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London Seafood Investment Forum 2014

London Seafood Investment Forum 2014. Britt Kathrine Drivenes – CFO. Brief history. Established in 1981 as a wholly owned family company within pelagic fisheries and salmon farming.

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London Seafood Investment Forum 2014

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  1. London Seafood Investment Forum 2014 Britt Kathrine Drivenes – CFO

  2. Briefhistory • Established in 1981 as a wholly owned family company within pelagic fisheries and salmon farming. • Fully integrated fishing company with license to participate in some of the worlds largest pelagic fisheries (Peru, Chile and Norway). • World`s second largest producer of salmon and trout through ownership in Lerøy Seafood Group ASA. • Significant acquisitions since 2002. • 2002 Chile (FoodCorp) • 2004 Peru (Austral Group) • 2006 Norway (Welcon) • 2008 Norway (Lerøy Seafood Group) • 2010 Norway (Norway Pelagic ASA) • Listed on the Oslo Stock Exchange (since October 2006). Austevoll Seafood ASA

  3. 4 6 3 4 AUSS value chain 2 5 2 3 1 Pelagic Fishing Processing Fishmeal and fish oil VAP (Customer) Commodity market Consumer market Salmon & Trout Farming Processing VAP Consumer market 1

  4. Company overview 2014 Norway North Atlantic Norway/ UK Peru Chile Austevoll Seafood ASA

  5. Overview * Associated companies CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP PERU Harvesting 7% of anchovy quota centre-north 21 fishing vessels 9.1% of pelagic fishingquota 5 fishing vessels 3 fishing vessels* 400,000-500,000 MT of pelagic fish annually (28 vessels) Salmon • Norway • 139 salmon licenses • 7 salmon licenses* • Salmon operation UK* 180,000 – 190,000 MT of salmon Processing 7 Processing plants (4 sites) 4 Processing plants (1 site) 47 Processing plants 58 processing plants Intake of 1.5 – 1.8 mill MT of pelagic fish annually Sales Own sales organisation Own sales organisation Own sales organisation Wholesale with global sales & distribution Austevoll Seafood ASA

  6. HistoricalHighlights Austevoll Seafood ASA

  7. PelagicAustral Group S.A.A FoodCorp S.A. Pelagia AS (associated)

  8. Operation in Peru Austral Group S.A.A • 4 processing sites • 4 fishmeal and fish oil plants • 2 canning plants (HC) • 1 frozen-fish plant (HC) • 21 active vessels – 7% Quota • Incl. 11 RSW-equipped vessels Austral - Headquarters Austral - Fishmeal and Human consumption factories Austral - Fishmeal factories Austevoll Seafood ASA

  9. Annual catches in Peru Anchovetaunloaded in Peru 1993-2013 Austevoll Seafood ASA

  10. Operation in Chile FoodCorp S.A. • 1 processing site in Coronel • Fishmeal & fish oil plants • Canning plant (HC) • Freezing plant (HC) 5 vessels 9.1% of Chilean total Horse Mackerel quota (South) Coastal vessel contracts 6,100 MT ofhold capacity Austevoll Seafood ASA

  11. Annual catches in Chile Jack Mackerelunloaded in Chile 2000-2014E Austevoll Seafood ASA

  12. North Atlantic pelagic quotas (2007-2014 est) Austevoll Seafood ASA

  13. Pelagia AS(associated) Pelagia’s share of Norwegian landings 2013 Capelin (HC) 2013 Herring (HC) 2013 Mackerel (HC) 2013 Pelagia - Headquarters Pelagia - 17 Human consumption factories Pelagia - 10 Fishmeal and fish oil factories Source: Pelagia AS – All figuresarebased on landing in Norway Austevoll Seafood ASA

  14. SalmonLerøy Seafood Group ASA

  15. Lerøy Seafood Group ASA Austevoll Seafood ASA

  16. Lerøy Seafood Group ASA Lerøy Aurora Farming Segments Norway • Lerøy Aurora (salmon) • 25 licenses (acquired 8 licenses in July 2014) • Lerøy Midt(salmon) • 54 licenses • Lerøy Sjøtroll (salmon and trout) • 60 licenses • In total 139 licenses in Norway Lerøy Midt Lerøy Sjøtroll Austevoll Seafood ASA

  17. Lerøy Seafood Group ASA Ten years sustainable growth, more to come! MNOK GWT • Share of harvest volumes in NorskottHavbruk and Villa Organic AS not included Austevoll Seafood ASA

