Mowi ASA

Investor Presentation • May 9, 2018

Marine Harvest

Q1 2018 Presentation 9 May 2018

Forward looking statements

This presentation may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest'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 Marine Harvest's business and results. These statements speak of Marine Harvest'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.

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

Highlights

• -Operational EBIT of EUR 158 million in the quarter
• Strong demand and increased prices from Q4 in all markets
• Cost decrease in Norway compared to Q4
• Seasonally record high results in Consumer Products and Ireland
• Quarterly dividend of NOK 2.60 per share to be paid in Q2-2018

Key financials

Gr f Ma ine Ha t in ig r rve s ou p - m a ur es Un aud ited EU R m illio n	Q 1 2 0 1 8	Q 1 2 0 1 7	2 0 1 7
Op t ion l re d o t he inc era a ve nu e a n r om e	8 6 2. 1 -3%	8 9 2. 0	3, 6 3. 8 5
Op ion l E B I T t 1) era a	1 5 7. 6 -28	2 1 9. 2 %	7 9 2. 1
E B I T	2 6 9. 6	3 8 8.	4 8 4. 9
Ca f fro h low t ion s m op era s	1 9 1. 8	2 4 7. 8	6 3 2. 4
( ) Ne t in ter t- be ing de b t N I B D es ar	8 5 6. 6	8 4 2. 0	8 3 1. 9
Ba ic E P S ( E U R ) s	0. 3 6	0. 4 7	0. 9 7
1) Un de ly ing E P S ( E U R ) r	0. 2 4	0. 3 6	1. 2 3
1) Ne h f low ha ( E U R ) t c as p er s re	0. 2 1	0. 3 9	0. 7 4
1) O C R E	2 5. 3 %	3 3. 7 %	2 6. 7 %
1) A d j te d e i ty t io us q u ra	0. 8 % 5	4 1 % 5.	1. % 5 7
Ha t v lum ( G W T ) rve s o e	8 1 2 1 2 -3%	8 3 7 6 8	3 7 0 3 4 6
1) - Op ion l E B I T - E U R kg To l t ta era a p er	1. 9 4	2. 6 2	2. 1 5
No rw ay	2. 2 6	2. 5 2	2. 2 0
Sc t lan d o	1. 8 5	3. 1 2	2. 5 5
Ca da na	1. 1 0	3. 4 2	2. 0 6
C h i le	1. 3 6	1. 8 7	1. 3 0

1) Notes in report

Salmon prices – weekly reference prices

Price achievement (1), contract & superior share

C t t h o n r a c s a r e	0 % 4	6 % 7	0 %	2 0 %
S i h p e r o r s a r e u	9 2 %	9 6 %	8 6 %	8 % 7

1) From the first quarter 2018, we have changed our reporting of price achievement to no longer include margins from Consumer Products and Feed. Comparison figures are re-presented accordingly ⁶

Operational EBIT comparison

Norway

S O O O G O G A L M N F N R W E I A N R I I N
EU R m illio n	Q 1 2 0 1 8	Q 1 2 0 1 7
Op io l E B I T t er a na	1 1 5. 6	1 2 3. 6
E B I T	1 7 8. 9	6 3. 5
Ha t v lum ( G W T ) rve s o e	5 1 0 5 0	4 9 0 2 6
Op io l E B I T kg ( E U R ) t er a na p er	2. 2 6	2. 2 5
f w h ic h Fe d - o e	0. 0 6 -	0. 0 0
f w h ic h Ma ke ts - o r	0. 0 9	0. 1 0
f w h ic h Co Pr du ts - o ns um er o c	0. 2 5	0. 2 0
/re Pr ice h iev fer ice t a c em en en ce p r	9 7 %	9 1 %
Co ha tra t s n c re	4 0 %	5 4 %
Su ior ha p er s re	9 2 %	9 4 %

• Good earnings supported by reduced feed and health costs
• Cold winter in Norway, hence industry biomass reduced
• Improved biology on 17G vs 16G
• Costs expected to increase somewhat in the second quarter

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

Note: Including contribution from all business areas

Scotland

S A L M O N O F S C O T T I S H O R I G I N
EU R m illi on	Q 1 2 0 1 8	Q 1 2 0 1 7
O t io l E B I T p e ra na	1 6. 1	5 5. 4
E B I T	1 4. 7	0 7 5.
( G ) Ha t v lu W T rv e s o m e	8 6 9 1	1 7 7 7 2
O ( ) t io l E B I T kg E U R p e ra na p e r	1. 8 5	3. 1 2
f w h ic h M H Ma ke ts - o r	0. 2 3	0. 1 9
f w C h ic h M H Pr du ts - o o ns u m e r o c	0. 3 4	0. 1 0
/ fe Pr ic h ie ic t e a c ve m e n re re nc e p r e	1 1 2 %	9 6 %
C ha tra t s o n c re	6 7 %	4 1 %
Su io ha p e r r s re	9 6 %	9 6 %

• Satisfactory earnings with good contributions from sales contracts
• Reduced harvest volumes due to lower biomass and timing of smolt stockings
• Increased costs in the quarter (scale, mortality)
• Costs expected to remain elevated in the next quarter

