quarter. Realized operating margin was 1,03 NOK/kg during the quarter. Harvest size of fish was between 6 and 9 kg, and the market was very weak for large fish during this quarter. The seawater production in the region went according to plans during the second quarter. The production costs in two of four underutilized clusters are still high, and will improve as production increases. Shetland UK The planned harvest during the quarter was reduced due to low prices in June, and the total harvest was tons. The operating margin was NOK 7,10 pr kg. Grieg Seafood Hjaltland acquired 4 existing sites with total production capacity of about 2.000t yearly harvest (1500 tons for 2007) at a price of MNOK 45,7. The production in the acquired companies is based on organic production methods, approved by the Organic Food Federation and Naturland. We expect these products to achieve a premium price. The ongoing construction of the processing plant will be completed by year end as planned. The company won the International Business of the Year at the Scottish Food and Drink Excellence Awards BC Canada Harvest volume in the period was tons, of which 363 tons was pacific salmon (Coho). Total margin during the period was 5,67 NOK/kg combined and 6,50 NOK/kg for the Atlantic salmon only. The prices for Coho in the period was low, and returned a zero margin. The cost structure in the recently acquired Seshelt region is currently high, and will be reduced as the seawater production develops. BC received a new farming licence in the Nookta area, increasing total farming sites to 19. Total company The company harvested tons during the period with a operating margin of NOK 4,40 pr kg GWT. The total production in the sea has been according to plan, but with regional differences. Apart from the PD outbreak in Rogaland at two sites, the health status of the fish is generally good. Apart from in Rogaland, harvested cost of production was generally higher than target during the second quarter, 3.4. Sales and market price During the period, the sales price for Norwegian salmon export dropped by 15% to 25% and had a negative effect on the profit margins realized for the fish sold in June. The decrease in the market prices closely related to the good winter growth in the mid- and south Norway, which increased average sizes by about 1,0 kg. In particular GSF Finnmark suffered when harvesting fish of 6 to 9 kg, both trout and salmon. Some of the large fish was frozen (350 tons) and will be sold later. The sales price in the US marked also dropped. The price of Coho dropped as a consequence of a good wild catch and larger imports from Chile. Page 4 of 17

5 Our achieved sales prices from GSF Hjaltland in the UK market has been more stable than the market in general Acquisitions Hjaltland Seafarms On June 4th 2007, Grieg Seafood finalised the acquisition of 100% of the shares in Hjaltland Seafarms AS. The company had 31 farming licences, of which 24 were in operation, and a modern harvesting and value added production facility in Shetland. The purchase price was MNOK 485. The acquisition was conditional on a private placement in Grieg Seafood which was successfully concluded in May Hjaltland Seafarms had total sales revenue in 2006 of MNOK 428,0, EBITDA before fair value adjustment of MNOK 150,1 and a pre tax result of MNOK 130,4. Watt & Goodlad Ltd, North Atlantic Sea Farms Ltd and Havfisk Ltd On June 25th, Hjaltland Seafarms acquired the three companies: Watt & Goodlad Ltd, North Atlantic Sea Farms Ltd and Havfisk Ltd for an enterprise value of GBP The purchased companies have in total 4 salmon farming licences, with combined discharge consents of 4,430 tons. Planned harvest volume from these companies combined in 2007 is tons. Page 5 of 17

