Q BAKKAFROST GROUP Glyvrar 20 May 2014

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1 Q1 014 BAKKAFROST GROUP Glyvrar 0 May 014

2 DISCLAIMER This presentation includes statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person s officers or employees or advisors accept any liability whatsoever arising directly or indirectly from the use of this document. BAKKAFROST / Q1 PRESENTATION 014 Page

3 SUMMARY OF Q1 014 MARKETS AND SALES SEGMENT INFORMATION GROUP FINANCIALS OUTLOOK

BAKKAFROST THE LARGEST FISH FARMING COMPANY IN THE FAROE ISLANDS Largest salmon

farming licenses Harvested 9,69 tgw in Q1 014 (8,96 tgw in Q1 013) Feed sale of

Q1 014 (DKK 473 million in Q1 013) ~110km Operational EBIT of DKK 186 million in Q1

4 BAKKAFROST THE LARGEST FISH FARMING COMPANY IN THE FAROE ISLANDS Largest salmon farming company in the Faroe Islands ~63% of harvest volumes in Q % of farming licenses Harvested 9,69 tgw in Q1 014 (8,96 tgw in Q1 013) Feed sale of 13,956 tonnes in Q1 014* (14,906 tonnes in Q1 013*) Revenues of DKK 631 million in Q1 014 (DKK 473 million in Q1 013) ~110km Operational EBIT of DKK 186 million in Q1 014 (DKK 105 million in Q1 013) Positive results from Farming and Feed, loss on VAP Dividend of DKK 4.50 per share (NOK 4.98) paid out in Q 014 *) Including internal sale of 10,598 tonnes in Q1 014 (10,991 tonnes in Q1 013) BAKKAFROST / Q1 PRESENTATION 014 Page 4

5 SUMMARY OF THE QUARTER Highest margin ever Farming division increased margin from to.51 NOK/kg Strong salmon prices and higher volumes main reason for higher operational EBIT Operational EBIT increased by 77%, while volumes increased by 1% only Decreased EBITDA in FOF compared to Q1 013 due to optimal timing of purchase of raw material for feed production in Q1 013 (DKK million) Q1 014 Q Operating revenues , ,855.5 Operational EBITDA Operational EBIT Profit for the period Operational EBITDA margin 33.0% 6.6% 7.0% 1.7% Operational EBIT margin 9.4%.% 3.6% 17.4% Operational EBIT/Kg (Farming) (NOK) Operational EBIT/Kg (Farming and VAP) (NOK) Operational EBIT/Kg (VAP) (NOK) EBITDA margin (Fishmeal, oil and feed) 1.45% 15.75% 11.61% 9.50% BAKKAFROST / Q1 PRESENTATION 014 Page 5

6 SUMMARY OF THE QUARTER Market Tight market and high prices Strong demand d despite high h prices Operation Harvested volumes higher in Q1 014 compared to Q1 013 Transferred 3.0 million smolts in Q1 014 No further ISA virus detected and no suspicion of ISA Biology good and stable BAKKAFROST / Q1 PRESENTATION 014 Page 6

7 SUMMARY OF Q1 014 MARKETS AND SALES SEGMENT INFORMATION GROUP FINANCIALS OUTLOOK

8 GLOBAL MARKETS Spot prices on fresh salmon 4-5 [NOK/kg HOG] The global supply of salmon increased 4% in Q1 014 compared with Q1 013 The salmon prices have increased to the highest level for the past 10 years - due to high demand and low supply growth The NASDAQ salmon price increased in Q1 014 by ~9% compared with Q from 36.4 to NOK/kg The increase was 13% from Q4 013 to Q1 014, from to NOK/kg 531NOK 5.31 up per kg 55,000 50,000 45,000 40,000 35,000 30,000 5,000 0, ,000 10, Change in global market supply and market price 80% 60% 40% 0% 0% -0% -40% Change in global market supply of farmed Atlantic salmon from the previous year Change in European spot prices - fresh Atlantic salmon (FishPool index) from the previous year -60% Source: Kontali Analyse BAKKAFROST / Q1 PRESENTATION 014 Page 8

