Austevoll Seafood ASA

Quarterly Report • Nov 11, 2015

Q3 2015 Financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

	Q3 2015	Q3 2014	YTD Q3 2015	YTD Q3 2014	2014
All figures in NOK 1,000		(restated)		(restated)
Revenue	3 791 291	3 391 342	11 444 921	10 639 488	14 344 177
EBITDA	446 661	439 580	1 741 353	1 938 174	2 516 189
Total assets	24 268 413	21 461 308	24 268 413	21 461 308	23 343 997
Equity	12 723 625	11 305 484	- 12 723 625	- 11 305 484	12 360 106
Equity ratio	52 %	53 %	- 52 %	- 53 %	53 %
Net interest bearing debt (NIBD)	4 380 395	3 969 855	4 380 395	3 969 855	3 959 866

Q3 2015

• EBITDA MNOK 549* (Q3 2014: MNOK 516*)
• o Salmon MNOK 365 (Q3 2014: MNOK 398)
• o Pelagic MNOK 184 (Q3 2014: MNOK 118)

YTD Q3 2015

• EBITDA MNOK 1 989* (YTD Q3 2014: MNOK 2 095*)
• o Salmon MNOK 1 336 (YTD Q3 2014: MNOK 1 626)
• o Pelagic MNOK 653 (YTD Q3 2014: MNOK 469)

* Incl. proportional consolidation of Pelagia (50%)

Company overview

AUSS value chain

1

Raw materials > Processing > distribution

2

1

^{3 4}

Salmon farming (including Brood stock and smolt production on land) 1

5

2

6

3

• Transport of live salmon 2
• Salmon processing 3
• To consumer market 4
• VAP processing 5
• Consumer market 6

Salmon Pelagic

4

7

5

6

• Pelagic fishing Pelagic fish processing Offcuts to fishmeal/oil Fishmeal/oil production To commodity market Costumer VAP plants 1 2 3 4 5 6
• Consumer market 7

Operation overview

* Associated companies

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
Harvesting	7% of anchovy quota centre-north 21 fishing vessels	9.1% of pelagic fishing quota 5 fishing vessels	4 fishing vessels	400,000 - 500,000 MT of pelagic fish annually (30 vessels)
Salmon			Norway: 150 salmon licenses Salmon operation UK*	180,000 - 190,000 MT of salmon
Processing	7 Processing plants	4 Processing plants	47 Processing plants	58 processing plants Intake of 1.5 - 1.8 mill MT of pelagic fish annually
Sales	Own sales organisation	Own sales organisation	Own sales organisation	Wholesale with global sales & distribution

Pelagic

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

Anchovy biomass in Peru

North/Centre of Peru (MT) period 2003 - 2015

Sea surface temperature in Peru TSM PERU 08.11.2015

Diagram Source: IMARPE

Source: IMARPE

Operation in Peru Austral Group S.A.A

'000 MT	Q3 2015	Q3 2014	YTD 2015	YTD 2014	2015E	2014
Own catch - anchovies	3	32	190	165	264	165
Own catch - mackerel and jack mackerel	-	-	-	10	-	10
Purchase - anchovies	3	8	42	56	63	56
Purchase - Human Consumption	-	-	-	3	3	3
Total ('000 MT)	7	40	231	134	330	234

Centre / North

• IMARPE September cruise found a biomass highly impacted by the Coastal Niño, identifying a biomass of 3.3 million MT
• During second half of October, joint investigations (IMARPE & industrial vessels) identified a biomass of 6.1 million MT
• On this basis, a second season quota of 1.11 million MT was announced starting 17th November 2015.

South

• 1st season quota of 375,000 MT ended 31st July with an Austral catch of 11,580 MT, representing 4.10%.
• 2nd season started on 4th August and ends 31st December with a quota of 450,000 MT. No catch during last month, due to difficult fishing conditions.

CHD

• Annual quota for jack mackerel and mackerel was set on 96,000 MT and 44,000 MT respectively, however no catch so far due to difficult fishing conditions.

