Mowi ASA

Investor Presentation • Mar 17, 2021

Capital Markets Day 2021

Bergen, Norway

17 March 2021

Forward looking statements

This presentation may be deemed to include forward-looking statements, such as statements that relate to Mowi's contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expectations of the capacity of our fish feed plants, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt and various other matters concerning Mowi's business and results. These statements speak of Mowi's plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties.

Mowi disclaims any continuing accuracy of the information provided in this presentation after today.

Group Management Team

Ivan Vindheim (1971), CEO

CEO from 2019, prior to that CFO for seven years. He has held various executive positions in the seafood industry and other industries.

MSc, MBA, CPA, CEFA

Kristian Ellingsen (1980), CFO

CFO from 2019, prior to that Group Accounting Director for four years. He has experience from various positions in the finance area including Director at PwC.

MSc, BSc, CPA, CISA

Catarina Martins (1977), CTO and CSO

Ben Hadfield (1976), COO Farming

Chief Technology and Sustainability Officer from 2020, prior to that Group Manager Environment and Sustainability. She has both a relevant scientific and business background.

PhD, MSc, MBA

Øyvind Oaland (1970), COO Farming

COO Farming Norway from 2020. Prior to that Chief Technology Officer and Head of Global R&D for 12 years. He has held various key positions in Mowi since 2000.

DVM

Fernando Villarroel (1974), COO Farming

COO Farming Americas from 2020, prior to that MD for Mowi Chile since 2017. He has held various position within salmon farming globally.

MSc, BSc

Atle Kvist (1963), COO Feed

COO Feed from 2020, prior to that MD for Mowi Feed since 2019. He has experience from various executive positions within the feed industry and other industries.

MSc

Ola Brattvoll (1968), COO Sales & Marketing Anne Lorgen Riise (1971), CHRO

COO of Sales & Marketing since 2010. He has comprehensive experience within sales and marketing in the seafood industry.

MSc

COO Farming Scotland, Ireland & Faroes from 2020, prior to that COO Feed and MD for Mowi Scotland. He has held key positions in Mowi since 2000.

MSc, BSc

Chief HR Officer from 2012. Riise has held various HR positions and also practised as a lawyer.

LLM

Agenda

08:00 08:25 -	Business and Strategy update	Vindheim Ivan
08:25 08:40 -	Finance	Kristian Ellingsen
08:40 09:00 -	Sales Marketing &	Ola Brattvoll
09:00 09:20 -	Farming Norway	Øyvind Oaland
09:20 09:25 -	Break
09:25 09:40 -	Farming Scotland Ireland Faroes , ,	Hadfield Ben
09:40 09:55 -	Farming Americas	Villarroel Fernando
09:55 10:10 -	Feed	Atle Kvist
10:10 10:25 -	ESG R&D +	Catarina Martins
10:25 10:30 -	Summary	Vindheim Ivan
10:30 11:00 -	Q&A

Business and Strategy update

Capital Markets Day 2021

Ivan Vindheim CEO

Mowi in brief

	The world's largest producer of Atlantic salmon, 440,000 GWT in 2020 (~2.5 billion meals per year)
		HQ in Bergen, Norway
420 419 392 381 370 343 344	440 436 375	Operational EBIT (EURm) 792 753 721 700 509 411 348 347 338 86
	#1 on sustainability (Coller FAIRR) 11 12 13 14 15 16 17	Listed on Oslo Stock Exchange Market cap: EUR ~11 billion Harvest volume Atlantic Salmon (kGWT) 18 19 20

