Lerøy Seafood Group. Preliminary financial figures February 26 th Ole-Eirik Lerøy. Helge Singelstad. President & CEO

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1 Seafood Group Preliminary financial figures 2006 February 26 th 2007 Ole-Eirik President & CEO Helge Singelstad Vice president & vice CEO

2 Agenda 1. 1 Considerations 2. 2 Preliminary financial figures at a glance 4. 4 Market glance

3 Turnover LSG Mill. NOK

4 ROCE (%) and PTP before biomass adjustments ROCE Pre tax profit

5 Return on capital employed (ROCE) before biomass adjustments Persent * * Target set before IPO 2002

6 Number of shareholders

7 Shareholders Shareholder No. of shares Ownership share Profond AS* ,90 % Pareto Aksje Norge ,17 % Skagen Vekst ,56 % MP Pensjon ,98 % Ferd AS ,55 % Pareto Aktiv ,99 % Verdipapirfond Odin ,55 % Lime AS* ,25 % Morgan Stanley & Co. Inc ,89 % JPMorgan Chase Bank ,75 % Credit Suisse Securities ,65 % Morgan Stanley & Co. Inc ,49 % Verdipapirfond Odin ,40 % JPMorgan Chase Bank ,19 % Kverva Holding AS ,15 % Meidell AS ,13 % George Harald ,09 % KOS Bergen AS ,95 % Bjørgvin AS ,94 % INMA AS* ,94 % Total 20 largest share owners ,49 % Others ,51 % Total shares ,00 % *controlled by CEO Ole-Eirik The company has a total of shareholders

8 Internal considerations 2006, main preliminary figures All figures in mill NOK Q4-06 Q4-05 Change Change Turnover % % EBIT bef adj biom % % Operating profit % % Affiliated comp % % Pre-tax profit % %

Internal considerations Q4 2006 Financially Solid Well positioned for future organic

884 shareholders as of 31 December 2006 Up from 3.

in production Development according to plans Less difficult conditions for operations

9 Internal considerations Q Financially Solid Well positioned for future organic and strategic growth Proposed dividend NOK 4.0 per share shareholders as of 31 December 2006 Up from shareholders at year end 2005 Consolidated business areas Satisfactory operation in production Development according to plans Less difficult conditions for operations in sales and distribution More stability in Salmon prices Trade barrier from EU is negative in the long run Affiliated companies Satisfactory operation

Internal considerations Q1 2007 Acquisition of Veststar Holding AS Fish farming, processing and distribution in France

000 (GW) in 2007 Smolt production Euro Salmon in France, processor and distributor Chile New name Austevoll AS

10 Internal considerations Q Acquisition of Veststar Holding AS Fish farming, processing and distribution in France 27 licenses in Hordaland, Norway Will harvest approximately (GW) in 2007 Smolt production Euro Salmon in France, processor and distributor Chile New name Austevoll AS Transaction 100% of the shares in Veststar Holding AS Settlement in 8,5 mill shares in LSG No debt Subject to final DD and extraordinary shareholder s meeting Share issue AUSS subscribe 2,3 mill shares in LSG Others in first quarter 2007 Egersund Fisk AS, increased shareholding from 26,8% to 38,3% Price NOK 18.9 mill Sold shares in Breivoll Marine AS Will give a profit after tax NOK 1.5 mill in first quarter 2007

External considerations Q4 2006 Drop in salmon and trout spot prices in Q4 Prices down 24,7% from Q306, but still strong market in Q406 Prices YTD 26,9% higher than comparable figures 2005 Prices so

11 External considerations Q Drop in salmon and trout spot prices in Q4 Prices down 24,7% from Q306, but still strong market in Q406 Prices YTD 26,9% higher than comparable figures 2005 Prices so far in Q107 higher than prices in Q106 Strong market Currencies Future will bring great volatility Political issues / trade barriers Minimum import price to the EU for Norwegian salmon and trout Process is unfair and based on faulty information Damaging for all parties in the global seafood business WTO

