4Q14 update Share Price: NOK 18.6 ( ) 19 February 2015 Target: NOK 30 (18.6)

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1 Havfisk ASA BUY 4Q14 update Share Price: NOK 18.6 ( ) 19 February 2015 Target: NOK 30 (18.6) Share data (NOK m) 18 Feb 2015 Sector Fisheries Reuters/ Bloomberg HFISK Risk rating Medium risk Outst shares (m) 84.6 Market cap NIBD 956 Enterprise value Free float % 15 % Av volume (thous) 30 High/ low 52w 20.6 / 9.6 Weight OSEAX % Rel. Perf % (3/6/12 mts) 40/ 62/ 97 Abs. Perf. % (3/6/12 mts) 42/ 64/ 107 Strong HFISK 12m share performance in line with the white fish market 120% 100% 80% 60% 40% 20% 0% -20% feb.14 apr.14 jun.14 aug.14 okt.14 des.14 feb.15 Prepared by analysts: Bent Rølland Fondsfinans AS TEL: br@fondsfinans.no Philip M. Scrase Fondsfinans AS TEL: ps@fondsfinans.no OSEBX HFISK DOM New harvesting regulations in place Restructuring the Havfisk fleet next 12 months Recently the Norwegian Government approved increasing Total Allowed Catch (TAC) per trawling vessel from 3 to maximum 4 quotas. This is highly positive for HFISK as the company will be able to restructure the fleet over the next 12 months. We forecast that five to six HFISK vessels will be able to carry 4 quotas. Stamsund will probably be converted to fresh fish trawling only, while 3 remaining vessels should be sold (without quotas). The restructured HFISK fleet (8 vessels) will be much more efficient and better utilised. Annual cost savings are most likely in the area of NOK 50m. HFISK reported 4Q revenues of NOK 314m, up from NOK 260m last year (+20% Y/Y). EBITDA came in at NOK 96m vs. NOK 93m last year (+3%) while harvesting volumes went down by t from t last year to t (- 19% Y/Y). Even though cod volumes were down by 24%, EBITDA increased Y/Y. Demand for white fish is good, and reduced quotas contributed to higher first hand prices, and we forecast a supply driven markets to continue next 5 years. Our updated model is based on 2015E cod price of around NOK 21.5 (21) H/G kg. For 2016 we implement a cod price equal to NOK 24/kg. We estimate 2015 and 2016 EBITDA of NOK 403m and NOK 445m respectively. The new fleet program is finalized and 2015 CAPEX is only NOK 40m according to the company. The Glitnir-trial is scheduled for March 4. NIBD will increase by around NOK 200m if HFISK loses this trial. Turning to 2016 valuation, we implement EV/EBITDA target of 6 and conclude share price values of NOK 30 per share as our updated target. Given positive outcome of the Glitnir trial, the company has indicated dividend payments from Key figures (NOK m) E 2016E 4Q13 1Q14 2Q14 4Q14 1Q15E 2Q15E Total revenues Av. price/kg Op cost EBITDA EBITDA-margin 9 % 27 % 24 % 27 % 29 % 32 % 35 % 36 % 32 % 21 % 32 % 32 % 31 % EBIT PTP EPS EPS adj.(incl tax credits) DPS NIBD Cod Saithe Haddock Halibut, praw ns, redfish Total fishing (H/G) Cod vol. Y/Y 38 % 30 % 9 % 40 % -9 % -10 % -8 % 67 % 28 % -39 % -23 % -10 % -10 % Fishing volumes Y/Y 9 % 11 % -1 % 1 % 5 % -6 % -6 % 41 % 20 % 3 % -19 % -6 % -7 % HFISK Cod price rep Cod price Y/Y 4 % 9 % -13 % -13 % 24 % 28 % 12 % 0 % 0 % 17 % 40 % 54 % 30 % EBITDA/kg Cost/kg EV/ Sales EV/ EBITDA EV/EBIT P/E adj n.m P/B FONDSFINANS AS, HAAKON VII S GATE 2, P.O. BOX 1782 VIKA, NO-0122 OSLO, TEL: , FAX: , mail@fondsfinans.no This report was prepared by an analyst engaged by Fondsfinans AS, the Norwegian affiliate of Fondsfinans Inc., who is not registered as a research analyst with FINRA or subject to FINRA rules governing research. See page 9 of this report for Important Disclosure Information.

