The Salmon Farming Industry in Norway 2007

The Salmon Farming Industry in Norway 2007 Analysis of the annual reports for 2006 Systemizing the World of Aquaculture and Fisheries www.kontali.com

1 Introduction...3 1.1 Biology 2006... 3 1.2 Prices... 6 1.3 Markets...6 1.4 Acquisitions in Norway... 7 2 Summary...8 3 Norwegian salmon farming industry...9 4 Analysis...10 4.1 Norwegian subsidiaries of the multinational companies... 10 4.1.1 Harvest quantity...10 4.1.2 Net sales...11 4.1.3 Profit and losses...11 4.1.4 Capital costs...12 4.1.5 Capital structure...13 4.2 The regional companies... 14 4.2.1 Profit and losses...15 4.2.2 Harvest quantity own fish...17 4.2.3 Financial costs...18 4.2.4 Equity...20 4.2.5 Liquidity...21 4.2.6 Return on Assets and Return on Equity...22 4.3 The small and midsized companies... 23 4.3.1 Net sales...24 4.3.2 Operating margins...25 4.3.3 Financial costs...26 4.3.4 Capital structure...27 4.4 Comparison of key figures between the categories... 28 5 Large Norwegian exporters...29 6.1. Net sales... 29 6.2. Operating profit / profit before taxes... 30 6.3. Operating margin / profit margin... 31 6 Short comments on the companies...32 6.1 Regional companies... 32 6.2 Large salmon exporters in Norway... 41 The Salmon Farming Industry in Norway 2007 Page 1/45

Appendix: 1. Profit and losses Regional companies in Norway 2006 2. Equity and debt Regional companies in Norway 2006 3. Profit and losses resume Small and midsized Norwegian companies 2006 4. Assets Small and midsized Norwegian companies 2006 5. Equity and debt Small and midsized Norwegian companies 2006 6. Operating profit per concession 2000-2006 Regional companies in Norway 7. Profit before tax per concession 2000-2006 Regional companies in Norway 8. Margins 1996 2006 Regional companies in Norway 9. Book value and concessions 2000-2006 Regional companies in Norway 10. Operating profit 1998 2006 Regional companies in Norway 11. Margins exporters 1999 2006 The Salmon Farming Industry in Norway 2007 PUBLISHED BY: Kontali Analyse AS PROJECT MANAGER: Tor Arne Vang: tor.arne.vang@kontali.no PROJECT-TEAM: Arnt Kjønhaug: arnt.fredrik.kjonhaug@kontali.no Peggy L. Klokseth: peggy.klokseth@kontali.no Monica Eikrem: Monica.eikrem@kontali.no CONTACT INFO.: KONTALI ANALYSE AS Industriveien 18 N-6517 KRISTIANSUND N NORWAY Tel: +47 71 68 33 00 Fax: +47 71 68 33 01 E-mail: mail@kontali.no Web: www.kontali.no The Salmon Farming Industry in Norway 2007 Page 2/45

1 Introduction Also this year, Kontali Analyse presents The salmon Farming industry in Norway, a benchmark report based on the accounting figures for 2006. 2006 turned out to be a very impressive year margin wise for the salmon farming companies in Norway with record margin, but it is still large variations in the performance of the companies as this report shows. Also in 2006, the industry structure has changed and by the end of 2006, 24 companies had 6 or more license. These companies we have still classified as regional companies, even though a few of these companies have been bought by other companies in late 2006 or in 2007. As earlier years, a group of randomly sampled small and midsized companies have been picked based on both geographical location and number of licenses. Some of the larger Norwegian exporters are also included in the report as earlier years. 2006 turned out to be a fantastic year financially for Norwegian salmon farmers. Record high prices during the summer, over NOK 45/kg, and combined with higher harvest quantities resulted in record margins. Several companies managed over 40 % in operating margins, while the regional companies as a group ended on average above 30 % in operating margin, which must be said to be very impressive. 1.1 Biology 2006 The ova inlay of Atlantic salmon was approx. 260 million eyed eggs in 05/06 season. This was an increase of approx. 25 million eyed ovas compared to the season one year ago, but in line with the ova inlay in the 01/02 and 02/03 season. A new regulation was introduced the 1 st of January 2005 in the ongrowing production (MAB maximum allowable biomass). This led to a higher demand of smolt, and an increasing ova yield. The smolt release of S1 06G was estimated to 106 million individs. This is in line with the release of S1 05G, and only 1 million higher than the release of S1 04G. The main reason of this stable smolt release of S1`s is adjustments to the MAB maximum allowable biomass. This adjustment gives a higher smolt release in the autumn and can give a shortage of the release of S1. The release of S0 06G was estimated to 76 million individs. This was an increase of approx. 20 million smolts compared to the autumn release in 2005. The sea temperature in the start of 2006 was back at a more normal level than the high temperatures in January and February 2005. The temperature increased towards the summer and was maybe a bit high in the south west region of Norway. After August the temperature remained high and the growth conditions during the autumn and winter was fantastic. The average weight on the standing biomass was at a record level. The relative feeding (feed per month/ standing biomass in the start of month) during 2006 was high, but a bit lower than in 2005. 2005 was characterized by a peak in the summer caused by good growth conditions on the large sized salmon. 2006 was a year characterized with more equal sea temperatures, and the growth conditions and relative feeding remained extremely good especially from June to December. The Salmon Farming Industry in Norway 2007 Page 3/45

% relative feeding 36 % 32 % 28 % 24 % 20 % 16 % 12 % 8 % 4 % 0 % Relative feeding Atlantic salmon Norway 2004-2006 2004 2005 2006 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 36 % 32 % 28 % 24 % 20 % 16 % 12 % 8 % 4 % 0 % % relative feeding The harvest quantity in 2006 was estimated to approx. 597 300 tonnes (wfe). This was an increase of approx. 25 100 tonnes (wfe) compared to the harvested quantity in 2005. Because of the good growth conditions compared with a strategy of increasing size of harvested fish, the average harvest weight increased from 4,79 kg (wfe) in 2005 up to 4,91 kg (wfe) in 2006. There was a slight decrease in the harvesting of trout in 2006. The total harvest quantity was approx. 57 100 tonnes (wfe), which was a decrease of approx. 2 500 tonnes (wfe) compared to 2005. The total harvest quantity of Atlantic salmon and trout was approx. 655 000 tonnes (wfe) in 2006. Harvest quantity Atlantic salmon Norway 2002-2006 In tonnes WFE 600 000 550 000 500 000 450 000 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 2002 2003 2004 2005 2006 The growth conditions during the winter 06/07 combined with an increasing smolt release of S0 both in 2005 and 2006 gives expectations of an increasing harvest quantity in 2007. The estimated harvest quantity in 2007 is 708 000 tonnes (wfe) of Atlantic salmon and approx. 72 000 tonnes (wfe) of trout. The Salmon Farming Industry in Norway 2007 Page 4/45

In tonnes WFE 110 000 100 000 90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 Harvest quantity trout Norway 2002-2006 2002 2003 2004 2005 2006 During 2006, it was sold approx. 988 000 tonnes of fish feed in Norway. Atlantic salmon and trout is consuming the main share of this feed, but with an increasing share to marine species and freshwater production of smolt. 842 000 tonnes was consumed by Atlantic salmon and approx. 89 300 tonnes was consumed by trout. The sale in 2006 showed an increase of approx. 9 % compared to the total feed sale in 2005. The total biomass of Atlantic salmon was approx. 424 000 tonnes (wfe) by the end of 2006. This was approx. 13 % higher than the standing biomass ultimo 2005. Tonn 910 000 840 000 770 000 700 000 630 000 560 000 490 000 420 000 350 000 280 000 210 000 140 000 70 000 0 Total feedsale Norway 2000-2006 2000 2001 2002 2003 2004 2005 2006 The Salmon Farming Industry in Norway 2007 Page 5/45

1.2 Prices The prices of Atlantic salmon and trout continued to increase in 2006. A relatively low standing biomass of the oldest generation in sea, combined with a strong demand, especially in the EU gave prices up to NOK 45 per kg FCA Oslo in the summer months. The monthly average price in June was approx. NOK 43.15 per kg. The supply from UK and Faroe Island remained more or less stable and was probably a reason of the rising prices. In July many packing station were closed and the harvest quantity was the lowest in several years caused by displacement in the harvesting of S1 06G. This combined with good growth conditions increased the average standing weights, and represented a higher harvest potential during the autumn. This led to decreasing prices compared to 1.half of 2006, even though they remained at a high level. The weighted average price for superior Atlantic salmon delivered FCA Oslo in year 2006 ended at 31,29 NOK/kg. That was approx. 6 NOK/kg higher than the average for year 2005. The prices for trout were good in 2006, mainly driven by a strong demand in the Russian market. This market was closed in a period of export of fresh products, and the product condition changed from fresh to frozen. The exports of frozen trout (head-off) fetched an average FOB exportprice of 33.98 NOK/kg. This was approx. NOK 5.17 per kg higher than 2005. Total exports of Atlantic salmon were approx. 17.1 billion NOK in 2006. This was approx. 26 % higher than the export value in 2005. The total export value for both Atlantic salmon and trout was approx. 18.6 billion NOK in 2006, which was an increase of approx. 3.7 billion NOK compared to 2005. 45,00 42,00 39,00 36,00 33,00 30,00 27,00 24,00 21,00 18,00 15,00 Weighted average price Norway 2004 - YTD 2007 (weighted average price, Atlantic salmon gutted,superior quality, FCA Oslo) 2006 2005 2004 2007 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 1.3 Markets 2006 started with import sanction of Norwegian fish to the Russian market. From 01.01.06 import of all fresh fish from Norway was stopped, caused by alleged findings of high levels of Cadmium and Lead in Norwegian salmon. During 1.quarter the governments agreed in a quality control of the packing station from Russian veterinary governments. 9 companies received the licence for exports of fresh salmon and trout to Russia. This was in any case a serious incident for Norwegian fish farmers in a market with a high growth rate previous years. The Salmon Farming Industry in Norway 2007 Page 6/45

It was exported approx. 36 500 tonnes (wfe) of Atlantic salmon, and approx. 21 000 tonnes (wfe) of trout. This was a decrease compared to 2005 of approx. 18 500 tonnes of Atlantic salmon and approx. 6 000 tonnes of trout. EU-25 is still the largest main market for Norwegian salmon. It was exported approx. 440 000 tonnes (wfe) of Atlantic salmon from Norway in 2006. It was an increase of approx. 29 000 tonnes (wfe) compared to 2005 (+ 7 %). In 2005 it was introduced a minimum import price from Norway to EU, which is still existing. Strong demand and a low growth in supply have given record prices of Norwegian salmon. The minimum import price was not a problem in 2006. The Japan market has been decreasing for several years, and Norwegian fish farmers experienced a further decline in 2006. During the year, it was exported approx. 27 000 tonnes (wfe) with Atlantic salmon, which was a decrease of approx. 11 % compared to the 30 500 tonnes (wfe) that was exported in 2005. 600 000 500 000 400 000 Sales of Norwegian salmon Export EU Export USA Export Japan Export others Domestic cons. 300 000 200 000 100 000 0 1995 1996 1.4 Acquisitions in Norway 2006 turned out to be a year with major changes in the Norwegian salmon farming industry. This was the year when Norwegian Cyprus based billionaire John Fredriksen first acquired Pan Fish, and then later Fjord Seafood and Marine Harvest. After receiving approval from the competition authorities, the three companies were merged in the beginning of 2007 to become the largest salmon farming company in the world, Marine Harvest Group. Another stock listed company, Cermaq, made acquisitions in 2006 through the salming farming division Mainstream. Langfjordlaks with 4 on growing licenses and Polarlaks with 12 on growing licenses, both operating in the county of Finmark were acquired in 2006. Lerøy Seafood Group acquired Fossen and Hydrotech Gruppen. Fossen is known as a large producer of large rainbow trout and producer of further processed products, while Hydrotech Gruppen acquired Aakvik Settefisk before the deal with Lerøy Seafood Group. In 2007, Lerøy Seafood Group later made a deal to take over Austevoll Seafoods farming division, Veststar with 28 on growing licenses. The deal was reported to be worth close to 1.1 billion NOK, making Austevoll Seafood the largest single shareholder in Lerøy Seafood Group. The Salmon Farming Industry in Norway 2007 Page 7/45

Also other large salmon farming companies in Norway were active acquiring companies throughout 2006. Salmar acquired Aure Havbruk and later in the year, Senja Sjøfarm with 8 on growing licenses in the county of Troms. They also acquired Halsa Fiskeoppdrett with 2 on growing licenses. In 2006, two large companies, Grieg Seafood and Volden Group merged, and the new company has 36 on growing licenses, making it the fifth largest salmon farming company measured by licenses in commercial use. Another merger took place between salmon farmer Seafarm Invest and processor Nova Sea, forming the company Nova Sea. The company also acquired Skjelbulaks with 2 on growing licenses. By the end of 2006, also 10 new licenses were issued in the county of Finnmark through a closed bidding round. Villa Gruppen owned Troika Seafarms got 7 licenses in eastern Finnmark, while Mainstream got 2 licenses and Grieg Seafood Finnmark (Volden Group) got 1 license. In tonnes WFE 1 300 000 1 200 000 1 100 000 1 000 000 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0 Harvest quantity Atlantic salmon World wide 2002-2006 2002 2003 2004 2005 2006E Norway Chile UK Canada Faroe Island Other 2 Summary Norwegian subsidiaries of multinational companies The merger between Marine Harvest, Pan Fish and Fjord Seafood was approved by the end of 2006, forming Marine Harvest Group. The three companies did however operate quite independently throughout 2006, except that Fjord Seafood sold their fish to Pan Fish in the later part of 2006. The companies did managed impressive operating margins in 2006, but are still slightly lower than the better regional and small and midsized companies, which has also been the case in earlier years. Regional companies In 2006 the large regional companies average operating margin reached 31.8% compared to 23.3 % in 2005. The profit margin was 32.1 % in 2006 and 22.6 % in 2005. Net finance costs were actually negative in 2006, which indicate the solid financial status of the companies The average equity ratio for the group as a whole was 37.2 % in 2006. In 2005 it was 32.5 %. The Salmon Farming Industry in Norway 2007 Page 8/45

Small/ midsized Norwegian companies The group of smaller companies had in 2006 an operating margin and profit margin of 31.4 % and 30.3 % respectively. The equity ratio for the smaller companies increased from 34.5 % in 2005 to 40 % in 2006, mostly due to very good results and retained earnings. Exporters Exports of Norwegian salmon and trout have over the last years been carried out by fewer and fewer companies, but in 2006 15 companies handled 80 % of the total exported quantity, compared to 17 in 2005. For the sample of exporters, 2006 turned out to a better year than 2005. The total net sales for our sample increased and the operating margin increased from 1.2 % to 1.7 % from 2005 to 2006. 3 Norwegian salmon farming industry The Norwegian salmon farming industry has developed from a structure of many small companies early in the nineties to an industry dominated by a few large companies today. Over the last couple of years, the larger companies have bought many of the mid-sized and regional companies making the larger companies even bigger in terms of license volume. Distribution Ongrowing licenses by group Nr. of companies 1994 1998 2002 Primo 2007 Nr. of licenses % Nr. of companies Nr. of licenses % Nr. of companies Nr. of licenses % Nr. of companies Nr. of licenses % 1 llicense 200 200 29 % 65 65 8 % 45 45 5 % 32 32 4 % 2-5 licenses 130 342 49 % 95 283 35 % 69 186 22 % 73 196 22 % 6-9 licenses 6 53 8 % 15 97 12 % 12 162 19 % 5 37 4 % 10-19 licenses 2 25 4 % 14 201 25 % 9 132 16 % 5 56 6 % 20-29 licenses 2 48 7 % 4 98 12 % 6 150 18 % 5 116 13 % 30-39 licenses 1 33 5 % 0 0 0 % 0 0 0 % 2 71 8 % 40-49 licenses 0 0 0 % 0 0 0 % 1 45 5 % 2 90 10 % Over 50 licenses 0 0 0 % 1 54 7 % 2 126 15 % 2 291 33 % Total 341 701 100 % 194 798 100 % 144 846 100 % 126 889 100 % The Salmon Farming Industry in Norway 2007 Page 9/45

4 The selection/sample The report has also this year divided the sample of salmon farming companies into three groups; Norwegian subsidiaries of large multinational companies, large regional Norwegian companies with 6 or more licenses and small/mid sized Norwegian companies with 1 5 licenses. Licenses COMPANY Included in the report Total No MTB % No MTB % Subsidiaries of multinational companies 230 187 038 100 % 230 187 038 26 % Regional companies (6-36 licenses) 389 320 610 100 % 389 320 610 44 % Small companies (1-5 licenses) 69 54 420 25 % 270 216 755 30 % TOTAL 688 562 068 78 % 889 724 403 100 % 5 Analysis 5.1 Norwegian subsidiaries of the multinational companies In 2006, major restructuring between the multinational companies took place. John Fredriksen controlled Pan Fish first acquired Fjord Seafood and later Marine Harvest, forming new Marine Harvest Group. The mergers were not finally approved before the end of the year, so the companies were still separate business units throughout 2006, but Pan Fish Norway sold Fjord Seafood s fish after the acquisition. 5.1.1 Harvest quantity Licenses per 31.12.2006 Harvest quantity Norway (Tonnes wfe) COMPANY No. MTB 2006 2005 2004 MARINE HARVEST NORWAY AS 99 83 538 90 000 95 000 70 000 FJORD SEAFOOD NORWAY AS 51 39 780 30 000 38 000 38 200 PAN FISH NORWAY AS 57 44 460 39 400 32 600 33 100 MAINSTREAM NORWAY AS 23 19 260 17 200 13 000 13 200 TOTAL 230 187 038 176 600 178 600 154 500 The Salmon Farming Industry in Norway 2007 Page 10/45

5.1.2 Net sales NET SALES - MILL. NOK COMPANY 2006 2005 CH. 05/06 2004 CH. 04/05 FJORD SEAFOOD NORWAY AS 1 007 1 093-7,8 % 904 20,9 % 873 MARINE HARVEST NORWAY AS 3 422 3 519-2,8 % 1 903 84,9 % 1 796 PAN FISH NORWAY AS 1 428 899 58,7 % 835 7,7 % 897 MAINSTREAM NORWAY AS 465 362 28,4 % 342 5,8 % 307 TOTAL 6 322 5 874 7,6 % 3 985 47,4 % 3 873 2003 Both Pan Fish Norway and Mainstream Norway increased their net sales by 58.7 % and 28.4 %, respectively, while Marine Harvest Norway and Fjord Seafood decreased their net sales by 2.8 % and 7.8 %. For Pan Fish Norway, Oppdrettslaks AS and Aqua Farms AS have been consolidated in Pan Fish Norway contributing to the higher net sales. For Mainstream Norway, Langfjordlaks AS has been consolidated in for November and December in the profit and loss statement. One reason for the lower net sales for Marine Harvest, is merger with Stolt Sea Farm AS, which resulted that 2005 figures include 13 months for Stolt Sea Farm AS. 5.1.3 Profit and losses The operating margin for Marine Harvest, Fjord Seafood and Mainstream ended above 30 % for 2006, with 30.1 % and 35.4 %, respectively. The operating margin for Pan Fish ended about 11.7 percentage points lower than Mainstream. The operating profit for Marine Harvest was more than 1 billion NOK in 2006. OPERATING PROFIT OPERATING MARGIN NET PROFIT PROFIT MARGIN COMPANY 2006 2005 2004 2006 2005 2004 2006 2005 2004 2006 2005 2004 MARINE HARVEST NORWAY A 1 031 096 376 629 21 806 30,1 % 10,7 % 1,1 % 1 015 905 397 906-26 159 29,7 % 11,3 % -1,4 % FJORD SEAFOOD NORWAY AS 347 077 203 370 14 027 34,5 % 18,6 % 1,6 % 321 492 154 584-53 867 31,9 % 14,1 % -6,0 % PAN FISH NORWAY AS 338 297 166 447 29 498 23,7 % 18,5 % 3,5 % 296 446 132 973-17 839 20,8 % 14,8 % -2,1 % MAINSTREAM NORWAY AS 165 005 93 039 27 527 35,5 % 25,7 % 8,0 % 157 291 89 032 11 844 33,8 % 24,6 % 3,5 % Average 1 881 476 839 485 92 858 29,8 % 14,3 % 2,3 % 1 791 134 774 495-86 021 28,3 % 13,2 % -2,2 % 2004 was a year with positive operating profit, but negative net profit for two of the companies, with companies results were influenced by restructuring cost. 2005 turned out be a good year for the multinational subsidiaries. Despite further mergers and restructuring, all four companies are showing profit margins above 20 %. The Salmon Farming Industry in Norway 2007 Page 11/45