12 Agenda 1. 2 Preliminary financial figures at a glance 3. 4 Market glance

13 Resultatregnskap / Income Statement 2006, preliminary figures Alle tall i NOK / All figures in NOK 1,000 Q Q Salgsinntekter / Operating revenue Vareforbruk / Cost of goods sold Lønnskostnader / Salaries and wages Andre driftskostnader / Other operating costs Ordinære avskrivninger / Ordinary deprreciation EBIT før verdij. Biomasse / EBIT bef fair value adjustm biomass Verdijustering biomasse / Fair value adjustment biomass Driftsresultat / Operating profit Inntekt tilknyttede selskaper / Income from affiliated companies Netto finansposter / Net financial items Resultat før skattekostnad / Profit before tax Beregnede skatter / Estimated taxation Periodens resultat / Profit for the period

14 Balanse / Balance Sheet 2006, preliminary figures Alle tall i NOK / All figures in NOK 1, Immaterielle eiendeler / Intangible assets Varige driftsmidler / Tangible fixed assets Finansielle anleggsmidler / Financial fixed assets Sum anleggsmidler / Total fixed assets Varer / Inventories Fordringer / Receivables Betalingsmidler / Cash and equivalents Sum omløpsmidler / Total current assets Sum eiendeler / Total assets

15 Balanse / Balance Sheet 2006, preliminary figures Alle tall i NOK / All figures in NOK 1, Innskutt egenkapital / Equity contributions Opptjent egenkapital / Earned equity Minoritetsinteresser / Minority interests Sum egenkapital / Total equity Avsetning for forpliktelser / Accrued liabilities Langsiktig gjeld / Long-term liabilities Kortsiktige kreditter / Short-term loans Annen kortsiktig gjeld / Other short-term liabilities Sum gjeld / Total liabilities Sum egenkapital og gjeld / Total equity and liabilities

16 Key figures - Seafood Group 2006 Preliminary figures Nøkkeltall / Key figures Q Q Resultatmargin / Profit margin 1) 13,13 % 7,83 % 15,28 % 10,27 % Drifts m argin før jus t.biom as s e/operating m argin bef.adj.biom as s. 11,78 % 7,51 % 12,17 % 6,83 % Driftsmargin / Operating margin 2) 12,77 % 6,54 % 13,70 % 8,78 % Resultat per aksje før just.biomasse/earnings per share bef.adj.biomas 3,92 2,32 14,00 6,73 Resultat per aksje / Earnings per share 3) 4,04 2,24 15,86 8,65 Utvannet resultat per aksje / Diluted earnings per share 3,99 2,22 15,70 8,59 ROCE før just.biomasse(annualisert/roce before adj.biomass (annual 27,58 % 31,42 % 31,06 % 25,43 % ROCE (annualisert)/roce (annualised) 4) 27,02 % 27,84 % 32,94 % 31,08 % Egenkapitalandel / Equity ratio 41,75 % 50,51 % 41,75 % 50,51 % Netto rentebærende gjeld / Net interest bearing debt Kontantstrøm per aksje / Cash-flow per share 5) 3,28 0,06 13,31 4,13 Utvannet kontantstrøm pr aksje/dil. cash-flow pr share 3,24 0,06 13,18 4,10 1) Resultatmargin = Resultat før skatt/salgsinntekter Profit maring = Profit before tax/revenues 2) Driftsmargin = Driftsresultat/salgsinntekter Operating margin = Operating profit/revenues 3) Resultat per aksje = Majoritetens andel resultat/gjennomsnittlig antall aksjer Earnings per share = Majority interests/average number of shares 4) ROCE = [Resultat før skatt+netto finansposter]/[netto rentebærende gjeld+sum egenkapital] ROCE = [Profit before tax+net financial items]/[net interest bearing debt+total equity] 5) Kontantstrøm fra drift Cash-flow from operations

17 Affiliated companies, LSG-share profit after tax Preliminary figures All figures in mill NOK Q Q Korr.varer / adj.inventory 2005 Korr.varer / adj.inventory Hydrotech (39%,100% after ) 1) Egersund Fisk AS (27%) Norskott Havbruk AS (50%) Andre / Others Sum / Total ) Affiliated until

18 Seafood Group Consolidated Preliminary figures Total equity (41,75%) Net interest bearing debt mill NOK mill NOK Total intangible assets Licences smolt / fish farming Norway 765 mill Goodwill / def. tax mill mill NOK Total LSG-shares Desember

19 Agenda 1. 3 at a glance 2. 4 Market glance

20 Seafood Group - Global organization Scotland/Shetland Farming Dist. & Sales Spain, Portugal, France Dist. & Sales Norway Farming Dist. & Sales Sweden Dist. & Sales Turkey Dist. & Sales Japan Dist. & Sales North America Dist. & Sales China Dist. & Sales