6 4. Financial summary 4.1. Grieg Seafood Group Key figures Grieg Seafood Group 2Q Q 2006 YTD 2007 YTD Total operating income (TNOK) EBITDA (TNOK) EBITA (TNOK) EBIT (TNOK) EBITDA % 33,5 % 44,8 % 30,2 % 27,4 % 31,2 % EBITA % 1 27,9 % 38,6 % 23,7 % 20,3 % 23,1 % EBIT % -12,4 % 37,9 % 16,7 % 56,0 % 30,9 % Net profit (TNOK) (16.632) Net profit margin -5,7 % 18,9 % 12,9 % 65,6 % 19,8 % Total assets (TNOK) Net interest bearing debt (TNOK) Equity (TNOK) Equity % 44,5 % 32,7 % 44,5 % 32,7 % 36,3 % Earnings per share continuing operations -0,25 1,07 1,13 3,05 690,2 Diluted earnings per share continuing operations -0,25 1,07 1,13 3,05 690,2 Number of shares at the beginning of the period Number of shares at period end ) EBITA is Ebit before FV adj. bio.mass 2) In the second quarter 2007, it has been one private placement of TNOK 600 mill and the IPO of TNOK 100 mill.. Group total operating income in the second quarter 2007 was MNOK 291,6 an increase of MNOK 133,9, or 85 percent compared with the same period last year. Other operating income was MNOK 41,6 mainly from sales of financial assets. Operating profit before depreciation and financial items (EBITDA before fair value adjustment of biological assets) totalled MNOK 97,7 which is an improvement of MNOK 27,0 compared with the corresponding period in Operating profit (EBIT) before fair value adjustment of biological assets totalled MNOK 81,5 in the second quarter. This is MNOK 20,7 better than in the same period the year before. The value of live stock at sea is adjusted according to the IFRS accounting principles to fair market value. The adjustment for the second quarter 2007 is MNOK 117,7 mainly due to significantly lower prices at 30 th June 2007 compared to prices in the beginning of the period (1 st April 2007). The Group had net financial expenses of MNOK -3,8 during the second quarter. Net financial expenses in the same period in 2006 totalled MNOK -10,6. Profit before tax in the first quarter amounted to MNOK -41,7 compared too MNOK 49,1 in the corresponding period in Earnings per share (EPS) for the second quarter were NOK -0,25. Balance sheet At the end of the second quarter 2007 Grieg Seafood had net interest-bearing debt of MNOK 868,9 and an equity ratio of 44,5 percent. Net interest-bearing debt, has increased by MNOK 39,8 since the Page 6 of 17

7 end of the first quarter of 2007, mainly due to the purchase of shares in Hjaltland Seafarms, minority shares in Grieg Seafood Rogaland, three farming operations in Shetland and a strong growth in biomass. A short term credit of MNOK 100 was redeemed in June. The Group s total assets are MNOK 2.871,6 at the end of the second quarter Grieg Seafood Hjaltland is included in the balance sheet with effect from June 1 st The biological assets accounts for MNOK 948,8 (33%) of the Group s current assets. Cash and cash equivalents account for MNOK 179,2. As of June 30 th 2007, the book value of fish farming licences is MNOK 851,0. The Group has in total 92 licenses, 15 located in the South of Norway, 23 located in North of Norway, and 19 located in Canada, British Columbia, and 35 licences in Shetland. In addition the company produce on two licences in cooperation with two aqua culture high schools in Norway. Equity The book value of the Group s equity totalled MNOK 1.277,8 at the end of the second quarter, which gives an equity ratio of 44,5 percent. The number of total issued shares as per June 30 th 2007, are The change in equity in the period is MNOK 617,1, and is mainly due to the two share issues in May and June; the private placement of MNOK 600 and the IPO of MNOK 100. Purchase of shares from minority shareholders in the Group company Grieg Seafood Rogaland AS reduced equity with MNOK 25,9. Cash-flow Operating activities generated a cash flow of MNOK 67,2 in the second quarter. Investments of MNOK 542,8 is primarily the acquisition of Hjaltland Seafarms AS and investments in new sea site equipment. Financing activities of MNOK 648,2 is primarily new equity from the share issues in May and June. Net cash and cash equivalents as per June 30 th 2007 is MNOK 179,2. Segments Grieg Seafood's primary format for segment reporting is geographical segments that are based on location of assets. The Group divides its activities into four geographical segments, South-Norway (Grieg Seafood Rogaland), North-Norway (Grieg Seafood Finnmark), Canada (Grieg Seafood BC Ltd), and the UK (Grieg Seafood Hjaltland Ltd). All HQ cost has been charged to the regions. The effect of this is about MNOK 10,8 on EBIT on a yearly basis. Market summary and future outlook During the period, the market conditions have as indicated above, been very unpredictable with weak prices particularly during the last part of the period. Two major factors contribute to this: High winter growth in South- and Mid Norway on fish that had to be harvested before the, summer increased both volumes (26% Y/Y) and average harvest weight (1-1,5kg). Increased harvest in Chile of small size fish due to disease issues, put pressure on the US market, particularly for small size fish. At the same time the wild catch of pacific salmon has been good, and put large quantities on the market in the US and Far East. The general increase in consumption of farmed salmon has been particularly good in Europe and new markets in the Far East and Russia, with Russian import from Norway increasing over 65% and China, India and South Korea showing very good growth. The increase in biomass in Norway has been reduced from about 22% above last year to about 13% over last year during 2 months, and this decrease in growth indicates healthy prices going forward. Total harvest from Norway has increased 26% over last year. Chilean average harvest size has been reduced from about 4 kg to 3,3 kg over 1 year, and smolt mortality increased to indicative over 30% (Source: Kontali Aug-07). The main reasons are problems with sea lice, diseases as well as a serious earthquake in the 11 th region. The increase of 15-20% from Chile as expected early this year has now disappeared. Page 7 of 17