Canada

S O O C O G A L M N F A N A D I A N R I I N
EU R m illi on	Q 1 2 0 1 8	Q 1 2 0 1 7
O t io l E B I T p e ra na	7. 2	3 0. 2
E B I T	1 9. 4	9. 8 5
Ha t v lu ( G W T ) rv e s o m e	6 5 9 2	8 8 5 2
O ( ) t io l E B I T kg E U R p e ra na p e r	1. 1 0	3. 4 2
f w h ic h M H Ma ke ts - o r	0. 1 7	0. 1 7
f w C h ic h M H Pr du ts - o o ns u m e r o c	0. 0 0	0. 0 0
Pr ic h ie / fe ic t e a c ve m e n re re nc e p r e	9 8 %	9 8 %
C ha tra t s o n c re	0 %	0 %
Su io ha p e r r s re	8 6 %	8 9 %

• Reduced spot prices impacted earnings negatively
• Cold winter in BC, hence lower growth than expected in the quarter
• Biological challenges in H2-2017 reduced biomass and increased cost-to-stock

Chile

S A L M O N O F C H I L E A N O R I G I N
EU R m illi on	Q 1 2 0 1 8	Q 1 2 0 1 7
O t io l E B I T p e ra na	1 6. 8	1 1. 9
E B I T	2 8 5.	3 1. 4
Ha t v lu ( G W T ) rv e s o m e	1 2 3 9 2	6 3 3 6
O io l E B I T kg ( E U R ) t p e ra na p e r	1. 3 6	1. 8 7
f w h ic h M H Ma ke t - o r s	0. 1 7	0. 0 2
f w C h ic h M H Pr du t - o o ns u m e r o c s	0. 3 0	0. 1 3
Pr ic h ie / fe ic t e a c ve m e n re re nc e p r e	9 4 %	1 0 0 %
C ha t t o n ra c s re	2 0 %	2 % 5
S io ha u p e r r s re	8 7 %	8 8 %

Spot prices reduced on higher supply

Reduced costs compared to first quarter 2017

• Significantly higher volumes post algal bloom in 2016
• Lower RFS costs and overhead costs
• Costs expected to increase somewhat in the second quarter on lower volumes

Ireland and Faroes

S A M O N O F I R I S H O R I G I N L
E U R m i l l ion	Q 1 2 0 1 8	Q 1 2 0 1 7
O t i l E B I T p e r a o n a	6. 4	0. 9
E B I T	1 1. 3	1 3. 4
H lu ( G W T ) t a rv e s v o m e	1 4 5 7	6 3 3
O t i l E B I T k ( E U R ) p e r a o n a p e r g	4. 3 7	1. 4 8
f w h i h M H M k t o c a r e s -	0. 0 0	0. 0 0
f w C h i h M H P d t o c o n s u m e r r o u c s -	0. 3 0	0. 1 7
/ f P i h i i t r c e a c e v e m e n r e e r e n c e p r c e	n a	n a
C h t t o n r a c s a r e	8 4 %	8 2 %
S i h p e r o r s a r e u	9 3 %	8 5 %

S O O O S O G A L M N F F A R E E R I I N
EU R m illio n	Q 1 2 0 1 8	Q 1 2 0 1 7
O t io l E B I T p er a na	1. 2	5. 2
E B I T	7. 2	3. 2
Ha t v lum ( G W T ) rve s o e	1 0 3 0	1 1 4 8
O t io l E B I T kg ( E U R ) p er a na p er	1. 1 9	4. 5 1
f w h ic h M H Ma ke ts - o r	0. 7 1	0. 0 0
f w h ic h M H Co Pr du ts - o ns um er o c	0. 0 0	0. 0 3
Pr ic h ie / fe ic t e a c ve m e n re re nc e p r e	1 1 3 %	9 9 %
C ha tra t s on c re	0 %	5 %
Su ior ha p e r s re	8 9 %	8 4 %

• Continued very good contribution from Marine Harvest Ireland
• Costs expected to increase in the second quarter
• Results in Marine Harvest Faroes impacted by timing of harvest and low weights
• Low volumes in the second quarter due to site structure

Consumer Products (1)

C O N S U M E R P R O D U C T S
E U R m i l l ion	Q 1 2 0 1 8	Q 1 2 0 1 7
O t i p e r a n g r e e n e s v u	4 9 8. 7	4 3 4. 1
O i l E B I T t p e r a o n a	2 0. 9	1 2. 9
O t i l E B I T % p e r a o n a	4. 2 %	3. 0 %
E B I T	2 3. 9	1 2. 4
( ) V l l d t d. i h t o m e s o o n n e s p r o e g u w	3 9 9 2 8	3 3 1 4 8

• New reporting structure includes Americas and Asia
• Record first quarter results on 20% volume increase
• Partially driven by Easter in Q1-18 vs Q2-17
• Impressive demand in the first quarter

1) To date, the Consumer Products reporting segment has only included Consumer Products Europe. From the first quarter of 2018, Consumer Products includes the value-added operations in Americas and Asia

Feed

F E E D
EU R m illio n	Q 1 2 0 1 8	Q 1 2 0 1 7
O t ing p er a re ve nu es	6 1. 6	6 3. 6
O io l E B I T t p er a na	4. 3 -	0. 1
O ion l E B I T % t p er a a	6. 9 % -	0. 2 %
E B I T	4. 2 -	3. 8 -
Fe d l d v lum e so o e	5 4 4 4 0	4 9 0 4 2
Fe d du d v lum e p ro ce o e	2 2 2 4 7	1 6 9 9 5

• Low season for MH Feed
• Reduced feed prices year-over-year, however, up since end 2017
• Produced volumes exceeded sold volumes to prepare for high season
• Construction of the new feed plant in Scotland delayed to Q4 2018

