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6 , Q4/17 Q1 15 Q3 14 Q2 14 Q1 14 Q3 13

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9 *) Included harvested volume from Villa Organic after split July 2014 **) LSG s share of Villa Organic s volume in H1 2014, not consolidated ***) LSG s share, not consolidated

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17 Q Q FY 2017 FY 2016 EBITDA before fair value adjustment on biological assets Paid tax Change in working capital Other Cash from operating activities Business combinations and redemption of non-controlling intere Net investments in capex and intangibles Div idends receiv ed Other changes in non-current assets Cash from investing activities * Net financial cost New equity Div idends distributed Cash from financing activities Change in NIBD from business combinations Other changes (incl.currency effects) Net cash flow / change in NIBD NIBD at beginning Change in NIBD NIBD at end

18 35 % 30 % 25 % 20 % 15 % 10 % 5 % 0 %

19 % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % 0 % % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % 0 % 2017

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22 Growth of almost 10,000GWT since 2016, at low cost Lower RFS (release-from-stock) cost q-o-q Seeing positive impact from larger post-smolt, and decision made to further invest in post-smolt capacity As of today, expectations are continued low costs in

23 Very positive development through 2017 Growth of more than 12,000GWT in 2017, and potential for further growth into 2018 and beyond Lower RFS (release-from-stock) cost q-o-q As of today, expectations are for further cost reductions in

24 Both volume and RFS cost in Q and 2017 significantly impacted by challenging situation in Q RFS cost down q-o-q, but significant potential for reductions into 2018 and beyond. Price achievement for the Group NOK 5/kg lower for trout than for salmon in the quarter, due to downgrades. Trout was 63% of quarterly harvest volume New RAS smolt facility being built, with first eggs in Q2 2018, and first release of smolt in Significant potential in both volume and costs, but for 2018 expectations are that cost will remain higher than for Lerøy Midt and Lerøy Aurora

25 Consolidated from 1. September 2016 Lower catch volumes in Q compared to Q4 2016, but higher catch efficiency and prices. New trawler, Nordtind delivered on time January 2018 Development of the white fish processing industry in Norway is challenging. The solution is higher efficiency in operations, and broader market reach The solution will require time, and investments. Lerøy is expecting stability in framework conditions to make necessary steps possible for a turn-around of this industry in Norway.

26 Satisfactory result in the quarter, with good biological performance on the majority of sites harvested in the quarter Contract share of 44% Results negatively impacted by biological challenge with Gill health at a small number of sited in Shetland and Scotland region, with accelerated harvest 30 NIBD end 2017 at NOK 181m

27 Position as an integrated seafood supplier significantly strengthened during Positive impact of more whitefish, and significant potential in further development of the whitefish segment as well as fish cuts Quarterly profit negatively impacted by one-off of NOK 9m % High focus on product development, seeing positive development in key markets % % %

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29 Atlantic salmon Supply in tons WFE Change Change Change Change Change Change Change Norway 1,183, % 1,143, % 1,199, % 1,234, % 1,171, % 1,207, % 1,298, % United Kingdom 159, % 157, % 170, % 166, % 157, % 174, % 159, % Faroe Islands 70, % 72, % 82, % 75, % 77, % 80, % 77, % Ireland 15, % 10, % 12, % 15, % 15, % 17, % 18, % Iceland 3, % 3, % 4, % 3, % 8, % 11, % 18, % Total Europe 1,431, % 1,387, % 1,468, % 1,495, % 1,429, % 1,491, % 1,571, % Chile 364, % 468, % 582, % 598, % 504, % 579, % 607, % Canada 136, % 115, % 95, % 135, % 146, % 140, % 150, % USA 19, % 20, % 24, % 20, % 22, % 21, % 18, % Australia 40, % 39, % 42, % 54, % 50, % 61, % 59, % Others 8, % 11, % 15, % 13, % 12, % 12, % 13, % Total Others 568, % 653, % 759, % 821, % 736, % 813, % 848, % Total World-wide 1,999, % 2,041, % 2,228, % 2,317, % 2,166, % 2,305, % 2,419, % Figures as per Source: Kontali 29

