The following is excerpted from the question-and-answer section of the transcript.

Question: Tom Christian Jandal - Carnegie Investment Bank - Analyst: First of all, Tom Christian Jandal from Carnegie. In Chile, you're seeing a loss in Q3, while you also have delayed some profitable Coho sales. And also, you're saying that fresh Atlantics are profitable. Those two species are like 80% of Q3 volumes. So to arrive at that operating loss, is that mainly due to very high losses for Trout, or is it overhead cost due to the low volumes which are pushing down the results?

Answer By: Geir Isaksen - Cermaq ASA - CEO

Question: Tom Christian Jandal - Carnegie Investment Bank - Analyst: So it's a sustained (inaudible) profitability for Trout combined with the low activity, which make the overhead cost high? Is that the answer? Okay. And also for the Feed volumes, you're sticking to the guidance for 15% down for the year, but as you also say that the rates, well, it's much lower in the first half. So what kind of growth assumptions are you using for Chile and Norway to arrive at the 15% decline for the full year?

Answer By: Geir Isaksen - Cermaq ASA - CEO

Question: Tom Christian Jandal - Carnegie Investment Bank - Analyst: But do you have a specific number, say, for Chile? I guess the numbers, they're going to keep declining, even on a year-on-year comparison, so what numbers are you modeling in to get that 15% for a full year?

Answer By: Steven Rafferty - Cermaq ASA - CFO

Answer By: Geir Isaksen - Cermaq ASA - CEO

Question: Tom Christian Jandal - Carnegie Investment Bank - Analyst: Thanks.

Question: Henning Steffenrud - Handelsbanken - Analyst: Hello, Henning Steffenrud from Handelsbanken. A question regarding the EWOS operations in Chile. And I was wondering if you can state anything about the amount of receivables you have in Chile at the moment for EWOS. Also, remind us of the amount of provisions you have taken already, and if there are any provisions taken for receivable losses this quarter.

Answer By: Steven Rafferty - Cermaq ASA - CFO

Question: Henning Steffenrud - Handelsbanken - Analyst: Thank you.

Answer By: Lise Bergan - Cermaq ASA - CCO

Question: Sjur Malm - SEB Enskilda - Analyst: Yes. Sjur Malm from Enskilda. I'm just curious on the dynamics in the Feed business these days, because this has been a growth business historically, and now we're coming into a period with falling volumes. Could you give some comments on competition pressure you see in second half and into 2010, and if that could lead to lower margins than what you've seen historically?

Answer By: Geir Isaksen - Cermaq ASA - CEO

Question: Sjur Malm - SEB Enskilda - Analyst: And just a question on opportunity in the US market, which seems very strong for the rest of this year and into 2010. Could you give us some comments on which measures you're taking to make sure that you can move Salmon from Europe to US market, and what kind of contracts you made, and what contracts this year and which levels? Which comments you can make; whatever comments you can make.

Answer By: Steven Rafferty - Cermaq ASA - CFO

Question: Sjur Malm - SEB Enskilda - Analyst: Thank you.

Answer By: Lise Bergan - Cermaq ASA - CCO

Question: Kolbjorn Giskeodegard - Nordea Markets - Analyst: Kolbjorn Giskeodegard, Nordea Markets. A question on your views for the future supply situation for Atlantic Salmon. You are only introducing 2.5 million smolts in Chile this year, and you are rather optimistic, or at least slightly optimistic, on the biological side going forward. But from your point of view today, what is your perspective on the Chile supply situation going forward? I mean, the levels, and when Chile is realistically expected to start its increase back to, say, 2008 levels?

Answer By: Geir Isaksen - Cermaq ASA - CEO

Answer By: Lise Bergan - Cermaq ASA - CCO

Answer By: Geir Isaksen - Cermaq ASA - CEO

Answer By: Lise Bergan - Cermaq ASA - CCO