EXTREMELY POSITIVE DEVELOPMENT IN OPERATING PROFIT IN THE 2(ND) QUARTER 2011
In the second quarter of 2011, Lerøy Seafood Group had a turnover of NOK 2,397
million, an increase from NOK 2,176 million for the same period in 2010. The
Board of Directors is very satisfied with the Group's development and with the
result achieved for the period, which is the highest second quarter result
achieved in the history of the Group to date. The Group's operating profit
before fair value adjustment of biomass was NOK 440.3 million in the second
quarter of 2011, compared with NOK 367.8 million in the second quarter of the
previous year. The strong increase in operating profit compared with the same
period last year is as high as 19.7%. This is explained by volume growth and
improved prices for the Group's main products, Atlantic salmon and salmon trout.
As a result of the Group's long-term industrial market strategy, the prices
achieved for salmon and salmon trout will naturally deviate from the spot market
prices. On the back of falling spot prices, realised contract prices have been
higher than prevailing spot prices in the quarter under review. The Group's
share of contracts was 48% in the second quarter of 2011 and will, based upon
the current contract situation, be around 40% for 2011 in total. Committed
contract prices for 2011 are higher than prevailing spot prices. This indicates
that the Group can also expect to achieve higher realised prices than current
spot prices in the time ahead.

As a result of considerably lower volumes, the associated company Norskott
Havbruk (owner of the Scotland-based Scottish Sea Farms Ltd) achieved somewhat
lower net earnings in the second quarter. Income from associated companies
before fair value adjustment of biomass therefore declined from NOK 29.3 million
in the second quarter of 2010 to NOK 17.7 million in the second quarter of 2011.

The Group's profit before tax and fair value adjustment of biomass in the second
quarter of 2011 was NOK 439.3 million as against NOK 382.0 million in the second
quarter of 2010.

Key figures:
* 33.2 thousand tons gutted weight of salmon and salmon trout harvested (Q2
2010: 27.6)
* Turnover NOK 2,397 million (Q2 2010: 2,176)
* Operating profit before fair value adjustment of biomass NOK 440.3 million
(Q2 2010: 367.8)
* EBIT/kg all inclusive NOK 13.3 (Q2 2010: 13.3)
* Profit before tax and before fair value adjustment of biomass NOK 439.3
million (Q2 2010: 382.0)
* Spot prices for whole superior salmon are down by 8.1% compared with Q2 2010
* Paid dividend NOK/share 10.0, NOK 546 million (Q2 2010: NOK/share 7.0 / NOK
375 million)
* Net interest-bearing debt was NOK 1,528 million (NOK 1,321 million at
30.06.2010)
* Equity ratio 51.9%

FINANCIAL SUMMARY FOR FIRST HALF OF 2011
In the first half of 2011, Lerøy Seafood Group had a turnover of NOK 4,622
million, an increase from NOK 4,049 million for the same period in 2010. The
Group's operating profit before fair value adjustment of biomass was NOK 886.2
million in the first half of 2011, compared with NOK 622.9 million in the first
half of the previous year. The Group's operating margin before fair value
adjustment of biomass was 19.2% in the first half of 2011, compared with 15.4%
in the first half of 2010.

In the first half of 2011, the Group generated an operating profit after fair
value adjustment of biomass of NOK 391.6 million, against a profit of NOK 824.8
million in the first half of 2010. Fair value adjustment of biomass in
accordance with IFRS is NOK -494.5 million in the first half of 2011, compared
with NOK 201.9 million in the first half of 2010. The major negative IFRS
adjustment in the first half of 2011 is due to a significantly lower spot price
for salmon and salmon trout as of 30 June 2011 versus year-end 2010 prices,
together with seasonally less biomass in sea. On the contrary, spot prices
increased considerably in the first half of 2010. Income from associated
companies totalled NOK 36.5 million in the first half of 2011, compared with NOK
70.0 million in the first half of 2010. Adjusted for fair value adjustment of
biomass, the figures were NOK 44.6 million and NOK 55.6 million respectively.
Decline is explained by lower volumes. Good results are expected in the second
half of the year on the back of Norskott Havbruk's market strategy and good
productivity. The Group's net financial items in the first half of this year
amounted to NOK -35.5 million, compared with NOK -29.6 million in the first half
of 2010. The Group's profit before tax and before fair value adjustment of
biomass was NOK 897.3 million in the first half, compared with a corresponding
figure of NOK 648.9 million in the first half of 2010.

Net earnings for the first half of 2011 corresponded to a profit before fair
value adjustment of biomass of NOK 11.35 per share, as against a corresponding
figure of NOK 8.90 in the first half of 2010. The number of outstanding shares
is 54,577,368. The Group's annualised return on capital employed (ROCE) before
fair value adjustment of biomass was 26.9% in the first half of 2011, as against
24.6% in the same period of the previous year. The Group's financial position is
solid, with book equity of NOK 5,698 million, corresponding to an equity ratio
of 51.9%. The Group's net interest-bearing debt at the end of the first half of
2011 was NOK 1,528 million as against NOK 1,321 million at the end of the first
half of 2010. In the period, a dividend of NOK 10.0 per share was paid out, i.e.
NOK 546 million. In addition, the acquisition and consolidation of Sjøtroll
Havbruk AS has increased net interest-bearing debt by NOK 689 million. The
reduction of net interest-bearing debt by NOK 1.0 billion over the last four
quarters, adjusted for dividend and acquisitions, is extremely satisfactory.

THE MARKET SITUATION/OUTLOOK
A higher growth in the global supply of Atlantic salmon in the next few years
compared with the last two years is expected. Development in demand is good, and
lower prices provide grounds for optimism as to continued positive development
in demand. Good demand together with expectations for improved productivity in
the Group's production, including improved biology, provides justification for
the Board's positive attitude to the Group's development. The Board of Directors
believes that the Group's strategic business development over the past few
years, together with underlying productivity improvements and market-oriented
structure, ensures a robust platform for earnings in the coming years. On the
back of lower prices, the Board of Directors currently anticipates a poorer
result for the Group in the second half of 2011 than was achieved in the second
half of 2010.

Questions and comments may be addressed to the company's CEO, Henning Beltestad,
or to the CFO, Ivan Vindheim.

Bergen, 17 August 2011
The Board of Directors of Lerøy Seafood Group ASA
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

[HUG#1539109]

Q2 2011 RESULTS