Mowi – Leading the Blue Revolution

Page 7

Fully integrated value chain

Feed Breeding Smolt Farming Harvesting Processing Products & Customer

Feed production of 540,000 tonnes in 2020 – Self-sufficient in Europe

Farming harvest volumes of 440,000 GWT in 2020

Harvest volumes in GWT

Sales & Marketing – Consumer Products volumes of 239,000 tonnes in 2020

Megatrends drive demand…

Demand for salmon expected to exceed supply growth in the next 5 years

…and so does a very strong product

• Scientifically proven natural superfood
  • Nutritionally dense and great for one's health (omega-3, vitamins, protein, potassium, antioxidants)
• Top appetising taste, look, texture and colour
• Versatile for traditional and evolving food occasions
  • Raw, grilled, cooked and smoked
• Appealing to people of all ages
  • Addressing health needs of the elderly but equally attractive to youngsters
• Most sustainably produced animal protein
  • With the best climate footprint and top sustainability performance vs. all other animal proteins (Coller FAIRR Index 2020)

Demand expected to exceed supply for the next 5 years

Mowi Farming working along three main pillars

Mowi Farming

Volume Cost Sustainability

Lagging behind on growth

Page 15 | Presentation title

• 2014-2020 CAGR: Mowi 0.8% vs industry 3.4%
• ✓ #1-2 relative cost position
  • However, too high in absolute terms
• ✓ #1 on sustainability, must improve further

  • 1 Coller FAIRR

  • A-rated CDP (Carbon Disclosure & Suppliers)

Putting the customer at the core of everything we do downstream

salmon category through Branding

Page 16 | Presentation title

A fully fledged feed operation in Europe

Transforming and making the value chain more efficient through digitalisation and automation

• Full digitally integrated value chain from roe to plate
• Smart Farming
  • Remote operation centres, automatic feeding, real time monitoring of biomass, digital lice counting, tracking fish welfare, IoT, big data analysis, machine learning, artificial intelligence, etc
• Factories
  • Industry 4.0 technology
  • Increased automation and robotisation
• Blockchain solutions for selected customers
• One system and Cloud first strategy

Finance

Capital Markets Day 2021

Kristian Ellingsen CFO

EBIT per kg – Mowi consistently #1 and #2 in all regions

10

15

NOK/kg

20

25

0.7

13.4

USD/kg

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

Underlying cost pressure in Farming offset by cost cut initiatives

• Farming blended cost has been relatively stable over the past 5 years
  • CAGR 2.2%
• However, cost is still too high
• Cost-cutting initiatives are important to address underlying cost pressure
  • Biology
  • Feed prices
  • Regulations
• Biology is the main driver for underlying cost pressure
  • A wide range of initiatives are addressing biology and farming technology

Development in full cost per kg for Mowi group

Costs in Mowi Norway increased less than industry

Cost increase (EUR/kg) in % 2016-2019

Cost-cutting program 2018-2020 with annual savings of EUR 137 million

• Cost savings of EUR 137 million in total, of which EUR 85 million in Farming
  • ~800 initiatives across different categories
  • Renegotiations of contracts
    • Boats and treatment capacity
    • Nets and net cleaning
    • Vaccines and other health items
    • External services and fee cuts
  • Other savings based on review of spend and measures taken

Cost savings per year and business area (EUR million)

Cost savings per category (EUR million)

24

50

25

11

6

20

Other health

- Nets

• Salary
• Other procurement
• Other

Cost-cutting program 2021 with target of EUR 25 million in annual savings

• Productivity program
  • Salary and personnel expenses are second largest cost item in Mowi; EUR 558 million in 2020
  • Utilise potential of Mowi 4.0 through automation and rightsizing
  • On track to achieve target of 10% FTE reduction "as is" by 2024
    • Natural turnover through retirement, reduced overtime and reduced contracted labour
• Procurement improvements
  • Improved planning, coordination and standardisation
  • Group framework agreements
• IT and automation initiatives
  • Standardisation and streamlining
  • Remove old local infrastructure and applications