21 Seafood Group ASA Sales Sales & Distribution Production Affiliated Hallvard Hallvard AS AS 100% 100% Sverige Sverige AB AB 100% 100% Nordvik Nordvik SA SA 90% 90% Portnor Portnor Lda Lda 60% 60% Sjømatgruppen Sjømatgruppen *** *** Midnor Midnor AS AS 100% 100% Aurora Aurora AS AS 100% 100% Fossen Fossen AS AS 100% 100% Hydrotech Hydrotech AS AS 100% 100% Smøgen Smøgen Seafood Seafood AB AB 100% 100% Sigerfjord Sigerfjord Aqua Aqua AS AS 90,55% 90,55% Bulandet Bulandet fiskeindustri fiskeindustri AS AS 53,2% 53,2% Norskott Norskott Havbruk Havbruk AS* AS* 50% 50% Egersund Egersund Fisk Fisk AS AS ** ** 27% 27% Alfarm Alfarm Alarko Alarko 50% 50% *Salmon farming **Pelagicactivities *** Division national distribution

22 Seafood Group Employees, December 2006 Sales and distribution 408 Production and farming 749 Total Group 1157 Affiliates 405 Total included affiliates 1562

Seafood Group Norway s largest seafood exporter in 2006 11,7 % share of Norwegian Seafood tot exports value 17,8 % of Norwegian salmon export 15,4% pf Norwegian salmon export in 2005 14,6 % of

23 Seafood Group Norway s largest seafood exporter in ,7 % share of Norwegian Seafood tot exports value 17,8 % of Norwegian salmon export 15,4% pf Norwegian salmon export in ,6 % of Norwegian salmon export in ,0 % of Norwegian value added salmon export Fish farming operations Midnor AS (100%) Aurora AS (100%) Hydrotech AS (100%) Fossen AS (100%) Scottish Sea Farms (50%), 2 nd largest Scottish salmon producer Sigerfjord Aqua AS (90,55 %)

Portugal and Turkey Local representative

24 Seafood Group Global distribution network Global distribution from Head Office in Bergen Local distribution and processing in Norway, Sweden, France, Portugal and Turkey Local representative offices in some key markets (France, Japan, China, USA)

25 Seafood Group Steady growth in operating profit and strong balance sheet Satisfactory earnings Growth potential within recently acquired businesses Satisfactory liquidity Professional and highly motivated employees Strong partnerships / Network of alliances

26 Seafood Group Markets strategy: Quality Branding Diversity in product range Diversity in customer base Market-oriented solutions Geographical spread Continuity in deliveries Cost efficiency

27 PELAGIC WHITEFISH FARMED FISH H A L L V A R D L E R Ø Y A S DISTRIBUTION FRANCE DIRECT EXPORT DISTRIBUTION NORWAY DISTRIBUTION UK DISTRIBUTION PORTUGAL DISTRIBUTION TURKEY LERØY FRANCE LERØY CHINA LERØY USA LERØY PORTUGAL LERØY JAPAN DISTRIBUTION SWEDEN PROCESSING SWEDEN FARMING / PROCESSING NORWAY

28 Seafood Group - Sales per market 2006 Rest of Europe 6,2 % USA and Canada 5,9 % Others 2,0 % Norway 15,3 % Asia Pacific 11,0 % EU 59,6 %

29 Seafood Group - Sales per product 2006 Shellfish 4,3 % Other/other species 4,2 % Pelagic fish 2,5 % Salmontrout 7,7 % White fish 10,7 % Whole salmon 48,5 % Processed salmon 22,1 %

30 Sweden Allt i Fisk Fiskgrossisterna Smøgen Seafood Nordhav

31 New factory in spring 2007 Site kvm Base kvm

32 Processing, France

33 Farming Norway Aurora AS Sigerfjord Aqua AS Midnor AS Hydrotech AS Fossen AS Sigerfjord Aqua AS Aurora AS Midnor AS Hydrotech AS Fossen AS

34 Seafood Group salmon/trout farming Company Ownership Licences Mill. smolt 2006 Volume gwt 2007E share individuals Total Total LSG share Midnor AS 100 % 28 7, Aurora AS 100 % 16 3, Fossen AS* 100 % 7 2, Hydrotech AS** 100 % 22,5 7, Total Norway 73,5 20, Norskott Havbruk AS (UK) 50 % 6, Total 26, Consolidated, farming Affiliated, farming *) Consolidated from 1 April 2006 **) Consolidated from 1 September 2006

