3Q Financial Results Presentation. Manuel Fernandez de Sousa-Faro, Chairman Joaquín Viña Tamargo, CAO & IR

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1 3Q 211- Financial Results Presentation Manuel Fernandez de Sousa-Faro, Chairman Joaquín Viña Tamargo, CAO & IR

2 Disclaimer This document is purely informative and does not intend to be comprehensive. Financial information included in this presentation has been calculated in accordance with International Financial Reporting Standard (IFRS). The financial information has not been audited. This presentation contains certain information, other than pure historical facts, such as targets, facts, figures and opinions, that should be considered as looking forward statements. These statements are based on information available for Pescanova on the date of the presentation and on the best estimates and reasonable assumptions believed by the company. Any looking forward statement entails risks and uncertainties that might cause the final outcome to differ from that stated in this presentation. Pescanova expressively renounces to undertake any publicly review or update of any of these looking forward statements to reflect any change subsequent to this presentation, unless applicable law requires so.

3 Agenda Highlights of the period Results per business unit Group financials overview Outlook

4 Founded in 196 INNVATION + ADDED VALUE Branded Food Company Leader Brand Marine Protein Oriented Fishing & Aquaculture Vertically integrated From Source to Plate -4 -

5 Agenda Highlights of the period Results per business unit Group financials overview Outlook

6 Highlights of the period Improved operational results. Improved profitability driven by a positive evolution of the farming activity. Successful new convertible bond issue of Eur18mn (YTM of 5,175%). Increase in consolidated revenues driven by increased sales in Spain (3%) and in other markets (1%). ( mn) 3Q11 3Q1 % YoY Revenues ,5% EBITDA % EBTDA margin 11,1% 1.2% Net Profit % ( mn) 3Q11 3Q1 % YoY Revenues ,4% EBITDA % EBTDA margin 11,4% 1,2% Net Profit % Geographical sales sales breakdown (12 (12 months to to 3/9/211,%) ( mn) 3Q11 3Q1 %YoY Consolidated Revenues ,5% Other Markets: +1% YoY China, 3% Japon, 3% Italy, 5% Others, 1% Spanish Market: +3% YoY EBITDA % EBITDA margin 11,1% 1,2% Portugal, 6% Spain, 49% EBIT % France, 1% EBIT margin 6,9% 5,9% USA, 14% Financials % 1,631 m for the 12 months to 3/9/211 PBT % Taxes % Net Profit % -6 -

7 Agenda Highlights of the period Results per business unit Group financials overview Outlook

8 Results per business unit (millions of ) H1 211 ' 211 TURNOVER Aquaculture Farmed CRUSTACEANS Farmed FISH TURNOVER Traditional Business 1,8.8 1,2.9 1, , TURNOVER 1, , ,473. 1, ,55.6 (millions of ) H1 211 ' 211 EBITDA Aquaculture % 3.7% 7.4% 9.6% 11.2% 14.% 14.4% Farmed CRUSTACEANS %.3% 3.1% 5.7% 6.3% 8.5% 9.2% Farmed FISH % 11.8% 18.8% 2.3% 21.% 22.5% 23.1% EBITDA Traditional Business % 11.1% 11.2% 1.3% 1.2% 9.4% 9.7% EBITDA Pescanova Group % 9.5% 1.3% 1.2% 1.4% 1.9% 11.1% -8 -

9 Agenda Highlights of the period Business results per resource Group financials overview Outlook

10 Main Financials for the nine months ended 3/9 Group Financials Overview Consolidated Revenues ( m) CAGR: 7.4% (27-211) EBITDA & EBITDA margin ( m, %) CAGR: 13.7% (27-211) ,8% 9,% ,6% ,2% ,1% % 1% 8% 6% 4% 2% % EBIT & EBIT margin ( m, %) ,4% 5,5% 5,5% CAGR:14% (27-211) ,9% 21 6,9% % 7% 6% 5% 4% 3% 2% 1% % NFD*, NFD / EBITDA** ( m, %) ,x ,5x 4,6x ,6x 3,5x ,x 4,5x 4,x 3,5x 3,x 2,5x 2,x 1,5x 1,x,5x,x Net Financial Debt (NFD) includes recourse debt -1 -

11 Main Yearly Financials Group Financials Overview Consolidated revenues ( m) 1,6 1,2 8 4 CAGR: 9% (24-21) ,133 1,293 1,343 1,473 1, EBITDA & EBITDA margin ( m, %) % 65 CAGR: 16.6% (24-21) 8.9% 9.7% 9.5% % 1.2% 1.4% % 1% 8% 6% 4% 2% % EBIT & EBIT margin ( m, %) NFD*, NFD / EBITDA** ( m, %) CAGR: 17,7% (24-21) 6.7% 6.6% 7.2% 6.9% 6.8% 5.9% 4.3% % 7% 6% 5% 4% 3% 2% 1% % x 4.1x 3.9x 3.5x 3.6x 3.4x 3.2x x 4.x 3.5x 3.x 2.5x 2.x * Net financial debt includes recourse debt -11 -

