Net operating revenues 93,3 74,6 316,0 292,9 EBITDA 5,1-14,4 6,5-17,7 EBIT 4,0-16,2 1,5-25,2 Operating margin 4,3 % -21,7 % 0,5 % -8,6 %

(1)

4th quarter 2009

(2)

Group

The Group’s operating revenues in Q4 2009 was MNOK 156,6 compared to MNOK 138,1 proforma last year. EBITDA was MNOK 10,0 compared to MNOK -13,2 proforma last year. EBIT was MNOK 6,7 compared to MNOK -17,2 proforma last year, and result after tax was MNOK 8,8 compared to

MNOK -6,2 proforma last year.The proforma figures for 2008 are excluding the discontinued

operations, and are directly comparable to the 2009 figures.

Operating revenues per 31st December was MNOK 523,8 compared to MNOK 505,8 proforma last year. EBITDA was MNOK 14,4 compared to MNOK 15,0 proforma last year and EBIT was MNOK -0,4 compared to MNOK -31,0 proforma last year. Result after tax was MNOK 7,4 compared to MNOK -47,6 proforma last year.

The group’s balance sheet at December 31st was MNOK 658,7 compared to MNOK 667,2 last year. Book equity is MNOK 215,3, corresponding to an equity ratio of 32,7%. Net interest bearing debt is MNOK 340,5.

All business areas, including associated companies, have shown increased profitability except for Ervik Havfiske where low prices for whitefish have had a negative impact on the results.

Domstein Fish

Domstein Fish is a supplier of fresh and frozen whitefish products with a high quality and environmental profile, based on long lined fish and breeded cod. The main market is Europe.

Mnok Q4 2009 Q4 2008 YTD 2009 YTD 2008

Net operating revenues 93,3 74,6 316,0 292,9

EBITDA 5,1 -14,4 6,5 -17,7

EBIT 4,0 -16,2 1,5 -25,2

Operating margin 4,3 % -21,7 % 0,5 % -8,6 %

Domstein Fish has increased revenues by 25 % in the fourth quarter, and there has been good demand and positive sales development for all product categories. Low raw material prices for especially cod have given improved margins.

A lower level of activity is expected in the first quarter of 2010 due to strong competition and low price level in the fresh market.

Domstein Sverige

Domstein Sverige is a producer and marketer of seafood in Sweden. The main products are breaded fish, fish gratin, ready meals and roe products. The factory in Vardø, which produces “Arctic Delight” roe products, is included in Domstein Sverige from 2009.

Mnok Q4 2009 Q4 2008 YTD 2009 YTD 2008

EBITDA 6,4 4,2 17,4 12,3

EBIT 4,7 2,5 10,2 5,5

Operating margin 6,2 % 3,4 % 4,0 % 2,3 %

Revenues have been stable in Sweden during the fourth quarter, including a significant increase in sales of caviar products and similar decrease in sales of gratins and ready meals. The increased operating margin is mainly due to improved productivity.

(3)

Domstein Eiendom (49 %)

Domstein Eiendom controls the properties in Norway which are hired out to Norway Pelagic and Domstein. Yearly lease is MNOK 25,5.

The share of the profit in Domstein Eiendom is included in the accounts as result from operations held for sale, and amounted in the fourth quarter to MNOK 0,6 and MNOK 2,2 accumulated.

Mnok Q4 2009 Q4 2008 YTD 2009 YTD 2008

EBITDA 6,1 5,8 25,0 22,9

EBIT 3,3 3,0 13,7 11,5

Ervik Havfiske (50 %)

Ervik Havfiske AS is Norway’s largest long-line fishing company with activities both in Norway and abroad.

The share of the profit in Ervik Havfiske is included in the financial profit as income from investments in associated companies and amounted in the fourth quarter to MNOK -4,4 and MNOK 0,4

accumulated.

Mnok Q4 2009 Q4 2008 YTD 2009 YTD 2008

EBITDA -5,4 37,0 6,3 84,9

EBIT -8,3 34,3 -4,2 67,2

Operating margin -11,7 % 36,8 % -1,9 % 24,1 %

Revenues and results are significantly reduced owing to low price level for cod.