FTE reductions based on "as is" volumes

Overview of Mowi's financing – target 100% green financing

• Total committed financing of EUR 1,956 million
  • − Approximately EUR 475 million in cash and undrawn lines
• Comfortably compliant with equity covenant of 35%. No earnings covenant
• From 10% green financing as-is to 80%+ by 2022 and 100% by 2026
  • − Bank facility: EUR 1,406m Facility Agreement
    • − Tenor 5 years (Maturity: June 2022)
    • − Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
    • − Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB
  • − Senior unsecured bond: EUR 200m
    • − Tenor 5 years (Maturity: June 2023)
    • − EURIBOR + 2.15%
  • − Senior unsecured green bond: EUR 200m
    • − Tenor 5 years (Maturity: January 2025)
    • − EURIBOR + 1.60%
  • − Senior unsecured Schuldschein loan: EUR 150m
    • − Tenor 7 years (Maturity: May 2026)
    • − EURIBOR + 1.70%

Mowi successfully issued the first green bond in the industry in 2020

Terms of Mowi's green bond issue

• High investor demand excellent fit between Mowi's strong sustainability strategy and the ESG investor community
• EUR 200 million senior unsecured green bond issued in January 2020
• Coupon EURIBOR + 1.60% p.a.
• 5-year tenor, maturity January 2025
• Listed on Oslo Stock Exchange Green Bonds list and admitted to the Euronext ESG Bonds section

Financing green projects throughout Mowi's value chain

• Proceeds used to finance/refinance green projects in categories:
  • − Environmentally sustainable aquaculture
  • − Energy efficiency
  • − Water and wastewater management
  • − Waste management
  • − Eco-efficient and/or circular economy adapted products, production technologies and processes
• Allocation and impact reporting for 2020 will be published on 24 March

• Mowi's green bond framework received a Medium Green Shading from CICERO Shades of Green, and was rated Excellent for governance

Main categories for use of proceeds to date

Sales & Marketing

Capital Markets Day 2021

Ola Brattvoll COO Sales & Marketing

Mowi Sales & Marketing

• Focus on creating customer value through
  • Product
  • Branding
  • Operational Excellence
• Putting the customer at the core of everything we do downstream
• Value-added growth in selected segments and markets

Salmon

The food icon of the 21st century

Salmon is addressing megatrends better than most other popular food offers.

Significant growth potential in all markets

Mowi is well positioned to capitalise on these trends

• Global processing and sales presence
  • Asia: 6 VAP factories, 7 sales offices
  • Europe: 11 VAP factories, 15 sales offices
  • Americas: 4 VAP factories, 6 sales offices
• Market-adapted processing capacity
  • Footprint restructuring
  • Growth in selected segments
  • Increased share of value-added salmon
• Global customer network
  • Product knowledge and innovation capacity
  • Category management

Our Branding strategy is long-term and strategically important for Mowi

• Leveraging our category leadership role
• Accelerating the value of the market
• De-commoditising the salmon market

The MOWI brand promise: "CARING"

We care…

…about the best salmon …about the environment …about our consumers

SALMON IS GOOD, MOWI IS GOODNESS.

Our long-term target remains despite a challenging launch environment

• Target of >EUR 1 billion in turnover and 10% EBIT margin
  • Delayed by Covid-19
• Currently available as smoked and fresh prepacked in
  • Poland: retail and foodservice
  • France: retail
  • USA: e-commerce
• Roll-out plan 2021 and beyond
  • Key markets in Europe and further growth in the US in 2021
  • Asia and Americas to follow

Operational excellence, efficiency and yield management builds value for customers

• As the largest VAP producer we will cut our costs by
  • Yield improvements
  • Labour efficiencies
  • Overhead and fixed-cost reductions
• Processing excellence team
  • Establish benchmark and best practice
  • Focus on yield and efficiency
  • Lean manufacturing
  • Automation and technology
  • Full value chain perspective
• Automation and digitalisation will be key to cut cost and build value
  • Labour-intensive process gives high potential for automation
  • Full value chain control gives digitalisation opportunities
  • Link between raw materials and consumers becomes more important

