From the world’s end

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From the world’s end…

Our farms are situated in clean, cold waters with optimal conditions for raising salmon and trout. Strong ocean currents supply farms with pure, oxygen-rich water. These pristine, natural conditions are found in extremely remote areas – at the world’s end – where the fish-farming industry provides important jobs in small communities.

…to the big city

Our high-quality products are exported to large markets on the USWest Coast, in Great Britain, Continental Europe, Russia and the FarEast. Salmon or trout from Grieg Seafood may end up at an exclusivesushi restaurant in Tokyo or London, or on dinner plates in a San Francisco home.

Grieg Seaood 3

Key figures

Letter from the CEO

Ocean Quality - new sales organization

Ethics

Region: Rogaland

Region: British Colombia

Region: Finnmark

Region: Shetland

Environment

Investor pages

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Content

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Grieg Seaood 5

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Harvest volume (GWE)

Our markets 2010

Russia

Far East

Canada

USA

UK

EU

14%

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Region Harvest in tons GWE* Sales revenue TNOK EBIT TNOK EBIT/kg GWE*

2010 2009 2010 2009 2010 2009 2010 2009

Rogaland 12 839 12 000 476 100 374 600 131 000 65 431 10,20 5,45

Finnmark 20 705 14 218 733 300 446 400 216 200 68 815 10,44 4,84

BC 13 682 10 134 554 300 383 000 69 200 36 626 5,05 3,61

Shetland 16 988 12 395 660 300 408 600 178 600 -4 414 10,51 -0,36

TOTAL 64 214 48 747 x 8,84 x 3,15

* GWE = Gutted Weight

Overview

Key figuresSee www.griegseafood.com for more investor related content

Grieg SeafoodGrieg Seafood ASA is one of the world’s leadingfish-farming companies, specializing in salmon andtrout. We have an annual production capacity ofmore than 90,000 tons gutted weight.

Today, the group is present in Norway, BritishColumbia (Canada) and in Shetland (UK), employingapproximately 600 people.

The business development of Grieg Seafood ASAfocuses on profitable growth, sustainable useof resources and being the preferred supplier forselect customers.

Grieg Seafood ASA was listed at the Oslo StockExchange (OSEBX) in June 2007. Our headquartersare located in Bergen, Norway.

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FOOd FROm ThE WORLd’S End:OUR pROdUCTiOn iS an impORTanT BaSiS FOR STaBLE inCOmE and COnTinUEd SETTLEmEnT in many

COaSTaL COmmUniTiES. ThESE aRE ThE WORLd’S BEST LOCaTiOnS FOR pROdUCinG hEaLThy, pROTEin RiCh

FOOd FOR a GROWinG pOpULaTiOn. hiGh qUaLiTy SEaFOOd TRULy iS madE aT ThE WORLd’S End…

- mORTEn vikE, CEO

attracts significant media attention, and has also made its way higher onto the political agenda. The truth is not always measured by the level of media attention received. So it is in this case. We will continue to make our own operations reflect fact-based best practice. That does not mean that we do not face challenges. Salmon farming like most human activity has an environmental footprint. This we need to minimise, and we work to do so. There are other challenges that raise concern with us, the industry, and the general public: Sea lice levels, diseases in certain production areas, and escapes are among these. yet from its beginnings, this industry has been through tremendous development in its continual effort to deal with the challenges it has faced. in norway we have the World’s strongest regulatory regime, the best global research and knowledge institutions, as well as equipment, feed, and salmon farming companies that are World leading. i think we can be confident that again, now as in the past, with effort and determination we will find the right solutions for whatever challenges we might be facing, and that these solutions will both be fact based and sustainable.

in addition to continually improving what we do, we must also recognise that the salmon farming industry has been poor at conveying its great positive contribution to human life and to the broader society as a whole. We produce food, and healthy food, for an ever growing global population. We do this through some of the most efficient production of proteins that are known, far better than chicken or beef. We utilize the natural temperature of sea water; energy could hardly be more renewable than that. Finally, we create significant direct and indirect economic activity in rural areas. This means jobs, schools, infrastructure, and opportunities for growing service and supply industries: all the things that make rural communities alive and thriving. it is a long way from a coastal community in northern norway to the urban lifestyle and priorities in the large cities in the South. if we want these benefits and our perspective to be appreciated, then we as industry players need to be better at sharing this view and this information with the greater public.