Scotland: Construction site of new plant

First Quarter 2018 Financials, Markets and Harvest Volumes

Profit and Loss

Ma rin e H est G arv rou p EUR mil lion	Q 1 2 018	Q 1 2 017	20 17
Op tio l re nd he r in ot era na ve nu e a co me	862 .1	892 .0 -3%	3, 653 .8
Op tio l E BIT 1) era na	157 .6	219 .8 -28 %	792 .1
Ch e i aliz ed inte l m in ang n u nre rna arg	4.4	1.8 -	5.7
Ga in/l fro de riva tive oss m s	6.3	6.3 -	20 .2 -
Ne t fa ir v alu dju stm ent of bio ntr act e a ma ss , o ner ous co s	89 .4	122 .5 -	220 .5 -
Re ring stu ctu sts co	0.9 -	0.2 -	2.5 -
Oth tio nal ite er non -op era ms	0.1	0.0	0.3
Inc e f iate d c ies om rom as soc om pan	12. 6	0.1 -	33 .7
Imp air nt los - f ixe d a ts me ses sse	0.1	0.6 -	103 .8 -
EB IT	269 .6	88 .3	484 .9
t fi Ne cia l ite nan ms	37 .8 -	136 .5	37 .7
Ea rni s b efo tax ng re	23 1.8	224 .8	522 .6
Pro fit los s fo r th eri od or e p	179 .1	212 .4	462 .7
Ba sic EP S ( EU R)	0.3 6	0.4 7	0.9 7
Un de rly ing EP S ( EU R)	0.2 4	0.3 6	1.2 3
Ne h fl har e ( EU R) t c as ow pe r s	0.2 1	0.3 9	0.7 4
Div ide nd dec lare d a nd id p sha ( NO K) pa er re	2.6 0	2.8 0	12. 40
Op tio nal EB IT m in era arg	3% 18.	.6% 24	.7% 21
Ha st vol GW T ( lmo n) rve um e, sa	81 212	83 768 -3%	370 34 6
Op in f Sa tio nal EB IT p kg inc l m les d M ark eti 1) era er arg rom an ng	1.9 4	2.6 2	2.1 4
1) RO CE	% 25 .3	% 33 .7	% 26 .7

• Net fair value adjustment of biomass of EUR 89 million
• Net financial items impacted by EUR 35 million negative fair value effect of the convertible bond

Financial position

Ma in Ha Gr t r e rv es ou p E U R m i l l ion	3 1. 0 3. 2 0 1 8	3 1. 0 3. 2 0 1 7	3 1. 1 2. 2 0 1 7
No t a ts n-c urr en ss e	2 2 0 2. 3	2 2 8 3. 5	2 1 6 6. 7
Cu ( for ) t a ts inc lu d ing ts he l d les rre n ss e a ss e s a	2 2 1 3. 6	2 2 0 7. 6	2 1 6 3. 5
To ta l a ts ss e	4 4 1 5. 9	4 4 9 1. 0	4 3 3 0. 3
Eq i ty u	2 3 4 3. 8	2 1 5 2. 6	2 3 1 5. 4
No t l ia b i l i t ies n-c urr en	1 4 3 6. 0	1 5 0 3. 0	1 2 1 5. 2
Cu l ia b i l i ies t t rre n	6 3 6. 1	8 3 5. 4	7 9 9. 7
To ta l e i ty d l ia b i l i t ie q u an s	4 4 1 5. 9	4 4 9 1. 0	4 3 3 0. 3
Ne t in te t- be ing de b t res ar	8 5 6. 6	8 4 2. 0	8 3 1. 9
A d j te d e i ty t io us q u ra	5 0. 8 %	4 5. 1 %	5 1. 7 %

Cash Flow and Net Interest Bearing Debt

G Ma rin e H est arv rou p EUR mil lion	Q 1 2 01 8	Q 1 2 01 7	20 17
NIB D b inn ing f p eri od eg o	83 1.9 -	- 8 90 .0	99 9.7 -
Op tio l E BIT DA era na Ch in w ork ing ita l an ge ca p Tax id es pa Ot he dju stm ent r a s Ca sh flo fro tio w m op era ns	194 .8 38 .5 50 .5 - 8.9 19 1.8	25 6.8 59 .6 59 .7 - 8.9 - 24 7.8	84 2.7 14 .9 - 92 .6 - 42 .0 - 69 3.2
Ne t C ap ex Ca sh eiv ed fro le o f s ha rec m sa res Ot he r in tm ent nd div ide nds ive d ves s a re ce Ca sh flo fro inv est nts m me w	76 .7 - 0.0 8.7 - 85 .3 -	57 .0 - 0.0 10 .0 - 67 .0 -	199 .2 - 52 .3 14 .3 132 .6 -
fina Ne t in ter t a nd ial ite id es nc ms pa Ot he r it em s Ne t c ert ible bo nds rte d onv co nve Div ide nd / re tur f p aid in ita l n o ca p Cu ffec n i t-b ring de bt t o nte rre ncy e res ea	6.9 - 8.4 0.0 132 .5 - 0.1 -	4.7 - 10 .0 - 21 .1 142 .8 - 3.6	22 .9 - 7.2 - 0.0 41 8.1 - 2.7 -
NIB D e nd f p eri od o	85 6.6 -	84 2.0 -	89 0.0 -
1): NIB D d ist rib uti on EU R U SD GB P Ot he cie r c urr en s	% 90 12% 3 % 5 % -	% 69 14% 4% 14%	% 74 13 % 4% 10 %

1) Distribution including effect of cross currency sw aps. NIBD distribution for Q1-18 and 2017. Gross debt distribution for Q1-2017

