Highlights for the quarter Q2 / EBIT NOK 60 million pre biomass write-down

Half year report

Highlights for the quarter EBIT NOK 60 million pre biomass write-down EBIT pre fair value and biomass write-down (NOK million) 318 348 300 101 60 Mainstream results negatively impacted by writedown and harvesting out underperforming sites Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Earnings per share (adjusted, NOK) 2.8 2.7 2.5 Good operational results in Mainstream Canada 0.7 0.2 Continued volume growth in EWOS Dividend payment of NOK 429 million Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Return on capital employed (12-month rolling average) 28.4 % 26.9 % 22.1 % 16.6 % 11.6 % Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Cermaq ASA Half year report 2/22

Group key figures NOK million, NOK EPS Q2 12 Q2 11 YTD 12 YTD 11 FY 11 INCOME STATEMENT Operating revenues 2 439.6 2 558.1 4 767.8 4 843.6 11 634.3 EBITDA excluding biomass write-down 143.4 394.7 326.8 875.1 1 685.5 EBITDA excluding biomass write-down % 5.9 % 15.4 % 6.9 % 18.1 % 14.5 % EBITDA 116.8 394.7 300.2 875.1 1 685.5 EBITDA % 4.8 % 15.4 % 6.3 % 18.1 % 14.5 % EBIT pre fair value and excluding biomass write-down 59.9 317.7 161.3 721.0 1 368.5 EBIT pre fair value and excluding biomass write-down % 2.5 % 12.4 % 3.4 % 14.9 % 11.8 % EBIT pre fair value 33.3 317.7 134.7 721.0 1 368.5 EBIT pre fair value % 1.4 % 12.4 % 2.8 % 14.9 % 11.8 % EBIT 102.6 200.4 (5.7) 431.4 1 006.6 Net income/(loss) 79.1 175.3 (18.1) 357.1 792.8 PROFITABILITY Basic and diluted EPS 0.8 1.9 (0.2) 3.8 8.5 Adjusted basic and diluted EPS 0.2 2.7 0.9 6.2 11.2 Return on capital employed (12-month rolling avg.) 11.6 % 28.4 % 11.6 % 28.4 % 22.1 % FINANCIAL POSITION AND LIQUIDITY Total assets 10 492.4 9 352.8 10 492.4 9 352.8 10 357.3 Capital employed pre fair value at balance sheet date 7 524.1 6 227.8 7 524.1 6 227.8 6 858.4 Equity 5 675.4 5 439.8 5 675.4 5 439.8 6 159.0 Equity ratio 54.1 % 58.2 % 54.1 % 58.2 % 59.5 % Net interest bearing debt 2 080.7 1 214.6 2 080.7 1 214.6 1 051.8 CAPITAL EXPENDITURE 151.9 185.6 279.1 282.4 574.3 Cermaq ASA Half year report 3/22

Revenues and profits for the Group (Figures in brackets = 2011, unless otherwise specified) Revenues and volumes Cermaq s operating revenues were NOK 2 439.6 million (NOK 2 558.1 million) in second quarter 2012. Revenues decreased by NOK 118.5 million, or 4.6 percent, mainly due to significantly lower salmon prices. Revenues in EWOS were NOK 2 126.4 million (NOK 2 117.5 million) with volumes sold of 260 thousand tonnes (245 thousand tonnes). Mainstream s revenues were NOK 665.1 million (NOK 715.5 million) with volumes sold of 22.2 thousand tonnes (17.5 thousand tonnes). The Group s operating revenues for the first half year 2012 were NOK 4 767.8 million (NOK 4 843.6 million). EWOS revenues increased by 10.8 percent, or NOK 389.8 million, to NOK 3 987.7 million (NOK 3 597.9 million) caused by a 20 percent volume growth, partly offset by lower achieved unit sales prices. Higher feed volumes are largely related to market growth in Chile and Norway. First half year revenues in Mainstream were NOK 1 421.7 million (NOK 1 714.1 million), a decrease of 17.1 percent from last year. The decline in revenues comes from the steep drop in salmon prices during first half year of 2012 compared to the same period in 2011, partly offset by higher volumes. Farming volumes increased by 4.3 thousand tonnes to 48.4 thousand tonnes in first half year 2012 (44.1 thousand tonnes), mainly from Mainstream Norway with a 6.2 thousand tonnes higher production. EBIT EBIT pre fair value and biomass write-down for the quarter was NOK 59.9 million (NOK 317.7 million). Following a biomass write-down of NOK 26.6 million in Canada due to the IHN virus outbreak announced 16 May 2012, EBIT pre fair value for the quarter was NOK 33.3 million. Mainstream Canada is currently looking into the possibility to obtain compensation either from the federal government or its insurance provider. It has however not yet been possible to obtain an agreement with the insurance company responsible for the biomass insurance, hence no compensation has been recognised in this quarter. EBIT pre fair value and biomass write-down in Mainstream was a loss of NOK 16.9 million (profit of NOK 213.4 million) in the quarter. The decline in operating result, despite higher volumes in the quarter compared to last year, was mainly due to the steep drop in achieved salmon prices. The results were also impacted by increased cost from completion of certain sites in Chile and Norway with below par performance. EBIT in EWOS decreased to NOK 113.6 million from NOK 127.6 million in second quarter 2011. The EBIT loss of NOK 36.8 million in Other activities includes unrealised profit in inventory of NOK 11 million and a loss on internal hedges of NOK 7 million. The fair value adjustment on live inventory was an income of NOK 69.3 million (expense of NOK 117.4 million) in the quarter from price changes and some increased biomass. For first half year 2012, an expense of NOK 140.3 million was booked (NOK 289.5 million). First half year EBIT pre fair value and biomass write-down was NOK 161.3 million (NOK 721.0 million), a reduction of NOK 559.7 million compared to first half year of 2011. Following the biomass write-down of NOK 26.6 million, EBIT pre fair value was NOK 134.7 million. Mainstream accounts for most of the reduction caused by significantly lower salmon prices. EWOS EBIT was stable at NOK 175.2 million (NOK 177.3 million). Changes in the product and customer mix offset the 20 percent higher feed volumes compared to last year. Associates and financial items Income from associates was NOK 12.5 million (NOK 15.0 million) in the quarter, mainly related to net gain in fair value on raw material commodity contracts in Denofa. For the first half year, the income was NOK 9.7 million (NOK 34.9 million). The corresponding half year in 2011 included a gain of NOK 16.0 million from the sale of shares in Hordafôr AS. Net financial items in second quarter was an expense of NOK 16.5 million (income of NOK 4.7 million) and mainly includes net interest expenses of NOK 15.2 million (NOK 9.2 million). The same quarter in 2011 included changes in fair value of Fish Pool contracts with an income of NOK 18.7 million. Net financial items for first half year was an expense of NOK 34.9 million (income of NOK 5.2 million). The change is mainly due to a gain of NOK 12.7 million from a realised interest rate swap in April last year and a net fair value gain on Fish Pool contracts of NOK 17.3 million. See note 5 for further information on financial items. Net result and income taxes The Group reported a net income for the quarter of NOK 79.1 million (NOK 175.3 million) and a net loss for the first half year of NOK 18.1 million (profit of NOK 357.1 million). The reduction in net profit in both periods is mainly explained by significantly lower salmon prices than last year, partly offset by fair value adjustments and income tax charges. Tax income was NOK 12.8 million in first half year (expense of NOK 114.4 million), while second quarter tax expense was NOK 19.5 million (NOK 44.7 million). The effective tax rate for first half year and second quarter, excluding income from associates, was 31.6 percent and 22.7 percent, respectively. The variations from the Group s tax rate of 28 percent are mainly related to Chile where nominal tax rate is lower than in other regions. Exchange rates impacts against last year The Group s revenues for the quarter increased by NOK 79 million compared with second quarter 2011 due to changes in foreign exchange rates. At an EBIT pre fair value level the currency effect was NOK 8 million positive. Cermaq ASA Half year report 4/22

