Austevoll Seafood ASA

Investor Presentation • Feb 25, 2020

Q4 2019 financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

NOK All figures in 1 000 ,	Q4 Q4 2019 2018		2019	2018
Revenue	5 930 588 , ,	5 765 343 , ,	23 341 679 , ,	22 837 084 , ,
EBITDA*	996 644 ,	1 215 632 , ,	4 260 515 , ,	5 238 612 , ,
EBIT*	652 494 ,	955 123 ,	2 923 726 , ,	4 278 538 , ,
Pre-tax profit**	714 535 ,	967 927 ,	3 080 975 , ,	4 396 999 , ,
EPS (NOK)*	1 36	2 49	6 89	9 79
Total assets Net interesting bearing debt ***			39 830 835 , , 4 074 378 , ,	37 954 835 , , 3 982 594 , ,
Equity ratio			59%	59%
Group EBITDA incl 50% of Pelagia EBITDA Salmon/whitefish EBITDA Pelagic incl . proportional Pelagia	1 129 178 , , 1 030 859 , , 98 319 ,	1 322 412 , , 1 133 683 , , 188 728 ,	4 696 096 , , 3 746 276 , , 949 820 ,	5 561 212 , , 4 228 205 , , 1 333 007 , ,

The Board will recommend to the annual general meeting in 2020 a dividend of NOK 4.50 per share (NOK 3.50 per share in 2019)

* 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

• 2 nd season quota 2.78 million MT 36% caught vs. 2.1 million MT 2018 98% caught
• Peruvian quota for 2019 in total 4.9 million MT 63% caught vs. 5.41 million MT in 2018 98% caught

Austral Group S.A.A Operation in Peru

Fishmeal/fish oil

Centre/North

• 2 nd season quota 2.78 m MT (2018 2.1 m MT) 36% caught (98% 2018)
  • o Austral catch 50,811 MT vs. 146,759 MT same season 2018
  • o Total raw material purchased 30,992 MT vs. 36,556 MT in 2018
• Combined Fishmeal/Oil yield 27.33% 2019 vs. 26.85% in 2018 due to higher oil yield
• Quality of fishmeal produced: Super/prime 76% 2019 vs. 84% 2018
• Quota progress affected by the high level of juveniles leading to the closure of the season early

Direct Human Consumption

• Catch 2019 was 18,650 MT vs. 11,350 MT in 2018
• 2020 quota (industrial only): 70,000 MT jack mackerel and 75,000 MT mackerel
  • Good start to DHC in Q1 2020, 13,000 MT YTD vs. 10,000 YTD 2019

* Assumption of total quota of 4,5 – 5,0 million tonnes, subject to Imarpe`s cruises for 2020

Volume '000 MT	Q4 2019	Q4 2018	2019	2018	*2020E
catch Own
Anchoveta	50	127	224	403	304
Jack mackerel	1	3	14	5	15
Mackerel		2	4	6	6
Purchase
Anchoveta	31	49	106	187	155
Other species					2
Total ('000 MT)	82	181	348	601	482

6 www.auss.no Austevoll Seafood ASA

Operation in Chile Foodcorp Chile S.A

Own catch: Jack mackerel

• Seasonal low activity
• Whole quota (own + purchased) 100% caught
• Healthy biomass: 15% quota increase suggested for 2020 by SPRFMO

Purchases:

• Sardine good size and high fat content o Quotas 100% caught
• Giant squid limited volume and small size
  • o Majority of artisanal quota uncaught

Volume '000 MT	Q4 2019	Q4 2018	2019	2018	2020E
Own catch:
Mackerel and other species	4	5	54	57	61
Purchase:
Sardine/anchovy	3	3	27	27	31
Giant
squid/mackerel	0	0	4	11	4
Total ('000 MT)	7	8	85	95	96

Focus remains in securing raw material from third parties

North Atlantic pelagic quotas (2010-2020E)

ICES recommendation for 2020

•	Increased quota for: Mackerel o	+20%
	Blue whiting o	+ 2%
•	Decrease in quota for NVG herring o	-11%

Awaiting quota in 2020 o Icelandic capelin o Sand eel

Source: Norges Sildesalgslag, Havforskningsinstituttet.