Grieg Seafood is proud to represent fish farming as an important business for providing jobs in rural areas of the World. Our production is an important basis for stable income and continued settlement in many coastal communities. These are the World’s best locations for producing healthy, protein rich food for a growing population. high quality seafood truly is made at the World’s end…

morten vikeCEO

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dear Shareholders: 2010 has been an extraordinary year for Grieg Seafood. We have delivered the best annual results ever for the Group, which is largely the result of record-high salmon prices in combination with a 31.7% growth in sales volume.

The salmon market started to develop very favourably in 2009, a situation that continued throughout 2010, with high and stable prices. These high prices have mainly been due to constraints on the supply side, especially following the outbreak of the iSa disease in Chile. demand has also proven to be robust, solid in both the large established salmon markets and in populous emerging markets.

in addition to the favourable market balance, we have seen improved productivity and an improved biological situation in all our regions.

in the fall of 2010 Grieg Seafood and Bremnes Seashore established together a sales and marketing company in norway called Ocean quality. The purpose of the company is to facilitate the norwegian supply of our own products to different markets internationally. Ocean quality’s main office is located in Bergen, while two regional offices operate in alta in northern norway and Bømlo on the south west coast of norway. Grieg Seafood ownes 60 % of Ocean quality aS, while Bremnes Seashore holds the remaining 40 %.

Grieg Seafood´s operational performance continues its very positive trend, indicating that the past three years of implementing our growth plan have begun to pay off. The performance was particularly positive in norway and Shetland.

in times of high earnings, it is more important than ever to maintain focus on improved operational efficiency. Our focus remains unchanged, with the priority being on implementing our improvement plans. in 2010, the board of directors decided to accelerate implementation of our smolt strategy, approving a 200 million nOk investment into new freshwater recirculation facilities in all regions during 2011 and 2012. This strategy is the single most important improvement project in the Company, and will mean direct cost savings on smolt, higher utilization of our seawater production capacity, and improved biological performance - all of which will reduce unit costs.

Grieg Seafood has taken important steps to emphasise and optimise our human capital. We understand that our ability to keep growing and improving our performance is dependent upon motivated and high-performing personnel. Therefore, we are implementing an array of human resources initiatives across all locations.

2010 has been an extraordinarily positive year in what may be the best and longest business cycle for salmon farming ever. Grieg Seafood will use this as an opportunity to focus on the environment and our contribution to local jobs, economic activity, rural development, human welfare and hope.

The past number of years has shown an increasing and vocal opposition to salmon farming, in particular in norway. The opposition

From the CEOGrieg Seafood

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BERGEn:EUROpEan maRkET

aSian maRkET

amERiCan maRkET

and OThER maRkETS

aLTa:nORdiC maRkET

RUSSian maRkETS

BømLO:nORWEGian maRkET

Fish from Grieg Seafood has traditionally beensold to exporters and large wholesalers. OceanQuality aims to advance in the value chain and focus on supermarkets, restaurants and catering providers.

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Grieg Seafood and Bremnes Seashore have established Ocean quality to strengthen market presence and focus on sales to end-customers.– a larger sales volume, complementary harvest schedules, and the ability to offer both whole and processed fish means that, together, the companies will have a stronger market position than they will have individually, says Olav Svendsen Jr., CEO of Bremnes Seashore.

Ocean quality’s goal is to sell all fish farmed by Bremnes Seashore, Grieg Seafood Rogaland and Grieg Seafood Finnmark. in 2009 the total gutted weight harvested from the three production areas was about 45,000 tons.

Ocean quality’s products include fresh, frozen and processed salmon in addition to fresh and frozen trout. The company wants to focus on selling to suppliers that are closer to consumers. Fish from Grieg Seafood has traditionally been sold to exporters and large wholesalers. Ocean quality aims to advance in the value chain and focus on supermarkets, restaurants and catering providers.

norwegian salmon’s most important markets are the EU and Russia.in addition, large quantities of fish are sold to asia and the US. Ocean quality sells the most fish to large salmon buyers, but the whole world is a potential market.