Market development Harvest of Atlantic salmon ktonnes WFE Q2 12E Q2 11E YTD 12 YTD 11 FY 12E FY 11E FY 13E REGION Canada 30 25 58 48 120 110 107 Chile 90 45 164 82 378 221 422 Norw ay 275 223 544 435 1 129 1 006 1 146 UK 34 37 70 71 150 155 155 Other 34 31 73 60 137 128 145 EST. HARVEST 462 361 908 695 1 913 1 620 1 974 Kontali estimates global harvest of Atlantic salmon to 1 913 thousand tonnes in 2012, an increase of 18 percent versus 2011. Norway is expected to continue the growth with an increase in 2012 of 12 percent. Kontali currently estimates a harvest in Chile of 378 thousand tonnes for 2012, corresponding to a growth of 71 percent from 2011. World wide harvest of farmed salmonids (ktonnes WFE) 2 750 2 500 2 250 2 000 1 750 1 500 1 250 1 000 750 500 250-2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E Source: Kontali Analyse Atlantic salmon Large trout Coho Sales by region of Atlantic salmon ktonnes WFE Q2 12E Q2 11 YTD 12E YTD 11 FY 12E FY 11E FY 13E REGION EU 217 183 421 342 882 782 917 USA 87 68 166 130 350 289 352 Japan 16 9 31 18 61 46 60 Russia 36 22 75 45 160 124 165 China / HK 14 10 27 21 62 48 65 Brazil 18 8 34 17 66 43 68 Other 80 61 157 123 335 286 350 EST. SUPPLY 468 361 910 696 1 916 1 616 1 977 Total sales of Atlantic salmon increased by 29 percent in second quarter 2012 compared to last year, mainly due to higher volumes to the EU. According to Kontali, sales to the EU, USA and Other markets have made up the largest part of the 18 percent growth from 2011E to 2012E. Prices on farmed salmon Average NOS spot price in the quarter was NOK 27.0 per kilogram, approximately 4 percent up from prior quarter and 26 percent below second quarter 2011. Chilean Atlantic fillets and Canadian Atlantic whole fish traded 35 percent and 33 percent lower, respectively, in second quarter 2012 compared to the same period last year and 4 percent and 5 percent lower than prior quarter, respectively. Europe - Norway (FCA Oslo) (NOK/kg) 50 45 40 35 30 25 20 15 10 5 0 2005 2006 2007 2008 2009 2010 2011 2012 FHL price weighted average FCA Oslo NOK/kg (NOS SPOT) Feed markets Latest Kontali figure for consumption of salmonids feed for ongrowing in the main production regions was 720 thousand tonnes in the quarter, up 18 percent compared to the same quarter last year. Increased feed consumption in both Chile (35 percent) and Norway (11 percent) is the main driver for the strong growth. The price of industrial grade fishmeal increased 20 percent from prior quarter. Fish oil prices increased 14 percent compared to last quarter. Prices on vegetable ingredients have been relatively stable compared to first quarter 2012. Raw Material Prices (USD/tonne) 2000 1800 1600 1400 1200 1000 800 600 400 200 0 2005 2006 2007 2008 2009 2010 2011 Fishmeal Peru, FOB Fish Oil Scandinavia, CIF Soymeal extracted, FOB Vegetable Oil, FOB Source: Holterman/ IFFO Cermaq ASA Half year report 5/22

Business Area Mainstream (fish farming) Key figures NOK million Q2 12 Q2 11 YTD 12 YTD 11 FY 11 Operating revenues 665.1 715.5 1 421.7 1 714.1 3 593.2 EBITDA excluding biomass write-down 26.4 249.0 128.0 626.0 922.5 EBITDA excluding biomass write-down % 4.0 % 34.8 % 9.0 % 36.5 % 25.7 % EBITDA (0.2) 249.0 101.3 626.0 922.5 EBITDA % N/A 34.8 % 7.1 % 36.5 % 25.7 % EBIT pre fair value and excluding biomass write-down (16.9) 213.4 42.6 553.7 771.5 EBIT pre fair value and excluding biomass write-down % N/A 29.8 % 3.0 % 32.3 % 21.5 % EBIT pre fair value (43.5) 213.4 16.0 553.7 771.5 EBIT pre fair value % N/A 29.8 % 1.1 % 32.3 % 21.5 % EBIT (operating result) 17.7 88.1 (131.0) 283.4 422.6 Volumes sold by region (ktonnes, gwe) Chile 5.2 4.1 18.2 18.5 49.2 Atlantic 4.3 2.7 3.5 6.9 15.4 Coho 0.9 1.2 9.1 9.1 23.6 Trout 0.1 0.2 1.3 2.5 10.3 Norway 12.2 7.1 22.7 16.5 37.9 Nordland 4.5 5.2 15.8 8.2 22.8 Finnmark 7.7 1.9 6.8 8.2 15.2 Canada 4.7 6.3 7.5 9.1 21.3 TOTAL 22.2 17.5 48.4 44.1 108.5 Revenues by region Chile 167.5 156.8 548.7 655.1 1 609.0 Norway 342.4 278.4 628.4 651.4 1 183.4 Canada 155.1 280.3 244.6 407.5 800.8 TOTAL 665.1 715.5 1 421.7 1 714.1 3 593.2 EBIT pre fair value by region Chile (24.3) 33.1 24.5 193.5 430.3 Norway (3.4) 87.3 9.0 241.0 214.8 Canada 2) 10.8 92.9 9.2 119.2 126.5 TOTAL 2 (16.9) 213.4 42.6 553.7 771.5 Return on capital employed (12-month rolling avg.) 5.7 % 28.6 % 5.7 % 28.6 % 18.8 % EBIT per kg by region (NOK) Chile (4.7) 8.0 1.3 10.4 8.7 Atlantic 1) (6.6) 10.1 (1.1) 15.3 11.0 Coho 1) 3.1 7.3 5.9 9.1 9.2 Trout 1) (1.5) 2.6 2.8 5.6 7.1 Norway (0.3) 12.4 0.4 14.6 5.7 Nordland 0.7 11.7 0.5 13.6 5.8 Finnmark (0.9) 14.1 0.2 15.7 5.4 Canada 2) 2.3 14.8 1.2 13.1 5.9 TOTAL 2 (0.8) 12.2 0.9 12.6 7.1 Capital expenditure 96.7 144.2 170.8 210.6 427.3 1) Translated to NOK using fixed currency rates at 30/06/12 2) Excluding biomass write-down Cermaq ASA Half year report 6/22