9 MARKETS & SALES Overseas High-End markets also dominated Q1 014 Strong demand from the US market The Eastern European market is suffering during periods with high salmon prices EU market most important market for VAP products, but not for fresh whole salmon Sales Q1 Q1 by markets EU 47% 4% 47% 50% USA 6% % 19% 16% Asia 1% 34% 7% 19% Eastern Europe 6% % 6% 15% Contract share, VAP products [% of qty] VAP/contract share 55% of total volume in Q1 014 due to seasonal low harvest in the quarter Estimate for the year 40-45% VAP of total harvest. 100% 80% 60% 45% 49% 56% 64% 40% 0% 55% 51% 44% 36% 0% Q1 014 Q VAP on contract HOG, spot BAKKAFROST / Q1 PRESENTATION 014 Page 9

10 A MARKET IN BALANCE IN 014, AND NO G ROWTH EXPECTED IN 015 We expect a back-end loaded total global supply growth of 8% in 014 and 0% in 015 Norway is expected to increase volumes by 7% in 014 due to mild weather Chile is expected to increase production by 13% in 014 Growth in supply of 7% has historically led to unchanged prices. Average NOS price in 013 was NOK Global supply of Atlantic Salmon (head on gutted - HOG) E 014E 015E Norway UK Ireland Faroes Total Europe Chile Canada USA Total Americas Other Total (Sold Quantity) Supply growth - Global Supply growth - Europe Supply growth - Americas % 16% 43% % 3% 18% % 7% 10% % 1% 4% Source: Kontali & Bakkafrost BAKKAFROST / Q1 PRESENTATION 014 Page 10

11 DEMAND DEVELOPMENT SPLIT BY MARKE TS Growth in supply of 4% in Q1 014 Strong demand from : USA, Japan, Greater China, ASEAN and Latin America Weakening demand from: Russia and Ukraine EU largest salmon market Salmon markets, sold quantity (head on gutted - HOG) Estimated volumes Q1 comparison Markets Q1 014 E Q1 013 Volume % EU % USA % Russia % Japan % Greater China % ASEAN % Latin America % Ukraine % Other markets % Total all markets % Salmon markets, sold quantity (head on gutted - HOG) Estimated volumes FY comparison Markets FY 013 FY 01 Volume % EU % USA % Russia % Japan % Greater China % ASEAN % Latin America % Ukraine % Other markets % Greater China = China / Hong Kong / Taiwan ASEAN = Association of Southeast Asian Nations Latin America (including both Mexico and Caribbean + domestic consumption in Chile) Total all markets % All figures above are in tonnes hog, and are rounded to the nearest 100 tonnes. Note that not all countries have published export/import statistics i for December and dq4fi figures may be adjusted d Source: Kontali BAKKAFROST / Q1 PRESENTATION 014 Page 11

12 SUMMARY OF Q1 014 MARKETS AND SALES SEGMENT INFORMATION GROUP FINANCIALS OUTLOOK

13 FARMING HARVEST VOLUME Harvested volumes Harvested volumes increased by 1% Harvest primarily from the West region in the quarter Smolt transfer Smolt transfer 3.0 million pieces (Q ) million Smolt release all months during the year due to favourable seawater temperatures Seawater temperature in the Faroe Islands In the same range as last year Harvest Volume Q1 Q1 tonnes [HOG] West 8,948 3,939 1,065 0,847 North 31 4,357 9,03 3,494 Total 9,69 8,96 41,68 44,341 Faroe Farming* 0 0 0,557 Gross harvested 9,69 8,96 41,68 46,898 1,0 11,0 10,0 9,0 Seawater Temperatures in the Faroe Islands [ C] Volumes in Faroe Farming for 01 included as Faroe Farming was discontinuing operation 8,0 7,0 6,0 5,0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Min Max BAKKAFROST / Q1 PRESENTATION 014 Page 13

