Pareto Investor & Finance Seminar «Key value drivers in whitefish harvesting» Webjørn Barstad, CEO HAVFISK ASA

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1 Pareto Investor & Finance Seminar «Key value drivers in whitefish harvesting» Webjørn Barstad, CEO HAVFISK ASA

2 HAVFISK ASA Agenda HAVFISK in brief Key financial deliveries Value-drivers Outlook

(cod, saithe, haddock) 7 Barents Sea shrimp licenses + 1

3 Company overview Key facts Norway s largest harvesting company and quota holder 11% of the Norwegian whitefish quota (cod, saithe, haddock) 7 Barents Sea shrimp licenses + 1 Greenland 10 operational trawlers Three new vessels delivered in 2013 and

Facilities are operated by sister company Norway

4 Company overview Key facts 390 employees Ownership to fish industry facilities in northern Norway Facilities are operated by sister company Norway Seafoods Noted at Oslo Stock Exchange Aker ASA 73,25 %

5 Company structure and vessels Vesttind Havtind Gadus Poseidon Nordland Havfiske (100% ownership) Hammerfest Industrifiske (60% ownership) Doggi Rypefjord Finnmark Havfiske (97,62% ownership) Gadus Njord Båtsfjord Gadus Neptun Kongsfjord 5

6 «Virtual tour» at Gadus Neptun

7 HAVFISK Q4 Highlights Q4 - Record-high EBITDA in the quarter The highest catch value per operating day in a quarter Continued positive price trend Record-high EBITDA in The highest catch value per operating day Record-high volume in The new-building project completed Increased capacity and flexibility Interim presentation Q4 -

8 HAVFISK ASA Results Turnover : MNOK 1049 (~120 Mill ) Operating result (EBITDA) : MNOK 299 (~35 Mill ) Volume : mt (~ mt live weight) Fishing in the Barents Sea. Photo: Andre Steffensen

9 HAVFISK Q4 Financial key indicators Operating Revenues EBITDA EBIT Earnings per share (NOK) ,13 0,26 0, , ,90 Q Q1 Q2 Q3 Q4 Q Q1 Q2 Q3 Q4 Q Q1 Q2 Q3 Q4 Q Q1 Q2 Q3 Q4 Interim presentation Q4 -

10 HAVFISK - Q4 Increased revenues and EBITDA Operating Revenues EBITDA/ EBITDA margin 260 Q Q1 226 Q2 296 Q3 314 Q4 EBITDA NOKM Q Q1 EBITDA % 47 Q2 85 Q3 98 Q4 EBITDA % 40% 35% 30% 25% 20% 15% 10% 5% 0% Q4 vs Q4 2013: Catch value per day increased by 30 %, catch rates decreased by 5 % Total volumes decreased by 19 % Reduction in volumes of cod, haddock and saithe, increased volume of others Price of cod increased by 43 % Price of haddock increased by 3 % Price of saithe increased by 33 % Interim presentation Q4 -

11 Value drivers HFISK

12 Performance of the stock (ticker: HFISK)

13 Value drivers Cost breakdown (based on figures) Cost Cost (MNOK) % of revenue % Freight / packaging % Fuel 32 3 % Fishing gear % Personnel 57 6 % Maintenance 61 6 % Administration 60 % 50 % 40 % 30 % 20 % 10 % 0 % Drivers Percentage of catch value Cost per kilo Cost per day in operation Average consumption for a freezing trawlers = litres/day Cost per day in operation Average of NOK /day ,- Low fixed sum per day Main personnel cost is in % of catch value Other personnel costs Cost per day in operation Fixed cost : yearly maintenance in ship yards Fixed cost Overhead cost, administration, insurance 13

14 Value drivers Sensitivities price and catch efficiency main factors Catch efficiency EBITDA at different catch rates Price NOK 1.0 EBITDA / kg ,000 10,000 15,000 20,000 25,000 Catch rate per day (Kg) Price Increase Personnel cost Other costs Increased EBITDA Catch rates above 10,000 kg / day yield margin of around 60% Price increase of 1.0 NOK/kg will give additional EBITDA of around 0.6 NOK/kg

15 Value drivers Catch efficiency Significant increase in catch efficiency Change in fleet Availability of fish New vessels: improvement in catch efficiency flexibility to participate in alternative fisheries Kg/operating day

16 Value drivers Historic price trend - Cod Strong supply growth and financial downturn in key markets have negative impact on cod prices. Cod-prices appears to have bottomed out in Q1/2013 Export prices for frozen cod h/g in NOK. Source: Norwegian Seafood Council

Value drivers Mega trends Health, convenience, environment and ethics Fish is an important source of protein, vitamins and minerals The Norwegian fishing for cod, haddock and saithe is certified by

17 Value drivers Mega trends Health, convenience, environment and ethics Fish is an important source of protein, vitamins and minerals The Norwegian fishing for cod, haddock and saithe is certified by MSC standard for sustainable fisheries Fish is an environmentally friendly source of protein Source: Prof Ray Hilborn, University of Washington Growing focus on fish in retail customer demands drives convenience Aker Seafoods invests in the future!

18 HAVFISK Outlook The quotas still at a high level 10 percent reduction in cod-quotas. Haddock-quotas at the same level as Saithe-quotas about 5 percent reduction So far fished 58% of cod volumes same time last year, same levels of haddock and saithe, twice the level of other species and by-products Prices stable and demand is good The fleet renewal program is completed and give increased capacity and ability to exploit the quotas better Glitnir case to be presented for the Icelandic Supreme Court March 4 th 2015 The number of allowed quotas per vessel increased from three to four

19 3000 Prospects for near future Spawning stock main North East Atlantic Stocks (1.000 mt) Nordsjøsei NA sei NA hyse NA Torsk

20 Prospects for near future Barents Sea Cod down 10% again 2016 Slight decrease 2017, to stabilise at mt annually Although coming down, a very healthy stock situation

21 Prospects for near future Haddock and Saithe; stability Positive Saithe observations this season, particularly in the North Sea

22 Revenue and earnings potential Prices and quotas main fisheries Other species and byproducts; working to increase deliveries Earnings contribution potential, albeit not «cod margins» Internal quota optimization Further fleet restructuring potential Focus on costs and key value drivers

23 Eat more cod! Good for your health and good for the fishing industry

24 Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for HAVFISK ASA including subsidiaries and affiliates. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for HAVFISK`s businesses, fish prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although HAVFISK ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. HAVFISK ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither HAVFISK ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

Understanding the wildfish harvesting business. Webjørn Barstad CEO HAVFISK ASA

Understanding the wildfish harvesting business Webjørn Barstad CEO HAVFISK ASA HAVFISK ASA Agenda The Global Picture Supply side Markets From science to individual vessel quotas Norwegian fisheries and