Grieg Seafood holds 60% ownership, while Bremnes Seashore owns the remaining 40% of Ocean quality aS.

Ocean QualityOcean quality aS is the new sales organization for Grieg Seafood and Bremnes Seashore. The company’s main office is located in Bergen, while two regional offices operate in alta in northern norway and Bømlo on the southwest coast of norway.

Grieg Seafood

Ethics

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Grieg Seafood has implementedethical guidelines. as part of an active, international business environment, Grieg Seafood accepts responsibility for ethical awareness.

Our activities are closely connected with the communities we operate in, and we want to emphasize measures to raise ethical awareness among our employees.

Grieg Seafood promotes high ethical standards. We acknowledge that the practice of establishing an unambiguous and across-the-board Code of Conduct is challenging for a business with international operations. Thus, our standards are developed with the intent to maintain high ethical practices relative to norwegian circumstances, and at the same time give clear guidance when our employees’ dilemmas conflict with other management and business cultures.

The guidelines are based on simple principles of transparency and reporting. instead of implementing a complex set of rules, we instruct our employees to document and report to superiors when facing corruption, facility payments and other situations that pose ethical problems. Such practices contribute to an internal discussion of difficult subjects and maintain ethical awareness.

please visit www.griegseafood.com for details.

Management principles

• We are open and honest• Today we shall do better than yesterday• We do what we say• We are positive and enthusiastic• We care

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Our objective

To be a leading aquaculture company, while improving ouroperational and financial performance.We will accomplish this by:• building OnE Grieg Seafood Group• building OnE strong performance culture• realizing our targets through people – aLL people• sustainable use of nature• utilizing the skills, experience and capabilities within our

group (learning organization)• developing, anchoring and implementing the concrete ac-

tion plans required to reach our objectives.

Our values

• Open• Respectful• ambitious

Grieg Seafood

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Rogaland

Rogaland in southwestern norway is mainly a coastal region with deep, cold fjords, white beaches and small islands. The salmon we farm in Rogaland is primarily consumed in Continental Europe.

Our ventures in Rogaland, norway, are a result of mergers with andacquisitions of smaller fish-farming companies in the region. duringthe last five years, the company has made substantial investmentsin both smolt production and farming facilities. This has enabled deep-water fish farms that reach down to 40 metres, where the ideal temperature for farming conditions can be maintained year-round.

Grieg Seafood Rogaland has 3 smolt licenses with which we operateour salmon hatchery. The salmon farming activity in Rogaland has 16 growout licenses, and Grieg Seafood also is responsible for harvesting and freezing. in the first quarter of 2011 Grieg Seafood aSa bought 100% of Erfjord Stamfisk aS, a broodstock (roe) company. We employ about 90 people including Erfjord Stamfsik.

Why farm fish when you can find oil?

you can find Grieg Seafood Rogaland’s fish farms in the picturesqueRyfylke fjord basin, just north of Stavanger. The town of Stavanger is well known as the administrative centre for the successful north Sea oil and gas industries. With big oil money so close at hand, whywould people here want to work as fish farmers?

it is no secret that industries compete for the best people in this scarcely populated country. We need better innovations to secure our values and our future. We think of aquaculture as a sustain-able use of the natural resources along norway’s coast. as long as we handle our environmental challenges well, we can provide large quantities of healthy food with minimal impact on nature. however, the industry depends on innovative solutions to maintain our most important asset – the clean, cold, oxygen-rich fjords where we grow our fish.

Our best people know this, and they work hard every day to findbetter solutions so we can continue to produce the world’s best salmon for future generations.

GLOBaL Gap:ThE OpERaTiOnS in ROGaLand aRE CERTiFiEd in aCCORdanCE WiTh

ThE dEmandinG GLOBaL Gap SChEmE. (WWW.GLOBaLGap.ORG). ThiS iS

a vOLUnTaRy CERTiFiCaTiOn aGREEmEnT ORiGinaLLy dEvELOpEd FOR

aGRiCULTURaL pROdUCTiOn, BUT haS RECEnTLy BEEn TRanSFORmEd TO ThE

RELEvanT paRamETERS FOR ThE maRinE FaRminG indUSTRy.