Operation in Chile

Foodcorp Chile S.A

000 MT	Q3 2015	Q3 2014	YTD 2015	YTD 2014	2015 E	2014
Own catch - Mackerel and other species	17	2	74	64	75	72
Purchase - Sardine/Anchovy	5	7	70	88	93	102
Purchase - Giant Squid	2	7	6	17	6	19
Total ('000)	23	16	150	170	173	193
Mackerel
Own catch (*) 100% Marfood Volume	16	-	53	48	54	53

Jack mackerel:

• Smaller average fish sizes, compared with Q2
• 100% of our quota caught

Anchovy/sardine:

• Sea conditions affected fish availability and size, with lower than average quotas set
• Initial 2015 TAC for Centre-South was 357,000 MT, reviewed to 393,000 MT in May, and to 512,000 in October.(2014: 601,800 MT Centre/South)

Joint operation:

• The joint operation agreement between Foodcorp and Alimar ends by December 2015, and from 2016 onwards each party will run their assets separately

North Atlantic pelagic quotas

(2007-2015 est)

Source: NORGES SILDESALGSLAG

Pelagia AS

Fishmeal and fish oil

Norway, UK and Ireland ('000 MT)	Q3 2015	Q3 2014	YTD 2015	YTD 2014	2015 E	2014
Raw material for fishmeal and fish oil	90	87	601	501	693	634
Raw material for protein concentrate/oil	44	44	166	142	198	205
Total ('000 MT)	134	131	767	643	891	839

All volume based on 100%

• Seasonal low raw material intake in Q3, but substantially higher raw material intake YTD 2015 vs. YTD 2014
• Positive price development during Q3

Pelagia AS

Human consumption

Volum ('000 MT)	Q3 2015	Q3 2014	YTD Q3 2015	YTD Q3 2014	2015 E	2014
Raw material intake	80	96	214	247	350	453

(incl Sir Fish and NC Honningsvåg)

• Main mackerel season started in September
• Less quantities for the quarter due to reduced mackerel quota
• Sales at 62,300 MT frozen and marinated products vs. 76,000 MT in 2014
• Main African markets remain challenging due to foreign currency restrictions.

Pelagia AS (100% figures)

(MNOK)	Q3 2015	Q3 2014	YTD Q3 2015	YTD Q3 2014	2014
Revenue	1 420,7	1229,1	3 986,1	3 592,9	5 645,6
EBITDA	205,3	153,4	496,1	312,8	589,3
EBIT	166,4	113,4	376,1	191,3	419,9
Sales volumes (tonnes):
Frozen	62 300	75 880	173 550	222 140	389 600
FM/FPC/Oil	63 422	46 352	150 456	132 272	174 900

Associated company, AUSS share = 50%

Br. Birkeland AS

Salmon

• 7 salmon licenses in Norway
• Harvested volume (GWT) 700.1 MT Q3/15 vs. 1,325.5 in Q3/14
• Harvested volume (GWT) 5,455.0 MT YTD Q3/15 vs. 5,389.7 in YTD Q3/14
• EBIT/kg NOK 6.07 in Q3/15 vs. NOK 4.33 in Q3/14
• EBIT/kg NOK 1.67 in YTD Q3/15 vs. NOK 9.73 in YTD Q3/14

Fleet

• 3 fishing vessels in Norway
• o Started up fishing mackerel in September
• Invested in a new crab fishing vessel in 2014 << Northeastern>>

Salmon Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

NOKm	Q3 2015	Q3 2014	% ch.
Sales	3 295	2 962	11 %
Other gains and losses	-3	75
EBITDA	365	398	-8 %
Depreciation & amortisation	112	95
EBIT*	253	303	-16 %
Income from associates*	15	21
Net finance	-37	-29
Pre-tax profit*	231	295	-21 %
EPS (NOK)*	3,4	4,5	-25 %
Harvested Volume (GWT)	40 682	41 499	-2 %
EBIT*/kg all inclusive (NOK)	6,2	7,3	-15 %
ROCE* (%)	11 %	14 %	-25 %

* Before biomass adjustment

Lerøy Seafood Group ASA

Salmon/trout farming

	Licences	Smolt cap.	2011 GWT	2012 GWT	2013 GWT	2014 GWT	2015E GWT	2016E GWT
Lerøy Aurora AS*	26	11,5	18 100	20 000	24 200	26 800	30 000	34 000
Lerøy Midt AS	55	22,0	62 300	61 900	58 900	68 300	70 000	65 000
Lerøy Sjøtroll	62	22,6	56 200	71 600	61 700	63 200	59 000	71 000
Total Norway	143	52,1	136 600	153 400	144 800	158 300	159 000	170 000
Villa Organic AS**						6 000
Norskott Havbruk (UK)***			10 900	13 600	13 400	13 800	14 000	15 000
Total			147 500	167 100	158 200	178 100	173 000	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

