Austevoll Seafood ASA

Investor Presentation • May 14, 2019

Q1 2019 financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

All figures in NOK 1 000 ,	Q1 2019	Q1 2018	2018
Revenue	563 270 5	753 149 5	22 837 084
EBITDA*	1 156 589	1 445 293	238 612 5
EBIT*	837 259	1 217 233	4 278 538
Pre-tax profit**	939 455	1 327 121	4 396 999
EPS (NOK)*	2 20 ,	2 58 ,	9 79 ,
Total assets	39 412 727	37 536 182	37 954 835
Net interesting bearing debt ***	4 297 353	3 781 956	3 982 594
Equity ratio	58 %	56 %	59 %
Group EBITDA incl 50% of Pelagia	1 256 125	1 547 587	5 561 212
Salmon/whitefish EBITDA	933 526	1 114 120	4 228 205
EBITDA Pelagic incl . proportional Pelagia	322 599	433 466	1 333 007

Q1 2018 EBITDA and EBIT includes gain of MNOK 157 related to sale of a fishing vessel with pelagic license

The Board will recommend to the annual general meeting in 2019 a dividend of NOK 3.50 per share (NOK 2.80 per share in 2018)

* Before fair value adjustments related to biological assets

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

*** 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) • 9 fishing vessels • 8 Processing plants	100,000 - 120,000 MT of whitefish (9 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

3

Pelagic

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

Biomass and quota evolution

Peruvian anchoveta

• Peruvian quota for 2019 is estimated about 4.5 million MT (subject to IMPARPE`s cruises)

Source - Imarpe

Austral Group S.A.A Operation in Peru

Center/North

• 1 st season started with an exploratory fishing on April 28 and then officially on 4th of May the quota was set at 2.1 million MT (2018: 3.3 million MT)
• o Total biomass 7 million MT vs. 11 million MT in 2018
• o High presence of juveniles in the south

South

• Quota set at 540,000 MT for 1st season (Jan-Jun 2019) vs. 535,000 MT for same season 2018 (of which 45% was catch in 2018)
• Austral processed 27,910 MT vs. 30,409 MT in 2018

Direct Human Consumption

• Quotas for 2019: jack mackerel 79,000 MT (2018: 75,000 MT) / mackerel 135,000 MT (2018: 110,000 MT)
• Austral caught 16,800 MT vs. 4,000 MT Q1 2018

Volume '000 MT	Q1 2019	Q1 2018	2019E	2018
Own catch
Anchoveta	24	42	316	403
Mackerel	16	4	17	11
Purchase
Anchoveta	25	44	155	188
Mackerel	0	0	0	0
Total ('000 MT)	65	90	488	602

Operation in Chile Foodcorp Chile S.A

Own catches: Jack mackerel

• Good start to the season:
• o Own quota on 30,000 MT nearly committed
• o Fishing grounds in close proximity
• o Higher percentage of smaller size fish
• SPRFMO (high seas) quota purchases:
• o Purchase of 17,000 MT secured
• o Strong competition from other Chilean companies
• o Awaiting approval for quota transfer from authorities
• M/V RUTH in operation since last week of April

Purchases:

• Sardine good size and high fat content
• Giant squid resource not available in Q1:

catch: Own
Mackerel and other species	25	21	55	57
Purchase:
Sardine/anchovy	12	14	29	26
squid/mackerel Giant	0	4	6	12
Total ('000 MT)	37	39	90	95

Focus remains in securing raw material from third parties

North Atlantic pelagic quotas (2009-2019E)

Key drivers for 2019 E

• Increased quota for: o NVG herring
• Decrease in quota for
• o Capelin (0)
• o Mackerel
• o North Sea herring
• o Bluewhiting

Source: Norges Sildesalgslag, Havforskningsinstituttet.