  18. MarketTrends

  19. Fishmeal and Fish oil Supply Worldwide Austevoll Seafood ASA

  20. FishmealUsage Trend Austevoll Seafood ASA

  21. Fish oil Usage Trend Austevoll Seafood ASA

  22. Fishmealuse in China Source: IFFO Austevoll Seafood ASA

  23. Price developmentFishmealvsSoymeal Fishmeal 64/65% vsSoyameal 44% (CIF Main port Europe) Source: FAO.org Austevoll Seafood ASA

  24. Price developmentFish oil vsRapeoil CIF Main port Europe Source: FAO.org Austevoll Seafood ASA

  25. Atlantic salmon consumption Atlantic salmon - supply (in tonnes WFE ) Figures as per Oct.14 - Source: Kontali • Limited growth in global salmon supply combined with strong demands, gives a strong outlook for the coming years Austevoll Seafood ASA

  26. Summary AUSS is well positioned within the global marine value chain, and maintains a long term commitment towards the seafood industry. Our strategy remains firm in respect of investing and generating sustainable growth through the value chain. Salmon • Strong upstream and downstream positions within the global salmon industry. Pelagic South America • Strategically positioned in Peru to participate in the largest Anchovy fishery in the world, a major ingredient in the global production of fishmeal. • Strong position in Chile for production of fishmeal and direct human consumption products. North Atlantic • AUSS has been a consolidator in the industry, latest by establishing a strong joint venture holding 100% of Pelagia AS. • Strong upstream position in the supply chain. • Progressively improving our competitive strength in the pelagic business through productivity improvement, hereunder utilising synergies and economy of scale. Austevoll Seafood ASA

  27. Disclaimer • This Presentation has been produced by Austevoll Seafood ASA (the “Company” or “Austevoll”) solely for use at the presentation to the market held in connection with the Intrafish Seafood Investor Forum 2014. • This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither The Company or any of their respective group of companies or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. • An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the company’s business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. • Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. the company does not intend, and does not assume any obligation, to update or correct the information included in this presentation. • No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their group companies or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. • By attending the quarterly presentation or upon reading the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business. • This Presentation is dated 31.10.2014. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Austevoll Seafood ASA

  28. AppendixFinancials Q2 2014

  29. Key financialfigures Austevoll Seafood ASA

  30. Key financialfigures Austevoll Seafood ASA

  31. Balance sheet *From 1st January 2014 onwards Pelagia AS (50%) is classified as an associated company thereby reported as financial non current asset. Austevoll Seafood ASA

  32. Atlantic salmon and trout • Another strong quarter • Pressure on spot prices • Average NOS price down NOK 7.00 compared to Q1/14 • NOS Q2/14 NOK 39.54 vs NOK 41.53 in Q2/13 (-5%) • Contract share 38% • Increase in cost both q-o-q and y-o-y • Russian sanctions against Norwegian seafood products from August 7th. Austevoll Seafood ASA

  33. Fishmeal and oil(South America) • Recovery of the sardine/anchovy fishery in Chile • First season for anchovy in Peru started April 23rd and ended August 10th. • Total quota 2,530,000 MT vs 2,050,000 MT same season 2013 • The industry took 66% of the total quota • Our fleet took 78% of its quota • Achieved fishmeal prices down by approx. 8% q-o-q • Achieved fish oil prices down by approx. 15% q-o-q Austevoll Seafood ASA

  34. Human consumption(South America) • Horse mackerel quota in Chile was caught 100% by end June (48,000 MT) • Approx. 50% of the quota went for frozen products, the rest for fishmeal and oil due to difficult market situation for frozen products. • Lower sales volumes frozen horse mackerel q-o-q • Nigeria has issued a new import quota from August onwards • Increased raw material intake and production of frozen squid • Low volumes of raw material in Peru for Q2 Austevoll Seafood ASA

  35. Associated companies • Raw material intake 301,000 MT vs 195,000 MT in same quarter 2013. • Increased raw material intake q-o-q due to: • delayed Blue whiting fisheries • good catches of Sand eel • Russian sanctions against Norwegian seafood products from August 7th. Austevoll Seafood ASA

  36. Associated companies • Lowseason for thepelagicfishingvessels • Salmon • Harvestedvolume (GWT) 2,529 MT • EBIT/kg NOK 9.23 Austevoll Seafood ASA

  37. Associated companies • High contractshare • Negative costimpact y-o-y • Higherfeedcost • Biological health status good • Expectedharvest in 2014 25,000 GWT * Beforebiomassadjustment Austevoll Seafood ASA

  38. Associated companies • Company was split in July 2014. LSG`sshare to be reported on 100% basis in H2 2014 • Q2/14 includesseveral one-offcost in connectionwiththe split ofthecompany • The Group is positive towardsthepotential for farming in Finmark * Beforebiomassadjustment ** Positive NIBD Q2 2014 Austevoll Seafood ASA

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