Mainstream Chile Financial overview Mainstream Chile reported an EBIT pre fair value loss of NOK 24.3 million (profit of NOK 33.1 million). EBIT pre fair value per kilogram, gutted weight, was negative NOK 4.7 (positive NOK 8.0). Lower achieved sales price and increased cost for all species, partly offset by higher volume, were the main reasons for the reduction in profit. Volumes and prices Volumes sold were 5.2 thousand tonnes in the quarter, an increase of 27 percent, or 1.1 thousand tonnes, compared to second quarter 2011. The main impact relates to increased sales of Atlantics. Sales of Coho and trout were fairly stable. Sales volumes in second quarter 2012 were at the same level as the previously communicated estimates. Average achieved price per kilogram for the combined fresh and frozen Atlantic was USD 4.69, a reduction of 35 percent compared to the same period last year and 2 percent lower than prior quarter. Achieved average price for Coho and trout per kilogram dropped 12 percent and 17 percent, respectively, compared to second quarter 2011, while achieved average price for both species against first quarter 2012 were largely unchanged. Operations The biological performance in Mainstream Chile is generally good, but some increased SRS and seasonally higher sea lice levels on certain sites have been experienced. Harvest of large fish during the winter season is expected to result in a reduced sea lice level going forward. Mortality is experienced at an acceptable, but somewhat higher level reflecting the increased biomass. The production cost for Atlantic and Coho increased around 15 percent in second quarter 2012 compared to the same quarter last year. Trout production cost was fairly stable. Against prior quarter, production cost for Atlantic and trout was around 10 percent higher and a 6 percent increase for Coho. The increase for Atlantics is mainly due to harvesting out two sites with slow growth and high feed conversion ratio. Internal analysis suggests that the challenges on these sites are due to quality problems with third party supplies. Mainstream Chile is currently in discussions with the supplier to mitigate the issue. Mainstream Norway Financial overview Mainstream Norway reported an EBIT pre fair value loss of NOK 3.4 million (profit of NOK 87.3 million). EBIT pre fair value per kilogram, gutted weight, was negative NOK 0.3 (positive NOK 12.4). The EBIT per kilogram for Nordland and Finnmark was NOK 0.7 (NOK 11.7) and negative NOK 0.9 (positive NOK 14.1), respectively. The major part of the profit decrease is due to the significant reduction in average salmon prices, partly offset by higher volumes. Lower sales prices in Nordland and higher production cost in both regions from specific events also contributed significantly to the second quarter results for Mainstream Norway. Volumes and prices Volumes of 12.2 thousand tonnes were 72 percent, or 5.1 thousand tonnes, higher compared to second quarter last year and 0.5 thousand tonnes lower than previously communicated estimates for second quarter 2012. 63 percent of the volume was from the Finnmark region, while the share was 27 percent in second quarter 2011. Achieved average price per kilogram was NOK 25.1, down NOK 11.5, or 31 percent, from the equivalent period last year, and 2 percent lower than first quarter 2012. Apart from the market price reduction, the lower sales price in second quarter was mainly due to lower sales to Russia and harvest of smaller fish from a site with significant algae blooms in Nordland. A lower share of premium quality fish than normal negatively impacted achieved sales price in Finnmark during the quarter. Fixed price contracts and realised Fish Pool contracts covered close to 50 percent of the volume sold in the period at an average price of NOK 27.0 per kilogram FCA Oslo. Operations Production cost per kilogram in Mainstream Norway increased by approximately 9 percent against same quarter last year and 6 percent compared to first quarter 2012. Production cost in Nordland was significantly impacted by a severe algae bloom issue causing increased mortality and a lost volume in the range of 400 tonnes. Increased production cost in Finnmark was mainly caused by harvesting out three underperforming sites with high mortality and poor biological results. Mainstream Canada Financial overview EBIT pre fair value in Mainstream Canada, excluding the biomass write-down of NOK 26.6 million due to IHN, was NOK 10.8 million (NOK 92.9 million). The corresponding EBIT pre fair value per kilogram, gutted weight was NOK 2.3 (NOK 14.8). The reduction in profit was mainly caused by lower prices. Volumes and prices Volumes in the quarter were 4.7 thousand tonnes, 1.6 thousand tonnes lower than the same quarter 2011, but equal to the previously communicated estimates. Prices in the US market were fairly stable compared to the previous quarter. Achieved average price per kilogram was CAD 5.50, stable compared with prior quarter and a decrease of 30 percent against second quarter 2011. The equivalent prices in USD/lb were 2.47, 3.71 and 2.51 for second quarter 2012, same quarter 2011 and first quarter 2012 respectively. Operations Apart from the IHN outbreak, the biological performance in Canada has been good during the quarter. Production cost per kilogram, excluding the biomass write-down, was at the same level as in second quarter 2011 and 5 percent lower than prior quarter due to continued good operational performance from the harvested sites. Cermaq ASA Half year report 7/22