Estimates is based on data from the above

* Horse Mackerel, Sand Eel, Norway Pout, Boar ** Capelin from both the Barents Sea and Iceland sources and ICES recommendation

Fishmeal and fish oil (FMO) Pelagia AS

Norway, UK and Ireland ('000 MT)	Q1 2019	Q1 2018	2019E	2018
Material: Raw
Fishmeal fish oil and	206	264	528	674
concentrate/oil Protein	68	87	252	247
('000 MT) Total	274	351	805	921

All volume based on 100%

• Raw material intake in Q1 2019 lower than Q1 2018
• o No capelin quota
• o Lower quota blue whiting
• Volume of sales 20 % higher in Q1 2019, compared to Q1 2018
• Further recovery on prices seen in Q1 2019 for fishmeal
• Still waiting for final quota of sand eel (mid May)

Pelagia AS

Direct Human Consumption

Volume ('000 MT)	Q1 2019	Q1 2018	2019E	2018
Raw material intake	99	125	355	416

• Good raw material intake for the quarter despite lower quotas in the region
• Acceptable sales for the quarter
• o Raw material prices in line with market expectations
• Stock situation on the high side due to strong production in the quarter

Pelagia AS (100% figures)

(MNOK)	Q1 2019	Q1 2018	2018
Revenue	1 644	1 463	6 369
EBITDA	199	205	645
EBIT impairment ex.	145	153	436
EBIT	145	153	443
Sales volumes (tonnes):
Frozen	74 100	300 77	284 700
FM/FPC/Oil	41 200	34 100	177 700

Associated company, AUSS share = 50%

Br. Birkeland (Salmon/Fishing)

Salmon	Q1 2019	Q1 2018	2019E	2018
Harvest volume (GWT)	1,192	2,808	7,800	5,727
EBIT (NOK/kg)	11.2	18.9		12.3

Salmon:

• Harvesting volumes down 58% in Q1 2019 vs. Q1 2018
• High release from stock cost

Fishing:

• Seasonal good activities for the pelagic vessels
• Snow crab fishery in seasonal low during Q1

Salmon/Whitefish

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

Q1 2019

• EBIT before FV adj. NOK 691 million (Q1/18: NOK 960 million)
• o EBIT reduced NOK 51 million related to intercompany elimination (delayed realisation of profits)
• o Havfisk & LNWS EBIT NOK 171 million (Q1/18: NOK 178 million)
• Harvest volume salmon and trout 32,317 GWT (Q1/18: 37,576 GWT)
• EBIT/kg all incl. (excl. EBIT Havfisk & LNWS) of NOK 17.7 (Q1/18: NOK 20.8)
• Contract share of 41% (Q1/18: 22%)
• NIBD NOK 2,889 million at end of Q1/19 (Q1/18: NOK 2,293)

Lerøy Seafood Group ASA

Salmon/trout farming

	2013 GWT	2014 GWT	2015 GWT	2016 GWT	2017 GWT	2018E GWT	2019E GWT
Lerøy Aurora AS*	24 200	26 800	29 200	30 000	39 200	36 800	36 000
Lerøy Midt AS	58 900	68 300	71 400	52 200	64 500	66 500	71 000
Lerøy Sjøtroll	61 700	63 200	57 100	68 000	54 000	58 800	66 000
Total Norway	144 800	158 300	157 700	150 200	157 800	162 000	173 000
Villa Organic AS**		6 000
Norskott Havbruk (UK)***	13 400	13 800	13 500	14 000	15 500	13 700	15 000
Total	158 200	178 100	171 200	164 200	173 300	175 800	188 000

*) 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 Q1/19	Catch volume Q1/18	Remaining quota 2019	Remaining quota 2018
Cod	8 881	9 275	13 549 15 005
Haddock	5 246	6 545	3 850	2 380
Saithe	3 214	3 683	13 917	14 333
Shrimps	770	1 325
Other	2 424	1 440
Total	20 536	22 268	31 316	31 718

Havfisk, prices	01 2019	01 2018	2018	2017
Cod	34.1	29.9	31.2	26.7
Haddock	26.3	23.3	23.7	18.9
Saithe	12.8	12.6	11.5	11.6

Q1 2019: Wild catch

• Q1/19 harvest volume at 20,536 tonnes, down 8% y-o-y.
• Average prices up 6% y-o-y. Y-o-y prices for cod up 14%, haddock 13% and saithe up 1%
• As it takes time to adjust prices to end-market, increase in raw material prices is a challenge within processing

Financials Q1 2019

Catch, purchase and farming (100% volumes)

Figures in 1 000 tonnes ,	Q1 2019	Q1 2018	2019 E	2018
Group companies:
Norway (whitefish)	21	22	64	66
Norway (pelagic)	14	13	30	41
Chile catch own	25	21	55	57
Chile purchase	12	18	35	38
Peru catch own	41	47	333	415
Peru purchase	25	45	155	188
Total Group companies	138	165	672	805
Joint ventures:
Europe purchase (HC)	99	125	355	416
Europe purchase (FM/FPC/Oil)	274	350	805	921
Totalt Joint venture:	373	475	1 160	1 337
Total wildcatch	511	640	1 832	2 142
Salmon/trout (GWT)*	36	44	196	182
Total Group	547	684	2 028	2 323