Value Chain

Brood-stock

Freshwater Seawater harvest processing Sales

Key figures 2010

Sales revenue: TnOk 476 100harvest: TOnS 12 839 (gutted weight)EBiT/kg: nOk 10,20 (gutted weight)

ERFJORd STamFiSk:ERFJORd STamFiSk aS in SULdaL On ThE nORWEGian SOUTh WEST COaST

pROdUCES BROOd STOCk FOR ThE nORWEGian SaLmOn indUSTRy. ThE

COmpany’S TOTaL pROdUCTiOn COvERS 18 % OF nORWEGian FiSh FaRmERS

nEEd FOR SaLmOn EGGS. GRiEG SEaFOOd nOW OWnS 100% OF ThE COmpany.

pLEaSE viSiT WWW.ERFJORd.nO FOR mORE inFORmaTiOn.

13Grieg Seafood

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FRESh FiSh TO ThE US, Canada and aSia:ThE FaRmS may BE LOCaTEd in REmOTE FJORdS, BUT OUR COmpany’S CLOSE pROximiTy TO ThE US, Canadian, and aSian maRkETS aLLOWS ThiS

pROdUCTiOn REGiOn TO diRECTLy SUppLy ThESE maRkETS and EnSURES ThaT ThERE iS nO COmpROmiSE in dELivERinG ThE FREShEST FiSh TO OUR

CUSTOmERS.

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Grieg Seafood’s farm sites in Canada are located on the east and west coast of vancouver island, and on the mainland north of vancouver in British Columbia.

Grieg Seafood started farming in Canada in 2001 in Esperanza inlet on the west coast of vancouver island, British Columbia. The company’s activities have expanded, with farm sites now located in nootka Sound, on the east coast of vancouver island, and on the Sunshine Coast.

all our farms are reached and serviced via small coastal communities. Gold River (population 1,200) on vancouver island’s west coast, is home to our freshwater hatchery and also serves as the main staging area for our production in that region. The village is renowned for its sport fishing, majestic scenery, and friendly people. more than 25 local residents work in our hatchery, and our operations help support the tourism and marine transportation sectors as well. it takes a full day to travel to this region from BC’s largest city, vancouver, but thepristine waters and superior farming conditions are well worth the effort.

Our operations on the Sunshine Coast include farming atlantic and Coho salmon. We also have a small processing facility in Egmont. Located 120 km northwest of vancouver, our farms and processingfacility seasonally employ over 50 people from the surrounding communities. This sparsely populated region is famous for its gorgeous isolated bays and inlets nestled in the Coast mountains.

British Columbia

The farms may be located in remote fjords, but our company’s close proximity to the US, Canadian, and asian markets allows this production region to directly supply these markets and ensures that there is no compromise in delivering the freshest fish to our customers. Grieg Seafood has a crucial proximity to the american market, with transport costs $1-1.70 lower per kg than our Chileancompetitors.

Grieg Seafood BC Ltd. holds 21 farm licenses, has its own hatcheryin Gold River, and owns a small processing plant on BC’s Sunshine Coast, in Egmont. during peak production times we employ approximately 130 people, most of whom live in communities far from British Columbia’s large urban centres.

GOLd RivER:iT TakES a FULL day TO TRavEL TO ThiS REGiOn FROm BC’S LaRGEST CiTy, vanCOUvER, BUT ThE pRiSTinE WaTERS and SUpERiOR FaRminG COndiTiOnS

aRE WELL WORTh ThE EFFORT.

Value Chain

Brood-stock

Freshwater Seawater harvest Sales

Key figures 2010

Sales revenue: TnOk 554 300 harvest: TOnS 13 682 (gutted weight)EBiT/kg: nOk 5,05 (gutted weight)

Grieg Seafood

processing

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STRaTEGy > >

Finnmark

From seasonal to steady income

Fish farmer Daniel Johansen, 24, moved backto his childhood village of Bergsfjord (pop. 135)in Finnmark to start a family. He works at theGrieg Seafood site in Høgsfjord, and recentlybecame the father of a little baby girl.

in an area that is traditionally dependent on seasonal wild fishing, the aquaculture industry has provided a steady income for many people.- We can’t all work at the public school, daniel says with a smile.

