Austevoll Seafood ASA

Investor Presentation • May 14, 2014

Q1 2014 Financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights Q1 2014

All figures in MNOK	Q1 2014	Q1 2013 (restated)	2013	Q1 2014 (P)*
Revenue	3 616	2 755	12 410	4 288
EBITDA	745	485	2 226	807
Total assets	19 701	19 164	21 224	21 355
Equity	10 704	9 917	10 699	10 756
Equity Ratio	54 %	52 %	50 %	50 %
Net interest bearing debt (NIBD)	3 159	3 414	4 768	4 276

*AUSS including proportional consolidation of Pelagia AS (50%)

• Best quarter ever.
• The transaction between Austevoll Seafood ASA (AUSS) and Kvefi AS (controlled by Kverva AS) completed – Pelagia AS established.
• Pelagia AS is an associated company treated in accordance with the equity method.
• Proposed dividend NOK 1.60 per share, if approved by the General Meeting, the payment date will be June 6th .

Company overview 2014

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
Activities
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 tonnes of pelagic fish annually (28 vessels)
Salmon			130 salmon licenses 15 salmon licenses Norway salmon operation UK	180,000 – 190,000 tonnes of salmon
Processing	7 processing plants	4 processing plants	47 processing plants	58 processing plants Intake of 1.5 – 1.8 mill tonnes of pelagic fish annually
Sales & distribution	Own sales organisation	Own sales organisation		Own sales organisation Wholesale with global sales & distribution

* Associated companies

Pelagic

Austral Group S.A.A FoodCorp S.A. Pelagia AS (Associated)

Operation in Peru (Austral Group S.A.A)

	Q1 2014	Q1 2013	2014E	2013
Own catch - anchovies	19	24	354	314
Own catch - mackerel and jack mackerel	7	8	30	9
Purchase - anchovies	5	25	91	143
Purchase - Human Consumption	2	3	6	8
Total ('000 MT)	33	60	481	474

Centre / North

• 1 st season 2014 opened from 23rd April 2014 (17th May 2013) and will end 31st July 2014:
• quota was set at 2.53 mill MT (2.05 mill MT 2013)
• Challenging start to first season
• subject to Imarpe's research, changes or early closing is still an option.
• Imarpe projected a biomass of 9.77 mill MT.

South

• National Q1 total catch 9,995 MT (5,537 MT 2013).
• Second season defined from 31st Oct 2013 to 31st May 2014 for a total of 430,000 MT:
• 34,156 MT was caught nationally until 31st March 2014.

Human consumption

• Annual jack mackerel quota was set at 104,000 MT and mackerel quota at 48,000 MT; effective from 16th Jan 2014 until 31st Dec 2014.
• Until 31st March 7,345 MT of jack mackerel and 22,393 MT of mackerel were caught at national level.

Anchovy biomass in Peru (IMARPE)

Total catch 2014 estimated at 5~5.5 mill MT

• Subject to Imarpe research
• Possibility of El Ninõ in H2 might affect second season quota?

Operation in Chile (FoodCorp S.A.)

Chile (*)	Q1 2014	Q1 2013	2014 E	2013
Own catch - Mackerel and other species	24	24	75	58
Purchase - Sardine/Anchovy	38	16	55	36
Purchase - Giant Squid	4	-	6	4
Total ('000)	66	40	136	98
Mackerel
Own catch	20	24	49	40
% of quota catch	41 %	57 %	100 %	95 %
Catching area close to coast, with  2014 quota increased to 290,000  • Anchovy/sardine:	limited activity MT (252,000	in MT in 2013)	international waters.
Fishery recovered substantially 	from 2013,	both in fish	size and volume,
Global quota for 2014 increased 	from 411,000	MT to	601,800MT	(Centre/South)
• Giant squid production
8,000 MT of raw material processed 	in Q1.
• New fishing law is now in full effect, allocation system.	focusing in	sustainability	and a	scientific - technical
Same controls for both industrial 	and coastal	fleets (GPS,	external	off-loading certification)

• Jack mackerel:
• Catching area close to coast, with limited activity in international waters.
• 2014 quota increased to 290,000 MT (252,000 MT in 2013)
• Anchovy/sardine:
• Fishery recovered substantially from 2013, both in fish size and volume,
• Global quota for 2014 increased from 411,000 MT to 601,800MT (Centre/South)
• Giant squid production
• 8,000 MT of raw material processed in Q1.
• New fishing law is now in full effect, focusing in sustainability and a scientific technical quota allocation system.