COMPANY HARVEST QUANTITY (TONNES WFE) NET SALES PER KG HARVESTED OPERATING PROFIT PER KG. HARVESTED NET FINANCIAL COSTS PER KG HARVESTED 2006 2005 2006 2005 2006 2005 2006 2005 MARINE HARVEST NORWAY AS 90 000 95 000 38,02 37,05 11,46 0,02 0,17-0,22 FJORD SEAFOOD NORWAY AS 30 000 38 000 33,58 28,76 11,57 5,35 0,85 1,28 PAN FISH ASA 39 400 32 600 36,23 27,59 8,59 0,02 1,06 1,03 MAINSTREAM NORWAY AS 17 200 13 000 27,04 27,86 9,59 7,16 0,45 0,31 Average 176 600 178 600 35,80 33,26 10,65 4,70-0,51 0,36 Net sales per kg harvested fish increased in 2006 compared to 2005, from 33.26 to 35.80. Please note that the prices above are estimated for whole fish equivalent (wfe) and that some of the companies may have sold salmon for other companies, especially Pan Fish which sold fish for Fjord Seafood. Therefore, the figures above do not represent the achieved prices per kilo gutted weight. 5.1.4 Capital costs NET FINANCIAL COSTS FINANCIAL COSTS IN % OF NET. SALES COMPANY 2006 2005 2006 2005 MARINE HARVEST NORWAY AS 15 191-21 277 0,4 % -0,6 % FJORD SEAFOOD NORWAY AS 25 585 48 786 2,5 % 4,5 % PAN FISH NORWAY AS 41 851 33 474 2,9 % 3,7 % MAINSTREAM NORWAY AS 7 714 4 007 1,7 % 1,1 % TOTAL 90 341 64 990 1,4 % 1,1 % Average financial costs in percent of net sales increased from 1.1 % in 2005 to 1.4 % in 2006. This is slightly higher than the regional companies achieved, but at the same time, the figures are so low it can almost be neglected. The Salmon Farming Industry in Norway 2007 Page 12/45

5.1.5 Capital structure In MNOK Fjord Seafood Norway AS Pan Fish Norway 2006 2005 2006 2005 Marine Harvest Norway Mainstream Norway AS 2006 2005 2006 2005 Total 2006 2005 Intangible Assets 520 589 418 301 67 69 194 121 1 199 1 080 Tangible Assets 174 148 377 326 418 401 156 137 1 126 1 013 Financial Assets 9 9 57 10 444 162 14 10 524 192 Fixed Assets 703 54 % 746 60 % 853 42 % 637 47 % 929 23 % 633 21 % 364 49 % 268 55 % 2 849 35 % 2 285 37 % Inventories 388 274 595 303 971 861 246 143 2 200 1 580 Other Current Assets 222 233 582 427 2 078 1 538 134 75 3 016 2 273 Current Assets 610 46 % 508 40 % 1 177 58 % 729 53 % 3 049 77 % 2 398 79 % 380 51 % 218 45 % 5 216 65 % 3 853 63 % Assets 1 313 100 % 1 254 100 % 2 030 100 % 1 367 100 % 3 978 100 % 3 031 100 % 744 100 % 486 100 % 8 065 100 % 6 138 100 % Equity 759 58 % 528 42 % 922 45 % 607 44 % 1 387 35 % 822 27 % 254 34 % 131 27 % 3 322 41 % 2 087 34 % Long term liabilities 486 37 % 581 46 % 717 35 % 651 48 % 885 22 % 1 251 41 % 448 60 % 324 67 % 2 536 31 % 2 807 46 % Current liabilities 68 5 % 145 12 % 390 19 % 108 8 % 1 705 43 % 958 32 % 43 6 % 32 7 % 2 207 27 % 1 243 20 % Equity and liabilities 1 313 100 % 1 254 100 % 2 030 100 % 1 367 100 % 3 978 100 % 3 031 100 % 744 100 % 486 100 % 8 065 100 % 6 138 100 % Return on total assets 26,4 % 16,2 % 16,7 % 12,2 % 25,9 % 12,4 % 22,2 % 19,1 % 10,2 % 2 % Equity % 57,8 % 42,1 % 45,4 % 44,4 % 34,9 % 27,1 % 34,1 % 26,9 % 41,2 % 34,0 % Equity % ex ing. assets 18,2 % -4,9 % 24,8 % 22,4 % 33,2 % 24,8 % 8,0 % 2 % 26 % 16,4 % Return on Equity 42 % 29 % 32 % 22 % 73 % 48 % 62 % 68 % 54 % 37 % Current Ratio 8,90 3,51 3,01 6,74 1,79 2,50 8,87 6,85 2,36 3,10 Acid test Ratio 3,24 1,61 1,49 3,95 1,22 1,60 3,13 2,36 1,37 1,83 ROACE 26,5 % 15,9 % 23,2 % 14 % 65,0 % 33 % 26,7 % 20 % 37,8 % 20,4 % Assets turnover 0,77 0,87 0,70 0,66 0,86 1,16 0,62 0,74 0,78 0,96 The table above compares the capital structure among the multinational companies. Fjord Seafood had the highest equity percentage in 2006 with 57.8%, followed by Pan Fish, Marine Harvest and Mainstream. Marine Harvest had the highest return on equity with 73%, followed by Mainstream, Fjord Seafood and Pan Fish. The difference between the companies is much smaller when it comes to return on total assets, and Fjord Seafood had above 26 as the highest. It is also worth noting that the companies have improved their financial position over the last years and become quite solid as the current ratio indicates. Only Marine Harvest has a current ratio below 2 at 1.70 which still would not be considered as low. The acid test Ratio, defined as current liabilities less inventories divided by current liabilities, shows the same result, the multinational companies have a sound financial position in 2006 The Salmon Farming Industry in Norway 2007 Page 13/45

5.2 The regional companies COMPANY Licenses pr August 2007 Harvest quantity in 2006 (tons gutted weight) No MTB Salmon Trout Total SALMAR AS 37 28 860 29 800 0 29 800 VESTSTAR HOLDING AS (Lerøy Austevoll AS) 28 21 060 12 500 0 12 500 LERØY MIDNOR AS 28 21 840 27 000 0 27 000 NOVA SEA AS 28 24 440 19 770 0 19 770 SJØTROLL HAVBRUK AS 23 18 440 12 200 10 000 22 200 NORDLAKS HOLDING AS 23 16 620 29 910 3 000 32 910 LERØY HYDROTECH AS 22 17 160 20 000 0 20 000 GRIEG SEAFOOD FINNMARK AS 22 19 800 5 000 1 000 6 000 ALSAKER FJORDBRUK AS 20 15 600 10 930 0 10 930 VILLA GRUPPEN AS 19 16 740 5 000 0 5 000 LERØY AURORA AS 16 14 400 13 000 0 13 000 GRIEG SEAFOOD ROGALAND AS 14 11 700 8 500 0 8 500 SINKABERG-HANSEN AS 13 10 140 7 360 0 7 360 FIRDA MANAGEMENT AS 12 9 360 NA NA NA POLARLAKS AS 12 10 800 2 000 0 2 000 BREMNES FRYSERI AS 11 13 260 12 000 0 12 000 MIDT NORSK HAVBRUK AS 9 7 020 7 140 0 7 140 ARCTIC SEAFOOD HOLDING AS 9 7 500 5 000 0 5 000 SENJA SJØFARM AS 8 7 200 4 200 0 4 200 AS BOLAKS 8 6 240 6 000 0 6 000 HØLLALAKS AS (Ellingsen Seafood) 8 6 240 4 930 0 4 930 FJORDLAKS AQUA AS 7 5 590 0 12 000 12 000 LERØY FOSSEN AS 6 5 200 0 5 500 5 500 JØKELFJORD LAKS AS 6 5 400 3 550 0 3 550 TOTAL 389 320 610 245 790 31 500 277 290 From 2005, the license limitation is not volume, but total maximum biomass (MTB). The table shows all the Norwegian companies with six or more ongrowing licenses per 31.12.2006 in addition to number of licenses per August 2007. See chapter 7 for further information about the companies. In total, these companies had 389 licenses in the end of 2006 Even though some of the companies have been bought during 2006, they are still included in the list for 2006. Polarlaks have been bought by Cermaq, while Senja Sjøfarm has been bought by Salmar. Volden Group was merged with Grieg Seafood Rogaland to become Grieg Seafood Finmark. The Salmon Farming Industry in Norway 2007 Page 14/45

5.2.1 Profit and losses COMPANY 2006 2005 NET SALES CHANGE 05 / 06 2004 CHANGE 04 / 05 Operating margin Profit margin (before tax) 2006 2005 2004 2006 2005 2004 ALSAKER FJORDBRUK AS 373 269 308 580 21 % 245 067 26 % 41,6 % 39,4 % 20,7 % 54,4 % 38,2 % 18,3 % LERØY MIDNOR AS 872 906 596 418 46 % 413 026 44 % 41,3 % 27,2 % 8,1 % 40,5 % 25,3 % 5,0 % SALMAR AS 1 248 564 871 451 43 % 790 929 10 % 40,9 % 28,7 % 15,5 % 46,2 % 36,6 % 13,9 % AS BOLAKS 222 621 161 301 38 % 100 187 61 % 38,7 % 29,4 % 5,1 % 35,9 % 20,3 % -1,0 % MIDT NORSK HAVBRUK AS 221 625 122 267 81 % 103 848 18 % 37,4 % 32,6 % 17,2 % 36,0 % 32,0 % 15,0 % NOVA SEA AS 702 122 484 063 45 % 333 634 45 % 34,1 % 29,7 % 15,9 % 34,2 % 28,0 % 11,0 % LERØY AURORA AS 387 351 212 155 83 % 287 753-26 % 33,4 % 19,2 % -2,2 % 31,4 % 14,7 % -6,1 % HØLLALAKS AS (Ellingsen Seafood) 141 110 128 603 10 % 98 693 30 % 32,5 % 27,3 % 6,3 % 31,1 % 26,2 % 5,7 % LERØY HYDROTECH AS 605 474 373 899 62 % 318 568 17 % 32,4 % 26,4 % 5,9 % 30,4 % 24,7 % 2,8 % GRIEG SEAFOOD FINNMARK AS 180 267 120 091 50 % 93 576 28 % 31,6 % 19,4 % 12,0 % 31,1 % 22,1 % 8,6 % JØKELFJORD LAKS AS 111 803 73 109 53 % 68 957 6 % 29,9 % 24,0 % 18,7 % 29,1 % 22,7 % 16,8 % SJØTROLL HAVBRUK AS 716 710 581 203 23 % 412 554 41 % 29,9 % 25,5 % 9,1 % 33,8 % 22,2 % -2,9 % SENJA SJØFARM AS 169 017 125 889 34 % 123 454 2 % 29,1 % 25,0 % -8,2 % 22,5 % 19,4 % -16,3 % FJORDLAKS AQUA AS 321 131 279 380 15 % 315 319-11 % 27,6 % 19,1 % 5,7 % 23,5 % 17,3 % 4,3 % FIRDA MANAGEMENT AS 229 071 168 539 36 % 169 155 0 % 27,1 % 24,6 % 13,5 % 25,1 % 22,1 % 10,9 % BREMNES FRYSERI AS 328 662 328 395 0 % 251 455 31 % 26,7 % 16,8 % 0,4 % 30,7 % 21,4 % -5,4 % VESTSTAR HOLDING AS (Lerøy Autevoll AS) 341 165 348 918-2 % 248 092 41 % 25,7 % 7,7 % -7,3 % 21,6 % 3,6 % -11,9 % NORDLAKS HOLDING AS 890 312 675 185 32 % 390 502 73 % 25,1 % 22,6 % 10,4 % 23,5 % 21,5 % 13,0 % ARCTIC SEAFOOD HOLDING AS 166 417 106 804 56 % 88 133 21 % 24,7 % 14,5 % -4,5 % 20,5 % 8,5 % -12,5 % GRIEG SEAFOOD ROGALAND AS 253 728 235 051 8 % 246 314-5 % 23,7 % 9,4 % -19,4 % 21,2 % 6,7 % -26,6 % SINKABERG-HANSEN AS 401 518 295 980 36 % 220 143 34 % 21,8 % 12,9 % 11,3 % 22,3 % 12,5 % 10,4 % LERØY FOSSEN AS 223 647 207 720 8 % 161 084 29 % 20,0 % 9,5 % 7,9 % 17,7 % 8,4 % 5,5 % VILLA GRUPPEN AS 165 627 56 803 192 % NA NA 17,7 % 31,9 % NA 10,5 % 28,9 % NA POLARLAKS AS 54 863 54 072 1 % 54 354-1 % -17,3 % 12,7 % -16,3 % -21,6 % 7,6 % -20,8 % TOTAL 9 328 981 6 915 874 35 % 5 534 797 25 % 31,8 % 23,3 % 7,1 % 32,1 % 22,6 % 3,5 % Total net sales for the group have increased from NOK 6.9 billion in 2005 to NOK 9.3 billion in 2006 for the companies. Main reason is of course the higher prices for salmon in 2006 compared to 2005. On average, operating margin increased from 23 % in 2005 to above 32 % in 2006, which is all time high. Three of the companies had operating margins above to 40 %, and once again Alsaker Fjordbruk had the highest operating margin. It is also worth noting that only one company in the group lost money in 2006. 35 % 30 % 25 % 20 % 15 % 10 % 5 % 0 % -5 % -10 % -15 % Operating margin 1996-2006 1996 The average operating margin in the period 1996 2006 shows that salmon farming is a volatile business. The Salmon Farming Industry in Norway 2007 Page 15/45

COMPANY EBIT* 2006 EBITA** 2006 EBITDA*** 2006 NOK % NOK % NOK % SALMAR AS 511 050 40.9 % 511 050 40.9 % 542 596 43.5 % LERØY MIDNOR AS 360 121 41.3 % 360 121 41.3 % 394 284 45.2 % NOVA SEA AS 239 186 34.1 % 244 298 34.8 % 264 392 37.7 % NORDLAKS HOLDING AS 223 148 25.1 % 227 776 25.6 % 263 479 29.6 % SJØTROLL HAVBRUK AS 214 210 29.9 % 214 210 29.9 % 246 978 34.5 % LERØY HYDROTECH AS 195 988 32.4 % 196 388 32.4 % 218 146 36.0 % ALSAKER FJORDBRUK AS 155 101 41.6 % 158 827 42.6 % 176 313 47.2 % LERØY AURORA AS 129 397 33.4 % 129 397 33.4 % 144 284 37.2 % FJORDLAKS AQUA AS 88 767 27.6 % 88 917 27.7 % 100 291 31.2 % SINKABERG-HANSEN AS 87 720 21.8 % 87 720 21.8 % 97 509 24.3 % BREMNES FRYSERI AS 87 656 26.7 % 89 732 27.3 % 104 603 31.8 % VESTSTAR HOLDING AS (Lerøy Autevoll AS) 87 643 25.7 % 87 761 25.7 % 114 488 33.6 % AS BOLAKS 86 229 38.7 % 86 229 38.7 % 93 486 42.0 % MIDT NORSK HAVBRUK AS 82 895 37.4 % 82 895 37.4 % 86 508 39.0 % FIRDA MANAGEMENT AS 62 008 27.1 % 63 791 27.8 % 75 837 33.1 % GRIEG SEAFOOD ROGALAND AS 60 226 23.7 % 61 669 24.3 % 76 186 30.0 % GRIEG SEAFOOD FINNMARK AS 56 924 31.6 % 56 924 31.6 % 67 318 37.3 % SENJA SJØFARM AS 49 252 29.1 % 49 252 29.1 % 54 626 32.3 % HØLLALAKS AS (Ellingsen Seafood) 45 910 32.5 % 45 910 32.5 % 50 976 36.1 % LERØY FOSSEN AS 44 697 20.0 % 44 697 20.0 % 55 290 24.7 % ARCTIC SEAFOOD HOLDING AS 41 072 24.7 % 41 471 24.9 % 53 169 31.9 % JØKELFJORD LAKS AS 33 478 29.9 % 33 478 29.9 % 37 159 33.2 % VILLA GRUPPEN AS 29 322 17.7 % 30 167 18.2 % 56 231 34.0 % POLARLAKS AS -9 471-17.3 % -9 471-17.3 % -6 963-12.7 % Total 2 962 528 31.8 % 2 981 815 32.0 % 3 277 157 35.1 % *Earnings before interests and taxes **Earnings before interests, taxes and amortization of goodwill ***Earnings Before Interest, Taxes, Depreciation and Amortization The average EBIT level for the group reached 31.8 % in 2006, while the average EBITDA level for the group ended at 35.1 % in 2006. Alsaker Fjordbruk had the highest EBIT level. 10 of the 24 companies in the group ended with more than 30 % in EBITDA. The Salmon Farming Industry in Norway 2007 Page 16/45