Finnmark is in the northernmost part ofContinental Europe, where norwayswings eastward. in the midst ofwild and majestic scenery with steepmountains and icy fjords, the conditionsare ideal for growing healthy fish ofexceptional quality.

Operations in Finnmark were established in 1978 by norwegian fish-farming pioneer harald volden. in 2006 the volden Group merged with Grieg Seafood and was renamed Grieg Seafood Finnmark.

Grieg Seafood Finnmark now includes a smolt hatchery and 24 licensed sites, complete with harvesting and freezing facilities at four clusters in different regions of Western Finnmark. The distance between production clusters forms a natural barrier to the transfer of disease and therefore represents a lower overall biological risk in Finnmark.

Grieg Seafood Finnmark owns and operates the northernmost fishfarm in the world, close to the north Cape. Our facilities in Finnmarkenjoy the shortest export route to Russia in norwegian fish farming,including the major cities of moscow and St. petersburg. most of our production is exported to the EU, Russia and asia.

The company employs about 190 people.

Value Chain

Brood-stock

Freshwater Seawater harvest Sales

Key figures 2010

Sales revenue: TnOk 733 300harvest: TOnS 20 705 (gutted weight)EBiT/kg: nOk 10,44 (gutted weight)

processing

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- you really only had two career choices in Bergsfjord; working on a fishing boat or at the fish receiving station. These are seasonal jobs, and before i started at Grieg Seafood we were laid off due to low activity.

daniel is a carpenter by education, and his handyman skills and attitude is important for a fish farmer. Salmon is continuously grown and harvested at the Grieg Seafood sites, and the employees usually work one-week shifts. - i have to take ferry to get home to Bergsfjord from the site, so the work shift suits me well. and i get more time to spend with my little daughter when i’m home.

Grieg Seafood

Grieg Seafood Finnmark employs 193 people and is a major employer in the region. The nature this far north of the arctic Circle is beautiful, but often rough. Winters are long, cold and dark, but the summers are blessed with midnight sun and crystal waters.

- nature is important to me; it’s a major reason why i want to live here instead of moving south. i grew up here, and i want my children to have the same wonderful connection to nature as i have, says daniel.

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STRaTEGy > >

Shetland

Grieg Seafood hjaltland is the largest salmon producer in Shetland, employing about 180 people. harvesting is performed by Lerwick Fish Traders Ltd., which is a fully owned subsidiary of Grieg Seafoodhjaltland. Lerwick Fish Traders Ltd. is one of the largest salmon packing and processing companies in Shetland. about 70% of the salmon production is delivered as whole fish, and 30% as various types of fillet. The company’s new £4.2 million processing plant houses six trolley kiln smokehouses for smoking both hot and cold salmon. it also boasts an automatic salting line for curing, four slicing lines and a packing line. This means our new facility allows Grieg Seafood hjaltland a daily production capacity of twelve tonsof smoked and marinated salmon.

Shetland Products Ltd.Grieg Seafood hjaltland has developed a large customer network in the Uk, Europe, Far East and north america.. The sales department sells its own products through Shetland products in addition to fish from external producers. Salmon is effectively delivered through distributors to some of the larger Uk supermarket chains, such as Tesco, Sainsbury’s and morrisons. The export ratio is 65% export (EU) and 35% domestic (Uk).

please visit www.shetland-products.com for complete product portifolio and further details about the company.

Grieg Seafood hjaltland has its business in Shetland, with activities on 31 farm sites divided between five clusters.

Organic salmon from Shetland Grieg Seafood hjaltland is a pioneer in production of the verybest quality salmon from Shetland and is the world’s largest producer of organic salmon. Oily fish, and salmon in particular, is renowned for its health benefits. With consumers demanding healthier and more sustainable foods, Grieg Seafood hjaltland made the strategic decision to produce organic salmon on a wide scale.

having recently acquired sites on which organic salmon were already being raised, the company has the capacity to produce approximately 2,500 tons of organic fish per year. This move is in direct response to market demands and demonstrates the company’s flexibility to respond to customer preference.