North Atlantic pelagic quotas (2007-2014 est)

Mackerel Horse Mackerel NVG-Herring NS-Herring Capelin Barent sea Capelin Iceland Blue Whiting Sand Eel Norway Pout Boar

Notes for 2014 quota estimate

• Coastal agreement of Mackerel between Norway, EU and Faroe Island.
• Sand eel a Norway/Denmark species- quota to be finalised in May
• Boarfish quota is 67 % Irish
• Ex sprat and other Baltic quotas

Pelagia locations

• Pelagia Headquarters

Pelagia – Human consumption factory Pelagia – Fishmeal and fish oil factory

Operation North Atlantic (Pelagia AS)

Pelagia AS

• Transaction completed in January 2014.
• Headquarter in Bergen.
• Management structure established.
• Focusing in:
  • Increasing productivity
  • Strategic locations.
  • Product development.
  • Improving utilisation of resources with an integrated structure.
• Operates within two segments of the pelagic industry; Human consumption and fishmeal/oil.

Pelagia - Fishmeal and fish oil

Norway, UK and Ireland	Q1 2014	Q1 2013(P)	2014 E	2013(P)
Raw Material for Fishmeal and fish oil	182	188	510	483
Raw Material for Protein Concentrate/oil	54	50	190	201
Total ('000 MT)	236	238	700	684

All volume based on 100%

• Delayed start up of the Blue whiting season. Main fishery in April. YTD good production.
• Increasing prices on both fishmeal and fish oil throughout the Q1.
• Limited unsold stocks in the group

Pelagia – Human Consumption

Volume ('000MT)	Q1 2014	Q1 2013(P)	2014	2013(P)
Raw material intake	123	186	480	492

• Intake volume for this quarter behind last year due to significantly lower quota of NVG herring and capelin
• Strong demand for mackerel in Q1. Intake volume higher for mackerel for this quarter compared with same quarter last year
• Total sales in Q1 of finished products 89,000 MT vs 107,000 MT same quarter 2013.
• Challenging situation in Russia and Ukraine.

Pelagia AS (100%)

AUSS's share = 50.00%

NOKm	Q1 2014*	Q1 2013 (P)*	YTD Q1 2014*	2013 (P)*
Revenues	1 292	1 465	1 292	5 944
EBITDA	119	157	119	520
EBIT	80	115	80	348
Pre tax	76	93	76	242
Intake rawmaterial (100% all group companies)	359,0	423,1	359,0	1 176,2
Sales volume FM/Oil/FPC*	37,4	43,6	37,4	201,4
Sales volume HC	90,4	108,2	90,4	368,9
Balance sheet			31.03.2014*	31.12.2013 (P)
Licences, goodwill			643	967
Tangible fixed assets/investments			1 767	1 792
Inventories			1 307	1 194
Other current assets			1 089	1 077
Total assets			4 806	5 030
Equity			1 602	1 766
Debt			3 204	3 265
Total equity and debt			4 806	5 030

* Hordafor AS is booked in accordance with the equity method in 2014, in 2013 proportional consolidated

Norsildmel AS is booked in accordance with the equity method both in 2013 and 2014

Br. Birkeland AS AUSS's share = 49.99%

• 2 pelagic purse seiners with maximum quotas in Norway
• 7 salmon licenses in Norway (Hordaland)

NOKm	Q1 2014	Q1 2013	YTD 2014	2013
Revenues	87	79	87	429
EBITDA	25	26	25	154
EBIT before adj.biomass	16	17	16	118
EBIT	-26	37	-26	182
Pre tax	-31	16	-31	154

Balance sheet	31.03.2014	31.12.2013
Intangible assets	133	138
Tangible fixed assets	309	314
Inventories	189	240
Other current assets	209	187
Total assets	840	879
Equity	350	368
Debt	490	511
Total equity and debt	840	879
Net interest bearing debt	221	285

• All shares booked at cost price

• IFRS adjusted figures

Salmon Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

MNOK	Q1 2014	Q1 2013	2013
Revenue	3 180	2 332	10 764
Other gains	0,6	-	53
EBITDA	639	444	1 938
EBIT	550	369	1 625
EBIT/kg (all inclusive)	16,50	11,10	11,20
Total Volume (GWT)	33 336	33 231	144 800

Lerøy Seafood Group ASA

Salmon/trout farming

	Licences	Smolt cap.	2011 GWT	2012 GWT	2013 GWT	2014E GWT
Lerøy Aurora AS*	17	7,5	18 100	20 000	24 200	28 000
Lerøy Midt AS	54	22,0	62 300	61 900	58 900	66 000
Lerøy Sjøtroll	59	22,6	56 200	71 600	61 700	69 000
Total Norway	130	52	136 600	153 400	144 800	163 000
Villa Organic AS**	8					6 000
Norskott Havbruk (UK)***			10 900	13 600	13 400	12 500
Total			147 500	167 100	158 200	181 500