2018 Cash Flow Guidance

• Working capital buildup EUR ~120m
• Support further organic growth
• • Capital expenditures EUR ~290m
• Freshwater expansion projects EUR ~35m
  • Sandøra (Region North Norway), Norheim (Region Mid Norway), Inchmore (Scotland)
• Sea water expansion projects EUR ~30m
  • Scotland, Canada, Chile
• 2% MAB capacity increase in Norway EUR ~20m
• New feed plant in Scotland EUR ~60m
• Consumer Products expansion initiatives EUR ~20m
  • Miami, Ducktrap
• Interest paid EUR ~35m
• Taxes paid EUR ~150m
• Quarterly dividend payment in Q2-2018 of NOK 2.60 per share as ordinary dividend

Overview financing

• Refinanced bank facility: EUR 1,206m Facility Agreement
• Maturity: 5 years
• Covenant: 35% equity ratio
• Accordion option: EUR 200m
• Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB

EUR 340m convertible bond issued in November 2015

Tenor 5 years, annual coupon 0.125%(1), conversion price EUR 13.6347

Long term NIBD target of EUR 1,200m

• New feed factory in Scotland
• Farming NIBD/kg ratio of 2.0 on expected higher long-term earnings

	E i d t t s m a e v	l o u m e s	C d t o m p a r e	Q 1 2 0 1 7 o
S l i p p e r s u	Q 1 2 0 1 8	Q 1 2 0 1 7	V l o m e u	%	Q 4 2 0 1 7
N o r a w y	2 6 3 3 0 0	2 4 9 3 0 0	1 4 0 0 0	% 5. 6	3 2 1 8 0 0
S t l d c o a n	3 1 1 0 0	3 5 8 0 0	4 7 0 0 -	% 1 3. 1 -	4 0 3 0 0
F I l d a r o e s a n s	1 6 5 0 0	1 5 6 0 0	9 0 0	5. 8 %	1 8 5 0 0
I l d r e a n	3 5 0 0	2 4 0 0	1 1 0 0	4 5. 8 %	3 9 0 0
T l E t o a u r o p e	3 1 4 4 0 0	3 0 3 1 0 0	1 1 3 0 0	3. % 7	3 8 4 0 0 5
C h i l e	1 5 3 4 0 0	1 1 8 1 0 0	3 5 3 0 0	2 9. 9 %	1 5 8 0 0 0
N t h A i o r m e r c a	3 0 8 0 0	3 0 2 0 0	6 0 0	2. 0 %	3 9 8 0 0
T t l A i o a m e r c a s	1 8 4 2 0 0	1 4 8 3 0 0	3 5 9 0 0	% 2 4. 2	1 9 7 8 0 0
A l i t u s r a a	1 3 2 0 0	1 2 4 0 0	8 0 0	6. % 5	1 6 4 0 0
O h t e r	2 0 0 7	8 0 0 5	1 4 0 0	2 4. 1 %	4 0 0 5
T t l o a	5 1 9 0 0 0	4 6 9 6 0 0	4 9 4 0 0	1 0. 5 %	6 0 3 2 0 0

Supply development

Supply growth in all main markets (Norway, Chile, Scotland and Canada) – in line with guidance

• Norway/Scotland. Harvested less than expected. Cold winter and reduced biomass
• Chile: Harvested more than expected. Algal bloom accelerated harvest

D l i t e v e o p m e n	f i n r e e r e n c e p r c e s
----------------------------------------------------------	------------------------------------------------------------------------------

	Q 1 2 0 1 8	C ha ng e v s	Q 1 2 0 1 8	C ha ng e v s
	Ma ke t r	Q 1 2 0 1 7	N O K	Q 1 2 0 1 7
( ) No 1 rwa y	E U R 6. 2 5	% 1 4. 1 -	O N K 6 0. 2 1	% 7. 8 -
C ( 2 ) h i le C G ( ) h i le, W T 3	S 1 2 U D 5. S U D 6. 0 2	1 2 % 7. - % 1 9. 2 -	O 0. 1 3 N K 4 O N K 4 7. 2 1	2 3. 0 % - % 2 4. 9 -
( ) No t h Am ica 4 r er No t h Am ica G W T ( 3 ) r er ,	S 3. 6 9 U D U S D 7. 7 2	8. 3 % - 8. 2 % -	O 2 8. 9 6 N K O N K 6 0. 5 4	1 8 % 4. - 1 4. 7 % -

012345670123456789102013 2014 2015 2016 2017 2018 USD per lbs (Miami and Seattle) EUR per kg (Oslo) Reference price Norway EUR (NASDAQ average superior Oslo, GWT/kg) Reference price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami) Reference price Canada USD (Urner Barry average superior GWE 10-12 lbs FOB Seattle)

Notes:

(1) NASDAQ average superior GWT/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

G l b l o a	o v	l m e u	b y	k t m a r e
----------------------------	--------	------------------	--------	----------------------------