Business area EWOS (fish feed) Key figures NOK million Q2 12 Q2 11 YTD 12 YTD 11 FY 11 Operating revenues 2 126.4 2 117.5 3 987.7 3 597.9 9 366.9 EBITDA 152.7 168.2 253.4 257.5 787.6 EBITDA % 7.2 % 7.9 % 6.4 % 7.2 % 8.4 % EBIT pre fair value 113.6 127.6 175.2 177.3 624.8 EBIT pre fair value % 5.3 % 6.0 % 4.4 % 4.9 % 6.7 % EBIT (operating result) 111.1 122.9 175.2 163.0 607.3 Return on capital employed (12-month rolling avg.) 21.9 % 23.5 % 21.9 % 23.5 % 23.2 % Volumes sold, ktonnes 260.2 244.7 489.7 408.7 1 081.4 EBIT per tonne 436.6 521.6 357.8 433.9 577.8 Revenues by region Norway 1 069.4 1 060.9 1 892.0 1 686.3 5 218.7 Chile 705.6 665.7 1 461.5 1 287.5 2 728.7 Canada 136.7 180.6 252.0 301.2 616.4 Scotland 201.4 221.0 344.8 353.1 834.7 Vietnam 22.8 27.0 53.6 27.0 85.5 Other/Eliminations (9.5) (37.8) (16.1) (57.2) (117.0) TOTAL 2 126.4 2 117.5 3 987.7 3 597.9 9 366.9 Capital expenditure 52.2 40.6 101.2 69.0 141.1 Volumes and revenues EWOS sold 260.2 thousand tonnes of fish feed in the second quarter 2012, an increase of 15.5 thousand tonnes, or 6 percent, compared to second quarter 2011. Higher volumes came primarily from growth in Norway and Chile where volumes increased by 14 percent and 8 percent respectively. The volume growth in EWOS Chile was somewhat lower than the overall market growth due to the production cycle of EWOS customers in the region. A high biomass level in Norway during the year impacted the feed consumption positively in the quarter. EWOS Norway successfully completed its capacity expansion project on schedule and budget in time for the upcoming peak season. EBIT and margins EBIT pre fair value was NOK 113.6 million for the quarter (NOK 127.6 million). The decrease in operating result of NOK 14.0 million is mainly explained by unfavourable changes in the customer and product mix, partly offset by volume growth. Changes in foreign exchange rates positively impacted the results in second quarter 2012 compared to last year. Revenues for the quarter were NOK 2 126.4 million, an increase of NOK 8.9 million from NOK 2 117.5 million in second quarter last year. Cermaq ASA Half year report 8/22

Cash flow The Group s net cash outflow from operating activities was NOK 416.4 million in the quarter (NOK 97.2 million). EBITDA excluding the biomass write-down was NOK 143.4 million, a decrease of NOK 251.3 million compared to last year (NOK 394.7 million), while income taxes paid during the quarter decreased by NOK 72.8 million to NOK 48.4 million (NOK 121.2 million). Working capital increased by NOK 519.2 million in the quarter (NOK 376.1 million), mainly explained by increased biological inventory in Mainstream Chile, inventory build up in EWOS ahead of the peak season in addition to higher receivables in EWOS Norway from more volumes sold at the end of the quarter. Net cash outflow from investing activities was NOK 157.0 million in the quarter (NOK 196.4 million). Paid capital expenditures were NOK 154.8 million (NOK 184.7 million), mainly related to investments in the Ofoten base farm in Nordland, the capacity increase in the Finnmark region and the capacity expansion project in EWOS Norway. Corresponding quarter last year included the acquisition of EWOS Vietnam with a net cash effect of NOK 11.8 million. Total number of shareholders was 2 588 at the end of June 2012, an increase of 26 during the quarter. Of the total number of shares at quarter end, 22.5 percent were held by Norwegian residents, excluding the Norwegian State that has a 43.5 percent ownership interest. Cermaq ASA's share price increased from NOK 75.00 at the end of March 2012 to NOK 78.25 at the end of June 2012. Total booked equity per share as of 30 June 2012 was NOK 61.4. The number of Cermaq ASA shares traded at the Oslo Stock Exchange in the second quarter 2012 was 9.4 million, compared to 8.6 million in the first quarter 2012 and 16.4 million in second quarter 2011. Net cash inflow from financing activities in the quarter was NOK 277.4 million (NOK 49.7 million). Drawings on the Group s credit lines were utilised for dividend payment, including to noncontrolling interests, of NOK 429.4 million and working capital increase. The change in cash and cash equivalents in the period was an outflow of NOK 282.2 million (NOK 252.1 million). Financial position Net interest bearing debt increased by NOK 1 037.9 million, from NOK 1 042.8 million at previous quarter end, to NOK 2 080.7 million at 30 June 2012. The increase is mainly due to dividend payment of NOK 429.4 million and build up of working capital. As of 30 June 2012, Cermaq had total available credit lines and cash of around NOK 3.0 billion, of which NOK 1.8 billion in committed long-term facilities. Combined committed and uncommitted credit lines at 31 March 2012 were NOK 3.9 billion. Total assets were NOK 10 492.4 million at quarter end, an increase of NOK 668.9 million from prior quarter end and mainly explained by increased inventories. The equity ratio decreased to 54.1 percent at the end of the period, from 60.3 percent at the end of first quarter 2012. The decrease is mainly due to the dividend payment. Share information Total number of shares outstanding at the end of the quarter was 92.5 million, including 3 556 treasury shares held by Cermaq ASA. Cermaq ASA Half year report 9/22