*) Included harvested volume from Villa Organic after split (around 3,000 gwt)

**) LSG's share of Villa Organic's volume in H1 2014, not consolidated

***) LSG's share, not consolidated

Financials Q1 2014

Volume by products Q1 2014

Catch and purchase (100% volumes)

Figures in 1,000 tonnes	Q1 2014	Q1 2013*	2013*	2014E
Group companies:
Chile own catch	24	25	58	75
Chile purchase	42	16	40	61
Peru own catch	26	32	323	384
Peru purchase	7	29	151	96
Total Group companies	99	102	572	616
Joint ventures (Pelagia AS)
Europe purchase (HC)	123	185	492	480
Europe purchase (FM/Oil)	236	238	684	700
Totalt Joint venture:	359	423	1 176	1 180
TOTAL	458	525	1 748	1 796
Volumes sold (100% volumes)
Figures in 1,000	Q1 2014	Q1 2013*	2013*
Group companies:
Fishmeal and oil (tonnes)	38	20	238
Frozen products (tonnes)	10	15	25
Canning (cases)	214	415	1 173
Salmon (tonnes)	33,3	33,2	144,8
Joint ventures (Pelagia AS)
Fishmeal and oil (tonnes)	36	34	153
FPC and oils (tonnes)	18	18	90
HC products (tonnes)	90	108	369

* Proforma volumes for Pelagia Group in 2013

Results Q1 2014

All figures in NOK 1.000	Q1 2014	Q1 2013 Restated	2013	Proforma AUSS incl. Pelagia 50% Q1 14*	Proforma AUSS incl. Pelagia 50% Q1 13*
Operating income	3 616 231	2 754 660	12 409 756	4 288 033	3 487 177
Operating expenses	2 871 497	2 269 188	10 183 648	3 481 410	2 923 140
EBITDA before fair value adj.biomass	744 734	485 472	2 226 108	806 624	564 038
Depreciation and amortisation	138 474	126 965	529 474	159 056	147 925
Impairment	-1 874	-1 702	89 541	-1 874	-1 702
EBIT before fair value adj.biomass	608 134	360 209	1 607 093	649 442	417 815
Fair value adjustment biomass	-477 635	209 063	764 229	-477 635	209 063
Operating profit	130 499	569 272	2 371 322	171 807	626 878
Income from associated companies	59 584	28 391	248 350	32 768	32 368
Net interest expenses	-46 501	-47 789	-195 792	-59 614	-62 828
Net other financial items (incl agio/disagio)	7 189	-6 764	-43 657	11 740	-6 764
Profit before tax	150 771	543 110	2 380 223	156 700	589 654
Income tax expenses	-17 917	-131 605	-580 768	-22 863	-141 312
Net profit from continuing operations	132 854	411 505	1 799 455	133 837	448 342
Net profit from discontinued operations	-	36 420	-238 699	-	-
Net profit from continuing and discontiued operations	132 854	447 925	1 560 756	133 837	448 342
Earnings per share from continuing operations	0,48	0,71	4,66	0,48	0,82
Earnings per share from cont. Operations ex. Biomass adj.	1,56	0,24	2,96	1,56	0,36

* Figures for Q1 2013 are proforma figures for Pelagia Group as if the transaction had taken place January 1st. 2013. Both proforma Q1 2014 (P) and Q1 2013 (P) shows Pelagia Group proportionally consolidated in the AUSS Group figures

• Condensed Consolidated - Income Statement (unaudited)

Balance Q1 2014

All figures in NOK 1.000	31.03.2014	31.03.2013 (restated)	31.12.2013
Intangible assets	6 009 650	5 970 233	6 035 665
Fixed assets	3 967 629	3 921 846	4 095 855
Financial assets	1 968 163	706 098	1 145 026
Inventories	3 904 320	3 455 883	4 467 682
Receivables	1 966 402	1 682 830	2 290 511
Assets classified as held for sale	-	1 222 978	1 793 241
Bank balance	1 884 614	2 203 807	1 396 278
Total Assets	19 700 778	19 163 675	21 224 258
Total equity	10 704 186	9 917 246	10 699 318
Provisions for commitments	1 997 132	2 024 316	2 136 205
Other long term liabilities	4 037 740	4 322 558	4 960 799
Current liabilities	2 961 720	2 899 555	3 427 937
Total equity and liabilities	19 700 778	19 163 675	21 224 259
Equity ratio	54 %	52 %	50 %
Net interest bearing debt (NIBD)	3 159 021	3 413 812	4 767 714

