Lerøy Seafood Group Quarterly report First quarter 2006 May 15th 2006 Ole-Eirik Lerøy President & CEO Helge Singelstad Vice president & vice CEO

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1 Lerøy Seafood Group Quarterly report First quarter 2006 May 15 th 2006 Ole-Eirik Lerøy President & CEO Helge Singelstad Vice president & vice CEO

2 Agenda 1. 1 Considerations 2. 2 Key financial figures Q Lerøy at a glance 4. 4 Market glance

3 Turnover LSG Mill. NOK

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

5 Return on capital employed (ROCE) before biomass adjustments Prosent * YTD 2006 * Target set before IPO 2002

6 Number of shareholders YTD

7 Shareholders Shareholder No. of shares Ownership share Profond AS* ,87 % Pareto Securities ASA ,91 % Skagen Vekst ,21 % MP Pensjon ,98 % Pareto Aksje Norge ,76 % Morgan Stanley & Co. Inc ,72 % Ferd AS Invest ,42 % Odin Norge ,81 % Lime AS* ,25 % Pareto Securities ASA ,16 % Credit Suisse Securities ,95 % Pareto Aktiv ,71 % J.P. Morgan Bank Luxembourg S.A ,41 % Odin Norden ,37 % Kverva Holding AS ,15 % Meidell AS ,13 % SIS Segaintersettle AG ,10 % George Harald Lerøy ,09 % J.p. Morgan Chase Bank ,07 % Vital Forsikring ASA ,04 % Total 20 largest share owners ,10 % Others ,90 % Total shares ,00 % *controlled by CEO Ole-Eirik Lerøy The company has a total of shareholders

8 Internal considerations Q All figures in mill NOK Q1-06 Q1-05 Change Change Turnover % % EBIT bef adj biom % % Operating profit % % Affiliated comp % % Pre-tax profit % %

9 Internal considerations Q Financially Solid Well positioned for future organic and strategic growth Annual General Meeting of Shareholders 24 May 2006 Proposed dividend NOK 1.80 per share Ex-dividend 26 May shareholders as of 3 May 2006 Consolidated business areas Satisfactory operation in production Development according to plans Difficult conditions for operations in sales and distribution Volatile Salmon prices Trade barrier from EU is negative in the long run Affiliated companies Low volumes in Q Satisfactory operation Acquisition of Fossen AS 23 April Consolidated from 1 May 2006

10 Fossen AS (100%) Location Hordaland, outside Bergen Smolt 1,0 mill. smolt per year Remaining on contract Farming 6,7 licences 2006E: gwt 2007E: gwt Smoke house processing Approx 80 employees

11 Fossen AS NOKm Q Q Revenues EBITDA EBIT bef adj biom EBIT* Pre tax Volumes (gwtt) 0,9 0,9 4,8 * Effect IFRS-adjustment 0,0 0,0 0,0 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt Net interest bearing debt

External considerations Q1 2006 Increasingly salmon and trout spot prices Prices up 8,9% from Q405, strong market in Q106 Prices in Q106 20,5% higher than comparable figures in Q105 Prices so far in

12 External considerations Q Increasingly salmon and trout spot prices Prices up 8,9% from Q405, strong market in Q106 Prices in Q106 20,5% higher than comparable figures in Q105 Prices so far in Q206 significantly 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

13 Agenda 1. 2 Key financial figures Q Lerøy at a glance 3. 4 Market glance

14 Resultatregnskap / Income Statement Q 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

15 Balanse / Balance Sheet Q Alle tall i NOK / All figures in NOK 1,000 Q Q 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

16 Balanse / Balance Sheet Q Alle tall i NOK / All figures in NOK 1,000 Q Q 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

17 Key figures - Lerøy Seafood Group Q Nøkkeltall / Key figures Q Q Resultatmargin / Profit margin 14,56 % 6,29 % 9,74 % Driftsmargin / Operating margin 14,26 % 5,80 % 8,56 % Resultat per aksje / Earnings per share 3,04 1,10 8,14 Utvannet resultat per aksje / Diluted earnings per share 3,00 1,09 8,08 Avkastning på sysselsatt kapital (annualisert) / ROCE 40,83 % 20,94 % 29,53 % Egenkapitalandel / Equity ratio 52,82 % 51,71 % 50,09 % Netto rentebærende gjeld / Net interest bearing debt Kontantstrøm per aksje / Cash-flow per share 5,69 2,06 4,13 Utvannet kontantstrøm per aksje / Dil. cash-flow per share 5,63 2,05 4,11

18 Lerøy Seafood Group segment information Q Book value Pre tax profit Sales and Distribution Affiliates 10 1 Total Sales and Distribution Production Affiliates Total Production Elimination / LSG ASA Total equity / pre tax profit