The fourth quarter is charged with MNOK 15,9 one-off costs due to write-down on accounts receivable. The fourth quarter of 2008 figures include MNOK 30 in positive one-off items.

Low fish prices will influence the results in the first quarter of 2010, being partially compensated by higher quotas.

Naustvik Enghav (45 %)

As of 1st July 2008 the Norwegian activities of Domstein Enghav were merged with Naustvik AS. The company sells and distributes fish and other food products to the Norwegian retail and catering market. Naustvik Enghav is the leading fish and seafood company in Norway.

The share of the profit in Naustvik Enghav after tax is included in the net financials as income from investments in associated companies, and amounted in the fourth quarter to MNOK -1,4 and MNOK -1,6 accumulated.

Mnok Q4 2009 Q4 2008 YTD 2009 YTD 2008

proforma prof orma

EBITDA 8,5 -0,9 12,7 -15,4

EBIT 2,7 -3,3 -0,5 -27,6

Operating margin 1,3 % -1,5 % -0,1 % -3,3 %

(4)

The fourth quarter revenues show a slight decrease compared to proforma figures for 2008, mainly due to the phasing out of non profitable products. The profitability is however significantly improved as a result of cut in costs and increased productivity.

The positive development is expected to continue in 2010.

Norway Pelagic (32 %)

Norway Pelagic is a production and sales company for pelagic fish, mainly herring and mackerel. The share of the profit in Norway Pelagic after tax is included in the net financials as income from investments in associated companies, and amounted in the fourth quarter to MNOK 16,5 and MNOK 35,1 accumulated. The figures include an equity dilution of MNOK -1,1 connected to the merger with Fryseriet.

Mnok Q4 2009 Q4 2008 YTD 2009 YTD 2008

EBITDA 84,6 139,5 191,1 183,3

EBIT 74,3 131,3 168,4 165,2

The fourth quarter was high season for Norway Pelagic, with record herring quantities. The mackerel quantities were lower than normal due to a dispute with the EU. The decrease in mackerel quantities is partially compensated by increased volumes of horse mackerel. There are good demands for all products, but also a slight pressure on the herring margins.

The first quarter of 2010 is expected to show a high level of activity with good supplies of herring and capelin.

Shareholder information

Domstein ASA is listed on Oslo Stock Exchange with ticker DOM. The market value of the company per 31st December 2009 was MNOK 143, based on a share price of NOK 1,86. Number of

outstanding shares is 76 907 402.

Måløy, 25 February 2010

(5)

Resultatregnskap konsern 2009 Q4 2009 Q4 2008 YTD 2009 YTD 2008

Consolidated operating results Group Nok.mill. Proforma Proforma

Netto driftsinntekt Operating revenues 156,6 138,1 523,8 505,8

Varekostnad Raw materials and consumables used -109,4 -110,1 -361,5 -369,4 Øvrige betalbare driftskostnader Other operating expenses -37,2 -41,2 -147,9 -151,5

Sum driftskostnader Total operating expenses -146,6 -151,3 -509,4 -520,8

EBITDA 10,0 -13,2 14,4 -15,0

Ordinære avskrivinger Ordinary depreciation -3,3 -3,9 -14,0 -16,0

EBIT 6,7 -17,2 0,4 -31,0

Inntekt på investering i tilknyttet selskap 11,5 16,5 33,9 16,5

Income from investments in associated companies

Netto finanskostnader Net financial expenses -8,4 -4,4 -27,6 -32,5

Ordinært resultat før skatt Result before tax 9,9 -5,0 6,7 -47,0

Skattekostnad Taxes -1,7 -1,2 -1,4 -0,6

Resultat etter skatt Result after tax 8,2 -6,2 5,3 -47,6

Resultat fra videreført virksomhet

Result from continuing operations 8,2 -6,2 5,3 -47,6 Resultat fra virksomhet holdt for salg

Result from operations held for sale 0,5 0,0 2,2 0,0

Resultat result 8,8 -6,2 7,4 -47,6

Resultat margin Profit margin 5,6 % -4,5 % 1,4 % -9,4 % Driftsmargin Operating margin 4,3 % -12,4 % 0,1 % -6,1 % Resultat pr. aksje (nok) Profit per share 0,10 -0,63 Utv.resultat pr. aksje (nok) Diluted profit per share 0,14 -0,52

ROCE _{6,4 %} _{-0,2 %}

Egenkapitalandel (inkl min int) Book equity ratio _{32,69 %} _{32,21 %} Utestående aksjer Outstanding shares 76 907 402 76 907 402

Balanse konsern 31.12.09 31.12.08

Consolidated balance sheet Group Nok.mill.