8 In sum, we believe that 3 rd and 4 th quarter prices in all major markets will improve, and particularly in the US on larger sizes. In August, we entered into a future contract for deliveries during 4 th quarter 2007 and 1 st quarter 2008 of tons to reduce the spot exposure somewhat. The total harvest volumes for 2007 and 2008 are maintained as presented during IPO. However, Rogaland and Finnmark will reduce 2008 harvest, while it will increase in BC and the UK. The expected harvest figures are as presented in the table below: Year IPO Volume Estimate Total new Estimate South-Norway North-Norway BC- Canada Shetland -UK Farming Operation Key figures Grieg Seafood Group - Farming Operation 2Q Q 2006 YTD 2007 YTD Sales revenue from farming operation (TNOK) EBITDA (TNOK) EBITA (TNOK) EBITDA % 22,5 % 43,8 % 23,3 % 25,4 % 30,3 % EBITA % 2 16,0 % 37,4 % 16,1 % 18,1 % 22,0 % EBITA/KG GWT from farming operating 1 4,4 12,6 4,5 5,7 7,0 Superior share 86% 77% 85% 76% 79% Harvest in tonnes, GWT Production in tonnes, round weight ) The calculation is based on EBIT before fair value adjustment of biological assets 2) EBITA is Ebit before FV adj. bio. ass.. The farming operation table is to explain the key figures result of core business activities. Production is three times higher than in 2 nd 2007 to compare with 2 nd Harvest volume has double from in 2 nd 2006 to in 2 nd EBITA pr kg GWT has droop from 12,6 to 4,4 Y/Y, as a consequent of a weaker marked. Page 8 of 17

9 5. About the company 5.1. Grieg Seafood ASA Grieg Seafood Group is a salmon farmer with production in Norway, the UK and Canada. The production in Norway is located in two clusters respectively in Finnmark and Rogaland. In Canada the Company is located in British Columbia around the Vancouver Island. Grieg Seafood Hjaltland is located on the Shetland Islands, in the UK. All regions are of approximately similar size, with a production capacity in the range tons each. Current harvest estimates for 2007 is a total of tons gutted weight. During the last years the Company has acquired several leading salmon farming operations. Finnmark s leading salmon farmer, the Volden Group, was acquired by Grieg Seafood in November During the second quarter this year the Company, concluded an agreement to purchase 100% of Hjaltland Seafarms in the Shetland Islands, one of UK s most profitable salmon farmers, and the biggest in Shetland. In BC - Canada, several new sea farms have been acquired during the last two years, and the most recent acquisition is the purchase of Target Marine Aquaculture Ltd on January 17 th this year as well as a new licence issued by the government. The company will focus on three key guidelines on the path to become one of the leading salmon farmers in the world: Profitable growth at all time keeping an uncompromising focus on low production cost and striving to achieve above market prices based on optimal location of farms relative to markets (short transport time giving improved quality and shelf life). Sustainable use of nature we have a responsibility to protect our natural environment, and produce in such a manner that both the wellbeing of fish, and the sites environment is taken care of. Satisfying our customers by delivering on time with expected quality and hence give good value for money. For further information, please see our website Bergen, August 28, 2007 The Board of Directors of Grieg Seafood ASA Page 9 of 17

