Austevoll Seafood ASA

Investor Presentation • Feb 24, 2015

Q4 2014 Financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

Q4 2014 All figures in NOK 1,000		Q4 2013 (restated)	2014	2013 (restated)
Revenue	3 704 689	3 725 710	14 344 177	12 657 884
EBITDA	578 015	656 455	2 516 189	2 380 092
Total assets	23 343 997	22 684 356	23 343 997	22 684 356
Equity	12 360 106	11 464 191	12 360 106	11 464 191
Equity ratio	53 %	51 %	53 %	51 %
Net interest bearing debt (NIBD)	3 959 866	5 103 197	3 959 866	5 103 197

Q4 2014

• EBITDA MNOK 724 (Q4 2013: MNOK 750) including proportional consolidation of Pelagia AS (50%), incl. Hordafor proportional.
• o Salmon MNOK 534 (Q4 2013: MNOK 506)
• o Pelagic MNOK 190 (Q4 2013: MNOK 244)

Full year 2014

• EBITDA MNOK 2,837 (2013: MNOK 2,640) including proportional consolidation of Pelagia AS (50%), incl. Hordafor proportional.
• o Salmon MNOK 2,160 (2013: MNOK 1,938 )
• o Pelagic MNOK 677 (2013: MNOK 702)
• The board will recommend to the annual general meeting in 2015 a dividend of NOK 2.00 per share.

AUSS value chain

Salmon & Trout

• 1. Farming
• 1. Processing
• 1. VAP
• 1. Consumer market

1

Pelagic

3

6

3

2

• 1. Fishing
• 1. Processing
• 1. Fishmeal and fish oil

4

5

• 1. VAP (Customer)
• 1. Commodity market
• 1. Consumer market

* 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	3 fishing vessels	400,000 - 500,000 MT of pelagic fish annually (29 vessels)
Salmon			Norway • 141 salmon licenses • 7 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)

Operation in Peru

Austral Group S.A.A

	Q4 2014	Q4 2013	2014	2013	2015 E
Own catch - anchovies	-	143	165	314	224
Own catch - mackerel and jack mackerel	-	-	10	9	20
Purchase - anchovies	-	47	56	143	114
Purchase - Human Consumption	-	2	4	8	7
Total ('000 MT)	-	193	235	474	365

Centre / North

• Zero 2nd season quota (vs 2.3 million MT in 2nd season 2013).
• Total catch 2014 1,9 million MT vs 4,4 million MT 2013.

South

• News on opening of season expected during the first week of March following Imarpe cruise.

Jack mackerel and mackerel

• New quota defined 96,000 MT jack mackerel and 44,000 MT mackerel

Increased production capacity in 2014

• Coishco: Fishmeal and Oil from 80 MT/hr to 160 MT/hr

Frozen from 175 MT/day to 475 MT/day

• 1 new fishing vessel to be delivered end 2015, replacing 3 existing vessels.

Landing and biomass in winter time (Jun-Sep) North/Centre of Peru (MT)

• Imarpe announced increase in detected biomass from 1.45m MT to 4.39m MT in November.
• Recovery of phytoplankton which will support additional recovery of the anchovy biomass
• Still uncertain about size of 1st season quota
• New Imarpe research to start end February.

Operation in Chile

Foodcorp Chile S.A.

Chile (*)	Q4 2014	Q4 2013	2014	2013	2015 E
Own catch - Mackerel and other species Purchase - Sardine/Anchovy Purchase - Giant Squid	8 14 2	17 6 1	72 102 19	58 36 4	72 84 14
Total ('000)	23	24	193	98	170
Mackerel Own catch	5	3	53	40	50

(*) 100% Marfood Volume

Jack mackerel:

• Catching area close to coast, with limited activity in international waters.
• Purchased additional 4,000 MT by the end of the year.
• 2015 quota increased to 310,000 MT (290,000 MT in 2014).

Anchovy/sardine:

• Fishery recovered substantially from 2013, both in fish size and volume, 100% of quota caught in 2014.
• Initial 2015 TAC for Centre-South is 357,000, to be reviewed when season starts in March (2014: 601,800 MT (Centre/South)

Giant squid production

• 30,685 MT of raw material processed in 2014 (7,031 MT same period previous year).