Downstream strategy & potential

• Digital sales approach and product presentation
• End-to-end digital traceability
• Storytelling/ branding

Page 36

Global demand for salmon will continue to grow

• Mowi Sales & Marketing brings value to our customers by
  • Developing and producing products in line with consumer demand
  • Transforming the salmon category through branding
  • Increasing value by reducing cost

Farming Norway

Capital Markets Day 2021

Øyvind Oaland COO Farming Norway

Farming Norway

• Re-ignition of growth
  • Capacity >300,000 GWT organically
• Realising Mowi Norway's postsmolt strategy
• Smart Farming by 2025
• Cost savings
• Biosecurity practices

Farming Norway South

• Increase site capacity and farm utilisation
  • Extension of existing and access to new farms and farm MAB
• Realise smolt expansion projects
  • Increase the number of smolt stockings as well as size
• Growth through our postsmolt strategy
  • Mitigate biological risks

Page 41

– Ensuring a higher turnover per farm and per license

Farming Norway Mid

• Site availability bottleneck
  • Increase site capacity and farm utilisation
• Realise smolt expansion projects
• Growth through our postsmolt strategy
• Remote operations centre running
  • Model centre for further roll-out

Farming Norway North

• Our best-performing region
  • Good cost control, site availability and biological conditions
• Maintain the good growth and increase harvest volume
• Realise smolt expansion projects

Mowi above industry benchmark on license utilisation in Norway in 2020

Page 44

Note: 1)Includes companies with >10 standard licenses. Harvest volumes per 2020 for Mowi and per 2019 for the industry. Broodstock licenses adjusted to 50%. Excluded development licenses without harvest volumes. Adjusted CAC licenses to 50% and excluded Molnes/Neptun and Fish feed licenses for Mowi.

However, untapped potential particularly in Region South and Region Mid

Harvest volume (GWT) per standard license (780 tonnes)1)

Note: 1)Includes companies with >10 standard licenses. Harvest volumes per 2020 for Mowi and per 2019 for the industry. Broodstock licenses adjusted to 50%. Excluded development licenses without harvest volumes. Adjusted CAC licenses to 50% and excluded Molnes/Neptun and Fish feed licenses for Mowi.

Mowi Farming Norway accelerating growth Postsmolt target size of 700 grams

• Mowi has invested NOK 1.6 billion into freshwater in Norway in the past years
  • Steady increase in average smolt size and biomass release
  • Smolt release >250 grams at 17.0% in 2020
• Significant volume, cost and environmental benefits to larger smolts
• Accelerate investments within freshwater during the next 5 years
• In addition, Mowi aims to grow further by application of new farming technologies, purchase of additional capacity and M&A

Average smolt size (grams)

Postsmolt plan for Mowi Norway

• Postsmolt plan up to 10 sites in total in Region South and Region Mid
  • Expansion of existing freshwater sites plus potential greenfield sites
• Freshwater expansion of ca 27,000 tonnes
• Securing strategic partners
• Phasing (generic for expansion projects)
  • 2 years building/construction (existing sites)
  • 0.5 year on-growth postsmolt unit 1)
  • 1 year production time in seawater
• Capex ~ NOK 4.0bn (2021-2026)
  • Capex/kg (including WC) ~ NOK 125/kg
• First harvest: 2024, ca 10,000 GWT
• Increased harvest volumes of ca 40,000 GWT (full run-rate in 2027)
• Postsmolt expansion opportunities in Region North represent additional potential

Postsmolt expansion plans

Nordheim postsmolt project: Construction phase has commenced

Postsmolt highlights

• Freshwater capacity increased by 3,500 tonnes to 5,600 tonnes
• Ca 8 mill smolts at ~700 grams
• Capex: NOK 450m
• Capex/kg (including WC) ~ NOK 115/kg
• Estimated increased harvest volumes of 5,300 GWT

Timeline
Activity		2021			2022			2023				2024
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Construction period
Fish transfer unit to postsmolt
Postsmolt transfer to SW
Harvest