Cash flow statement Q1 2014

All figures in NOK 1.000	Q1 2014	Q1 2013 (restated)	2013
Net cash flow from operating activities	779 333	491 156	1 361 625
Net cash flow from investing activities 1)	945 753	-200 031	-1 812 050
Net cash flow from financing activities 2)	-1 236 751	-249 579	-315 559
Net change in cash and cash equivalents	488 335	41 546	-765 984
Cash and cash equivalents at beginning of period	1 396 279	2 162 261	2 162 262
Cash and cash equivalents at period end	1 884 614	2 203 807	1 396 278

Comments Q1 2014:

• 1) AUSS sold shares in NPEL,Welcon and Pelagia in January, total settlement in cash MNOK 1,000

• 2) Down payment on long term facility (AUSS), total MNOK 740

• Condensed Consolidated Cash flow statement (unaudited)

Fishmeal and fish oil Q1 2014

• Figures are only from our South America operations

Human consumption Q1 2014

• Figures are only from our South America operations

Salmon Q1 2014

Pelagia AS (50%) Q1 2014

* Figures and volumes Q1 13 and full year 2013 are proforma figures for Pelagia Group as the transaction had taken place 1 st of January 2014

Market outlook

Fishmeal

Regions	Week18		Week17		Same Week 2013		Cumulative	Cumulative
	28.4.14	4.5.14	21.4.14	27.4.14	29.4.13	5.5.13	2014	2013
Chile*		11 240		17 188		5 745	168 350	123 158
Peru		32 966		28 911		0	153 502	89 507
Danmark/Norway*		3 731		6 425		4 453	103 708	73 374
Iceland/North Atlantic*		7 260		8 689		4 595	68 590	110 080
Total		55 197		61 213		14 793	494 150	396 119

• Fishmeal production by IFFO 6 up 25% ytd vs same period 2013.
• Peru quota 1 st season at 2.53 mill MT.
• Higher than expected
• Slow start
• Uncertain progress
• Low volume presold fishmeal from the ongoing season in Peru.
• Late start-up in European production. Recovery of raw material intake in March/April.
• Price FOB Peru for super prime. USD 1,600/MT
• 32 % increase in Norwegian aqua feed sales YTD mid April vs same period 2013.

Source: IFFO

Fishmeal

Main market – China

• Stocks at high level: 253,675 tonnes as of May 07th vs. 121,210 same period 2013 (+109%), no more arrivals expected until mid June onwards.
• Current stocks are to meet the consumption of May-July (aqua season).
• Off takes starting to increase: 16-18,000 MT per week
• Fishmeal Super prime/soymeal ratio: 2.4 (vs. same period 2013, level: 3.2) favorable for the FM consumption.
• Fishmeal/soymeal ratio at 2.4, favorable for the FM consumption.
• Aquaculture consumption (Q2-Q3) key point to follow up during May in order to set a price for this season.

Fish oil

Weekly Fish oil production
Regions	Week18		Week17		Same Week 2013		Cumulative	Cumulative
	28.4.14	4.5.14	21.4.14	27.4.14	28.4.13	5.5.13	2014	2013
Chile*	4 107		6 064		1 448		78 353	41 042
Peru	6 058		5 121		0		22 389	12 063
Danmark/Norway*	966		1 550		1 258		17 028	23 414
Iceland/North Atlantic*		169 549			316		14 074	33 697
Total		11 300		13 284		3 022	131 844	110 216

• Fish oil production by IFFO 6 up 20% ytd vs same period 2013.
• Low pre-sold volumes in front of the Peruvian season
• High yield from the Chilean production
• Prices for feed grade stable.
• USD 1,850-1,900/MT FOB PERU
• Price indication for omega market: USD 2,200- 2,400/MT depending in EPA/DHA profiles.
• Limited stock on feed grade oil globally
• Ratio European fish oil/rapeoil at 1.98 (2.10 same period 2013)

Pelagia AS

Mackerel

• 33 800 MT of mackerel sold in Q1 2014 (29,600MT in Q1 2013)
• Increase in prices last quarter
• Strong demand from the market in Q1.

FOB PRICE

Herring

• 29,900MT of herring products sold in Q1 2014 (44,200MT in Q1 2013)
• Volume reduced mainly due to reduction in NVG quota
• Political situation in Ukraine puts prices under pressure.

FoodCorp / MarFood S.A.

Frozen fish

• MarFood is focusing on frozen.
• Amongst the leaders in the industry (2nd largest jack mackerel producer in Chile).
• Average price Q1-2014: USD 1,301/MT (USD 1,236/MT in 2013)
• Implementation of import quotas in Nigeria affecting the frozen fish market.