Outlook Mainstream Mainstream has reduced its expected sales for 2012 with 14 thousand tonnes. Most of the reduction relates to transfer of sales of Coho and trout from 2012 to 2013. Mainstream Chile still expects to produce the previously estimated volumes for these species during the season. The changed sales allocation is mainly due to the current challenging market situation. There are only minor adjustments related to Mainstream s global Atlantic sales volumes for 2012 compared to previous estimates. Harvest of the new generation of trout is scheduled to commence in the mid of third quarter 2012. Mainstream Norway has when entering into the third quarter 2012 sold 13 thousand tonnes of its remaining 2012 harvest through Fish Pool at average prices of close to NOK 27/kg FCA Oslo. Mainstream has no other significant fixed price contracts for 2012 or 2013. Production cost for Mainstream Norway in second quarter 2012 was hampered by algae issues in Nordland as well as completing harvest of the below average performing sites in Finnmark. Considering the current harvest plans and operational status, production cost is expected to improve in the range of NOK 2 per kilogram in second half of 2012 compared to second quarter 2012. EWOS The reduced volume growth in second quarter is expected to continue during second half of 2012. The market growth in Chile for 2012 is currently assumed to be in the range of 20 percent and in Norway around 15 percent. Following reduced fishing quotas in Peru in April, both fish meal and fish oil prices have increased significantly. Prices are expected to continue at a high level during 2012. The prices of most non-marine ingredients are also expected to increase going forward. EWOS has however positioned itself on key raw material contracts to supply its customers with quality products at competitive prices. The capacity expansion project in EWOS Norway has been completed on time and budget. The Norwegian factories will be able to increase their total peak monthly capacity in the range of 10 thousand tonnes, which will be sufficient to meet expected volume levels during third quarter. EWOS continues to expect an annual EBIT margin within the 5-7 percent range. In Mainstream Chile, production cost may vary substantially between quarters based on the large volume fluctuations during the year. As most of the Coho and trout will be harvested in the second half of 2012, production cost should decrease compared to the second quarter. The biological performance of the current Atlantic sites is also favourable and expected to further reduce production cost in second half of 2012. Updated industry analyses continue to indicate a global volume growth in the range of 300 thousand tonnes (18 percent growth) for 2012, out of which more than 70 percent has been harvested in first half of 2012. Industry analysie also suggests significantly reduced supply growth in 2013 with an estimated volume growth of only 3 percent. Sales volumes FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 (kt, gwe) ACT ACT ACT EST EST EST Chile 49 13 5 8 13 40 Atlantics 15 4 4 7 7 21 Coho 24 8 1 0 4 13 Trout 10 1 0 1 3 5 Norway 38 10 12 15 14 52 Nordland 23 4 5 9 6 22 Finnmark 15 7 8 7 8 29 Canada 21 3 5 6 6 19 Total 109 26 22 29 33 111 Cermaq ASA Half year report 10/22

Condensed consolidated interim statement of income NOK million, NOK EPS Q2 12 Q2 11 YTD 12 YTD 11 FY 11 Operating revenues 2 439.6 2 558.1 4 767.8 4 843.6 11 634.3 Cost of materials (1 674.6) (1 647.3) (3 188.2) (2 965.1) (7 447.4) Biomass write-down (26.6) - (26.6) - - Personnel expenses (218.7) (176.5) (445.2) (355.6) (828.6) Other operating expenses (402.9) (339.7) (807.6) (647.9) (1 672.8) EBITDA 116.8 394.7 300.2 875.1 1 685.5 Depreciations and impairment (83.5) (77.0) (165.5) (154.1) (317.0) EBIT pre fair value 33.3 317.7 134.7 721.0 1 368.5 Unrealised fair value adjustments 69.3 (117.4) (140.3) (289.5) (362.0) EBIT 102.6 200.4 (5.7) 431.4 1 006.6 Income from associates 12.5 15.0 9.7 34.9 36.9 Financial items, net (16.5) 4.7 (34.9) 5.2 (38.8) Net income/(loss) before tax 98.6 220.0 (30.9) 471.5 1 004.7 Income taxes (19.5) (44.7) 12.8 (114.4) (211.9) Net income/(loss) 79.1 175.3 (18.1) 357.1 792.8 Attributable to: Owners of the parent 76.3 171.3 (19.1) 351.3 789.0 Non-controlling interests 2.7 4.0 1.0 5.8 3.9 Earnings per share (NOK) Basic and diluted EPS 0.8 1.9 (0.2) 3.8 8.5 Adjusted basic and diluted EPS 0.2 2.7 0.9 6.2 11.2 Cermaq ASA Half year report 11/22

Condensed consolidated interim statement of comprehensive income NOK million Q2 12 Q2 11 YTD 12 YTD 11 FY 11 Net income/(loss) 79.1 175.3 (18.1) 357.1 792.8 Exchange differences on translation of foreign operations 130.3 (56.8) (2.1) (185.5) 76.7 Cash Flow hedges - effective part, net of tax (25.2) - (34.1) - 21.3 Available-for-sale investments - change in fair value - (1.2) - (1.0) (1.0) Total other comprehensive income 105.1 (58.0) (36.2) (186.5) 97.0 Total comprehensive income 184.1 117.4 (54.3) 170.7 889.9 Attributable to: Owners of the parent 180.5 112.3 (56.2) 163.8 884.0 Non-controlling interests 3.7 5.0 1.9 6.8 5.9 Cermaq ASA Half year report 12/22

Condensed consolidated interim statement of financial position NOK million YTD 12 YTD 11 FY 11 ASSETS Intangible assets 2 059.3 1 943.7 2 067.5 Property, plant and equipment 2 732.3 2 405.7 2 621.5 Financial fixed assets 248.0 296.3 253.3 Total non-current assets 5 039.7 4 645.6 4 942.3 Inventory 1 189.7 964.2 1 121.3 Biological inventory 2 132.3 1 983.7 2 026.0 Accounts receivable 1 680.7 1 292.5 1 608.5 Other current receivables 206.4 194.2 199.9 Cash and cash equivalents 243.6 272.7 459.3 Total current assets 5 452.8 4 707.2 5 415.0 TOTAL ASSETS 10 492.4 9 352.8 10 357.3 - - - EQUITY AND LIABILITIES Total paid-in capital 925.0 925.0 925.0 Other equity 4 703.8 4 468.1 5 188.2 Non-controlling interests 46.7 46.7 45.9 Total equity 5 675.4 5 439.8 6 159.0 Total provisions 734.4 817.7 789.0 Interest bearing long-term debt 2 251.3 1 304.9 1 408.5 Total non-current liabilities 2 985.7 2 122.6 2 197.5 Current interest bearing liabilities 73.0 182.4 102.6 Accounts payable 1 364.9 1 305.8 1 465.1 Other current liabilities 393.4 302.3 433.1 Total current liabilities 1 831.3 1 790.4 2 000.8 TOTAL EQUITY AND LIABILITIES 10 492.4 9 352.8 10 357.3 Cermaq ASA Half year report 13/22

Statement of changes in equity NOK million Total paid-in capital Other equity Total equity attributable to owners of the parent Noncontrolling interests Total equity Equity 1 January 2011 925.0 4 803.7 5 728.6 23.2 5 751.9 Total comprehensive income - 163.8 163.8 6.8 170.7 Change in treasury shares - 0.1 0.1-0.1 Dividends - (499.5) (499.5) (11.1) (510.6) Transactions with non-controlling interests - - - 27.8 27.8 Equity 30 June 2011 925.0 4 468.1 5 393.1 46.7 5 439.8 Total comprehensive income Q3 - Q4 2011-720.1 720.1 (0.9) 719.2 Equity 31 December 2011 925.0 5 188.2 6 113.1 45.9 6 159.0 Total comprehensive income - (56.2) (56.2) 1.9 (54.3) Change in treasury shares 0.0 0.0 0.0-0.0 Dividends - (428.3) (428.3) (1.1) (429.4) Equity 30 June 2012 925.0 4 703.8 5 628.7 46.7 5 675.4 Cermaq ASA Half year report 14/22