Financials Q3 2015

Catch and purchase (100% volumes)

Figures in 1,000 tonnes	Q3 2015	Q3 2014	YTD Q3 2015	YTD Q3 2014	2015 E	2014
Group companies:
Chile own catch	17	2	74	64	75	72
Chile purchase	6	14	76	105	98	121
Peru own catch	3	32	190	175	264	175
Peru purchase	3	8	42	60	66	60
Total Group companies	30	56	381	405	503	428
Joint ventures:
Europe purchase (HC)	80	96	214	247	350	453
Europe purchase (FM/FPC/Oil)	134	131	767	643	891	839
Total Joint venture:	214	227	981	890	1 241	1 292
TOTAL GROUP	244	283	1 363	1 295	1 744	1 720

Key financial figures

(NOK 1,000)	Q3 2015	Q3 2014 (restated)	Δ%	Q3 2015	**	Q3 2014 (restated)	**	Δ%
Revenue	3 791 291	3 391 342	11,8 %	4 501 642		4 005 893		12,4 %
EBITDA	446 661	439 580	1,6 %	549 309		516 262		6,4 %
Depreciation/Impairment	191 634	158 174		211 106		178 176
EBIT*	255 027	281 406	-9,4 %	338 203		338 087		0,0 %
Income from associates*	77 389	64 707
Net finance	-68 593	-69 163
Pre-tax*	263 823	276 950	-4,7 %	Income from associates ex. biomass adjustment:		Q3 15	Q3 14
Net profit	269 120	33 649		Pelagia AS Norskott Havbruk	NOK NOK	61 838 14 159	42 445 19 489	(AUSS) (LSG)
EPS (NOK)	0,87	0,24		Others Total	NOK NOK	1 392 77 389	2 773 64 707
EPS (NOK)*	0,73	0,83

* Before biomass adjustment

** AUSS incl. proportional 50% of Pelagia AS

	Q3 2015	Q3 2014 (restated)
Biomass adj group company	76 002	-253 670
Biomass adj group associated companies	-8 613	-9 068

** AUSS including proportional 50% of Pelagia AS

20	www.auss.no	Austevoll Seafood ASA
----	-------------	-----------------------

Key financial figures

	YTD Q3 2014					** Δ%
11 444 921	10 639 488	7,6 %				8,1 %
1 741 353	1 938 174	-10,2 %				-5,0 %
532 503	455 970				516 684
1 208 850	1 482 204	-18,4 %				-11,5 %
186 309	206 388
-230 840	-155 019
1 164 319	1 533 573	-24,1 %		YTD Q3 14
473 847	384 210		Pelagia AS		67 588	(AUSS)
1,68	1,38		Villa Organic AS		53 602	(LSG) (LSG)
2,90	3,84		Total		206 388
	YTD Q3 2015	(restated)	Δ%	YTD Q3 2015 Norskott Havbruk Others	** 13 437 969 1 989 407 592 499 1 396 908 NOK NOK NOK NOK NOK	YTD Q3 2014 (restated) 12 435 946 2 094 550 1 577 866 Income from associates ex. biomass adjustment: YTD Q3 15 131 471 43 782 81 271 11 056 3 927 186 309

** AUSS including proportional 50% of Pelagia AS

* Before biomass adjustment

** AUSS incl. proportional 50% of Pelagia AS

		YTD Q3 2014
	YTD Q3 2015	(restated)
Biomass adj group company	-517 375	-996 863
Biomass adj group associated companies	-15 867	-75 260

YTD Q3 2014 (restated)	Δ% **

Income from associates ex. biomass adjustment:
YTD Q3 15 YTD Q3 14
Pelagia AS	NOK	131 471	67 588	(AUSS)
Norskott Havbruk	NOK	43 782	81 271	(LSG)
Villa Organic AS	NOK		53 602	(LSG)
Others	NOK	11 056 3 927
Total	NOK	186 309	206 388