	Es tim ate d v	olu me s	Co d t mp are	o Q 1 2 01 7	Es t. v olu me s	12 mo	nth ari co mp	so n
Ma rke ts	Q 1 2 01 8	Q 1 2 01 7	Vo lum e	%	Q 4 2 01 7	LT M	PT M	%
EU	21 7 6 00	20 4 2 00	13 40 0	6.6 %	26 8 2 00	93 3 1 00	92 4 5 00	0.9 %
Ru ssi a	21 30 0	14 100	7 2 00	51 .1%	23 20 0	50 0 75	65 00 0	16 .2%
Ot her Eu rop e	20 30 0	18 100	2 2 00	12 .2%	24 50 0	81 70 0	73 80 0	10 .7%
To tal Eu rop e	25 9 2 00	23 6 4 00	22 80 0	9.6 %	31 5 9 00	1 0 90 30 0	1 0 63 30 0	2.5 %
US A	109 90 0	100 20 0	9 7 00	% 9.7	103 00 0	40 6 2 00	37 5 3 00	% 8.2
Bra zil	24 50 0	20 40 0	4 1 00	20 .1%	21 80 0	84 10 0	76 50 0	9.9 %
Ot her Am eri cas	28 60 0	24 70 0	3 9 00	15 .8%	31 80 0	113 20 0	104 90 0	7.9 %
To tal Am eri ca s	16 3 0 00	14 5 3 00	17 70 0	12 .2%	15 6 6 00	60 3 5 00	6 7 00 55	8.4 %
Ch ina / H Ko ong ng	23 80 0	17 30 0	6 5 00	37 .6%	27 30 0	92 50 0	76 50 0	20 .9%
Ja pa n	12 60 0	14 00 0	1 4 00 -	.0% 10 -	15 90 0	56 30 0	57 80 0	% 2.6 -
So uth Ko / T aiw rea an	14 30 0	10 30 0	4 0 00	38 .8%	12 100	49 50 0	39 20 0	26 .3 %
Ot her As ia	20 40 0	20 40 0	0	0.0 %	21 40 0	83 50 0	67 40 0	23 .9%
To tal As ia	71 10 0	62 00 0	9 1 00	14 .7%	76 70 0	28 1 8 00	24 0 9 00	17 .0%
All oth rke ts er ma	28 50 0	27 90 0	60 0	2.2 %	29 90 0	108 80 0	104 90 0	3.7 %
To tal	52 1 8 00	47 1 6 00	50 20 0	10 .6%	57 9 1 00	2 0 84 40 0	1 9 65 80 0	6.0 %
Inf low to US fro Eu m rop e Inf low to EU fro Ch ile	23 60 0 10 90 0	26 10 0 10 20 0	2 5 00 - 70 0	9.6 % - 6.9 %	25 10 0 12 20 0	92 80 0 39 00 0	86 00 0 41 60 0	7.9 % 6.3 %
m								-

EU: Impressive demand response in the Fresh category. Chilled/Smoked category stable

• US: Growth continues. LTM volumes of > 400,000 GWT
• Asia: Strong growth

Source: KontaliNote: Atlantic Salmon (GWT), LTM Last twelve months, PTM Previous twelve months ²⁵

Industry supply growth 2018E

	201 5	201 6	201 7	201 8
GW T ( 1, 000 )					Low	Y /Y g th row	Hig h	Y /Y g th row
No rwa y	1 1 11	1 0 54	1 0 87	1 1 50	1 1 35	4 %	1 1 65	7 %
UK	150	142	157	140	135	14 % -	145	8 % -
Far Isla nds oe	68	0 7	2 7	66	63	13 % -	68	6 % -
To tal Eu rop e	1 3 28	1 2 65	1 3 16	1 3 56	1 3 33	1 %	1 3 78	5 %
Ch ile	5 38	454	5 21	545	5 30	2 %	5 60	% 7
No rth Am eric a	140	152	146	150	145	0 %	155	7 %
To tal Am eric as	678	606	667	695	675	1 %	7 15	7 %
Oth er	7 9	7 9	91	98	95	4 %	100	9 %
To tal	2 0 85	1 9 49	2 0 74	2 1 48	2 1 03	1 %	2 1 93	6 %

	Q2 20 15	Q2 20 16	Q2 20 17	Q2 20 18	Est ima tes Q2 20 18
GW T ( 1, 000 )				est ima te	Lo w	Q/Q th gr ow	Hig h	Q/Q th gr ow
No rwa y	267	249	235	252	248	5 %	256	9 %
UK	37	35	4 1	35	33	19 % -	36	12 % -
Far Isla nds oe	17	18	22	15	14	37 % -	16	28 % -
To tal Eu rop e	321	302	298	302	295	1 % -	308	3 %
Ch ile	121	93	118	120	115	2 % -	125	6 %
No rth Am eric a	39	4 0	36	37	35	-4 %	38	% 5
To tal Am eric as	159	133	154	157	150	3 % -	163	6 %
Oth er	19	20	24	24	23	3 % -	25	6 %
To tal	5 00	455	476	482	468	2 % -	496	4 %

	H2 20 15	H 2 2 016	H 2 2 017	H 2 2 018
GW T ( 1, 000 )				est ima te	Lo w	Y /Y g th row	Hig h	Y /Y g th row
No rwa y	84 5	61 5	603	635	624	4 %	646	% 7
UK	84	7 3	80	74	7 1	% 12 -	7 8	3 % -
Far Isla nds oe	39	35	34	34	33	-5 %	36	3 %
To tal Eu rop e	7 07	669	7 17	7 43	7 27	1 %	75 9	6 %
Ch ile	284	217	285	272	262	8 % -	282	1 % -
No rth Am eric a	7 2	7 8	7 9	83	7 9	0 %	86	9 %
To tal Am eric as	356	295	364	354	341	6 % -	368	1 %
Oth er	4 2	4 0	47	5 0	4 8	2 %	5 1	8 %
To tal	1 1 05	1 0 03	1 1 29	1 1 47	1 1 16	1 % -	1 1 78	4 %