5.2.2 Harvest quantity own fish Company Harvest Quantity (gutted weight) 2006 Net sales per kg own fish harvested Operating profit per kg own fish harvested Financial costs per kg own fish harvested 2006 2005 2004 2006 2005 2004 2006 2005 2004 SINKABERG-HANSEN AS 7 360 54,55 26,59 41,15 11,92 3,44 4,64-0,23 0,11 0,35 SALMAR AS 29 800 41,90 39,61 34,77 17,15 9,52 5,40-2,22-1,85 0,55 LERØY FOSSEN AS 5 500 40,66 32,97 30,39 8,13 3,12 2,39 0,94 0,36 0,73 SENJA SJØFARM AS 4 200 40,24 24,98 20,64 11,73 5,87-1,70 2,65 1,29 1,66 AS BOLAKS 6 000 37,10 23,04 16,42 14,37 6,77 0,84 1,05 2,08 1,01 NOVA SEA AS 19 770 35,51 25,05 16,24 12,10 7,61 2,58-0,03 0,57 0,79 ALSAKER FJORDBRUK AS 10 930 34,15 29,33 23,30 14,19 11,54 4,82-4,39 0,33 0,55 ARCTIC SEAFOOD HOLDING AS 5 000 33,28 20,15 26,07 8,21 2,91-1,17 1,39 1,20 2,08 VILLA GRUPPEN AS 5 000 33,13 0,00 0,00 5,86 0,00 0,00 2,38 0,00 0,00 LERØY MIDNOR AS 27 000 32,33 26,27 17,00 13,34 7,15 1,36 0,24 0,49 0,52 SJØTROLL HAVBRUK AS 22 200 32,28 28,70 25,06 9,65 7,33 2,29-1,25 0,95 3,03 JØKELFJORD LAKS AS 3 550 31,49 24,37 22,99 9,43 6,82 4,29 0,27 0,72 0,42 MIDT NORSK HAVBRUK AS 7 140 31,04 24,95 20,36 11,61 8,14 3,49 0,45 0,16 0,44 LERØY HYDROTECH AS 20 000 30,27 26,71 28,65 9,80 7,06 1,70 0,60 0,46 0,89 GRIEG SEAFOOD FINNMARK AS 6 000 30,04 27,11 20,34 9,49 5,26 2,44 0,14-0,74 0,70 GRIEG SEAFOOD ROGALAND AS 8 500 29,85 NA 17,42 7,09 NA -3,38 0,76 NA 1,25 LERØY AURORA AS 13 000 29,80 24,96 21,41 9,95 4,79-0,47 0,59 1,12 0,82 HØLLALAKS AS (Ellingsen Seafood 4 930 28,62 23,82 20,67 9,31 6,50 1,30 0,40 0,25 0,13 BREMNES FRYSERI AS 12 000 27,39 23,63 20,95 7,30 3,97 0,09-1,09-1,08 1,23 VESTSTAR HOLDING AS (Lerøy Au 12 500 27,29 25,56 25,29 7,01 2,40-1,84 1,13 1,13 1,17 NORDLAKS HOLDING AS 32 910 27,05 33,76 30,99 6,78 7,64 3,23 0,43 0,37-0,79 FJORDLAKS AQUA AS 12 000 26,76 23,28 31,53 7,40 4,44 1,79 1,11 0,41 0,42 POLARLAKS AS 2 000 0,20 17,44 21,92-4,74 2,21-3,57 0,01 0,88 0,98 FIRDA MANAGEMENT AS NA NA 22,47 26,02 NA 5,53 3,53 NA 0,56 0,68 TOTAL 277 290 32,82 26,34 24,27 10,46 6,13 1,49-0,12 0,28 0,91 These numbers are not necessarily comparable between different companies, but are informative anyway. A low value (net sales/kilos harvested) indicate that a company mostly sell the fish as whole, while a high value indicate that a company is producing fillets and other value added products. Please note that we have not been able to obtain harvest figures from all the companies directly and we have then used secondary sources. The figures must therefore be viewed as guiding estimates. 10,00 8,00 6,00 4,00 2,00 0,00-2,00-4,00 2,20 Operating profit per kg. harvest own fish 1997-2006 (NOK/kg) 3,16 4,41 9,84 1,18-1,54-2,42 1,49 6,13 10,46 The Salmon Farming Industry in Norway 2007 Page 17/45

5.2.3 Financial costs Financial costs in % of net sales Company 2006 2005 2004 ALSAKER FJORDBRUK AS -12,8 % 1,1 % 2,4 % SALMAR AS -5,3 % -7,9 % 1,6 % BREMNES FRYSERI AS -4,0 % -4,6 % 5,9 % SJØTROLL HAVBRUK AS -3,9 % 3,3 % 12,1 % SINKABERG-HANSEN AS -0,4 % 0,4 % 0,8 % NOVA SEA AS -0,1 % 1,7 % 4,9 % GRIEG SEAFOOD FINNMARK AS 0,5 % -2,7 % 3,4 % LERØY MIDNOR AS 0,7 % 1,9 % 3,1 % JØKELFJORD LAKS AS 0,8 % 1,3 % 1,8 % HØLLALAKS AS (Ellingsen Seafoo 1,4 % 1,1 % 0,6 % MIDT NORSK HAVBRUK AS 1,4 % 0,6 % 2,2 % NORDLAKS HOLDING AS 1,6 % 1,1 % -2,5 % FIRDA MANAGEMENT AS 2,0 % 2,5 % 2,6 % LERØY HYDROTECH AS 2,0 % 1,7 % 3,1 % LERØY AURORA AS 2,0 % 4,5 % 3,8 % LERØY FOSSEN AS 2,3 % 1,1 % 2,4 % GRIEG SEAFOOD ROGALAND AS 2,5 % 2,6 % 7,2 % AS BOLAKS 2,8 % 9,0 % 6,1 % VESTSTAR HOLDING AS (Lerøy A 4,1 % 4,1 % 4,6 % FJORDLAKS AQUA AS 4,2 % 1,8 % 1,3 % ARCTIC SEAFOOD HOLDING AS 4,2 % 5,9 % 8,0 % POLARLAKS AS 4,4 % 5,0 % 4,5 % SENJA SJØFARM AS 6,6 % 5,6 % 8,0 % VILLA GRUPPEN AS 7,2 % 3,0 % NA TOTAL -0,3 % 0,7 % 3,6 % The table shows the companies net financial costs in percent of their net sales. The financial costs have decreased from just below 1 % in 2005 to close to nothing in 2006. Both very high net sales and very low financial costs contribute to the low figure. The table below shows that the financial costs in percent of net costs are at a historical low, and the companies in the group had actually financial income. In addition to higher net sales, interest rates were also low throughout 2006, with the companies having solid equity ratios. 10 % Financial cost in % of net sales 8 % 6 % 4 % 2 % 0 % -2 % The Salmon Farming Industry in Norway 2007 Page 18/45

5.2.4 A long term study on profitability Company Aggregated turnover in NOK 1996-2006 Operating profit Profit before tax NOK % NOK % ALSAKER FJORDBRUK AS 1 890 832 517 939 27.4 % 521 339 27.6 % SALMAR AS 5 287 087 1 188 787 22.5 % 1 131 478 21.4 % NOVA SEA AS (SEA FARM INVEST) 2 928 083 614 427 21.0 % 506 554 17.3 % SINKABERG-HANSEN AS 1 750 809 272 453 15.6 % 255 768 14.6 % HØLLALAKS AS 898 523 124 096 13.8 % 93 604 10.4 % BREMNES FRYSERI AS 2 219 275 301 695 13.6 % 222 595 10.0 % LERØY HYDROTECH AS 3 491 950 478 797 13.7 % 303 354 8.7 % SJØTROLL HAVBRUK AS 4 091 358 350 879 8.6 % 272 820 6.7 % SENJA SJØFARM AS 965 937 71 546 7.4 % -3 274-0.3 % Total 23 523 854 3 920 620 16.7 % 3 304 237 14.0 % The weighted average operating margin for the selected companies is 16.7 %, while the accumulated profit margin (before taxes) ended at 14 %. Alsaker Fjordbruk AS has an accumulated profit margin of 27.6% and Salmar has had 21.4%. These figures are not necessary representative for the entire industry. Company Aggregated turnover in NOK 2000-2006 Operating profit Profit before tax NOK % NOK % ALSAKER FJORDBRUK AS 1 655 491 469 056 28.3 % 486 346 29.4 % SALMAR AS 4 978 437 1 173 223 23.6 % 1 126 013 22.6 % FIRDA MANAGEMENT AS 1 147 937 201 384 17.5 % 184 642 16.1 % MIDT NORSK HAVBRUK AS 1 294 778 222 174 17.2 % 183 920 14.2 % NOVA SEA AS (SEA FARM INVEST) 2 552 750 546 384 21.4 % 443 479 17.4 % SINKABERG HANSEN AS 1 580 908 228 692 14.5 % 217 769 13.8 % NORDLAKS HOLDING AS 2 784 534 503 038 18.1 % 491 391 17.6 % HØLLALAKS AS 730 109 116 294 15.9 % 104 364 14.3 % BREMNES FRYSERI AS 1 813 170 223 738 12.3 % 146 919 8.1 % FJORD LAKS AQUA AS 1 746 275 219 833 12.6 % 204 896 11.7 % LERØY HYDROTECH AS 2 726 512 411 343 15.1 % 318 926 11.7 % GRIEG SEAFOOD FINNMARK AS 626 616 82 705 13.2 % 94 778 15.1 % BOLAKS AS 846 334 123 124 14.5 % 90 156 10.7 % SENJA SJØFARM AS 786 072 61 415 7.8 % -4 278-0.5 % SJØTROLL HAVBRUK AS 3 631 859 275 308 7.6 % 192 979 5.3 % Total 28 901 782 4 857 711 16.8 % 4 282 299 14.8 % Among the companies included in the table above, 13 companies have achieved more than 10 % in accumulated operating margin during the last six years, compared to 9 last year. The sample has on average managed to get 16.8 % in accumulated operating margin, and 14.8 % in profit margin. Alsaker Fjordbruk AS has an accumulated operating margin of 29.4 % during the last six years. The Salmon Farming Industry in Norway 2007 Page 19/45

5.2.5 Equity Equity Ratio Company 2006 2005 Change 05 /06 Equity Ratio excl. goodwill and concessions Company 2006 2005 Change 05 /06 VILLA GRUPPEN AS 67,7 % 20,4 % 47,3 % VILLA GRUPPEN AS 57,1 % -3,2 % 60,2 % SINKABERG-HANSEN AS 53,6 % 45,3 % 8,3 % SINKABERG-HANSEN AS 47,7 % 37,7 % 10,0 % JØKELFJORD LAKS AS 51,7 % 42,8 % 8,9 % FJORDLAKS AQUA AS 45,0 % 31,7 % 13,2 % SJØTROLL HAVBRUK AS 49,7 % 38,7 % 11,0 % JØKELFJORD LAKS AS 44,1 % 32,6 % 11,5 % MIDT NORSK HAVBRUK AS 48,9 % 36,6 % 12,3 % LERØY AURORA AS 36,9 % 17,4 % 19,5 % FJORDLAKS AQUA AS 46,2 % 33,0 % 13,2 % MIDT NORSK HAVBRUK AS 36,0 % 20,0 % 16,1 % AS BOLAKS 42,3 % 23,3 % 19,0 % FIRDA MANAGEMENT AS 27,8 % 22,7 % 5,1 % SALMAR AS 39,0 % 33,9 % 5,1 % LERØY MIDNOR AS 24,3 % 19,9 % 4,4 % FIRDA MANAGEMENT AS 38,8 % 37,6 % 1,2 % GRIEG SEAFOOD FINNMARK AS 24,3 % 21,9 % 2,4 % NORDLAKS HOLDING AS 38,5 % 29,2 % 9,2 % AS BOLAKS 22,7 % 2,6 % 20,1 % HØLLALAKS AS (Ellingsen Seafood) 37,8 % 29,4 % 8,4 % NORDLAKS HOLDING AS 22,7 % 9,5 % 13,2 % LERØY AURORA AS 36,9 % 17,4 % 19,5 % HØLLALAKS AS (Ellingsen Seafood 22,7 % 8,9 % 13,8 % GRIEG SEAFOOD FINNMARK AS 35,1 % 35,0 % 0,1 % SJØTROLL HAVBRUK AS 21,8 % 7,2 % 14,5 % VESTSTAR HOLDING AS (Lerøy Aute 35,1 % 32,5 % 2,6 % BREMNES FRYSERI AS 17,2 % 11,7 % 5,5 % GRIEG SEAFOOD ROGALAND AS 34,7 % 29,9 % 4,8 % ALSAKER FJORDBRUK AS 14,9 % 19,2 % -4,3 % LERØY MIDNOR AS 33,0 % 33,5 % -0,5 % LERØY FOSSEN AS 12,8 % 26,8 % -14,0 % LERØY FOSSEN AS 32,5 % 37,7 % -5,2 % SENJA SJØFARM AS 11,9 % -6,7 % 18,6 % ALSAKER FJORDBRUK AS 32,4 % 45,1 % -12,7 % GRIEG SEAFOOD ROGALAND AS 9,2 % 0,6 % 8,6 % NOVA SEA AS 31,2 % 33,0 % -1,8 % NOVA SEA AS 6,1 % 1,3 % 4,8 % BREMNES FRYSERI AS 30,1 % 24,6 % 5,5 % SALMAR AS 5,2 % 14,9 % -9,7 % SENJA SJØFARM AS 27,0 % 11,2 % 15,8 % POLARLAKS AS -0,6 % -14,5 % 13,9 % LERØY HYDROTECH AS 24,2 % 41,6 % -17,4 % ARCTIC SEAFOOD HOLDING AS -1,0 % -11,4 % 10,5 % ARCTIC SEAFOOD HOLDING AS 21,2 % 11,2 % 10,0 % VESTSTAR HOLDING AS (Lerøy Au -3,7 % -9,6 % 5,8 % POLARLAKS AS 12,2 % -2,2 % 14,4 % LERØY HYDROTECH AS -31,1 % 12,3 % -43,4 % Weighted average 37,2 % 32,5 % 4,8 % Weighted average 13,7 % 11,2 % 2,5 % The average equity ratio increased by 4.7 percentage points from 2005 to 2006, compared to 12.5 percentage points from 2004 to 2005. Most of the companies do now have a solid financial situation after a couple of good years were they have retained a lot of their earnings. 45,0 % 35,0 % 25,0 % 15,0 % 5,0 % Equity Ratio Equity Ratio excl. goodw ill and concessions The graph shows the development in the equity ratio for the regional companies during the last ten years. The equity ratio has fluctuated between 17 % and 37 % on average for the group, and 2006 was the best level seen in these years. -5,0 % -15,0 % The red graph shows the equity ratio less intangible assets, as goodwill and concessions. That ratio has been negative from 2002 to 2004, but around 11 14 % for 2005 and 2006. The Salmon Farming Industry in Norway 2007 Page 20/45

60 % Financial structure for the regional companies 50 % 40 % 30 % 20 % 10 % The financial structure for the large regional companies has developed positively in 2006 with higher equity and lower long term debt, but with slightly higher short term debt. 0 % 1999 2000 2001 2002 2003 2004 2005 2006 Equity Long term debt Short term debt 5.2.6 Liquidity Liquidity Current Ratio Acid Test Ratio Company 2006 2005 2006 2005 LERØY AURORA AS 16,55 12,11 4,71 0,96 MIDT NORSK HAVBRUK AS 5,27 6,12 1,67 1,86 JØKELFJORD LAKS AS 4,16 2,71 0,90 0,59 GRIEG SEAFOOD FINNMARK AS 4,09 7,65 0,74 1,87 AS BOLAKS 3,58 1,63 1,04 0,36 FIRDA MANAGEMENT AS 3,11 2,66 0,66 0,40 VILLA GRUPPEN AS 2,86 1,47 1,40 0,42 SINKABERG-HANSEN AS 2,81 2,50 0,93 0,83 SJØTROLL HAVBRUK AS 2,75 2,05 0,54 0,59 GRIEG SEAFOOD ROGALAND AS 2,73 1,71 1,20 0,58 ARCTIC SEAFOOD HOLDING AS 2,51 1,57 0,33 0,20 BREMNES FRYSERI AS 2,36 1,80 0,24 0,30 FJORDLAKS AQUA AS 2,30 2,52 1,01 1,39 SALMAR AS 2,19 1,51 0,40 0,30 NOVA SEA AS 2,12 2,05 0,74 0,59 NORDLAKS HOLDING AS 2,01 2,47 0,78 0,72 LERØY MIDNOR AS 1,93 3,70 0,89 0,83 LERØY FOSSEN AS 1,78 3,69 0,63 1,53 ALSAKER FJORDBRUK AS 1,65 1,87 0,73 0,40 VESTSTAR HOLDING AS (Lerøy A 1,46 1,59 0,28 0,26 SENJA SJØFARM AS 1,22 1,10 0,22 0,33 HØLLALAKS AS (Ellingsen Seafoo 1,12 1,15 0,22 0,24 LERØY HYDROTECH AS 0,97 2,22 0,35 0,57 POLARLAKS AS 0,81 1,10 0,19 0,17 Weighted average 2,12 2,13 0,65 0,56 The current ratio is defined as Current assets divided by current liabilities. It is a general advice that the current ratio should be 2:1 or higher. The acid test ratio is defined as current assets less inventories divided by current liabilities. Current ratio is about the same in 2006 compared to 2005, a little above 2.1, which would be considered as an acceptable ratio for fish farming companies where need for working capital is high and long production cycle leads to high inventories. 2,5 Average current ratio 1997-2006 2,0 1,5 1,0 0,5 0,0 The Salmon Farming Industry in Norway 2007 Page 21/45

5.2.7 Return on Assets and Return on Equity Return on total capital Return on equity Company 2006 2005 Change 05 /06 Company 2006 2005 Change 05 /06 LERØY MIDNOR AS 43,2 % 30,3 % 12,9 % LERØY MIDNOR AS 128,4 % 84,4 % 44,1 % AS BOLAKS 39,4 % 22,9 % 16,5 % NOVA SEA AS 103,4 % 67,8 % 35,7 % LERØY AURORA AS 33,7 % 13,2 % 20,5 % AS BOLAKS 86,3 % 68,0 % 18,3 % MIDT NORSK HAVBRUK AS 33,4 % 20,8 % 12,6 % LERØY AURORA AS 85,8 % 58,0 % 27,8 % NOVA SEA AS 32,2 % 23,7 % 8,4 % ALSAKER FJORDBRUK AS 76,9 % 53,7 % 23,2 % JØKELFJORD LAKS AS 30,8 % 21,5 % 9,2 % MIDT NORSK HAVBRUK AS 65,6 % 55,6 % 10,0 % SINKABERG-HANSEN AS 25,9 % 14,7 % 11,2 % SALMAR AS 65,2 % 78,3 % -13,1 % NORDLAKS HOLDING AS 23,9 % 19,9 % 4,0 % LERØY HYDROTECH AS 64,4 % 46,7 % 17,7 % HØLLALAKS AS (Ellingsen Seafood 23,5 % 24,4 % -0,9 % BREMNES FRYSERI AS 63,4 % 66,4 % -2,9 % SALMAR AS 22,5 % 20,8 % 1,7 % HØLLALAKS AS (Ellingsen Seafood) 59,5 % 79,8 % -20,3 % FJORDLAKS AQUA AS 21,2 % 12,6 % 8,6 % NORDLAKS HOLDING AS 58,2 % 64,7 % -6,5 % ALSAKER FJORDBRUK AS 19,1 % 25,0 % -5,9 % JØKELFJORD LAKS AS 57,8 % 47,6 % 10,2 % SENJA SJØFARM AS 18,1 % 13,7 % 4,4 % ARCTIC SEAFOOD HOLDING AS 57,8 % 29,6 % 28,2 % FIRDA MANAGEMENT AS 18,0 % 15,6 % 2,4 % SENJA SJØFARM AS 51,7 % 94,6 % -42,8 % SJØTROLL HAVBRUK AS 17,9 % 14,0 % 3,9 % SINKABERG-HANSEN AS 49,3 % 31,4 % 17,9 % BREMNES FRYSERI AS 16,6 % 12,9 % 3,8 % LERØY FOSSEN AS 44,1 % 23,0 % 21,1 % LERØY HYDROTECH AS 16,6 % 20,8 % -4,2 % FIRDA MANAGEMENT AS 43,0 % 37,2 % 5,8 % LERØY FOSSEN AS 16,2 % 9,8 % 6,4 % GRIEG SEAFOOD FINNMARK AS 42,9 % 29,7 % 13,2 % GRIEG SEAFOOD FINNMARK AS 15,3 % 9,1 % 6,1 % SJØTROLL HAVBRUK AS 40,7 % 31,5 % 9,2 % ARCTIC SEAFOOD HOLDING AS 14,8 % 5,6 % 9,1 % FJORDLAKS AQUA AS 39,0 % 34,8 % 4,2 % GRIEG SEAFOOD ROGALAND AS 12,9 % 5,4 % 7,5 % GRIEG SEAFOOD ROGALAND AS 33,1 % 12,8 % 20,3 % VESTSTAR HOLDING AS (Lerøy Au 12,6 % 4,5 % 8,0 % VESTSTAR HOLDING AS (Lerøy Aut 30,0 % 6,5 % 23,5 % VILLA GRUPPEN AS 9,7 % 16,0 % -6,3 % VILLA GRUPPEN AS 8,6 % 71,1 % -62,5 % POLARLAKS AS -16,6 % 11,7 % -28,3 % POLARLAKS AS -170,6 % -312,5 % 142,0 % Weighted average 22,0 % 16,8 % 5,2 % Weighted average 59,6 % 50,3 % 9,3 % The table shows that the average return on the total assets has increased from 16.8 % in 2005 to 22 % in 2006. The two Lerøy companies, Midnor and Aurora, achieved a return above 43 % and 33 %, respectively in 2006, while also Bolaks was close to 40 %. The average return on Equity ended at 59.6 %, compared to 50.3 % in 2005, a major improvement from 2004. Only Polarlaks had a negative return on total capital and Return on Equity in 2006. The Salmon Farming Industry in Norway 2007 Page 22/45

