Grieg Seafood ASA Q Morten Vike CEO. Atle Harald Sandtorv CFO. 15 May griegseafood.com

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1 Grieg Seafood ASA Q Morten Vike CEO Atle Harald Sandtorv CFO 15 May

2 Agenda Highlights Business Units (Regions) Financials Outlook 2

3 HIGHLIGHTS Q

4 Highlights Q First quarter results driven by strong salmon prices. EBIT before fair value adjustment of biomass was NOK 140m against NOK 51m in Seawater production up on last year due to higher water temperatures and improved fish health status. Substantially lower costs in Scotland and some improvement in Finnmark. Extraordinary charge related to the previously reported write-down of smolt in Canada and storm damage in the south of Norway, affects results negatively with NOK 26m. Grieg Seafood Finnmark nominated to be awarded four new green licences (April 2014). Tekst

5 Financial highlights Q Q Q Total operating income (TNOK) EBITDA operational (TNOK) EBIT operational (TNOK) EBIT operational / kg (NOK) 10,70 3,72 Harvest volume (tons gwe) % volume decrease. 27.2% average increase in realised prices NOK per kg op. EBIT in Norway (excl. extraordinary charge). 5

6 BUSINESS UNITS (REGIONS) 6

7 Business units performance Q Operational EBIT before biomass adjustment/kg gwt 9,52 8,05 15,94 4,93-5,44 2,57 10,08-2,93 Rogaland Finnmark BC Scotland Q1 14 Q1 13 Q1 14 Q1 13 Q1 14 Q1 13 Q1 14 Q1 13 Harvest (gwt) Sales MNOK

8 GSF Rogaland Significantly higher prices behind increased profitability. Severe storm damage on one site (as reported in Q4 report) with an extraordinary negative effect of NOK 17m (NOK 7.95 per kg). Higher costs y-o-y: Increased feed costs, treatment costs and contingency costs. Harvested site, previously diagnosed with PD in Q1. Seawater production below expectation, despite higher seawater temperatures: Weather conditions. Emergency harvest due to storm damage. Costs will come down in following quarters. Q Q Harvest (gwt) Sales revenues EBIT adj EBIT adj/kg 9,52 8,05 of which Markets NOK/kg 0,37 0,67 Operational EBIT before biomass adjustment 8

9 GSF Finnmark Significant price increase. Good operational performance. Slight cost reduction y-o-y despite underlying cost increases (feed etc.). EBIT per kg negatively affected by trout: Trout: NOK 13.8 per kg Salmon: NOK 16.9 per kg Final harvest of trout in Q Nominated for 4 new green licenses in Finnmark (total of 10). Seawater production somewhat better than plan (less positive temperature gain in Finnmark than in rest of Norway). Effect of smolt investment materialising in improved production results. Regional director Håkon Volden resigning by end of Q Q Q Harvest (gwt) Sales revenues EBIT adj EBIT adj/kg 15,94 4,93 of which Markets NOK/kg 0,14 0,42 Operational EBIT before biomass adjustment 9

10 New green licenses in Norway Total of 45 new green licenses to be awarded in 2014 (4-5% capacity increase). Grieg Seafood nominatedfor 4 new green licenses in Finnmark (40% of total capacity increase in Finnmark). Represents 17% capacity increase for Grieg Seafood Finnmark. Finnmark licenses to be awarded at a fixed price of NOK 10m per license. Nomination based best concepts in terms of 2 sustainability criteria (escapes and reduction of sea lice). Grieg Seafood Finnmark s application based on a comprehensive integrated (technical and operational) concept to meet both sustainability criteria, a.o.: Large smolts ( g) ECO nets Lice skirts Genetics Mooring sensors Lumpsuckers Specialized employee training module Licenses to be finally awarded following round of appeals from non-nominated applicants. 10

