A G R I E G G R O U P C O M P A N Y

Grieg Seafood ASA

Q3 2009

1Q 2009

Morten VikeCEO

10 November 2009

2

Agenda

Highlights Q3 2009 Group Financials Business Areas Outlook

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Q3 2009 – HIGHLIGHTS AND FINANCIALS

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Highlights Q3 2009

A weak quarterly result, due to biological challenges in Shetland and BC as well as low harvest volumes in Norway (suspended harvesting).

Q3 EBIT pre biomass adjustments decreased from 60,3 MNOK in 2008 to 5,5 MNOK in 2009.

A strong negative EBIT in Shetland due to early (precautionary) harvest in one area with a strong sea lice burden.

BC result hampered by algae problems and situation of low dissolved oxygen.

Low harvest volumes in Norway – fixed costs reduce EBIT/kg.

Continued good development in Rogaland.

Increased total supply from Norway caused market price reduction during Q3.

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Financial highlights Q3 2009

Comments Q3

Total organic sales decline of 17% (excl. currency effects) – 21% volume decline and 4% price increase.

EBIT/kg (adj) with significant negative effect of premature (precautionary) harvest of one production area in Shetland (sea lice), algae and oxygen problems in BC and low harvest volumes in Norway.

Harvest volumes negatively influenced by suspended harvesting in Norway (market adaptation), biological situation in Shetland and growth in Finnmark and BC.

Q3 2009 Q3 2008 YTD 2009 YTD 2008

Total operating income (TNOK) 385 486 436 320 1 143 469 1 129 823

EBITDA (TNOK) 36 146 87 955 180 665 155 818

EBIT before fair value adjustment (TNOK) 5 487 60 318 91 485 78 289

EBIT (adj)/kg (NOK) 0,51 4,46 2,78 1,98

Harvest volume (tons gwe) 10 686 13 510 32 853 39 513

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P&L Q3 2009

Harvest volume decline causing sales decline.

Increase in biomass and lower harvest rate.

Strong negative FVA on inventory reflects sharp decline in market prices.

46 MNOK agio included in net financial items.

Comments

All figures in NOK 1,000 Q3 2009 Q3 2008 YTD 2009 YTD 2008

Total operating income 385 486 436 320 1 143 469 1 129 823

Change in inventories 66 749 52 961 131 914 16 685

Raw materials and consumables used -319 256 -291 447 -788 594 -645 439

Salaries and personnel expenses -50 802 -36 169 -142 501 -115 616

Other operating expenses -46 032 -73 710 -163 623 -229 635

EBITDA 36 146 87 955 180 665 155 818

Depreciation and amortisation -29 776 -27 365 -86 525 -76 711

Amortisation of intagible assets -882 -272 -2 654 -818

EBIT before fair value adjustment of biomass 5 487 60 318 91 485 78 289

Fair value adjustment of biological assets -273 469 -44 881 64 664 -17 542

EBIT (Operating profit after biomass adjustment) -267 981 15 437 156 149 60 747

Net financial items 25 927 -10 508 44 412 -63 969

PBT (Profit before tax) -242 054 4 929 200 561 -3 222

Estimated taxation 68 512 -4 343 -57 317 -778

Net profit in the period -173 542 586 143 244 -4 000

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Balance sheet Q3 2009

Comments

100% of 100 MNOK convertible subordinated bonds converted to equity.

Equity share is 38,5%.

Net interest bearing debt seasonally increased by 43 MNOK during Q3, now standing at 1,350 MNOK.

All valid loan covenants in compliance.

NIBD/EBITDA covenant waived until and including Q4 2009.

All figures in NOK 1,000 30.09.2009 30.09.2008 31.12.2008 31.12.2007ASSETS

Total non-current assets 1 726 025 1 868 734 1 675 621 1 651 032

Total current assets 1 620 174 1 444 924 1 407 546 1 323 281

Total assets 3 346 199 3 313 658 3 083 167 2 974 313

Total equity 1 286 753 1 266 535 934 450 1 265 547

Total non-current liabilities 1 243 691 1 301 004 434 352 1 001 165

Total current liabilities 815 754 746 119 1 714 365 707 601

Total liabilities 2 059 446 2 047 123 2 148 717 1 708 766

Total equity and liabilities 3 346 199 3 313 658 3 083 167 2 974 313

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Cash Flow

Reduced harvest and increased biomass during Q3 is increasing.

Net investment during Q3 was 27,3 MNOK.