* Incl. 50% of the Scottish Sea Farms volumes

Key financial figures

(NOK 000) 1 ,	Q1 2019	Q1 2018	Δ%	Q1 a) 2019	Q1 a) 2018	Δ%
Revenue	5 563 270 , ,	5 753 149 , ,	-3 3 %	6 385 039 , ,	6 484 459 , ,	-1 5 %
EBITDA*	1 156 589 , ,	1 445 293 , ,	-20 0 %	1 256 125 , ,	1 547 587 , ,	-18 8 %
Depreciation/impairment	319 330 ,	228 060 ,		346 265 ,	253 810 ,
EBIT*	837 259 ,	1 217 233 , ,	-31 2 %	909 860 ,	1 293 777 , ,	-29 7 %
Income from associates*	151 852 ,	159 122 ,
finance Net	-49 656 ,	-49 234 ,
Pre-tax**	939 455 ,	1 327 121 , ,	-29 2 %
Net profit	593 134 ,	1 871 794 , ,
EPS (NOK)	1 79	4 57
EPS (NOK)*	2 20	2 58

Q1 2019 a	Q12018a)	$\Delta\%$
6,385,039	6,484,459	$-1.5%$
1,256,125	1,547,587	$-18.8%$
346,265	253,810
909,860	1,293,777	$-29.7%$

* before fair value adjustments related to biological assets

** In pre-tax profit is the effect from fair value adjustments related to biological assets excluded, also for biological assets in assosiated company.

a) AUSS incl. proportional 50% of Pelagia AS

	Q1 2019	Q1 2018
Biomass adj group company	-174 189 ,	986 565 ,
Biomass adj group associated companies	-20 590 ,	2 704 ,

Lerøy Seafood Group ASA

(MNOK)	Q1 2019	Q1 2018	2018
Revenue	4 747	5 000	19 880
EBITDA*	934	1 114	4 228
EBIT*	691	960	3 569
Harvested volume		576
(GWT)	32 317	37	162 039
EBIT/kg* Havfisk (NOK) ex.	17 7 ,	20 8 ,	19 6 ,
Havfisk catch volume (MT)	20 536	22 268	66 255
EBIT Havfisk (MNOK)	171	178	388

* before fair value adjusments related to biological assets

** EBIT* divided by harvest volume salmon and trout

• Price achievement

• o Spot prices slightly above last year
• ✓ NSI Q1/19 NOK 61.3 vs. NOK 59.5 in Q1/18
• ✓ Up NOK 6/kg q-o-q and up NOK 2/kg y-o-y
• o Trout price achievement well below salmon prices
• o Contract prices marginally above spot prices
• ✓ Contract share of 41%
• Cost (RFS) up from Q4/18
• Biomass at sea
• o End Q1/19 at 104,619 LWT vs. 99,028 LWT end Q1/18 (+6%)

• Wild catch

• o Q1/19 harvest volumes at 20,536 MT, down 8% y-o-y
• o Average prices up 6% y-o-y.
• o Y-o-y prices for cod up 14%, haddock 13% and saithe up 1%

NIBD Q1/19 MNOK 2,889 vs. Q1/18 MNOK 2,293

Austral Group S.A.A

(MNOK)	Q1 2019	Q1 2018	2018
Revenue	557	263	1 640
EBITDA	140	63	619
EBIT	93	24	453
Raw material (MT):	66 385	91 493	602 703
Sales volumes:
Fishmeal (MT)	30 889	16 454	93 636
Fish oil (MT)	6 675	1 950	16 933

• Raw material intake
• o 2 nd season finalized early January
• o Increased fishing of horse mackerel/mackerel vs. same period last year
• Sales
• o High sales volumes in the quarter
  • ➢ High inventory volumes going into Q1/19
• o Higher prices for FM vs. same quarter in 2018
• o Lower prices for fish oil vs. same quarter in 2018
• Inventory by end March 2019
• o Fishmeal 18,300 MT (March 2018: 2,600 MT)
• o Fish oil 100 MT (March 2018: 600 MT)