12 Consolidated Balance Sheet Group Financials Overview CONSOLIDATED BALANCE SHEET - PESCANOVA GROUP (THOUSANDS OF EUROS) H1 '11 3Q'11 Fixed Assets 1,129,682 1,123,169 1,121,311 1,127,86 Current Assets 948,592 1,66,973 1,93,224 1,14,843 Total Assets 2,78,274 2,19,142 2,214,535 2,232, H1 '11 3Q'11 Net Worth (Equity) 57,29 596,843 65,349 68,24 Long-term Liabilities 516, , , ,28 Current Liabilities 991,168 92,26 811,47 831,165 Total Equity + Liaibilities 2,78,274 2,19,142 2,214,535 2,232,

13 Net Debt (Sep 11) Group Financials Overview Total Debt 867mn Cash &Eqv. 123mn Net Debt 744mn Debt Payment Calendar Convertible Bonds: 242mn 78mn maturing in mn maturing in 217 Non-Recourse Debt: 125mn No significant refinancing needs until Seasonal lower CF generation worsened by some upfront payments >217 We have taken measures to match projected CF generation with debt maturity. Syndicat ed Loans Debent ures Working capit al f acilit ies Project Finance -13 -

14 Share Price Evolution Share Price Evolution Salmon Farming Companies listed in Oslo Stock Exchange vs. Pescanova (12 months) 6% 4% 2% % 2% 4% 6% 8% 1% Marine Harvest Bakkafrost Cermaq Grieg Seafoods Leroy Morpol Salmar PVA Pescanova vs. IBEX Salmon Farming Companies listed in Oslo Stock Exchange vs. Pescanova (12 months) 12 months to 21 1 Marine Harvest 56% Bakkafrost 31% Cermaq 16% Grieg Seafoods 78% Leroy 44% Morpol 39% Salmar 46% Average drop 44.3% Pescanova 7% -14 -

15 Agenda Highlights of the period Business results per resource Group financials overview Outlook

Spanish Retail Seafood Market Outlook 9. 8. Value 7. 1.157 971 1.249 1.332 1.415 1.56 1.54 6. 816 825 1.137 929 84 1.159 768 75 689 764 1.48 5. 592 894 58 761 741 4. 67 3. 3.562 3.897 4.154 4.452 4.

54 Cong Granel 67 761 741 894 1.48 1.159 1.137 929 84 768 75 689 Frescos 3.562 3.897 4.154 4.452 4.794 5.3 5.36 5.475 5.469 5.372 5.271 5.576 Total 4.812 5.249 5.659 6.162 6.666 7.2 7.76 7.711 7.7 7.624 7.

16 Spanish Retail Seafood Market Outlook Value T2 211 Refrigerados 4,8 52,9 57,2 59,7 68,7 8 8 Cong envasados Cong Granel Frescos Total Geographical sales breakdown (12 months to to 3/9/211,%) other mkts1 % Japon, 3% Italy, 5% Portugal, 6% China, 3% France, 1% Volume Others, 1% USA, 14% Spain, 49% 1,631 m for the 12 months to 3/9/211 Spain 3% The Spanish Seafood market has increased in terms of volume and value (H1 21 vs H1 211) *Change in panelist as from 21. Source MAPA & TNS

Outlook of Pescanova s s Aquaculture projects

own integrated structure that guarantees the

grow-out farms, feed processing, harvest, product

Shrimp Salmon Tilapia Turbot Consolidated Fixed

over the last five years: Two major investments

17 Outlook of Pescanova s s Aquaculture projects Integrated structure: The Pescanova Group has its own integrated structure that guarantees the traceability of the product, from the hatchery, grow-out farms, feed processing, harvest, product processing to storage. Shrimp Salmon Tilapia Turbot Consolidated Fixed Assets due to major investments , , ,8 1.65, ,7 755,4 846,9 Major investments over the last five years: Two major investments in vertically integrated aquaculture amounting to approx. 45 mn have been done over the last 5 years Q

18 Pescanova s s Turbot project Geographical breakdown of sales (21,%) Germany 5% Portugal 4% Other 4% France 13% Spain 42% Italy 32% Projected Turbot Production (Tons) & Average sale price 15, , 6 5 5, 11,947 12,36 12,36 12,36 9,857 5,31 2, The production traded through the Pescanova Group goes mainly to the EU -18 -

Outlook for Turbot Farming Turbot production by Origin in Europe For the period 1984-212* On-growing farm

19,5 1984 1986 1988 199 1992 1994 1996 1998 2 22 24 26 28 21 212 Who s who as at 212 Tons Pescanova 1,

