RS Platou. Oslo 4 June Geir Isaksen CEO

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1 RS Platou Oslo 4 June 2009 Geir Isaksen CEO

2 Global activities and key business areas Distribution of revenues ( NOK mill.) Feed Farming Agri Total* Percent of group total Norway % Chile % Canada % UK % Group Total % Eliminations Group Total Feed Farming * Total by country not adjusted for inter company sales Presence in all major salmon producing regions within both feed and farming 2

3 Farming : Growth and earnings development Growth in sales volumes by region Cermaq farming EBITA development (1000 T wfe) Scotland Norw ay CAGR 14% Canada Chile Total mill (NOKm) Scotland Norw ay 154 Canada 373 Chile A compound annual growth rate in sales volumes of 14% Organic growth and through acquisitions Very good profitability in Chile prior to ISA Solid performance in Canada and Norway Scotland poor results, restructuring underway 3

4 EWOS volumes Total feed market will drop more than farming volumes in 2009 Q1 reduction of 34% in EWOS is not indicative of the full year impact due to seasonality of feeding between regions Chile has normally the highest volume share in Q1 Total volume reduction in EWOS in 2009 expected to be around 15% EWOS margin still expected to improve this year Volume share by region Q109 7 % 10 % Norway Chile 50 % Canada Scotland 33 % Volume share by region Q108 9 % 5 % 36 % Norway Chile Canada Scotland 51 % 4

5 Chilean harvest 2008 Volumes up by 6,5 % in 2008 Atlantics increased by 9 % - Average size reduced by 0,5 kg - Average mortality rate increased especially in the last part of 2008 Trout increased 6 % Coho increased 2 % (but drop by season) Tonnes Thousands Atlantic Trout Coho 5

6 Biomass has dramatically decreased Dramatic drop in biomass from April 08 to April Total number of fish down from 120 million to 20 million for G6 companies Sales volumes in 2009 will be down by more than 50% Millions of Smolts Apr-08 Apr-09 for total industry Further drop into Less 500g Weight Grammes Above 5kg 6

7 Smolt release decreased The number of smolts released in 2008 was substantially reduced compared to 2007, especially in the last 3 months. Impact on 2010 production volumes 25,000 20,000 15,000 10,000 5,000 0 Atlantics smolt release Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 7

8 Why such a reduction? Sanitary situation is unstable - All areas are infected - Transmission of the ISA virus believed to take place in both fresh water and sea - Transferring Atlantic smolt under these circumstances implies high risk New Governmental regulations - All sites will have to be fallowed within the next 18 months ISA virus 8

9 Governmental measures Area management (neighborhoods) 53 neighborhoods established All sites in a neighborhood must be fallowed in a coordinated way for at least 3 months after maximum 24 months of production. Each neighborhood decides when they want to start their fallowing period, and if they want to apply shorter cycles than the maximum. Region X neighborhoods 9

10 New regulations The industry cooperates with the Government to improve regulations concerning transmitting of disease. The following regulations are already in effect: - Imported eggs: brood stock must be screened against ISA and PD - Domestic eggs: individual screening for ISA and other diseases - No transportation of live fish between sea sites - No mixing of species allowed - Closed containment for mortality, nets, etc - Mandatory effluent treatment at processing plants 10

11 Proposed regulations The following regulations are proposals expected to be implemented over coming months: - Improved monitoring of sea beds - Maximum four months to transfer fish to a certain sea site, in order to ensure no mixing of generations (single class) - Minimum one month fallowing for all sites (including lakes) - Dedicated Well Boats for smolt transfer or harvesting only 11

12 When back in business? Based in current transfers, production will stay low through 2010 Transfers will not increase until the sanitary situation has improved Improved sanitary situation require that the Governmental regulations are put in place Current financial stress makes access to capital restricted, will slow down growth even when the ISA is under control The new Government regulations will reduce capacity long term Chile, With regions 12

13 What will happen to Coho and Trout No rush by industry to stock more Coho and Trout Stocking levels remain at similar levels as last year Markets (demand) for these species are not growing at same fast rates as Atlantic salmon Cash constraints in Chilean industry give problems to fund working capital for growth 13

14 Mainstream Chile sales volume T GWE Q1 Q2e Q3e Q4e 2009e Q guiding Total Trout Coho Atlantic Latest company estimates 14

15 A different business Chilean salmon farming has had a very expensive experience, Mainstream Chile went from an EBIT of 555 MNOK in 2006 to a negative EBIT of 332 MNOK in 2008 A good coordination between the Government, companies and science is required to reshape the industry All other regions in fish farming must learn from this experience Chile will be back in business, and the business will be changed 15

16 Thank you 16

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