North Atlantic pelagic quotas (2007-2015 est)

Source: NORGES SILDESALGSLAG

Pelagia AS

Fishmeal and fish oil

Norway, UK and Ireland	Q4 2014	Q4 2013(P)	2014	2013(P)	2015 E
Raw material for fishmeal and fish oil	132	122	634	482	550
Raw material for protein concentrate/oil Total ('000 MT)	62 194	76 198	205 839	202 684	197 747

All volume based on 100%

• Good production due to seasonal high availability of raw material in Q4.
• Intake at same level as Q4 2013, mostly trimmings
• Increased prices in the last 2 quarters.

Fishmeal and fish oil factories

Pelagia AS

Human consumption

Volume ('000MT)	Q4 2014	Q4 2013(P)	2014	2013(P)	2015 E
Raw material intake	199	197	453	492	415

• Good raw material intake this quarter due to higher mackerel quota compared to 2013.
• Strong sales in Q4 with total 170,000 MT, driven by a strong global demand on mackerel
• Total sales for the year at 390,000 MT
• Situation in Russia and Ukraine remains challenging
• Expecting a moderate activity in the coming quarter.

Pelagia AS (100% figures)

(MNOK)	Q4 2014*	Q4 2013 P	2014*	2013 P
Revenue	2 139,2	2 141,0	5 958,2	5 944,3
EBITDA	291,2	186,3	641,8	519,8
EBIT	240,8	137,6	463,6	348,1
Sales volumes (tonnes):
Frozen	170 094	158 211	389 616	368 853
FM/Oil	40 224	38 278	167 047	152 609
FPC/Oil	13 582	13 041	53 911	48 828

* Hordafor proportional consolidated 50%

P = Proforma as if Pelagia AS w as established 01.01.2013. Hordafor proportinally consolidated 50%

• Raw material intake 393,000 MT vs 394,000 MT in same quarter 2013.
• Administration office established in Bergen from 1st September 2014.

Associated company, AUSS share = 50%

Br. Birkeland AS

• Salmon
• o 7 salmon licenses in Norway
• o Harvested volume (GWT) Q4/14 2,131 MT vs 2,385 in Q4/13
• o EBIT/kg NOK 3.6 in Q4/14 vs NOK 7.2 in Q4/13
• o Harvested volume (GWT) 2014 7,521 MT vs 7,425 in 2013
• o EBIT/kg NOK 8.0 in 2014 vs NOK 10.4 in 2013
• o Challenging biological situation
• Fleet
• o 3 fishing vessels in Norway
• o The vessels have caught their remaining quota of mackerel, NVG herring and North Sea herring in Q4
• o Invested in a new crab fishing vessel << Northeastern>>

Salmon Lerøy Seafood Group ASA

Lerøy Seafood Group ASA Lerøy Aurora

(NOKm)		Q4 2014 Q4 2013	▲%	2014	2013	▲%
Revenue	3 261	3 230	% 1	12 579	10 765	17 %
Other gains and losses**	42	-	-	117	54	-
EBITDA	534	506	6 %	2 160	1 938	11 %
Depreciation and amortisation	99	81	-	371	313
EBIT*	435	425	3 %	1 789	1 626	10 %
Income from associates*	10	44	-	148	106	-
Net finance	-52	-19		-120	-102
Pre-tax*	393	449	-12 %	1 817	1 630	11 %
EPS (NOK)*	4.9	6.8	-28%	24.0	21.1	14%
Harvested Volume (GWT) EBIT/kg all inclusive (NOK) ROCE (%)	42 479 10.2 18.0 %	41 202 10.3 21.8 %	3 % -0,6 %	158 258 11.3 21,2 %	144 784 11.2 20,7 %	9 % 0.7 %

* Before biomass adjustment

** Gain from sale of stake in SalmoBreed

Lerøy Seafood Group ASA

Salmon/trout farming

	Licences	Smolt cap.	2011 GWT	2012 GWT	2013 GWT	2014 GWT	2015E GWT
Lerøy Aurora AS*	26	11,5	18 100	20 000	24 200	26 800	31 000
Lerøy Midt AS	55	22,0	62 300	61 900	58 900	68 300	70 000
Lerøy Sjøtroll	60	22,6	56 200	71 600	61 700	63 200	65 000
Total Norway	141	52,1	136 600	153 400	144 800	158 300	166 000
Villa Organic AS**						6 000
Norskott Havbruk (UK)***			10 900	13 600	13 400	13 800	15 500
Total			147 500	167 100	158 200	178 100	181 500