19 Affiliated companies, LSG-share profit after tax All figures in mill NOK Q Ko rr.varer / adj.invento ry Q Ko rr.varer / adj.invento ry 2005 Hydrotech-Gruppen AS (39%) Egersund Fisk AS (27%) Norskott Havbruk AS (50%) Andre / Others Sum / Total

20 Lerøy Seafood Group Consolidated Key figures 31 March 2006 Total equity (53 %) Net interest bearing debt mill NOK 221 mill NOK Total intangible assets Licences smolt / fish farming Norway 309 mill Goodwill / def. tax 142 mill 451 mill NOK Total LSG-shares May After share issue (3,4 mill shares) 24 April 2006

21 Agenda 1. 3 Lerøy at a glance 2. 4 Market glance

22 Lerøy Seafood Group ASA Sales Sales & Distribution Production Affiliated Hallvard Hallvard Lerøy Lerøy AS AS 100% 100% Lerøy Lerøy Sverige Sverige AB AB 100% 100% Nordvik Nordvik SA SA 90% 90% Portnor Portnor Lda Lda 60% 60% Lerøy Lerøy Alfheim Alfheim AS AS 100% 100% Lerøy Lerøy Midnor Midnor AS AS 100% 100% Lerøy Lerøy Aurora Aurora AS AS 100% 100% Fossen Fossen AS AS 100% 100% Lerøy Lerøy 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% Hydrotech Hydrotech Gruppen Gruppen AS* AS* 39% 39% Egersund Egersund Fisk Fisk AS AS ** ** 27% 27% Alfarm Alfarm Alarko Alarko Lerøy Lerøy 50% 50% *Salmon farming **Pelagicactivities

23 Lerøy Seafood Group Employees, 12 May 2006 Sales and distribution 372 Production and farming 426 Total Group 798 Affiliates 501 Total included affiliates 1299

Lerøy Seafood Group Norway s largest seafood exporter in 2005 11,0 % share of Norwegian Seafood tot exports value 15,4 % of Norwegian salmon export 14,6 % of Norwegian salmon export in 2004 30,8 % of

24 Lerøy Seafood Group Norway s largest seafood exporter in ,0 % share of Norwegian Seafood tot exports value 15,4 % of Norwegian salmon export 14,6 % of Norwegian salmon export in ,8 % of Norwegian value added salmon export Major shareholder in fish farming operations Lerøy Midnor AS (100%) Lerøy Aurora AS (100%) Fossen AS (100%) Scottish Sea Farms (50%), 2 nd largest Scottish salmon producer Hydrotech-Gruppen AS (39%) Sigerfjord Aqua AS (90,55 %)

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

26 Lerøy 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

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

28 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

29 Lerøy Seafood Group - Sales per market Q Rest of Europe 4,3 % USA and Canada 7,9 % Others 2,7 % Norway 12,4 % Asia Pacific 12,2 % EU 60,6 %

30 Lerøy Seafood Group - Sales per product Q Shellfish Other/other species 4,7 % 3,3 % Pelagic fish 3,5 % Salmontrout 3,1 % White fish 11,3 % Whole salmon 52,5 % Processed salmon 21,6 %

31 Strannes Røkeri AB

32 Lerøy Smøgen Seafood AB

33 Processing, France

34 Lerøy Seafood Group salmon/trout farming Company Ownership Licences Mill. smolt Volume gwt 2006E Volume gwt 2007E share individuals Total LSG share Total LSG share Lerøy Midnor AS 100 % 28 7, Lerøy Aurora AS 100 % 16 3, Fossen AS*) 100 % 6,7 1, Hydrotech Gruppen AS 39 % 17 6, Total Norway 67,7 18, Norskott Havbruk AS (UK) 50 % 6, Total 24, Consolidated, farming Affiliated, farming *) Consolidated from 1 May 2006

000 gwt 2005: 22.700 gwt 2006E: 26.000 gwt 2007E: 27.

35 Lerøy Midnor AS Smolt 7,0 mill. smolt per year Farming 28 licences (salmon/trout) 2004: gwt 2005: gwt 2006E: gwt 2007E: gwt Processing Capacity of 100 tonnes per shift Value adding Capacity of appr t per year Production of skin and bone free portions and fillets

36 Lerøy Midnor AS NOKm Q Q Revenues EBITDA EBIT bef adj biom EBIT* Pre tax Volumes (gwtt) 6,8 5,3 22,7 * Effect IFRS-adjustment 12,1 9,2 47,7 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt Net interest bearing debt

Lerøy Aurora AS Smolt 3.5 mill. smolt per year Farming 16 licences 2005: 8.