2 Cod prices have started to climb as 2015 quotas are down (-10%) Longer term we expect supply shock within white fish categories to materialize The table below sums up Norwegian export of headed and gutted (H/G) cod in tonnes (FOB prices measured at the Norwegian border). The market has developed positively during the last couple of years, and through 2014 in particular. The cod export price YTD (fresh) is NOK 28.95/kg vs. NOK 18.9/kg last year (up NOK 10/kg). However, the export value YTD is NOK 188m vs. NOK 302m last year, as the Atlantic cod fishing is delayed this year. The high season normally starts in early February (from late February in 2015 prices should come somewhat down again for the high season). For frozen cod prices YTD are equal to NOK 24.5/kg vs NOK 15.5/kg last year (up NOK 9/kg Y/Y). Export value is down as the high season is delayed this year. Reference price (fresh only) Norwegian landings. Average price up around NOK 5/kg Y/Y these days Page 2 19 February 2015 Fondsfinans Research

3 The Norwegian/Russian commission approved the scientific quota advice for 2015, which is respected despite the Russian import ban 2015 quotas down 8% on average Cod quotas down 10% Y/Y for 2015 Suggesting 2016 quotas further down White fish quotas down for 2015 (-8%) We forecast 2016 quotas to be set further down (another 8%) Longer term we expect supply shock to materialize The table below gives an overview of white fish quota developments White fish quotas for 2015 are down 8% on average. We anticipate the lowering of quotas to continue, and expect 2016 quotas down another 8%. With lower quotas, white fish prices are set to climb further. The producer market power in the value chain will most likely increase. White fish quotas, WFE t (TAC) E 14/13 15/14 16/15 Cod (>62) % -10 % -8 % Haddock (>62) % 0 % -8 % Saithe (open) % -8 % -8 % Greenland halibut % 0 % 0 % Total white fish quotas* % -8 % -8 % *) Ex. redfish, prawns and greater argentine 9 % 15 % -6 % -8 % -8 % Fleet renewal completed in 2014: Trawlers Gadus Poseidon, Njord and Neptun are delivered and paid Very good timing as the Government has increased Total Allowed Catch (TAC) from 3 to 4 white fish quotas per vessel In September 2011, Havfisk announced that it had ordered the building and equipment of three new trawlers at STX OSV AS (Vard) in Romania and Norway (Vard Brattvåg). The first trawler, Gadus Poseidon, was delivered in 2Q13. Gadus Njord entered fishing in November 2013 and Gadus Neptun was delivered in March According to HFISK, the new trawlers consume at least 20% less fuel compared to the vessels being replaced (which consumed 13,000 litres of fuel per day). Fondsfinans Research 19 February 2015 Page 3

4 New vessels saving fuel and NOX tax. 3Q14 grant of NOK 25m 69.8 x 15.6m trawlers, double hull Hulls built at Vard in Romania and equipped at Vard Brattvåg at Sunnmøre All three vessels into long term Barents Sea trawling 18 month oil price hedge / 50% vol. announced at 4q Overview of present HFISK vessels HFISK fleet will probably be restructured from 10 to 8 vessels longer term when turning to max. 4 (3) quota per vessel Havfisk ASA - Vessel and quota overview after anticipated restructuring of the fleet No. Fishing vessel EV Trawler Built/modernized Gross ton Quotas Cod Saithe Haddock Redfish Prawn Halibut N. Sea Nordfjordtrål (sold at 4Q12 - NOK43m) 0 Combi Rypefjord. 