*) 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 Q4 2014

Catch and purchase (100% volumes)

Figures in 1,000 tonnes	Q4 2014	Q4 2013*	2014	2015 E	2013*
Group companies:
Chile own catch	8	17	72	72	58
Chile purchase	16	7	121	98	40
Peru own catch	-	143	175	244	323
Peru purchase	-	50	60	121	151
Total Group companies	23	217	428	535	572
Joint ventures:
Europe purchase (HC)	199	197	453	415	492
Europe purchase (FM/FPC/Oil)	194	197	839	747	684
Totalt Joint venture:	393	394	1 293	1 162	1 176
TOTAL GROUP	417	611	1 721	1 697	1 748
* Proforma figures for joint ventures as if Pelagia AS w			as established January 1st 2013

Key financial figures

(NOK 1,000)	Q4 2014	Q4 2013 (restated)	Δ%	Q4 2014	Q4 2013 (restated)	Δ%
Revenue 1 )	3 704 689	3 725 710	-0,6 %	4 774 301	4 796 223	-0,5 %
EBITDA	578 015	656 455		723 598	749 590
Depreciation/Impairment	204 451	246 975		229 647	271 310
EBIT*	373 564	409 480	-8,8 %	493 951	478 280	3,3 %
Income from associates*	66 981	44 132
Net finance	-191 899	-46 678
Pre-tax*	248 646	406 934	-38,9 %
Net profit	616 461	1 010 504
EPS (NOK)	1,38	2,64
EPS (NOK)*	-0,06	0,56

1) Include MNOK 42 in gain

* Before biomass adjustment

** AUSS incl. proportional 50% of Pelagia AS incl. Hordafor proportional (proforma)

	Q4 2014	Q4 2013 (restated)
Biomass adj group company	617 105	853 138
Biomass adj group associated companies	19 272	64 446

Income from associates ex. biomass adjustment:

NOK	57.156		(AUSS)
			(LSG)
NOK		20.431	(LSG)
NOK	(1.412)	1.229
NOK	66.981	44.132
	NOK	2014 11.237	2013 22.472

Key financial figures

(NOK 1,000)	2014	2013 (restated)	Δ%	2014	**	2013 (restated)	Δ% **
Revenue	14 344 177	12 657 884	13,3 %	17 323 280		15 630 059	10,8 %
EBITDA	2 516 189	2 380 092		2 837 087		2 640 001
Depreciation/Impairment	660 421	668 697		749 510		754 562
EBIT*	1 855 768	1 711 395	8,4 %	2 087 577		1 885 440	10,7 %
Income from associates*	273 369	108 193
Net finance	-346 918	-270 120
Pre-tax*	1 782 219	1 549 468	15,0 %
Net profit	1 000 671	1 603 068
EPS (NOK)	2,76	3,48
EPS (NOK)*	3,78	1,38

2014	** 2013 (restated)	Δ% $**$
17 323 280	15 630 059	10,8%
2837087	2 640 001
749 510	754 562
2 087 577	1885440	10,7 %

* Before biomass adjustment

** AUSS incl. proportional 50% of Pelagia AS incl. Hordafor proportional (proforma)

Income from associates ex. biomass adjustment:

		2014	2013
Pelagia AS	NOK	124.744		(AUSS)
Norskott Havbruk AS	NOK	92.508	80.221	(LSG)
Villa Organic AS	NOK	53 602	26 716	(LSG)
Others	NOK	2 515	1 256
Total	NOK	273.369	108.193

2014 2013 (restated) Biomass adj group company -379 758 828 834 Biomass adj group associated companies -55 988 86 135

