Icelandic inspires consumers in its core markets to eat more quality fish from sustainable resources

Icelandic Group is a leading global seafood company

Sales € 600m

1,800 employees

Presence in 8 countries

150,000 t of fish procured*

* Whole fish equivalent

Over 70 years history in global seafood

• Over 70 years heritage in the Icelandic seafood industry with a strong relationship with key suppliers

• A leading supplier to the UK retail market with 15% market share

• Second largest supplier to the Belgian retail market for seafood products

• Large supplier to the Spanish foodservice (FS) and catering market with branded frozen products for full service and quick service restaurants (QSR)

• Strong brand and established access to the USA market with focus on FS

• Established presence in Japan

• China is a growth market

Icelandic Group VisionBuilt on our Core Competences

Icelandic inspires consumers in its core markets to eat more quality fish from sustainable resources

Attract and retain top talent with expert knowledge of seafood and consumer behavior

Innovated seafood category manager with focus on R&D throughout the value chain

Market driven with a deep understanding of consumers needs and trends

Unique access to the seafood resource in the North Atlantic through ownership and strategic alliances

Best-in-Class operations, with focus on efficiency, quality and flexibility

Our strategy is market driven And what are the markets telling us?

• Consolidation in food service & retail globally means bigger, more demanding customers

• Supply chain needs to be simpler and shorter, more transparent and offer total traceability

• Chilled Fish is a hero category and retailers increasingly seek ways to differentiate their consumer offer

• Customers demand stable quality, stable supply, better service and lower prices

• Line-caught fish preferred in some markets, but at the same time need to secure low cost and supply at all times

• Customers in all markets ask for better access to the resource

• Food safety is a key issue in all markets, including Asia

Icelandic The brand of choice for quality, origin and consistency

• The Icelandic brand is synonymous with natural quality, origin and consistent supply

• A leading brand of first quality cod products for the foodservice markets in south Europe

• Frozen cod and haddock fillets and processed solutions to the US foodservice market

• Plans in Japan & China

Our Saucy Fish brandDemonstrates our capability of driving insight to action

• Already the #1 chilled wetfish brand in the UK with ongoing trial in a few international markets

• Total Sales € 45m in 2012 (up 80% y-o-y)

• More than 50% of sale are genually incremental, with 25% new to the category

• One of the fastest growing brands in UK grocery

• Identified by The Grocer magazine as one of Key Influential Brands during the last 150 years

• First ever fish business to make it onto the CoolBrands list

Strong customer credentials as a seafood supplierSupplying over 150 thousand tonnes of whole fish equivalent

Long term, trusted supplier relationship with leading retailers

Strong innovation and quality credentials

Strong innovation and quality credentials

Icelandic Seachill Leading supplier of chilled fish to the UK retail market

Strong position in every category offering total solution to our customers

Also a leading supplier of Prawn cocktails, Party foods and Fishcakes to the UK retail market

Market size £ 2.5 bn*

Total Sales £ 340 m

Market share 15%

Employees ~1,400

Factories 3

22%

Raw Coated Meals Ready to Cook

Frozen

42%

19%

48%

6%

100%#2 #1 #1 #1

Top

5

80%

60%

40%

20%

* The UK seafood retail market in 2012 excluding ambient (RSP). Source: Nielsen

Icelandic Gadus Leading supplier of Icelandic fresh high quality fish

Recognised as a first choice supplier of quality seafood and services to leading retailers

Recognised as a first choice supplier of quality seafood and services to leading retailers

Market size € 1.4 bn*

Total Sales € 70 m

Market share 6%

Employees ~100

Factories 1

Raw chilled

Raw frozen

19%

9%

100%#2

Top

3

80%

60%

40%

20%

* The Belgian seafood retail market in 2012 excluding ambient (RSP). Source: Datamonitor

Icelandic Iberica Leading branded seafood supplier to the Spanish foodservice

Icelandic Iberica inspires consumers to eat more high quality cod products

• Icelandic Iberica is a leading foodservice & HoReCa supplier in Spain and growing in Southern Europe (Portugal, Italy & France)

• Lightly salted cod sold under the Icelandic brand core product with 800 wholesale accounts and direct delivery to over 2,000 restaurants in Spain

• Offices in Barcelona,Vigo, Malaga, Madrid, Genoa and Lyon

Market size € 1.6 bn*

Total Sales € 85 m

Market share 7%**

Employees 100

Factories 1

* The Spanish food service market in 2011. Source: Magrama, FFT.

** Of frozen fish market in foodservice

Icelandic Japan Dominating market share of selected Icelandic species

• Icelandic Japan has been operating from its Tokyo office for over 20 years and is today an established wholesale supplier, selling more than 30,000 tonnes of fish product every year

• The company has a dominating market share in product of Icelandic origin for Atlantic redfish, Greenland halibut and capelin roe, with a strong position in capelin and mackerel

• Vision is to become a leading supplier of seafood from the North Atlantic to selected markets in Asia with increased product variety

Market size € 11.7 bn*

Total Sales € 60 m

Employees 11

* Total import of fish and seafood products into Japan in 2012. Source: IG

** Excluding sales into China (total sales around € 80 million)

Icelandic China China is a growth market for Icelandic

• Icelandic Group selling over 8,000 t of fish products into the Chinese market today with 80% sold in bulk (containers) and 20% in pallets (boxes)

• Future focus will shift from the current export to the European market towards local opportunities in the Chinese market

• Growth anticipated on the back of the new FTA , providing unique access for producers in Iceland

