INTERIM REPORT 2015 SECOND QUARTER (Q2)

INTERIM REPORT 2015 SECOND QUARTER (Q2) Summary - Revenue in the second quarter came to 519 million kroner, 122 million kroner higher than the second quarter of 2014 - Higher revenue was a result of increased sales prices and sales volumes compared to the same period last year - EBIT came to -16 million kroner in the second quarter compared to -15 million kroner in the same period in 2014 - Margins per kilo were reduced compared to the same period last year. Raw material prices increased more than sales prices and reduced costs in production and sales did not fully compensate for the reduction in gross margin. - Net interest-bearing debt decreased with 57 million kroner, from 374 million kroner on March 31 to 316 million kroner on June 30, primarily due to reductions in customer receivables and inventory - The equity ratio decreased from 13.1 per cent to 12.6 per cent over the quarter Main figures NOK million Year to date Year Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 2014 2015 2014 Operating revenues 397 346 442 570 519 907 1 089 1 694 EBITDA (9) (1) 10 20 (10) (5) 10 4 EBIT (15) (7) (8) 14 (16) (18) (2) (34) EBIT Margin -3,8 % -2,0 % -1,9 % 2,5 % -3,1 % (0) -0,2 % (0) Non-recurring items - - - - - - - - Net finance (3) (5) 5 (3) (2) (7) (5) (7) Profit before tax (18) (12) (4) 11 (18) (25) (7) (41) Net profit/loss continued operations (13) (9) (47) 11 (17) (18) (6) (74) Net profit/loss discontinued operations 0 (1) 2 - - 1-2 Net profit for the period (13) (10) (46) 11 (17) (17) (6) (73) Earning per share(eps) (øre) cont.op (16) (10) (56) 13 (20) (22) (7) (88) EPS - total (16) (11) (54) 13 (20) (20) (7) (86) Total assets 689 669 617 729 624 689 624 617 Equity 134 112 81 96 79 134 79 81 Equity ratio (%) 19,4 % 16,7 % 13,1 % 13,1 % 12,6 % 19,4 % 12,6 % 13,1 % Net interest bearing debt (287) (311) (296) (374) (316) (287) (316) (296) Working capital 196 196 187 284 208 196 208 187 Norway Seafoods Group AS, Inkognitogaten 8, N-0256 Oslo, PO Box 1301 Vika, N-0112 Oslo, Norway Business ID: NO 995 203 626 MVA Telephone: +47 76 06 20 00 Email: post@norwayseafoods.com www.norwayseafoods.com

Financial results Sales for Norway Seafoods came to 519 million kroner in the second quarter, compared to 397 million kroner for the same period in 2014. Sales prices as well as sales volumes increased, and this resulted in higher revenue. Raw material prices increased more than sales prices, and resulted in decreased gross margins compared to the same period last year. Cost in production and sales were reduced per kilo, but less than the reduction in gross margin per kilo. Losses on currency hedges influence the result negatively with 1 million kroner in the second quarter, compared to a negative impact of 8 million kroner in the same period last year. EBIT for the second quarter was -16 million kroner compared to -15 million kroner in the same period last year. Net financial items came to -2 million kroner in the second quarter, compared to -3 million kroner for the same period in 2014. The net financial items include net interest expenses as well as currency gains and losses. Sales and Market Sold volume of primary processed products from the Norwegian operations was 4 746 tons in the second quarter compared to 3 504 tons for the same period last year. Sales of whole unprocessed fish from the Norwegian operations increased from 3 948 tons to 4 650 tons in the quarter. According to the Norwegian Seafood Council, Norwegian export volumes of fresh whole cod increased by 0.8 per cent in the second quarter of 2015 compared to the same period last year. Prices on fresh cod fillets increased by 14 per cent in the second quarter of 2015 compared to the same period in 2014, and prices for frozen cod fillets (not block) increased by 29 per cent. Export volumes of fresh cod fillets from Norway increased by 7 per cent, and volumes of frozen cod fillets decreased by 7 per cent. Sales of fresh value added products were 694 tons in the first quarter compared to 705 tons in the corresponding period in 2013, while sales of frozen value added products increased from 881 to 1058 tons. Processing The volume of primary processed products from the Norwegian operations was 3 849 tons in the second quarter compared to 3880 tons for the same period in 2014. Raw material prices for cod in the second quarter increased by 44 per cent compared to the same period last year. The proportion of fresh products increased from 23 per cent in the second quarter of 2014 to 37 per cent in the second quarter of 2015 for the Norwegian operations. The production of fresh value added products was 693 tons in the quarter compared to 704 2