New share issue and convertible bond loan in 1H 2009.

Comments

All figures in NOK 1,000 Q3 2009 Q3 2008 YTD 2009 YTD 2008

Net cash flow from operating activities -108 502 -11 830 -55 228 93 637

Net cash flow from investing activities -27 296 -81 841 -116 031 -288 110

Net cash flow from financing activities -3 666 95 408 219 999 253 298

Net change in cash and cash equivalents -139 464 1 737 48 740 58 825

Cash and cash equivalents at the beginning of the period 255 276 81 406 68 146 24 318

Cash and cash equivalents at the end of the period 114 637 83 143 114 637 83 143

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Comments

Rogaland: Low harvest volume. Continued good performance and declining production costs.

Finnmark: Low harvest volumes. EBIT/kg negatively affected by fixed costs and some one-off items.

BC: Algae and low dissolved oxygen hampered biological performance. 2008 generation has performed poorly.

Shetlands: Last compulsory harvest of ISA fish. Harvested out one area due to high sea lice burden (precautionary harvest).

Key figures Q3 2009

Rogaland Finnmark BC - Canada Shetland - UK Other Group

Sales revenue (MNOK) 63,5 60,5 146,0 100,1 8,0 378,2

EBITDA (MNOK) 18,9 7,1 18,6 -8,8 0,4 36,1

EBIT before fair value adj. (MNOK) 13,1 1,9 9,4 -17,0 -1,9 5,5

Harvest in tons, gwt 1 906 2 049 3 748 2 983 0 10 686

EBIT before fair value adj. NOK/kg 6,9 0,92 2,52 -5,71 0,00 0,51

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BUSINESS AREAS

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Grieg Seafood Business Areas(Figures in 1,000 tons gutted weight and MNOK)

GSF Hjaltland (UK) GSF Rogaland GSF Finnmark GSF BC (Canada)

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GSF Hjaltland (Shetland)

Farming

Processig/

HQ

Last remaining ISA fish in Scalloway harvested out in July creating a financial loss.

St. Magnus Bay area (west coast) harvested out prematurely due to unusual high sea lice burden (until October 2009)

Biological issues on the west coast causing a loss of appr. 4,000 tons harvest in 2009 and a significant financial loss.

Good market conditions and good prices for market-sized fish.

Biology and operations on the east coast good and normal.

Significantly improved profitability expected in Q4 2009.

Shetland - UK Q3-09 Q3-08 2008Harvest gwe 2 983 2 998 13 838Sales 100 149 96 544 420 662EBIT adj -17 038 9 783 -16 474EBIT adj/kg -5,71 3,26 -1,19Production rwt 5 904 6 404 13 771

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Biosecurity in ShetlandScalloway (3a): ISA identified in Scalloway in 2009. Whole area fallowed

until spring 2010. Comprehensive new area management agreement in

place.

St. Magnus Bay (4a and 4c): Very high sea lice burden from summer 2009. New area management agreement similar to Scalloway

agreed.

Single year-class with synchronous fallow period. No fish movements in and out of areas. Regulated fish health cooperation (full transparency)

between operators. Incl. independent fish veterinarian. East coast biological situation good and normal (2c, 2a

and 2b).

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GSF Rogaland Low harvest volume – 6 weeks stop in

harvesting in last part of quarter (market adaptation).

Market prices declining in the period Aug-Oct due to sharp increase in harvest in Norway.

Continued positive development in biology and cost level.

Rogaland Q3-09 Q3-08 2008Harvest gwe 1 906 1 389 6 733Sales 63 536 42 286 172 718EBIT adj 13 109 -6 829 -15 972EBIT adj/kg 6,88 -4,92 -2,37Production rwt 5 190 2 454 11 555

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GSF Finnmark Sharp decline in market prices in Aug-Oct

2009. Very low level of fixed price contracts in the quarter.

Low harvest volumes hampering EBIT/kg due to fixed costs and some one-off items.

Harvest costs in refurbished plant have remained higher than normal during the quarter, but are declining.

Seawater growth has normalized in the quarter, but negative consequence of previous lost growth.

Postponed harvest due to growth and market prices. Reduced harvest volume of 2,500 tons in 2009.

Export license to Russia regained in July 2009 – sales to Russia increasing in Q4.

* 2008 values are operational EBIT before write down on

assets (impairment).