10 6. Financial details Consolidated Income Statement Figures in NOK Q Q 2006 YTD 2007 YTD Sales revenue Other operating income Total operating income Change in inventories Raw materials and consumables used Salaries and personnel expenses Other operating expenses EBITDA before fair value adjust. of biological assets Depreciation and amortisation Impairment and reversal of impairments of fixed assets EBIT before fair value adjust. of biological assets Fair value adjustment of biological assets Operating profit Income from associated companies Other net financial items PBT (profit before tax) Income tax expense Profit for the period, continued operations Profit from discontinued operations Net profit in the period Profit to minority interests Profit attributable to equity holders of the parent company Earnings per share continuing operations (NOK) -0,25 1,07 1,13 3,05 2,76 Earnings per share continuing operations - diluted (NOK) -0,25 1,07 1,13 3,05 2,76 Grieg Seafood Finnmark (former Volden Group) is included from November 2006 and Hjaltland Seafarms is included from June 2007 Page 10 of 17

11 Consolidated Balance Sheet Figures in NOK ASSETS 30/06/ /06/ /12/2006 Goodwill Licenses Property, plant and equipment Investments in associtated companies Loans to associated companies Available for sale financial assets Non-current receivables Total non-current assets Inventories Biological assets Accounts receivable Other current receivables Cash and cash equivalents Total current assets Total assets EQUITY AND LIABILITIES 30/06/ /06/ /12/2006 Share capital Share premium fund Other reserves Retained earnings Minority interest Total equity Deferred tax liabilities Pension obligations Borrowings Financial leasing liablilties Other non-current liabilities Total non-current liabilities Bank overdraft Current portion of long term borrowings Current portion of financial leasing liabilities Accounts payable Tax payable Accrued salary expense and public tax payable Other current liabilities Total current liabilities Total liabilities Total equity and liabilities Page 11 of 17

12 Consolidated Statement of changes in Equity Figures in NOK Q Q 2006 YTD 2007 YTD Equity period start Profit for the period Currency translation differences Other gains and losses charged directly to equity Total gains and losses charged directly to equity Total recognised income for the period Dividends Purchase of monority shareholders New equity from cash contributions and contrib. in kind Expenses related to share issues (net of tax) Total equity from shareholders in the period Total change of equity in the period Equity at period end Condensed Consolidated Cash Flow Statement Figures in NOK Q Q YTD 2007 YTD Cash flow from continued operations Cash flow from discontinued operations Net cash flow from operating activities Cash flow from continued operations Cash flow from discontinued operations Net cash flow from investing activities Cash flow from continued operations Cash flow from discontinued operations Net cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at beginning of the period Cash and cash equivalents at the end of the period ) Grieg Seafood Finnmark (former Volden Group) is not included in the figures as Grieg Seafood Finmark was acquired in the forth quarter ) The 2006 Income Statement includes Grieg Seafood Finnmark figures for the two last moths of the period. Page 12 of 17