Organic salmon is a niche product in the market – and this requires us to adapt our farming practices. Our organic fish meet rigorous standards set by the Organic Food Federation and naturland.

Our organic salmon is sold under the WildWaters brand.

Value Chain

Brood-stock

Freshwater(pending)

Seawater harvest Sales

Key figures 2010

Sales revenue: TnOk 660 300harvest: TOnS 16 988 (gutted weight)EBiT/kg: nOk 10,51 (gutted weight)

processing

primarySecondaryvalue added

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The WildWaters™ brand

Grieg Seafood hjaltland has taken value-added processing to the next level by developing WildWaters™ — a range of innovative, indulgent flavors of marinated and smoked salmon. WildWaters™ was developed in-house and has received rave reviews.

demand has soared beyond supply, with a large number of orders already placed by customers in the Uk, Germany and italy.

Our WildWaters™ smoked salmon pastrami product has won a coveted q award in the ‘Fish’ category at the prestigious 2009 quality Food at The hurlingham Club in London – fending off stiff competition from asda, morrison and Sainsbury’s.

Grieg Seafood

Awards

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aquaculture, if properly managed, canprovide the world with healthy, protein-rich food with less impact on the environment than traditional agriculture. With the right measures, we can minimize or even eliminate certain risks to the environment.

Salmon production, along with any other food industry, involves environmental concerns that we work hard to diminish. Caring for nature and protecting our assets are parallelagendas on which Grieg Seafood spends considerable resources.

Hire a custodianparasite problems are not exclusive to fish farming. internal and external parasites are plagues within the cattle, sheep, pork and poultry industries. The standard treatment for parasites is to use pharmaceuticals, but in aquaculture there are natural alternatives that prove more efficient.

One technique to lessen the use of pharmaceuticals in the marine environment and still control an outbreak of salmon lice is to introduce different types of wrasses into the nets. Wrasses are fish that feed on ectoparasites. These “custodians of the waters” have shown to be very efficient, clearing a lice infection before it does much harm. This is an environmentally rewarding alternative to pharmaceuticals.

Location, location, locationThe real-estate mantra is just as relevant in fish farming. Ensuring that fish farms have an adequate current with clean, oxygen-rich seawater to handle excrement and surplus feed is another method to lessen environmental impact. Grieg Seafood farms are in deep areas with good water replacement, where discharge is handled well within the limits of the surrounding ecosystem.

Zero escape toleranceOne of the farming industry’s greatest environmental challenges is that each year large quantities of farmed fish escape from sea farms. The escaped fish pose a threat to wild stocks of salmon and trout. We have a responsibility to preserve the environmental integrity that these stocks represent.

Environment

The highest percentage of fish escape because of poor weather conditions. Bad weather, however, is not an acceptable excuse for Grieg Seafood. Taking extraordinary steps to ensure that our assets are well-protected against natural forces, Grieg Seafood has developed a zero-tolerance stance on escape.

Salmon – the efficient fishCompared to other sources of protein, salmon use the energy and protein levels of feed very efficiently. Other farmed animals that eat concentrated foods produce less protein per ton of feed consumed.

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Salmon use the energy from fodder twice as effectively as poultry and 70% more effectively than pork. an important reason that fish require less feed than land animals is that salmon do not use energy to keep a stable body temperature. in addition, salmon can produce several thousand spawn per fish and can be sustained on a few parent couples; whereas land animals like pigs and cattle reproduce in modest quantities. Finally, salmon are 65% muscle, giving more meat than other farmed animals; and excess waste from butchering is reused for feed production.

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Compared with the production of other livestock that are fed concentration-based diets, salmon farming is extremely efficient in terms of the utilization of energy andprotein in the feed.

The graph shows digestable energy. Source: Bellona.org

Energy efficency

Grieg Seafood

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Investor

Grieg Seafood aims to provide investors, the capital market and other interested parties with timely and relevant information in or-der to enable a correct valuation of the company - and a reduced risk for investors. Company information will be provided to the Stock Exchange and by public presentations each quarter. in addition, the company web page: www.griegseafood.com will be kept up to date with public information about the company, mandatory information and general investor presentations.