4Q14 sold (41m) 0 Combi 2001/ Doggi (ex. Soløyvåg) 30 Combi 2001/ x x x x Fresh towards Forsøl Hammerfest Industrifiske AS 60% 30 Shareholder agreement Vestind II (ex Kongsfjord) 50 Freeze 2000/ x x x From 3 to 4 quotas x Hekktind (sold to Russia, NOK 46m) 0 Combi Gadus Njord 240 Freeze x x x From 3 to 4 quotas K. Arctander (Could be sold) 40 Combi 1995/2000/ x x 4 Havtind II (ex Polar Amarog) 70 Freeze 1997/ x x From 3 to 4 quotas Nordland Havfiske AS 100% Båtsfjord 60 Combi 1999/ x x x 6 Gadus Poseidon 240 Freeze x x x From 3 to 4 quotas x 7 Gadus Neptun 240 Freeze x x x From 3 to 4 quotas x 8 Stamsund 25 Fresh Fresh tow ards Forsøl Kongsfjord II (Could be sold) 50 Combi 1996/ Jergul (to be condemded) 1 Fresh To be sold Finnmark Havfiske AS 97.62% SOTP HFISK trawler values 930 NOKm Total cod and haddock quotas Additional North Sea quotas EV HFISK vessels to be sold 91 0 Source: Havfisk ASA/Fondsfinans Research At 4Q HFISK the sale of Rypefjord was closed at NOK 41m. We expect that the vessels marked in red could be sold during the next years (sales revenues of NOK 91m). Updated HFISK estimates (quarterly numbers) HFISK will utilize bycatch (redfish, prawn, halibut) more and more next years as cod /haddock biomass likely slides Havfisk ASA normally follows a different seasonal catch pattern than the coastal fleet, dampening seasonality in the market somewhat. In 2014 Havfisk modified two of its existing freeze trawlers to combi trawlers in order to facilitate a higher capacity also to deliver fresh white fish volumes when optimal. We believe that the older vessel, Stamsund, in the new fishing regime will be dedicated to deliver fresh fish only in order to meet the HFISK landing obligations. Page 4 19 February 2015 Fondsfinans Research

5 Strong 4Q fishing report: 4Q EBITDA of NOK 7/kg vs. NOK 5.3/kg last year HFISK, landing volumes H/G 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15E 2Q15E Cod Saithe Haddock Prawns Redfish, black halibut Total HFISK Total landings Y/Y -19 % 5 % -6 % -18 % -7 % 41 % 20 % 3 % 20 % -19 % -6 % -7 % Cod landings Y/Y 24 % 9 % -19 % 110 % 49 % 67 % 28 % -39 % 6 % -23 % -10 % -10 % Landing prices H/G 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15E 2Q15E Cod price/kg H/G Saithe price H/G Haddock price H/G Av. HFISK first hand price Harvesting cost/kg Harvesting cost/kg Y/Y Cost/kg Y/Y, pst 0 % -20 % -19 % -4 % 9 % -5 % -8 % 38 % 22 % 58 % 57 % 14 % EBITDA/kg Vessels in operation HFISK, NOK m 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15E 2Q15E Revenues EBITDA EBITDA-margin 17 % 27 % 24 % 20 % 24 % 36 % 32 % 21 % 29 % 32 % 32 % 31 % EBIT CFop Inventories NIBD* Source: HFISK/Fondsfinans Research*) 4Q14 NIBD ex provision for trial at Iceland (NOK 195m) 2014 cod price: NOK 16.9/kg 2015E cod price: NOK 21.5 (21)/kg up NOK 4.6 Y/Y 2016E cod price: NOK 24/kg GBP is up 15% Y/Y and EUR around 7-10% since last report Cost up by 19% for 2015 less volume will increase overhead/kg The crew will also get better paid as the catch value will increase Y/Y Number of vessels in operations will most likely be reduced from 10 to 8 from 2016E For 2H15 vessels in operations might be 9 HFISK Volumes H/G E 2016E Cod Saithe Haddock Praw ns Redfish, black halibut Total HFISK Total Y/Y 9 % 11 % -1 % 1 % 5 % -6 % -6 % Cod Y/Y 38 % 30 % 9 % 40 % -9 % -10 % -8 % Landing prices H/G E 2016E Cod price/kg H/G Saithe price H/G Haddock price H/G Av. first hand price Price increase Y/Y 16 % 2 % -9 % 0 % 29 % 26 % 8 % Harvesting cost/kg*) Harvesting cost/kg Y/Y Cost/kg Y/Y, pst 16 % -3 % -3 % -6 % 26 % 19 % 4 % EBITDA/kg Vessels in operation*) *) Restructuring the fleet from 2015 onwards - targeting 8 vessels in long term operation HFISK, NOKm E 2016E Revenues EBITDA EBITDA-margin 23 % 27 % 24 % 27 % 28 % 32 % 35 % EBIT CFop Inventories NIBD* *) Iceland trial provision not included in NIBD (NOK195m) Norway Seafoods Group AS (OTC-listed) No coverage Norway Seafoods shares transferred to HFISK shareholders in 2013 On February the OTC listed Norway Seafoods Group AS processing and sales company announced a NOK m investment programme running to 2017, aiming to create profitability in the land based industry in Nordland and Finnmark though increased sales and operational efficiency. The main processing plants at Stamsund, Melbu, and Båtsfjord will be developed further, while the smaller Mehamn plant now is sold towards local investors. The Government has approved that Havfisk is not obliged to deliver fresh fish Fondsfinans Research 19 February 2015 Page 5