NIBD Q1/19 MNOK 762 vs. Q1/18 MNOK 864

Foodcorp Chile S.A

(MNOK)	Q1 2019	2018
Revenue	147	166	603
EBITDA	51	55	90
EBIT	43	48	80
Rawmaterial intake:	37 487	38 579	94 971
Sales volumes:
Fishmeal (MT)	3 334	2 527	10 168
Fish oil (MT)	939	196	3 696
Frozen (MT)	9 224	15 026	40 277

• Raw material intake
• o Good start of the season
• o 25,000 MT horse mackerel/mackerel caught in Q1/19 (Q1/18: 20,500)
  • o Smaller size vs. same period 2018
• o Late start of the giant squid season

• Sales

• o Lower sales volumes frozen products Q1/19 vs. Q1/18
• Inventory by end March 2019
• o Frozen 10,000 MT (March 2018: 6,000 MT)

NIBD Q1/19 MNOK 30 vs. Q1/18 MNOK -3 (cash positive)

Br. Birkeland Farming AS (AUSS owns 55.2%)

(MNOK)	Q1 2019	Q1 2018	2018
Revenue	68	166	320
EBITDA EBIT	18 13	58 53	91 70
Harvested volume (GWT)	1 192	2 808	727 5
EBIT/kg* (NOK) all incl	11 2 ,	18 9 ,	12 3 ,

* before fair value adjusments related to biological assets

• Price achievement
• o Spot prices slightly above last year
• Cost (RFS)
• o Up y-o-y
• Biomass at sea
• o End Q1/19 at 5,453 LWT vs. 2,523 LWT end Q1/18

NIBD Q1/19 MNOK 85 vs. Q1/18 MNOK -44 (cash positive)

Br. Birkeland AS (AUSS owns 42.9%)

(MNOK)	Q1 2019	Q1 2018	* 2018
Revenue	46	198	407
EBITDA	9	154	213
EBIT	-2	136	129
Gain from of AS * sale Maron Adjusted EBITDA Adjusted EBIT		157 -3 -21	157 56 -28

Pelagic

• Blue whiting season started in March

Snowcrab

• Low season
• o Still challenging conditions for the snow crab vessel

NIBD Q1/19 MNOK -188 (cash positive) vs. Q1/18 MNOK -72 (cash positive)

* Q1 2018 adjusted EBITDA and EBIT (ex. gain from sale of Maron AS)

Statement of financial position (Group)

(NOK 1,000)	31-Mar-19	31-Mar-18	31-Dec-18
Intangible assets	11,476,996	11,460,868	11,491,957
Tangible fixed assets	9,010,638	8,032,082	8,851,442
Right-of-use assets	1,441,447	-	-
Financial non-current assets	2,499,250	2,394,433	2,392,894
Total non-current assets	24,428,331	21,887,383	22,736,293
Biological assets at cost	4,284,392	3,614,719	4,234,125
Fair value adjustment of biomass	1,417,228	1,795,339	1,634,911
Other inventory	1,794,665	1,418,143	1,896,897
Receivables	3,322,628	3,070,229	3,059,746
Cash and cash equivalents	4,165,483	5,750,369	4,392,863
Total current assets	14,984,396	15,648,799	15,218,542
Total assets	39,412,727	37,536,182	37,954,835
NIBD ex. right-of-use assets liabilities	4,297,353	3,781,956	3,982,594
NIBD incl. right-of-use assets liabilities	5,733,630
Equity	23,002,928	20,912,272	22,454,007
Equity ratio	58%	56%	59%

•	31.03.2019:	8.60
•	31.12.2018:	8.69

Strong financial position, equity ratio at 58%

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%)

Cash flow

(NOK 1,000)	Q1 2019	Q1 2018	2018 (audited)
Pre profit tax	744 676	2 316 391	5 192 428
Biomass adjustment	174 189	-986 565	-798 388
Paid tax	-431 668	-263 296	-948 184
Depreciaton and impairments	319 330	228 060	960 074
Associated companies	-131 262	-161 826	-472 019
(net) Interest	57 535	61 862	276 901
Working capital	-471 386	-168 439	-1 049 005
Cash from operating activities	261 414	1 026 187	3 161 807
Net investment in	-437 819	-863 522	-2 533 241
capex
Acquisitions and divestments	1 069	292 748	422 526
Dividend received	6 487	-	395 200
Others	15 549	62 769	109 838
Cash from investing activities	-414 714	-508 005	-1 605 677
Change in long loans term	-228 757	317 505	-888 472
Change in short loans term	230 018	-17 467	374 -5
Dividends	-7 663	-	-1 081 324
Others	-77 553	-133 597	-277 678
Cash from financing activities	955 -83	166 441	252 -2 848
Cash at the beginning of the period	4 392 863	5 074 875	5 074 875
Net change in cash (incl.exchange gain/losses)	-227 380	675 494	-682 012
Cash at the end of the period	4 165 483	5 750 369	4 392 863