Lerøy Seafood Group ASA

	Q3 2015	Q3 2014	YTD Q3	YTD Q3	2014
(MNOK)			2015	2014
Revenue	3 291,3	3 036,5	9 921,5	9 393,2	12 696,9
EBITDA	365,2	397,8	1 336,3	1 626,3	2 160,1
EBIT* ex. Impairment	253,2	302,8	1 027,2	1 353,4	1 790,6
EBIT*	253,2	302,8	1 027,2	1 353,1	1 788,7
Harvested volume (GWT)	40 682	41 499	116 000	115 779	158 258
EBIT/kg* (NOK)	6,2	7,3	8,9	11,7	11,3
* before biomass adj.
700		EBITDA (MNOK)
600
500
400
300 538,2		638,9 589,7		533,8
443,7 200	505,7 450,8		397,8	500,8	470,3 365,2
100
0
Q1 2013 Q2 2013	Q3 2013 Q4 2013	Q1 2014 Q2 2014	Q3 2014 Q4 2014	Q1 2015	Q2 2015 Q3 2015

• Spot prices above last year
• o NOS Q3/15 NOK 40.2 vs. NOK 34.5 in Q3/14 (+16%)
• o Up NOK 2.9/kg vs. Q2/15, and up NOK 5.6/kg vs. Q3/14
• o Large differences on pricing of different sizes
• o Price realisation impacted by low average harvest weights
• Contract prices above spot prices
• Challenging market for trout
• o Imports to neighbouring countries of Russia stopped from late August
• Significant cost increase q-o-q
• o Challenging situation in Lerøy Midt
• Biomass at sea
• o End Q3/15 at 104,840 tonnes vs. 106,847 tonnes end Q3/14 (-2%)

Austral Group S.A.A

(MNOK)	Q3 2015	Q3 2014	YTD Q3 2015	YTD Q3 2014	2014
Revenue	323,4	244,7	1 020,5	842,2	1 067,3
EBITDA	50,1	24,2	298,9	163,8	180,1
EBIT ex.impairment	6,7	-8,7	177,5	65,8	42,0
EBIT	8,8	-6,9	183,8	71,5	39,0
Raw material intake (tonnes): Sales volumes:	6 670	39 520	231 591	234 832	234 832
Fishmeal (tonnes)	17 162	13 176	54 320	56 284	67 033
Fish oil (tonnes)	3 922	6 038	6 018	11 078	12 042
Canned fish (cases)	58 356	126 141	297 753	475 621	557 046
Frozen/fresh (tonnes)	-	739	26	1 489	2 626
300		EBITDA (MNOK)

92,2 82,5 57,1

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

24,2 16,3 7,3

241,6

50,1

• Close to 100% of the quota was caught by end Q2, and as normal low activity in Q3
• Of the total fishmeal production from 1st season 98% are sold by end September
• 2nd season quota was announced November 4th, and the total quota was set at 1.11 million MT.
• o Season starts November 17th and ending 31st January 2016

172,1

5,3 -7,4

Foodcorp Chile S.A

(MNOK)	Q3 2015	Q3 2014	YTD Q3 2015	YTD Q3 2014	2014
Revenue	140,0	101,2	347,4	372,3	500,7
EBITDA	11,2	-4,7	49,9	72,5	79,5
EBIT ex.impairment	-5,2	-17,8	2,6	31,6	26,3
EBIT	-5,2	-19,0	2,6	32,8	1,2
Rawmaterial intake (100% of Marfood volumes in tonnes):	22 967	16 090	149 892	169 713	193 125
Sales volumes (46% of Marfood volumes):
Fishmeal (tonnes)	3 382	4 010	5 592	13 987	16 682
Fish oil (tonnes)	728	635	1 011	4 575	5 312
Canned fish (cases)	7 597	17 972	18 019	50 807	60 021
Frozen (tonnes)	3 553	3 640	9 858	13 915	16 823

• 16,776 tonnes of horse mackerel/ mackerel was caught in Q3 and 100% of the quota for 2015 were caught by end September.
• The sardine/ anchoveta quota for 2015 has been increased from 393,000 MT up to 512,000 MT, and second season started up November 4th.
• The «joint operation» agreement between Foodcorp and Alimar ends by December 2015, from 2016 onwards each party will run their assets separately.