19 Outlook for Turbot Farming Turbot production by Origin in Europe For the period * On-growing farm in Xove (Spain) 25, 2, 15, 1, Farmed 5, Wild Caught Tons Spain 1,1 Portugal 7,2 France 8 Other 95 Total 19, Who s who as at 212 Tons Pescanova 1, Stolt 4, Acuidoro 1,3 Acuacria 5 France Turbot 5 Other 2,75 On-growing farm in Mira (Portugal) TOTAL 19,5-19 -

Coast) Projected Vannamei Shrimp Production (Tons) & Average price FOB Shrimp farms ( /kg) Jan 9 Mar 9 May 9 Jul 9 Sep 9

20 Pescanova s s Vannamei Shrimp project Projected Vannamei Shrimp Sales (Tons) & Average price ( /kg) Geographical breakdown of sales (21,%) Other 13% USA 29% Europe 58% Urner Barry s: HLSO Vannamei $/lb (Ex-Warehouse, East or West Coast) Projected Vannamei Shrimp Production (Tons) & Average price FOB Shrimp farms ( /kg) Jan 9 Mar 9 May 9 Jul 9 Sep 9 Nov 9 Jan 1 Mar 1 May 1 Jul 1 Sep 1 Nov 1 Jan 11 Mar 11 May 11 Jul 11 16/2 21/25 26/3 31/35 36/4 41/5 51/6 61/7 71/9 91/11-2 -

21 Outlook for Vannamei farming Litopenaeus Vannamei vs. Penaeus Monodon 3,5 3, 2,5 2, 1,5 1, 5 CAGR 2-29 has been 36% P. Monodon Litopenaeus Vannamei Vannamei farming has grown vertiginously -21 -

Pescanova s s Salmon Project in Chile Geographical breakdown of sales (21%) 35

Production (Tons of of Finished Product) & Average price in in /kg 8, 6, 5.9 4.8 4.

48,236 36,889 22,97 211 212 213 214 215 216 Production Average Price /kg 3 2 1 8,

22 Pescanova s s Salmon Project in Chile Geographical breakdown of sales (21%) 35 Concessions USA 16% Other 1% Europe 28% 23 Concessions Japan 46% Projected Salmon Production (Tons of of Finished Product) & Average price in in /kg 8, 6, Projected Salmon Harvest (gwt) 1, 4, 2, 71,515 62,289 54,766 48,236 36,889 22, Production Average Price /kg , 6, 4, 2, 11,94 88,698 77,552 68,689 54,678 24,393 34,

23 Outlook for Salmon farming SALMON WORLD PRODUCTION WORLD FARMED SALMON BY SPECIES 3, 3,4 3,2 3, 2,5 2,8 2,6 OTHER (*) CHINOOK TROUT Thousands of tons 2, 1,5 Thousands of Tons 2,4 2,2 2, 1,8 1,6 1,4 COHO ATLANTIC 1, 1,2 1, E 211 P 212 P 213 P 214 P 215 P 216 P 217 P 2 WILD FARMED E P P P P P P P Consumption by market vs Global Offer (gross tons) USD /kg FOB Chile Salmon Global Supply (farmed+wild) Thousand Tn Biomass 1,4, 4,5, 12, 11, 1, 9, 8, 7, 6, 5, 4, Coho HG 4 6 PRM Price FOB Chile Trout HG 4 6 PRM Price FOB Chile Salar Trim D UE Price FOB Chile Salar Fresh Trim C Price USA FOB Chile Salar Frozen Trim C Price USA FOB Chile Gross tons Consumptiono 1,2, 1,, 8, 6, Total Consumption (*) World Salmon Production Consumption Japan Consumption USA Consumption EU Consumption RusSia Consumption Other Countries 4,, 3,5, 3,, 2,5, 2,, gross tosns offer 3, 2, 1, 1 5 4, 1,5, 1,,, ene 3 abr 3 jul 3 oct 3 ene 4 abr 4 jul 4 oct 4 ene 5 abr 5 jul 5 oct 5 ene 6 abr 6 jul 6 oct 6 ene 7 abr 7 jul 7 oct 7 ene 8 abr 8 jul 8 oct 8 ene 9 abr 9 jul 9 oct 9 ene 1 abr 1 jul 1 oct 1 ene 11 abr 11 jul 11 oct 11 ene 12 abr 12 jul 12 oct 12 ene 13 abr 13 jul 13 oct 13 ene 14 abr 14 jul 14 oct 14 ene 15 abr 15 jul 15 oct 15 ene 16 abr 16 jul 16 oct 16 ene 17 abr 17 jul 17 oct 17 2, 5, (P ) E 211 P 212 P 213 P 214 P 215 P 216 P 217 P -23 -

24 Thank You!

Disclaimer. We define EBIT as EBITDA less amortizations.

Disclaimer. We define EBIT as EBITDA less amortizations. H1 2012 2 Disclaimer This document is purely informative and does not intend to be comprehensive. Financial information included in this presentation has been calculated in accordance with International