13 Segment information Grieg Seafood ASA's primary format for reporing segment information is geographical segments that are based on location of assets. The Group divides its activities into four geographical segments, South-Norway, North-Norway, Canada and UK. There is no difference between the Group's geographical segement based on the location of assets and location of customers. UK 2Q 2007 is just included June Sales revenue UK are also comprise sales from value added product. 2 Quarter outh-norway North-Norway Canada UK Other/Eliminations Total 2Q 07 2Q 06 2Q 07 2Q 06 2Q 07 2Q 06 2Q 07 2Q 06 2Q 07 2Q 06 2Q 07 2Q 06 Sales revenue (TNOK) EBITDA (TNOK) EBITA (TNOK) EBITA Proforma(TNOK) EBIT (TNOK) EBITDA % 24,6 % 52,6 % 11,7 % 30,4 % 36,7 % 20,5 % 39,1 % 45,7 % EBITA % 2 21,3 % 48,4 % 4,4 % 17,6 % 29,0 % 13,7 % 32,6 % 39,3 % EBIT % -24,9 % 27,1 % -70,5 % -45,4 % 64,3 % 86,5 % -14,5 % 38,7 % EBITA/KG GWT 1 5,74 15,44 1,03 5,67 10,84 4,86 9,00 13,26 EBITA/KG GWT proforma (UK) 5,74 1,03 5,67 6,29 8,72 Superior share 91% 81% 81% 83% 69% 95% 86% 77% Harvest in tonnes, GWT Harvest in tonnes, GWT Proforma Production in tonnes, round weight ) The calculation is based on EBIT before fair value adjustment of biological assets 2) EBITA is Ebit before FV adj. bbio. ass.. YTD 2007 outh-norway North-Norway Canada UK Other/Eliminations Total YTD 07 YTD 06 YTD 07 YTD 06 YTD 07 YTD 06 YTD 07 YTD 06 YTD 07 YTD 06 YTD 07 YTD 06 Sales revenue (TNOK) EBITDA (TNOK) EBITA (TNOK) EBITA Proforma(TNOK) EBIT (TNOK) EBITDA % 26,2 % 26,3 % 11,8 % 31,7 % 28,1 % 20,5 % 33,2 % 28,2 % EBITA % 2 20,3 % 20,9 % 5,8 % 20,5 % 19,6 % 13,7 % 26,0 % 20,9 % EBIT % 12,3 % 40,8 % -17,1 % 13,7 % 77,2 % 86,5 % 18,4 % 57,6 % EBITA/KG GWT 1 5,57 6,24 1,36 7,05 6,78 4,86 7,28 6,64 EBITA/KG GWT proforma (UK) 5,57 1,36 7,05 6,19 7,09 Superior share 91% 80,9 % 80% 79% 70,0 % 95% 85% 76% Harvest in tonnes, GWT Harvest in tonnes, GWT Proforma Production in tonnes, round weight ) The calculation is based on EBIT before fair value adjustment of biological assets 2) EBITA is EBIT before FV adj. bio. ass.. Page 13 of 17