14 FARMING OPERATIONAL PERFORMANCEE Revenues and margin Revenues increased % and volumes increased 1% Q1 Q1 (DKK million) Operating revenues Operational EBIT , ,37 74 Operational EBIT margin increased from 9% to 36% in Q1 014 Operational EBIT margin 36% 9% 3% 0% High salmon prices Good biological situation and satisfying costs on harvested fish (NOK/kg) Q1 014 Farming Farming North Farming West Farming Operational EBIT/kg gwt BAKKAFROST / Q1 PRESENTATION 014 Page 14

15 FARMING OPERATIONAL PERFORMANCEE Margin - EBIT per kg total harvested quantity [NOK/kg] Operation EBIT/kg increase by NOK 7.56 equivalent to 51% in the quarter Harvested fish from the sites in Sundalagið with good biological and financial performance No signs of Neoparamoeba perurans and no signs of ISA routine surveillance continues according to the Faroese farming model Q1 014 Q BAKKAFROST / Q1 PRESENTATION 014 Page 15

16 SEGMENT VAP Revenues and margin Revenues increased 56%, while volume increased 37% Loss in VAP due to high raw material prices in the spot market 40-45% of total harvested volumes in 014 is expected to be sold as VAP on contracts Q1 Q1 (DKK million) Operating revenues Operational EBIT Operational EBIT margin -4% -16% -14% 7% VAP produced 5,831 4,5 18,333 16,054 volumes (tgw) Margin - EBIT per kg total harvested quantity [NOK/kg] 3,00,00 1,00 0,00-1,00 -, Q1 014 Q ,00-4,00-5,00-6,00 BAKKAFROST / Q1 PRESENTATION 014 Page 16

SEGMENT VAP Strategy Bakkafrost s strategy is to sell around 50% of our products as VAP products directly to end markets in Europe and US Contracts are

prices and gains during periods with drop in spot prices -5-10 -15 VAP EBIT FARMING EBIT Contract prices increased significantly in Q1 014 to highest

17 SEGMENT VAP Strategy Bakkafrost s strategy is to sell around 50% of our products as VAP products directly to end markets in Europe and US Contracts are normally between 6 and 1 months Margin - EBIT per kg total harvested quantity [NOK/kg] Losses during periods with high increase in spot prices and gains during periods with drop in spot prices VAP EBIT FARMING EBIT Contract prices increased significantly in Q1 014 to highest level ever for the past 18 years VAP Products, sales prices and volumes 75-80% of the VAP capacity for 014 contracted BAKKAFROST / Q1 PRESENTATION 014 Page 17

45% due to favourable timing in Q1 013 on sourcing of raw material Sale in 014 in line with expectations, but lower than in Q1 013 due to increased competition Fishmeal,

18 SEGMENT FISHMEAL, OIL AND FEED (FOF) Improved raw material situation. Intake of 44 thousand tonnes in Q1 014, compared with 31 thousand tonnes in Q1 013 EBITDA margin decreased from 15.75% to 1.45% due to favourable timing in Q1 013 on sourcing of raw material Sale in 014 in line with expectations, but lower than in Q1 013 due to increased competition Fishmeal, Oil and Feed (DKK million) Q1 014 Q Operating revenues , EBITDA EBITDA Margin 1.45% 15.75% 11.61% 9.50% Sale of feed (tonnes)* 13,956 14,906 85,333 91,398 * Including sale to Bakkafrost corresponding to ~76% of feed volumes in Q1 014 (Q1 013: 74%) BAKKAFROST / Q1 PRESENTATION 014 Page 18

19 OWNERSHIP IN FF SKAGEN Two step transaction Purchased majority of Hanstholm Fiskemelsfabrik Sold Hanstholm Fiskemelsfabrik to FF Skagen Ownership now 17% in FF Skagen Why sell Hanstholm to FF Skagen Hanstholm Fiskemelsfabrik unprofitable Necessary for consolidation in the region Access to important raw materials BAKKAFROST / Q1 PRESENTATION 014 Page 19