tons in the second quarter of 2014. Norway Seafoods frozen value added factories increased the production volume during the quarter and produced 890 tons compared to 852 tons for the same period in 2014. Balance sheet and liquidity Total assets decreased with 105 million kroner in the second quarter to 624 million kroner compared to 729 million kroner on March 31. Investments in the second quarter came to 8 million kroner. Bank deposits, including drawing rights, totaled 83 million kroner on June 30, compared to 34 million on March 31. Working capital was 208 million kroner on June 30, a decrease of 77 million kroner from March 31. The working capital was 12 million kroner higher than in the same period last year. Net interest-bearing debt came to 316 million kroner on June 30, a decrease of 57 million from 374 million on March 31. Norway Seafoods equity on June 30 was 79 million kroner, representing an equity ratio of 12.6 per cent compared with 13.1 per cent on March 31. Cash flow Cash flow from operating activities was positive with 65 million kroner in the second quarter. Cash flow from investing activities was negative with 8 million kroner. Cash flow from financing activities was negative with 57 million kroner. Net cash flow was positive with 1 million kroner. Events in the quarter and after the balance sheet date A. Espersen A/S to take over Norway Seafoods VAP Frozen customer agreements On June 9 th, Norway Seafood announced that A. Espersen A/S, a leading Danish seafood company and Norway Seafoods A/S, the Danish subsidiary of Norway Seafoods Group AS, has entered an agreement whereas all customer agreements related Norway Seafoods frozen value added production (VAP Frozen) in Denmark will be transferred to A. Espersen A/S. The financial effect of the transaction at completion is expected to increase full year 2015 EBIT by NOK 5-10 million. Sales proceeds and working capital reduction is expected to give a positive cash flow effect for 2015 in the range of NOK 20-30 million. The transaction will lead to a reduction of around 25 employees in production, sales and support functions. The transaction is expected to be completed on August 1 st. New Managing Director in Denmark Norway Seafoods has appointed Britt Vernegren-Kærn as Managing Director for the Norway Seafoods Danish subsidiary effective from August 3 rd. Ms. Vernegren-Kærn has 3

more than 25 years of experience from various international roles within the seafood industry. 4

Profit and loss accounts Group NOK million Year to date Year Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 2014 2015 2014 Operating revenues 397 346 442 570 519 907 1 089 1 694 Operating expenses (406) (347) (432) (550) (530) (912) (1 079) (1 690) EBITDA (9) (1) 10 20 (10) (5) 10 4 EBITDA Margin -2,1 % -0,2 % 2,3 % 3,6 % -2,0 % (0) 0,9 % 0 Depreciations (6) (6) (18) (6) (6) (13) (12) (38) EBIT (15) (7) (8) 14 (16) (18) (2) (34) EBIT Margin -3,8 % -2,0 % -1,9 % 2,5 % -3,1 % (0) -0,2 % (0) Non-recurring items - - - - - - - - Net finance (3) (5) 5 (3) (2) (7) (5) (7) Profit before tax (18) (12) (4) 11 (18) (25) (7) (41) Tax on ordinary profit 5 3 (44) 0 1 7 1 (33) Net profit/loss continued operations (13) (9) (47) 11 (17) (18) (6) (74) Net profit/loss discontinued operations 0 (1) 2 - - 1-2 Net profit for the period (13) (10) (46) 11 (17) (17) (6) (73) Minority interest 0 (0) - - - 0 - - Majority interest (13) (9) (46) 11 (17) (17) (6) (73) 5

Norway Seafoods group Balance sheet Assets Amount in NOK million 30.06.2014 30.09.2014 31.12.2014 31.03.2015 30.06.2015 Intangible Assets 62 65 26 23 24 Fixed tangible assets 132 132 132 129 132 Total intangible/tangible assets 194 197 158 153 155 Financial interest-bearing fixed assets 34 33 32 34 34 Financial interest-free fixed assets 0 0 0 0 0 Shares and other equity investments 10 10 10 10 10 Total financial fixed assets 43 43 42 44 44 Total fixed assets 238 240 200 197 199 Biological assets Inventory 144 147 113 129 108 Interest-free short-term receivables 267 243 273 375 288 Interest-bearing short-term receivables 0 0 0 0 0 Liquid assets 9 8 9 6 7 Assets discontinued operations 32 31 23 23 22 Total current assets 452 429 417 533 425 Total assets 689 669 617 729 624 Equity and liabilities Amount in NOK million 30.06.2014 30.09.2014 31.12.2014 31.03.2015 30.06.2015 Total shareholders equity 133 111 80 95 78 Minority interests 1 1 1 1 1 Total shareholders equity and minority interests 134 112 81 96 79 Provisions and other interest-free long-term liabilities 1 1 1 0 0 Interest-bearing long-term debt 189 190 190 222 221 Total long-term liabilities 191 191 191 223 221 Interest-free short-term debt 215 194 199 219 188 Interest-bearing short term debt 141 161 147 192 137 Liabilities discontinued operations 10 10 0 0 0 Total short-term liabilities 365 366 345 411 325 Total shareholders equity and liabilities 689 669 617 729 624 6

Cash Flow statement from continued operations NOK million Year to date Year Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 2014 2 015 2014 Profit before tax (18) (12) (4) 11 (18) (25) (7) (41) Sales losses/gains (0) 0 11 - - (0) - 11 Depreciations and amortisations 6 6 7 6 6 13 12 26 Changes in other net operating assets 18 (14) 19 (90) 77 (15) (13) (10) Cash flow from operating activities 6 (20) 34 (73) 65 (28) (8) (14) Cash flow from investing activities (4) (2) (13) (7) (8) (3) (15) (19) Cash flow from financing activities (2) 21 (19) 77 (57) 33 20 35 Total cash flow from reporting period (0) (1) 1 (3) 1 2 (2) 3 Effects on changes in exchangerates on cash 0 (0) 0 (0) 0 (0) (0) 0 Cash and cash equivalent at the beginning of the period 9 8 7 9 6 9 9 11 Cash and cash equivalent at the end of the period 8 7 9 6 6 8 6 14 Not utilised credit facilities 86 71 51 28 77 86 77 51 Cash and cash equivalent at the end of the period, incl. credit facilities 94 78 59 34 83 94 83 64 Oslo, July 16 th 2015 The Board of Directors and CEO, Norway Seafoods Group AS 7