2018 guidance revised down to 1-6% (3-8% previous quarter)

• Europe 3%
• Americas 4%

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments. ²⁶

		M H	G v	l o u m e	i d g u	a n c e
--	--	--------	--------	-----------------------	------------------	------------------

Sa lm ies on s p ec G W T ( 1, 0 0 0 )	2 0 1 6 Ac l tua	Q 1 2 0 1 7 Ac l tua	Q 2 2 0 1 7 Ac l tua	Q 3 2 0 1 7 Ac l tua	Q 4 2 0 1 7 Ac l tua	2 0 1 7 Ac l tua	Q 1 2 0 1 8 Ac l tua	Q 2 2 0 1 8 Gu i da nc e	2 0 1 8 Gu i da nc e
No rw ay	2 3 6. 0	4 9. 0	3 9. 4	5 5. 4	6 6. 4	2 1 0. 2	5 1. 1	5 2. 0	2 4 2. 0
Sc t lan d o	4 5. 0	1 7. 8	1 8. 5	1 0. 9	1 3. 0	6 0. 2	8. 7	9. 0	4 7. 0
Ca da na	4 3. 3	8. 9	9. 4	1 1. 2	1 0. 0	3 9. 4	6. 6	9. 5	4 3. 0
C h i le	3 6. 9	6. 3	7. 7	1 3. 7	1 7. 1	4 4. 9	1 2. 4	9. 3	5 2. 5
O t he Un i ts r	1 9. 3	1. 8	3. 6	4. 2	6. 1	1 5. 7	2. 5	2. 2	1 5. 5
To ta l	3 8 0. 6	8 3. 8	7 8. 6	9 5. 3	1 1 2. 6	3 7 0. 3	8 1. 2	8 2. 0	4 0 0. 0

• 2018 volume guidance reduced from 410,000 tonnes GWT to 400,000 tonnes GWT due to less growth in sea
• Norway: Reduced by 7,000 tonnes GWT
• Canada: Reduced by 3,000 tonnes GWT

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments. ²⁷

Outlook

• -Strong financial position
• Organic growth initiatives (Feed, Farming, Consumer Products)
• Information submitted to the Canadian competition authorities regarding conditional agreement to acquire Northern Harvest on the East Coast
• Global cost savings program of EUR 50 million well under way
• Positive demand response in several markets
• Fish Pool forward price (12 months) at EUR 6.4/kg, up from EUR 5.5/kg since February
• Quarterly dividend payment in Q2-2018 of NOK 2.60 per share as ordinary dividend

Appendix

Dividend policy

• The quarterly dividend level shall reflect the present and expected future cash flow generation of the Company
• To this end, 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 target of EUR 1,200m

• New feed factory in Scotland
• Farming NIBD/kg ratio of 2.0 on expected higher long-term earnings

Contract coverage and sales contract policy

S A L E S C O N T R A C T P O L I C Y
	M in he dg in te g ra	( 1) M he dg in te ax g ra
( 2) No rw ay	% 0. 0	% 5 0. 0
Sc t lan d o	0. 0 %	7 5. 0 %
Ca da na	0. 0 %	3 0. 0 %
( 2) C h i le	0. 0 %	5 0. 0 %
Ire lan d	0. 0 %	1 0 0. 0 %
Fa ro es	0. 0 %	3 0. 0 %

Notes:

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

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

Q2 2018 contract shares (% of guided volume):

• Norway 39%
• Scotland 73%
• Canada 0%
• Chile 22%
• Contracts typically have a duration of 3-12 months
• Contracts are entered into on a regular basis

Quarterly segment overview

EUR mil lion	No rw ay	Sc otl d an	Ca da na	Ch ile	Ire lan d	Fa roe s	1) Oth er	Gro up
OP ER AT ION AL EB IT
FA RM ING	101 .8	11. 1	6.1	11. 0	5.9	0.5		136 .5
SA LE S A ND MA RK ET ING
Ma rke ts	4.5	2.0	1.1	2.1	0.0	0.7	0.2 -	10. 1
Co r P rod uct nsu me s	12. 6	3.0	0.0	3.7	0.4	0.0	1.2	21. 0
SU BT OT AL	118 .9	16. 1	7.2	16. 8	6.4	1.2	1.0	167 .6
Fee d	3.3 -						-1.0	4.3 -
1) Oth ntit ies er e							-5. 7	5.7 -
TO TA L	115 .6	16. 1	7.2	16. 8	6.4	1.2	5.7 -	157 .6
Ha st v olu ( GW T) rve me	51 050	8 6 91	6 5 92	12 392	1 4 57	1 0 30		81 212
1) - Op tion al E BIT r kg ( EU R) tot al G era pe rou p	2.2 6	1.8 5	1.1 0	1.3 6	4.3 7	1.1 9		1.9 4
- of wh ich Fe ed	0.0 6 -	0.0 0	0.0 0	0.0 0	0.0 0	0.0 0		0.0 5 -
- of wh ich M ark ets	0.0 9	0.2 3	0.1 7	0.1 7	0.0 0	0.7 1		0.1 2
- of Co wh ich r P rod uct nsu me s	0.2 5	0.3 4	0.0 0	0.3 0	0.3 0	0.0 0		0.2 6
AN AL YT ICA L D AT A
1) Pri ach ieve nt/r efe ice ( %) ce me ren ce pr	97%	112 %	98%	94%	na	113 %		98%
Co ntra ct s har e ( %)	40%	67%	0%	20%	84%	0%		37%
Qu alit erio r sh ( %) y - sup are	92%	96%	86%	87%	93%	89%		91%
Ex tion al i s in clu ded in Op tion al E BIT tem cep era	-2. 8	1.0 -	1.1 -	0.1 -	-0.4	0.0	0	-5. 3
( R) Ex tion al i tem kg EU cep s p er	0.0 5 -	0.1 1 -	0.1 6 -	0.0 1 -	0.2 8 -	0.0 0		0.0 6 -
GU IDA NC E
Q2 20 18 har lum e ( GW T) t vo ves	52 000	9 0 00	9 5 00	9 3 00	1 5 00	700		82 000
201 8 h lum e ( GW T) est arv vo	242 00 0	47 000	43 000	52 500	00 7 5	8 0 00		400 00 0
Q2 e ( %) 20 18 tra ct s har con	39%	73%	0%	22%	85%	0%		37%

