Marine Harvest Havbrukskonferansen 26. november 2014 Scenarios for global salmon production next five years

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1 Marine Harvest Havbrukskonferansen 26. november 2014 Scenarios for global salmon production next five years

2 Forward looking statements This presentation may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest s contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expectations of the completion and capacity of our fish feed plant, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt and various other matters (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Marine Harvest's business and results. These statements speak of Marine Harvest s plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. Our registration statement on Form 20-F filed with the US Securities and Exchange Commission in 2014 contain information about specific factors that could cause actual results to differ, and you are urged to read them. Marine Harvest disclaims any continuing accuracy of the information provided in this presentation after today. 2

3 Marine Harvest in brief One of the world's leading seafood companies - #4 measured in turnover By far the world's largest producer of Atlantic salmon, 430,000 GWT 2015E Fully integrated value chain Headquartered in Bergen, Norway Listed on the Oslo Stock Exchange and the New York Stock Exchange - Ticker code: MHG Volumes 2015E: Sales 2013: Salmon meals each day: 430,000 tonnes 5 million Employees: NOK 19 billion 10,800 in 24 countries 3

4 Fully integrated from feed to plate Bilder Bilder New #1 #1 4

5 Highlights Q Strong earnings - Operational EBIT NOK 912m - Sales contracts reduced impact of market disruptions - Large exceptional costs linked to biology in the quarter Successful start up of feed plant in Norway Agreement to purchase 40 thousand tonnes farming capacity in Chile Quarterly dividend of NOK 1.10 per share 5

6 Farmed Atlantic salmon is a niche segment of the total aquaculture market Atlantic salmon Sources: OECD-FAO Agricultural Outlook 2013 Kontali Analyse 6

7 Farmed Atlantic salmon expected to continue to grow but at a lower rate vs last 10 years (1) Sources: Kontali Analyse Note : (1) Marine Harvest does not provide guidance on industry supply beyond

8 Atlantic Salmon HOG thousand tons Industry supply growth of Atlantic salmon the last 10 years has been driven by Norway and Chile harvest volume Norway Chile North America UK Other 2014e harvest volume Sources: Kontali and Marine Harvest 8

9 Indicators determining harvest volumes Standing Biomass Source of information: Kontali Analyse Feed Sales Source of information: Feed companies Smolt Release Source of information: Producing companies Seawater Temperature Source of information: Meteorological institutes Disease Outbreaks Source of information: Media Vaccine Sales Source of information: e.g. ScanVacc 9

10 Atlantic Salmon HOG thousand tons Industry supply outlook for ,100 2,050 2,000 1,950 1,900 1,850 1, e harvest volume Norway (1) Chile (1) North America (1) UK (1) Other (1) 2015e harvest volume Low High Mid Low High Mid HOG tonnes (1,000) 2014E 2015E 2015E 2015E 2015E 2015E 2015E Norway % 6 % 5 % Chile % -3 % -6 % North America % 23 % 16 % UK % 14 % 8 % Other % 4 % 1 % Total % 5 % 3 % Note: (1) Supply estimates based on mid-points Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algae blooms etc. and market developments. 10

11 Tonnes WFE Current licensing regime in Norway Estimated MAB-utilisation in Norway E (1) Total MAB capacity (for commercial use) Total Biomass - Salmon and Trout e Source: Note : Kontali Analyse (1) Does not include the 6% temporary MAB increase 11

12 Tonnes HOG/GWE Output per license in Norway is quite stable and high Average harvest per license 2014E Average Norway Marine Harvest Norway Company A Company B Company C Company D Note: Marine Harvest estimates and company disclosures 12

13 Deliberate low capacity utilisation in Chile Salmonids production per license (HOG tonnes) Marine Harvest Company A Company B Company C Number of sea water licenses Source: Marine Harvest estimates 13

14 We have changed our production strategy in Chile and have ample spare capacity Harvest volumes MHG in Chile (HOG thousand tonnes) Market share harvest volumes in Chile (%) % % % % % % e 0 % e 14

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