Immaterielle eiendeler Intangible fixed assets 12,6 14,7

Varige driftsmidler Tangible fixed assets 70,5 81,2

Finansielle anleggsmidler Financial fixed assets 339,2 295,3

Anleggsmidler Total fixed assets 422,3 391,2

Varer Inventories 114,6 131,3

Fordringer Receivables 89,7 94,4

Omløpsmidler holdt for salg Current assets held for sale 24,2 24,5

Betalingsmidler Cash and equivalents 8,0 25,8

Omløpsmidler Current assets 236,4 276,0

Sum eiendeler Total assets 658,7 667,2

Innskutt egenkapital Equity contributions 59,9 59,9

Opptjent egenkapital Earned equity 155,5 155,0

Minoritetsinteresser Minority interests 0,0 0,0

Egenkapital og minoritetsinteresser Total equity 215,3 214,9

Avsetning for forpliktelser Provisions 23,8 27,3

Rentebærende langsiktig gjeld Interest bearing long term debt 189,6 67,6

Øvrig langsiktig gjeld Other long term liabilities 1,0 2,2

Sum annen langsiktig gjeld Total other long term liabilities 190,6 69,8

Rentebærende kortsiktig gjeld Interest bearing current liabilities 158,9 285,1

Ikke-rentebærende kortsiktig gjeld Non interest bearing current liabilities 70,1 70,1

Kortsiktig gjeld holdt for salg Current liabilities held for sale 0,0 0,0

Kortsiktig gjeld Current liabilities 229,0 355,2

Sum egenkapital og gjeld Total equity and liabilities 658,7 667,2

Netto rentebærende gjeld Net interest bearing debt 340,5 327,0

(6)

Kontantstrømoppstilling konsern

Consolidated cash flow statement Group 31.12.09 31.12.08

Kontantstrøm operasjonelle aktiviteter Net cash flow from operating acitvities -2,6 -89,3

Kontantstrøm investeringsaktiviteter Net cash flow investment activities -9,0 36,7

Kontantstrøm finansieringsaktiviteter Net cash flow from financial activities -6,0 68,7

Effekt av valutakursendringer Effect of change in exchange rates 0,2 -0,1

Endring av kontanter og innskudd Net change in cash and bank deposits -17,8 16,3

Ko nt a nt e r o g inns k udd v e d pe rio de ns be gynne ls e C a s h a nd ba nk de po s it s a t s t a rt o f pe rio d 25,8 9,5 Ko nt a nt e r o g inns k udd v e d pe rio de ns s lut t C a s h a nd ba nk de po s it s a t e nd o f pe rio d 8,0 25,8

Avstemming av egenkapital Change in equity 31.12.09 31.12.08

Egenkapital ved begynnelsen av perioden Equity at the start of the period 214 881 318 934

Resultat i perioden Result for the period 7 419 -114 700

Omregningsdifferanser Conversion differences -5 920 4 499

Emisjon Capital increase 24 920

Utbytte dividend -19 688

Andre egenkapital justeringer Other changes in equity -1 036 916

Egenkapital ved slutten av perioden Equity at the end of the period 215 344 214 881

- Denne rapporten er utarbeidet I henhold til “ International Financial Reporting Standards” IFRS herunder standard for delårsrapportering ( IAS 34 ). Regnskapet er ikke revidert.

- This report is produced according to “ International Financial Reporting Standards” IFRS Including the interim report standard ( IAS 34 ). The financial statements are unaudited.