11 GSF BC (Canada) Significant increase in prices, but less than market average: Harvest timing Low superior quality share Smolt write-down (as reported in Q4 report) of NOK 9.1m (NOK 8.6 per kg). Highly unsatisfactory cost level due to very low production level (lost smolt stocking due to furunculosis in 2012). Good seawater production ahead of plan. Smolt stocking to reach level of 15,000 MT (2015) completed by May New generation in hatchery ahead of plan and historical performance. High share of pacific salmon in 2014 (33%). Final stocking of pacific salmon in January Q Q Harvest (gwt) Sales revenues EBIT adj EBIT adj/kg -5,44 2,57 Operational EBIT before biomass adjustment 11

12 GSF Hjaltland (Scotland) Significantly improved result, mainly driven by cost reductions and better biological performance. Some positive contribution of higher prices, but price realisation lagging market/norway: Contracts Weak spot market price realisation Integration of Scottish sales operations in Ocean Quality well underway and is expected to improve results going forward. Continued good operational and biological performance. Seawater production as planned. Escape of 26,000 harvest size fish (cost of NOK 1.6m). Cause identified and corrective actions implemented. New smolt plan being finalized. Expected to start production in summer Q Q Harvest (gwt) Sales revenues EBIT adj EBIT adj/kg 10,08-2,93 Operational EBIT before biomass adjustment 12

13 Ocean Quality AS (sales Norway associated company 60%) Only Norwegian sales per Q1. Improved price realisation vs. previous four quarters. Scotland operationally incorporated per Q1. Expected to be consolidated per Q2. All figures in NOK 1,000 Q Q Sales revenue (MNOK) 739,2 565,7 EBIT (MNOK) 6,2 8,7 Margin 0,8 % 1,5 % 13

14 Financials 14

15 Profit and Loss All figures in NOK 1,000 Q Q Total operating income EBITDA Depreciation and amortisation EBIT before biomass adj Fair value adj biological assets EBIT after biomass adj Share of profit from ass. companies Net financial Profit before tax Estimated taxation Net profit in the period

16 Net financial All figures in NOK 1,000 Q Q Changes in fair value from hedging instruments Net financial interest Net currency gain (losses) Dividends 0 0 Net other financial expenses /-income Net financial item

17 Investments Capex Maintenance level 17

18 Cash Flow Q Q Cash - opening balance EBITDA Inventory, trade payables and trade receivables Other adjustments Cash flow from operations Capital expenditure (fixed assets) Investments in associated companies 0 0 Change in other non-current receiveables Cash flow from investments Changes in interest-bearing debt Paid dividends 0 0 Net interest and financial items Cash flow from financing Currency effect on cash - opening balance Changes in cash (incl currency effect on cash) Cash - closing balance

19 Net Interest Bearing Debt NIBD NIBD/EBITDA NIBD NIBD/EBITDA (waiver ) 19

20 NIBD MNOK Q Q Term Loan Revolving Credit Bond Leasing Other interest bearing debt 5 11 Cash - closing balance NIBD

21 Balance sheet 1 ASSETS Goodw ill Licenses Other intangible assets Property, plant and equipment Investments in associtated and joint venture companies Other non-current assets Total non-current assets Inventories Biological assets Fair value biological assets Accounts receivable Other current receivables Derivates and other financial instruments Cash and cash equivalents Total current assets Total assets

22 Balance sheet 2 EQUITY AND LIABILITIES Share capital Treasury Shares Retained earnings and other equity Total equity Deferred tax liabilities Pension- and other obligations Subordinated loans Borrow ings and leasing Total non-current liabilities Short-term loan facilities Accounts payable Derivates and other financial instruments Other current liabilities Total current liabilities Total liabilities Total equity and liabilities

23 Key financial indicators Q Q EBITDA-margin before adj biomass 28 % 16 % EBIT-margin before adj biomass 22 % 10 % NIBD/EBITDA before adj biomass 2,4 122,1 ROCE before adj biomass 18 % 7 % Equity ratio 44 % 39 % 23

