Mowi ASA

Investor Presentation • Oct 31, 2014

Intrafish Seafood Investor Forum31 October 2014

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 completion and capacity of our fish feed plant, 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 (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on 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.

Our registration statement on Form 20-F filed with the US Securities and Exchange Commission in 2014 contain information about specific factors that could cause actual results to differ, and you are urged to read them. Marine Harvest disclaims any continuing accuracy of the information provided in this presentation after today.

Can we produce food in the ocean?

70 % of the surface2% of the food production Energy efficient and low emission food production

«Leading the blue revolution»

needs new solutions

The responsible choice for the environment…

QUANTITY OF FEED FED CARBON EMISSIONFRESH WATER CONSUMPTION

Note: Examples of consumer products and branding initiatives from Marine Harvest 6

Biological carrying capacity diminishes growth

Notes: (1) Average EBIT per kg for the Norwegian industry (Source: Kontail - The Salmon Farming Industry in Norway) 7 (2) Average EBIT per kg for Marine Harvest in Norway (3) Marine Harvest does not provide guidance on industry supply beyond 2015

Highlights from Q3-2014 results

• Strong earnings - Operational EBIT NOK 912m
• Sales contracts reduced impact of market disruptions
• Large exceptional costs linked to biology in the quarter
• Successful start up of feed plant in Norway

• Agreement to purchase 40 thousand tonnes farming capacity in Chile

• Limited supply growth expected in the coming periods

• Industry supply response challenging due to sustainability issues
• Futures prices NOK ~40 for rest of Q4 and above NOK 40 for 2015
• Strong focus on containing biological costs
• Continued focus on consolidation initiatives in Norway and Chile
• High emphasis on solving issues in VAP Europe
• Quarterly dividend of NOK 1.10 per share

Marine Harvest business areas

Note: (1) Based on 2014 HOG tonnes 10

R&D & superior product Gradual competitive advantage through intellectual property rights Capitalise on internal competence to produce the best feed Cleaning the fish oil from impurities Take part in the economic profits in the feed chain Control of key performance indicators Fish feed - Key motivations Economic

ROCE target >10%

• Bulk production makes distribution and transportation to our own sea water sites more effective
• Environmental friendly and efficient vessels and energy requirements (LNG and wind power)

Fish feed successfully initiated

F E E D N O K i l l io m n	Q 3. 1 4	Q 3. 1 3
O i t p e r a n g r e e nu e s v	3 9 5	n a
O i l E B I T t p e r a o n a O i l E B I T % t p e r a o n a	2 0 3. 7 %	n a n a
F d l d lu e e s o v o m e F d d d lu e e p r o c e o m e u v	5 5 3 8 4 5 6 0 9 7	n a n a
Ex i l i t t c e p o n a e m s	0	n a

Photo: Rune Røstad

• Profitable operations in the first quarter of operations
• Reached 100% capacity utilisation
• 220 thousand tonnes capacity
• 60% of MHG requirement in Norway(1)

MHG Farming – Geographic diversification

Output per license in Norway is quite stable and high

Deliberate low capacity utilisation in Chile

Salmonids production per license (HOG thousand tonnes)

We have changed our production strategy in Chile and have ample spare capacity

Harvest volumes MHG in Chile(HOG thousand tonnes)

Market share harvest volumes in Chile (%)

Marine Harvest - leading the world of salmon processing and sales (2013)

Sales contracts form an important part of our strategy and we continue to grow the consumer market share

Sales contracts in Norway (% of volumes harvested)

• • Contracts with market leading retailers are increasing
• •Focus on longer term contracts

Marine Harvest development in Asia

The "Prada" of seafood in emerging markets

Out concepts stores in Taiwan are gaining popularity and driving consumer awareness

Mowi brand name and concept positioning in Asia

• Mowi
• Marine Harvest's own superior breeding programme
• Based on the famous Vosso salmon
• Supreme strength and size
• Sustainably developed by natural selection
• Supreme quality with unique colour guarantee
• • "Stronger, healthier and tastier salmon"
• Mowi video: https://vimeo.com/106263933