Smart Farming by 2025

Smart Farming by 2025

• Further roll-out of remote operation centres in Region North and Region Mid
  • 20 farms currently connected to our centre at Deknepollen
  • All farms in PA 4 and PA 5 to be connected by 2021 and operated from Deknepollen by 2022
  • Model centre for further roll-out in the regions
  • 8 farms currently connected to Herøy
• Establish remote operation centre in Region South
• All farms to be connected to remote operation centres by 2025

Remote operation centres

Smart Farming by 2025

• Implementing advanced underwater sensing and analysis platform
  • Researching and testing a new sensing system based on machine learning
  • System that gathers intelligence about how our fish grow, how they feed, their behaviour, health and living environment
  • All-in-one system for real-time growth, weight distribution, autonomous feeding, fish welfare, and automatic lice counting
  • Several farms in commercial validation phase
• Additional intelligent sensor systems to be deployed

Intelligent sensor systems deployed

Continuous improvements – cost, productivity and biological performance

Ulvan

21

Eggesbønes

20

5

4

5

Ryfisk

10 12

14

HQ: Bergen

• Systematic work to optimise growth and manage the biological situation for improved harvest weights and survival rate
• Mowi Norway focus on cross-regional benefits
• Cross-regional strategy teams for better utilisation of resources, capacity and best practices
  • Cost optimisation and cost cutting
  • Smolt and smolt transfer strategy
  • Best biosecurity practices
  • Cost-effective lice control
  • Productivity programme
  • Industry productivity
• Re-joined Sjømat Norge seeking sector-wide improvements on biosecurity

Farming Scotland, Ireland and Faroes

Capital Markets Day 2021

Ben Hadfield COO Farming Scotland, Ireland and Faroes

Mowi Scotland

• Harvest volume capacity >80,000 GWT
  • 7 new sites since 2015
  • New site applications in open sea areas
• From 120-metre pens to 160-metre pens
• Postsmolt strategy
  • Leverage from and work with warmer seawater temperatures
• Cost initiatives
  • Significant scope to improve productivity
• Expansion and de-bottlenecking of processing capacity to reduce cost, automate and supply integrated value-adding business
• UK's largest food exporter, subject to stable science-based regulation

Mowi Scotland – farming productivity improvement programme

• Advances in Oceanographic modelling, including bath treatment residues and benthic impact, secure regulatory change
  • Removal of 2,500 tonnes MAB site cap allowing for expansion of best farming locations
  • Mowi sites first to be approved for 3,000-4,000 tonnes MAB
  • Previous regulation: Effective cap of 120-metre pens
  • New regulation: Greater use of 160-metre to 200-metre pens
• Significant benefits of the productivity programme
  • 50% of our sites in scope
  • Increased harvest volumes of 15,000 GWT long-term
  • Cost savings (reduced number of pens, FTE adjustments, centralised feeding technology)
  • ESG benefits (significant improvements to predator deterrent, lice control and productivity)
  • Existing 120-metre pens will be sanitised and relocated to Mowi Ireland. Will allow for significant equipment re-use and improved environmental performance in both regions

Site example: 20 small pens replaced by 12 large pens

Deeper water

Shallower water

Mowi Scotland – new site developments

• Mowi Scotland has secured >17,500 tonnes of increased site-MAB from 2015-2020
  • Application-based license system requires EIA
• High-energy sites have improved biological performance
• High sustainability credentials in dispersive environments
• Community development agreements, remote employment and infrastructure developments
• Five new locations are proposed for development by 2025
• Two sites will be determined in 2021, accounting for 5,000 tonnes MAB
• Application pending for semi-closed containment
  • Expansionary MAB
  • Increase in postsmolt stocking
  • Reduced farming cycle
  • Improved biology in sea