Balance sheet

(NOK 1,000)	31.12.2014	31.12.2013 (restated)	01.01.2013 (restated)
Intangible assets	7 480 567	7 057 034	6 956 091
Tangible fixed assets	4 949 287	4 452 666	4 172 919
Financial non-current assets*	1 663 735	862 064	456 588
Total non-current assets	14 093 589	12 371 764	11 585 598
Biological assets at cost	3 074 910	2 774 728	2 525 923
Fair value adjustment biomass	807 669	1 185 969	358 052
Other inventory	839 410	746 754	608 874
Receivables	2 330 271	2 368 586	1 700 588
Assets classified as held for sale*		1 793 241	1 071 111
Cash and cash equivalents	2 198 148	1 443 314	2 168 684
Total current assets	9 250 408	10 312 592	8 433 232
Total assets	23 343 997	22 684 356	20 018 830
NIBD	3 959 866	5 103 197	3 942 863
Equity	12 360 106	11 464 191	10 119 794
Equity ratio	53 %	51 %	51 %

* From 1st January 2014 onwards Pelagia AS (50%) is classified as an associated company thereby reported as financial non current asset.

Cash flow

		Q4 2013
(NOK 1,000)	Q4 2014	(restated)	2014	2013 (restated)
Pre tax profit	885 022	1 324 518	1 346 472	2 464 436
Biomass adjustment	-617 105	-853 138	379 758	-828 834
Paid tax	-43 866	-31 691	-438 602	-188 952
Depreciaton and impairments	204 451	246 975	660 421	668 698
Associated companies	-86 253	-108 578	-217 381	-194 328
Interest (net)	61 440	58 905	197 074	211 576
Working capital	107 881	-460 314	-133 004	-639 666
Cash from operating activities	511 570	176 677	1 794 738	1 492 930
Net investment in capex	-351 688	-272 685	-994 489	-941 791
Acquisitions and divestments	-1 191	-19 337	1 126 617	-970 224
Others	73 920	21 234	108 819	66 454
Cash from investing activities	-278 959	-270 788	240 947	-1 845 561
Change in long term loans	-65 675	-389 939	-513 468	228 739
Change in short term loans	84 882	119 219	-106 721	61 177
Dividends	-	-2 533	-592 222	-426 523
Others	-79 251	-62 231	-239 149	-259 812
Cash from financing activities	-60 044	-335 484	-1 451 560	-396 419
Cash at the beginning of the period	1 992 458	1 873 616	1 443 314	2 168 684
Net change in cash (incl.exchange gain/losses)	205 591	-430 302	621 178	-725 370
Cash from business combination	99	-	133 656	-
Cash at the end of the period	2 198 148	1 443 314	2 198 148	1 443 314

Lerøy Seafood Group ASA

(MNOK)	Q4 2014	Q4 2013	2014	2013
Revenue	3 303,7	3 229,7	12 696,9	10 818,5
EBITDA	533,8	505,7	2 160,1	1 938,5
EBIT* ex. Impairment	437,2	430,1	1 790,6	1 631,3
EBIT*	435,2	424,6	1 788,7	1 625,8
Harvested volume (GWT)	42 479	41 202	158 258	144 784
EBIT/kg* (NOK)	10,2	10,3	11,3	11,2

* before biomass adj.

• Improving prices during quarter
• o Average NOS price up NOK 3.8 compared to Q3/14
• o Average NOS price down NOK 2.9, compared to Q4/13
• o Spot price development backed by weakening of NOK
• o ~40% of quarterly harvest volume in October
• o Russian import ban weighs especially on trout prices
• Contract prices above spot prices
• Increase in costs
• o Cost decrease q-o-q, but cost increase y-o-y.
• o A challenging situation in Hordaland continues to impact performance

Austral Group S.A.A

(MNOK)	Q4 2014	Q4 2013	2014	2013
Revenue	225,1	332,9	1 067,3	1 290,4
EBITDA	16,3	92,2	180,1	262,2
EBIT ex.impairment	-23,8	47,5	42,0	112,7
EBIT	-32,5	-41,5	39,0	28,6
Rawmaterial intake (tonnes):	-	192 901	234 832	473 611
Sales volumes:
Fishmeal (tonnes)	10 749	21 529	67 033	84 282
Fish oil (tonnes)	964	7 071	12 042	12 466
Canned fish (cases)	81 425	169 634	557 046	1 067 844

• Zero 2 nd season quota (vs 2.3 million MT in 2nd season 2013).
• Total catch of anchoveta in Peru in Center/North in 2014 1.85 million MT vs 4.4 million MT in 2013
• Low sales volumes in the quarter compared to same quarter last year.
• Carry over stock fishmeal/oil into 2015 (8,600MT vs.30,600MT)

Foodcorp Chile S.A.