20 OWNERSHIP IN PELAGOS Pelagos a new processing plant next to Havsbrún 30% ownership together with two pelagic fishing companies Access to off cuts and downgraded fish Reduced transportation costs of raw material Pelagos Commence production in July 014 Capacity to process 650 tonnes per day A total investment of DKK 0 million for the plant BAKKAFROST / Q1 PRESENTATION 014 Page 0

21 SUMMARY OF Q1 014 MARKETS AND SALES SEGMENT INFORMATION GROUP FINANCIALS OUTLOOK

22 GROUP PROFIT AND LOSS Revenue up 33% corresponding to DKK 158 million) due to: Improved market prices for salmon (spot and VAP) Harvest volumes up 1% Operating EBIT increased by 76% from DKK 105 million to DKK 185 million in Q1 014 Decrease in fair value of biomass due to lower salmon prices Reversal of provision for onerous contracts due to lower spot prices than at year end 013 Profit after tax increased from DKK 67 million to DKK 87 million in Q1 014 (DKK million) Operating revenues ,491 1,855 Operational Operational EBIT* Fair value adjustment on biological assets Onerous contracts Income from associates Loss from sale of subsidiary EBIT Net Financial items EBT Taxes Q1 014 Q EBITDA* Profit for the period continuing operations Profit for the period discontinuing operations Profit for the period Operational EBITDA margin 33% 7% 7% % Operational EBIT margin 9% % 4% 17% Operational EBIT/Kg (Farming and VAP) (NOK) EBITDA margin (fishmeal, oil and feed) 1.45% 15.75% 11.61% 9.50% BAKKAFROST / Q1 PRESENTATION 014 * Operational EBITDA and EBIT adjusted for non-operational related items, such as fair value adjustment of biomass, onerous contracts, income/loss from associates etc. Page

23 BALANCE SHEET Investments in PPE of DKK ~18 million in Q1 014 Financial assets increased due to investment in pelagic processing plant (Bakkafrost owns 30%) Financial assets increased due to positive operation in Faroe Farming Lower fair value due to lower biomass at sea and lower salmon prices Equity increased as a result of positive operations. Dividend is paid out in Q 014 NIBD at DKK 503 million down from DKK 641 million at end 013* Equity ratio 57% (Covenants 40%) * Incl. unrealised losses and deposits on financial derivatives (D DKK million) End Q Intangible assets Property, plant and equipment Financial assets Long term receivables 1 Biological assets Inventory Receivables Other receivables 91 1 Cash and cash equivalents Total Assets 3,065 3,11 Equity 1,760 1,665 Deferred tax and other taxes Long term interest bearing debt Financial derivatives Short term interest bearing debt Account and other payables Total Equity and Liabilities 3,065 3,11 BAKKAFROST / Q1 PRESENTATION 014 Page 3

24 CASH FLOW Positively affected cash flow from operations due to higher salmon prices Q1 Q1 (DKK million) Cash flow from operations Cash flow from investments t Cash flow from financing Cash flow from investments represents investments in property plant and equipment and investments t in pelagic processing plant (associated company) Net change in cash Cash at the end of the period Undrawn facilities Undrawn loan facility of DKK 804 million of which DKK 16 million is restricted BAKKAFROST / Q1 PRESENTATION 014 Page 4

25 DIVIDEND Dividend Dividend of DKK 4.50 (NOK ~4.98) per share paid out in April % 99% DPS in % of adj. EPS * Bakkafrost purchased treasury shares in 013, equivalent to DKK 0.59 (NOK 0.66) per share. 90% 80% Dividend incl. the acquisition of treasury shares is DKK 5.09 (NOK ~5.64) Dividend policy Competitive return through: Dividends Increase in the value of the equity Generally the company shall pay dividendsid d to its shareholders A long-term goal for the Board of Directors is that 30 50% of EPS shall be paid out as dividend 70% 60% 50% 40% 30% 0% 10% 0% 49%** 49%** 40% 19% * Operational EBIT is EBIT adjusted for fair value adjustment of biomass, onerous contracts, income/loss from associates, acquisition costs and badwill ** Dividend and acquisition of treasury shares BAKKAFROST / Q1 PRESENTATION 014 Page 5

PROPOSED TAX INCREASES APPROVED BY PARLIAMENT Licence tax

parliament in May 014 From a provisional tax to a

5% on farming revenues Effect on Q1 014 compared to 013

million Deferred tax increases by DKK 51 million as the

7% was implemented, compared to the.5% for 013.