Estimates is based on data from the above sources, ICES recommendation and TAC

* Horse mackerel, Sand eel, Norway Pout, Boar ** Capelin from both the Barents Sea and Iceland

Fishmeal and fish oil (FMO) Pelagia AS

and Ireland ('000 MT) Norway, UK	Q4 2019	Q4 2018	2019	2018	2020E
Material: Raw
Fishmeal and fish oil	116	107	614	674	618
concentrate/oil Protein	63	58	255	247	247
Total ('000 MT)	179	165	869	921	865

All volume based on 100%

• Raw material intake slightly higher in Q4 2019 vs. Q4 2018
  • o Trimmings at same level as last year
  • o More raw materials in Ireland, specially boar fish
• Quota for 2020 about the same level as 2019
• Lower sales below last year
  • o Sales lower in Q4 2019 vs. Q4 2018
  • o Quiet market towards the end of Q4 and early Q1 2020
  • o Some recovery of prices both for fishmeal and oil

Pelagia AS

Direct Human Consumption

Volume ('000 MT)	Q4 2019	Q4 2018	2019	2018	2020E
Raw material intake	175	189	335	416	376

• Good raw material intake for the quarter
  • o Mainly production of mackerel and winter herring
• Sales in accordance with plans for the quarter
  • o Mackerel with again all time high raw material cost
  • o Winter herring with acceptable level of cost
  • o 43% market share of mackerel, herring and capelin exported from Norway for 2019
• Stock level acceptable and unsold position is low
• Good start for 2020 with both production and sales

Pelagia AS (100% figures)

(MNOK)	Q4	Q4	2019	*
	2019	2018	*	2018
Revenue	2	2	6	6
	442	386	986	369
EBITDA	265	214	871	645
EBIT	206	163	650	443
Sales volumes (tonnes):
Frozen	115	110	269	284
	500	300	300	700
FM/FPC/Oil	35	48	174	177
	300	200	900	700

* 2019: Including gain of sale of MNOK 105

Associated company, AUSS share = 50%

Austevoll Seafood ASA

Salmon/Whitefish

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

Q4 2019

• EBIT before FV adj. NOK 769 million (Q4/18: NOK 948 million)
  • o Lerøy Havfisk & LNWS EBIT NOK 42 million (Q4/18: NOK 54 million)
• Harvest volume salmon and trout 42,823 GWT (Q4/18: 49,414 GWT)
• Spot prices up 1% y-o-y
• EBIT/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 17.0 (Q4/18: NOK 18.1)
• Contract share of 38% (Q4/18: 23%)
• NIBD NOK 2,641 million at end of Q4/19 (Q4/18: NOK 2,546 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	~39 000
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	~66 000
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

		Catch volume (MT)		Quota
	Q4/19	Q4/18	2019	2018	2020
Cod	7 215	6 534	22 516	24 339	22 842
Haddock	1 907	961	8 696	8 956	8 861
Saithe	1 595	2567	11 527	15 559	15 586*
Shrimps	0	152	9 917	7 459
Other	2 232	1 301	9 841	9 943
Total	12 949	11 515	62 497	66 255

*This includes saithe quota North and quota North Sea. Catches on quota North Sea typically dependent on prioritising vs. other fisheries

Q4 2019: Wild catch

• Q4/19 harvest volume at 12,949 tonnes, up 12% y-o-y
• Higher share of cod and haddock than corresponding quarter last year
• Average prices up 11% y-o-y due to composition of catch:
  • o Y-o-y prices for cod up 10%, haddock up 14% and saithe up 10%
• As it takes time to adjust prices to endmarket, increase in raw material prices is a challenge within processing

Financials Q4 2019

Catch, purchase and farming (100% volumes)