Quarterly segment overview

MH Operating Units			FARMING				MH Sales and Marketing	Consumer
EUR million	Norway	Scotland	Canada	Chile	Ireland	Faroes	Markets	Products	MH Feed	Other	Elim	Group*
Revenues and other income	310.2	59.6	40.3	60.6	16.5	5.1	503.6	498.9	61.6	4.4	$-698.7$	862.1
Operating EBITDA	116.7	15.6	9.6	14.7	6.9	1.2	10.2	27.3	$-2.4$	$-4.9$	0.0	194.8
Operating EBIT	101.8	11.1	6.1	11.0	5.9	0.5	10.1	20.9	$-4.3$	$-5.7$	0.0	157.6
Fair Value adj on biomass, contracts/ unrealised derivatives	50.6	$-0.5$	12.2	8.9	4.9	6.0	$-2.5$	9.9	0.1	6.1	0.0	93.1
Unrealized margin adjustment	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.4	4.4
Restructuring cost	0.0	$-0.9$	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$-0.9$
Other non-operational items	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1
Income/loss from associated companies	12.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$-0.1$	0.0	12.6
Write-down of fixed assets/intangibles	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1
EBIT	165.0	9.8	18.3	19.9	10.9	6.5	7.6	31.0	$-4.2$	0.3	4.4	269.6
Contribution to operational EBIT from S&M	17.1	5.0	1.1	5.8	0.4	0.7	$-10.1$	$-20.9$		1.0		0.1
Contribution to operational EBIT from Feed	$-3.3$								4.3	$-1.0$		0.0
Operational EBIT incl contribution from S&M	115.6	16.1	7.2	16.8	6.4	1.2	0.0	0.0	0.0	$-5.7$	0.0	157.6
Harvest / sales volume	51 050	8691	6 5 9 2	12 3 9 2	1457	1 0 3 0		34 381	54 440
Operational EBIT/kg incl contribution from S&M (EUR)	2.26	1.85	1.10	1.36	4.37	1.19						1.94
-of which S&M	0.33	0.57	0.17	0.47	0.30	0.71						0.38
-of which Feed	$-0.06$											$-0.05$

Development in harvest volumes

G W T	2 0 1 3	2 0 1 4	2 0 1 5			2 0 1 6					2 0 1 7				2 0 1 8 E
( 1, 0 0 0 )	To ta l	To ta l	To ta l	Q 1	Q 2	Q 3	Q 4	To ta l	Q 1	Q 2	Q 3	Q 4	To ta l	Q 1	Q 2 E	To ta l
No rw ay	5 2 2 2.	0 2 5 8.	2 5 4. 8	4. 0 5	3. 5 7	6 6 4.	6 3. 6	2 3 6. 0	4 9. 0	3 9. 4	4 5 5.	6 6. 4	2 1 0. 2	1. 1 5	2. 0 5	2 4 2. 0
Sc t lan d o	4 4 8.	9 4 8.	5 0. 1	1 2. 6	1 0. 8	8 9.	1 1. 8	4 5. 0	1 8 7.	1 8. 5	9 1 0.	1 3. 0	6 0. 2	8. 7	9. 0	4 7. 0
Ca da na	1 3 3.	2 6. 7	4 0. 1	1 1. 6	1 1. 7	3 1 0.	9. 8	4 3. 3	8. 9	9. 4	2 1 1.	1 0. 0	3 9. 4	6. 6	9. 5	4 3. 0
C h i le	3 2 8.	6 5 7.	6 2. 5	1 5. 4	7. 1	9 6.	7. 6	3 6. 9	6. 3	7. 7	7 1 3.	1 7. 1	4 4. 9	1 2. 4	9. 3	2. 5 5
O t he ( 1 ) r	5 1 1.	8 1 7.	1 2. 7	3. 1	3. 8	6 5.	6. 9	1 9. 3	1. 8	3. 6	2 4.	6. 1	1 5. 7	2. 5	2. 2	1 5. 5
To ta l	8 3 4 3.	9 4 1 8.	1 4 2 0.	6 9 6.	2 8 7.	2 9 7.	6 9 9.	6 3 8 0.	8 8 3.	6 7 8.	3 9 5.	6 1 1 2.	3 3 7 0.	2 8 1.	0 8 2.	4 0 0. 0

