Financial targets and investments in sustainable growth. Atle Harald Sandtorv, CFO

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1 Financial targets and investments in sustainable growth Atle Harald Sandtorv, CFO 79

2 Financial targets Growth Target tonnes in tonnes Cost At or below industry average NOK 37.9/kg in 2020 NOK 43.4/kg Financial NIBD/EBITDA < 4.5 Equity ratio > 35% NIBD/EBITDA 1.2 Equity ratio 47% Profitability Return on Capital Employed of 12% ROCE 24% Capital structure NIBD/harvest volume: NOK 20/kg NIBD/harvest volume: NOK 20.5/kg Dividend 25%-35% of the Group's net profit after tax adjusted for fair value appraisals Dividend NOK 2.0/share Pay-out ratio: 34% 80

3 Ambition to grow - targeting tonnes in 2020 Smolt release 26 million in million in 2018 Increasing smolt size from 142 grams in 2018 to 230 grams in 2020 Increase survival Smolt quality Smolt size Reduced time in sea Biosecurity 81

4 Aiming for cost at or below industry average Regional cost development E NOK/kg Finnmark NOK/kg Rogaland E 2019E 2020E E 2019E 2020E NOK/kg Shetland NOK/kg British Columbia E 2019E 2020E E 2019E 2020E 82

5 Targeting Group cost of NOK 37.90/kg in 2020 Increased survival NOK 3/kg Robust smolt - Reduced time in sea - Biosecurity Harvest cost NOK 1/kg E 2019E 2020E GSF cost excl. HQ (NOK/kg) Estimated industry average NOK 38/kg GSF Rogaland and Finnmark (NOK/kg) - Increased efficiency from higher volumes Miscellaneous NOK 1/kg - Precision farming - Procurement Weighted industry average cost in of NOK 38/kg* in 2020 *based on industry and analysts forecasts 83

6 Investments Total investments of NOK 650 million in 2018 Post-smolt strategy Digitalization in salmon farming Biosecurity and fish welfare Expansion opportunities NOK 100 million Expansion at Adamselv in Finnmark NOK 50 million Expansion at Trosnavåg in Rogaland NOK 20 million Central feeding operations Sensors and cameras Big data analytics IT infrastructure NOK 40 million Aeration systems Algal monitoring Lice skirts NOK 57 million New licence under traffic light system in Finnmark NOK 133 million New locations Maintenance investments NOK 250 million 84

7 Capacity expansion opportunities Improve utilization of current capacity in existing regions Acquisitions and joint ventures in existing regions New regions and new concepts 85

Investment opportunities assumptions Smolt facility Post-smolt facility Farming sites Biomass

capacity: 1 000 tonnes Number of units: 10 million Capital employed/smolt: NOK 13 Smolt-yield:

capacity: 10 000 tonnes Investment/kg: NOK 75 Investment: NOK 60m Average capital employed: NOK

tonnes Annual harvest: 2 000 tonnes Investment/kg: NOK 30 Average biomass recent 6 quarters:

capital employed: NOK 225m Annual capacity: 50 000 tonnes Investment/kg: NOK 9 Capital

8 Investment opportunities assumptions Smolt facility Post-smolt facility Farming sites Biomass Primary processing facility Investment: NOK 250m Average capital employed: NOK 125m Annual capacity: tonnes Number of units: 10 million Capital employed/smolt: NOK 13 Smolt-yield: 4 kg Investment/kg NOK 6 Investment: NOK 750m Average capital employed: NOK 375m Annual capacity: tonnes Investment/kg: NOK 75 Investment: NOK 60m Average capital employed: NOK 30m Smolt input per generation: 1million units Smolt-yield: 4 kg Harvest per generation: tonnes Annual harvest: tonnes Investment/kg: NOK 30 Average biomass recent 6 quarters: NOK 2bn Harvest potential on current biomass: tonnes Investment: NOK 450m Average capital employed: NOK 225m Annual capacity: tonnes Investment/kg: NOK 9 Capital employed/kg: NOK 3 Capital employed/kg: NOK 38 Capital employed/kg: NOK 15 Capital employed/kg: NOK 25 Capital employed/kg: NOK 5 86

9 Implied targets for various investment opportunities Capital employed per kilo (NOK/kg HOG) Expanding current MAB Onshore expansion New licences License * Smolt phase Post-smolt and farming phase Biomass Primary processing Total capital employed ROCE target 12% 12% 12% Investment per kilo (NOK/kg HOG) Expanding current MAB Onshore expansion New licences License * Smolt phase Post smolt and farming phase Primary processing Total investments Biomass/Working Capital Total funding need Implied EBIT target Cost target Implied break-even price * assuming average auction price per licence of NOK 195/kg MAB and annual harvest volume per MAB:

10 Funding secured through 2022 All figures in NOK Q YE 2017 Term loan Revolving credit Leasing Other interest-bearing debt Cash- closing balance NIBD excl. factoring Syndicated bank loans and credit facilities through Total credit framework ~NOK million - Revolving credit facility NOK million - Overdraft facilities NOK 100 million - Long-term loans NOK EUR 60 million Available cash NOK million as at Unused credit facilities NOK 891 million - Cash holdings NOK 198 million Strengthened cash flow from improved earnings Lower costs reduce working capital requirements 88

11 Creating shareholder value Maximize return through dividend and share value appreciation Dividend payout dependent on - Earnings/cash flow - Investments - Financial structure NIBD/harvest volume: NOK 20/kg Dividend an average of 25%-35% of the Group's net profit after tax adjusted for fair value appraisals 10.7 Earnings per share Dividends per share

12 Strong performance most recent 3 years Outperforming market and sector Three-year performance rebased Grieg Seafood OSE Seafood Index OSE Benchmark Index 90

13 Creating value for all stakeholders Shareholders Employees Society Environment Competitive return through dividend payments and share value appreciation Provide job opportunities for current and new employees Generate means to support the development of a better world Safeguard ability to operate sustainably 91

14 Summary

15 Photo: Eilert Munch

Grieg Seafood ASA. griegseafood.com. Andreas Kvame CEO. Atle Harald Sandtorv CFO. 8 November 2017

Grieg Seafood ASA. griegseafood.com. Andreas Kvame CEO. Atle Harald Sandtorv CFO. 8 November 2017 Grieg Seafood ASA Andreas Kvame CEO Atle Harald Sandtorv CFO 8 November 2017 1 Agenda Highlights This is Grieg Seafood Business Units (Regions) Financials Outlook 2 Highlights Q3 2017 Improved results