Figures in 1,000 tonnes	Q4 2019	Q4 2018	2019	2018	2020 E
Group companies:
Norway (whitefish)	13	12	63	66	68
Norway (pelagic)	9	8	31	41	32
Chile own catch	4	5	54	57	61
Chile purchase	3	3	31	38	35
Peru own catch	52	131	243	415	325
Peru purchase	31	49	108	188	157
Total Group companies	112	208	528	805	678
Joint ventures:
Europe purchase (HC)	175	189	335	416	376
Europe purchase (FM/FPC/Oil)	179	165	869	921	865
Totalt Joint venture:	354	354	1 204	1 337	1 241
Total wildcatch	466	562	1 732	2 142	1 919
Salmon/trout (GWT)*	48	54	178	182	193
Total Group	514	616	1 911	2 324	2 113

* Incl. 50% of the Scottish Sea Farms volumes

** Assumption of total quota of 4,5 – 5,0 million tonnes, subject to Imarpe`s cruises for 2020

Key financial figures Q4 2019

(NOK 1,000)	Q4 2019	Q4 2018	Δ%	Q4 2019 a)
Revenue	5,930,588	5,765,343	2.9 %	7,151,491	6,958,390
EBITDA*	996,644	1,215,632	-18.0 %	1,129,179	1,322,412
Depreciation/impairment	344,150	260,509		373,653	285,656
EBIT*	652,494	955,123	-31.7 %	755,526	1,036,756
Income from associates*	129,885	131,048
Net finance	-67,844	-118,244
Pre-tax**	714,535	967,927	-26.2 %
Net profit	802,045	356,126
EPS (NOK)	1.98	1.06
EPS (NOK)*	1.36	2.49

* 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

	Q4 2019	Q4 2018
Biomass adj group company	245,667	-741,032
Biomass adj group associated companies	42,652	20,090

The Group implemented IFRS 16 regarding leases (right of use assets) with effect from January 1st, 2019. The profit figures are therefore not directly comparable to corresponding figures in 2018. See note 1 in the Financial report for Q4 2019 for more details

Key financial figures 2019

(NOK 1 000) ,	2019	2018 (audited)	Δ%		2019 a)	(audited) 2018
Revenue	23 341 679 , ,	22 837 084 , ,	2 2 %	26 ,	834 874 ,	26 021 565 , ,
EBITDA*	4 260 515 , ,	5 238 612 , ,	-18 % 7	4 ,	696 096 ,	5 561 213 , ,
Depreciation/impairment	1 336 789 , ,	960 074 ,		1 ,	447 363 ,	1 061 241 , ,
EBIT*	2 923 726 , ,	538 4 278 , ,	-31 7 %	3 ,	248 733 ,	4 499 972 , ,
Income from associates*	469 484 ,	474 978 ,
Net finance	-312 235 ,	-356 517 ,
Pre-tax**	3 080 975 , ,	4 396 999 , ,	-29 9 %
Net profit	2 197 436 , ,	4 230 832 , ,
EPS (NOK)	6 22	11 39
EPS (NOK)*	6 89	9 79

* 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

	2019	2018 (audited)
Biomass adj group company	-306 323 ,	798 388 ,
Biomass adj group associated companies	-18 726 ,	-2 959 ,

The Group implemented IFRS 16 regarding leases (right of use assets) with effect from January 1st, 2019. The profit figures are therefore not directly comparable to corresponding figures in 2018. See note 1 in the Financial report for Q4 2019 for more details

Lerøy Seafood Group ASA

(MNOK)	Q4 2019	Q4 2018	2019	2018
Revenue	5 256 ,	5 347 ,	20 454 ,	19 880 ,
EBITDA*	1 031 ,	1 134 ,	3 746 ,	4 228 ,
EBIT*	769	948	2 734 ,	3 569 ,
Harvested volume (GWT)	42 823	49 414	158 178	162 039
	,	,	,	,
EBIT/kg* Catch (NOK) ex. Wild	17 0	18 1	15 5	19 6
Havfisk catch volume (MT)	12 949 ,	11 515 ,	62 496 ,	66 255 ,
EBIT Wild Catch (MNOK)	42	54	293	388