Grieg Seafood’s ambition is to deliver a high and stable return to its shareholders. The financial target of the company is to maintain an equity share of at least 30%.

Dividend policyGrieg Seafood has an objective to pay an annual dividend to its shareholders. The dividend should normally be in the range of 25-30% of the profit after tax and adjusted for the effect of biomass adjustments.

Shareholdersas at 31.12.2010, the company had 1041 shareholders of which 933 were based in norway and 108 were international investors. See note 27 in the Financial Statement.

Analyst coverageThere are many leading analysts that follow the Grieg Seafood stock. in alphabetical order we will mention Carnegie, dnB nor markets, First Securities, handelsbanken Capital markets, pareto Securities, and RS platou Securities, argo Securities, Fonds Finans, Enskilda and nordea markets.

FRESh FiSh TO ThE US, Canada and aSia:ThE FaRmS may BE LOCaTEd in REmOTE FJORdS, BUT OUR COmpany’S CLOSE pROximiTy TO ThE US, Canadian, and aSian maRkETS aLLOWS ThiS

pROdUCTiOn REGiOn TO diRECTLy SUppLy ThESE maRkETS and EnSURES ThaT ThERE iS nO COmpROmiSE in dELivERinG ThE FREShEST FiSh TO OUR

CUSTOmERS.

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ShetlandBCFinnmarkRogaland

Production capacity

Expected harvest in 2011 64.800 tons GWE

Production capacity. Total capacity 90.000 tons GWE

Price development

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2011201020092008

Salmon price/kg in NOK

GSF share in NOK

Financial 2010

ROCE * 19.8 %EK % 48.9 %NIBD ** 1 047NIBD/EBIDTA 1.53

Largest shareholders of Grieg Seafood ASA at 31.12.2010

GRIEG HOLDINGS AS 48.03 %TEIGEN 9.74 %ODIN NORGE 4.27 %HALDE INVEST AS 4.03 %ODIN NORDEN 3.65 %DNB NOR SMB 3.13 %YSTHOLMEN AS 2.57 %REAL SALMON 2,22 %SKANDINAVISKA ENSKILDA BANKEN 1.52 %METEVA AS 1.25 %OTHER SHAREHOLDERS 18.36 %

FinnmarkHåkon Volden

ShetlandMichael Stark

B.C.Stewart

Hawthorn

RogalandAlexanderKnudsen

CFOAtle Harald Sandtorv

Management

Biological perfor-mance & planningFrode Mathisen

CEO

Morten Vike

Feed & Nutrition

Tor Eirik Homme

Grieg Seafood

CAOTrude Østvedt

* Retun on capital employded** Net interest bearing debt

Grieg Seafood Rogaland ASHelgøyN-4174 HelgøysundNorwayTel.: +47 51 71 40 00

E-mail: rogaland@griegseafood.no

Grieg Seafood Finnmark ASMarkedsgata 3Postboks 1053N-9510 AltaNorwayTel.: +47 78 44 95 95E-mail: finnmark@griegseafood.no

Grieg Seafood BC Ltd#200 – 1170 Shoppers RowCampbell River BC V9W 2C2CanadaTel: +1-250-286-0838E-mail: info@griegseafood.ca

Grieg Seafood Hjaltland UK Ltd.GremistaLerwickShetlandZE1 0PXTel: +44 1595 74 1800E-mail: info@griegseafood.co.uk

Grieg Seafood ASAP.O. 234 SentrumN-5804 Bergen

Norway

Visit addressGrieg-Gaarden

C. Sundtsgate 17/19N-5804 Bergen

Norway

Tel.: +47 55 57 66 00E-mail: info@griegseafood.no

artgarden

phOTOS FROm ThE WORLd’S End and ThE URBan

RESTaURanT By hUnG nGO.

GRiEG SEaFOOd WORkS in SmaLL COaSTaL

COmmUniTiES in ThE FaR nORTh OF EUROpE and

amERiCa. WE aRE pROUd ThaT OUR EFFORTS CREaTE

JOBS and dELivER SUSTainaBLE GROWTh in aREaS

vULnERaBLE TO dEpOpULaTiOn.

Printed aPril 2011