35 Key Figures Production Q Total Figures MNOK Midnor Hydrotech Aurora Fossen Others Harvested Revenues 278,1 188,7 99,6 64,4 91,0 721,7 EBIT before biom.adj. 93,2 32,2 29,6 6,2 8,3 169,5 EBIT 87,8 29,6 50,8 10,4 8,3 186,9 Volumes (gwtt) 9,2 6,6 3,8 1,3-20,9

36 Key Figures Production 2006 Total Figures MNOK Midnor Hydrotech 1) Aurora Fossen 2) Others Harvested Revenues 872,9 258,4 388,5 177,0 315,1 2011,9 EBIT before biom.adj. 360,1 56,2 131,6 35,6 18,0 601,5 EBIT 424,3 33,0 175,2 36,9 18,0 687,4 Volumes (gwtt) 27,2 17,6 13,7 4,9-63,4 1) Included from , volumes from ) Included from , volumes from

37 Norskott Havbruk NOKm Q Q Revenues EBITDA EBIT bef adj biom EBIT Pre tax Volumes (gwtt) 7,0 5,5 20,1 20,7 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt Net interest bearing debt

38 Hydrotech AS NOKm Q Q Revenues EBITDA EBIT bef adj biom EBIT Pre tax Volumes (gwtt) 6,6 3,7 17,6 12,4 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt

39 Agenda 1. Market glance 5

40 50 Fresh Atlantic Salmon Norway (4-5 kgs) price development week week (FHL/NSL) NOK/kg Figures per Source: FHL/NSL

41 Oslo Salmon export from Norway as of week Fresh atlantic salmon, cross-section, FCA NOK / kg Oslo Q1-02 Q2-02 Q3-02 Q4-02 Q ,04 21,77 20,16 20,76 20,42 46,00 44,00 42,00 40,00 38,00 36,00 34,00 32,00 30,00 28,00 26,00 24,00 22,00 20,00 18,00 16,00 14,00 Q ,92 Q ,09 Q ,35 Q ,38 Q ,10 Q ,26 Q ,23 Q ,44 Q ,89 Q ,86 Av. Q4-05 NOK Av. Q4-06 NOK Down by 0.1 %. Av. 06 NOK 32.8, up 26.9% vs 2005 Q ,94 Q ,24 Q ,72 Q ,44 Q ,92 Q ,50 W 1-02 W 5-02 W 9-02 W W W W W W W W W W W 1-03 W 5-03 W 9-03 W W W W W W W W W W W 1-04 W 5-04 W 9-04 W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W 4-07 Figures per Source: FHL/NSL

42 Market development for Atlantic Salmon from Norway Jan-Dec 2005 vs Jan-Dec 2006 Volume 2005 Volume 2006 Change Value 2005 Value 2006 Change EU % % Others % % Japan % % Russia % % USA % % In total % % Volume in tons round w eight. Value in thousand NOK. Figures per Source: NSEC

43 Atlantic salmon supply In tons WFE Change Change Change Change E 05E-06E 2007 E 06E-07E Norway % % % % United Kingdom % % % % Faroe Islands % % % % Ireland % % % % Iceland % % % % Total Europe % % % % Chile % % % % Canada % % % % Australia % % % % USA % % % % Others % % % % Total America % % % % Total World-wide % % % % Figures per Source: Kontali / SSPO / CE / HL

44 Drivers Salmon per Norway total export volume of Atlantic Salmon ( mt WFE) + 4 % Norway EU (volume Atlantic Salmon) ( mt WFE) + 7 % Norway EU (value Atlantic Salmon) ( MNOK) + 29 % Sales of fish-feed in Norway ( mt) + 9 % Figures per Sources: NSEC / Kontali / FHL

45 Thank you!

Lerøy Seafood Group. Quarterly report Third quarter November 1 st Ole-Eirik Lerøy. Helge Singelstad. President & CEO

Lerøy Seafood Group. Quarterly report Third quarter November 1 st Ole-Eirik Lerøy. Helge Singelstad. President & CEO Seafood Group Quarterly report Third quarter 2006 November 1 st 2006 Ole-Eirik President & CEO Helge Singelstad Vice president & vice CEO Agenda 1. 1 Considerations 2. 2 Key financial figures Q3 2006 3.