Condensed consolidated interim statement of cash flows NOK million Q2 12 Q2 11 YTD 12 YTD 11 FY 11 Net income/(loss) before tax 98.6 220.0 (30.9) 471.5 1 004.7 (Gains)/losses on tangible and intangible assets (0.4) (0.2) (0.5) (0.2) (0.9) Depreciation and impairment 83.5 77.0 165.5 154.1 317.0 Fair value adjustments of financial items (2.1) (0.0) (0.6) (13.8) (30.1) Net interest expense 18.7 (4.9) 35.6 9.3 54.7 Changes in fair value of biological assets (69.3) 117.4 140.3 289.5 362.0 Biomass write-down 26.6-26.6 - - Income taxes paid (48.4) (121.2) (86.0) (159.4) (232.8) (Income)/loss from associates (12.5) (15.0) (9.7) (34.9) (36.9) Dividends received from associates 8.0 5.9 8.0 5.9 5.9 Change in inventory, accounts receivable and accounts payable (547.7) (305.3) (592.7) 51.0 (209.7) Change in other current operating assets and liabilities 28.6 (70.8) 26.1 (140.4) (49.3) Net cash flow from operating activities (416.4) (97.2) (318.1) 632.8 1 184.6 Purchases of property, plant, equipment (PPE) and intangible assets (154.8) (184.7) (251.5) (288.5) (567.6) Purchases of businesses, net of cash acquired (2.5) (11.8) (3.0) (11.8) (11.8) Proceeds of PPE, intangible assets and businesses, net of cash disposed 0.4 0.4 0.6 66.7 67.5 Purchases and proceeds of shares and other investments (0.1) (0.2) (0.1) (0.4) 11.2 Net cash flow from investing activities (157.0) (196.4) (254.0) (233.9) (500.7) Proceeds from borrowings 842.9 500.0 956.0 500.0 630.9 Payments of borrowings (113.0) (129.1) (119.0) (735.7) (905.2) Net change in drawing facilities (16.1) 151.5 (22.6) 151.5 83.3 Net interest paid and other financial items (7.0) 26.6 (22.6) 18.1 (8.2) Dividends paid, including to non-controlling interests (429.4) (499.5) (429.4) (510.6) (510.6) Change in treasury shares 0.0 0.1 0.0 0.1 0.1 Net cash flow from financing activities 277.4 49.7 362.4 (576.6) (709.6) Foreign exchange effects 13.9 (8.2) (5.8) (28.3) 6.3 Net change in cash for the period (282.2) (252.1) (215.6) (206.0) (19.4) Cash and cash equivalents at the beginning of the period 525.8 524.8 459.3 478.7 478.7 Cash and cash equivalents at the end of the period * 243.6 272.7 243.6 272.7 459.3 * Includes restricted cash of NOK 0.2 million (NOK 9 million). Cermaq ASA Half year report 15/22

Selected notes disclosure 1. Basis for preparation Statement of compliance This report has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, the standard for interim reporting (IAS 34) and additional Norwegian regulations. These condensed consolidated interim financial statements were approved by the Board of Directors on 19 July 2012. Significant accounting policies The condensed consolidated interim financial statements are unaudited. As a result of rounding differences, numbers or percentages may not add up to the total. 2. Key earnings measure Cermaq s key earnings measure under IFRS is EBIT pre fair value. Unrealised fair value adjustments are made in Cermaq s accounts to arrive at EBIT. The adjustments for fair value relate to valuing live biomass inventory at an approximation to a market value equivalent rather than cost. Cermaq reports EBIT pre fair value to clearly identify earnings on sales during the period. In addition return on capital employed (ROCE) is an essential profitability measure. ROCE is calculated on a 12-month rolling average basis, and is defined as EBIT pre gain and fair value adjustments added with income from associated companies divided by capital employed pre fair value adjustments. 3. Operating segment information Cermaq Group has one strategic business area: aquaculture, which consists of two segments: fish feed production and fish farming. Cermaq discloses segment information in accordance with IFRS 8. The consolidated financial statements for the Group for the year ended 31 December 2011 are available upon request from the company s registered office at Grev Wedels plass 5, Oslo, Norway or at www.cermaq.com. Accounting principles applied in the preparation of the condensed consolidated interim financial statements are consistent with those applied in the Annual Report for 2011, except for the adoption of new standards and interpretations effective from 2011 as described in the Group s Annual Report 2011 Note 2. The effects from the revised standards and interpretations have not impacted the Group s condensed consolidated interim financial statements for 2012. Cermaq ASA Half year report 16/22