6 The new high end Norway Seafoods cod loin to Nordic customerss Between 5-10% own branded fish volumes to the Mehamn plant any longer. This is positive news for both HFISK and Norway Seafoods. Cost will be reduced and the remaining plants could be developed. Further, a new smaller fresh fish plant at Forsøl close to Hammerfest will replace the large in-efficient Hammerfest plant (ex. Findus plant) that is for sale. The sale of the real estate property should, as we see it, be between NOK m. Finally, Norway Seafoods manages 6 sourcing stations at Stamsund,, Kleppstad, Skårvågen, Skarsvåg, Nesseby and Vardø that supplies the largerr secondary processing plant with additional important gutted raww material. In addition, Norway Seafoods operates 4 smaller first hand h processing plants at Tromvik (Kvaløya), Sørvær (Sørøya), Berlevåg and Kjøllefjord (Finnmark). HFISK is still obligated to offer fresh fish harvest to Norway Seafoods processing plants at Melbu, Hammerfest and Berlevåg on o a first-right-of-refusal basis. Such landing obligations increase, to some extent, costs. On-board processed and frozen fish has more landing flexibility than is the case for r fresh HOG fish. Today, around 70% of total HFISK volumes are frozen and 30% % is fresh. On the world market, frozen semi-finished goods are normally better paid. The Norway Seafoods new strategy involves a higher degree of specialisation of the 4 main processingg plants and a higher share of cod off high quality categories. The new Norway Seafoods strategy should clearly boost demand longer term. Another aspect, Norway Seafoods consider live storagee of wild-catch cod that could take place nearby the prosessing plants in Båtsfjord and Melbu. Live storage of cod in cages could contribute to smoothening seasonality and help developing consumerr demand all year around. In 2013 Norway Seafoods established itss own brandd name forr the retail customers, and the company underlines that product developments will be an key driver next decade. Recently, new consumer packed cod products have been introduced in the domestic market (both freeze and fresh products). Norway Seafoods, NOKm Revenues EBITDA EBITDA-margin EBIT CFop Inventories NIBD* Equity ratio 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q % 1 % 2 % 1 % -1 % -5 % 1 % % 23 % 21 % 19 % 19 % 18 % 19 % * NIBD distribution: Subordinated loan from HFISK of NOK 100m. Total 1Q (4Q) debt towards HFISK of NOK 206 (201)m 2Q14 3Q % 0 % % 17 % Norway Seafoods (processing) Primary processing Fresh share of processing Fresh VAP production Frozen VAP production Total VAP production Norway Seafoods (sales) Sale of primary process. products Sale of fresh VAP products Sale of frozen VAP products Total sale of VAP products Sale of unprocessed fish 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q n.r. 34 % 31 % n.r. 36 % 36 % 33 % Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Q14 3Q % 39 % Q14 3Q Havfisk ASA Implied value per white fish quota (NOK 80m) as TAC increases from 3 to 4 per vessel Quota values increase following the new harvesting system where one vessel is allowed to t carry 4 (3) white fish quotas increasing efficiency and reducing cost per kilo. If HFISK considers divesting some of o the quotas, such transactions will be much easier noww than in the old quota system. s Our r implied quota value of Page February 2015 Fondsfinans Research