Current farming footprint and potential new sites

Mowi Scotland – postsmolt

• Smolt up to 800g with Scottish seawater temperatures allows for harvesting within 12 months
• Accretive MAB development
• Consultation ongoing to build 3,000-tonne postsmolt unit at Kyleakin, Isle of Skye
• Full seawater RAS unit in design phase
• Screening applications to be submitted for semi-closed containment in sea sites
• Postsmolt production growth has significant ESG credentials
  • Increased fallowing
  • Increased harvest volume
  • Reduced time at sea
  • Reduced treatment intervention

Located next to existing feed mill in Kyleakin

Cost reduction and differentiation opportunities

• Highly integrated Feed, Farming and Consumer Products business in Scotland
• Exceptional product quality
• Differentiated production for key retailers and key market segments such as Organic and Label Rouge
• Significant productivity improvements from larger pens
  • Allows for consolidation to best performing sites
  • Reduced production cost through fewer but larger pens
• Expansion of freshwater treatment capacity to manage AGD and sea lice challenge
• High-performing cleaner fish operations in Angelsey, Wales
  • 3.4 million Lumpsuckers in 2020
  • Farmed Ballan Wrasse to be deployed in 2021
  • Reduction in medicinal treatments

Mowi Ireland

• High demand for premium Irish Organic Salmon
  • Focus on quality and exceptional customer service and flexibility Continuity of supply strengthened by Organic production in Scotland
• Capacity of 10,000 GWT
  • Positive signals from new government and authority updating regulatory framework. Enabling incremental growth by means of better farming sites
• Synergies with Scotland
  • Cleaner fish
  • Treatment resources and freshwater well boat
  • Equipment transfer and 120-metre 'Enviro-net Programme'
  • Leading producer of high-quality Ova

Mowi Faroes

• ….

Business highlights

• Maintain and enhance high-quality, low production cost performance
• Small incremental production increases in exposed locations, assist in cost dilution
• Evaluating postsmolt production from current 500g to 800g
• Incremental increase to harvest weight and yield per smolt
  • Further use of large smolts and postsmolts
  • Minor increases in MAB
  • Extensive use of passive grading at harvest
  • Continued access to Russian and premium US markets
  • High harvest weights and exceptional colour of Faroese Salmon

Geographical overview of assets

Farming Americas

Capital Markets Day 2021

Fernando Villarroel COO Farming Americas

Mowi Chile

• Growth in line with traffic light system
  • ~3-4% annual volume growth
• Focus on developing current assets
• Focus on efficient production and low cost
• Processing Excellence
• Increased freshwater capacity

Note: 1) Algae bloom region X

Focus on core farming, efficient production and low cost

• Maximise smolt stocking within current regulatory regime
• Reduce smolt and brood costs
  • Continue building internal smolt capacity
  • Consolidation of brood and genetics capacity
  • Genomic selections
• Increase efficiency in seawater
  • Larger and fewer sites
  • Expanded toolbox of non-medical lice treatments
  • Centralised feeding and use of AI
• Increase efficiency in harvesting and processing
  • Use of large well boats
  • Productivity improvement through technology
• Further improve SRS management
  • Vaccination, maintaining low caligus level and early detection of disease

Continued investment in productivity and capacity

• Increased freshwater capacity
  • Investments in internal smolt capacity
  • New genetics and brood units to consolidate from three production units in one modern facility
• Processing excellence
  • Double the harvest capacity to reduce waiting time on well boat
  • Automate the manual stun and bleed area
  • Increase automatic gutting and cleaning capacity
  • Automatic trimming line and conveyor for fillet boxes
  • Automatic grading and packing line
  • New conveyor and stacking robot for HOG boxes

Mowi Canada

• ….OK

• Restructuring of Canada West and East
• Strategy to maintain 30,000 GWT in Canada West
• Significant growth potential in Canada East
  • Capacity >25,000 GWT