* Before fair value adjustments related to biological assets

• Price achievement

• o Spot prices up 1%
  • ✓ NSI Q4/19 NOK 56.1 vs. NOK 55.4 in Q4/18
  • ✓ Up NOK 7.6/kg q-o-q and NOK 0.7/kg y-o-y
• o For comparable quality contract prices was higher than the spot price realization
  • ✓ Contract share of 38%
• Cost (RFS)
  • o Down from Q3/19, but higher compared with Q4/18
• Biomass at sea
  • o End Q4/19 at 111,263 LWT vs. 110,105 LWT end Q4/18 (+1%)

• Wild catch

• o Q4/19 harvest volumes at 12,949 MT up 12% y-o-y

• o Average prices up 11% y-o-y (product mix)
  • ✓ Y-o-y prices for cod up 10%, haddock 14% and saithe up 10%

NIBD Q4/19 MNOK 2,641 vs. Q4/18 MNOK 2,546

Austral Group S.A.A

(MNOK)	Q4 2019	Q4 2018	2019	2018
Revenue	395	164	1 700 ,	1 640 ,
EBITDA	-35	77	305	619
EBIT	-86	32	109	453	• Sales
Raw material (MT):	83 238 ,	180 637 ,	350 329 ,	602 703 ,
Sales volumes:
Fishmeal (MT)	25 669 ,	6 602 ,	98 982 ,	93 636 ,
Fish oil (MT)	1 119 ,	1 113 ,	13 654 ,	16 933 ,
Frozen/fresh (MT)	2 173 ,	5 321 ,	15 386 ,	11 808 ,
	Key	figures
200	38			40
150 100				35 30 27 25	prices
MNOK 50 -		24	24	20 15	MT ,000
8 -50				10	payment in 2018

• Raw material intake

• o 2 nd season total quota at 194,000 MT
  • ✓ 50,800 MT caught in Q4/19 (Q4/18: 127,000 MT)
  • ✓ No own catch in January 2020
  • ✓ The negative Q4/19 result is a natural and direct result of the low volumes from fisheries

• Sales

• o Higher sales volumes y-o-y
  • ✓ Higher FM inventory volumes going into Q4/19 vs. Q4/18
• o Lower prices for FM and higher prices for fish oil vs. same quarter in 2018
• Inventory by end 2019 substantially lower vs. end 2018:
  • o Fishmeal 14,700 MT (end 2018: 37,500 MT)
  • o Fish oil 2,700 MT (end 2018: 5,300 MT)
  • o Contracted (not delivered) 13,000 MT at Q4/19 prices

NIBD Q4/19 MNOK 944 vs. Q4/18 MNOK 727

o 2019 paid out dividend MNOK 215 vs. zero dividend payment in 2018

Foodcorp Chile S.A

(MNOK)	Q4 2019	Q4 2018	2019	2018
Revenue	93	73	555	603
EBITDA	-41	-31	47	90
EBIT	-49	-20	12	80
Raw material intake:	6 577 ,	8 250 ,	84 499 ,	94 971 ,
Sales volumes:
Fishmeal (MT)	4 193 ,	2 422 ,	13 288 ,	10 168 ,
Fish oil (MT)	720	128	4 014 ,	3 696 ,
Frozen (MT)	3 038 ,	3 541 ,	36 038 ,	40 277 ,

• Raw material intake

• o Remaining quota horse mackerel of 3,600 MT caught in Q4/19 (Q4/18: 5,300 MT)
• o Challenging year for giant squid
• Sales
  • o Product mix, more FM/oil sales vs. Q4/18
  • o Lower prices for frozen product due to different product mix
• Inventory by end 2019
  • o Frozen 300 MT (end 2018: 4,600 MT)

NIBD Q4/19 MNOK -40 (cash positive) vs. Q4/18 MNOK 11

Br. Birkeland Farming AS (AUSS owns 55.2%)

(MNOK)	Q4 2019	Q4 2018	2019	2018
Revenue	129	87	392	320
EBITDA*	13	15	78	91
EBIT*	6	10	50	70
Harvested volume (GWT)	2 492 ,	1 644 ,	318 7 ,	727 5 ,
EBIT/kg* all incl (NOK)	2 4	5 9	6 8	12 3