5% tax and a permanent 0.5% tax on revenues.

26 PROPOSED TAX INCREASES APPROVED BY PARLIAMENT Licence tax on farming companies in the Faroes* Approved by the parliament in May 014 From a provisional tax to a permanent tax Licence tax of: 4.5% on taxable income 0.5% on farming revenues Effect on Q1 014 compared to 013 tax rates estimated to: Tax payable increases by DKK 5 million Deferred tax increases by DKK 51 million as the new tax is permanent * For 014 a provisional extra tax of 7% was implemented, compared to the.5% for 013. The provisional 7% tax has been changed to a permanent 4.5% tax and a permanent 0.5% tax on revenues. The change from a provisional to a permanent tax affects deferred tax. BAKKAFROST / Q1 PRESENTATION 014 Page 6

27 SUMMARY OF Q1 014 MARKETS AND SALES SEGMENT INFORMATION GROUP FINANCIALS INVESTMENTS OUTLOOK

28 OUTLOOK Market More salmon expected in the market during the summer Forward prices for the rest of 014 are around NOK per kg Global l supply growth estimated t to 8% in 014 Farming Estimated t harvest volumes unchanged at 45,000-48,000 tonnes HOG in 014 Expected smolt release in 014 unchanged at 11.6 million pieces VAP Around 75-80% of the VAP capacity for 014 contracted Contracted unsold volumes corresponds to 30% of remaining estimated harvested volumes in 014 Contract prices on a significant higher level than in 013 Fishmeal, oil and Feed Forecast for Feed sales 83,000-87,000 tonnes in 014 Business development Optimise the Value Chain according to the announced investment plan Pursue Organic Growth Financial flexibility enables M&A Biology Good biology and fish health Good biological performance and results BAKKAFROST / Q1 PRESENTATION 014 Page 8

29 THANK YOU!

FAROE ISLANDS 18 islands 1,387 km 48,88 inhabitants

Denmark Part of the Danish monetary union, Danish

Fishing : ~17% Unemployment rate (Feb 014): 4.

300,000) (010) Total export of fish products (013)

30 FAROE ISLANDS 18 islands 1,387 km 48,88 inhabitants (February 8 014) Home rule within the Kingdom of Denmark Part of the Danish monetary union, Danish krone (DKK) Key sectors (% of wage earners, 014) Service/public admin.: ~40% Private service: ~31% Construction: ti ~1% Fishing : ~17% Unemployment rate (Feb 014): 4.3% Total working force (no of people Feb 014): 7,075 GDP: DKK 13.6 bn (01) GDP/capita: DKK 8,000 (01) (Norway: 300,000) (010) Total export of fish products (013) DKK 5,766 million whereof farmed fish accounts for 4.5% TAXES Total Percent of GDP: 44.8% (01) Corporate Tax: 18% Farming Licence Tax : 4.5% plus 0.5% of revenues Restriction on a single foreign ownership of 0% in farming companies One company may max. control 50% of licences in the Faroe Isl ands BAKKAFROST / Q1 PRESENTATION 014 Source: Hagstova Føroya Page 30

31 BAKKAFROST S VALUE CHAIN Fishmeal & Oil Feed Hatchery Farming Wellboat Harvest Value Added Products Sales One of the most vertical integrated salmon farming companies in the world Full traceability to the benefit of our customers 45 years of experience Focus on cost centres Vertical integration reduces operational and financial risk A market focused company with own sale and marketing department t BAKKAFROST / Q1 PRESENTATION 014 Page 31