Business highlights Geographical overview of assets

Restructuring of Mowi Canada West

• Freshwater

• In December 2020 the government decided to phase out salmon farming licenses in Discovery Islands by 30 June 2022
• Revised operational plan
  • Closure and decommissioning of sites in DI area
  • Create a lean and productive organisation reflecting the new smaller company, including 200 FTE reductions
  • Freed-up smolt capacity to be utilised by producing larger smolts
  • Strategy to maintain volumes at 30,000 GWT
• Key priorities:

Page 66

• Secure business certainty through local relationship and agreements to support federal and provincial advocacy
• Improve gill health and Tenacibaculum prevention
• Streamline the operation and optimisation / reduction of costs related to sea lice treatment and net management

Revised operational plan Geographical overview of assets

Turnaround of Mowi Canada East

• Lagging our growth plans since acquisition in 2018 due to biological and environmental challenges
• Turnaround plan
  • − Change of execution plan initial plan too ambitious
  • − Changed management
  • − Aim to return to profitability and growth trajectory
  • − Improve biological performance and biosecurity
    • − ISAv mitigation plan
    • − Sea lice management
  • − Establish Canada East as an appropriately scaled and lean business unit
  • − Rationalisation of processing and infrastructure resources

Feed

Capital Markets Day 2021

Atle Kvist COO Feed

Mowi Feed

• Focus on efficient, high-performance feed at low cost
• Production growth in line with volume growth in farming in Europe
• Current capacity of 640,000 tonnes is sufficient to supply internal demand in addition to external sales
• Modern facilities with efficient logistics and supply chain ensure low cost
• Focus on sourcing sustainable feed raw materials, and develop new sustainable feed ingredients

The Norwegian feed mill produces at close to full capacity

• High capacity utilisation First feed plant opened in June 2014 at Valsneset, Norway
• The feed plant has a premium coastal location with deep-water access
• In 2020 the Norwegian feed plant set a new production record at 390,000 tonnes of fish feed
• Mowi's Norwegian farming operations were 95% supplied with Mowi's own feed in 2020

	Highlights of the Valsneset facility
FTEs	67
Product offering	Grower feeds
Equipment	Two production lines (high capacity)
Certifications	Global GAP

New and modern feed plant, highly flexible in feed production with strategic location on Scotland's West coast

• The second feed plant opened in 2019 in Scotland
• Delivers freshwater, seawater and organic feed to our farming operations in Scotland, Faroes, Ireland, and Norway
• Plant location and own deep-water pier allow efficient bulk transportation of raw materials and feed products by larger ships
• ~ 3,000 tonnes of CO² saved p.a. compared with transportation by road and smaller, less efficient ships

2020 production in line with customer orders

Highlights of the Kyleakin facility
FTEs	68
Product offering	Grower feed, organic feed and freshwater feed
Equipment	Two Production lines (one high capacity & one medium capacity)
Certifications	Global GAP and Organic Feed certified

Smart Operations the next level for Mowi Feed

• Productivity increases through Smart Operations
  • Data collection and sensors
  • Robotics, automation and AI-technologies
• Gives established methods a new edge
• Drives change through the entire value chain
• Reduces manufacturing and supply chain costs
• Enhances sustainability by increasing energy efficiency and improving raw material utilisation

The product range satisfies the feed requirements of our farming division

• The portfolio includes feed for all life stages in seawater
  • Organic
  • Conventional
• The portfolio includes feed for freshwater parr and fish larger than 2 grams

Breakdown of product produced (salmon weight class)

We tailor our feed to match the changing requirements of the fish through the life cycle

• Modern feed formulas and feeding skills make us a net producer of fish
  • Fish-In : Fish-Out = 0.68
• Continued investment in feed R&D
• Testing of novel feed raw materials
  • Incorporation subject to profitability, operational excellence and sustainability requirements
• Our feed is good for the fish and good for the environment

Salmon feed – what's in it?