* Before fair value adjustments related to biological assets

• Harvested volume (GWT)
  • o Q4/19 2,492 vs. 1,644 in Q4/18

• Price achievement

• o Volatile prices in Q4/19
• o NSI Q4/19 NOK 56.1 vs. NOK 55.4 in Q4/18
• Cost (RFS)
  • o Up y-o-y
• Biomass at sea
  • o End Q4/19 at 5,033 LWT vs. 5,828 LWT end Q4/18 (- 14%)

NIBD Q4/19 MNOK 129 vs. Q4/18 MNOK 82

Br. Birkeland AS (AUSS owns 42.9%)

(MNOK)	Q4 2019	Q4 2018	2019	* 2018
Revenue EBITDA	83 32	73 15	230 73	407 213
EBIT	21	-17	28	129
* Gain from sale of Maron AS Adjusted EBITDA Adjusted EBIT				157 56 -28

Pelagic

• Caught remaining quotas for 2019
  • o Mackerel and herring
    • ✓ Mackerel prices up 13 % vs. 2018

Snow crab

• Fishing started after the fishing ban was lifted September 15th
• The season ended at October 31st
  • o Limited catches in Q4/19 total 28 MT vs. 19 MT in Q4/18

NIBD Q4/19 MNOK -200 (cash positive) vs. Q4/18 MNOK -89 (cash positive)

Statement of financial position (Group)

(NOK 000) 1 ,	31-Dec-19	31-Dec-18
Intangible assets	11 486 975 , ,	11 491 957 , ,
Tangible fixed assets	8 019 525 , ,	8 851 442 , ,
Right-of-use assets	2 934 538 , ,	-
Financial non-current assets	2 530 703 , ,	2 392 894 , ,
Total non-current assets	24 971 741 , ,	22 736 293 , ,
Biological assets at cost	4 622 539 , ,	4 234 125 , ,
Fair value adjustment of biomass	1 287 493 , ,	1 634 911 , ,
Other inventory	1 378 944 , ,	1 896 897 , ,
Receivables	3 319 018 , ,	3 059 746 , ,
Cash and cash equivalents	4 251 100 , ,	4 392 863 , ,
Total current assets	14 859 094 , ,	15 218 542 , ,
Total assets	835 39 830 , ,	954 835 37 , ,
NIBD right-of-use liabilities assets ex.	4 074 378 , ,	594 3 982 , ,
NIBD incl . right-of-use liabilities assets	5 353 877 , ,
Equity	23 331 034 , ,	454 22 007 , ,
Equity ratio	59%	59%

USD/NOK:

• 31.12.2019: 8.78

• 31.12.2018: 8.69

Pelagia 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 (50%)

The Group implemented IFRS 16 regarding leases (right of use assets) with effect from January 1st, 2019. See note 1 in the Financial report for Q4 2019 for more details