5.3 The small and midsized companies The small and midsized companies include a group of 24 randomly sampled salmon farming companies with 1 5 ongrowing licenses located all over Norway. COMPANY Concessions pr. 31.12.2006 No MTB Arnøy Laks AS 3 2 700 Eide Fjordbruk AS 3 2 340 Emilsen Fisk AS 5 3 900 Eidesvik Laks AS 3 2 340 Knutshaugfisk AS 2 1 560 Pundslett Laks AS 3 2 340 Espevær Fiskeoppdrett AS 2 1 560 Feøy Fiskeoppdrett AS 3 2 340 Selsøyvik Havbruk AS 2 1 560 Bru Eigedom AS (Steinvik Fiskefarm) 5 3 900 Wenberg Fiskeoppdrett AS 2 1 560 Wilsgård Fiskeoppdrett AS 2 1 800 Stettefisk AS 1 780 Lovundlaks AS 4 3 120 Kobbevik & Furuholmen Fiskeoppdrett AS 5 3 900 Landøy Fiskeoppdrett AS 2 1 560 E. Karstensen Fiskeoppdrett AS 1 780 Marø Havbruk AS 1 780 Fylkesnes Fisk AS 3 2 340 Egil Kristoffersen & Sønner AS 5 3 900 Brilliant Fiskeoppdrett AS 2 1 560 Sulefisk AS 4 3 120 Langøylaks AS 2 1 560 K. Strømmen Fiskeoppdrett AS 4 3 120 TOTAL 69 54 420 These companies have 82 ongrowing licenses with a MTB of 65 160 tonnes in by the end of 2006. The companies have been randomly selected, but both based on geographical location and the number of licenses. The Salmon Farming Industry in Norway 2007 Page 23/45

5.3.1 Net sales NET SALES - MILL. NOK OPERATING PROFIT - MILL NOK NET PROFIT BEFORE TAXES - MILL NOK Company 2006 2005 CHANGES 05/ 06 2006 2005 2006 2005 Arnøy Laks AS 68 160 71 235-4,3 % 20 089 16 050 19 722 15 355 Eide Fjordbruk AS 73 757 33 282 121,6 % 28 407 1 534 27 862 1 283 Emilsen Fisk AS 137 734 74 907 83,9 % 58 372 11 783 57 694 9 657 Eidesvik Laks AS 50 668 30 996 63,5 % 14 438 3 736 12 577 1 595 Knutshaugfisk AS 35 193 35 635-1,2 % 13 472-403 13 122-441 Pundslett Laks AS 66 257 56 454 17,4 % 21 797 15 599 22 548 17 063 Espevær Fiskeoppdrett AS 44 740 20 882 114,3 % 11 141 3 761 10 155 1 091 Feøy Fiskeoppdrett AS 48 507 43 512 11,5 % 15 959 8 836 18 703 7 191 Selsøyvik Havbruk AS 49 868 37 893 31,6 % 18 059 12 111 18 070 11 385 Bru Eigedom AS (Steinvik Fiskefarm) 106 806 114 049-6,4 % 25 440 25 195 23 002 22 840 Wenberg Fiskeoppdrett AS 41 732 30 334 37,6 % 16 023 8 651 15 563 9 060 Wilsgård Fiskeoppdrett AS 44 046 45 970-4,2 % 10 492 11 582 9 586 10 353 Stettefisk AS 9 181 16 248-43,5 % 95 3 344 83 3 094 Lovundlaks AS 72 058 49 212 46,4 % 32 472 13 765 30 910 12 214 Kobbevik & Furuholmen Fiskeoppdrett A 123 604 88 024 40,4 % 36 563 21 513 32 452 19 391 Landøy Fiskeoppdrett AS 30 639 26 202 16,9 % 10 466 4 818 10 099 4 091 E. Karstensen Fiskeoppdrett AS 22 337 20 239 10,4 % 9 223 5 807 10 916 6 170 Marø Havbruk AS 22 535 18 097 24,5 % 8 908 3 259 9 216 3 407 Fylkesnes Fisk AS 42 752 24 249 76,3 % 15 774 4 416 15 224 5 864 Egil Kristoffersen & Sønner AS 78 516 64 396 21,9 % 20 658 8 228 19 205 6 859 Brilliant Fiskeoppdrett AS 24 647 22 451 9,8 % 3 663 4 002 757 1 892 Sulefisk AS 52 549 56 376-6,8 % 12 366 14 681 12 027 13 399 Langøylaks AS 26 360 25 820 2,1 % 4 849 5 419 4 261 4 789 K. Strømmen Fiskeoppdrett AS 56 855 53 769 5,7 % 9 373 10 988 9 611 10 849 Total 1 329 499 1 104 189 20,4 % 418 098 231 695 403 364 210 127 The total net sales for the group reached NOK 1 329.5 million in 2006, which is an increase of 20.4 % compared with the previous year. The small and midsized companies have improved their results. The operating profit ended at NOK 418.1 mill. in 2006 in compared to 231.7 mill in 2005. In the same period the net profit before tax increased with NOK 193.2 mill. It is not unusual that the net sales of smaller companies fluctuate. The Salmon Farming Industry in Norway 2007 Page 24/45

5.3.2 Operating margins OPERATING MARGIN PROFIT MARGIN COMPANY 2006 2005 2004 COMPANY 2006 2005 2004 Arnøy Laks AS 29,5 % 22,5 % 7,3 % Arnøy Laks AS 28,9 % 21,6 % 3,4 % Eide Fjordbruk AS 38,5 % 4,6 % 8,5 % Eide Fjordbruk AS 37,8 % 3,9 % 7,8 % Emilsen Fisk AS 42,4 % 15,7 % 7,5 % Emilsen Fisk AS 41,9 % 12,9 % 2,6 % Eidesvik Laks AS 28,5 % 12,1 % -5,0 % Eidesvik Laks AS 24,8 % 5,1 % -12,1 % Knutshaugfisk AS 38,3 % -1,1 % 18,6 % Knutshaugfisk AS 37,3 % -1,2 % 18,4 % Pundslett Laks AS 32,9 % 27,6 % 12,9 % Pundslett Laks AS 34,0 % 30,2 % 11,8 % Espevær Fiskeoppdrett AS 24,9 % 18,0 % -16,1 % Espevær Fiskeoppdrett AS 22,7 % 5,2 % -21,1 % Feøy Fiskeoppdrett AS 32,9 % 20,3 % -20,8 % Feøy Fiskeoppdrett AS 38,6 % 16,5 % -30,3 % Selsøyvik Havbruk AS 36,2 % 32,0 % 7,8 % Selsøyvik Havbruk AS 36,2 % 30,0 % 5,5 % Bru Eigedom AS (Steinvik Fiskefarm) 23,8 % 22,1 % 23,2 % Bru Eigedom AS (Steinvik Fiskefarm) 21,5 % 20,0 % 20,7 % Wenberg Fiskeoppdrett AS 38,4 % 28,5 % 16,6 % Wenberg Fiskeoppdrett AS 37,3 % 29,9 % 11,6 % Wilsgård Fiskeoppdrett AS 23,8 % 25,2 % 6,2 % Wilsgård Fiskeoppdrett AS 21,8 % 22,5 % 6,0 % Stettefisk AS 1,0 % 20,6 % 18,6 % Stettefisk AS 0,9 % 19,0 % 18,9 % Lovundlaks AS 45,1 % 28,0 % -3,1 % Lovundlaks AS 42,9 % 24,8 % -5,2 % Kobbevik & Furuholmen Fiskeoppdrett A 29,6 % 24,4 % -6,5 % Kobbevik & Furuholmen Fiskeoppdrett A 26,3 % 22,0 % -11,0 % Landøy Fiskeoppdrett AS 34,2 % 18,4 % 13,4 % Landøy Fiskeoppdrett AS 33,0 % 15,6 % 8,9 % E. Karstensen Fiskeoppdrett AS 41,3 % 28,7 % 15,0 % E. Karstensen Fiskeoppdrett AS 48,9 % 30,5 % 14,5 % Marø Havbruk AS 39,5 % 18,0 % 14,3 % Marø Havbruk AS 40,9 % 18,8 % 14,7 % Fylkesnes Fisk AS 36,9 % 18,2 % 1,6 % Fylkesnes Fisk AS 35,6 % 24,2 % -2,8 % Egil Kristoffersen & Sønner AS 26,3 % 12,8 % 5,2 % Egil Kristoffersen & Sønner AS 24,5 % 10,7 % 2,6 % Brilliant Fiskeoppdrett AS 14,9 % 17,8 % -5,0 % Brilliant Fiskeoppdrett AS 3,1 % 8,4 % -14,2 % Sulefisk AS 23,5 % 26,0 % -3,2 % Sulefisk AS 22,9 % 23,8 % -6,9 % Langøylaks AS 18,4 % 21,0 % 2,7 % Langøylaks AS 16,2 % 18,5 % -1,2 % K. Strømmen Fiskeoppdrett AS 16,5 % 20,4 % 10,7 % K. Strømmen Fiskeoppdrett AS 16,9 % 20,2 % 10,6 % Total 31,4 % 21,0 % 6,9 % Total 30,3 % 19,0 % 3,7 % The operating margin for the whole group ended at 31.4 % compared with 21% in 2005. There are large differences between the companies, but none of the companies had a negative operating margin in 2006. Lovundlaks had an operating margin above 45 %, which is the highest for all the companies included in this report. The profit margin in year 2006 was on average 30.3 % for the sample, which is an increase of 11.3 percentage points from 2005. 4 of the companies achieved a profit margin above 40 %, while none of the companies had a negative profit margin in 2006. The Salmon Farming Industry in Norway 2007 Page 25/45

5.3.3 Financial costs FINANCIAL COSTS IN PERCENT OF NET SALES COMPANY 2006 2005 CHANGES 05 / 06 2004 Arnøy Laks AS 0,5 % 1,0 % -0,4 % 3,9 % Eide Fjordbruk AS 0,7 % 0,8 % 0,0 % 0,7 % Emilsen Fisk AS 0,5 % 2,8 % -2,3 % 4,9 % Eidesvik Laks AS 3,7 % 6,9 % -3,2 % 7,1 % Knutshaugfisk AS 1,0 % 0,1 % 0,9 % 0,3 % Pundslett Laks AS -1,1 % -2,6 % 1,5 % 1,2 % Espevær Fiskeoppdrett AS 2,2 % 12,8 % -10,6 % 5,0 % Feøy Fiskeoppdrett AS -5,7 % 3,8 % -9,4 % 9,5 % Selsøyvik Havbruk AS 0,0 % 1,9 % -1,9 % 2,3 % Bru Eigedom AS (Steinvik Fiskefarm) 2,3 % 2,1 % 0,2 % 2,4 % Wenberg Fiskeoppdrett AS 1,1 % -1,3 % 2,5 % 5,0 % Wilsgård Fiskeoppdrett AS 2,1 % 2,7 % -0,6 % 0,3 % Stettefisk AS 0,1 % 1,5 % -1,4 % -0,3 % Lovundlaks AS 2,2 % 3,2 % -1,0 % 2,1 % Kobbevik & Furuholmen Fiskeoppdrett AS 3,3 % 2,4 % 0,9 % 4,5 % Landøy Fiskeoppdrett AS 1,2 % 2,8 % -1,6 % 4,5 % E. Karstensen Fiskeoppdrett AS -7,6 % -1,8 % -5,8 % 0,4 % Marø Havbruk AS -1,4 % -0,8 % -0,5 % -0,4 % Fylkesnes Fisk AS 1,3 % -6,0 % 7,3 % 4,4 % Egil Kristoffersen & Sønner AS 1,9 % 2,1 % -0,3 % 2,6 % Brilliant Fiskeoppdrett AS 11,8 % 9,4 % 2,4 % 9,2 % Sulefisk AS 0,6 % 2,3 % -1,6 % 3,7 % Langøylaks AS 2,2 % 2,4 % -0,2 % 3,9 % K. Strømmen Fiskeoppdrett AS -0,4 % 0,3 % -0,7 % 0,1 % TOTAL 1,1 % 1,95 % -0,8 % 3,16 % The table shows the net financial costs as a percentage of the companies net sales. The financial costs compared to the net sales have in average been reduced from 1.95 % to 1.1 % from 2005 to 2006. Generally, the Norwegian salmon farming industry has a very solid financial basis at the moment, which is also the case for the regional companies. Please note that net sales increased with 20.4 % in the same period. The Salmon Farming Industry in Norway Page 26/45

5.3.4 Capital structure 2006 Balance for the total sample 2005 2004 Changes 2006-2005 In thousand % In thousand % In thousand % Fixed Assets 552 977 33,9 % 468 687 38,0 % 506 880 40,3 % 18,0 % Inventories 685 218 42,0 % 531 325 43,0 % 565 716 44,9 % 29,0 % Other Current Assets 393 812 24,1 % 234 571 19,0 % 186 230 14,8 % 67,9 % Total 1 632 008 100,0 % 1 234 584 100,0 % 1 258 825 100,0 % 32,2 % Equity 652 620 40,0 % 426 072 34,5 % 342 075 27,2 % 53,2 % Provide for commitments 162 914 10 % 100 096 8,1 % 77 542 6,2 % 62,8 % Long-term Debt 327 803 20 % 343 424 27,8 % 395 744 31,4 % -4,5 % Interest bearing short term debt 185 358 11 % 162 730 13,2 % 246 936 19,6 % 13,9 % Other short term debt 303 921 19 % 202 320 16,4 % 196 590 15,6 % 50,2 % Total 1 632 615 100 % 1 234 641 100,0 % 1 258 886 100,0 % 32,2 % Current Ratio 2,21 2,10 1,70 5,1 % Acid Test Ratio 0,80 0,64 0,42 25,3 % Return on Total Assets 29,2 % 18,6 % 3,9 % 15,8 % Return on Equity 54,3 % 39,8 % 7,2 % 36,3 % Assets turnover 0,81 0,89 0,76-8,9 % Equity Ratio 40,0 % 34,5 % 27,2 % 15,8 % Interest bearing debt / Total Assets 31,4 % 41,0 % 51,1 % 29,0 % The table shows that the small and medium-sized companies total assets have increased in 2006 compared to 2005. The average equity ratio of 40 % must be said to be very strong. Return on equity was above 54 % in 2006, which is very strong! The liquidity for this group, measured by the current ratio and the acid test ratio, continued to improve in 2006 and were much higher than the previous years and above 2.2 (current ratio) and 0.8 (acid test ratio), which is considered as good as a rule of thumb. The Salmon Farming Industry in Norway Page 27/45

5.4 Comparison of key figures between the categories The table below compares the key figures for the three groups of companies included in the analysis. The figures presented are average figures for each group. Multinational companies Regional companies Small and midsize companies 2006 2005 2006 2005 2006 2005 Net Sales (mill NOK) 6 322 5 874 9 329 6 916 1 329 1 104 Operating Margin 29,8 % 14,3 % 31,8 % 23,3 % 31,4 % 17,8 % EBITDA 24 % 16,9 % 35,1 % 27,0 % 34,3 % 23,9 % Financial Costs/ Revenues 1,4 % 1,1 % -0,3 % 0,7 % 1,1 % 2,0 % Profitmargin 28,3 % 13,2 % 32,1 % 22,6 % 30,3 % 19,0 % Total Assets 8 065 6 138 13 484 9 582 1 633 1 235 Return on Total Assets 10,2 % 1,5 % 22,0 % 16,8 % 29,2 % 18,6 % Equity 3 322 2 087 5 019 3 110 653 426 Equity Ratio 41,2 % 34,0 % 37,2 % 32,5 % 40,0 % 34,5 % Return on Equity 54 % 37 % 59,6 % 50,3 % 54,3 % 39,8 % Equity Ratio ex int. Assets 26 % 16 % 13,7 % 11,2 % 40,0 % 34,5 % Assets Turnover 0,78 0,96 0,69 0,72 0,81 0,89 Current Ratio 2,36 3,10 2,12 2,13 2,21 2,10 Acid Test Ratio 1,37 1,83 0,65 0,56 0,80 0,64 The comparison shows that the regional companies have achieved the best results during 2006, just ahead of the small and midsized companies. While the small and midsized companies had an operating margin and profit margin of respectively 31.4 % and 30.3 %, the comparable numbers for the regional companies were 31.8 % and 32.1 %. The multinational companies ended at an operating margin of 29.8 % and a profit margin of 28.3 %, which is a major improvement compared to 2005, and shows that the multinational companies are almost as profitable as the smaller companies. The Norwegian subsidiaries of the multinational companies do now have the highest equity ratio and the best liquidity measured by current ratio and the acid test ratio. Equity development in % of the total asset 1997-2006 45,0 % 40,0 % 35,0 % 30,0 % 25,0 % 20,0 % 15,0 % 10,0 % 5,0 % 0,0 % Multinational subs Regional Small and Midsize The Salmon Farming Industry in Norway Page 28/45

6 Large Norwegian exporters It is about 150 registered salmon farming exporters in Norway. Of these, there are about 120 companies that actually sold salmon and trout during 2005. Public statistic shows that 15 of the companies represented 80 % of the exported quantity of salmon and trout, down from 17 last year. In our survey we have included 12 salmon exporters where the major share of the net sales comes from the exporting business. The survey is not a list over the largest salmon exporting companies in Norway, but a list over large independent exporters. A total list would have to include companies like Marine Harvest, Fjord Seafood etc. Number of exporters to cover 80 % of export volume 25 20 15 10 21 23 23 19 16 17 15 5 0 2000 2001 2002 2003 2004 2005 2006 6.1. Net sales NET SALES - MILL. NOK OPERATING PROFIT - MILL. NOK COMPANY 2006 2005 CHANGE 05 / 06 2004 2006 2005 CHANGE 05 / 06 2004 Hallvard Lerøy AS 4 676 3 486 34,1 % 3 083 100 73 38,1 % 70 Coast Seafood AS 1 906 1 555 22,5 % 1 191 41 11 274,2 % 18 Norway Royal Salmon AS 1 242 982 26,4 % 732 19 15 28,7 % 2 Aalesundfisk AS 533 602-11,5 % 597-3 -16-78,7 % 5 Seaborn AS 1 175 869 35,3 % 589 17 13 26,5 % 6 Gaia Seafood AS 439 312 40,6 % 266 4 3 23,9 % 1 Orion Seafood AS 150 163-8,2 % 147 5 5 2,0 % 7 Nisja Trading AS 134 154-13,0 % 134 0 0 230,7 % 1 Sirena Norway AS 188 164 14,5 % 124 2 2-1,8 % -2 Sea Star International AS 906 1 008-10,1 % 702 0 10-95,5 % 13 Norwell AS 510 445 14,7 % 452 15 6 167,7 % -2 Christiansen Partner AS 265 115 131,1 % 267 0 0-26,0 % 3 SUM 12 125 10 778 12,5 % 9 120 200 128 56,2 % 126 Total net sales for the group reached bnok 12.1 in 2006, compared to bnok 10.8 in 2005, an increase of 12.5 %. The Salmon Farming Industry in Norway Page 29/45