(MNOK)	Q4 2014	Q4 2013	2014	2013
Revenue	128,4	65,6	500,7	321,8
EBITDA	6,9	-6,9	79,5	20,8
EBIT ex.impairment	-7,7	-22,2	26,3	-34,6
EBIT	-31,6	-22,2	1,2	-34,6
Rawmaterial intake ( 10 0 % of M arf ood volumes in t	: 23 412 onnes)	23 882	193 125	98 410
Sales volumes (46% of M arfood volumes):
Fishmeal (tonnes)	2 695	2 020	16 682	8 519
Fish oil (tonnes)	738	501	5 312	1 690
Canned fish (cases)	9 214	7 626	60 021	58 552
Frozen (tonnes)	2 908	811	16 823	13 617

• Seasonal low production quarter
• Purchased additional 4,000 MT of horsemackerel by the end of the year.
• Sardine/anchoveta fishery recovered substantially from 2013, both in fish size and volume

Br. Birkeland AS

(MNOK)	Q4 2014	Q4 2013	2014	2013
Revenue	152,7	162,2	429,2	430,1
EBITDA	21,9	63,7	91,5	154,0
EBIT*	7,8	51,3	39,1	104,3

* before biomass adj.

• Salmon Q4

• Harvested volume (GWT) Q4/14 2,131 MT vs 2,385 in Q4/13
• EBIT/kg NOK 3.56 in Q4/14 vs NOK 7.22 in Q4/13
• Challenging biological situation
• Increased cost
• Pelagic Q4
• The vessels have caught their remaining quota of mackerel, NVG herring and North Sea herring in Q4
• One off expense of MNOK 25 due to start up of «Northeastern» (snowcrab)

Market outlook

Fishmeal

Regions	Q4 2014	Q4 2013	% ∆	Cumulative 2014	Cumulative 2013	% ∆
Peru	0	498 956	-100,0 %	524 625	1 115 278	-53,0 %
Chile†	101 934	114 479	-11,0 %	397 716	320 104	24,2 %
Denmark/Norway†	46 155	40 186	14,9 %	279 000	218 518	27,7 %
Iceland/North Atlantic*†	28 805	25 215	14,2 %	164 420	190 816	-13,8 %
USA/Cananda	29 675	40 291	-26,3 %	250 136	268 187	-6,7 %
South Africa	2 281	2 193	4,0 %	68 463	31 351	118,4 %

Total -71,0 % 1 684 360 2 144 254 -21,4 % Source: IFFO All numbers are preliminary and subject to revision †Plus trimmings (excluding salmon off-cuts in Norway) *Includes U.K., Ireland and Faroe Islands

208 850 721 320

• Production Fishmeal production by IFFO 10 down 21% in 2014 vs same period 2013
• Fishmeal production by IFFO 10 in fourth quarter 2014 down 71% vs fourth quarter 2013
• Price FOB Peru for super prime: USD 2,300 2,400/MT (high level on low volumes).
• CIF Hamburg 64/65: USD 1,735/MT
• Demand Feed meal producers & end users building stocks in order to secure their consumption during the peak season (Q2-Q3, 2015).
• Supply Low Peruvian and Chinese stocks.
• Other fishing nations cannot provide enough volume to cover the Peruvian fishmeal shortfall.

Fishmeal

Main market – China

• Stocks at low level: 69,590 MT as of Feb 11th vs. 140,380 MT same period 2013 (down 50.4%).
• o Current stocks are to meet the consumption for the aqua season (still not enough).
• o Off takes: 1,330 MT per day.
• Expected imports for 2015 846,000 MT vs. 1,025,000 (2014), down by 17.46%, caused by no Peruvian fishing season in the last Q4- 2014.
• 49% of Chinese fishmeal imports in 2014 originated in Peru.
• Chinese stock quoted at highest level 16,000 RMB equivalent super prime 68% USD 2,480/MT (China port).
• Fishmeal/soymeal price ratio at high level: 5.0 (vs. 3.10 same period 2014).