Br. Birkeland AS

(MNOK)	Q3 2015	Q3 2014	YTD Q3 2015	YTD Q3 2014	2014
Revenue	85,4	71,2	338,3	276,4	429,2
EBITDA	20,1	18,1	56,4	69,6	91,5
EBIT*	3,3	4,7	10,7	31,3	39,1

* before biomass adj.

Salmon Q3

• Harvested volume (GWT): o Q3/15 700.1 MT vs. 1,325.5 in Q3/14
• EBIT/kg: o NOK – 6.7 in Q3/15 vs. NOK 4.3 in Q3/14
• Harvested volume (GWT): o YTD Q3/15 5,455 MT vs. 5,390 in YTD Q3/14
• EBIT/kg:
• o NOK 1.67 in YTD Q3/15 vs. NOK 9.73 in YTD Q3/14
• Expects high release from stock cost (Spring 14 generation) also in Q4

Pelagic Q3

• The pelagic vessels have been catching mackerel in September and had good performance
• The snow crab vessel experienced lower catch in the quarter due to ecdysis process.

Balance sheet

		30.09.2014
(NOK 1,000)	30.09.2015	(restated)	31.12.2014
Intangible assets	7 975 535	7 286 688	7 480 567
Tangible fixed assets	5 287 694	4 609 533	4 949 287
Financial non-current assets	1 727 237	1 483 003	1 663 735
Total non-current assets	14 990 466	13 379 224	14 093 589
Biological assets at cost	3 364 334	2 997 069	3 074 910
Fair value adjustment biomass	291 408	191 705	807 669
Other inventory	903 736	837 923	839 410
Receivables	2 298 389	2 062 929	2 330 271
Cash and cash equivalents	2 420 080	1 992 458	2 198 148
Total current assets	9 277 947	8 082 084	9 250 408
Total assets	24 268 413	21 461 308	23 343 997
NIBD	4 380 395	3 969 855	3 959 866
Equity	12 723 625	11 305 484	12 360 106
Equity ratio	52 %	53 %	53 %

Pelagia is an associated company and are included in the line Financial non-current assets in the Group balance sheet.

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

Cash flow

(NOK 1,000)	Q3 2015	Q3 2014 (restated)	YTD Q3 2015	YTD Q3 2014 (restated)	2014
Pre tax profit	331 209	14 212	631 075	461 450	1 346 472
Biomass adjustment	-76 002	253 669	517 376	996 863	379 758
Paid tax	-21 144	-17 747	-400 366	-394 736	-438 602
Depreciaton and impairments	191 634	158 172	532 503	455 970	660 421
Associated companies	-68 773	-55 639	-170 441	-131 128	-217 381
Interest (net)	57 308	47 070	169 778	135 634	197 074
Working capital	-2 141	-309 563	-148 594	-240 884	-133 004
Cash from operating activities	412 091	90 174	1 131 331	1 283 169	1 794 738
Net investment in capex	-231 122	-242 674	-639 909	-642 801	-994 489
Acquisitions and divestments	48 706	138 629	-67 967	1 261 365	1 260 273
Others	180 663	8 338	213 440	34 899	108 819
Cash from investing activities	-1 753	-95 707	-494 436	653 463	374 603
Change in long term loans	-44 443	471 630	377 339	-447 794	-513 468
Change in short term loans	-109 402	-35 840	72 431	-191 603	-106 721
Dividends	-	-	-684 061	-593 679	-592 222
Others	-64 860	-56 626	-195 514	-158 441	-239 149
Cash from financing activities	-218 705	379 164	-429 805	-1 391 517	-1 451 560
Cash at the beginning of the period	2 218 187	1 617 792	2 198 148	1 443 314	1 443 314
Net change in cash (incl.exchange gain/losses)	201 893	374 666	221 932	549 144	754 834
Cash at the end of the period	2 420 080	1 992 458	2 420 080	1 992 458	2 198 148

Market outlook

Fishmeal

Fish meal production - week 43
Regions	Cumulative	Cumulative	Cumulative
	2015	2014	Change %
Chile*	259 286	309 419	-16 %
Peru	653 454	534 537	22 %
Danmark/Norway*	264 511	213 365	24 %
Iceland/North Atlantic*	207 056	142 499	45 %
Total	1 384 307	1 199 820	15 %

Production	•	IFFO Fishmeal production up 15% YTD vs. same period
		2014, caused by good output in H1 Peru and Europe.