6.2. Operating profit / profit before taxes OPERATING PROFIT - MILL. NOK PROFIT BEFORE TAX - MILL. NOK COMPANY 2006 2005 2004 COMPANY 2006 2005 2004 Hallvard Lerøy AS 100,1 72,5 70,4 Hallvard Lerøy AS 94,2 72,4 67,8 Coast Seafood AS 40,8 10,9 18,4 Coast Seafood AS 42,4 11,1 17,3 Norway Royal Salmon AS 19,1 14,8 1,7 Norway Royal Salmon AS 31,0 21,7-27,6 Aalesundfisk AS -3,3-15,6 5,1 Aalesundfisk AS -8,3-32,9-1,9 Seaborn AS 16,9 13,3 5,9 Seaborn AS 15,0 12,1 5,0 Gaia Seafood AS 3,6 2,9 1,5 Gaia Seafood AS 1,8 1,6 0,7 Orion Seafood AS 5,2 5,1 6,6 Orion Seafood AS 4,8 5,2 6,1 Nisja Trading AS 0,3 0,1 1,0 Nisja Trading AS 0,4 0,0 1,0 Sirena Norway AS 2,0 2,0-2,1 Sirena Norway AS 1,7 1,9-2,4 Sea Star International AS 0,5 10,4 12,9 Sea Star International AS -5,1 9,0 11,3 Norwell AS 14,9 5,6-1,9 Norwell AS 8,8 1,9-5,3 Christiansen Partner AS 0,3 0,4 3,0 Christiansen Partner AS -0,2 0,2 2,5 TOTAL 200,2 128,1 126,4 TOTAL 186,6 105,1 74,5 The companies total operating profit was about 200 million NOK in 2006, considerably higher than in both 2004 and 2005. The profit before tax ended at about 187 million NOK. Several of the companies in the sample increased profit before tax from 2005 to 2006, while only three companies in the sample had negative profits in 2006. The Salmon Farming Industry in Norway Page 30/45

6.3. Operating margin / profit margin OPERATING MARGIN PROFIT MARGIN (before taxes) COMPANY 2006 2005 2004 COMPANY 2006 2005 2004 Hallvard Lerøy AS 2,14 % 2,08 % 2,28 % Hallvard Lerøy AS 2,01 % 2,08 % 2,20 % Coast Seafood AS 2,1 % 0,7 % 1,5 % Coast Seafood AS 2,2 % 0,7 % 1,5 % Norway Royal Salmon AS 1,5 % 1,5 % 0,2 % Norway Royal Salmon AS 2,5 % 2,2 % -3,8 % Aalesundfisk AS -0,6 % -2,6 % 0,9 % Aalesundfisk AS -1,6 % -5,5 % -0,3 % Seaborn AS 1,4 % 1,5 % 1,0 % Seaborn AS 1,3 % 1,4 % 0,9 % Gaia Seafood AS 0,8 % 0,9 % 0,6 % Gaia Seafood AS 0,4 % 0,5 % 0,3 % Orion Seafood AS 3,5 % 3,1 % 4,5 % Orion Seafood AS 3,2 % 3,2 % 4,1 % Nisja Trading AS 0,2 % 0,1 % 0,8 % Nisja Trading AS 0,3 % 0,0 % 0,7 % Sirena Norway AS 1,1 % 1,2 % -1,7 % Sirena Norway AS 0,9 % 1,1 % -1,9 % Sea Star International AS 0,1 % 1,0 % 1,8 % Sea Star International AS -0,6 % 0,9 % 1,6 % Norwell AS 2,9 % 1,2 % -0,4 % Norwell AS 1,7 % 0,4 % -1,2 % Christiansen Partner AS 0,1 % 0,3 % 1,1 % Christiansen Partner AS -0,1 % 0,2 % 1,0 % Average 1,7 % 1,2 % 1,4 % Average 1,5 % 1,0 % 0,8 % The survey shows that the exporters have to sell large quantities to make a profit, since they are operating with so tight margins. The operating margin has on average increased from 1.2 % in 2005 to 1.7 % in 2006. In the same period, the profit margin has increased from 1 % to 1.5 %. The Salmon Farming Industry in Norway Page 31/45

7 Short comments on the companies 7.1 Regional companies Alsaker Fjordbruk AS Net sales (NOK 1000) 373 269 Operating profit 155 101 Profit before tax 203 033 50 % 30 % Operating margin Average Operating Margin Equity ratio 32,4 % 10 % Harvest quantity (in tonnes wfe) 10 930 No of licenses 20 Maximum biomass in tonnes 15 600-10 % -30 % The local entrepreneur Gerhard Meidell Alsaker control 100 % of the shares in Alsaker Fjordbruk. The company owns 20 ongrowing licences, several hatcheries and a packing station. The company is located in Onarheim in Tysnes municipal. During 2006 the company bought one licence from Amøy Fiskeoppdrett. Alsaker Fjordbruk is one of the most efficient fish farmers in the world, with one of the highest operating margins year after year. Alsvåg Group (Arctic Seafood Holding AS) Net sales (NOK 1000) 166 417 50 % Operating profit 41 072 Profit before tax 34 100 30 % 10 % Equity ratio 21,2 % Harvest quantity (in tonnes wfe) 5 000-10 % No of licenses 9-30 % Maximum biomass in tonnes 7 500-50 % Operating margin Average Operating Margin The Alsvåg Group contains many companies which operate within salmon farming and smolt production, cod farming and juveniles production for cod, shellfish farming, packing station, wellboats and a factory producing styropore boxes. The Alsvåg Group is controlled by Svein Hansen and the headquarter is located in Nordland, but also with production facilities in Troms. The company owns 9 ongrowing licences for salmon farming. The Salmon Farming Industry in Norway Page 32/45

LERØY SEAFOOD GROUP Lerøy Seafood Group is a Oslo stock listed company. In addition to being Norway s largest exporter of seafood through Hallvard Lerøy, the company has over the last years bought several farming companies. In 2007, Veststar was bought, and named Lerøy Austevoll. The salmon farming divisions of Lerøy Seafood Group operated quite independently through own legal entities, and it therefore makes sense to include them as separate regional companies Lerøy Aurora AS Net sales (NOK 1000) 387 351 Operating profit 129 397 Profit before tax 121 689 50 % 30 % Operating margin Average Operating Margin Equity ratio 36,9 % Harvest quantity (in tonnes wfe) 13 000 No of licenses 16 Maximum biomass in tonnes 14 400 10 % -10 % -30 % Company is operating I Troms county. Lerøy Fossen AS Net sales (NOK 1000) 223 647 Operating profit 44 697 Profit before tax 39 528 50 % 30 % Operating margin Average Operating Margin Equity ratio 32,5 % 10 % Harvest quantity (in tonnes wfe) 5 500-10 % No of licenses 6 Maximum biomass in tonnes 5 200-30 % Lerøy Fossen AS is a fully integrated company with full control of the whole value chain from smolt production, farming and processing, to export. In addition to selling a lot of processed products for exports and domestically, the company is a major trout producer. The company is located in Hordaland. Lerøy Hydrotech AS Net sales (NOK 1000) 605 474 Operating profit 195 988 Profit before tax 184 021 50 % 30 % Operating margin Average Operating Margin Equity ratio 24,2 % 10 % Harvest quantity (in tonnes wfe) 20 000 No of licenses 22-10 % Maximum biomass in tonnes 17 160-30 % Lerøy Seafood Group ASA bought all the shares in August 2006. Hydrotech operates in Møre og Romsdal and produce trout in addition to salmon. The Salmon Farming Industry in Norway Page 33/45

Lerøy Midnor AS Net sales (NOK 1000) 872 906 Operating profit 360 121 Profit before tax 353 639 Equity ratio 33,0 % Harvest quantity (in tonnes wfe) 27 000 No of licenses 28 Maximum biomass in tonnes 21 840 50 % 30 % 10 % -10 % -30 % Operating margin Average Operating Margin Lerøy Midnor operates in the counties of Møre and Romsdal and Sør Trøndelag, and have 28 licenses. Lerøy Austevoll AS (Veststar AS) Net sales (NOK 1000) 341 165 Operating profit 87 643 Profit before tax 73 556 Equity ratio 35,1 % Harvest quantity (in tonnes wfe) 12 500 No of licenses 28 Maximum biomass in tonnes 21 060 50 % 30 % 10 % -10 % -30 % -50 % -70 % -90 % Operating margin Average Operating Margin In 2006 Lerøy Seafood Group bought 100 % of the shares in Veststar, and the company changed name to Lerøy Austevoll AS. The company was earlier owned by Austevoll Seafood ASA, which as a part of the agreement is the largest share holder in Lerøy Seafood Group. Lerøy Austevoll is vertically integrated with hatcheries, 28 ongrowing licences and packing facilities. The sales department of Lerøy Seafood Group is taking care of the sales. AS Bolaks Net sales (NOK 1000) 222 621 Operating profit 86 229 Profit before tax 79 919 Equity ratio 42,3 % Harvest quantity (in tonnes wfe) 6 000 No of licenses 8 Maximum biomass in tonnes 6 240 50 % 30 % 10 % -10 % -30 % -50 % Operating margin Average Operating Margin Bolaks is located in the municipal of Fusa in Hordaland and is owned by the Holmefjord family. Bolaks is related to the salmon ova company, SalmoBreed. They also own a hatchery and a smolt plant through Sævareid. The company has also their own packing facility and is a minor shareholder in the exporter Aalesundfisk AS. The Managing director in the company is Bjørg Mette Holmefjord Antonsen. The Salmon Farming Industry in Norway Page 34/45

Bremnes Fryseri AS Net sales (NOK 1000) 328 662 Operating profit 87 656 Profit before tax 100 778 Equity ratio 30,1 % Harvest quantity (in tonnes wfe) 12 000 No of licenses 11 Maximum biomass in tonnes 13 260 50 % 30 % 10 % -10 % -30 % Operating margin Average Operating Margin Bremnes Fryseri is owned by the Svendsen family, - Olav Svendsen jr. is managing director. The company s operations include freshwater- and saltwater operations, freezing, packing and secondary processing of salmon. Their operations take place in Rogaland and Hordaland. In 2.quarter of 2007 Bremnes sold their shares in Hjaltland Seafarms to Grieg Seafood AS. Firda Management AS Net sales (NOK 1000) 229 071 Operating profit 62 008 Profit before tax 57 495 Equity ratio 38,8 % Harvest quantity (in tonnes wfe) NA No of licenses 12 Maximum biomass in tonnes 9 360 50 % 30 % 10 % -10 % -30 % Operating margin Average Operating Margin Firda Management is located in Gulen municipal in Sogn & Fjordane. The company owns 12 ongrowing licences and several freshwater sites. Firda Management is owned 100 % of Ola Braanaas. The company is producing both Atlantic salmon and large rainbow trout. Fjordlaks Aqua AS Net sales (NOK 1000) 321 131 Operating profit 88 767 Profit before tax 75 415 Equity ratio 46,2 % Harvest quantity (in tonnes wfe) 12 000 No of licenses 7 Maximum biomass in tonnes 5 590 50 % 30 % 10 % -10 % -30 % Operating margin Average Operating Margin Fjordlaks Aqua is a member in the Fjordlaks Group, which is a large clipfish producer. Fjordlaks Aqua does not produce Atlantic salmon, but is one of Norway s biggest trout producers. In 2006 Fjordlaks build a new factory in Finnmark for fresh whitefish. Additionally they raise cod and other marine species. The company is 100 % owned by Anders Pedersen. The company is integrated with their own wellboat, hatchery and packing station. Fjordlaks is located in Møre og Romsdal. The Salmon Farming Industry in Norway Page 35/45

GRIEG SEAFOOD After the merger between Grieg Seafood and Volden Group, Grieg Seafood ASA has been listed on Oslo stock exchange. Grieg Seafood Rogaland AS Net sales (NOK 1000) 253 728 Operating profit 60 226 Profit before tax 53 795 50 % 30 % Operating margin Average Operating Margin Equity ratio 34,7 % Harvest quantity (in tonnes wfe) 8 500 No of licenses 14 Maximum biomass in tonnes 11 700 10 % -10 % -30 % Grieg Seafood is a part of the Grieg Group, which is a money maker that also operates within shipping, logistic insurance and more. On the other hand, the aquaculture division has lost money nearly every year. The annual accounts for 2005 were not available for us at the time of this report being published. The company has their operations in Rogaland. Grieg Seafood Finnmark AS Net sales (NOK 1000) 180 267 Operating profit 56 924 Profit before tax 56 110 Equity ratio 35,1 % Harvest quantity (in tonnes wfe) 6 000 No of licenses 22 Maximum biomass in tonnes 19 800 50 % 30 % 10 % -10 % -30 % -50 % Operating margin Average Operating Margin Previously known as Volden Group and have their operations in Finnmark. Høllalaks AS Net sales (NOK 1000) 141 110 Operating profit 45 910 Profit before tax 43 954 50 % 30 % Operating margin Average Operating Margin Equity ratio 37,8 % Harvest quantity (in tonnes wfe) 4 930 No of licenses 8 Maximum biomass in tonnes 6 240 10 % -10 % -30 % Høllalaks is controlled by the Ellingsen family, which also operates within whitefish and whale meat. K.J Ellingsen harvests and sells all the salmon for Høllalaks. Seafarm Invest AS owns 26 % of the shares. The company owns and operated a hatchery Silver Seed AS. The company has its operations in Nordland. In 2006 they bought 100 % of the shares in Musken laks who owns 2 ongrowing licences. Line Ellingsen is the managing director. The Salmon Farming Industry in Norway Page 36/45

Jøkelfjord Laks AS Net sales (NOK 1000) 111 803 50 % Operating profit 33 478 Profit before tax 32 536 30 % Operating margin Average Operating Margin Equity ratio 51,7 % 10 % Harvest quantity (in tonnes wfe) 3 550 No of licenses 6 Maximum biomass in tonnes 5 400-10 % -30 % Jøkelfjord Laks AS is located in the municipal of Kvænangen in Troms. The company owns 6 ongrowing licences, 1 hatchery/freshwater licence and a packing station. The company is owned by managing director Arvid Hansen, Arne Evensen, Arnold Sollund and Terje Kildal Rønning. Midt Norsk Havbruk AS Net sales (NOK 1000) 221 625 Operating profit 82 895 Profit before tax 79 699 50 % 30 % Operating margin Average Operating Margin Equity ratio 48,9 % 10 % Harvest quantity (in tonnes wfe) 7 140 No of licenses 9 Maximum biomass in tonnes 7 020-10 % -30 % Midt Norsk Havbruk is mainly owned by the Sivertsen and the Williksen families, while managing director Roald Dolmen owns about 12 % of the shares. They also own 100 % in the processing and export company Williksen AS. The company s operations are in Nord- Trøndelag. When the new regulation system MAB (maximum allowable biomass) was introduced, they started a co-operation with a smaller fish farmer called Bjørøya Fiskeoppdrett. Bjørøya Fiskeoppdrett owns 3 licences and is controlled by the Løfsnes family. Nordlaks Holding AS Net sales (NOK 1000) 890 312 Operating profit 223 148 Profit before tax 209 128 50 % 30 % Operating margin Average Operating Margin Equity ratio 38,5 % 10 % Harvest quantity (in tonnes wfe) 32 910-10 % No of licenses 23 Maximum biomass in tonnes 16 620-30 % Nordlaks Holding AS is fully owned by the local entrepreneur Inge Berg. The company is located in Stokmarknes in Hadsel municipal. Nordlaks owns 23 ongrowing licences in Nordland and Troms. The packing station and processing plant is located in Stokmarknes. Together with several hatcheries the company is covering the whole life cycle from ova to processed products. Nordlaks is the only company that is not affected by the MIP measures from EU. The Salmon Farming Industry in Norway Page 37/45

Polarlaks AS Net sales (NOK 1000) 54 863 Operating profit -9 471 50 % Profit before tax -11 858 30 % Equity ratio 12,2 % 10 % Harvest quantity (in tonnes wfe) 2 000-10 % No of licenses 12-30 % Maximum biomass in tonnes 10 800-50 % Operating margin Average Operating Margin The company operates in Finnmark and was by the end of 2006 bought by Cermaq. Salmar AS Net sales (NOK 1000) 1 248 564 Operating profit 511 050 Profit before tax 577 317 Equity ratio 39,0 % Harvest quantity (in tonnes wfe) 29 800 No of licenses 37 Maximum biomass in tonnes 28 860 50 % 30 % 10 % -10 % -30 % Operating margin Average Operating Margin Salmar is the largest regional company in Norway. The administration and processing plant is located in Frøya municipal in Mid-Norway. The company owns 46 ongrowing licenses primary in the region. In 2006 SalMar bought the rest of the shares in Senja Sjøfarm in Troms, which now is a fully owned company. They also bought 2 licences and a hatchery from Halsa Fiskeoppdrett AS in January 2007. The company owns 50 % of the shares in Norskott a company established by SalMar and Lerøy Seafood group to buy and operate Scottish Seafarm Ltd in UK. In 2.quarter of 2007, Norskott bought Pan Fish Scotland from Marine Harvest group. SalMar was listed on the Oslo Stock Exchange in May 2007, and is controlled by Gustav Witsøe with more than 50 % of the shares. Senja Sjøfarm AS Net sales (NOK 1000) 169 017 Operating profit 49 252 Profit before tax 38 109 50 % 30 % Operating margin Average Operating Margin Equity ratio 27,0 % 10 % Harvest quantity (in tonnes wfe) 4 200-10 % No of licenses 8 Maximum biomass in tonnes 7 200-30 % Senja Sjøfarm was owned by the Nergård-Group (51 %) and Salmar (49 %) in 2005. During 2006 SalMar bought Nergård-Groups shares and is now controlling the whole company. The company owns 9 ongrowing licences. The company operates in the county of Troms. The Salmon Farming Industry in Norway Page 38/45

Nova Sea AS Net sales (NOK 1000) 702 122 Operating profit 239 186 Profit before tax 239 791 50 % 30 % Operating margin Average Operating Margin Equity ratio 31,2 % 10 % Harvest quantity (in tonnes wfe) 19 770-10 % No of licenses 28 Maximum biomass in tonnes 24 440-30 % Seafarm Invest changed name to Nova Sea during 2006. By the end of 2006 the company bought 2 licenses from Skjelbulaks and is now controlling 28 licences. The headquarters and packing station is located at the island Lovund in Nordland. The majority of the shares in Nova Sea are owned by the Olaisen family. The second largest share holder is the multinational company Marine Harvest group. Sinkaberg-Hansen AS Net sales (NOK 1000) 401 518 Operating profit 87 720 Profit before tax 89 413 Equity ratio 53,6 % Harvest quantity (in tonnes wfe) 7 360 No of licenses 13 Maximum biomass in tonnes 10 140 50 % 30 % 10 % -10 % -30 % Operating margin Average Operating Margin Sinkaberg Hansen is a family controlled company located in Rørvik in Vikna Municipal. The company owns 13 licences, and their operations is in Nord-Trøndelag and Nordland. The company has own smolt production, and also a packing station with facilities for fillet production. Sjøtroll Havbruk AS Net sales (NOK 1000) 716 710 Operating profit 214 210 Profit before tax 241 993 Equity ratio 49,7 % Harvest quantity (in tonnes wfe) 22 200 No of licenses 23 Maximum biomass in tonnes 18 440 50,0 % 30,0 % 10,0 % -10,0 % -30,0 % -50,0 % Operating margin Average Operating Margin Sjøtroll is located in Austevoll municipal on the west coast of Norway. The company owns 23 ongrowing licences and several hatcheries. The company is taking care of the harvesting in their own packing station and processing plant. Sjøtroll owns approx. 28 % of the shares in Salmobreed, which is the second largest ova producer in Norway. The feed producer Biomar is the major share holder and in the 1.half of 2007 they increased their share from 40 to approx. 50 % of the shares. CEO Frode Møgster with family owns the rest of the shares in the company. Sjøtroll is one of the largest trout producers in Norway. The Salmon Farming Industry in Norway Page 39/45