37 Lerøy Aurora AS Smolt 3.5 mill. smolt per year Farming 16 licences 2005: gwt 2006E: gwt 2007E: gwt Slaughtering station Capacity of tonnes per shift

38 Lerøy Aurora AS NOKm Q Q Revenues EBITDA EBIT bef adj biom EBIT* Pre tax Volumes (gwtt) 3,9 1,7 8,5 * Effect IFRS-adjustment 25,9 0,0 21,7 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt Net interest bearing debt

Norskott Havbruk (Scottish Sea Farms Ltd.) Smolt Self sufficient with high quality smolt Farming 2005: 20.

39 Norskott Havbruk (Scottish Sea Farms Ltd.) Smolt Self sufficient with high quality smolt Farming 2005: gwt 2006E: gwt 2007E: gwt Additional processing and sales Processing 2 processing plants Scotland mainland Shetland

40 Norskott Havbruk NOKm Q Q Revenues EBITDA EBIT bef adj biom EBIT* Pre tax Volumes (gwtt) 4,2 5,7 20,7 * Effect IFRS-adjustment -10,7-5,0 10,4 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt Net interest bearing debt

41 Hydrotech Gruppen AS (39%) Smolt 6,5 mill. smolt per year Farming 17 licences (salmon/trout) 2005: gwt 2006E: gwt 2007E: gwt Processing plant Well-boat shipping co.

42 Hydrotech Gruppen AS NOKm Q Q Revenues EBITDA EBIT bef adj biom EBIT* Pre tax Volumes (gwtt) 1,8 2,4 12,4 * Effect IFRS-adjustment 1,8 0,1 3,4 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt Net interest bearing debt

Egersund Fisk AS (27%) Shareholder structure Lerøy Seafood Group ASA 27% SalMar AS 27% Egersund Fiskeriinvestering AS 9% Others 37% (less than 4% each) Pelagic

43 Egersund Fisk AS (27%) Shareholder structure Lerøy Seafood Group ASA 27% SalMar AS 27% Egersund Fiskeriinvestering AS 9% Others 37% (less than 4% each) Pelagic activity Fish oil, fish meal Pelagic fish for consumption Nøkkeltall / Key figures 100% Q Q Turnover EBIT Pre tax profits

44 Agenda 1. Market glance 5

45 Fresh Atlantic Salmon Norway (4-5 kgs) price development week week (FHL/NSL) NOK / Kg 45,00 40,00 35,00 30,00 25,00 20,00 15,00 10,00 5,00 0, Figures per Source: FHL/NSL

46 Oslo Salmon export from Norway as of week Fresh atlantic salmon, cross-section, FCA. Av. Q1-05 NOK 23,44 Av. Q1-06 NOK 28,24 Up by 20,5 %. NOK / kg Oslo Q4-01 A.17,24 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 Q1-02 A.18,04 Q2-02 A.21,77 Q3-02 A.20,16 Q4-02 A.20,76 Q1-03 A.20,42 Q2-03 A.18,92 Q3-03 A.18,09 Q4-03 A.20,35 Q1-04 A.22,38 Q2-04 A.23,10 Q3-04 A.21,26 Q4-04 A.20,23 Q1-05 A.23,44 Q2-05 A.24,89 Q3-05 A 26,86 Q2-06 A 36,85 Q4-05 A.25,94 Q1-06 A 28, W W W W W 4-03 W W W W W W W W W Source: FHL/NSL

47 Market development for Atlantic Salmon from Norway Jan - Dec 2004 vs Jan - Dec 2005 Volume 2004 Volume 2005 Change Value 2004 Value 2005 Change EU % % Others % % Russia % % Japan % % USA % % In total % % Volume in tons round weight. Value in thousand NOK. Figures per Source: NSEC

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

49 Atlantic salmon supply Supply Change Change E 05-06E Norway % % Chile % % UK % % Canada % % Faroe Islands % % Ireland % % USA % % Others % % In total % % Figures per Source: Kontali / SSPO / CE / HL

50 Harvest quantities Atlantic Salmon World Wide Volumes in tons Yearly change in % % +6% +3 % +5 % +8 % % +7% % +11% E 2006E 2007E 0 Harvest Quantity Yearly change in % in harvest quantity Figures per Source: Kontali / SSPO / CE / HL

51 Drivers Salmon per Norway total export volume of Atlantic Salmon ( mt) + 8 % Norway EU (volume Atlantic Salmon) ( mt) + 11 % Norway EU (value Atlantic Salmon) ( MNOK) + 31 % Sales of fish-feed in Norway ( mt) + 0 % Figures per Sources: NSEC / Kontali / FHL

52 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.