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32 140,000 40% 120, ,000 21% 30% 20% 80,000 9% 4% 10% 4% 7% 7% 10% 8% 8% 4% 10% 60,000 0% 0% 40,000-10% 20,000-20% 0 January February March April May June July August September October November December Chng line -30% Figures as per Source: Kontali 32

33 180,000 50% 160,000 40% 140,000 30% 120,000 19% 20% 100,000 80,000 10% -3% 0% 4% 2% 9% 7% 7% 5% 5% 3% 10% 0% 60,000-10% 40,000-20% 20,000-30% 0 January February March April May June July August September October November December -40% Chng line Figures as per Source: Kontali 33

34 Atlantic salmon - Harvest Quantities Chile in tons WFE 70,000 80% 60,000 60% 50,000 25% 40% 40,000 30,000 17% 16% 12% 7% 12% 7% -4% 2% 2% -7% 20% 0% -15% 20,000-20% 10,000-40% 0 January February March April May June July August September October November December Chng line -60% Figures as per Source: Kontali 34

35 250,000 30% 200,000 17% 20% 12% 150, ,000 2% 3% 6% 7% 7% 3% 5% 4% -1% 0% 10% 0% 50,000-10% 0 January February March April May June July August September October November December -20% Chng line Figures as per Source: Kontali 35

36 Market Chng Chng % EU 1,080,600 1,045,000 1,019,300-25,700-2% USA 422, , ,000 17,900 4% Russia 106,300 76,500 75,500-1,000-1% Japan 60,500 65,200 63,800-1,400-2% Other Markets 641, , ,600 47,400 8% Total 2,311,130 2,221,680 2,252,719 37,200 1% 1,200, % 1,000, % 800, % 600, % 400, ,000-2% 4% -1% -2% 8% 50% 0% - EU USA Russia Japan Other Markets -50% Figures as per Source: Kontali / Nasdaq Chng %

37 Salmon Market Growth Growth % EU % USA % Japan % Other Markets % Russia % Total Consumption % % 8 % -9 % 16 % 3 % 30 % 20 % 10 % 0 % % % -30 % -40 % % EU USA Japan Other Markets Russia Growth % Figures as per Source: Lerøy/Nasdax

38 Market Chng Chng % EU 301, , ,000 18,300 7% USA 108,800 97, ,200 16,500 17% Japan 19,800 18,700 17,600-1,100-6% Russia 27,200 22,300 25,800 3,500 16% Other Markets 174, , ,900 29,600 19% Total 632, , ,170 66,800 11% 350, % 300, % 250, % 200, , % 100,000 50,000 7% 17% -6% 16% 19% 50% 0% - EU USA Japan Russia Other Markets -50% Figures as per Source: Kontali / Nasdaq Chng %

39 140, % 120, % 100,000 80,000 60,000 14% -5% 0% 5% -3% 23% 11% 17% 10% 2% 17% 13% 49% 12% 4% 69% 33% -21% 21% -2% 3% 24% 26% 35% 19% 9% 100% 50% 0% 40,000-50% 20, % % Chng % 0-line Figures as per Source: Kontali / Nasdaq

40 3, % 2,500 2,000 16% 11% 15% 25% 5% 3% 18% 9% 33% 16% 10% 13% 16% -39% 11% 4% 16% 24% 0% 41% 8% 3% -13% 17% 100% 50% 0% 1,500-50% 1, % -150% % % Chng % 0-line Figures as per Source: Kontali / Nasdaq

41 30, % 150% 25,000 20,000 15,000 37% 11% 1% 0% 3% 18% 38% 23% 20% 45% 32% 4% 64% 1% 12% 54% 47% 1% -7% 49% -5% 48% 23% 22% 19% 100% 50% 0% 10,000-50% 5, % % Chng % 0-line Figures as per Source: Kontali / Nasdaq

42 - Continued positive outlook - Harvest guidance for salmon and trout including associates GWT for Expected contract share for salmon and trout in Q1 ~25% - Significant potential in whitefish: - Will report quarterly harvest and catch volumes for Q1/18 13th of April 2018

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