Mowi's policy on sourcing sustainable raw feed materials

ESG + R&D

Capital Markets Day 2021

Catarina Martins Chief Sustainability and Technology Officer

Our contribution to making the world a better place

Two of the biggest challenges humanity is facing: climate change and food security

Increased food production needs to be climate friendly and healthy

Seafood has a lower carbon footprint than landbased proteins and is rich in omega-3 fatty acids

Mowi salmon is ranked as the most sustainable animal protein in the world

Ocean-based Atlantic salmon farming is on the right side of sustainability

Salmon is the most sustainable farmed animal protein alternative
Protein retention	28%	37%	21%	13%
Feed conversion ratio ("FCR")	1.3	1.9	3.9	8.0
Edible meat per 100 kg feed	56 kg	39 kg	19 kg	7 kg
Carbon footprint (kg CO / kg edible meat) 2	7.9 kg	6.2 kg	12.2 kg	39.0 kg
Water consumption (litre / kg edible meat)	2,0001)	4,300	6,000	15,400

Note: 1) The figure reflects total water footprint for farmed salmonid fillets in Scotland, in relation to weight and content of calories, protein and fat Source: Fry et al (2018) Feed conversion efficiency in aquaculture: do we measure it correctly?. SINTEF (2020) Greenhouse gas emissions of Norwegian seafood products in 2017. Mekonnen, M.M. and Hoekstra, A.Y. (2010) The green, blue and grey water footprint of farm animals and animal products. SARF (2014) Scottish Aquaculture's Utilisation of

Environmental Resources

Avoided carbon emissions

Mowi ranked #1 on sustainability amongst food producers

Sustainability ratings and awards

Rating agencies	About the rating	Score
	Mowi ranked as the most sustainable animal protein producer in the world (amongst the largest 60 animal protein producers in the world) for two consecutive years	1st place
	Mowi recognised as a global leader in climate action for two consecutive years	A
	Supplier Engagement Rating	A
	Mowi ranked the second most sustainable seafood company (amongst the 30 largest seafood companies in the world)	2nd place
	ESG Rating, designed to measure a company's resilience to long-term, industry material environmental, social and governance (ESG) risks. Mowi is inthe Leader category.	AA
	ESG Rating, assessing financially material Environmental, Social and Governance (ESG) data	Medium-Risk
	Mowi awarded with the best annual report in Norway three times in the last four years	1st place

Our sustainability achievements

in FAIRR (most sustainable animal protein in the world)

of harvest volumes are certified sustainable

Leadership category in climate action and supplier engagement by CDP

$$100\% \stackrel{\equiv}{=}$$

compliant with sustainable sourcing feed policy

of our marine sites with minimum benthic impact

Further reduction in dependency of medicines to manage sea lice

100% of Mowi's harvest volumes in 2020 were sustainably certified by a GSSI* recognised standard

* Global Sustainable Seafood Initiative

Mowi's ESG strategy: Leading the Blue Revolution Plan

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Transparency and communicating about our sustainability progress

Mowi's ESG strategy: Climate Change

Mowi's ESG strategy: Responsible Plastic Use

Mowi's ESG strategy: Circularity and Waste

Salmon promotes good health and well-being

We create a positive impact on local communities by providing employment opportunities and enabling their development by supporting local schools, sports and cultural activities

Mowi R&D

• Remote Operation Centres

Summary

Capital Markets Day 2021

Ivan Vindheim CEO

Summary Capital Markets Day

• Mowi Farming working along three main pillars; volume, cost and sustainability
  • Equally important
• Continue to address profitable volume growth initiatives going forward
  • Main focus is conventional farming
  • However, monitoring development in alternative technologies closely
• Sales & Marketing
  • Product innovation, process excellence and branding key priorities
  • Growth in elaborated products
• Feed
  • Feed performance and cost
  • Growth in line with Farming growth
• Mowi 4.0 Transforming and making the value chain more efficient through digitalisation and automation

Q&A session

Capital Markets Day 2021