32 MONTHLY EXCHANGE RATES MONTHLY EXCHANGE RATES NOK/DKK US NOK/DKK US M11 01M01 01M03 01M05 01M07 01M09 01M11 013M01 013M03 013M05 013M07 013M09 013M11 014M01 014M03 011M11 01M01 01M03 01M05 01M07 01M09 SEK/DKK JP SEK/DKK 7 8 JP M11 01M01 01M03 01M05 01M07 01M09 01M11 013M01 013M03 013M05 013M07 013M09 013M11 014M01 014M M11 01M01 01M03 01M05 01M07 01M09 01M11 BAKKAFROST / Q1 PRESENTATION 014 SD/DKK GBP/DKK SD/DKK GBP/DKK M09 01M11 013M01 013M03 013M05 013M07 013M09 013M11 014M01 014M03 011M11 01M01 01M03 01M05 01M07 01M09 01M11 013M01 013M03 013M05 013M07 013M09 013M11 014M01 014M03 Y/DKK RUB/DKK Y/DKK RUB/DKK M11 013M01 013M03 013M05 013M07 013M09 013M11 014M01 014M03 011M11 01M01 01M03 01M05 01M07 01M09 01M11 013M01 013M03 013M05 013M07 013M09 013M11 014M01 014M03 Page 3

33 FAROE ISLANDS EXCELLENT CONDITIONS FOR COST EFF ECTIVE FARMING GEOGRAPHY WATER LOCATION Natural growth area for wild salmon Faroese fjords provide separation between locations Improves biological control and area management Stable seawater temperatures throughout the year between 6-1 degrees Celsius Excellent water quality and circulation cond itions Efficient distribution to European, US and Far Eastern markets Average Seawater Temperatures ºC Faroe Islands Norway (Trøndelag) 8 6 BIOMASS Biological sustainability setting the biomasss target per license 4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Company material, Havforskningsinstituttet FEED Sustainable feed, based on local marine raw materials. High on Omega-3, proved track record with best performance on high SGR and low FC CR BAKKAFROST / Q1 PRESENTATION 014 Page 33

34 BAKKAFROST - PREPARING FOR THE FUTURE Fishmeal & Oil Feed Hatchery Farming Wellboat Harvest Value Added Products Sales The investments will be made step by step in the relevant parts in the value chain to secure: Efficiency Biological i l risk Organic growth BAKKAFROST / Q1 PRESENTATION 014 Page 34

35 INVESTMENTS - PREPARING FOR THE FUTURE INVESTMENTS DKK 80 million DKK 80 million DKK 170 million DKK 170 million BAKKAFROST / Q1 PRESENTATION 014 Page 35

36 BAKKAFROST - PREPARING FOR THE FUTURE Phase 3: New VAP operation Draft of new plant factories merged into one BAKKAFROST / Q1 PRESENTATION 014 Page 36

37 BAKKAFROST - PREPARING FOR THE FUTURE Financing of the investments Use free cash flow from operation Unused financing of DKK 804 million Partly new financing if advantageous Unchanged dividend id d policy BAKKAFROST / Q1 PRESENTATION 014 Page 37

38 FINANCING Financing of the Group Total funding to DKK ~ 1,38 million Bonds NOK 500 million due Feb 018 (swapped into DKK) Instalment loan of DKK 300 million, repayable with DKK 5 million each quarter Revolving credit facility of DKK 553 million due in 017 NIBD end Q1 014: DKK 678 million NIBD and NIBD available and funding avaible funding Covenant loans NIBD/ EBITDA max 3.5 over 1 months ( Bonds 4.0) Equity ratio of 40.0% NIDB Available funding BAKKAFROST / Q1 PRESENTATION 014 Page 38