Growth relative to same period in previous year

	2 0 1 3	2 0 1 4	2 0 1 5			2 0 1 6					2 0 1 7				2 0 1 8 E
	To ta l	To ta l	To ta l	Q 1	Q 2	Q 3	Q 4	To ta l	Q 1	Q 2	Q 3	Q 4	To ta l	Q 1	Q 2 E	To ta l
No rw ay	1 3 % -	1 6 %	1 % -	-1 7 %	1 6 % -	1 0 %	5 % -	% -7	-9 %	2 7 % -	1 4 % -	4 %	-1 1 %	4 %	3 2 %	1 % 5
Sc t lan d o	% 2 0	% 1	% 3	7 7 %	1 2 % -	4 1 % -	1 6 % -	% -1 0	4 1 %	7 1 %	1 1 %	1 0 %	% 3 4	-5 1 %	5 1 % -	% -2 2
Ca da na	1 8 % -	1 9 % -	5 0 %	1 0 %	1 %	1 9 %	4 %	8 %	-2 3 %	2 0 % -	8 %	3 %	-9 %	-2 6 %	2 %	9 %
C h i le	3 0 % -	1 3 9 %	7 % -	-4 %	4 % 7 -	6 3 % -	4 9 % -	-4 1 %	9 % -5	9 %	9 9 %	1 2 6 %	2 2 %	9 6 %	2 0 %	1 7 %
O he ( 1 ) t r	2 9 % -	4 % 5	2 9 % -	3 9 9 %	2 8 %	6 4 %	2 1 %	3 % 5	-4 2 %	4 % -	2 5 % -	1 1 % -	-1 9 %	4 0 %	3 9 % -	-1 %
To ta l	% 1 2 -	% 2 2	% 0	% 3 -	% 1 6 -	% 8 -	% 1 0 -	% 9 -	% 1 3 -	% 1 0 -	% 2 -	% 1 3	% 3 -	% 3 -	% 4	% 8

Notes:

(1) Ireland and the Faroes

Net working capital guidance

Guidance on financial commitments and cost of debt

Nova Sea

		lu ( ) Ha G W T t v rv es o m e				( ) kg E B I T 1 p er					N I B D E U Rm
	h Ow ip % ne rs	2 0 6 1	2 0 1 7	Q 2 0 1 1 7	Q 2 0 8 1 1	2 0 1	6	2 0 1 7	Q 2 0 1 1 7	Q 2 0 8 1 1	Q 2 0 8 1 1
Se No va a	% 4 8	3 7 0 6 4	4 0 7 0 0	1 1 2 9 5	7 1 2 6	2. 9	8	2. 7 2	3. 5 8	2. 5 8	2 3. 0 ‐

• Leading integrated salmon producer in Northern Norway
• 33.33 wholly owned licenses
• 4 partly owned licenses
• Marine Harvest has an ownership in Nova Sea of ~48% through direct and indirect shareholdings
• 2016 dividends of NOK 650m (paid in Q2-17 & Q3-17)
• Marine Harvest's direct share NOK ~277m
• Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
• EUR 12.0m in Q1 2018

Debt distribution and interest rate hedging

(1) DE BT VO LU ME HE DG ED AN D F IXE D R AT ES O F I NT ER ES T R AT E H ED GE S ( MA RC H-M AR CH )
CU CY RR EN	DE BT	20 18		20 19		20	20	202 1		202 2
	(2) 31/ 03/ 20 18	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra
EU R m	794 .6	860 .3	2.1 6 %	1 29 6.5	2.5 0 %	716 .6	1.2 4 %	.0 380	2.2 0 %	-	0.0 0 %
US D m	144 .0	138 .5	3.2 1 %	167 .5	2.9 3 %	78 .3	2.3 1 %	.3 78	2.3 1 %	.0 60	4.1 3 %
GB P m	29 .1	.0 34	3.1 3 %	.0 34	3.1 3 %	.5 23	2.8 3 %	.5 23	2.8 3 %	-	0.0 0 %
Ot her ( EU R m )	3.0
of S c R ( 31/ 03/ 18) Ma rke t va lue IR ont ts in M EU 68 .7 rac : -

Mark to market valuation effect in Q1(4): 3.9 Difference in fixed vs floating rate settled in cash in Q1 -2.7

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

• External interest bearing debt is distributed as follows: EUR 90%, USD 12%, GBP 3%, other currencies -5%
• Policy: Marine Harvest ASA shall over time hedge 0%-35% of the Group's long-term interestbearing 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 hedged

Hedging and long term currency exposure

POLICY

• EUR/NOK
• Marine Harvest 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
• Marine Harvest 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
• Marine Harvest 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 MH Farming entities (including contribution from Sales) and peers with respect to price achievement and operational EBIT

Strategic currency hedging

	E U R / N O K		U S D /	C A D
S T R A T E G I C C U R R E N C Y H E D G I N G	M E U R	Ra te	M U S D	Ra te
2 0 1 8	1 4 9. 4	9. 4 9	2 1. 6	1. 3 2
2 0 1 9	1 9 9. 2	9. 5 7	2 6. 4	1. 3 0
2 0 2 0	4 9. 8	1 0. 0 0	0. 0	0. 0 0
P / L e f fec f c l ize d in Q 1 ( M E U R ) t o tra ts on c rea	0. 7
	M E U R
/ / Ma ke t v lue 3 1 1 2 2 0 17 r a	1 4. 4 -
C ha ( 1 ) ng e	4.5
/ / Ma ke t v lue 3 1 0 3 2 0 1 8 r a	9. 9 -

DESIGNATED MARKET CURRENCIES

No rwa y	E U R
C h i le	U S D
Ca da na	U S D
Sc lan d ot	G B P
Ire lan d	E U R
Fa Is lan ds roe	E U R
Co Pro du Eu cts ns um er rop e	E U R
As ia	U S D
Fe d e	E U R