7 NOK 80m is exclusive steel value, another NOK 960m see the table on page 4. Following the new harvesting system we have also calculated DCF-values of Havfisk equal to NOK 30 per share as a cross check. We calculate WACC equal to 6.9% and increase quota per vessel from 2.7 in 2014 to 3.7 in 2016E. At our 2016 EV/EBITDA target of 6 we calculate implied quota values equal to NOK 80m per piece, which should be a reasonable level given the new positive harvesting system. Theoretical sales value of the quotas should be higher. Our target is based on HFISK as a pure going concern. NPV values of NOK 30/share WACC: 6.9% Quota per vessel up from 2.7 in 2014 to 3.7 in 2016E Tax advantages of around NOK 135m Implied quota value of NOK 80m corresponds to share price value of NOK 30/share Provision of NOK 196m related to Iceland law suit equals NOK 2/share not included in our current NIBD Havfisk ASA - DCF model E 2016E 2017E 2018E Terminal Revenues Op cost EBITDA EBITDA% 24 % 27 % 29 % 32 % 35 % 31 % 32 % 32 % EBITDA/kg Depreciation EBIT Tax paid Op CF Net CAPEX (incl fleet program) Sale of vessels/plants Free cash flow No of Norw egian quotas HFISK H/G vol ('000 t) HFISK vol Y/Y, pst 1 % 5 % -6 % -6 % -5 % -6 % No of HFISK vessels Vessel utilisation, H/G, 1000 t Av. Price H/G kg Op cost per H/G kg Av. # quotas/vessel WACC 6.9% Tax advantages 135 Risk free return 2.5% NPV - Havfisk ASA Risk premium 6.0% Current NIBD 956 Beta 1.00 Net HFISK value Mcap/EV 64 % Shares 84.6 Return on debt 4.0% NPV per share 30 WACC 6.9% Source: Fondsfinans Research Havfisk ASA - Implied quota values at target Quotas Ownership Value* EBITDA15 EV Nordland Havfiske AS Finnmark Havfiske AS* Hammerfest Industrifiske AS, 60%/40% Additional trawling vessel values (own table) HFISK white fish quota values > 62 latitute Additional prawn/black halibut quotas Saithe quotas in the North Sea Greater silver smelt quotas EV HFISK NIBD (incl sale of vessels, Hammerfest) EV/EBITDA 516 Equity values Outstanding Shares (mill) 84.6 SOTP Havfisk ASA 32.3 Glitnir trial (Current provision not in NIBD) 196 Glitnir trial per share 2.32 Target price Havfisk ASA 30 Provision of NOK 196m related to Iceland law suit not in NIBD (equity adjusted only) 196 Iceland provision per share 2.32 *) HFISK value included 1.35 free quota that could be sold Source: Fondsfinans Research Risk assessment Always regulatory and market risks in wild-catch Our HFISK valuation is based on long term sustainable harvesting volumes of white fish in the North Sea, the Nordic Sea and the Barents Sea. Higher or lower sea water temperature may, in the long run, affect white fish stocks or the fish could migrate to other sea waters as for example the Russian zone. Thus, harvest volumes, price achievement and profitability may be affected. The figure below sums up the current Atlantic cod biomass situation in the Fondsfinans Research 19 February 2015 Page 7

8 Barents Sea (Source: Havforskningsinstituttet). A simple approach could indicate that the cod quotas should narrow the next 5 year period as the number of cod juveniles fell significantly in the period of (see the yellow line in the figure). The growing period of cod is between 7-9 years before harvesting. We expect the total cod biomass to culminate down the next years before stabilizing at a lower level. The annual issue of white fish quotas in the Barents Sea is subject to a bilateral agreement between Norwegian and Russian governments quotas were signed between the Governments even though there is an import ban on seafood in place. This was clearly positive. Fishing in the North Sea is subject to a multilateral agreement between EU-countries and Norway. Regulatory risks in white fish harvesting are generally higher than in other land-based industries. Page 8 19 February 2015 Fondsfinans Research

9 Definitions of ratings Buy Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 20%. Neutral Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -20% to +20%. Sell Low risk: min -5%. Medium risk: min -10%. High risk: min -20%. Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H). Target: Our valuation as of today. Time frame of target: Target is what we value the share as of today. Recommendation distribution as of : Companies in each recommendation category that have been investment banking clients over the past 12 months: Recommendation No Percent Recommendation No Percent Buy % Buy 2 6 % Neutral % Neutral 1 8 % Sell 1 2 % Sell 0 0 % Total % Total 3 Our intention is to issue preview and update research on a quarterly basis. Our investment recommendation is elaborated in accordance with The Norwegian Securities Dealers Associations standards. This report has not been sent to the company for correction of any factual errors. Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Fondsfinans has internal instructions and guidelines for handling sensitive information. The analysts receive compensation that is impacted by overall firm profitability, including investment banking activities. Fondsfinans is under supervision of The Financial Supervisory Authority of Norway. The recommendation has not been changed from BUY. The previous recommendation was issued Ownership per in Havfisk ASA: Analyst (including his/her closely related persons or companies): 0, corresponding to 0% of the company share capital Employees (including their respective closely related persons or companies): 0, corresponding to 0% of the company share capital Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries): 0, corresponding to 0% of the company share capital. Fondsfinans may hold shares in Havfisk ASA as a result of daily trading/market making. Information on such holdings is not given when of non-significant value. Fondsfinans do not act as market maker in Havfisk ASA. Fondsfinans has not acted as corporate adviser, lead manager in IPO etc. during the past 12 months. This report was issued and distributed DISCLAIMER This report is provided for information purposes only. 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10 Havfisk ASA Analysts: Bent Rølland and Philip M. Scrase Sector: Fisheries Price (NOK): 18.6 Shares outst.: 84.6m Date: 19.feb.15 Book equity per share (NOK): 8.7 Market cap (NOKm): Next result: 07.mai.15 Equity ratio: 29 % Net int.bearing debt (NOKm): 956 Target 30 Avg daily vol (90d): 29.7 Entrprise value (NOKm): Recommendation: Buy 12 months High / Low : 20.6 / 9.6 OSEBX: 606 Financial data (NOKm) E 2016E 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15E 2Q15E Operating income Costs of goods/other op. ex EBITDA EBITDA-margin 24 % 27 % 29 % 32 % 35 % 36 % 32 % 21 % 29 % 32 % 32 % 31 % Depreciation EBIT (operating profit) EBIT-margin 10 % 17 % 16 % 21 % 24 % 28 % 18 % 7 % 17 % 20 % 21 % 18 % Associates Net financial expences PTP (profit before tax) Taxes Profit for the period Outstanding shares (m) Adjusted result EPS EPS adj Op. CF/per share EV/Sales P/B EV/EBIT EV/EBITDA P/E adj Havfisk upstream E 2016E 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15E 2Q15E Operating income Cod revenues Saithe revenues Haddock revenues Praw n revenues Other rev. black halibut, redfish Operation costs EBITDA Depreciation EBIT (operating profit) HFISK Cod H/G HFISK Saithe, H/G (incl North Sea) HFISK Haddock, H/G Praw ns Redfish and black halibut Total harvesting Norw ay (H/G t) Harvesting grow th YoY -1 % 1 % 5 % -6 % -6 % 41 % 20 % 3 % 20 % -19 % -6 % -7 % Av. HFISK price (NOK/H/G) Cost per kilo (NOK/H/G) EBITDA (NOK/ H/G) Reference prices E 2016E 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15E 2Q15E First hand price, cod H/G First hand price, haddock H/G First hand price, saithe H/G Av. first hand sale price Price increase Y/Y -9 % 0 % 29 % 26 % 8 % 12 % 4 % 39 % 30 % 48 % 57 % 31 % Havfisk ASA (balance Sheet) E 2016E Shareholders ( ) Shares Per cent Intangible assets Aker ASA % Tangible fixed assets Marine Harvest ASA % Total intangible and intangible fixed assets Cortex AS % Financial fixed assets Converto Capital % Total assets Kontrari AS % Total equity SES AS % Total long-term liabilities Jim Øystein Holden % Total equity and liabilities Jah AS % NIBD Odd Knut Birkeland % CF Havfisk 10 Stator AS % From operations MP Pensjon % From investments Capreca AS % CF finance (incl dividend paid) State Street Bank % Net cash flow Other shareholders % Cash end of the period Total Shares %