• Icelandic China based in Qingdao with 15 people in sales & administration and 90 people in our newly opened factory

• Factory BRC approved possessing technical expertise required to offer service to retailers and foodservice customers in the UK

Market size $ 71 bn*

Total Sales € 20 m

Employees 105

Factories 1

* Consumption of fresh, frozen and canned & preserved fish and seafood in China in 2012. Source: Bain consulting

Partnership with High Liner in the US Icelandic Seafood leading brand to the US foodservice market

• Icelandic Seafood brand is today a leading brand of ‘best-in-class’ frozen fillets and processed solutions to the foodservice industry

• Furthermore, Icelandic handles all sourcing and quality control for HLF in Iceland, through its team of experts in Iceland, based on exclusive sourcing agreement

• In 2011, Icelandic Group sold its subsidiary, Icelandic USA, to High Liner Foods Inc. (HLF), North America’s largest marketer of frozen seafood products with a turnover of over $1 billion

• At the same time, a 7 year license agreement was signed with HLF for the use of the Icelandic Seafood brand for the North American foodservice market

Market size $ 54 bn*

Total Sourced 5,000 t

* US consumption on seafood products at food service establishments (incl. restau-rants, caterers and carry-outs) in 2010. Source: NOAA

North Atlantic origin is our Core Iceland, Norway, Russia, UK key origins

1,450,000 t 2,100,000 t 4,300,000 t 600,000 t¹

215,000 t 465,000 t 422,000 t 29,000 t 1,131 t16% 35% 32% 3% 86%

13% 35% 28% 12% 88%

35% 7% 64%

585,000 t 611,000 t 1,633,000 t ~100,000 t¹

ISK 83bn/€ 0.5bn NOK 5.6bn/€ 0.7bn n/a £ 280m/€ 330 m¹

38,000 t 105,000 t 85,000 t 36,000 t 266,000 t

— 1,105,000 t — 600,000 t 2,015,000 t

Capelin Herring² Alaska pollock Mackerel

Cod Cod Alaska pollock Shellfish

Total volume harvested 2012

NA Cod quota TAC ‘13share of total TACs for NA cod

Haddock quota TAC ‘13share of total TACs for haddock

NA Salmon production ‘13Eshare of total

Most important speciesvolume havested

Most important speciesexport value

Total

¹ Figures for 2011² Following salmon farming production

(1,150,000 t)

Sourcing overview Cod, haddock & salmon are key species

Top speciesWhole fish equivalent (estimated)

• Salmon, cod & haddock key species for Icelandic Group making up for 60% of our total procurement

• In total 100 species sourced around the world offering total solution to our customers

Country of originWhole fish equivalent (estimated)

• Salmon, cod & haddock key species for Icelandic Group making up for 60% of our total procurement

• In total 100 species sourced around the world offering total solution to our customers

* ~ 25 countries

Salmon 25.007

Iceland61.704

China6.924

UK 11.600

Haddock23.242

Cod42.908

Norway45.122

Russia12.606

Other*14.153

~100 species60.952

Vertical Integration Iceland: Sourcing, Quality Assurance, Processing and Fishing

¹ Figures for 2011² Following salmon farming production

(1,150,000 t)

In Sandgerði, Icelandic Ný-Fiskur operates a state-of-the-art, 3,200 m² processing plant, just a few minutes from the international airport

• Leading in the export of fresh fish by air from Iceland

• BRC-B, MSC, Friends of the Sea & Icelandic Sustainable Fisheries certified

• Operates one line-vessel with own quota

In Reykjavík, Icelandic operates a sourcing, logistics and quality assurance unit

• Daily contact with all main fishing companies in Iceland

• Quality audits and inspections

• Overseeing export of frozen fish from Iceland

Icelandic Ný-Fiskur Company profile

Source: Annual Accounts, Sax.is, Fiskistofa & IG

• Icelandic Ný-Fiskur a leading producer of high quality, line-caught, fresh fish products operating from a ‘state-of-the-art’ factory in Sandgerði

• Today selling around 1,700t of fresh fish (mostly cod loins) and 800t of frozen fish

• Icelandic Ný-fiskur operates one long liner who is fishing around 1,000 tonnes a year

• Sourcing around 7,000t of raw material a year from both own boat, contract boats and local fish markets

• Total employes around 100

Quota overview

489 132 76 89 786TAC ‘13/’14

in tonnes Cod Haddock Saithe Other Total

0,3% 0,4% 0,2% — 0,2%

Procurement Strategy Access to the resource is our core competence

Own resources

• Icelandic operates a state-of-the art fresh fish processing plant in Iceland, with potential to support frozen business

• Own Icelandic cod and haddock quota to support own long-liner vessels

• Focus on supporting fresh fish business in Benelux, UK, USA and specific frozen products

• Center for Icelandic‘s product development

Strategic Partners

• Exclusivity on certain species and/or market areas

• Long-term product and market development

• Main focus on processing for Icelandic brand products

• Long-term guidelines on volumes

Commercial sourcing

• Meets fluctuations in volumes

• Make use of market opportunities

VAPSecondary processing

VAP

VAP

Primary processing

Primary processing

Primary processing

Primary processing

Primary processing

Secondary processing

Secondary processing

Innovation and R&B

Innovation and R&B

Innovation and R&B

In-House quality control and logistics

Brokers

Brokers

Customer A

Customer B

Our customer

What makes Icelandic unique? Total control and innovation throughout the value chain

Competitor #1

Competitor #2

Icelandic

Harvesting

Harvesting

Harvesting

Harvesting

Harvesting

www.icelandic.is