Cash flow

(NOK 1,000)	Q4 2019	Q4 2018	2019	2018 (audited)
Pre	1 002 854	246 984	2 927	192 428
profit tax	, ,	,	755 , ,	5 , ,
Biomass adjustment	-245 667 ,	741 032 ,	306 323 ,	-798 388 ,
Paid tax	-49 751 ,	-43 010 ,	-882 491 ,	-948 184 ,
Depreciaton and impairments	344 150 ,	260 509 ,	1 336 789 , ,	960 074 ,
Associated companies	-172 537 ,	-151 138 ,	-450 758 ,	-472 019 ,
(net) Interest	62 320 ,	56 108 ,	258 495 ,	276 901 ,
Working capital	-128 255 ,	19 177 ,	-152 645 ,	-1 049 005 , ,
Cash from operating activities	813 114 ,	1 129 662 , ,	3 171 640 , ,	3 161 807 , ,
Net investment in capex	-553 371 ,	-677 094 ,	-1 544 578 , ,	-2 533 241 , ,
Acquisitions and divestments	5 331 ,	46 631 ,	10 713 ,	422 526 ,
Dividend received	50 326 ,	3 000 ,	391 452 ,	395 200 ,
Others	45 098 ,	19 400 ,	83 335 ,	109 838 ,
Cash from investing activities	-452 616 ,	-608 063 ,	059 -1 078 , ,	605 -1 677 , ,
in loans term	-153 467	-468 242	-947 309	-888 472
Change long	,	,	,	,
Change in short loans term	-409 566 ,	-115 880 ,	399 457 ,	-5 374 ,
Dividends	-	-	-1 416 472 , ,	-1 081 324 , ,
Others	-107 102 ,	-21 880 ,	-291 393 ,	-277 678 ,
Cash from financing activities	-670 135 ,	-606 002 ,	-2 255 ,717 ,	-2 252 848 , ,
Cash the beginning of the period at	4 565 661 , ,	4 461 674 , ,	4 392 863 , ,	5 074 875 , ,
Net change in cash (incl.exchange gain/losses)	-314 561 ,	-68 811 ,	-141 763 ,	-682 012 ,
Cash of period at the end the	4 251 100 , ,	4 392 863 , ,	4 251 100 , ,	4 392 863 , ,

The Board will recommend to the annual general meeting in 2020 a dividend of NOK 4.50 per share

(NOK 3.50 per share in 2019)

Outlook

Fishmeal

Fish meal production - week (cumulative) 52
Regions	2019 2018		Change %
Chile#	353 575	377 825	-6 4 % ,
Peru	799 126	1 401 701	-43 0 % ,
Danmark/Norway	250 259	272 637	-8 2 % ,
Iceland/North Atlantic*	186 834	240 804	-22 4 % ,
Total	1 589 794	2 292 967	-30 % 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 30.7% week 52 vs. same period 2018
  • Lower quotas (EU and Peru) and poor fishery (Peruvian 2 nd season) were the main reasons for the fall in production volume
  • USD 1,505/MT for Standard (65%)

Prices (FOB Peru)

• USD1,705/MT for Super Prime (68%)
• Demand Feed producers and end-users building stocks
  • Last Peruvian fishing season is expected to cover their demand up to June 2020
• 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 6, 2020

Source: IFFO

Fishmeal

Main market – China

• Stock in China at ports according JCI:
  • o 131,690 MT¹ , -22% vs. same period 2018
  • o Strong decrease of stocks since September due to:
    • ✓ Lower domestic FM production
    • ✓ High consumption of aqua (weather)
    • ✓ High consumption of piglet feed
    • ✓ Stock building in feed mills
• Chinese stock prices currently higher than Peru:
  • o Quoted at RMB 13,500/MT(USD 1,934/MT) equivalent super prime (68%) vs. USD 1,700/MT FOB Peru
• Coronavirus outbreak:
  • o Logistics impacted since end January

All prices and figures shown are only for statistical purposes and should not be taken as a reference - Source: IFFO, week 6, 2020

¹ dated 09.02.2020

Fish oil

Fish oil production - week (cumulative) 52
Regions	2019	2018	Change %
Chile#	134 483	136 223	-1 3 % ,
Peru	126 254	226 441	-44 2 % ,
Danmark/Norway	72 826	75 572	-3 6 % ,
Iceland/North Atlantic*	43 349	60 175	-28 0 % ,
Total	376 912	498 411	-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)

Production	•	IFFO	Fish	oil	production	decreased	24.4%
		YTD	week	52	vs. same period	2018

• Feed grade: USD 2,320/MT
  • Omega-3 grade: USD 2,600/MT
• Supply Limited volume available in Peru