Villa Gruppen AS Net sales (NOK 1000) 165 627 Operating profit 29 322 Profit before tax 17 422 Equity ratio 67,7 % Harvest quantity (in tonnes wfe) 5 000 No of licenses 19 Maximum biomass in tonnes 16 740 50 % 30 % 10 % -10 % -30 % Operating margin Average Operating Margin Villa Salmon was started by the entrepreneurs Johan Andreassen and Bjørn Vegard Løvik, and today they own approx. 33 % of the company. Other shareholders are the Oslo based company Centennial AS, which is controlled by Endre Røsjø with family, and a local company called Akvainvest. Akvainvest is a company controlled by several local families. Villa Salmon owns 19 licences where approx. 5 of them are located in Møre og Romsdal. The rest of the licences are located in Finnmark, where the company is planning to increase their production of Atlantic salmon and trout. Villa Salmon are one of few producers of organic salmon and cod. The Salmon Farming Industry in Norway Page 40/45

7.2 Large salmon exporters in Norway Hallvard Lerøy AS (NOK 1000) Net Sales 4 675 847 Operating Profit 100 128 Profit before tax 94 154 Equity Ratio 17,2 % 5 000 4 000 3 000 2 000 1 000 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Hallvard Lerøy AS is a subsidiary of Lerøy Seafood Group and the largest exporter of Norwegian salmon and trout. Since 2003 Lerøy Seafood Group has bought several salmon farming companies in Norway and Scotland and a large share of their total sale is now own produced salmon and trout. The company operates through subsidaries several companies in Norway, Sweden, France and Turkey. They also own Norskott Havbruk AS with SalMar. Norskott owns 100 % of the shares in Scottish Seafarms, one of the largest salmon producers in Scotland. Lerøy Seafood Group is listed at the Oslo Stock Exchange. The largest shareholders are Austevoll Seafood and CEO Ole Erik Lerøy. Coast Seafood AS (NOK 1000) Net Sales 1 905 703 Operating Profit 40 794 Profit before tax 42 392 Equity Ratio 25 % 2 000 1 600 1 200 800 400 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Coast Seafood AS is one of the largest exporters of Atlantic salmon and trout in Norway, with no majority interests in on growing production. The company is major owned by the employees, and the administration is located in the municipal of Måløy. They have a sales department in Bergen, a fully owned company - Coast Polaris which was purchased in 2005. In the municipal of Sotra, Coast Seafood has a processing plant. The company bought 100 % of the shares in Måløy Seafood in February 2007, which is a packing station for pelagic fish. The Salmon Farming Industry in Norway Page 41/45

Norway Royal Salmon AS (NOK 1000) Net Sales 1 242 055 Operating Profit 19 059 Profit before tax 31 020 Equity Ratio 39 % 1 500 1 200 900 600 300 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Norway Royal Salmon (NRS) is a network company, which is integrated in the value chain from smelt production to sales of the fish. NRS is owned by the members in the network, which controls approx. 70 on growing licences in Norway. Headquarter is located in Trondheim, with a sales office in Kristiansand. The members of NRS are obliged to sell approx. 70 % of their production through NRS sales department. Aalesundfisk AS (NOK 1000) Net Sales 532 822 Operating Profit -3 320 Profit before tax -8 281 Equity Ratio 23 % 800 600 400 200 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Seaborn AS (NOK 1000) Net Sales 1 175 155 Operating Profit 16 872 Profit before tax 15 030 Equity Ratio 17 % 1 200 1 000 800 600 400 200 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Seaborn AS is a network company owned by the members, and was founded in 2001. The largest shareholders are Steinvik Fiskefarm and Artctic Seafood Holding. The administration is located in Bergen. The main product is Atlantic salmon and trout, but they are also selling whitefish. The Salmon Farming Industry in Norway Page 42/45

Gaia Seafood AS (NOK 1000) Net Sales 439 184 Operating Profit 3 588 Profit before tax 1 776 Equity Ratio 13 % 500 400 300 200 100 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Gaia Seafood was established in Trondheim in 2002 after the bankruptcy of Terra Seafood AS. The owners of Gaia Seafood are former employees and management from this company. They main species are salmon and trout, but they also have a white fish sales department. Orion Seafood AS (NOK 1000) Net Sales 149 995 Operating Profit 5 180 Profit before tax 4 842 Equity Ratio 30 % 200 150 100 50 0 Net sales in NOK 1000 2003 2004 2005 2006 Orion Seafood which is located in Ålesund is managed by the former sales manager in Pan Fish, Helge Fiskerstrand. Orion Seafood is a relatively newly established company with Eastern Europe as the main market. The company is owned by Helge Fiskarstrand and Zarina Helle. Nisja Trading AS (NOK 1000) Net Sales 134 455 Operating Profit 261 Profit before tax 400 Equity Ratio 2 % 200 150 100 50 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Nisja Trading is an independent import export company which is located in Bergen. Roy Åge Nilsen is managing director. He does also hold the majority of the shares. Jonny Kvaløysæter owns the rest of the shares in the company. The Salmon Farming Industry in Norway Page 43/45

Sirena Norway AS (NOK 1000) Net Sales 188 164 Operating Profit 2 001 Profit before tax 1 701 Equity Ratio 15 % 200 150 100 50 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Through the subsidiary, Sirena Norway, the Danish company Sirena Salmon handle purchase and sale of trout and salmon from Norway. Sirena is an independent trader without financial connections to any salmon farming companies. The parent company Sirena Group located in Copenhagen Denmark has a wide co-operation with trawlers and processing plants around the world. The Sirena Group has many sales departments around the world, and sells several kinds of seafood. Sea Star International AS (NOK 1000) Net Sales 905 634 Operating Profit 475 Profit before tax -5 093 Equity Ratio 6,2 % 1 200 1 000 800 600 400 200 0 Net sales in NOK 1000 2001 2002 2003 2004 2005 2006 Sea Star International is the sales company for Austevoll Seafood ASA. The company trades all species that the Austevoll Seafood s fleet is catching around the world. They have also sold the Atlantic salmon for Veststar, but after Veststar was sold to Lerøy Seafood Group (LSG) they will focus on pelagic fish. Austevoll Seafood ASA is listed on the Oslo Stock Exchange and the largest share holder is the Mobster family. Norwell AS (NOK 1000) Net Sales 510 451 Operating Profit 14 867 Profit before tax 8 832 Equity Ratio 14 % 800 600 400 200 0 Net sales in NOK 1000 2000 2001 2002 2003 2004 2005 2006 Norwell is a network company and is owned by a selection of mainly small fish farmers. The federated companies are located from Troms in North of Norway to Hordaland on the south west coast of Norway. The administration and sales department is located in Florø in Sogn og Fjordane. The managing director is Kjartan Strand. The Salmon Farming Industry in Norway Page 44/45

Christiansen Partner AS (NOK 1000) Net Sales 265 240 Operating Profit 291 Profit before tax -220 Equity Ratio 20 % 300 250 200 150 100 50 0 Net sales in NOK 1000 2002 2003 2004 2005 2006 The Salmon Farming Industry in Norway Page 45/45

Appendix 1 - Profit and losses "Regional companies in Norway 2006" Net sales Operating Profit Operating Margin Net Financial costs Financial costs / Net Sales Profit before tax Profit margin Profit after tax 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 ALSAKER FJORDBRUK AS 373 269 308 580 155 101 121 449 42 % 39 % -47 933 3 442-12,8 % 1,1 % 203 033 118 007 54 % 38 % 159 728 83 596 ARCTIC SEAFOOD HOLDING AS 166 417 106 804 41 072 15 440 25 % 14 % 6 973 6 342 4,2 % 5,9 % 34 100 9 099 20 % 9 % 24 946 9 534 AS BOLAKS 222 621 161 301 86 229 47 376 39 % 29 % 6 310 14 590 2,8 % 9,0 % 79 919 32 786 36 % 20 % 56 363 21 187 BREMNES FRYSERI AS 328 662 328 395 87 656 55 245 27 % 17 % -13 122-15 010-4,0 % -4,6 % 100 778 70 254 31 % 21 % 78 436 54 938 FIRDA MANAGEMENT AS 229 071 168 539 62 008 41 446 27 % 25 % 4 513 4 224 2,0 % 2,5 % 57 495 37 222 25 % 22 % 39 405 28 931 FJORDLAKS AQUA AS 321 131 279 380 88 767 53 270 28 % 19 % 13 353 4 895 4,2 % 1,8 % 75 415 48 375 23 % 17 % 54 278 35 020 LERØY FOSSEN AS 223 647 207 720 44 697 19 673 20 % 9 % 5 169 2 247 2,3 % 1,1 % 39 528 17 426 18 % 8 % 28 287 12 629 GRIEG SEAFOOD ROGALAND AS 253 728 235 051 60 226 22 068 24 % 9 % 6 432 6 225 2,5 % 2,6 % 53 795 15 842 21 % 7 % 38 981 11 188 LERØY HYDROTECH AS 605 474 373 899 195 988 98 770 32 % 26 % 11 967 6 424 2,0 % 1,7 % 184 021 92 346 30 % 25 % 131 458 66 787 HØLLALAKS AS (Ellingsen Seafood) 141 110 128 603 45 910 35 108 33 % 27 % 1 956 1 360 1,4 % 1,1 % 43 954 33 748 31 % 26 % 31 634 24 578 JØKELFJORD LAKS AS 111 803 73 109 33 478 17 541 30 % 24 % 941 934 0,8 % 1,3 % 32 536 16 606 29 % 23 % 23 380 11 946 LERØY AURORA AS 387 351 212 155 129 397 40 742 33 % 19 % 7 708 9 509 2,0 % 4,5 % 121 689 31 233 31 % 15 % 87 922 22 487 LERØY MIDNOR AS 872 906 596 418 360 121 162 222 41 % 27 % 6 482 11 050 0,7 % 1,9 % 353 639 151 172 41 % 25 % 254 594 108 928 MIDT NORSK HAVBRUK AS 221 625 122 267 82 895 39 887 37 % 33 % 3 195 777 1,4 % 0,6 % 79 699 39 110 36 % 32 % 57 199 28 370 NORDLAKS HOLDING AS 890 312 675 185 223 148 152 730 25 % 23 % 14 019 7 318 1,6 % 1,1 % 209 128 145 412 23 % 22 % 151 148 105 019 VILLA GRUPPEN AS 165 627 56 803 29 322 18 140 18 % 32 % 11 900 1 698 7,2 % 3,0 % 17 422 16 442 11 % 29 % 13 502 12 261 SALMAR AS 1 248 564 871 451 511 050 250 474 41 % 29 % -66 267-68 713-5,3 % -7,9 % 577 317 319 187 46 % 37 % 445 086 252 221 NOVA SEA AS 702 122 484 063 239 186 143 750 34 % 30 % -605 8 373-0,1 % 1,7 % 239 791 135 377 34 % 28 % 173 989 96 893 SENJA SJØFARM AS 169 017 125 889 49 252 31 500 29 % 25 % 11 143 7 031 6,6 % 5,6 % 38 109 24 469 23 % 19 % 26 092 18 175 SINKABERG-HANSEN AS 401 518 295 980 87 720 38 248 22 % 13 % -1 693 1 169-0,4 % 0,4 % 89 413 37 079 22 % 13 % 65 794 27 012 SJØTROLL HAVBRUK AS 716 710 581 203 214 210 148 336 30 % 26 % -27 783 19 176-3,9 % 3,3 % 241 993 129 160 34 % 22 % 186 927 99 061 VESTSTAR HOLDING AS (Lerøy Autevoll A 341 165 348 918 87 643 26 849 26 % 8 % 14 087 14 362 4,1 % 4,1 % 73 556 12 488 22 % 4 % 53 076 22 651 POLARLAKS AS 54 863 54 072-9 471 6 848-17 % 13 % 2 387 2 723 4,4 % 5,0 % -11 858 4 125-7 % 8 % 147 4 125 GRIEG SEAFOOD FINNMARK AS 180 267 120 091 56 924 23 321 32 % 19 % 814-3 259 0,5 % -2,7 % 56 110 26 580 31 % 22 % 41 384 19 018 Total 9 328 981 6 915 874 2 962 528 1 610 433 31,8 % 23 % -28 054 46 889-0,3 % 0,7 % 2 990 582 1 563 544 32 % 22,6 % 2 223 756 1 176 555

Appendix 2 - Equity and debt "Regional companies in Norway 2006 " Total assets Short term debt Short term debt% Long term debt Long term debt % Equity % Equity (incl. minority interest) 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 ALSAKER FJORDBRUK AS 813 636 486 502 258 413 109 237 32 % 22 % 291 348 157 657 36 % 32 % 263 875 219 609 32 % 45 % ARCTIC SEAFOOD HOLDING AS 278 088 273 731 48 819 73 006 18 % 27 % 170 239 169 945 61 % 62 % 59 031 30 780 21 % 11 % AS BOLAKS 218 925 206 755 31 506 65 945 14 % 32 % 94 864 92 617 43 % 45 % 92 556 48 193 42 % 23 % BREMNES FRYSERI AS 527 681 429 900 86 688 95 155 16 % 22 % 282 135 228 888 53 % 53 % 158 858 105 856 30 % 25 % FIRDA MANAGEMENT AS 345 103 266 030 72 676 58 869 21 % 22 % 138 697 107 136 40 % 40 % 133 730 100 025 39 % 38 % FJORDLAKS AQUA AS 418 602 421 463 146 496 144 944 35 % 34 % 78 896 137 587 19 % 33 % 193 210 138 932 46 % 33 % LERØY FOSSEN AS 275 894 201 060 77 167 30 431 28 % 15 % 109 064 94 853 40 % 47 % 89 663 75 776 32 % 38 % GRIEG SEAFOOD ROGALAND AS 467 332 412 450 97 493 120 125 21 % 29 % 207 469 168 937 44 % 41 % 162 369 123 388 35 % 30 % LERØY HYDROTECH AS 1 182 668 475 107 351 373 84 311 30 % 18 % 545 457 193 083 46 % 41 % 285 838 197 713 24 % 42 % HØLLALAKS AS (Ellingsen Seafood) 195 730 144 037 77 713 66 175 40 % 46 % 44 097 35 576 23 % 25 % 73 920 42 286 38 % 29 % JØKELFJORD LAKS AS 108 812 81 521 18 501 20 963 17 % 26 % 34 043 25 671 31 % 31 % 56 267 34 887 52 % 43 % LERØY AURORA AS 384 189 309 027 17 164 16 200 4 % 5 % 225 231 238 956 59 % 77 % 141 794 53 872 37 % 17 % LERØY MIDNOR AS 834 241 535 435 302 056 90 269 36 % 17 % 256 802 265 974 31 % 50 % 275 384 179 190 33 % 33 % MIDT NORSK HAVBRUK AS 248 367 191 977 31 332 19 115 13 % 10 % 95 501 102 529 38 % 53 % 121 533 70 334 49 % 37 % NORDLAKS HOLDING AS 935 079 769 346 245 177 176 492 26 % 23 % 330 269 368 101 35 % 48 % 359 633 224 752 38 % 29 % VILLA GRUPPEN AS 302 402 113 394 71 659 44 492 24 % 39 % 24 485 45 783 8 % 40 % 201 795 23 119 67 % 20 % SALMAR AS 2 269 503 1 203 658 422 085 300 453 19 % 25 % 962 203 495 618 42 % 41 % 885 214 407 586 39 % 34 % NOVA SEA AS 743 191 605 477 177 214 135 290 24 % 22 % 334 130 270 317 45 % 45 % 231 846 199 770 31 % 33 % SENJA SJØFARM AS 272 845 230 369 112 475 114 046 41 % 50 % 86 697 90 450 32 % 39 % 73 673 25 874 27 % 11 % SINKABERG-HANSEN AS 338 602 260 461 73 103 57 453 22 % 22 % 84 006 84 943 25 % 33 % 181 493 118 065 54 % 45 % SJØTROLL HAVBRUK AS 1 195 675 1 059 668 181 429 204 918 15 % 19 % 419 769 444 251 35 % 42 % 594 476 410 498 50 % 39 % VESTSTAR HOLDING AS (Lerøy Aute 698 190 590 670 189 845 135 671 27 % 23 % 263 461 263 190 38 % 45 % 244 885 191 809 35 % 32 % POLARLAKS AS 275 894 58 541 29 961 35 167 11 % 60 % 20 107 25 105 7 % 43 % 6 953-1 320 3 % -2 % GRIEG SEAFOOD FINNMARK AS 372 324 254 945 54 021 16 988 15 % 7 % 187 560 148 599 50 % 58 % 130 742 89 358 35 % 35 % Total 13 702 973 9 581 524 3 174 365 2 215 714 23,2 % 23,1 % 5 286 530 4 255 767 38,6 % 44,4 % 5 018 739 3 110 351 36,6 % 32,5 %

Appendix 3 - Profit and losses resume "Small and midsized Norwegian companies" 2006 Net sales Operating profit Operating margin Net financial costs Financial costs / net sales Profit before tax Profit margin Profit after tax 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 Arnøy Laks AS 68 160 71 235 20 089 16 050 29 % 23 % 367 695 0,5 % 1,0 % 19 722 15 355 29 % 22 % 5 535 4 301 14 187 11 054 Eide Fjordbruk AS 73 757 33 282 28 407 1 534 39 % 5 % 545 252 0,7 % 0,8 % 27 862 1 283 38 % 4 % 7 805 370 20 057 913 Emilsen Fisk AS 137 734 33 282 58 372 11 783 42 % 35 % 677 2 126 0,5 % 6,4 % 57 694 9 657 42 % 29 % 16 056 2 580 41 639 7 077 Eidesvik Laks AS 50 668 33 282 14 438 3 736 28 % 11 % 1 862 2 142 3,7 % 6,4 % 12 577 1 595 25 % 5 % 3 522 446 9 055 1 148 Knutshaugfisk AS 35 193 33 282 13 472-403 38 % -1 % 350 38 1,0 % 0,1 % 13 122-441 37 % -1 % 3 674-178 9 447-262 Pundslett Laks AS 66 257 33 282 21 797 15 599 33 % 47 % -751-1 465-1,1 % -4,4 % 22 548 17 063 34 % 51 % 5 916 4 075 16 632 12 988 Espevær Fiskeoppdrett AS 44 740 33 282 11 141 3 761 25 % 11 % 986 2 670 2,2 % 8,0 % 10 155 1 091 23 % 3 % 2 842 776 7 313 315 Feøy Fiskeoppdrett AS 48 507 33 282 15 959 8 836 33 % 27 % -2 744 1 646-5,7 % 4,9 % 18 703 7 191 39 % 22 % 4 269 2 014 14 433 5 177 Selsøyvik Havbruk AS 49 868 33 282 18 059 12 111 36 % 36 % -12 727 0,0 % 2,2 % 18 070 11 385 36 % 34 % 5 012 3 242 13 058 8 143 Bru Eigedom AS (Steinvik Fiskefarm) 106 806 33 282 25 440 25 195 24 % 76 % 2 438 2 355 2,3 % 7,1 % 23 002 22 840 22 % 69 % 6 447 6 403 16 554 16 437 Wenberg Fiskeoppdrett AS 41 732 33 282 16 023 8 651 38 % 26 % 460-409 1,1 % -1,2 % 15 563 9 060 37 % 27 % 4 362 2 221 11 201 6 839 Wilsgård Fiskeoppdrett AS 44 046 33 282 10 492 11 582 24 % 35 % 906 1 229 2,1 % 3,7 % 9 586 10 353 22 % 31 % 2 744 2 962 6 842 7 391 Stettefisk AS 9 181 33 282 95 3 344 1 % 10 % 12 250 0,1 % 0,8 % 83 3 094 1 % 9 % -3 851 85 2 243 Lovundlaks AS 72 058 33 282 32 472 13 765 45 % 41 % 1 562 1 551 2,2 % 4,7 % 30 910 12 214 43 % 37 % 8 799 3 581 22 111 8 633 Kobbevik & Furuholmen Fiskeoppdrett AS 123 604 33 282 36 563 21 513 30 % 65 % 4 110 2 123 3,3 % 6,4 % 32 452 19 391 26 % 58 % 9 104 5 468 23 348 13 923 Landøy Fiskeoppdrett AS 30 639 33 282 10 466 4 818 34 % 14 % 367 726 1,2 % 2,2 % 10 099 4 091 33 % 12 % 2 829 1 145 7 270 2 946 E. Karstensen Fiskeoppdrett AS 22 337 33 282 9 223 5 807 41 % 17 % -1 694-362 -7,6 % -1,1 % 10 916 6 170 49 % 19 % 2 639 1 596 8 277 4 574 Marø Havbruk AS 22 535 33 282 8 908 3 259 40 % 10 % -308-148 -1,4 % -0,4 % 9 216 3 407 41 % 10 % 2 359 957 6 857 2 450 Fylkesnes Fisk AS 42 752 33 282 15 774 4 416 37 % 13 % 550-1 449 1,3 % -4,4 % 15 224 5 864 36 % 18 % 4 257 1 293 10 967 4 571 Egil Kristoffersen & Sønner AS 78 516 33 282 20 658 8 228 26 % 25 % 1 453 1 369 1,9 % 4,1 % 19 205 6 859 24 % 21 % 5 360 1 698 13 845 5 162 Brilliant Fiskeoppdrett AS 24 647 33 282 3 663 4 002 15 % 12 % 2 907 2 110 11,8 % 6,3 % 757 1 892 3 % 6 % 0 0 757 1 892 Sulefisk AS 52 549 33 282 12 366 14 681 24 % 44 % 338 1 282 0,6 % 3,9 % 12 027 13 399 23 % 40 % 3 220 3 725 8 808 9 673 Langøylaks AS 26 360 33 282 4 849 5 419 18 % 16 % 588 630 2,2 % 1,9 % 4 261 4 789 16 % 14 % 1 201 1 342 3 060 3 447 K. Strømmen Fiskeoppdrett AS 56 855 33 282 9 373 10 988 16 % 33 % -238 139-0,4 % 0,4 % 9 611 10 849 17 % 33 % 2 699 3 044 6 912 7 805 Total 1 329 499 836 715 418 098 218 674 31 % 26 % 14 733 20 226 1,1 % 2,4 % 403 364 198 449 30 % 24 % 110 650 53 910 292 714 144 539 Tax