Q1 2019

Operational cash performance affected by

• Paid tax MNOK 432 vs. MNOK 263 in Q1/18
• Working capital

The Board will recommend to the annual general meeting in 2019 a dividend of NOK 3.50 per share (NOK 2.80 per share in 2018)

Outlook

Fishmeal

Fishmeal production week 18 (cumulative)

Regions	2019	2018	Change %
Chile*	155	180	-14
	219	854	%
Peru	154	522	-70
	602	035	%
Danmark/Norway*	119	142	-16
	870	311	%
Iceland/North	108	140	-23
Atlantic*	411	064	%
Total	538	985	-45
	102	264	%

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

Source: IFFO (Prices are only for statistical purpose and should not be taken as a reference)

• Production IFFO Fishmeal production decreased 45% YTD vs. 2018
• Peruvian quota has been set at 2.1 mm MT meaning 36% down vs. same period 2018
• Worldwide production 2019 showing a decrease vs. 2018 given reduction of quotas in different country producers
• USD 1,650/MT for Super Prime

Prices (FOB Peru, source: IFFO)

• USD 1,440/MT for Standard 65/180
• Demand Feed producers looking to cover their demand from early Q3 onwards (main aqua months demand)
• Supply Reduced supply expected vs. 2018

Fishmeal

Main market – China

• Stock level: 217,100 MT as of April 29th vs. 114,650 MT same period 2018 (+90% vs. 2018)
• o Off takes April: 2,567 MT/day vs. 1,754 MT/day same period 2018 (+46% vs. 2018)
• Chinese prices (season 2018-2) similar to prices in Peru (new crop)
• o Quoted at 11,200/MT RMB equivalent super prime 68% USD 1,620/MT FOB Peru
• Yuan has been fairly stable against the dollar in Q1
• Yuan exchange rate: 6.71 RMB/US\$
• Supply and demand is in balance

Fish oil

Regions	2019	2018	Change %
Peru	19	88	%
	966	082	-77
Danmark/Norway*	23	29	-19
	554	197	%
Iceland/North	24	26	-5
Atlantic*	850	118	%
Total	133	208	-36
	379	591	%

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

• Production IFFO Fish oil production decreased 3% YTD vs. same period 2018
• Feed grade: USD 1,785MT

Prices

• (FOB Peru, source: IFFO) • Omega-3 grade: USD 2,200 - 2,500/MT
• Demand Feed market balanced market with buyers well covered up to Q2 2019
• Omega-3 market balanced after restocking
• Supply Reduced supply expected vs. 2018

Atlantic salmon supply

(in tonnes WFE )

