Austevoll Seafood ASA

Investor Presentation • May 14, 2020

Q1 2020 financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

All figures in MNOK	Q1 2020	Q1 2019	2019
Revenue	856 5 ,	563 5 ,	23 342 ,
EBITDA*	1 200 ,	1 157 ,	4 261 ,
EBIT*	834	837	2 924 ,
Pre-tax profit**	659	939	3 081 ,
EPS (NOK)*	1 15	2 20	6 89
Total assets Net debt ***	40 875 , 4 586	39 413 , 4 297	39 831 , 4 074
interesting bearing Equity ratio	, 59%	, 58%	, 59%
Group EBITDA incl 50% of Pelagia Salmon/whitefish EBITDA EBITDA Pelagic incl proportional Pelagia	1 240 , 1 097 , 143	1 256 , 934 323	4 696 , 3 746 , 950

The Board has proposed a dividend of NOK 2.50 per share to the Annual General Meeting in 2020 (NOK 3.50 per share in 2019)

The Board will also request authorisation from the AGM to pay up to NOK 2.00 per share in dividends before the end of the year 2020

* Before fair value adjustments related to biological assets

** In pre-tax profit the effect from fair value adjustments related to biological assets is excluded. This effect is also excluded for biological assets in associated companies.

*** Ex. right-of-use assets liabilities

Operation overview

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
PELAGIC FISHING	7% of anchovy quota centre-north 20 fishing vessels	8.4% of pelagic fishing quota 3 fishing vessels	3 fishing vessels	400,000 - 500,000 MT of pelagic fish caught annually (26 vessels)
PELAGIC PROCESSING	7 processing plants	4 processing plants	27 processing plants*	38 processing plants Intake of 1.6 – 2.0 mill MT of fish annually
WHITEFISH			11% whitefish quota (NO) • 10 fishing vessels • 8 Processing plants	100,000 - 120,000 MT of whitefish (10 vessels) 8 processing plants
SALMON			Norway: Salmon licenses • incl. salmon operation UK*	190,000 - 200,000 MT of salmon
SALES	Integrated sales organisation	Integrated sales organisation	Integrated sales organisation	Wholesale with global sales & distribution

* Associated companies

Pelagic

Austral Group S.A.A Foodcorp Chile S.A Br. Birkeland AS Pelagia Holding AS (associated)

Biomass and quota evolution

Peruvian anchoveta

• 1 st season quota 2.4 million MT vs. 2.1 million MT in 2019
• Biomass estimated at 10.1 million MT vs. 7 million MT in 2019

Austral Group S.A.A Operation in Peru

Center/North

• 1 st season started on 13 May, delayed due to late spawning (first season 2019 started 28 April)
• Sector working closely with Government in development of operating protocols to ensure safe operating conditions in the context of Covid-19
• Peru in first phase of reopening economy which includes IHC Centre North fishing
• Operating protocols limit workforce to non-vulnerable workers and restrict fleet to 60% of total fleet

Direct Human Consumption

• National quota of jack mackerel caught limiting further capture of DHC (Austral total catch 15,427MT, 2019 full year DHC catch 18,648MT)

Operation in Chile Foodcorp Chile S.A

Own catch: Jack mackerel

• Healthy biomass: 15% quota increase vs. 2019
• o 2020 quota set at 34,600 MT
• o Additional purchase 22,000 MT
• Good performance in Q1 despite COVID-19 situation

Purchases:

• Sardine good size, yield and high fat content
• o Delayed season start due to spawning
• Giant squid weak resource and restricted to coastal fishermen only

Volume '000 MT	Q1 2020	Q1 2019	2020E	2019
catch: Own
Mackerel and other species	28	25	59	54
Purchase:
Sardine/anchovy	4	12	32	27
squid/mackerel Giant	2	0	3	4
Total	34	37	94	85
('000 MT)

Focus remains in securing raw material from third parties & safe health environment for workers and suppliers

North Atlantic pelagic quotas (2010-2020)

^* incl. Horse-mackerel, Sand eel, Norway pout, and Boar fish

Fishmeal and fish oil (FMO) Pelagia Holding AS

and Ireland ('000 MT) Norway, UK	Q1 2020	Q1 2019	2020E	2019
Material: Raw
Fishmeal and fish oil	218	206	618	614
concentrate/oil Protein	72	68	247	255
Total ('000 MT)	289	274	865	869

