Mowi ASA

Investor Presentation • Mar 5, 2014

- Leading the blue revolution

« Nine years as a Fish Investor »

Geveran Trading – Tor Olav Trøim

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.

Fredriksen Fish & Ships

24%	46%	37%	47%	41%	31%	100%
Seadrill	Frontline 2012	Ship Finance	Golar LNG	Golden Ocean	Marine Harvest	Aktiv Kapital
							Other investments
Mcap 22,079	Mcap 1 468	Mcap 1,322	Mcap 2,953	Mcap 595	Mcap 3,619	Mcap NA	• TUI AG (15%)
Empl 7,900	Empl 1	Empl 7	Empl 536	Empl 476	Empl 10,200	Empl NA
Sales 4,478	Sales 141	Sales 716	Sales 412	Sales 230	Sales 2,699	Sales NA	• Private Equity
EBITDA 2,359	EBITDA 50	EBITDA 585	EBITDA 298	EBITDA 100	EBITDA 232	EBITDA NA	• Public equity
Est 2005	Est 2012	Est 2003	Est 2000	Est 2004	Est 2005	Est 1997	• Fixed income
76%	73%	48%	51%	35%	40%	34%	49%
Seadrill Partn	NADL	Archer	Golar LNG Partn.	Frontline	Deep Sea Supply	North. Offshore	Arcadia
Mcap 1,261	Mcap 2,170	Mcap 492	Mcap 1,823	Mcap 186	Mcap 214	Mcap 228	Mcap NA
Empl 663	Empl 1,400	Empl 8,300	Empl 175	Empl 1,040	Empl 546	Empl 490	Empl NA
Sales 724	Sales 1,045	Sales 2,195	Sales 287	Sales 668	Sales 124	Sales 122	Sales NA
EBITDA 377	EBITDA 567	EBITDA 222	EBITDA 229	EBITDA 158	EBITDA 50	EBITDA 61	EBITDA NA

Our Philosophy

• § Keep it Simple and Focused
• § Lean & Efficient Management Teams
• § Define where we are in the cycle
• § Consolida@on & Economy of Scale works
• § Build Credibility with Customers, Investors & Financiers
• § Think and act like an Investor
• § Spread the risk – Build porIolio in Holding
• § No Debt in Holding
• § Good cash posi@on in Holding to protect exis@ng porIolio and take up new opportuni@es

2005: Cashing in on a cyclical peak – looking for a cyclical opportunity

* Shareprice 4 including distributed dividend

Solid salmon experience – and simple math

The original half page research

and an aggressive CEO.

§ « We have evidence that more than a hundred labels existed in Germany in the 1920s, of which barely more than a dozen survived during the 1930s. The big record company Kuchenmeister become the victim of its rapid expansion. By the end of July 1931 Dutch and German banks which were main creditors rescinded their credit lines and only two days later their subsidiary, Ultraphone, terminated their payments. Telefunken Platten GmBh purchased Ultraphone from the bankruptcy assets. This is how Telefunken advanced almost overnight to become one of the world's largest record companies.»

From the book : Creativity and Innovation in the Music Industry by Peter Tschmuck.

We acted fast

They said we couldn't do it…

-so we tried...

• § 2005
• § Geveran Trading purchase 48% of Pan Fish (NOK ~800 m)
• § Geveran Trading purchase 26% of Fjord Seafood (NOK 440m)
• § 2006
• § Pan Fish acquires Marine Harvest NV from Nutreco/Stolt Group (EV EUR 1,325m)
• § Pan Fish takes Fjord Seafood ASA private
• § 2007 -2009
• § Focus on integrating the new Group
• § Biological meltdown in Chile causes accumulated losses of EUR 500m
• § 2009 Lerøy elected Vice Chairman
• § 2010/11
• § Aarskog appointed CEO and large management reshuffle
• § Reorganisation into Farming/Sales & Marketing
• § Accumulated dividends of NOK 5bn
• § 2012/13
• § Acquisition of Morpol
• § Decision to commence construction of feed plant in Norway.

-and it worked......

MHG Grows fast – In a fast growing market with significant opportunities for further growth

1. Experienced Management produce cost-effecient and better fish

2. Marine Harvest farming regions – risk management

3a. Vertical Integration – Fish Feed

• § Problem: Strong development in feed prices has led to increasing production cost
• § Feed industry highly consolidated
• § Solution:
• § Build 220 thousand tonnes capacity 60% of MHG requirement in Norway

• § ~NOK 800m investment Completion July 2014.

• § Industry far too fragmented

• § Solution: Acquired Morpol to gain economies of scale

3. MHG – 2014 Vertical Integrated Leading position across the value chain

Marine Harvest business areas

• § SIZE creates flexibility to serve our large customers better
• § SIZE reduces risk
• § SIZE gives some purchasing power

• § SIZE and a strong VAP division creates flexibility

• § Fish farming is a cyclical industry Don't use too much leverage

• § Don't be too ambitious
• § Some of our best decisions have been not to move...
• § If you feel good hangover is just around the corner - Expect the unexpected
• § Production of salmon is a very efficient protein converter

• § Don't mess up the regulations in Norway and make it into Chile II

• § Be good at what we are good at... do more of the same sustainable growth

• § Create your own destiny try to control your biology better
• § Offer services others can't offer logistically
• § Chile? We are not paying NOK 50 for capacity bought at NOK 25 a year ago when the whole industry is in disarray and MHG operate at 50% capacity utilisation
• § Produce cost efficient healthy fish
• § Time to look at other species? Not sure…
• § Time to start branding and marketing…

Time to move from Cocktail Parties to Professional Branding

Population Growth

Source: Visualization from Gapminder World, powered by Trendalyzer from www.gapminder.org.

Population Growth

Source: UN 2004 projections

• § In Q2 2005 PAN FISH was a small distressed loss making fish farmer with approximately 2,400 employees and majority owned by the creditors
• § In Q4 2013 Pan Fish's successor, Marine Harvest, with 10,200 employees fed approximately 6 million people with 1 million kilos of salmon every day and made approximately NOK 10 million in operating cashflow per day... even Sundays
• § Company transformed from high to low cost producer through good management and scale
• § The prices and share prices are cyclical, but we can use the profits to continue to build a better company who can feed significantly more of a fast growing population with affordable healthy food... and make even more profit in the next cycle.
• § That's what I call a MEGA TREND