		Change		Change		Change		Change		Change		Change		Change
	2013	12-13	2014	13-14	2015	14-15	2016	15-16	2017	16-17	2018	17-18	2019	18-19
Norway	1 143 600	-3 3 % ,	1 199 000	4 8 % ,	1 234 200	2 9 % ,	1 171 100	-5 1 % ,	1 207 800	3 1 % ,	1 253 400	3 8 % ,	1 321 000	5 4 % ,
United Kingdom	157 800	-1 0 % ,	170 500	8 0 % ,	166 300	-2 % 5 ,	157 400	4 % -5 ,	177 200	12 6 % ,	153 600	-13 3 % ,	179 100	16 6 % ,
Faroe Islands	72 600	3 3 % ,	82 700	13 9 % ,	75 600	-8 6 % ,	77 300	2 2 % ,	80 300	3 9 % ,	71 700	-10 7 % ,	80 200	11 9 % ,
Ireland	10 600	-32 1 % ,	12 300	16 0 % ,	15 700	27 6 % ,	15 800	0 6 % ,	17 000	7 6 % ,	14 300	-15 9 % ,	17 000	18 9 % ,
Iceland	3 350	3 1 % ,	4 400	31 3 % ,	3 600	-18 2 % ,	8 100	125 0 % ,	11 500	42 0 % ,	13 600	18 3 % ,	22 800	67 6 % ,
Total Europe	1 387 950	-3 1 % ,	1 468 900	8 % 5 ,	1 495 400	1 8 % ,	1 429 700	-4 4 % ,	1 493 800	4 % 5 ,	1 506 600	0 9 % ,	1 620 100	% 7 5 ,
Chile	468 100	28 6 % ,	582 900	24 5 % ,	598 200	2 6 % ,	504 400	-15 7 % ,	564 200	11 9 % ,	677 400	20 1 % ,	711 100	5 0 % ,
Canada	115 100	-15 7 % ,	95 000	-17 5 % ,	135 200	42 3 % ,	146 000	8 0 % ,	139 000	-4 8 % ,	146 200	5 2 % ,	146 500	0 2 % ,
USA	20 300	3 6 % ,	24 000	18 2 % ,	20 200	-15 8 % ,	22 500	11 4 % ,	21 700	-3 6 % ,	19 000	-12 4 % ,	17 200	-9 5 % ,
Australia	39 000	-2 % 5 ,	42 000	% 7 7 ,	54 400	29 % 5 ,	50 900	-6 4 % ,	61 200	20 2 % ,	61 300	0 2 % ,	61 800	0 8 % ,
Others	11 200	64 7 % ,	16 700	49 1 % ,	15 800	-5 4 % ,	8 400	-46 8 % ,	14 200	69 0 % ,	9 200	-35 2 % ,	22 300	142 4 % ,
Total Others	653 700	15 3 % ,	760 600	16 4 % ,	823 800	8 3 % ,	732 200	-11 1 % ,	800 300	9 3 % ,	913 100	14 1 % ,	958 900	5 0 % ,
Total World-wide	2 041 650	2 2 % ,	2 229 500	9 2 % ,	2 319 200	4 0 % ,	2 161 900	-6 8 % ,	2 294 100	6 1 % ,	2 419 700	5 5 % ,	2 579 000	6 6 % ,

SPOT prices

fresh Atlantic salmon, cross-section, FCA Oslo as of week 18-2019 (Superior quality)

Quarter	2008	2009	2010	2011			2012 2013 2014	2015	2016	2017	2018	2019
Q1	-26	29	34	40	27		36 — 47	41	58.	65.	60 —	-61
O2	26	36	41	38	28	42	40	38	64	67.	68	-66
O 3	28	32	39	-27	26 —	38	35	41	60.	56.	55
$\Omega$	26	28	38	-23	27	42	39	44	66.	49	55
Totalt	27	31	38	32	27	41	40	41	62	59.	59	-63

Atlantic salmon consumption Q1 2019

300 000			45

Figures as per 10.05.2019 Kontali

Conclusion

Salmon

• Demand remains strong, outlook remains positive
• Harvest guidance for salmon and trout including associates 188,000 GWT for 2018
• o with lower release from stock cost in H2/19
• Expected contract share for salmon and trout in Q2/19 ~35-40%

Whitefish

• Significant potential in whitefish
• o 2019 quota set for cod down 6.5% and haddock down 15% but robust quota situation for whitefish also in 2019
• o Shrimp fishery increase in importance
• o Expect initiatives for improvement of the land industry to start and gradually show effects through 2019

Conclusion

Pelagic

South America

• Seasonal low activity for fishmeal and fish oil
• Seasonal high activity for direct human consumption
• Start up of the Peruvian 1st season 28th April with a quota of 2.1 million MT, down from 3.3 million MT same season 2018

North Atlantic (Pelagia AS, an associated company)

• Seasonal high activity
• Main species; mackerel, herring and blue whiting
• ICES quota recommendations reduced in 2019 vs. 2018 quotas

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 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 14.05.2019. 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)	Q1 2019	Q1 2018	2018
Revenue	1 644	1 463	6 369
EBITDA	199	205	645
EBIT impairment ex	145	153	436
EBIT	145	153	443
Net interest bearing debt	2 578	2 187	2 525

Associated companies

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

(MNOK)	Q1 2019	Q1 2018	2018
Revenue	405	519	2 057
EBITDA	131	183	730
EBIT*	109	173	661
Volumes (gwt)	4 802	6 500	27 464
EBIT/kg* (NOK)	22 8 ,	26 7 ,	24 1 ,
Net interest bearing debt	514	166	508

* Before biomass adj.