Appendix 4 - Assets "Small and Midsized companies 2006" Total Assets Stock In % of total assets Tangible assets In % of total assets Goodwill and concessions In % of total assets 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 Arnøy Laks AS 43 166 30 497 23 336 18 043 54 % 59 % 8 333 6 604 19 % 22 % 3 153 0 7,3 % 0,0 % Eide Fjordbruk AS 61 755 38 041 36 754 24 485 60 % 64 % 2 427 2 007 4 % 5 % 5 000 5 000 8,1 % 13,1 % Emilsen Fisk AS 114 617 82 159 57 459 43 474 50 % 53 % 12 094 10 289 11 % 13 % 13 590 13 590 11,9 % 16,5 % Eidesvik Laks AS 61 833 56 817 26 918 23 255 44 % 41 % 923 1 021 1 % 2 % 8 640 8 640 14,0 % 15,2 % Knutshaugfisk AS 47 278 19 334 20 748 7 614 44 % 39 % 4 064 4 279 9 % 22 % 0 0 0,0 % 0,0 % Pundslett Laks AS 74 638 54 937 33 865 29 329 45 % 53 % 6 442 5 537 9 % 10 % 0 0 0,0 % 0,0 % Espevær Fiskeoppdrett AS 43 524 33 304 17 732 16 096 41 % 48 % 10 934 6 820 25 % 20 % 5 000 5 000 11,5 % 15,0 % Feøy Fiskeoppdrett AS 66 099 39 885 43 390 25 483 66 % 64 % 5 386 5 101 8 % 13 % 0 0 0,0 % 0,0 % Selsøyvik Havbruk AS 42 696 32 893 24 571 22 791 58 % 69 % 6 694 3 069 16 % 9 % 1 559 1 559 3,7 % 4,7 % Bru Eigedom AS (Steinvik Fiskefarm) 152 160 106 580 80 770 45 031 53 % 42 % 26 821 20 717 18 % 19 % 14 698 14 813 9,7 % 13,9 % Wenberg Fiskeoppdrett AS 51 269 41 558 15 693 12 243 31 % 29 % 4 365 2 094 9 % 5 % 10 000 10 000 19,5 % 24,1 % Wilsgård Fiskeoppdrett AS 68 586 50 187 31 803 23 535 46 % 47 % 8 907 6 434 13 % 13 % 0 0 0,0 % 0,0 % Stettefisk AS 15 784 17 359 3 318 6 155 21 % 35 % 709 906 4 % 5 % 0 0 0,0 % 0,0 % Lovundlaks AS 74 521 48 297 40 850 25 979 55 % 54 % 16 124 9 127 22 % 19 % 5 000 5 000 6,7 % 10,4 % Kobbevik & Furuholmen Fiskeoppdrett A 235 379 147 411 75 609 53 599 32 % 36 % 46 715 28 728 20 % 19 % 72 065 52 000 30,6 % 35,3 % Landøy Fiskeoppdrett AS 31 751 22 277 8 921 8 497 28 % 38 % 2 754 2 359 9 % 11 % 5 000 5 000 15,7 % 22,4 % E. Karstensen Fiskeoppdrett AS 23 678 17 449 7 024 5 066 30 % 29 % 2 474 2 496 10 % 14 % 0 0 0,0 % 0,0 % Marø Havbruk AS 20 612 12 922 7 225 5 017 35 % 39 % 0 0 0 % 0 % 0 0 0,0 % 0,0 % Fylkesnes Fisk AS 55 439 48 911 11 080 11 217 20 % 23 % 11 064 7 779 20 % 16 % 0 0 0,0 % 0,0 % Egil Kristoffersen & Sønner AS 100 803 82 409 33 723 29 618 33 % 36 % 19 957 15 391 20 % 19 % 13 000 13 000 12,9 % 15,8 % Brilliant Fiskeoppdrett AS 68 924 54 702 26 935 20 955 39 % 38 % 8 022 8 303 12 % 15 % 5 000 5 000 7,3 % 9,1 % Sulefisk AS 69 658 57 383 17 781 15 629 26 % 27 % 11 665 13 246 17 % 23 % 5 000 5 000 7,2 % 8,7 % Langøylaks AS 35 821 29 555 23 118 17 841 65 % 60 % 12 271 11 452 34 % 39 % 0 0 0,0 % 0,0 % K. Strømmen Fiskeoppdrett AS 72 018 62 986 16 593 21 091 23 % 33 % 13 908 15 291 19 % 24 % 5 000 5 000 6,9 % 7,9 % Total 1 632 008 1 187 856 685 218 512 041 42 % 43 % 243 055 189 049 15 % 16 % 171 704 148 602 10,5 % 12,5 %

Appendix 5 - Equity and debt "Small and Midsized companies 2006 Equity and debt Short term debt Short term debt% Long term debt Long term debt% Equity Equity % Interest bearing debt I % of total assets 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 Arnøy Laks AS 43 166 30 497 10 113 10 709 23 % 35 % 7 424 5 346 17 % 18 % 25 629 14 442 59 % 47 % 5 811 6 860 13 % 22 % Eide Fjordbruk AS 61 755 38 041 20 711 18 224 34 % 48 % 13 418 6 624 22 % 17 % 27 627 13 193 45 % 35 % 5 995 4 800 10 % 13 % Emilsen Fisk AS 114 617 82 159 14 989 22 126 13 % 27 % 29 995 32 039 26 % 39 % 69 633 27 994 61 % 34 % 14 638 37 999 13 % 46 % Eidesvik Laks AS 61 833 56 817 22 077 32 995 36 % 58 % 22 997 22 889 37 % 40 % 16 758 934 27 % 2 % 37 641 34 717 61 % 61 % Knutshaugfisk AS 47 278 19 394 20 570 9 744 44 % 50 % 9 498 1 887 20 % 10 % 17 210 7 762 36 % 40 % 13 626 0 29 % 0 % Pundslett Laks AS 74 638 54 937 18 783 21 300 25 % 39 % 18 210 11 184 24 % 20 % 37 645 22 454 50 % 41 % 15 567 15 635 21 % 28 % Espevær Fiskeoppdrett AS 43 524 33 304 11 246 9 928 26 % 30 % 13 524 11 936 31 % 36 % 18 753 11 440 43 % 34 % 12 096 14 661 28 % 44 % Feøy Fiskeoppdrett AS 66 099 39 885 22 875 14 024 35 % 35 % 11 744 8 815 18 % 22 % 31 480 17 047 48 % 43 % 19 592 17 700 30 % 44 % Selsøyvik Havbruk AS 42 696 32 893 17 998 14 921 42 % 45 % 6 683 5 016 16 % 15 % 18 014 12 956 42 % 39 % 6 333 3 407 15 % 10 % Bru Eigedom AS (Steinvik Fiskefarm) 152 160 106 580 42 503 12 286 28 % 12 % 61 420 60 612 40 % 57 % 48 237 33 683 32 % 32 % 72 745 48 024 48 % 45 % Wenberg Fiskeoppdrett AS 51 269 41 558 11 976 5 755 23 % 14 % 9 531 9 942 19 % 24 % 29 762 25 861 58 % 62 % 4 604 8 884 9 % 21 % Wilsgård Fiskeoppdrett AS 68 586 50 187 28 751 22 928 42 % 46 % 13 539 7 805 20 % 16 % 26 297 19 455 38 % 39 % 25 192 20 679 37 % 41 % Stettefisk AS 15 784 17 359 12 786 12 110 81 % 70 % 664 1 529 4 % 9 % 2 334 3 720 15 % 21 % 0 0 0 % 0 % Lovundlaks AS 75 069 48 297 21 029 8 876 28 % 18 % 26 014 26 763 35 % 55 % 28 026 12 658 37 % 26 % 6 749 13 805 9 % 29 % Kobbevik & Furuholmen Fiskeoppdrett 235 379 147 410 82 354 45 175 35 % 31 % 110 538 74 915 47 % 51 % 42 487 27 320 18 % 19 % 47 504 23 064 20 % 16 % Landøy Fiskeoppdrett AS 31 751 22 277 4 988 1 721 16 % 8 % 10 754 11 749 34 % 53 % 16 009 8 807 50 % 40 % 2 200 2 800 7 % 13 % E. Karstensen Fiskeoppdrett AS 23 677 17 447 3 553 3 212 15 % 18 % 5 949 8 338 25 % 48 % 14 176 5 898 60 % 34 % 0 372 0 % 2 % Marø Havbruk AS 20 613 12 923 11 363 2 775 55 % 21 % 1 897 1 333 9 % 10 % 7 353 8 815 36 % 68 % 0 0 0 % 0 % Fylkesnes Fisk AS 55 497 48 911 10 927 4 540 20 % 9 % 20 446 31 240 37 % 64 % 24 124 13 131 43 % 27 % 777 8 203 1 % 17 % Egil Kristoffersen & Sønner AS 100 803 82 409 37 334 37 548 37 % 46 % 24 131 19 368 24 % 24 % 39 338 25 493 39 % 31 % 8 346 22 706 8 % 28 % Brilliant Fiskeoppdrett AS 68 924 54 702 30 539 23 743 44 % 43 % 24 451 17 781 35 % 33 % 13 934 13 178 20 % 24 % 37 989 31 032 55 % 57 % Sulefisk AS 69 658 57 383 11 389 5 563 16 % 10 % 24 758 26 463 36 % 46 % 33 511 25 357 48 % 44 % 19 377 21 858 28 % 38 % Langøylaks AS 35 821 29 555 14 446 8 768 40 % 30 % 8 009 7 981 22 % 27 % 13 366 12 806 37 % 43 % 12 882 12 493 36 % 42 % K. Strømmen Fiskeoppdrett AS 72 018 62 986 5 978 2 216 8 % 4 % 15 123 16 270 21 % 26 % 50 917 44 501 71 % 71 % 10 167 11 389 14 % 18 % Total 1 632 614 1 187 914 489 278 351 185 30 % 30 % 490 717 427 826 30 % 36 % 652 620 408 904 40 % 34 % 379 830 361 089 23 % 30 %

Appendix 6 - Regional companies in Norway Gruppering No of 2001 2002 Operating profit Operating profit per No of Operating profit Operating profit per No of 2003 Operating profit ALSAKER FJORDBRUK AS 13 33 898 2 608 14 4 112 294 16 841 53 18 50 751 2 820 18 121 449 6 747 20 155 101 7 755 ARCTIC SEAFOOD HOLDING AS NA NA NA 9-12 756 NA 5-34 205-6 841 9-3 944-438 9 15 440 1 716 9 41 072 4 564 LERØY AURORA AS NA NA NA NA NA NA 24-10 143-423 22-6 342-288 16 40 742 2 546 16 129 397 8 087 BOLAKS AS 6-6 860-1 143 7-23 807-3 401 7-2 576-368 9 5 101 567 9 47 376 5 264 9 86 229 9 581 BREMNES FRYSERI AS 11 27 430 2 494 11-951 -86 11-23 646-2 150 11 1 090 99 11 55 245 5 022 11 87 656 7 969 FIRDA MANAGEMENT AS 7 1 505 215 7-2 950-421 7-7 835-1 119 12 22 914 1 910 12 41 446 3 454 12 62 008 5 167 FJORD LAKS AQUA AS 6 5 753 959 6-12 177-2 030 7-22 867-3 267 7 17 903 2 558 7 53 270 7 610 7 88 767 12 681 GRIEG SEAFOOD Rogalnd AS 12-29 253-2 438 13-13 959-1 074 15-61 782-4 119 15-47 836-3 189 15 NA NA 14 60 226 4 302 LERØY HYDROTECH AS 18 25 432 1 413 17 32 203 1 894 17-33 073-1 945 17 18 852 1 109 17 98 770 5 810 22 195 988 8 909 HØLLALAKS AS 7-4 359-623 7 6 731 962 7-1 630-233 8 6 209 776 8 35 108 4 389 8 45 910 5 739 LERØY MIDNOR AS 26 13 703 527 26 NA NA 26-17 284-665 28 33 107 1 182 28 162 223 5 794 28 360 121 12 861 MIDT NORSK HAVBRUK AS 8 21 376 2 672 7 160 23 8 6 579 822 10 20 628 2 063 10 39 887 3 989 10 82 895 8 289 NORDLAKS HOLDING AS 9 11 964 1 329 9 2 560 284 14 20 282 1 449 22 40 747 1 852 23 152 730 6 640 23 223 148 9 702 SALMAR AS 24 62 771 2 615 25 45 860 1 834 26 73 783 2 838 33 122 761 3 720 33 209 349 6 344 37 511 050 13 812 NOVA SEA (SEA FARM INVEST) 17 28 182 1 658 17-7 692-452 20 6 914 340 17 53 013 3 118 26 140 061 5 387 26 239 186 9 199 SENJA SJØFARM AS 8-16 024-2 003 13-12 850-988 13-9 113-1 013 13-10 175-783 9 29 575 3 286 9 49 252 5 472 SINKABERG HANSEN AS 7 19 457 2 780 7 12 211 1 744 11 8 941 813 11 24 810 2 255 11 38 248 3 477 13 87 720 6 748 SJØTROLL HAVBRUK AS 24 14 263 594 25-23 911-956 25-214 829-8 593 25 37 729 1 509 24 148 336 6 181 24 214 210 8 925 LERØY AUSTEVOLL (VESTSTAR NA NA NA NA NA NA NA NA NA 16-18 061-1 129 28 29 635 1 058 28 87 643 3 130 GRIEG SEAFOOD FINNMARK AS 4-14 263-3 566 4-18 334-4 583 8 9 295 1 162 8 11 229 1 404 13 23 321 1 794 22 56 924 2 587 LERØY FOSSEN AS NA NA NA 6-8 020-1 337 6 8 921 1 487 6 12 687 2 115 6 19 674 3 279 6 44 697 7 450 JØKELFJORD LAKS AS NA NA NA 4 3 660 915 4 752 188 6 12 870 2 145 6 20 465 3 411 6 33 478 5 580 POLARLAKS AS NA NA NA 4-11 242-2 811 6-4 910-818 6-8 849-1 475 12 6 848 571 12-9 471-789 Total 207 194 974 942 238-41 153-173 283-307 584-1 086 329 397 194 1 207 351 1 529 198 4 357 372 2 933 206 7 885 Operating profit per No of 2004 Operating profit Operating profit per No of 2005 Operating profit Operating profit per No of 2006 Operating profit Operating profit per

Appendix 7 - Regional companies in Norway: 2001 2002 2003 2004 2005 2006 No of Profit before tax Profit per No of Profit before tax Profit per No of Profit before tax Profit per No of Profit before tax Profit per No of Profit before tax Profit per No of Profit before tax Profit per ALSAKER FJORDBRUK AS 13 29 133 2 241 14-6 365-455 16-2 669-167 18 44 956 2 498 18 118 007 6 556 20 203 033 10 152 ARCTIC SEAFOOD HOLDING NA NA NA 9-23 967-2 663 5-44 227-8 845 9-10 981-1 220 9 9 099 1 011 9 34 100 3 789 LERØY AURORA AS NA NA NA 28 NA NA 24-13 049-544 22-17 420-792 16 31 233 1 952 16 121 689 7 606 BOLAKS AS 6-7 301-1 217 7-20 355-2 908 7-13 441-1 920 9-1 033-115 9 32 786 3 643 9 79 919 8 880 BREMNES FRYSERI AS 11 12 190 1 108 11-15 946-1 450 11-78 234-7 112 11-13 667-1 242 11 70 254 6 387 11 100 778 9 162 FIRDA MANAGEMENT AS 7 4 091 584 7-1 051-150 7-12 008-1 715 12 18 490 1 541 12 37 222 3 102 12 57 495 4 791 FJORD LAKS AQUA AS 6 6 461 1 077 6 3 487 581 7-27 928-3 990 7 13 685 1 955 7 48 375 6 911 7 75 415 10 774 GRIEG SEAFOOD ROGALAND AS 12-55 734-4 644 13-55 466-4 267 15-91 200-6 080 15-65 449-4 363 15 NA NA 14 53 795 3 842 LERØY HYDROTECH AS 18 806 45 17 3 697 217 17-50 619-2 978 17 8 993 529 17 92 346 5 432 22 184 021 8 365 ELLINGSEN SEAFOOD (HØLLALA 7-3 145-449 7 2 026 289 7-4 635-662 8 5 603 700 8 33 748 4 218 8 43 954 5 494 LERØY MIDNOR AS 26-45 583-1 753 26 0 0 26-41 425-1 593 28 20 404 729 28 129 158 4 613 28 353 639 12 630 MIDT NORSK HAVBRUK AS 8 19 141 2 393 7-3 822-546 8-13 434-1 679 10 16 704 1 670 10 9 099 910 10 79 699 7 970 NORDLAKS HOLDING AS 9 4 779 531 9 6 749 750 14 29 441 2 103 22 50 640 2 302 23 31 233 1 358 23 209 128 9 093 SALMAR AS 24 37 405 1 559 25-30 662-1 226 26 31 913 1 227 33 110 169 3 338 33 250 112 7 579 37 577 317 15 603 NOVA SEASEA (FARM INVEST) 17 7 513 442 17-36 425-2 143 20-26 986-1 327 17 36 741 2 161 26 129 572 4 984 26 239 791 9 223 SENJA SJØFARM AS 8-23 110-2 889 13-23 338-1 795 13-22 775-1 752 13-20 085-1 545 9 23 065 2 563 9 38 109 4 234 SINKABERG HANSEN AS 7 19 148 2 735 7 5 843 835 11 7 167 652 11 22 957 2 087 11 37 079 3 371 13 89 413 6 878 SJØTROLL HAVBRUK AS 24 38 656 1 611 25-48 408-1 936 25-271 288-10 852 25-12 123-485 24 129 158 5 382 24 241 993 10 083 LERØY AUSTEVOLL (VESTSTAR NA NA NA NA NA NA NA NA NA 16-29 572-1 848 28 15 612 558 28 73 556 2 627 GRIEG SEAFOOD FINNMARK (VO 4-8 300-2 075 4-7 466-1 867 8 877 110 8 8 011 1 001 13 26 580 2 045 22 56 110 2 550 LERØY FOSSEN AS NA NA NA 6-9 120-1 520 6 977 163 6 8 831 1 472 6 17 427 2 904 6 39 528 6 588 JØKELFJORD LAKS AS NA NA NA 4 3 098 775 4-2 050-513 6 11 612 1 935 6 18 296 3 049 6 32 536 5 423 POLARLAKS AS NA NA NA 4-16 575-4 144 6-8 027-1 338 6-11 288-1 881 12 4 125 344 12-11 858-988 Total 207 36 151 175 266-274 067-1 030 283-653 618-2 307 329 196 178 596 351 1 293 582 3 685 372 2 973 160 7 992