Fish oil

Fish oil production
Regions	Q4 2014	Q4 2013	% ∆	Cumulative	Cumulative	% ∆
				2014	2013
Peru	0	62 471	-100,0 %	115 040	178 194	-35,4 %
Chile†	26 835	24 534	9,4 %	144 540	83 926	72,2 %
Denmark/Norway†	20 509	17 646	16,2 %	88 521	69 048	28,2 %
Iceland/North Atlantic*†	15 230	12 081	26,1 %	51 071	76 172	-33,0 %
USA/Cananda	9 632	16 145	-40,3 %	85 566	110 828	-22,8 %
South Africa	519	129	302,3 %	15 711	1 441	990,3 %
Total	72 725	133 006	-45,3 %	500 449	519 609	-3,7 %

Source: IFFO All numbers are preliminary and subject to revision †Plus trimmings (excluding salmon off-cuts in Norway) *Includes U.K., Ireland and Faroe Islands

Source: IFFO

• Production Fish oil production by IFFO-10 in 2014 down 3.7% YTD vs. 2013.
• Total IFFO production 500,449 MT (2014) vs 519,609 MT (2013)
• Peru down 35%
• Chile up 72%
• Norway / Denmark up 28%
• Price Price for feed grade:
• o USD 2,400 /MT FOB Peru
• Ratio fishoil/rape oil: 3.2 (high level)
• Price indication for omega market: USD 2,700 3,000/MT subject to EPA/DHA profiles.
• Demand Outlook in a short term shows a stable market due to high yields obtained during production 2014 (coverage up to Q1-2015)
• Supply Supply will be scares until Peru begins supplying the market late June (arrivals late July)

Foodcorp Chile S.A / MarFood S.A

Frozen fish

• MarFood is focused in adding value to fish and freezing is the main contributor.
• Amongst the leaders in the industry (2nd largest jack mackerel producer in Chile).
• Average price 2014: USD 1,151/MT (USD 1,236/MT in 2013)
• Nigeria import quota restrictions eased by end of year and normal market expected for 2015
• Limited unsold stock from 2014 season, shipping out.

Atlantic salmon supply

Q4 2014

(in tonnes WFE )

Avrg Q4 14 NOK 38.34 vs avrg Q4 13 NOK 41.27 (-7.1%) Avrg 2014 NOK 39.81 vs avrg 2013 NOK 39.07(+1.9%)

544.700 t (37%) 243.600 t (12%)

Figures as per 19.02.15 - Source: Kontali

Atlantic salmon consumption

NOK/KG (3-6): 40,22 +1.7% (39.56) (NSI -0,75 vs NOS)

World wide 2014 (+8%)

Figures as per 19.02.15 - Source: Kontali

Conclusion

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

• Challenging quarter.
• Limited growth in global salmon supply combined with strong demand, gives a strong outlook for the coming years
• Russian trade situation a challenge especially for trout export.

Pelagic - South America

• The size of the 1st season quota in Peru remains uncertain.
• Recovery of anchovy/sardine fishery in Chile, jack mackerel quota remains conservative.

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

• Strengthening our upstream position in the supply chain
• Enhances the competitive strength in our pelagic business through productivity improvement activities, hereunder the effect of synergies and economy of scale.
• Challenging political situation in main herring markets.

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 2014.
• 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 forwardlooking 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 24.02.2015. 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)	Q4 2014	Q4 2013 *	2014	2013 *
Revenue	2 052,7	2 141,0	5 645,6	5 944,3
EBITDA	276,5	186,3	589,3	519,8
EBIT	228,6	137,6	419,9	348,1
Net interest bearing debt	1 818	2 405	1 818	2 405
* Proforma as if Pelagia AS w as established 01.01.2013.

• Administration office established in Bergen from 1st September 2014.
• Russian sanctions against Norwegian seafood products from August 7th.

EBITDA (MNOK)

Associated companies

Norskott Havbruk AS (100% figures)

LSG`s share = 50%

(MNOK)	Q4 2014	Q4 2013	2014	Q3 2013
Revenue	289	316	1 385	1 189
EBITDA	45	75	293	278
EBIT*	29	61	232	221
Volumes (1.000 gwt)	5,5	6,7	27,5	26,9
EBIT/kg* (NOK)	5,3	9,1	8,4	8,2
Net interest bearing debt			249	285

* before biomass adj.

• Best year ever in sea-lice management (wrasse), and good effects from these efforts
• Harvest guidance 2015 is 31,000 GWT
• Contract share of 69%
• NIBD end Q4/14 of NOK 249m

* Before biomass adjustment