• Peruvian quota for 2nd season was announced at 1.11m MT starting 17th November 2015, ending 31st January 2016.

Prices • USD 1,950-1,900/MT FOB Peru for super prime

• USD 1,450/MT FOB Std 65%
• Demand Customers waiting for start of fishing season
• Chilean salmon feed plants not covered for Q1 2016
• Chinese feed producers not covered with high qualities for the swine season (Q4, 2015)

Supply • Tight as a result of:

• Delay of Peruvian fishing season (NC-II)
• Limited domestic fishmeal production in China.
• Shortage of production from other sources (USA, Mexico, Ecuador, etc.)

Fishmeal

Main market – China

• Stocks standing at 81,070 MT (similar to 2014) and a significant reduction compared to historical levels.
• o Off takes: 1,950 MT/day.
• Feed mills have been building safety stocks.
• Prices in China still higher than in Peru and currently quoted at 13,800 RMB equivalent super prime 68% USD 2,100/MT (China main ports)
• Fishmeal/soymeal price ratio (China) still high at 4.4:1.

Fish oil

Fish oil production - w eek 43
Regions	Cumulative	Cumulative	Cumulative
	2015	2014	Change %
Chile*	89 346	125 264	-29 %
Peru	78 129	116 331	-33 %
Danmark/Norw ay*	78 230	61 604	27 %
Iceland/North Atlantic*	58 146	39 980	45 %
Total	303 851	343 179	-11 %
			Source: IFFO

Source: IFFO

• Production Fish oil production by IFFO down 11.5% YTD vs. same period 2014
• Low yields in Peru and decreased yields and landings in Chile have weighted negatively on the production
• Prices USD 2,000/MT FOB Peru for feed grade
• USD 2,400/MT FOB Peru for Omega3 grades
• Demand Outlook shows a stable market as salmon feed producers are covered for the short term
• Omega 3 market looking for EPA/DHA 30% or high EPA. Pending coverage originated by low stock held by refineries

Atlantic salmon supply

Q3 2015

(in tonnes WFE )

Avrg. Q3 15 NOK 40,17 vs. avrg. Q3 14 NOK 34,54 (+16.3%)

		Change		Change		Change		Changel		Change		Change
	2011	$10 - 11$	2012	$11 - 12$	2013	$12 - 13$	2014	$13 - 14$	2015	$14 - 15$	2016	$15 - 16$
Norway	1 005 600	6,5%	183 100	17,7 %	143 600	$-3,3%$	199 000	4,8%	222 200	1,9%	202 200	$-1,6%$
United Kingdom	154 700	8,3%	159 400	3,0%	157 800	$-1,0%$	171 500	8,7%	174 100	1,5%	177 400	1,9%
Faroe Islands	56 300	34,7 %	70 300	24,9 %	72 600	3,3%	82700	13,9%	75 600	$-8,6%$	81 800	8,2%
Ireland	16 000	$-10,1%$	15 600	$-2,5%$	10 600	$-32,1%$	12 300	16,0%	15700	27,6 %	16 000	1,9%
lceland	000	0,0%	2900	190,0 %	3 100	6,9%	4 0 0 0	29,0%	5 200	30,0%	7 500	44,2%
Total Europe	1 233 600	7,4 %	431 300	16.0%	387700	$-3,0%$	469 500	5.9%	492 800	$1.6 \%$	484 900	$-0.5%$
Chile	221 000	70,5 %	364 000	64,7 %	468 100	28,6%	582 900	24,5%	578 300	$-0.8%$	579 400	0,2%
Canada	119 500	$-2.0%$	136 500	14,2 %	115 100	$-15.7%$	101 000	$-12.3%$	136 100	34.8 %	133 800	$-1,7%$
USA	18 300	1.7%	19600	7.1%	20 300	3,6%	20 400	0.5%	20 200	$-1.0 \%$	20 500	1,5 %
Australia	36 000	9,1%	40 000	11, 1%	39 000	$-2,5%$	39 000	0,0%	44 000	12,8 %	45 000	2,3 %
Others	5 0 0 0	11,1%	8500	70,0 %	11 100	30,6%	14 100	27,0 %	13 300	$-5.7%$	10 200	$-23,3%$
Total Others	399 800	30.2%	568 600	42.2 %	653 600	14.9 %	757 400	15.9%	791 900	4.6 %	788 900	$-0.4%$
Total World-wide	1 633 400	12,2%	999 900		22,4 % 2 041 300	2,1%	2 2 2 6 9 0 0	9,1 $\%$	2 2 8 4 7 0 0	2,6 %	2 273 800	$-0.5%$