(Note 3 cont.) Segment summary Feed Farming Other/Group act. Eliminations Consolidated NOK million Q2 12 Q2 11 Q2 12 Q2 11 Q2 12 Q2 11 Q2 12 Q2 11 Q2 12 Q2 11 External sales 1 773.3 1 834.3 665.0 715.5 5.2 8.3 (3.9) (0.0) 2 439.6 2 558.1 Internal sales 353.1 283.2 0.0-0.0 (2.0) (353.1) (281.2) - - Operating revenues 2 126.4 2 117.5 665.1 715.5 5.2 6.3 (357.1) (281.2) 2 439.6 2 558.1 Cost of materials (1 651.2) (1 661.7) (385.4) (256.1) (0.4) (4.0) 335.7 274.5 (1 701.2) (1 647.3) Depreciation (39.1) (40.5) (43.3) (35.6) (1.0) (0.8) - 0.0 (83.5) (77.0) EBIT pre fair value 113.6 127.6 (43.5) 213.4 (15.5) (14.6) (21.3) (8.6) 33.3 317.7 Fair value adjustments (2.5) (4.7) 61.2 (125.2) - - 10.7 12.6 69.3 (117.4) Operating result 111.1 122.9 17.7 88.1 (15.5) (14.6) (10.7) 4.0 102.6 200.4 Income from associates 0.3 0.5 (1.1) 0.2 13.3 14.3 - - 12.5 15.0 Tax on ordinary result (20.7) (26.1) (5.7) (20.2) 5.8 1.6 1.1 (0.0) (19.5) (44.7) Net income/(loss) 77.0 81.5 6.1 83.6 (1.2) 10.1 (2.8) - 79.1 175.3 Total Assets 6 020.3 4 572.0 5 819.1 5 288.7 2 854.4 1 547.0 (4 201.3) (2 054.9) 10 492.4 9 352.8 Intangible assets 481.9 460.3 1 567.0 1 474.6 29.4 11.9 (19.1) (3.2) 2 059.3 1 943.7 Inventory 1 049.8 920.9 139.8 95.9-0.0 - (52.6) 1 189.7 964.2 Biological inventory at cost 32.8 29.6 1 939.6 1 527.3 - - (72.8) - 1 899.7 1 556.9 Fair value adj. biological assets - 3.2 159.8 370.8 - - 72.8 52.6 232.6 426.7 Accounts receivable 1 655.2 1 126.8 221.0 161.8 42.0 4.0 (237.4) (0.0) 1 680.7 1 292.5 Total Liabilities 3 462.3 3 290.1 2 144.9 1 826.8 1 539.5 850.6 (2 329.7) (2 054.4) 4 817.0 3 913.0 Capital expenditure 52.2 12.2 96.7 144.2 3.1 (1.0) (0.0) 30.3 151.9 185.6 Capital employed last 12 months 2 843.5 2 213.1 4 144.8 3 789.8 6 845.0 6 176.1 Feed Farming Other/Group act. Eliminations Consolidated NOK million YTD 12 YTD 11 YTD 12 YTD 11 YTD 12 YTD 11 YTD 12 YTD 11 YTD 12 YTD 11 External sales 3 338.1 3 096.1 1 421.7 1 714.1 23.9 33.6 (15.9) (0.1) 4 767.8 4 843.6 Internal sales 649.6 501.7 - - 0.0 1.3 (649.7) (503.1) - - Operating revenues 3 987.7 3 597.9 1 421.7 1 714.1 23.9 34.9 (665.5) (503.1) 4 767.8 4 843.6 Cost of materials (3 112.1) (2 801.6) (732.0) (654.8) (14.1) (22.8) 643.4 514.0 (3 214.8) (2 965.1) Depreciation (78.2) (80.2) (85.3) (72.3) (2.0) (1.6) - - (165.5) (154.1) EBIT pre fair value 175.2 177.3 16.0 553.7 (34.4) (22.3) (22.2) 12.2 134.7 721.0 Fair value adjustments (0.0) (14.3) (147.0) (270.3) - - 6.7 (4.9) (140.3) (289.5) Operating result 175.2 163.0 (131.0) 283.4 (34.4) (22.3) (15.4) 7.3 (5.7) 431.4 Income from associates 0.5 0.5 (1.1) 0.2 10.2 34.3 - - 9.7 34.9 Tax on ordinary result (28.8) (29.1) 32.5 (76.7) 8.0 (8.7) 1.1-12.8 (114.4) Net income/(loss) 119.3 105.8 (115.1) 215.0 (11.0) 36.4 (11.3) - (18.1) 357.1 Capital expenditure 101.2 40.6 170.8 144.2 7.1 0.9 - - 279.1 185.6 Feed Farming Other Elim Cons. NOK million FY11 FY11 FY11 FY11 FY11 External sales 7 987.2 3 591.1 57.3 (1.2) 11 634.3 Internal sales 1 379.7 2.1 0.2 (1 382.1) - Operating revenues 9 366.9 3 593.2 57.5 (1 383.3) 11 634.3 Cost of materials (7 360.8) (1 460.5) (31.5) 1 405.4 (7 447.4) Depreciation (162.7) (151.0) (3.3) - (317.0) EBIT pre fair value 624.8 771.5 (49.9) 22.1 1 368.5 Fair value adjustments (17.6) (348.9) - 4.5 (362.0) Operating result 607.3 422.6 (49.9) 26.6 1 006.6 Income from associates 1.1 2.0 33.7-36.9 Tax on ordinary result (127.3) (98.9) 12.7 1.5 (211.9) Net income/(loss) 420.7 328.7 38.9 4.6 792.8 Total Assets 5 760.0 5 984.8 2 478.1 (3 865.6) 10 357.3 Intangible assets 481.8 1 569.8 15.9-2 067.5 Inventory 945.8 175.5-0.0 1 121.3 Biological inventory at cost 32.0 1 702.5 - (61.8) 1 672.7 Fair value adj. biological assets 0.0 287.2-66.0 353.3 Accounts receivable 1 445.9 349.3 23.1 (209.8) 1 608.5 Total Liabilities 3 301.8 2 149.4 745.7 (1 998.6) 4 198.3 Capital expenditure 141.1 427.3 5.9-574.3 Capital employed last 12 months 2 701.5 4 120.9 6 288.0 Cermaq ASA Half year report 17/22

4. Biological inventory Tonnes YTD 12 YTD 11 FY 11 Smolts, fry and brood stock 1 222 1 302 1 728 Non harvestable biomass 32 932 49 720 41 749 Harvestable biomass 46 040 13 947 29 777 Total biological inventory 80 194 64 969 73 254 The harvestable biomass as described represent typical minimum harvest weights defined as > 4.0 kilo for Atlantics and > 2.5 kilo for Coho and trout. Fish below these weights are defined as immature or non harvestable. 5. Financial items (NOK million) Q2 12 Q2 11 YTD 12 YTD 11 FY 11 Net interest expenses (15.2) (9.2) (28.8) (18.5) (43.9) Foreign exchange gain/(loss) 0.2 (0.3) 0.2 0.8 (14.4) Impairment of financial assets - - - - 0.0 Fair value adjustments 2.1 0.0 0.6 13.8 30.1 Other financial items, net (3.6) 14.1 (6.8) 9.2 (10.6) Financial items, net (16.5) 4.7 (34.9) 5.2 (38.8) Net interest expenses increased by NOK 6.0 million and is explained by higher average net interest bearing debt compared with the same quarter last year. Other net financial items consist of a net expense of NOK 3.6 million in the second quarter 2012. This is mainly related to amortization of upfront fees on committed credit facilities. The net gain of NOK 14.1 million last year is related to fair value of Fish Pool contracts of NOK 18.7 million in addition to upfront fees on committed credit facilities. Cermaq ASA Half year report 18/22