Source: FoodCorp SA

Atlantic salmon consumption Q1 2014

Market	Q1 2012	Q1 2013	Q1 2014	Grow th	Change
Russia	40400	37100	31900	-5200	-14,0 %
EU	206600	202600	204000	1400	0,7 %
USA	78400	92700	98600	5900	6,4 %
Other Markets	111800	125300	133700	8400	6,7 %
Japan	14700	11800	14100	2300	19,5 %
Total Consumption	451900	469500	482300	12800	2,7 %

Figures as per 05.05.14 - Source: Kontali

Avrg Q1 2014 NOK 46,83 vs avrg Q1 2013 NOK35,36 (+32.4%) - Source: NOS

Atlantic salmon - supply (in tonnes WFE )

			Change		Change		Change		Change		Change		Change
	2009	2010	09-10	2011	10-11	2012	11-12	2013	12-13	2014	13-14	2015	14-15
Norway	855700	944600	10,4 %	1005600	6,5 %	1183100	17,7 %	1143600	-3,3 %	1224200	7,0 %	1234000	0,8 %
United Kingdom	144300	142900	-1,0 %	154700	8,3 %	159400	3,0 %	157800	-1,0 %	161000	2,0 %	162200	0,7 %
Faroe Islands	47100	41800	-11,3 %	56300	34,7 %	70300	24,9 %	72600	3,3 %	76900	5,9 %	74400	-3,3 %
Ireland	14800	17800	20,3 %	16000	-10,1 %	15600	-2,5 %	10600	-32,1 %	12000	13,2 %	13000	8,3 %
Iceland	500	1000	100,0 %	1000		2900		3100,1	6,9 %	4000	29,0 %	5000	25,0 %
Total Europe	1062400	1148100	8,1 %	1233600	7,4 %	1431300	16,0 %	1387700	-3,0 %	1478100	6,5 %	1488600	0,7 %
Chile	239100	129600	-45,8 %	221000	70,5 %	364000	64,7 %	468100	28,6 %	510000	9,0 %	486600	-4,6 %
Canada	121900	122000	0,1 %	119500	-2,0 %	136500	14,2 %	115100	-15,7 %	117300	1,9 %	128900	9,9 %
Australia	32200	33000	2,5 %	36000	9,1 %	39000	8,3 %	40500	3,8 %	42000	3,7 %	44000	4,8 %
USA	16400	18000	9,8 %	18300	1,7 %	19600	7,1 %	20300	3,6 %	19500	-3,9 %	20500	5,1 %
Others	2800	4500	60,7 %	5000	11,1 %	8500	70,0 %	11100	30,6 %	14100	27,0 %	18500	31,2 %
Total America	412400	307100	-25,5 %	399800	30,2 %	567600	42,0 %	655100	15,4 %	702900	7,3 %	698500	-0,6 %
Total World-wide	1474800	1455200	-1,3 %	1633400	12,2 %	1998900	22,4 %	2042800	2,2 %	2181000	6,8 %	2187100	0,3 %

Figures as per 27.04.14 - Source: Kontali

Conclusion

Salmon

• Strong performance from the salmon company
• Limited growth in global salmon supply combined with strong demands, gives a strong outlook for the coming years

Pelagic - South America

• 1 st season 2014 quota for fishery in Peru 2.53 mill MT up from 2.05 mill MT same season 2013
• Recovery of anchoveta fishery in Chile, jack mackerel quota remains low.

Pelagic - North Atlantic

• Strengthening of 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.

Thank You

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 first 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 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 14.05.2014. 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

Norskott Havbruk AS (100% figures) LSG's share = 50.0%

	Q1 2014	Q1 2013
Revenue (NOKm)	391	289
EBIT* (NOKm)	87	39
Harvested volume (GWT)	7 261	6.515
EBIT/kg* (NOK)	12.0	5.9

* Before biomass adjustment

High contract share Negative cost impact y-o-y: Higher feed costs Biological health status good Expected harvest in 2014 25 000 GWT NIBD end Q1 2014 NOK 237m

Villa Organic AS (100% figures) LSG's share = 49.40%

	Q1 2014	Q12013
Revenue (NOKm)	312	191
EBIT* (NOKm)	114	28
Harvested volume (GWT)	6700	4 500
$EBIT/kg* (NOK)$	17.0	6.2

* Before biomass adjustment

No contracts, high price realisation Positive development in biology Company will be split in June 2014 Lerøy share, 8 licenses will be operated by Aurora NIBD end Q1 2014 NOK – 2m (net cash)