Lerøy Seafood Group SEPTEMBER 2018

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1 Lerøy Seafood Group SEPTEMBER 2018

2 1. Lerøy Seafood Group 2. Key market trends supply and demand

3 Our vision To be the leading and most profitable global supplier of sustainable high-quality seafood

4 History a company in growth Trace it operations back to 1899 Significant acquisitions made sine 1999 Among the world s largest producers of salmon and trout A significant player in catch of whitefish for human consumption Distribution network in Europe, and global sales activities

5 NOK million Revenue Lerøy Seafood Group

6 Lerøy Seafood Group ASA Farming Wild catch VAP, Sales and Distribution 6

Farming geographic diversification Lerøy Aurora Integrated value chain Lerøy Aurora (salmon) Lerøy Midt (salmon) Lerøy Sjøtroll (salmon and trout) UK through JV with

7 Farming geographic diversification Lerøy Aurora Integrated value chain Lerøy Aurora (salmon) Lerøy Midt (salmon) Lerøy Sjøtroll (salmon and trout) UK through JV with SalMar Lerøy Midt Expected volume incl. share of associates in 2018 of 179,000 GWT of salmon and trout Investing for growth through new RAS facilities Lerøy Sjøtroll 7

Havfisk and Norway Seafoods Havfisk Norway s largest trawler company 11%

ordered for delivery 2020 A highly modern fleet (considerable investments

volum in 2018 of ~65,000 tons Lerøy Norway Seafoods Lerøy Norway Seafoods

whitefish Norway s largest sourcing network for whitefish 12 processing

8 Havfisk and Norway Seafoods Havfisk Norway s largest trawler company 11% of the Norwegian white fish quota Fleet of 9 active vessels (and 1 ordered for delivery 2020 A highly modern fleet (considerable investments in recent years) All fish are headed and gutted on board Expected catch volum in 2018 of ~65,000 tons Lerøy Norway Seafoods Lerøy Norway Seafoods is one of Europe s leading companies for processing of wild caught whitefish Norway s largest sourcing network for whitefish 12 processing and purchasing plants in Norway Access to some 40-50,000 tons whitefish from 3 parties

Strong downstream distribution Global reach and sales to more than 70 countries Signficant collaboration with 3 parties for sourcing of seafood A significant industrial activity within trading,

9 Strong downstream distribution Global reach and sales to more than 70 countries Signficant collaboration with 3 parties for sourcing of seafood A significant industrial activity within trading, processing, sales and distribution of fish (including white species) Global sales network, significant downstream capacity in Europe Processing facilities Fish-cuts/fresh distribution facilities 9

10 NOK million Volume from own licenses and quotas. In addition more than 100,000 tonnes sourced from 3 parties GWT Wild Catch (H/G) Salmon&Trout (GWT) Market Cap EV

11 Return on capital employed 35 % 30 % 25 % 20 % 15 % 18 %* 10 % 5 % 0 % * Target communicated at the listing on Oslo Stock Exchange

12 NOK million NOK million Annual dividend since 1995 Dividend & Dividend yield Market Cap & Dividend yield % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % 0 % % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % 0 % The dividend in the table above is the proposed dividend based on present year`s profit, for distribution in the following year.

14 Key market trends

15 The history of the salmon industry in one slide

16 Margin and smolt release/seeding

17 Indicative cost curve and size of producing countries salmon farming Price Source: Pareto

18 Atlantic salmon Supply in tons WFE Change Change Change Change Change Change Change Norway ,3 % ,8 % ,9 % ,1 % ,1 % ,5 % ,4 % United Kingdom ,0 % ,0 % ,5 % ,4 % ,7 % ,9 % ,5 % Faroe Islands ,3 % ,9 % ,6 % ,2 % ,9 % ,3 % ,4 % Ireland ,1 % ,0 % ,6 % ,6 % ,6 % ,9 % ,9 % Iceland ,1 % ,3 % ,2 % ,0 % ,0 % ,7 % ,7 % Total Europe ,1 % ,8 % ,8 % ,4 % ,3 % ,1 % ,1 % Chile ,6 % ,5 % ,6 % ,7 % ,9 % ,2 % ,0 % Canada ,7 % ,5 % ,3 % ,0 % ,1 % ,0 % ,4 % USA ,6 % ,2 % ,8 % ,4 % ,6 % ,1 % ,8 % Australia ,5 % ,7 % ,5 % ,4 % ,4 % ,8 % ,8 % Others ,3 % ,7 % ,9 % ,8 % ,2 % ,4 % ,6 % Total Others ,0 % ,1 % ,2 % ,4 % ,6 % ,2 % ,2 % Total World-wide ,1 % ,1 % ,0 % ,5 % ,8 % ,9 % ,7 % Figures as per Source: Kontali

19 Demand trends salmon Volume x Price = Value

20 Drivers of salmon demand Volume x Price (EUR/kg) = Value CAGR : ~9% ~1% ~10% 20

22 A «revolution» in distribution of fresh seafood 22

23 Significant change in drivers in salmon demand (Measured in EUR) Volume x Price (EUR/kg) = Value CAGR : ~9% ~1% ~10% CAGR : ~0% ~20% ~20% 2017 Norway: ~3% ~2% ~+5% 2018 YTD Norway ~8% ~-8% ~1% 23

24 24

25 Atlantic Salmon Consumption 2018 Q2 Market Chng Chng % EU % USA % Russia % Japan % Other Markets % Total % % % % % 13 % 51 % -17 % 4 % 100 % 50 % 0 % - EU USA Russia Japan Other Markets -50 % Figures as per Source: Kontali / Nasdaq Chng % 0-line 25

26 Atlantic Salmon Consumption 2018 YTD Q2 Market Chng Chng % EU % USA % Russia % Japan % Other Markets % Total % % % % % 100 % % 11 % -12 % 11 % 50 % 0 % - EU USA Russia Japan Other Markets -50 % Figures as per Source: Kontali / Nasdaq Chng % 0-line 26

27 Atlantic Salmon Consumption (Other markets) 2018 YTD Q % % 14 %4 9 % % -6 % 30 % 23 % 12 % 17 %17 % 9 % -4 % 0 % -26 % -6 % 50 % 26 % -1 % 7 % 0 % -14 % 29 % 14 % 4 % -6 % -14 % 75 % 50 % 25 % 0 % -25 % % % % Chng % 0-line Figures as per Source: Kontali / Nasdaq 27

Klikke for å legge til annet bilde Outlook - Demand for seafood remains strong, outlook remains positive - Harvest guidance for salmon and trout including associates 179.

28 Klikke for å legge til annet bilde Outlook - Demand for seafood remains strong, outlook remains positive - Harvest guidance for salmon and trout including associates GWT for 2018, with lower release from stock cost in H2/18 - Expected contract share for salmon and trout in Q3/18 ~25% - Significant potential in whitefish. Expected catch volume around 65,000 tonnes in 2018, with a y-o-y increase in catch volume of shrimps

29 Lerøy Seafood Group

Q MAY 8TH 2018

Q MAY 8TH 2018 Q1 2018 MAY 8TH 2018 1. Highlights 2. Key Financial Figures 3. Outlook Highlights Klikke for å legge til annet bilde Q1 2018 - EBIT beforefv adj. NOK 960 million - Harvest volume 37576 GWT - EBIT/kg all