24 OUTLOOK 24

25 Harvest estimate Guiding 2014 (1,000 tons gw e) Rogaland Finnmark BC Scotland GSF Group Q1 2,1 5,8 1,1 4,1 13,1 Growth % -50 % 14 % -46 % 66 % -5 % Q2 4,6 7,3 1,5 4,2 17,6 Growth % -11 % 8 % 36 % 194 % 22 % Q3-Q4 11,8 12,4 4,4 9,7 38,3 Growth % 106 % 10 % 20 % 5 % 28 % Total 18,5 25,5 7,0 18,0 69,0 Growth % 23 % 10 % 4 % 37 % 19 % Maintained harvest estimates of 69,000 MT. Significant increase in Norway and Scotland. 64% of total harvest from Norway. Continued organic growth expected in

26 Supply outlook Higher supply growth in 2014 vs (winter temperatures), but not above long-term demand growth. Expected increased supply growth in Q2/Q3 (Norway). Market expected to be well balanced also in Norway (increased supply due to winter temperatures): 2013: -3% 2014: +7% Chile Lower growth rate: 2013: +29% 2014: +9% UK Limited growth: 2013: -1% 2014: 2% Canada No or limited growth: 2013: -16% 2014: 0% Global supply growth farmed salmon: '05-06 '06-07 '07-08 '08-09 '09-10 '10-11 ' YoY supply growth NOS (Norway) price development : 26

27 Outlook summary 2014 harvest volume guidance maintained at 69,000 tons (+19% vs. 2013). Q2 harvest volume expected at 17,500 tons (+22% vs. 2013). Q2 volume growth mainly originating from Scotland (reflection of significantly improved biological situation). Volume growth in Norway and Scotland in Costs normalising in Rogaland in next quarters. Significant cost reduction in Canada as production will be increasing/normalising. Continued good operational progress in Scotland volumes in Canada will remain low, although underlying production increasing in 2H Maintain expected harvest volume of 15,000 tons in Continued organic growth expected in coming years: Recovery in Canada. Unutilized capacity in Norway. Nominated for new green licenses in Norway and new sites in Scotland. 27

28 Thank you! 28

29 APPENDIX 29

30 Share info Number of shares million (after full conversion of bonds in August 2009). Last issues: Q MNOK new share issue. Subordinated convertible bond issue: Q mill. convertible at NOK 4.00 per share within % converted in Q % converted in Q EPS 0,69 NOK/share Q ,51 NOK/share Q Shareholder structure Largest 20 have 92.91% of total no. of shares. 30

31 Shareholders No. shares % GRIEG HOLDINGS ,97 % DNB NOR BANK ASA ,86 % NORDEA BANK NORGE ASA ,92 % KONTRARI ,00 % YSTHOLMEN ,57 % OM HOLDING AS ,34 % STATE STREET BANK AND TRUST CO ,12 % GRIEG SEAFOOD ASA ,12 % KVASSHØGDI AS ,90 % SKANDINAVISKA ENSKILDA BANKEN AB ,76 % GRIEG SHIPPING II AS ,74 % STATE STREET BANK & TRUST COMPANY ,40 % STOREBRAND VEKST ,40 % VERDIPAPIRFONDET PARETO NORDIC VAL ,38 % VERDIPAPIRFONDET DNB SMB ,34 % HSBC BANK PLC ,33 % SKANDINAVISKA ENSKILDA BANKEN AB ,20 % GRIEG LTD A/S ,19 % PICTET & CIE(EUROPE) S.A ,18 % MP PENSJON PK ,18 % Total 20 largest shareholders ,91 % Total other ,09 % Total numbers of shares ,00 % 31

32 Profit and Loss All figures in NOK 1,000 Q Q Total operating income Share of profit from joint venture Change in inventories Raw materials and consumables used Salaries and personnel expenses Other operating expenses EBITDA Depreciation and amortisation Depreciation and amortisation of licenses Impairment adjustments on assets 0 0 EBIT before biomass adj Fair value adj biological assets EBIT after biomass adj Share of profit from ass. companies Net financial Profit before tax and biomass adj Profit before tax Estimated taxation Net profit in the period

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