Atlantic salmon consumption

Q3 2015

Market	2012	2013	2014	2015 Chng		Chng %	NOK/KG (3-6) Q3:
EU	234 000	227 100	262 600	275 900	13 300	5 %	40.98 +17.8 % (34.80)
USA	89 200	88 200	90 800	102 800	12 000	13 %	(NSI -0.75 vs NOS)
Russia	40 400	36 700	38 200	33 100	-5 100	-13 %
Japan	16 300	14 800	15 200	15 800	600	4 %
Other Markets	121 800	137 600	157 200	160 300	3 100	2 %
Total	501 700	504 400	564 000	587 900	23 900	4 %

Figures as per 30.10.15 - Source: Kontali/Nasdax

Conclusion

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

• Challenging quarter, especially for the operation in Mid Norway
• RSF (release from stock) cost remains high in Mid Norway and Hordaland
• Limited growth in global salmon supply combined with strong demand, gives a strong outlook for the coming years

Pelagic - South America

• Low activity in Peru
• 2nd season quota announced, total quota of 1.11 million MT
• Jack mackerel quota remains conservative, Foodcorp Chile S.A has caught 100% of their quota for 2015
• Increased anchoveta/ sardine quota in Chile increased from 393,000 MT to 512,000 MT (2014: 601,800 MT)

Pelagic - North Atlantic (Pelagia AS, an associated company)

• Main fishing season started in September
• Main African markets remain challenging due to foreign currency restrictions
• Russian market remains closed.

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 third quarter results for 2015.
• 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 11.11.2015. 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)	Q3 2015	Q3 2014	YTD Q3 2015	YTD Q3 2014	2014
Revenue	1 420,7	1 229,1	3 986,1	3 592,9	5 645,6
EBITDA	205,3	153,4	496,1	312,8	589,3
EBIT	166,4	113,4	376,1	191,3	419,9
Net interest bearing debt			1 301	1 492	1 818
EBITDA (MNOK) 300,0
250,0
200,0
150,0			276,5
100,0 157,1	186,3		153,4		205,3 158,9

119,2

40,2

Q1 2013 P Q2 2013 P Q3 2013 P Q4 2013 P Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

131,9

• Raw material intake FM/FPC/oil 134,000 MT vs. 131,000 MT in same quarter 2014.
• Raw material intake HC 80,000 MT vs. 96,000 MT in same quarter 2014.
• Russian sanctions against Norwegian seafood products from August 7th 2014

116,2

60,2

-

50,0

Associated companies

Norskott Havbruk AS (100% figures)

LSG's share = 50%

	Q3 2015	Q3 2014	YTD Q3	YTD Q3	2014
(MNOK)			2015	2014
Revenue	463	373	1 131	1 096	1 385
EBITDA	57	64	173	247	293
EBIT*	36	48	116	203	232
Volumes (gwt)	8 588	8 108	20 733	22 007	27 508
EBIT/kg* (NOK)	4,2	5,9	5,6	9,2	8,4
Net interest bearing debt			446	147	249
* before biomass adj.
14		EBIT*/kg (NOK)
12
10
8
6		12,0 10,2
9,5 4 7,9	9,1			7,7
5,9 2			5,9 5,3		5,7 4,2
0
Q1 2013 Q2 2013 Q3 2013	Q4 2013	Q1 2014 Q2 2014	Q3 2014 Q4 2014	Q1 2015	Q2 2015 Q3 2015

• Lower profitability from both lower price realisation as well as higher costs
• Strong pound (£) impacts competitive position and price realisation
• Cost increase q-o-q and y-o-q. Colder water temperatures have given less growth and lower average harvest sizes.
• Harvest guidance 2015 lowered to 28,000gwt.
• Harvest guidance 2016 of 30,000gwt
• Contract share of 43%