Lerøy Seafood

Group

History• Lerøy may trace it operations back to 1899

• Significant acquisitions made since 1999

• IPO in 2002

• World’s second largest producer of salmon and trout

• Produce 3m meals every day, all year around

• Total supplier of seafood, sells and distributes 4m meals

every day, all year around

• Significant industrial activity both upstream and

downstream

3

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

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10 000

11 00019

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1985

1990

1995

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Turnover LSG NOK million

4

Sales per market and product Q2 2014

17,5%

7,1%

51,3%

1,6%

12,9%

9,6%

5,1%

2,8%

9,4%

42,4%

33,7%

6,5%

Others

Rest of Europe

USA & Canada

Norway

Asia Pacific

EU

Shellfish

Whitefish

Whole salmon

Salmontrout

Processed salmon

Others

Best second quarter ever

500

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100

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2EBIT* EBIT/kg*, all inclusive

*before biomass adjustment

Lerøy Seafood Group ASA

Farming VAPSales &

Distribution

6

Fully integrated value chain

• Fully integrated value chain for production of salmon and trout

• Large player also in whitefish

• 2067 employees (S&D 547, Prod. 1,520)

• Exports: 12% of Norwegian seafood, 16% of Norwegian salmon and 25% of value added salmon.

• Full traceability

• Focus on best practice and investment through the whole value chain

Investing in smolt capacity and quality

Belsvik Lerøy Midt – first fish harvested end 2014

Laksefjord Lerøy AuroraLerøy Sjøtroll

• Lerøy Midt – capacity 22 mill smolt

• Laksefjord – capacity 11 mill smolt

• Lerøy Sjøtroll – capacity 23 mill smolt

• Selfsufficient in smolt

9

• Invested 200 mill since 2005.

– 7, 5 mill smolt

• New investment 2014 (finished November 2014)

– New technology and production strategy

• Resycling fresh/saltwater

– 11 mill smolt

Laksefjord

Lerøy Aurora

Lerøy Midt

Lerøy Sjøtroll

Farming Norway

• Lerøy Aurora AS (salmon)• 25 licenses (8 new licenses in Finnmark)

• Lerøy Midt AS (salmon)• 54 licenses

• Lerøy Sjøtroll (salmon and trout)• 60 licenses (1 new green license)

Farming: Guiding

Licences Smolt

cap.

2011

GWT

2012

GWT

2013

GWT

2014E

GWT

Lerøy Aurora AS* 25 7,5 18 100 20 000 24 200 28 000

Lerøy Midt AS 54 22,0 62 300 61 900 58 900 68 000

Lerøy Sjøtroll 60 22,6 56 200 71 600 61 700 67 000

Total Norway 139 52,1 136 600 153 400 144 800 163 000

Villa Organic AS** 6 000

Norskott Havbruk (UK)*** 10 900 13 600 13 400 12 500

Total 147 500 167 100 158 200 181 500

*) Included harvested volume from Villa Organic after split (around 3,000 gwt)**) LSG’s share of Villa Organic’s volume in H1 2014, not consolidated***) LSG’s share, not consolidated

• Ongoing discussions in Norway regarding change in MAB-license limits to lessen impact from Russian import ban

• Lerøy is positive to such change, giving more flexibility. If it materialises volumes would be transferred from 2014 to 2015

Presence in all important seafood markets

VAP segment

• Rode Beheer BV• 4 production facilities in Netherlands

• Capacity of about 15-20,000 tons raw material

• Lerøy Smøgen Seafood AB• Capacity of about 12,000 tons raw material

• Lerøy Fossen AS• After expansion, capacity of 15,000 tons raw material

• Bulandet Fiskeindustri AS(white fish)

Investing in value added processing

Lerøy Fossen

Lerøy Smøgen Rode Group – 4 factories in Urk

• Rode Group acquired 2012

• Expanded capacity at Lerøy Smøgen i 2013

• Expanding capacity at Lerøy Fossen

• Total VAP capacity of 40,000-45,000 tons raw material

A category that needs innovation

Sales & Distribution

• Significant investment in fish cuts recent years

• A significant industrial activity within trading, processing, sales and distribution of fish

• Processing and fresh distribution facilities:• Norway

• Sweden

• Finland

• France

• Spain

• Portugal

• Denmark (reported as associate)

• Turkey (reported as associate)

• Netherlands (reported in VAP)

Fish-cuts/fresh distribution facilities

17

New investments in fish cuts

• Develping Sales and Distribution segment

• Developing the fresh packed category, and

getting closer to consumers

• These (pictures) are only investments from 2013

Sjømathuset (Norway)

Lerøy Arras (France)

Lerøy Schlie (Denmark) Lerøy Spain (Madrid)

Lerøy Sjømathuset – one of the facilities within S&D

• Norway’s largest processing and distribution centre for fresh pre-packed seafood

• 10 000 tons capacity

• Norway’s largest producer of sushi• 20 million pieces per year/per shift

• Leading the revolution in fresh seafood distribution

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