Warning from Cermaq

In addition to the losses on fish sold, Cermaq has decided to accelerate the harvesting of three sites where there are outbreaks of disease. The 3 sites will be harvested in Q3 at smaller sizes, rather than later as originally projected and a net realisable value provision of NOK 38 million will be taken in the financial results for the second quarter to cover the projected losses of emptying out the sites early. Due to the lower average harvest sizes for Atlantic now projected, full year production volume guidance is reduced by 3k tonnes. The revised volume guidance for Chile is shown in the table below.

MS Chile sale volume by species by quarters

                     Q1 Q2 Q3 Q4 2008e Atlantic            6   6    4   4    20 Coho                7   4    0   6    16 Trout                4   5    2   3    14 Total               16 15    6  14   50

Due to the biological conditions for production in Chile expected sales volumes remain uncertain. Cermaq will regularly update the market on the developments in production conditions in Chile during 2008.