6. Largest shareholders 30 June 2012 Shareholder Citizenship Number of shares held Ownership NORWEGIAN MINISTRY OF TRADE AND INDUSTRY NOR 40 271 600 43.54 % FOLKETRYGDFONDET NOR 4 407 412 4.76 % LANSDOWNE CYM 4 231 609 4.57 % JPMORGAN CHASE BANK GBR 2 451 443 2.65 % SVENSKA HANDELSBANKEN LUX 2 143 698 2.32 % BANK OF NEW YORK USA 1 598 396 1.73 % SKAGEN VEKST NOR 1 559 045 1.69 % MONTAGUE PLACE CUSTODY GBR 1 482 547 1.60 % STATE STREET BANK USA 1 397 220 1.51 % PARETO AKSJE NORGE NOR 1 310 668 1.42 % STATE STREET BANK USA 976 578 1.06 % THE NORTHERN TRUST GBR 767 679 0.83 % LANSDOWNE CYM 734 813 0.79 % JPMORGAN CHASE BANK USA 628 246 0.68 % PARETO AKTIV NOR 611 929 0.66 % VERDIPAPIRFONDET DNB NOR 567 152 0.61 % BANK OF NEW YORK BEL 529 003 0.57 % DNB LIVSFORSIKRING NOR 518 442 0.56 % EUROCLEAR BANK BEL 506 942 0.55 % JPMORGAN CHASE BANK LUX 495 027 0.54 % Total 20 largest shareholders 67 189 449 72.6 % Total other shareholders 25 310 551 27.4 % Total number of shares 92 500 000 100.0 % The names duplicated in the list of shareholders above may represent different investors. Cermaq ASA Half year report 19/22

7. Adjusted earnings per share (EPS) For the purpose of providing more meaningful and comparative figures, net income/(loss) and EPS have been adjusted as follows: NOK million Q2 12 Q2 11 YTD 12 YTD 11 FY 11 Net income/(loss) after tax 76.3 171.3 (19.1) 351.3 789.0 Biological assets fair value adjustments (69.3) 117.4 140.3 289.5 362.0 Biomass w rite-dow n 26.6-26.6 - - Financial instruments fair value adjustments 1.0 - (0.6) 13.8 (12.9) Impairment of financial assets - - - - (0.0) Gain on sale of shares and operations - - - (16.0) (16.0) Tax impact of fair value adjustments 10.4 (41.0) (38.3) (68.6) (90.6) Adjusted net incom e/(loss) 45.0 247.7 109.0 570.0 1 031.5 Shares issued 92 500 000 92 500 000 92 500 000 92 500 000 92 500 000 Effect of ow n shares held 3 644 4 464 3 650 4 512 4 072 Average number of outstanding shares 92 496 356 92 495 536 92 496 350 92 495 488 92 495 928 Adjusted for share options - 70 151 6 730 54 970 19 453 Average diluted number of outstanding shares 92 496 356 92 565 687 92 503 080 92 550 458 92 515 381 Earnings per share (NOK) Basic and diluted EPS 0.8 1.9 (0.2) 3.8 8.5 Adjusted basic and diluted EPS 0.2 2.7 0.9 6.2 11.2 The Group s share-based compensation scheme has a minor dilutive effect year to date in 2012. Further reference is made to note 7 in the 2011 Annual Report. 8. Currency rates Foreign currency versus NOK Closing rate as of: 30.06.12 31.03.12 31.12.11 30.09.11 30.06.11 31.03.11 31.12.10 30.09.10 30.06.10 USD 5.9833 5.6933 5.9927 5.8418 5.3882 5.5136 5.8565 5.8381 6.4969 CAD 5.8527 5.7126 5.8676 5.5924 5.5820 5.6824 5.8607 5.6617 6.1849 GBP 9.3369 9.1186 9.2829 9.1019 8.6283 8.8641 9.0682 9.2657 9.7528 VND 0.0003 0.0003 0.0003 0.0003 0.0003 Cermaq ASA Half year report 20/22

10. Transactions with related parties Note 28 in Cermaq s Annual Report for 2011 provides detailed information on related parties transactions. There are no significant transactions with related parties in 2012. 11. Quarterly historical information Mainstream (NOK million, NOK per kg) Q2 12 Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Volumes sold (ktonnes, gwe) Chile 5.2 13.0 22.3 8.4 4.1 14.4 17.5 3.6 Norway 12.2 10.4 12.9 8.6 7.1 9.4 12.1 9.9 Canada 4.7 2.8 6.0 6.3 6.3 2.8 6.8 8.0 TOTAL 22.2 26.2 41.2 23.3 17.5 26.6 36.3 21.4 EBIT pre fair value Chile (24.3) 48.7 172.2 64.6 33.1 160.4 162.2 16.0 Norway (3.4) 12.4 (16.2) (10.0) 87.3 153.6 179.0 137.9 Canada (15.8) (1.6) 0.7 6.6 92.9 26.3 50.9 76.0 TOTAL (43.5) 59.5 156.7 61.2 213.4 340.3 392.1 230.1 EBIT per kg Chile (4.7) 3.7 7.7 7.7 8.0 11.1 9.3 4.5 Norway (0.3) 1.2 (1.3) (1.2) 12.4 16.4 14.9 14.0 Canada (3.3) (0.6) 0.1 1.1 14.8 9.4 7.5 9.6 TOTAL (2.0) 2.3 3.8 2.6 12.2 12.8 10.8 10.8 EWOS (NOK million, NOK per kg) Q2 12 Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Volumes sold (ktonnes) 260.2 229.6 302.1 370.6 244.7 164.0 251.2 308.9 Operating revenues 2 126.4 1 861.4 2 542.4 3 226.7 2 117.5 1 480.4 2 182.1 2 627.6 EBIT pre fair value 113.6 61.6 157.2 290.3 127.6 49.7 210.4 238.3 Operating revenues per kg 8.2 8.1 8.4 8.7 8.7 9.0 8.7 8.5 EBIT pre fair value per tonne 436.6 268.5 520.5 783.3 521.6 302.9 837.6 771.6 Cermaq Group EBIT pre fair value 33.3 101.4 299.7 347.8 317.7 403.2 600.6 502.0 Cermaq ASA Half year report 21/22

Responsibility statement We confirm, to the best of our knowledge, that the condensed interim financial statements for the period from 1 January 2012 to 30 June 2012 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, the standard for interim reporting (IAS 34), and additional Norwegian regulations. give a true and fair view of the Group s assets, liabilities, financial position and results of operations. We further confirm to the best of our knowledge that the interim management report includes a fair review of significant events that have occurred and their impact on the financial statements, major related party transactions, and principal risks and uncertainties pertaining to the Group for the next six months of the financial year. Oslo, 19 July 2012 Board of Directors and Chief Executive Officer of Cermaq ASA Cermaq ASA Half year report 22/22