Finnmark Q3-09 Q3-08 2008Harvest gwe 2 049 3 911 14 834Sales 60 534 90 911 358 960EBIT adj 1 884 16 934 11 708EBIT adj/kg 0,92 4,33 0,79Production rwt 8 289 6 466 17 269

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GSF Finnmark – Building the business

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1 000

2 000

3 000

4 000

5 000

6 000

7 000

2006 2007 2008 2009 2010

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5 000

10 000

15 000

20 000

25 000

2006 2007 2008 2009 2010

-

2

4

6

8

10

12

14

16

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2006 2007 2008 2009 2010

Smolt entries (x 1,000):

Harvest volume gwe (x 1,000):

Sites in operation:

Merger between Volden Group

(Finnmark) and Grieg Seafood in 2006.

Huge untapped organic growth potential

in Finnmark.

Significant growth implemented, but

business is still in phase of building up: New sites

Harvest plant

Smolt recirculation facility

Organization

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GSF BC (Canada)

Prices remained good during the quarter, but soft demand side makes market prices sensitive to supply side fluctuations.

Lower than expected EBIT/kg: Pacific salmon harvest (lower prices). Algae and oxygen problems. 2008 generation performing poorly. Specific sites with performance

issues.

Postponed harvest due to poor growth, reduced harvest volume of 1,500 tons in 2009.

2009 generation performing well.

BC - Canada Q3-09 Q3-08 2008Harvest gwe 3 748 5 894 16 326Sales 146 026 204 329 524 554EBIT adj 9 442 39 031 55 877EBIT adj/kg 2,52 6,62 3,42Production rwt 2 458 3 962 17 444

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2010

Cost of harvest development vs 1Q 2009 (CAD/kg):

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GSF BC – Measures to reduce production cost level

Algae mitigation system ('bubble walls') protecting farms from toxic algae – in place. Reduced mortality losses.

Re-oxygenation system to increase dissolved oxygen – tests carried out with full implementation in 2010: Reduced mortality losses. Increased feeding and decrease lost feeding days

Site amalgamations to vacant underperforming farm sites. Improve environmental conditions.

Freshwater recirculation facility for smolt production: Improved smolt quality. Smolt size – reduce seawater production time and reduce exposure to high-risk algae

season.

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OUTLOOK

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Harvest estimate 2009/2010 (1000 gwt)

Holding back volumes in Finnmark and BC, Canada due to growth and market price adaptations.

Shetland: Reduction due to Q3 sea lice mortalities. Rogaland: Increase despite holding back harvest volumes in Q3.

2010 harvest volume estimate at 70,000 tons. Most of 2010 growth from Finnmark and BC.

Harvest volume 2009 Rogaland Finnmark Shetland BC GSF Group

2Q guiding 12 17 14 11 54

3Q guiding 12,5 14,5 13,5 9,5 50

Change 0,5 -2,5 -0,5 -1,5 -4,0

Harvest volume 2010 13 23 17 17 70

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Global supply reduction in 2009 and 2010

Continued strong growth from Norway ('09: +14%; '10: +8%)

Improved biological situation.

Continued decline in Chile (ISA consequences):

'09: -50%

'10: -60%

UK moderate development:

'09: -1%

'10: +3%

Canada moderate increase in 2010 (2-3%)

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'02-03 '03-04 '04-05 '05-06 '06-07 '07-08 '08-09 '09-10

YoY supply growth

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Outlook summary

Harvest plans for 2009 reduced to 50,000 tons (-4,000 tons) – mainly postponed harvest.

2010 harvest estimate at 70,000 tons – strongest growth from Finnmark and BC.

2009 cost level with significant negative influence of biological challenges in Shetland and BC. 2010 cost reductions to be expected.

Continued solid future market perspective:

Reduced global salmon supply expected to continue in 2010.

Demand in main market remains healthy despite global recession.

Key factors for length of the positive business cycle:

Timing and effect of rebuilding supply from Chile.

Demand development as global economy moves out of recession.

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Thank you !

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APPENDIX

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Share info

Number of shares 111,7 million (after full conversion of bonds in August 2009)

Last issues: Q2 2009 139 MNOK new share issue

Subordinated convertible bond issue: Q1 2009 100 mill convertible at NOK 4.00 per share within 31.12.2010 85% converted in Q2 2009 15% converted in Q3 2009.

EPS -4.50 NOK/share 2008 1.48 NOK/share per Q3 2009 (diluted)

Shareholder structure Free float 35% Largest 20 have 90,1% of total shares