All prices and figures shown are only for statistical purposes and should not be taken as a reference - Source: IFFO, week 06, 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	1 468 900	5,8 %	495 400	1,8 %	429 700	-4,4 %	1 493 800	4,5 %	1 506 600	0,9 %	1 644 700	9,2 %	1 701 700	3,5 %
Norway	1 199 000	4,8 %	234 200	2,9 0/0	171 100	-5,1 %	207 800	3,1 %	1 253 400	3,8 %	1 333 400	6,4 %	1 370 800	2,8 %
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 %	185 600	1,1 %
Faroe Islands	82 700	13,9 %	75 600	-8,6 %	77 300	2,2 %	80 300	3,9 %	71 700	-10,7 %	86 600	20,8 %	96 800	11,8 %
Ireland	12 300	16,0 %	15 700	27,6 %	15 800	0,6 %	17 000	7,6 %	14 300	-15,9 %	17 100	19,6 %	17 000	-0,6 %
Iceland	4 400	31,3 %	3 600	-18,2 %	8 100	125,0 %	11 500	42,0 %	13 600	18,3 %	24 000	76,5 %	31 500	31,3 %
Americas	760 600	16,4 %	823 800	8,3 %	732 300	-11,1 %	796 600	8,8 %	898 700	12,8 %	938 500	4,4 %	983 500	4,8 %
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 %	720 200	4,3 %
Canada	95 000	-17,5 %	135 200	42,3 %	146 000	8,0 %	137 000	-6,2 %	146 400	6,9 %	143 500	-2,0 %	145 000	1,0 %
Australia	42 000	7,7 %	54 400	29,5 %	50 800	-6,4 %	61 200	20,2 %	62 600	2,3 %	62 600	0,0 %	68 000	8,6 %
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 %	19 000	-8,7 %
Others	16 700	49,1 %	15 800	-5,4 %	8 500	-46,2 %	12 500	47,1 %	10 600	-15,2 %	21 400	101,9 %	31 300	46,3 %
Totalt	2 229 500	9,2 %	2 319 200	4,0 %	2 162 000	-6,8 %	2 290 400	5,9 %	2 405 300	5,0 %	2 583 200	7,4 %	2 685 200	3,9 %

Figures as per 18.02.2020 - Source: Kontali

SPOT prices fresh Atlantic salmon

▪ cross-section, FCA Oslo (Superior quality) as of week 6-2020

Totalt	27				31 38 32 27		41 40 41 62			59 -		57	74
04	26	28	38	23	27	42	39		44 66	49	55	56
Q3	28	32	39	27	26		38 35	41 1	60	56 - -	55	49
Q2	26	36		41 38	28		42 40	38 18	64	67	68	62
Q1	26	29	34	40	27	36 36	47		41 58	65 1		60 61	74

Austevoll Seafood ASA

Atlantic salmon consumption 2019 FY

Figures as per 18.02.2020 Kontali

33 www.auss.no Austevoll Seafood ASA

Conclusion

Salmon

• Demand remains strong, outlook remains positive
• Harvest guidance for salmon and trout including associates
  • o 183,000 188,000 GWT for 2020
• Expected contract share for salmon in Q1/20: 40%

Whitefish

• Significant potential in whitefish
  • o Quota for 2020
    • ✓ Cod up 1.8%, haddock up 25%, saithe north of 62 degrees up 15%
    • ✓ Quota for saithe in the North Sea down 15%
    • ✓ The new vessel "Kongsfjord" delivered in February 2020

Conclusion

Pelagic

South America

• Disappointing second season in Peru, only 36% of the TAC was caught before the season stopped at January 15th 2020
• Horse mackerel quota in the South Pacific 2020 up 15%

North Atlantic (Pelagia AS, an associated company)

• Seasonal high activity in Q4

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 fourth quarter results for 2019.
• 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 25.02.2020. 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 AS (100% figures) AUSS`s share = 50%

(MNOK)	Q4 2019	Q4 2018	2019	2018
Revenue	2 442 ,	2 386 ,	6 986 ,	6 369 ,
EBITDA	265	214	871	645
EBIT	206	163	650	443
Net interest bearing debt			3 014 ,	2 525 ,

2019 figures includes gain of sales of MNOK 105

Associated companies

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

Q4 2019	Q4 2018	2019	2018
392	512	1 834 ,	2 057 ,
77	177	386	730
49	158	292	661
317 5 ,	6 651 ,	25 866 ,	27 464 ,
9 3	23 7	11 3	24 1
		1 021 ,	508

* Before biomass adj.