14 Pro forma financial information Description of acquisitions implying preparation of pro forma financial information Pro forma figures should only be prepared if an acquisition/disposal is considered significant for the Group. In this respect, significant is defined by the Committee of European Securities Regulators (CESR) as 25% of total assets, revenue or operating profit. The transactions mentioned in the next two paragraphs are considered significant in relation to CESR s definition. Through a combination of acquisition of shares and a contribution in kind from the major shareholder in Volden Group, the Group acquired 100% of Grieg Seafood Finnmark (former Volden Group), a Norwegian fish farming company with 22 licenses for production of salmon and trout. The acquisition cost was in total ca NOK 400 millions and the Group gained control over the operations in Grieg Seafood Finnmark primo November 2006 (acquisition date was November 1, 2006). Further, at May , the Grieg Seafood ASA purchased 100% of the shares in Hjaltland Seafarms AS. The operations of Hjaltand Seafarms are located on the Shetland Isles, and the company operates 22 licenses (converted to volume of Norwegian licenses) for farming of salmon and trout. The Hjaltland Seafarms Group has also extensive processing activities, and approximately 80% of its products are sold to the UK market. The acquisition cost is NOK 485 million, which will be financed through the planned private placement. Pro forma financial information (income statement) has been presented to illustrate the main effects that the acquisition of Grieg Seafood Finnmark and Hjaltland Seafarms would have had if the acquisitions had been implemented with effect from January 1, Hence, pro forma income statements have been prepared for the full year 2006, the second quarter 2007 and year to date (at June 30) 2007.The pro forma financial information is prepared for illustrative purposes only. Hypothetical situation The following unaudited pro forma combined income statements are based on the historical income statements of Grieg Seafood Finnmark (former Volden Group), Hjaltland Seafarms and the Company. The unaudited pro forma combined income statements for the year ended December 31, 2006, the second quarter ended June and year to date 2007 are prepared to give effect to the transactions as though the acquisitions of Grieg Seafood Finnmark and Hjaltland Seafarms had occurred as of January 1, The combined income statements addresses a hypothetical situation and does not represent the actual consolidated financial statements for Grieg Seafood, Grieg Seafood Finnmark and Hjaltland Seafarms for the full year 2006 the second quarter 2007 and year to date There is a greater degree of uncertainty associated with pro forma figures than with actual reported results. The pro forma financial information is based on judgments and assumptions made by the management of the Company that not necessarily would have occurred had the acquisition described been made at an earlier point in time. Sources of pro forma information The historical income statements information for the Group, including Grieg Seafood Finnmark and Hjaltland Seafarms, for the year 2006 the second quarter 2007 and year to date 2007, on which the pro forma adjustments were applied, has been derived from audited financial information for the year 2006 and unaudited financial information for the the second quarter 2007 and year to date Basis for preparation of the pro forma figures The summations of historical figures are adjusted for depreciation of any excess values on operational fixed assets and tax effects of depreciation of excess values. The acquisition of Grieg Seafood Finnmark was financed through a combination of cash payment (NOK 80 millions) and issue of new shares through a contribution in kind. The cash payment was financed with a new loan, and the pro forma figures are adjusted with interest (3 months NIBOR + 1,25%) on this loan. The acquisition of Hjaltland Seafarms are financed with new equity. Intercompany transactions between the parties are eliminated. No significant transactions between the parties ahead of the acquisition have been identified. Pro forma accounting principles The pro forma figures have been prepared using the same accounting principles as for the 2006 audited financial statements for Grieg Seafood. Other acquisitions - not included in the pro forma financial information In February 2007, Grieg Seafood entered into an agreement with owners of Target Acquaculture to acquire all shares in Target Acquaculture, a Canadian fish farming company with 8 licenses for farming of salmon. The acquisition cost was CAD 19,5 million. In June 2007 Grieg Seafood Shetland bougth the shares in North Atlantic a fish farming company with 2 licenses for farming of salmon Because of the relatively small size of the businesses acquired, pro forma figures are not prepared with respect to this acquisition. Page 14 of 17

15 Pro Forma Consolidated Income Statement Figures in NOK Q 2007 YTD Sales revenue Other operating income Total operating income Change in inventories Raw materials and consumables used Salaries and personnel expenses Other operating expenses EBITDA before fair value adjust. of biological assets Depreciation and amortisation Impairment and reversal of impairments of fixed assets EBIT before fair value adjust. of biological assets Fair value adjustment of biological assets Operating profit Income from associated companies Other net financial items PBT (profit before tax) Income tax expense Profit for the period, continued operations Profit from discontinued operations Net profit in the period Significant acquisitions in 2 nd 2007 On April 11, 2007, Grieg Seafood entered into an agreement with the shareholders of Hjaltland Seafarms to acquire all shares in the company. Fair value at acquisition date (May ) in the table below is the preliminary purchase price allocation. Figures in NOK Book value at acquisition date Excess values, prelim. allocation Balance sheet values at time of consolidation Goodwill Licenses Other intangible assets Other fixed assets Current assets Total assets Equity Long term debt and liabilities Current debt and liabilities Total equity and liabilities Page 15 of 17

