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2014-04-24

Marine Harvest ASA: Marine Harvest launches EUR 375 million convertible bond offering due 2019

Marine Harvest - Convertible Bond
24 April 2014

Marine Harvest launches EUR 375 million convertible bond offering due 2019

Marine Harvest ASA ("Marine Harvest" or the "Company") announces today that it
intends to issue EUR 375 million in principal amount of convertible bonds
(the "Bonds") with a five-year tenor.

The senior unsecured Bonds are convertible into common shares of the Company.
The Bonds are expected to have an annual coupon in the range of 0.875% -
1.500% payable semi-annually in arrear and a conversion premium of 30.0% -
35.0% over the volume weighted average price of the Company's common shares
on the Oslo Stock Exchange (translated into EUR) between launch and pricing.

The Bonds will be issued and redeemed at 100% of their principal amount and
will, unless previously redeemed, converted or purchased and cancelled,
mature in 2019. Marine Harvest has the right to call the Bonds after
approximately three years if the value of the Marine Harvest common shares
underlying one Bond on the Oslo Stock Exchange (translated into EUR) exceeds,
for a specified period of time, 130% of the principal amount of a Bond.

The Bonds are expected to be settled on or around 6 May 2014. The Bonds will
not be listed on issue but Marine Harvest may decide to list the Bonds on an
exchange at a later stage.

The proceeds from the Bonds will be used for general corporate purposes
including refinancing of the Company's indebtedness.

Credit Suisse and Goldman Sachs International are acting as joint bookrunners.

Marine Harvest expects to announce the final terms and conditions related to
the convertible bond transaction on 24 April 2014.

This announcement does not constitute or form part of an offer to sell or the
solicitation of an offer to subscribe for any securities of Marine Harvest.

Important Note
This press release is not being issued in or to the United States of America,
Canada, Australia, Japan or in any other jurisdiction in which such
distribution would be prohibited by applicable law. This press release does
not constitute or form part of an offer or solicitation of an offer to
purchase or subscribe for securities in the United States. The Bonds and the
shares referred to herein will not be registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from registration.
No offering of such securities is being made in the United States.

This press release is directed only at persons who (i) are outside the United
Kingdom or (ii) have professional experience in matters relating to
investments who fall within Article 19(5) ("investment professionals") of The
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as
amended) (the "Order") or (iii) are persons falling, within Article 49(2)(a)
to (d) ("high net worth companies, unincorporated associations etc") of the
Order (all such persons together being referred to as "relevant persons").
This press release is directed only at relevant persons and must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this press release relates is available only to
relevant persons and will be engaged in only with relevant
persons. In addition, if and to the extent that this press release is
communicated in, or the offered securities to which it relates is made in,
any EEA member state that has implemented Directive 2003/71/EC (as amended,
and together with any applicable implementing measures in any member state,
the "Prospectus Directive"), this press release and the offering described
herein are only addressed to and directed at persons in that member state who
are "qualified investors" within the meaning of the Prospectus Directive (or
who are other persons to whom the offer may lawfully be addressed) and must
not be acted on or relied on by other persons in that member state.

Credit Suisse and Goldman Sachs International are acting for the Company and
no one else in connection with the offer of the Bonds and will not be
responsible to any other person for providing the protections afforded to
their client, or for providing advice in relation to the proposed offer of
the Bonds.

Stabilisation/FCA
In connection with the issue of the Bonds, the Stabilising Manager (or any
person acting on behalf of the Stabilising Manager) may over-allot Bonds or
effect transactions with a view to supporting the market price of the Bonds
at a level higher than that which might otherwise prevail. However, there is
no assurance that the Stabilising Manager (or any person acting on behalf of
the Stabilising Manager) will undertake stabilisation action. Any
stabilisation action may begin on or after the date on which adequate public
disclosure of the terms of the offer of the Bonds is made and, if begun, may
be ended at any time, but it must end no later than the earlier of 30 days
after the issue date of the Bonds and 60 days after the date of the allotment
of the Bonds. Any stabilisation action or over-allotment must be conducted by
the relevant Stabilising Manager (or any person acting on behalf of the
Stabilising Manager) in accordance with all applicable laws and rules.

For further information, please contact:
Ivan Vindheim, CFO, Tel: +47 958 71 310
Henrik Heiberg, Finance Director, Tel: +47 21 56 20 11, Mobile: +47 917 47 724

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marine Harvest ASA via Globenewswire

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