All volume based on 100%

• Raw material intake slightly higher in Q1 2020 vs. Q1 2019
• o Good start of blue whiting season
• o A little less trimmings
• Quota for 2020 about the same level as 2019
• Seasonal low activity in the market Q1 2020
• o Lower sales volume in Q1 2020 vs. Q1 2019
• o Increase in prices both for fishmeal and fish oil
• o Uncertainty about impact of COVID 19

Pelagia Holding AS

Direct Human Consumption

Volume ('000 MT)	Q1 2020	Q1 2019	2020E	2019
Raw material intake	132	99	376	335

• Good raw material intake for the quarter
• o Atlantic mackerel and winter herring
• All time high sales for the quarter
• o Mackerel lower cost on winter production
• o Winter herring good herring roe sales
• o 50% market share (Norway) of mackerel and herring in Q1
• Weakening of NOK created unrealised loss on currency contracts
• Stock level acceptable and unsold position is low
• Covid-19 with limited effect on the total sales so far
• o Will follow the situation closely

Pelagia Holding AS (100% figures)

(MNOK)	Q1 2020	Q1 2019	2019
Revenue EBITDA EBIT	2 150 79 19	1 644 199 145	6 986 871 650
Sales volumes (tonnes): Frozen FM/FPC/Oil	109 300 33 300	74 100 41 200	269 300 174 900

* 2019: Including gain of sale of MNOK 105

Associated company, AUSS share = 50%

Salmon/Whitefish

Lerøy Seafood Group ASA

13 www.auss.no Austevoll Seafood ASA

Q1 2020

• EBIT before FV adj. NOK 816 million (Q1/19: NOK 691 million)

Lerøy Seafood Group ASA

• o Lerøy Havfisk & LNWS EBIT NOK 270 million (Q1/19: NOK 171 million)
• Harvest volume salmon and trout 39,377 GWT (Q1/19: 32,317 GWT)
• Spot prices up 12% y-o-y
• EBIT/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 14.8 (Q1/19: NOK 17.7)
• Contract share of 38% (Q1/19: 41%)
• NIBD NOK 3,003 million at end of Q1/20 (Q1/19: NOK 2,889 million)

Lerøy Seafood Group ASA

Salmon/trout farming

	2014 GWT	2015 GWT	2016 GWT	2017 GWT	2018 GWT	2019 GWT	2020E GWT
Lerøy Aurora AS*	26 800	29 200	30 000	39 200	36 800	32 800	~38 000
Lerøy Midt AS	68 300	71 400	52 200	64 500	66 500	64 800	~67 000
Lerøy Sjøtroll	63 200	57 100	68 000	54 000	58 800	60 600	~67 000
Total Norway	158 300	157 700	150 200	157 800	162 000	158 200	~172 000
Villa Organic AS**	6 000
Norskott Havbruk (UK)***	13 800	13 500	14 000	15 500	13 700	12 900	~13 000
Total	178 100	171 200	164 200	173 300	175 800	171 100	~185 000

*) Included harvested volume from Villa Organic after split July 2014

**) LSG's share of Villa Organic's volume in H1 2014, not consolidated

***) LSG's share, not consolidated

Lerøy Seafood Group ASA - Wild catch

MNOK	Q1 2020	Q1 2019
Revenue	992	769
EBITDA	318	210
EBIT	270	171
Havfisk Catch volume (MT) ,
Cod	12 530	8 881
Haddock	5 198	5 246
Saithe	3 602	3 214
Shrimps	142	770
Other	3 537	2 425
Total	25 009	20 536
Havfisk , prices (NOK/kg)
Cod	38 4	34 1
Haddock	29 4	26 3
Saithe	17 0	12 8

Q1 2020: Wild catch

• New trawler "Kongsfjord" in operation
• Catch volume at 25,009 tonnes, up 22% y-o-y
• Overall price realisation on catches up 13% y-o-y with positive development in key species
• High prices remains a challenge for the Norwegian whitefish processing industry, but small signs of improvement at start of 2020

Financials Q1 2020

Catch, purchase and farming (100% volumes)

Figures in 1 000 tonnes ,	Q1 2020	Q1 2019	E 2020	2019
Group companies:
(whitefish) Norway	25	21	65	63
(pelagic) Norway	14	14	31	31
Chile catch own	28	25	59	54
Chile purchase	6	12	35	31
Peru catch own	15	41	308	243
Peru purchase	0	25	93	108
Total Group companies	89	138	591	528
Joint ventures:
Europe purchase (HC)	132	99	376	335
Europe purchase (FM/FPC/Oil)	289	274	865	869
Totalt Joint venture:	421	373	1 241	1 204
Total wildcatch	510	511	1 832	1 732
Salmon/trout (GWT)*	42	36	192	178
Total Group	552	547	2 024	1 911

* Incl. 50% of the Scottish Sea Farms volumes

Key financial figures Q1 2020

(MNOK)	Q1 2020	Q1 2019	Δ %	Q1 2020 a)	Q1 2019 a)
Revenue	5 856 ,	5 563 ,	5 3 %	6 931 ,	6 385 ,
EBITDA*	1 200 ,	1 157 ,	3 8 %	1 240 ,	1 256 ,
Depreciation/impairment	367	319		397	346
EBIT*	834	837	-0 4 %	843	910
Income from associates*	-21	152
finance Net	-154	-50
Pre-tax**	659	939	-29 8 %
Net profit	-4	593
EPS (NOK)	-0 18	1 79
EPS (NOK)*	1 15	2 20

* Before fair value adjustments related to biological assets

** In pre-tax profit the effect from fair value adjustments related to biological assets is excluded. This effect is also excluded for biological assets in associated companies.

a) AUSS incl. proportional 50% of Pelagia AS

	Q1 2020	Q1 2019
Biomass adj group company	-614	-174
Biomass adj group associated companies	-29	-21

Lerøy Seafood Group ASA

(MNOK)	Q1 2020	Q1 2019	2019
Revenue	306 5 ,	4 747 ,	20 454 ,
EBITDA*	1 097 ,	934	3 746 ,
EBIT*	816	691	2 734 ,
Harvested volume (GWT)	39 377 ,	32 317 ,	158 178 ,
EBIT/kg* Wild Catch (NOK) ex.	14 8	17 7	15 5
(MT) Havfisk catch volume	25 009 ,	20 536 ,	62 496 ,
EBIT Wild Catch (MNOK)	270	171	293

* Before fair value adjustments related to biological assets

• Price achievement

• o Spot prices up 12%
• ✓ NSI Q1/20 NOK 68.5 vs. NOK 61.3 in Q1/19
• ✓ Up NOK 12/kg q-o-q and up NOK 7.1/kg y-o-y
• o Contract prices about the same level as the spot prices
• ✓ Contract share of 38%
• o Price realisation significantly impacted by downgrades as well as timing of sales

• Cost (RFS)

• o Up from Q4/19 and same quarter last year
• Biomass at sea
• o End Q1/20 at 100,339 LWT vs. 104,619 LWT end Q1/19 (-4%)
• Wild catch
• o Q1/20 harvest volumes at 25,009 MT up 22% y-o-y
• o Average prices up 13% y-o-y (product mix)

NIBD Q1/20 MNOK 3,003 vs. Q1/19 MNOK 2,889

Austral Group S.A.A

(MNOK)	Q1 2020	Q1 2019	2019	• Raw material intake
				Seasonal low activity o
Revenue	264	557	1 700
EBITDA	23	140	305	(Q1/19: 16,800 MT)
EBIT	-29	93	109
				• Sales
(MT): material Raw	15 445	66 385	350 329
Sales volumes:				Substantially lower sales volumes y-o-y o
(MT) Fishmeal	066 14	30 889	98 982	15,000 MT FM and Fish oil vs. 37,500 MT in Q1/19 ✓
Fish oil (MT)	936	6 675	13 654	Lower prices for FM and higher prices for fish oil o
Frozen/fresh (MT)	11 461	5 644	15 386	vs. same quarter in 2019
	figures Key
200 38			40 35	• Inventory by end Q1/20 substantially lower vs. end Q1/19:
150			30	Fishmeal 700 MT (Q1/19: 18,300 MT) o
100		27	25	Fish oil 1,700 MT (Q1/19: 100 MT) o
50	24 24		20
-			15 15	Contracted (not delivered) 13,000 MT at Q4/19 o prices
			10
-50			5	NIBD Q1/20 MNOK 1,184 vs. Q1/19 MNOK 762

• Raw material intake

• o Seasonal low activity
• ✓ 15,500 MT horse-mackerel/mackerel caught in Q1/20 (Q1/19: 16,800 MT)
• Sales
• o Substantially lower sales volumes y-o-y
  • ✓ 15,000 MT FM and Fish oil vs. 37,500 MT in Q1/19
• o Lower prices for FM and higher prices for fish oil vs. same quarter in 2019
• Inventory by end Q1/20 substantially lower vs. end Q1/19:
• o Fishmeal 700 MT (Q1/19: 18,300 MT)
• o Fish oil 1,700 MT (Q1/19: 100 MT)
• o Contracted (not delivered) 13,000 MT at Q4/19 prices

Foodcorp Chile S.A

(MNOK)	Q1 2020	Q1 2019	2019
Revenue	138	147	555
EBITDA	40	51	47
EBIT	33	43	12
material intake: Raw	33 854	37 487	84 499
Sales volumes:
Fishmeal (MT)	2 530	3 334	13 288
Fish oil (MT)	633	939	4 014

• Raw material intake
• o 28,000 MT jack mackerel/mackerel caught in Q1/20 (Q1/19: 25,000 MT)
• o Start of anchoveta/sardine season late March

• Sales

• o In line with same quarter 2019
• o Lower prices for frozen products
• Inventory by end Q1/20
• o Frozen 8,700 MT (end Q1/19: 10,000 MT)

NIBD Q1/20 MNOK -65 (cash positive) vs. Q1/19 MNOK 30

Br. Birkeland Farming AS (AUSS owns 55.2%)

(MNOK)	Q1 2020	Q1 2019	2019
Revenue	87	68	392
EBITDA*	27	18	78
EBIT*	18	13	50
Harvested volume (GWT)	1 441	1 192	7 318
EBIT/kg* all incl (NOK)	12 3 ,	11 2 ,	6 8 ,

* Before fair value adjustments related to biological assets

• Harvested volume (GWT)
• o Up 21% y-o-y
• Price achievement
• o NSI Q1/20 NOK 68.5 vs. NOK 61.3 in Q1/19
  • o Prices down in March
• Cost (RFS)
• o Up y-o-y
• Biomass at sea
• o End Q1/20 at 5,376 LWT vs. 5,453 LWT end Q1/19

NIBD Q1/20 MNOK 110 vs. Q1/19 MNOK 85

Br. Birkeland AS (AUSS owns 42.9%)

(MNOK)	Q1 2020	Q1 2019	2019
Revenue	49	46	230
EBITDA	10	9	73
EBIT	0	2 -	28

Pelagic

• Blue whiting season started in February

Snow crab

• Low catches
• Still challenging conditions for the snow crab vessel

NIBD Q1/20 MNOK -184 (cash positive) vs. Q1/19 MNOK -188 (cash positive)

Statement of financial position (Group)

(MNOK)	31.03.2020	31.03.2019	31.12.2019
Intangible assets	11 837	11 477	11 487
Tangible fixed assets	8 701	8 069	8 020
Right-of-use assets	3 075	2 383	2 935
Financial non-current assets	2 667	2 499	2 531
Total non-current assets	26 280	24 428	24 972
Biological assets at cost	4 544	4 284	4 623
Fair value adjustment of biomass	647	1 417	1 287
Other inventory	1 669	1 795	1 379
Receivables	3 476	3 323	3 319
Cash and cash equivalents	4 259	4 165	4 251
Total current assets	14 595	14 984	14 859
Total assets	40 875	39 413	39 831
NIBD ex. right-of-use assets liabilities	4 586	4 297	4 074
NIBD incl. right-of-use assets liabilities	5 952	5 734	5 354
Equity	23 927	23 003	23 331
Equity ratio	59 %	58 %	59 %

USD/NOK:

• 31.03.2020: 10.51
• 31.03.2019: 8.60
• 31.12.2019: 8.78

Pelagia Holding AS is an associated company which is included in the line Financial non-current assets of the Group balance sheet

o As such the Group balance sheet does not include proportional consolidation of Pelagia Holding AS (50%)

Cash flow

(MNOK)	Q1 2020	Q1 2019	(audited) 2019
Pre profit tax	17	745	2 756 ,
Biomass adjustment	614	174	306
Paid tax	-237	-432	-882
Depreciaton and impairments	367	319	1 337 ,
Associated companies	50	-131	-451
Interest (net)	73	58	258
Working capital	-462	-471	-153
Cash from operating activities	421	261	3 172 ,
Net investment in capex	-635	-438	-1 545 ,
Acquisitions and divestments	4	1	11
Dividend received	-	6	391
Others	3	16	83
Cash from investing activities	-629	-415	-1 059 ,
Change in long loans term	-4	-229	-947
Change in short term loans	153	230	399
Dividends	-5	-8	-1 416 ,
Others	44	-78	-291
Cash from financing activities	188	-84	-2 256 ,
Cash the beginning of the period at	4 251 ,	4 393 ,	4 393 ,
Net change in cash (incl.exchange gain/losses)	7	-227	-142
Cash the end of the period at	4 259 ,	4 165 ,	4 251 ,

• New trawler "Kongsfjord" delivered in Q1 2020
• The Board will recommend to the annual general meeting in 2020 a dividend of NOK 2.50 per share
• (NOK 3.50 per share in 2019)

Outlook

Fishmeal

Fish meal production - week 16 (cumulative)
Regions	2020	2019	Change %
Chile#	125 799	135 255	-7,0 %
Peru	3 378	80 551	-95,8 %
Danmark/Norway	90 519	106 442	-15,0 %
Iceland/North Atlantic*	47 089	79 900	-41,1 %
Total	266 785	402 148	-33,7 %

Source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived meal *Includes U.K., Ireland and Faroe Islands

• Production IFFO Fishmeal production decreased 33.7% week 16 vs. same period 2019
• A slow start in Northern Europe and poor fishery in Peru are the main reasons to the decrease in production
• USD 1,500/MT for Standard (65%)

Prices (FOB Peru)

• USD 1,700/MT for Super Prime (68%)
• Demand Feed producers looking to cover their demand from early Q3 onwards (peak aqua season)
• Supply Limited stock available for new offers
• Sales backlog from last season to be covered by new production

All prices and figures shown are only for statistical purposes and should not be taken as a reference - Source: IFFO, week 16, 2020

Fishmeal

Main market – China

• Stock in China at ports according JCI:
• o 134,950 MT¹ , -37% vs. same period 2019
• o Off takes: 20,300 MT/week (+10% vs. same period 2019)
• Domestic fishmeal production has been limited to date
• o This is offset by imported fishmeal
• Pig industry is gradually recovering from ASF. High consumption of piglet feed continues
• Chinese stock prices currently higher than Peru:
• o Quoted at RMB 14,000/MT(USD 1,915/MT) equivalent super prime (68%) vs. USD 1,700/MT FOB Peru
• Coronavirus outbreak:
• o China is getting back to normal
• o Most restaurants are re-opened, though with all the control measures, flow of people is still quite far from full capacity

All prices and figures shown are only for statistical purposes and should not be taken as a reference - Source: IFFO, week 16, 2020

¹ dated 27.04.2020

Fish oil

Fish oil production - w eek 16 (cumulative)

Regions	2020	2019	Change %
Chile#	51 922 ,	59 329 ,	-12 5 %
Peru	417	8 927 ,	-95 3 %
Danmark/Norway	15 974 ,	20 423 ,	-21 8 %
Iceland/North Atlantic*	9 259 ,	13 896 ,	-33 4 %
Total	77 572 ,	102 575 ,	-24 4 %

source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived oil *Includes U.K., Ireland and Faroe Islands

Source: IFFO

Prices (FOB Peru)

Weekly average Peruvian fish oil FOB prices (US\$/mt)

Production	•	IFFO	Fish	oil	production	decreased	24.4%
YTD week 16 vs.					same period	2019

• Feed grade: USD 2,320/MT
• Omega-3 grade: USD 2,600/MT
• Supply Limited stock available for new offers

All prices and figures shown are only for statistical purposes and should not be taken as a reference - Source: IFFO, week 16, 2020

Atlantic salmon supply

(in tonnes WFE )

Year	2014		2015		2016		2017		2018		2019		2020
Region	Volume	Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change
Europe	1468900	5,8%	495 400	1,8%	1 429 700	$-4.4%$	1 493 800	4,5 %	506 600	0,9%	643 600	9,1%	691 100	2,9%
Norway	1 199 000	4,8%	234 200	2,9%	171 100	$-5,1%$	207 800	3,1%	253 400	3,8%	333 400	6,4%	377 200	3,3%
United Kingdom	170 500	8,0 %	166 300	$-2,5%$	157 400	$-5.4%$	177 200	12,6 %	153 600	$-13,3%$	183 600	19.5%	182 200	$-0,8%$
Faroe Islands	82700	13,9%	75 600	$-8,6%$	77 300	2,2%	80 300	3,9%	71 700	$-10,7%$	86 600	20,8 %	83 800	$-3,2%$
Ireland	12 300	16,0 %	15 700	27,6%	15 800	0,6%	17 000	7,6 %	14 300	$-15,9%$	15 500	8,4 %	14 500	$-6,5%$
Iceland	4 4 0 0	31,3 %	3 600	$-18.2%$	8 100	125,0 %	11 500	42,0 %	13 600	18.3%	24 500	80,1%	33 400	36,3 %
Americas	760 600	16,4%	825 100	8,5%	733 600	$-11,1%$	797 200	8,7%	899 700	12,9%	932 600	3,7%	980 080	5,1%
Chile	582 900	24,5 %	598 200	2,6 %	504 400	$-15.7%$	564 200	11,9 %	660 100	17,0 %	690 200	4,6 %	722 600	4,7 %
Canada	95 000	$-17,5%$	135 200	42,3 %	146 000	8,0%	137 000	$-6,2%$	146 400	6,9 %	138 000	$-5,7%$	138 100	0,1%
Australia	42 000	7.7%	54 400	29,5 %	50 900	$-6.4%$	61 200	20,2 %	62 600	2.3%	64 000	$2.2\%$	69 000	7,8 %
USA	24 000	18,2 %	20 200	$-15,8%$	22 500	11,4%	21 700	$-3,6%$	19 000	$-12,4%$	20 800	9,5%	20 100	$-3,4%$
Others	16 700	49,1%	17 100	2,4%	9800	$-42.7%$	13 100	33,7 %	11 600	$-11,5%$	19 600	69,0 %	30 280	54,5 %
Totalt	2 2 2 5 0 0	9,2%	2 320 500	4,1%	2 163 300	$-6,8%$	2 291 000	5,9 %	2 406 300	5,0%	2 576 200	7,1%	2 671 180	3,7%

Figures as per 05.05.2020 - Source: Kontali

SPOT prices fresh Atlantic salmon

▪ cross-section, FCA Oslo (Superior quality) as of week 17-2020

31	www.auss.no			Austevoll Seafood ASA

Figures as per 05.05.2020 Kontali

Conclusion

The end of Covid-19 is unpredictable, but has a significant impact on market development and thus earnings short term

Salmon

• Long term the demand pictures remains sound for seafood
• Harvest guidance for salmon and trout including associates
• o 183,000 188,000 GWT for 2020
• Expected contract share for salmon in Q2/20: 35 40%

Whitefish

• Significant potential in whitefish

(refer to Lerøy Seafood Group's management presentation www.leroy.no)

Conclusion

Pelagic

South America

• Disappointing second season 2019 in Peru also affected Q1/20
• First season 2020 set at 2.4 million tonnes
• The season started 13 May
• Expecting a more challenging first season operation due to Covid-19
• Good start of the horse mackerel season in Chile

North Atlantic (Pelagia Holding AS, an associated company)

• Seasonal high activity in Q1
• Higher sales volumes HC products vs. Q1/19

Disclaimer

• This Presentation has been produced by Austevoll Seafood ASA (the "Company" or "Austevoll") solely for use at the presentation to the market held in connection with the announcement of first quarter results for 2020.
• This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither The Company or any of their respective group of companies or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
• An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and

regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors.

• Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. the company does not intend, and does not assume any obligation, to update or correct the information included in this presentation.
• No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their group companies or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
• By attending the quarterly presentation or upon reading the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.
• This Presentation is dated 14.05.2020. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

Appendix

Associated companies

Pelagia Holding AS (100% figures) AUSS`s share = 50%

(MNOK)	Q1 2020	Q1 2019	2019
Revenue	2 150	1 644	6 986
EBITDA	79	199	871
EBIT	19	145	650
bearing debt Net interest	3 327	2 578	3 014

2019 figures includes gain of sales of MNOK 105

Associated companies

Norskott Havbruk AS (100% figures) LSG's share = 50%

(MNOK)	Q1 2020	Q1 2019	2019
Revenue	264	405	1 834
EBITDA	71	131	386
EBIT*	42	109	292
Volumes (gwt)	2 917	802 4	25 866
EBIT/kg* (NOK)	14 4 ,	22 8 ,	11 3 ,
bearing debt Net interest	1 277	514	1 021

* Before biomass adj.