- ved utarbeidelse av delårsrapporten er det benyttet de samme prinsipper som i årsregnskapet

-

When preparing interim reports we utilise the same principles as for the annual report

(7)

Note 1 Regnskapsprinsipper Accounting pri nci pl es

Det konsoliderte kvartalsregnskapet i Domstein ASA konsern er utarbeidet i samsvar med IAS 34 Delårsrapportering. Kvartalsregnskapet omf atter ikke all informasjon som kreves i et f ullstendig årsregnskap.

Regnskapsprinsippene er beskrevet i årsrapporten for 2008.

The group accounts for the fourth quarter have been prepared in accordance w ith international accounting standards IFRS, IAS 34 Interim Financial Reporting.

The quarterly accounts do not include all information required in the annual accounts. The accounting principles are described in the annual report f or 2008.

Note 2 Virksom hetss egm ent Segment reporti ng

Beløp i tuse n k roner figures i n NOK Q4 -09 Q4-08 Q4 -09 Q4-08 Q4 -09 Q4-08 Q4 -09 Q4-08

Netto salg segment Net revenues per segment 75 713 72 299 93 338 74 620 -12 482 -8 851 156 569 138 068

Segment resultat EBITDA per segment 6 441 4 209 5 079 -14 415 -1 528 -3 021 9 992 -13 227

Segment resultat EBIT per segment 4 723 2 462 4 017 -16 159 -2 000 -3 464 6 740 -17 161

Beløp i tuse n k roner figures i n Nok YTD 2008 YTD 2008 YTD 2008 YTD 2008

Netto salg segment Net revenues per segment 258 261 236 305 316 034 292 918 -50 466 -23 428 523 829 505 795

Segment resultat EBITDA per segment 17 357 12 337 6 533 -17 700 -9 486 -9 665 14 403 -15 028

Segment resultat EBIT per segment 10 241 5 517 1 482 -25 239 -11 347 -11 287 376 -31 009

Note 3 Investeringer i tilknyttet selskap Investment in associated companies

Beløp i tuse n k roner figures i n Nok

Norw ay Pelagic AS Ervik Havfiske AS Vadsø Fryse lage r AS Enghav Naustvik Sum Dom stein Eiendom Norbait DA Bokført verdi 01.01 208 144 28 616 1 019 49 756 287 535 24 464 3 639

Kapitalutdidelse capital increase 10 500 10 500 -2 449

Emisjonseff ekter (dilution of ow nership ) -1 062 2 851 1 789

Utdelt utbytteaksjer Stock dividends 0

Utdelt utbytte dividends -5 054 -5 054

Direkte egenkapital justeringer adjustment of equity capital -588 -447 -1 035

Resultatandel Share of results 36 210 406 74 -4 447 32 243 2162 -99

Bokført verdi per 30.09. 237 650 28 575 1 093 58 660 325 978 24 177 3 738

Forpliktelse knyttet til Norbait DA er presentert som avsetning f or f orpliktelse i balansen. The Norb ait DA liability is presented as a provision in the balance sheet

Domstein Eiendom is classified as held for sale.

Note 4 Aks jonæroversikt Shareholders

Aksjer Shares

Eierandel

Ownership

R. Domstein & Co. AS 37 914 040 49,27 %

MP Pensjon 5 850 000 7,60 % Skagen Vekst AS 2 000 000 2,60 % Spectiatio AS 1 759 000 2,29 % Caiano AS 1 601 870 2,08 % NRP Seafood AS 1 350 000 1,75 % Caiano Fisk AS 1 100 000 1,43 % Vestkapp Invest AS 940 000 1,22 %

Sum > 1% eierandel / sha re 52 514 910 68,25 %

Øvrige aksjonærer other shareholders 24 432 490 31,75 %

Sum 76 947 400 100,00 %

Note 5 Emisjon/ private place ment

Domstein deltok med 10,5 mill i emisjon Enghav AS i januar 2009.

Domstein participated with 10,5 mill at the private placement Enghav AS in January 2009. Domstein Eiendom er klassifisert som holdt f or salg.

Videreført virksomhet Doms tein Fish

Dom ste in Enghav Sverige

Doms tein Fish Dom ste in Enghav

Sverige

Doms tein ASA / Se rvice + elim .

Videreført virksomhet Continue d operations