Appendix 8 - Regional companies in Norway : Operating Margin 1996-2006 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 ALSAKER FJORDBRUK AS 10 % 17 % 18 % 29,8 % 42,6 % 21,0 % 2,8 % 0,5 % 20,7 % 39,4 % 41,6 % LERØY MIDNOR AS 4 % 10 % 20 % 23,0 % 32,6 % NA NA -8,0 % 8,1 % 27,2 % 41,3 % SALMAR AS 4 % 11 % 13 % 16,7 % 29,8 % 12,6 % 9,1 % 13,0 % 15,5 % 24,0 % 40,9 % BOLAKS AS NA 7 % 15 % 11,8 % 17,3 % -10,4 % -26,8 % -2,4 % 5,1 % 29,4 % 38,7 % MIDT NORSK HAVBRUK AS NA 17 % 28 % 22,2 % 39,9 % 18,4 % 0,1 % 1,9 % 17,2 % 32,6 % 37,4 % NOVA SEA (SEA FARM INVEST) 8 % 15 % 19 % 23,3 % 38,0 % 11,1 % -3,1 % 2,1 % 15,9 % 30,4 % 34,1 % LERØY AURORA AS NA NA NA NA NA NA NA -14,0 % -2,2 % 19,2 % 33,4 % HØLLALAKS AS 4 % 7 % -6 % 14,6 % 25,2 % -5,9 % 6,4 % -2,3 % 6,3 % 27,3 % 32,5 % HYDROTECH-GRUPPEN AS 0 % 1 % 6 % 18,4 % 26,5 % 7,3 % 9,2 % -8,7 % 5,9 % 26,4 % 32,4 % GRIEG SEAFOOD FINNMARK AS NA NA NA 17,5 % 15,0 % -27,7 % -33,7 % 14,9 % 12,0 % 19,4 % 31,6 % JØKELFJORD LAKS AS NA NA 18,0 % 29,6 % 30,8 % 17,7 % 10,4 % 2,3 % 18,7 % 28,0 % 29,9 % SJØTROLL HAVBRUK AS 2 % 11 % 11 % 22,3 % 28,6 % 2,6 % -4,2 % -41,4 % 9,1 % 25,5 % 29,9 % SENJA SJØFARM AS -11 % -16 % 4 % 16,3 % 27,8 % -19,6 % -12,4 % -12,7 % -8,2 % 23,5 % 29,1 % FJORD LAKS AQUA AS NA NA NA 35,0 % 33,7 % 3,2 % -5,1 % -15,3 % 5,7 % 19,1 % 27,6 % FIRDA MANAGEMENT AS 19,2 % 19 % 18 % 21,0 % 39,1 % 1,1 % -2,5 % -6,9 % 13,5 % 24,6 % 27,1 % BREMNES FRYSERI AS 10 % 10 % 12 % 14,8 % 26,3 % 12,0 % -0,5 % -11,5 % 0,4 % 16,8 % 26,7 % LERØY AUSTEVOLL (VESTSTAR) NA NA NA NA NA NA NA NA -7,3 % 9,4 % 25,7 % NORDLAKS HOLDING AS NA 13 % 24 % 11,1 % 28,5 % 7,7 % 1,2 % 7,4 % 10,4 % 22,6 % 25,1 % ARCTIC SEAFOOD HOLDING AS NA NA NA NA NA NA -12,4 % -31,3 % -4,5 % 14,5 % 24,7 % GRIEG SEAFOOD ROGALAND AS -17 % -11 % 0 % 6,8 % 29,4 % -10,3 % -4,8 % -18,3 % -19,4 % NA 23,7 % SINKABERG HANSEN AS 16 % 18 % 16 % 18,9 % 19,9 % 12,5 % 7,7 % 5,5 % 11,3 % 12,9 % 21,8 % LERØY FOSSEN AS NA NA NA NA NA NA -5,2 % 5,6 % 7,9 % 9,5 % 20,0 % POLARLAKS AS NA NA NA NA NA -20,5 % -31,5-19,3 % -16,3 % 12,7 % -17,3 % Average 4,1 % 8,5 % 13,5 % 19,6 % 29,5 % 3,1 % -1,4 % -8,0 % 7,1 % 23,3 % 31,8 % Profit margin 1996-2006 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 ALSAKER FJORDBRUK AS 6 % 13 % 14 % 25,5 % 41,5 % 18,0 % -4,4 % -1,5 % 18,3 % 38,2 % 54,4 % SALMAR AS 3 % 7 % 15 % 14,6 % 29,8 % 7,5 % -6,1 % 5,6 % 13,9 % 28,7 % 46,2 % LERØY MIDNOR AS -3 % 9 % 14 % 15,9 % 28,3 % NA NA -19,1 % 5,0 % 25,3 % 40,5 % MIDT NORSK HAVBRUK AS NA 14 % 16 % 21,1 % 37,2 % 16,4 % -2,2 % -11,0 % 15,0 % 32,0 % 36,0 % BOLAKS AS NA 3 % 15 % 15,4 % 19,2 % -11,0 % -22,9 % -12,8 % -1,0 % 20,3 % 35,9 % NOVA SEA (SEA FARM INVEST) 1 % 12 % 2 % 21,6 % 40,9 % 3,0 % -14,5 % -8,4 % 11,0 % 28,1 % 34,2 % SJØTROLL HAVBRUK AS 3 % 7 % 5 % 16,9 % 32,2 % 7,0 % -8,4 % -52,2 % -2,9 % 22,2 % 33,8 % LERØY AURORA AS NA NA NA NA NA NA NA -18,0 % -6,1 % 14,7 % 31,4 % HØLLALAKS AS -4 % 2 % -14 % 8,1 % 23,8 % -4,3 % 1,9 % -6,5 % 5,7 % 26,2 % 31,1 % GRIEG SEAFOOD FINNMARK (VO NA NA NA 10,4 % 14,9 % -16,1 % -13,7 % 1,4 % 8,6 % 22,1 % 31,1 % BREMNES FRYSERI AS 7 % 5 % 9 % 11,0 % 24,5 % 5,3 % -8,5 % -38,1 % -5,4 % 21,4 % 30,7 % LERØY HYDROTECH -9 % -9 % -3 % 11,8 % 21,3 % 0,2 % 1,1 % -13,3 % 2,8 % 24,7 % 30,4 % JØKELFJORD LAKS AS NA NA 14,3 % 23,1 % 27,9 % 17,3 % 8,8 % -6,3 % 16,8 % 25,0 % 29,1 % FIRDA MANAGEMENT AS NA 8 % 11 % 16,6 % 37,3 % 3,0 % -0,9 % -10,6 % 10,9 % 22,1 % 25,1 % NORDLAKS HOLDING AS NA 21 % 9 % 7,9 % 25,0 % 3,1 % 3,1 % 10,8 % 13,0 % 21,5 % 23,5 % FJORD LAKS AQUA AS NA NA NA 34,1 % 32,3 % 3,6 % 1,5 % -18,7 % 4,3 % 17,3 % 23,5 % SENJA SJØFARM AS -13 % -23 % -10 % 15,4 % 21,6 % -28,2 % -22,6 % -31,6 % -16,3 % 18,3 % 22,5 % SINKABERG HANSEN AS 14 % 15 % 14 % 16,7 % 19,3 % 12,3 % 3,7 % 4,4 % 10,4 % 12,5 % 22,3 % LERØY AUSTEVOLL (VESTSTAR) NA NA NA NA NA NA NA NA -11,9 % 4,9 % 21,6 % GRIEG SEAFOOD ROGALAND AS -21 % -9 % -2 % -1,1 % 25,7 % -19,6 % -19,1 % -27,0 % -26,6 % NA 21,2 % ARCTIC SEAFOOD HOLDING AS NA NA NA NA NA NA -23,4 % -40,4 % -12,5 % 8,5 % 20,5 % LERØY FOSSEN AS NA NA NA NA NA NA -6,0 % 0,6 % 5,5 % 8,4 % 17,7 % POLARLAKS AS NA NA NA NA NA -66,1 % -46,4 % -31,6 % -20,8 % 7,6 % -21,6 % Average -1,5 % 5,0 % 6,8 % 15,8 % 27,9 % -2,7 % -9,6 % -15,4 % 3,5 % 22,2 % 32,1 %

Appendix 9 - Regional companies in Norway : Book value Goodwill and concessions 2000-2006 2001 2002 2003 2004 2005 2006 Book value intangible assets No of Per Book value intangible assets No of Per Book value intangible assets No of Per Book value intangible assets No of Per Book value intangible assets No of Per Book value intangible assets No of Per ALSAKER FJORDBRUK AS 84 306 13 6 485 115 946 14 8 282 123 305 16 7 707 130 419 18 7 246 126 326 18 7 018 142 646 20 7 132 ARCTIC SEAFOOD HOLDING AS NA NA NA 51 500 9 5 722 48 700 5 9 740 63 896 9 7 100 62 097 9 6 900 61 698 9 6 855 LERØY AURORA AS NA NA NA NA NA NA 0 24 0 0 22 0 0 16 0 0 16 0 BOLAKS AS 0 6-28 764 7 4 109 33 764 7 NA 42 764 9 4 752 42 764 9 4 752 42 764 9 4 752 BREMNES FRYSERI AS 61 133 11 5 558 60 663 11 5 515 59 437 11 5 403 57 972 11 5 270 55 599 11 5 054 67 999 11 6 182 FIRDA MANAGEMENT AS 25 134 7 3 591 22 105 7 3 158 24 077 7 3 440 41 554 12 3 463 39 609 12 3 301 37 826 12 3 152 FJORD LAKS AQUA AS 1 150 6 192 900 6 150 5 650 7 807 5 400 7 771 5 150 7 736 5 000 7 714 GRIEG SEAFOOD ROGALAND A 162 825 20 13 569 183 488 13 14 114 201 267 15 13 418 191 345 15 12 756 NA 15 NA 119 537 14 8 538 LERØY HYDROTECH 143 220 18 7 957 141 233 17 8 255 139 938 17 8 232 139 538 17 8 208 139 138 17 8 185 653 738 22 29 715 HØLLALAKS AS 24 500 7 3 500 24 500 7 3 500 24 500 7 3 500 24 500 8 3 063 29 500 8 3 688 29 500 8 3 688 LERØY MIDNOR AS 257 078 26 9 888 NA NA NA 62 400 26 2 400 72 400 28 2 586 72 400 28 2 586 72 400 28 2 586 MIDT NORSK HAVBRUK AS 30 900 8 3 863 30 050 7 4 293 39 100 8 4 888 38 150 10 3 815 32 000 10 3 200 32 000 10 3 200 NORDLAKS HOLDING AS 41 875 9 4 653 46 875 9 5 208 84 447 14 6 032 154 130 22 7 006 151 990 23 6 608 147 421 23 6 410 SALMAR AS 144 539 24 6 022 170 350 25 6 814 178 187 26 6 853 218 299 33 6 615 226 664 33 6 869 767 658 37 20 748 NOVA SEA (SEA FARM INVEST) 154 769 17 9 104 149 870 17 8 816 144 972 20 7 131 140 093 17 8 241 191 759 26 7 375 186 557 26 7 175 SENJA SJØFARM AS 0 8-33 829 13 2 602 36 329 13 2 795 36 329 13 2 795 55 829 9 6 203 41 329 9 4 592 SINKABERG HANSEN AS 0 7-0 7 0 20 000 11 1 818 20 000 11 1 818 20 000 11 1 818 20 000 13 1 538 SJØTROLL HAVBRUK AS 489 018 24 20 376 509 318 25 20 373 334 100 25 13 364 334 100 25 13 364 334 100 24 13 921 334 400 24 13 933 LERØY AUSTEVOLL (VESTSTAR NA NA NA NA NA NA NA NA NA 225 769 16 14 111 275 115 28 9 826 271 020 28 9 679 GRIEG SEAFOOD FINNMARK (V 20 059 4 5 015 20 044 4 5 011 31 629 8 3 954 31 615 8 3 952 33 650 13 2 588 40 420 22 1 837 LERØY FOSSEN NA NA NA NA NA NA 21 860 6 3 643 21 860 6 3 643 21 860 6 3 643 54 355 6 9 059 JØKELFJORD LAKS AS NA NA NA NA NA NA 4 000 4 1 000 4 000 6 667 8 317 6 1 386 8 317 6 1 386 POLARLAKS AS NA NA NA NA NA NA 0 6 0 0 6 0 7 226 12 602 7 277 12 606 Total 1 640 506 215 7 630 1 589 436 198 8 027 1 617 662 283 5 709 1 994 133 329 6 061 1 931 093 351 5 502 3 143 862 372 8 451

Appendix 10 - Regional companies in Norway : Operating profit per kg harvest 1998-2006 1998 1999 2000 2001 2002 2003 2004 2005 2006 SALMAR AS 5,02 7,80 12,39 4,73 3,36 4,46 5,40 9,52 17,15 ALSAKER FJORDBRUK AS 4,98 8,53 13,78 5,22 0,59 0,09 4,82 11,54 14,19 SINKABERG HANSEN AS 5,16 6,75 10,08 4,41 2,65 2,00 4,64 3,44 11,92 JØKELFJORD LAKS AS NA NA NA NA NA NA 4,29 6,82 9,43 MIDT NORSK HAVBRUK AS NA 5,44 11,40 5,54 0,03 0,32 3,49 8,14 11,61 NOVA SEA (SEA FARM INVEST) 5,22 6,13 9,88 2,55-0,65 0,47 2,58 7,61 12,10 FIRDA MANAGEMENT AS 5,00 NA 20,07 0,25-0,45-1,21 3,53 5,53 NA NORDLAKS HOLDING AS NA 2,18 9,74 1,71 0,30 2,13 3,23 7,64 6,78 GRIEG SEAFOOD FINNMARK (VOLDEN) NA NA NA NA -6,43 3,00 2,44 5,26 9,49 LERØY FOSSEN AS NA NA NA NA NA NA 2,39 2,98 8,13 SJØTROLL HAVBRUK AS 3,27 7,73 11,69 0,80-1,76-12,82 2,29 7,33 9,65 FJORD LAKS AQUA AS NA NA 8,92 0,72-1,22-2,54 1,79 4,44 7,40 LERØY HYDROTECH 1,90 6,44 8,56 1,85 0,53-2,47 1,70 7,06 9,80 LERØY MIDNOR AS 5,07 6,32 8,55 0,88 NA -0,88 1,36 7,15 13,34 HØLLALAKS AS -1,37 3,62 7,08-1,26 1,23-0,38 1,30 6,50 9,31 BOLAKS AS NA 3,77 6,64-2,69-7,00-0,57 0,84 6,77 14,37 BREMNES FRYSERI AS 4,26 5,07 10,35 3,13-0,12-2,36 0,09 3,97 7,30 LERØY AURORA AS NA NA NA NA NA -0,78-0,47 4,79 9,95 ARCTIC SEAFOOD HOLDING AS NA NA NA NA NA -10,30-1,17 2,91 8,21 SENJA SJØFARM AS 0,96 5,33 8,13-3,80-2,38-2,54-1,70 2,93 11,73 GRIEG SEAFOOD ROGALAND AS -0,02 NA 12,52-3,28-3,57-7,27-3,38 NA 7,09 POLARLAKS AS NA NA NA NA NA NA -3,57 2,21-4,74 LERØY AUSTEVOLL (VESTSTAR) NA NA NA NA -5,39-3,60-5,55 2,40 7,01 Weighted average per year 3,16 4,41 9,84 1,18-1,54-2,42 1,49 6,00 10,46

Appendix 11 - Norwegian Exporters Operating margin 2000-2006 Operating margin COMPANY 2000 2001 2002 2003 2004 2005 2006 Hallvard Lerøy AS 3,1 % 2,9 % 2,1 % 2,7 % 2,3 % 2,1 % 2,1 % Coast Seafood AS 3,1 % 2,9 % 3,5 % 1,9 % 1,5 % 0,7 % 2,1 % Norway Royal Salmon AS 0,2 % -0,1 % -0,5 % 0,1 % 0,2 % 1,5 % 1,5 % Aalesundsfisk AS 0,8 % 1,0 % 1,0 % 1,8 % -0,3 % -2,6 % -0,6 % Seaborn AS NA -33,2 % 0,9 % 0,0 % 1,0 % 1,5 % 1,4 % Gaia Seafood AS NA NA -0,8 % 0,7 % 0,6 % 0,9 % 0,8 % Orion Seafood AS NA NA NA 4,8 % 4,5 % 3,1 % 3,5 % Nisja Trading AS 5,6 % -1,6 % 1,2 % 0,1 % 0,8 % 0,1 % 0,2 % Sirena Norway AS NA NA 4,1 % 3,5 % -1,7 % 1,2 % 1,1 % Sea Star International AS NA 1,7 % -1,0 % 2,2 % 1,8 % 1,0 % 0,1 % Norwell AS NA 2,8 % 1,9 % 0,3 % -0,4 % 1,2 % 2,9 % Christiansen Partner AS NA 4,5 % 3,2 % 3,6 % 1,1 % 0,3 % 0,1 % Average 1,8 % 2,1 % 1,6 % 1,7 % 1,3 % 1,2 % 1,7 % Profit margin (before tax) Profit margin ( before tax) COMPANY 2000 2001 2002 2003 2004 2005 2006 Hallvard Lerøy AS 1,5 % 2,6 % 1,8 % 2,5 % 2,2 % 2,1 % 2,0 % Coast Seafood AS 3,3 % 2,2 % 1,6 % 1,0 % 1,5 % 0,7 % 2,2 % Norway Royal Salmon AS 0,5 % 7,2 % 4,6 % -0,9 % -3,8 % 2,2 % 2,5 % Aalesundsfisk AS 0,1 % -2,0 % -2,0 % 0,3 % -0,7 % -5,5 % -1,6 % Seaborn AS NA NA -8,0 % -0,4 % 0,9 % 1,4 % 1,3 % Gaia Seafood AS NA NA -0,8 % 0,4 % 0,3 % 0,5 % 0,4 % Orion Seafood AS NA NA NA 4,9 % 4,1 % 3,2 % 3,2 % Nisja Trading AS 5,7 % -1,6 % 0,6 % -0,2 % 0,7 % 0,0 % 0,3 % Sirena Norway AS NA NA 4,1 % 3,0 % -1,9 % 1,1 % 0,9 % Sea Star International AS NA 1,4 % -2,4 % 2,1 % 1,6 % 0,9 % -0,6 % Norwell AS NA 1,7 % -0,1 % 0,1 % -1,2 % 0,4 % 1,7 % Christiansen Partner AS NA 4,3 % 3,4 % 3,6 % 1,0 % 0,2 % -0,1 % Average 2,0 % 1,7 % 0,8 % 1,3 % 0,8 % 1,0 % 1,5 %