39 DEVELOPMENT PER QUARTER Q1 01 Q1 014 (mdkk) Q1 014 Q4 013 Q3 013 Q 013 Q1 013 Q4 01 Q3 01 Q 01 Q1 01 Revenue Op. EBIT Profit/Losss Harvest (tgw) 9,69 11,097 11,335 10,540 8,96 13, 044 9,730 10,19 11,348 Op. EBIT Farming & VAP (NOK/kg) Equity ratio 57% 54% 5% 49% 48% 49% 47% 47% 43% NIBD Turnover (mdkk) Operational EBIT (mdkk) Farming margin Op. EBIT (NOK/kg) Turnover for Bakkafrost group Operational EBIT for Bakkafrost has increased from 80 mdkk Group has increased from 47 mdkk in 010 to.5 bdkk in 013 in 010 to 587 mdkk in 013 The margin in Farming was 15 NOK in 013 the highest ever. Even in 01, when the global supply increased by %, the company had a margin of 7.3 NOK/kg BAKKAFROST / Q1 PRESENTATION 014 Page 39

LARGEST SHAREHOLDERS 0 largest shareholders Share price development since listing in NOK No of shares share Name Oi Origini 4.594.

793 3,0% SKANDINAVISKA ENSKILDA BANKEN AB Sweeden 1.441.540,% J.P. MORGAN CHASE BANK N.A. LONDON UK 1.084.84,% J.P. MORGAN LUXEMBOURG S.A. UK 1.048.

000 1,5% VERDIPAPIRFONDET HANDELSBANKEN Norway 750.000 1,5% SKANDINAVISKA ENSKILDA BANKEN AB Norway 73.189 1,5% SEB PRIVATE BANK S.A. (EXTENDED) Lux 77.

459 1,3% STATE STREET BANK AND TRUST CO USA 644.0 1,3% SKANDINAVISKA ENSKILDA BANKEN A/S Denmark 61.671 1,3% PICTET & CIE (EUROPE) S.A. Lux 56.

484 Total number of outstanding shares as per May 13th 014 48.858.065 Total number of shares as per May 13th 014 378.

996 3,9% Faroe Isl 81 10.78.86 1,% UK 77 9.935.14 0,5% Norway 1.49 4.16.533 8,5% USA 46.559.

40 LARGEST SHAREHOLDERS 0 largest shareholders Share price development since listing in NOK No of shares share Name Oi Origini ,5% JACOBSEN Oddvør Faroe Isl ,3% JACOBSEN Regin Faroe Isl ,1% TF ÍLØGUR P/F Faroe Isl ,0% SKANDINAVISKA ENSKILDA BANKEN AB Sweeden ,% J.P. MORGAN CHASE BANK N.A. LONDON UK ,% J.P. MORGAN LUXEMBOURG S.A. UK ,0% JP MORGAN CHASE BANK, NA Norway ,9% J.P. MORGAN CHASE BANK N.A. LONDON UK ,6% J.P. MORGAN CHASE BANK N.A. LONDON UK ,5% VERDIPAPIRFONDET HANDELSBANKEN Norway ,5% SKANDINAVISKA ENSKILDA BANKEN AB Norway ,5% SEB PRIVATE BANK S.A. (EXTENDED) Lux ,5% 5%STATESTREET STREET BANK AND TRUST CO. USA ,5% NORDEA NORDIC SMALL CAP FUND UK ,4% CACEIS BANK FRANCE France ,3% STATE STREET BANK AND TRUST CO USA ,3% SKANDINAVISKA ENSKILDA BANKEN A/S Denmark ,3% PICTET & CIE (EUROPE) S.A. Lux ,0% KATRIN DAHL JAKOBSEN Faroe Isl ,0% HOLTA INVEST AS Norway ,4% Total share 0 largest shareholders Total number of outstanding shares as per May 13th Total number of shares as per May 13th ,8% Whereof own shares Last 1 months Origin of shareholders, 5 largest countries No of shares share No of shareholders ,9% Faroe Isl ,% UK ,5% Norway ,5% USA ,3% Sweeden 1 Total number of shareholders:,301 - from 3 different countries Subscribe Oslo Stock Exchange Releases from BAKKA by on: p BAKKAFROST / Q1 PRESENTATION 014 Page 40

Q BAKKAFROST GROUP Oslo 20 February 2018

Q BAKKAFROST GROUP Oslo 20 February 2018 BAKKAFROST GROUP Oslo 20 February 2018 DISCLAIMER This presentation includes statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly