Mowi ASA

Investor Presentation • May 13, 2020

Q1 2020 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

13 May 2020

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.

Highlights

• Q1 operational EBIT of EUR 109 million in line with trading update
• Falling prices during the quarter, from close to a record high level, due to extensive lockdown measures in the wake of the Covid-19 pandemic
• Despite the extensive lockdown measures, operations have been running close to normal
  • − However, incurring more costs than normal
  • − Secured health and safety of our employees
• Farming volumes of 83,119 GWT approximately as guided
• Seasonal record high volumes in Consumer Products of 52,093 tonnes product weight
  • − Shift towards more volumes in retail vs foodservice
• Seasonal record high volumes in Feed of 93,768 tonnes sold on good growth in sea in Norway
• In light of heightened uncertainty due to the Covid-19 pandemic, the Board of Mowi has decided to postpone the decision on first quarter dividend until the second quarter

Key financials

Page 4

Mowi - main figures Group Unaudited EUR million	Q1 2020	Q1 2019	2019
Operational and other income revenue	884 8	979 4 % -10	4 135 4
1) Operational EBIT	109 3	196 1 -44 %	720 9
EBIT	-54 1	249 2	617 0
Cash flow from operations	225 5	265 8	759 0
(NIBD)1) 2) interest-bearing Net debt	1 356 6	1 014 8	1 337 2
Basic (EUR) EPS	-0 15	0 38	0 92
1) Underlying (EUR) EPS	0 14	0 28	0 99
1) flow (EUR) Net cash share per	0 19	0 31	0 59
ROCE 1)	7% 10	% 23 8	% 19 9
1) equity ratio Covenant	1% 51	% 57 5	% 53 0
volume (GWT) Harvest	83 119	104 118 -20 %	435 904
kg1) Operational EBIT - EUR Total per -	1 31	1 88	1 65
Norway	66 1	2 07	2 05
Scotland	0 63	2 27	93 1
Canada	0 91	1 41	0 28
Chile	1 21	1 47	1 36
Ireland	n/a	4 38	2 68
Faroes	2 79	1 69	1 79

Salmon prices – weekly reference prices

Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg)

Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10-12 lbs FOB Seattle)

EUR per kg (Oslo)

Price achievement (1), contract & superior share

Operational EBIT comparison

Norway

SALMON OF NORWEGIAN ORIGIN
million EUR	Q1 2020	Q1 2019
Operational EBIT	83 7	116 1
EBIT	-49 0	135 2
Harvest volume (GWT)	50 492	56 135
Operational kg (EUR) EBIT per	66 1	2 07
- of which Feed	0 05	-0 01
- of which Markets	0 12	0 09
- of which Consumer Products	-0 14	-0 01
Price achievement/reference price	% 89	% 97
Contract share	% 43	% 36
Superior share	% 89	% 91

• Results impacted by low volumes and falling prices in the wake of the Covid-19 pandemic
• Price achievement impacted by reduced contract prices year-over-year and downgrading of fish due to winter sores
• RFS cost increased year-over-year on lower volumes and a challenging biology in 2019 for the 18GS0 generation
• Good production in sea in 2020 due to favourable growth conditions

Norway: Operational EBIT/kg per region

• Relatively stable margin between the regions in the quarter, however, the lion share of volumes in Region North in March at lower prices

Norway: Sales contract portfolio

• Price drop for contracts from Q4 2019 to Q1 2020 of approx EUR 0.5/kg
• Stable contract prices from Q1 2020 onwards for Q2 2020 and Q3 2020

Note: Mowi Norway's fixed price/fixed volume contracts with third party customers and Mowi's processing entities. Mowi's processing entities cover a large proportion of their sales exposure through third party end-product contracts.

Page 10

Scotland

SALMON OF SCOTTISH ORIGIN
EUR million	Q1 2020	Q1 2019
Operational EBIT	5 7	35 8
EBIT	-18 2	45 2
(GWT) Harvest volume	9 036	15 787
Operational kg (EUR) EBIT per	0 63	2 27
- of which Markets	0 19	0 24
- of which Consumer Products	0 10	0 23
Price achievement/reference price	101 %	106 %
Contract share	% 75	50 %
Superior share	96 %	96 %

• RFS cost and volumes impacted by a prolonged period of challenging biology
  • − Sea lice, Pasteurella Skyensis and algal bloom
• Positive contribution from sales contracts
• Expect cost improvement going forward as volumes recover and harvesting from a new generation

Canada

SALMON OF CANADIAN ORIGIN
million EUR	Q1 2020	Q1 2019
Operational EBIT	7 3	13 9
EBIT	3 0 -	24 4
volume (GWT) Harvest	8 066	9 838
Operational kg (EUR) EBIT per	0 91	41 1
- of which Markets	0 23	0 13
- of which Consumer Products	0 02	0 00
Price achievement/reference price	% 92	% 99
Contract share	0 %	0 %
Superior share	87 %	88 %

• Reduced earnings due to lower harvest volumes and increased costs following challenging environmental conditions in both Canada West and East in 2019
• Low price achievement due to downgrading of fish (winter sores)
• Reinstatement of 10 licenses in Newfoundland, Canada East
  • − Mowi Canada holds in total 59 licenses in Canada East
• Harvest volumes to increase for the remainder of 2020

SALMON OF CHILEAN ORIGIN		Operational EBIT Salmon of Chilean Origin Operational Salmon of Chilean Origin EBIT
million EUR	Q1 2020	Q1 2019	Q1 2020 Q1 2019 Q1 2019 vs Q1 2020 vs
Operational EBIT	16 6	29 2	35
EBIT	32 7	26 9	30
volume (GWT) Harvest	13 669	19 810	25
Operational EBIT kg (EUR) per	1 21	1 47	20
- of which Markets	0 09	0 13	15
- of which Consumer Products	0 58	0 15	10 5
Price achievement/reference price	% 91	% 101	0
Contract share	43 %	21 %	Op EBIT Price Volume Feed Other Non Trans Op
Superior share	85 %	90 %	Q1 2019 SW SW lation Q1 2020 costs costs

• Relatively good results driven by high contribution from Consumer Products
• Negative scale effects on costs from low harvest volumes
• Biology stable
• Carrying limited frozen inventory

Ireland and Faroes

SALMON OF IRISH ORIGIN
EUR million	Q1 2020	Q1 2019
Operational EBIT	2 -1	6 2
EBIT	13 0	12 1
(GWT) Harvest volume	6	1 422
Operational kg (EUR) EBIT per	n/a	4 38
- of which Markets	n/a	0 01
- of which Consumer Products	n/a	0 19
Price achievement/reference price	n/a	na
Contract share	n/a	% 94
Superior share	n/a	90 %

SALMON OF FAROESE ORIGIN
EUR million	Q1 2020	Q1 2019
Operational EBIT	5.2	1.9
EBIT	-4.3	4.5
Harvest volume (GWT)	1 851	1 126
Operational EBIT per kg (EUR)	2.79	1.69
- of which Markets	0.41	0.21
- of which Consumer Products	0.00	0.00
Price achievement/reference price	109 %	96 %
Contract share	0 %	0 %
Superior share	80 %	86 %

• No harvesting in Mowi Ireland in the first quarter, however, production in sea was good
• Very good results from Mowi Faroes with higher volumes, higher achieved prices and reduced costs

Consumer Products (1)

CONSUMER PRODUCTS
EUR million	Q1 2020	Q1 2019
Operating revenues	628 5	596 9
Operational EBIT Operational % EBIT EBIT	2 4 4% 0 2 5	6 8 1% 1 6 7
(tonnes weight) Volume sold prod	52 093	49 967

• Record-high volumes sold in a first quarter
• Shift towards value added in retail vs foodservice
• Margins impacted negatively by contracts negotiated in 2019 in Europe, and no Easter tailwind this year
• Expect improved earnings going forward

Feed

FEED
million EUR	Q1 2020	Q1 2019
Operating revenues	120 1	73 2
Operational EBIT	0 -1	-2 4
Operational % EBIT	0 8% -	3 2% -
EBIT	0 -1	-2 1
Feed sold volume	93 768	60 552
Feed produced volume	99 370	61 755

• Despite low season, record high volumes sold in a first quarter
  • − Good growth in sea in Norway
• Good operations
• 95% self-sufficiency rate for feed requirements in Europe during the quarter

Q1 2020 presentation

Financials, Markets and Harvest volumes

Profit and Loss

Mowi Group million EUR	Q1 2020	Q1 2019	2019
Operational and other income revenue	884 8	979 4 -10 %	4 135 4
1) Operational EBIT	109 3	196 1 % -44	720 9
in unrealized internal margin Change Gain/loss from derivatives fair adjustment of biomass Net value , Restucturing costs Other non-operational items from associated companies Income Impairment losses - fixed assets	-2 3 -4 0 -158 5 0 0 -0 8 2 2 -0 1	5 9 0 2 40 5 0 0 -0 5 7 1 0 0	-5 1 2 4 -122 2 -19 2 -4 0 48 7 -4 5
EBIT	-54 1	249 2	617 0
Net financial items	-39 6	-0 4	-9 5
Earnings before tax	-93 7	248 8	607 4
Profit loss for the period or	-77 7	193 9	476 3
Basic (EUR) EPS Underlying EPS (EUR) Net cash flow share (EUR) per Dividend declared and paid share (NOK) per	-0 15 0 14 0 19 2 60	0 38 0 28 0 31 2 60	0 92 0 99 0 59 10 40
Operational EBIT margin Harvest volume GWT (salmon) , Operational kg incl margin from Sales EBIT per ROCE 1)	12 3% 83 119 and Marketing 31 1 10 % 7	20 0% 104 118 -20 % 1) 88 1 23 8 %	17 4% 435 904 65 1 19 9 %

• Negative net fair value adjustment of biomass of EUR 159 million mainly related to lower salmon prices
• Associated companies: EBIT/kg of EUR 2.96 on 9.3k tonnes from Nova Sea

Financial position

Mowi Group million EUR	31 03 2020	31 03 2019	31 12 2019
Non-current assets Current assets Total assets	3 210 7 2 288 6 5 499 3	2 971 3 2 592 7 5 564 0	3 210 4 2 629 6 5 840 1
Equity Non-current liabilities liabilities Current Total equity and liabilities	2 624 2 2 131 4 743 8 499 3 5	2 986 1 785 3 1 792 6 564 0 5	2 892 6 2 2 171 776 3 840 5 1
1) Net interest -bearing debt Equity ratio Covenant equity ratio	1 356 6 47 7% 51 1%	1 014 8 53 7% 57 5%	1 337 2 49 5% 53 0%

Cash Flow and Net Interest Bearing Debt

Mowi Group million EUR	Q1 2020	Q1 2019	2019
NIBD beginning of period	-1 337 2	-1 037 2	-1037 2
Operational EBITDA Change in working capital paid Taxes Other adjustments Cash flow from operations	149 4 9 75 -53 0 12 2 184 4	233 2 0 51 -53 1 5 5 236 5	874 4 -104 0 -156 3 3 11 625 5
Net Capex Other investments and dividends received Cash flow from investments	-73 0 0 1 -72 0	-65 1 -2 2 -67 3	-286 1 -22 2 -308 3
Net interest and financial items paid* items Other Dividend of paid in capital / return Currency effect interest-bearing debt on	-17 2 9 7 -132 9 8 5	-10 6 4 3 -137 9 -2 6	-57 3 -10 9 -544 9 -4 1
end of period NIBD	356 6 -1	014 8 -1	337 2 -1
*Excluding effects of IFRS 16
distribution: NIBD
EUR USD GBP	94 % % 3 3 %	97 % % 3 % 1	91 % % 3 % 5

Other currencies 0 % -1 % 1 %

Scotland: Construction site of new plant • Capex includes EUR 18 million related to purchase of fixed price MAB growth in Norway of 1,149 tonnes (1.49 licenses)

2020 Cash Flow Guidance

• Working capital build-up EUR ~90m
  • − Support further organic growth
• Capital expenditures EUR ~265m(*)
  • − Freshwater investments EUR ~65m in Norway, Canada, Chile
  • − Sea water expansion projects EUR ~20m in Norway, Scotland and Canada
  • − Consumer Products: rebuild Kritsen factory EUR ~15m
• Interest paid EUR ~45m (ex IFRS 16 effects)
• Taxes paid EUR ~145m
• In light of heightened uncertainty due to the Covid-19 pandemic, the Board of Mowi has decided to postpone the decision on first quarter dividend until the second quarter

Overview financing

• Total committed financing of EUR 1,956 million out of which approximately EUR 580 million in cash and undrawn lines
• Long term NIBD target EUR 1,400m
• 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 in the German market: EUR 150m
  • − Tenor 7 years (Maturity: May 2026)
  • − EURIBOR + 1.70%

Supply development

	Estimated	volumes	Compared to	Q1 2019	Est . volumes
Suppliers	Q1 2020	Q1 2019	Volume	%	Q4 2019
Norway	270 500	266 600	3 900	5% 1	335 300
Scotland	31 100	37 400	6 300 -	-16 8%	41 300
Islands Faroe	600 15	19 600	4 000 -	20 4% -	23 600
Other Europe	9 500	9 400	100	1% 1	10 800
Total Europe	326 700	333 000	-6 300	9% -1	411 000
Chile	169 300	900 155	13 400	8 6%	162 700
America North	32 000	30 200	1 800	0% 6	38 100
Americas Total	201 300	186 100	15 200	2% 8	200 800
Australia	13 800	12 700	100 1	8 7%	18 900
Other	5 800	3 500	2 300	65 7%	5 500
Total	547 600	535 300	12 300	3% 2	636 200

• Global supply growth modest in the quarter and in the high end of expectations
• Norway: Supply more than expected driven by good growth conditions from favourable seawater temperatures. A higher than expected number of fish harvested
• Scotland: Volumes lower than guided. Challenging biology and unusually harsh weather conditions
• Chile: Supply increased more than expected. A higher than expected number of fish was harvested and follows the social unrest issues towards end of 2019 (delayed harvesting)

Development in reference prices

	Q1 2020 Market	Change vs Q1 2019	Q1 2020 EUR	Change vs Q1 2019
(1) Norway	6 EUR 71	8% 5	6 EUR 71	8% 5
Chile (2) Chile GWT (3) ,	USD 16 5 USD 6 06	-0 8% -1 9%	4 68 EUR EUR 5 50	2 2% 1 0%
North America West Coast (4) America (5) North East Coast North America GWT (3) blended , ,	USD 3 69 USD 4 04 USD 79 7	4 2% 3% 10 1% 5	EUR 3 34 EUR 3 66 06 EUR 7	7 3% 7% 13 8 3%

Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg)

Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10-12 lbs FOB Seattle)

Notes:

(1) NASDAQ average superior GWE/kg (gutted weight equivalent)

• (2) Urner Barry average D trim 3-4 lbs FOB Miami
• (3) Reference price converted back-to-plant equivalent in GWT/kg
• (4) Urner Barry average GWE 10-12 lbs FOB Seattle

(5) Urner Barry average GWE 10-12 lbs FOB Boston/New York

Global volume by market

	Estimated	volumes	Compared to	Q1 2019	Est . volumes	12 month	comparison
Markets	Q1 2020	Q1 2019	Volume	%	Q4 2019	LTM	PTM	%
EU	227 400	222 700	4 700	2 1%	281 500	1 017 400	960 400	5 9%
Russia	600 17	16 400	200 1	3% 7	25 700	79 900	84 000	-4 9%
Other Europe	21 100	21 300	-200	-0 9%	26 700	92 600	85 000	8 9%
Total Europe	266 100	260 400	5 700	2% 2	333 900	1 189 900	1 129 400	4% 5
USA	121 400	115 400	6 000	5 2%	119 700	473 600	440 600	7 5%
Brazil	24 000	25 100	-1 100	4% -4	26 600	96 300	89 900	1% 7
Other Americas	33 700	30 200	3 500	6% 11	32 500	129 100	125 100	3 2%
Total Americas	179 100	170 700	8 400	4 9%	178 800	699 000	655 600	6 6%
China / Hong Kong	20 300	28 900	-8 600	-29 8%	31 200	104 600	105 800	1% -1
Japan	13 400	13 400	0	0 0%	14 900	53 100	54 600	-2 7%
Taiwan South Korea /	15 200	13 200	2 000	2% 15	14 900	57 600	54 500	7% 5
Other Asia	600 17	19 000	400 -1	4% -7	19 100	72 500	70 700	2 5%
Asia Total	66 500	74 500	-8 000	7% -10	80 100	287 800	285 600	8% 0
All other markets	27 000	31 100	-4 100	-13 2%	32 100	122 700	118 200	3 8%
Total	538 700	536 700	2 000	0 4%	624 900	2 299 400	2 188 800	1% 5
Inflow from to US Europe	25 300	25 100	200	8% 0	29 300	108 100	95 000	8% 13
Inflow to EU from Chile	10 000	8 200	1 800	22 0%	6 700	34 400	34 000	1 2%

• The Covid-19 situation impacted trade flows, logistics and distribution in the quarter

• Extensive lockdown measures impacted consumption patterns, in particular foodservice
• Started to see improved market as some countries are gradually re-opening. Expecting this to continue

Industry supply growth 2020e

	2017	2018	2019	2020	Estimates 2020
GWT (1,000)					Low	Y/Y growth	High	Y/Y growth
Norw ay	1 087	1 128	1 200	1 232	1 220	2 %	1 245	4 %
UK	159	138	165	164	161	-3 %	167	1 %
Faroe Islands	72	65	78	73	71	-9 %	75	-4 %
Other Europe*	26	25	36	43	41	14 %	45	25 %
Total Europe	1 344	1 356	1 479	1 512	1 493	1 %	1 532	4 %
Chile	508	594	621	646	638	3 %	653	5 %
North America	143	149	143	142	139	-3 %	145	1 %
Total Americas	651	743	764	788	777	2 %	798	4 %
Other	67	67	75	89	87	15 %	92	22 %
Total	2 062	2 166	2 319	2 389	356 2	2 %	2 421	4 %

	Q2 2017	Q2 2018	Q2 2019	Q2 2020	Estimates Q2 2020
GWT (1,000)					Low	Q/Q growth	High	Q/Q growth
Norw ay	235	255	277	282	278	0 %	286	3 %
UK	41	32	41	43	42	2 %	44	7 %
Faroe Islands	22	16	17	17	16	-3 %	17	5 %
Other Europe	9	6	8	10	9	8 %	10	24 %
Total Europe	307	309	343	351	345	1 %	358	4 %
Chile	118	130	143	150	147	3 %	152	6 %
North America	38	40	37	35	34	-8 %	36	-2 %
Total Americas	156	169	181	185	182	1 %	189	5 %
Other	16	14	16	19	18	17 %	20	27 %
Total	479	492	539	556	545	1 %	567	5 %

	H2 2017	H2 2018	H2 2019	H2 2020	Estimates H2 2020
GWT (1,000)					H2/H2 H2/H2 Low growth High			growth
Norw ay	581	602	652	679	671	3 %	688	5 %
UK	87	75	94	90	88	-5 %	92	-1 %
Faroe Islands	34	33	46	41	39	-14 %	42	-8 %
Other Europe	8	10	18	24	22	24 %	25	38 %
Total Europe	711	721	810	834	821	1 %	847	5 %
Chile	221	295	309	326	321	4 %	331	7 %
North America	72	77	74	75	73	-2 %	77	4 %
Total Americas	293	373	382	401	394	3 %	408	7 %
Other	31	33	40	50	49	22 %	52	30 %
Total	1 035	1 127	1 232	1 285	1 263	3 %	1 307	6 %

• 2020 guidance: Modest supply growth of 2-4%
• 2021: Kontali expects a low supply growth of 2%

(*) Ireland and Iceland

Page 26

Mowi volume guidance

Atlantic salmon	2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019	2019	Q1 2020	Q2 2020	2020
GWT (1 000) ,	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Guidance	Guidance
Norway	230	56	4	63	66	236	50	54	260
	5	1	51	4	0	9	5	5	0
Scotland	38	8	9	19	14	65	9	0	64
	4	15	15	6	0	4	0	17	0
Canada	39	9	12	15	16	54	8	12	47
	3	8	5	8	2	4	1	0	0
Chile	53	19	15	14	16	65	13	12	64
	2	8	1	1	6	7	7	5	0
Ireland	6	1	2	2	1	6	0	3	6
	2	4	1	0	1	7	0	5	0
Faroes	7	1	4	2	2	6	9	3	9
	7	1	1	0	3	9	1	0	0
Total	375	104	98	0	116	435	83	102	450
	2	1	5	117	3	9	1	5	0

• 2020 volume guidance of 450,000 GWT maintained
  • − Scotland reduced by 3,000 GWT
  • − Canada increased by 3,000 GWT
  • − Other regions stable
• Increase in number of individuals in sea year-over-year Q1 2020 vs Q1 2019, and mix is different
  • − Increase in Norway and decrease in Canada

• The Covid-19 pandemic has impacted in the short-term market dynamics, prices and costs
• Mowi capitalising on an integrated value chain to meet the shift from foodservice demand to retail demand
• Started to see improvements in the market as some countries are gradually reopening
• Supply outlook for 2021 at a low 2% and expectation of strong demand provided a continued Covid-19 recovery
• Maintained internal harvest volume guiding of 450,000 tonnes GWT
• Pleased with the proposal to discard the resource tax in Norway

Q1 2020 presentation

Appendix

Dividend policy

• The quarterly dividend level shall reflect the present and expected future cash flow generation of the Company
• A target level for net interest-bearing debt is determined, reviewed and updated on a regular basis
• When the target is met, at least 75% of the annual free cash flow after operational and financial commitments will be distributed as dividends

• Long term NIBD (excluding IFRS 16) target EUR 1,400m

Contract coverage and sales contract policy

SALES CONTRACT POLICY
	Min hedging rate	(1) hedging Max rate
(2) Norway	0 %	50 %
Scotland	0 %	% 75
Canada	% 0	% 30
Chile (2)	% 0	% 50
Ireland	% 0	% 100
Faroes	% 0	% 30

Notes:

(1) Hedging rates for the next quarter, limits dropping over time

(2) Contract rate can be increased to 65% under special circumstances

• Q2 2020 contract shares (% of guided volume):
  • − Norway 42%
  • − Scotland 41%
  • − Canada 0%
  • − Chile 50%
  • − Ireland 66%
  • − Faroes 0%
• Contracts typically have a duration of 3-12 months and are entered into on a regular basis

Quarterly segment overview

			SOURCES OF	ORIGIN QTD
EUR million	Norway	Scotland	Canada	Chile	Ireland	Faroes	Other 1)	Group
OPERATIONAL EBIT
FARMING	82 3	3 0	3 5	7 5	-1 1	4 4		101 4
SALES AND MARKETING
Markets	6 1	1 7	1 9	1 2	-0 2	0 8	0 3	11 8
Consumer Products	2 -7	0 9	0 1	9 7	0 0	0 0	0 6	2 4
SUBTOTAL	81 2	5 7	3 7	16 6	2 -1	2 5	0 9	6 115
Feed	2 5						-3 5	-1 0
entities 1) Other							4 -5	4 -5
TOTAL	83 7	5 7	7 3	16 6	-1 2	5 2	-8 0	109 3
Harvest volume (GWT)	50 492	9 036	8 066	13 669	6	1 851		83 119
(EUR) 1) Operational kg - total Group EBIT per	66 1	0 63	0 91	21 1	n/a	2 79		31 1
- of which Feed	0 05	0 00	0 00	0 00	n/a	0 00		-0 01
- of which Markets	0 12	0 19	0 23	0 09	n/a	0 41		0 14
- of which Consumer Products	-0 14	0 10	0 02	0 58	n/a	0 00		0 03
ANALYTICAL DATA
(%) 1) Price achievement/reference price	89 %	101 %	92 %	91 %	n/a	109 %		92 %
Contract share (%)	43 %	% 75	0 %	43 %	n/a	0 %		42 %
Quality - superior share (%)	89 %	96 %	87 %	85 %	n/a	80 %		89 %
GUIDANCE
(GWT) Q2 2020 harvest volume	54 500	17 000	12 000	12 500	3 500	3 000		102 500
(GWT) 2020 harvest volume	260 000	64 000	47 000	64 000	6 000	9 000		450 000
(%) Q2 2020 contract share	% 42	% 41	% 0	% 50	% 66	% 0		% 37

Development in harvest volumes

GWT	2016	2017	2018			2019				2020E
(1 000) ,	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2E	Total
Norway	236	210	230	56	4	63	66	236	50	54	260
	0	2	5	1	51	4	0	9	5	5	0
Scotland	45	60	38	8	9	19	14	65	9	0	64
	0	2	4	15	15	6	0	4	0	17	0
Canada	43	39	39	9	12	15	16	54	8	12	47
	3	4	3	8	5	8	2	4	1	0	0
Chile	36	44	53	19	15	14	16	65	13	12	64
	9	9	2	8	1	1	6	7	7	5	0
Ireland	8	9	6	4	2	2	1	6	0	3	6
	4	7	2	1	1	0	1	7	0	5	0
Faroes	10	6	7	1	4	2	2	6	9	3	9
	9	0	7	1	1	0	3	9	1	0	0
Total	380	370	375	104	98	117	116	435	83	102	450
	6	3	2	1	5	0	3	9	1	5	0

Growth relative to same period in previous year

	2016	2017	2018	2019					2020E
	Total	Total	Total	Q1	Q2	Q3	Q4	Total	Q1	Q2E	Total
Norway	% -7	% -11	10 %	10 %	4 %	% 11 -	13 %	3 %	10 % -	6 %	10 %
Scotland	-10 %	34 %	36 % -	82 %	78 %	118 %	19 %	70 %	43 % -	7 %	2 % -
Canada	8 %	9 % -	0 %	49 %	56 %	27 %	33 %	39 %	18 % -	4 % -	-14 %
Chile	41 % -	22 %	18 %	60 %	53 %	3 %	3 % -	24 %	31 % -	17 % -	3 % -
Ireland	% -13	% 15	% 36 -	% 2 -	% 69	% 4	% 30 -	% 7	% 100 -	% 68	% -10
Faroes	273 %	45 % -	29 %	9 %	84 %	31 %	46 % -	-10 %	64 %	110 %	30 %
Total	9 % -	3 % -	% 1	28 %	26 %	6 %	10 %	16 %	20 % -	4 %	3 %

Cash flow guidance and historic developments

Net capital expenditure (*) Net working capital

(*) Excludes Traffic Light System growth in Norway

Nova Sea

		volume (GWT)		NIBD EURm
	Ownership %	2018	2019	Q1 2019	Q1 2020	2018	2019	Q1 2019	Q1 2020	Q1 2020
Nova Sea	48 %	37 879	45 962	6 318	9 283	2 66	2 30	2 22	2 96	-51 1

• Leading integrated salmon producer in Northern Norway
  • − 33.33 wholly owned licenses
  • − 4 partly owned licenses
• Mowi has an ownership in Nova Sea of ~48% through direct and indirect shareholdings
• Dividends
  • − Paid dividends of NOK 300m in Q1 2019, NOK 300m in Q2 2019 and NOK 275m in Q4 2019 (Mowi's share NOK 406m)
• Proportion of income after tax reported as income from associated companies in Mowi Norway
  • − EUR 2.2m in Q1 2020

Debt distribution and interest rate hedging

	31/03/2020(2)	Nominal value	Fixed rate(3)	Nominal value	Fixed rate(3)	Nominal value	Fixed rate(3)
EUR m	1 287 0	380 0	% 2 13	380 0	% 2 20	-	% 0 00
USD m	60 0	78 3	% 2 31	78 3	% 2 31	60 0	% 4 13
GBP m	40 0	23 5	% 2 83	23 5	% 2 83	-	% 0 00
Other (EUR m)	69 2

Market value of IRS contracts (31/03/20): MEUR -25.6

Change in market value due to market movements in Q1(4): MEUR -5.4

Change in market value due to interest settled on IRS contracts in Q1(5): MEUR 9.5

Notes:

(1) March is the starting month for all interest hedging contracts

(2) Debt at book value after taking cross currency swaps into account

(3) Financing margin not included

(4) Quarterly change in market value booked against P/L

(5) Net amount of interest on IRS contracts settled quarterly in cash

• External interest bearing debt is distributed as follows: EUR 94%, USD 3%, GBP 3%, other currencies 0%
• Policy: Mowi ASA shall over time hedge 0%-35% of the Group's long-term interest-bearing debt by currency with fixed interest or interest rate derivatives for the first 5 years, and 0% fixed rates thereafter. Interest-bearing debt includes external interest-bearing debt and leasing in the parent company or subsidiaries. The interest rate hedges shall be based on the targeted currency composition. Interest rate exposure in other currencies than EUR, USD, GBP and NOK shall not be hedgedCURRENCY DEBT 2020-2021 2021-2022 2022-2023

Hedging and long term currency exposure - policies

• EUR/NOK
  • − Mowi shall hedge between 0% and 30% of its assumed annual expenses in NOK against the EUR with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year
• USD/CAD
  • − Mowi shall hedge between 0% and 30% of its assumed annual expenses in CAD against the USD with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year
• USD/CLP
  • − Mowi shall not hedge the USD/CLP exposure
• Internal transaction hedging relating to bilateral sales contracts
  • − All bilateral sales contracts are subject to internal currency hedging of the exposure between the invoicing currency and EUR
  • − The operating entities hedge this exposure towards the parent company. In accordance with the general hedging policy, this exposure is not hedged towards external counterparties
  • − The purpose of the internal hedging is to allow for a more accurate comparison between the Mowi Farming entities (including contribution from Sales) and peers with respect to price achievement and operational EBIT

Strategic currency hedging

	EUR/NOK		USD/CAD
STRATEGIC CURRENCY HEDGING	MEUR	Rate	MUSD	Rate
2020	149 4	9 93	21 6	1 32
2021	199 2	10 28	28 8	1 32
2022	49 8	10 55	4 8	1 33
P/L effect of realized in Q1 (MEUR) contracts	-8 4
	MEUR
31/12/2019 Market value	1 6
Change	-57 7
31/03/2020 Market value	-56 1

DESIGNATED MARKET CURRENCIES

Norway	EUR
Chile	USD
Canada	USD
Scotland	GBP
Ireland	EUR
Faroe Islands	EUR
Consumer Products Europe	EUR
Asia	USD
Feed	EUR

Thank you