16 Biological assets Tons NOK Q 2007 YTD Q 2007 YTD Biological assets - beginning of period Currency translation Increases due to purchases Increases due to production Increase due to company acquisitions Decreases due to sales / harvesting Fair value adjustment beginning of period N/A N/A N/A Fair value adjustment period end N/A N/A N/A Biological assets - period end The accounting treatment of living fish by companies applying IFRS is regulated by IAS 41 Agriculture. IAS 41 comprises a hierarchy of methods for accounting measurement of biological assets. The basic principle is that such assets shall be measured at fair value. Fish in sea with a round weight above 4 kg at balance sheet date is considered as mature fish ready for harvest. For weight categories above 4 kg round weight there exist an active market for slaughtered fish. As slaughtered fish for this weight categories are considered as similar assets, fair value is calculated based on the market price on slaughtered fish at balance sheet date. The market price used is an average of offer prices for the various weight categories for fish above 4 kg round weight. The price is adjusted for quality differences (superior, ordinary and prod.) and for freight. Further, estimated slaughtering expenses are subtracted. For fish in sea at balance sheet date with round weight below 4 kg, the company considers the market for slaughtered fish at these weight categories not to be active. Further, the company considers fish with round weight below 4 kg not to be commercial ready for harvest, i.e. immature. Hence, fair value for immature fish is calculated with basis on market prices on mature fish. Immature fish in sea has a potential of growing to mature sizes, normally bringing the average production cost per kg below levels for immature fish. Further, slaughtering expenses per kg for mature fish are lower compared with immature fish. In the company's valuation of immature fish, these aspects are considered. At acquisition of businesses, biological assets are measured at fair value according to the above described principles. Fair value of biological assets are divided in two; originally historical cost for the acquired business and fair value adjustment (excess value) measured at acquisition date. Biological assets - status Number of fish (1.000) Biomass (tons) Cost of production Fair value adjustment Carrying amount Smolt Biological assets with round weight < 4 kg Biological assets with round weight > 4 kg Total Biological assets - status Number of fish (1.000) Biomass (tons) Cost of production Fair value adjustment Carrying amount Biological assets with round weight < 4 kg Biological assets with round weight > 4 kg Total Biological assets - status Number of fish (1.000) Biomass (tons) Cost of production Fair value adjustment Carrying amount Biological assets with round weight < 4 kg Biological assets with round weight > 4 kg Total Page 16 of 17

17 7. Applied accounting policy s This quarterly report is according to the International Financial Reporting Standards (IFRS) and the appurtenant standard for quarterly reporting (IAS 34). The quarterly accounts are based on the current IFRS standards and interpretations. The quarterly report is prepared according to the same principles as the most recent annual financial statements, but do not include all the information and disclosures required in the annual financial statements. Changes in standards and interpretations may result in other figures. The consolidated accounts are based on historical cost, with the exception of items required to be reported at fair value. Of particular relevance are deviations from historical cost in relation to financial instruments and the valuation of biological assets. All changes in estimates are reflected in the financial statements when they occur. Biological assets refer to fry/smolt and marine-phase fish/live fish. Biological assets are valued in accordance with IAS 41, as a rule at estimated fair value less sales and harvesting costs. Changes in the estimated value of biological assets are presented on a separate line in the income statement. Pro forma figures for 2006, second quarter and YTD 2007 have been drawn up as a result of the acquisition of the former Volden Group in November 2006 and Hjaltland Seafarms in June The purpose of these pro forma figures is to show the company's combined financial results and the most important effects on the accounts in the hypothetical situation that the acquisitions had taken place at the beginning of The pro forma figures are based on the companies published financial statements as independent entities. However, figures from both Volden Group and Hjaltland Seafarms are restated to comply with IFRS as the published financial statements are prepared according to NGAAP. Uncertainty attaches to the pro forma figures and the assumptions on which they are based. The underlying estimates and assumptions are not necessarily the same as those which would have been employed if the transaction had actually taken place at the beginning of Page 17 of 17

Grieg Seafood ASA. griegseafood.com. Andreas Kvame CEO. Atle Harald Sandtorv CFO. 8 November 2017

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