Austevoll Seafood ASA

Investor Presentation • Feb 23, 2016

Q4 2015 Financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

A ll figures in N OK 1,000	Q4 2015	Q4 2014	2015	2014
Revenue	3 828 573	3 704 689	15 273 494	14 344 177
EBITDA	502 723	578 015	2 244 076	2 516 189
Total assets	25 840 314	23 601 651	25 840 314 -	23 601 651 -
Equity	13 610 808	12 360 106	13 610 808 -	12 360 106 -
Equity ratio	53 %	52 %	53 % -	52 % -
Net interest bearing debt (NIBD)	4 838 160	3 959 866	4 838 160	3 959 866
Q4 2015		2015
• EBITDA MNOK 613 (Q4 2014: MNOK 716)	•	EBITDA MNOK 2 603 (2014: MNOK 2 811)
o Salmon MNOK 478 (Q4 2014: MNOK 534)	o	Salmon MNOK 1 814 (2014: MNOK 2 160)
o Pelagic MNOK 135	(Q4 2014: MNOK 182)	o	Pelagic MNOK 789 (2014: MNOK 651)

• The board will recommend to the annual general meeting in 2016 a dividend of NOK 2.20 per share (NOK 2.00 in 2015).

* Incl. proportional consolidation of Pelagia (50%)

Company overview

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: 153 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

'000 MT	Q4 2015	Q4 2014	2015	2014	2016 E
Own catch - Anchoveta	59	-	248	165	290
Own catch - Mackerel and Jack Mackerel	-	-	-	10	10
Purchase - Anchoveta	20	-	62	56	101
Purchase - Human Consumption	-	-	-	4	10
Total ('000 MT)	79	-	310	235	411

A new fishing vessel «Don Ole» was delivered to Austral Group in December 2015

Centre / North

• 2nd season quota of 1,100,000 MT ended 31st January. Austral capture 100% of its quota, 76,263 MT (6.9%), by January 20th . Third party purchases 38,657 MT, benefitting from plant expansion in Coischo and equivalent to 3.6% share.
• Total fishmeal yield 23.3%, and total fish oil yield 2.7%
• Majority of sales in Q1 2016

South

• First quota 2016 defined: 382,000 MT (375,000 MT 2014), from February 2nd to June 30th .

Direct Human Consumption

• New annual quota 2016; Jack mackerel 93,000 MT (96,000 MT 2014) and mackerel 44,000 (44,000 MT 2014). No catch in Q4.

Anchovy biomass in Peru

MODELS OR PREDICTIONS OF EL NIÑO

• Currently strong coastal Niño along the Peruvian coast
• Strong presence of anchoveta detected close to the Peruvian coast
• For the central equatorial Pacific (Ninõ 3.4 region), global models predict the decline of El Ninõ in the coming months
• IMARPE cruise projected for Feb/Mar with a definition of the 1st season quota expected in Mar/Apr 2016

Diagram Source: ENFEN (No. 003-2016)

Anchovy biomass in Peru

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

• Total catch 2016 estimated at 4~5 mill MT vs 3.6 mill MT in 2015 (Subject to IMARPE research) Source: IMARPE

Operation in Chile

Foodcorp Chile S.A

000 MT	Q4 2015*	Q4 2014*	2015*	2014*	2016 E*
Own catch - Mackerel and other species	1	8	75	72	22
Purchase - Sardine/Anchovy	26	14	97	102	30
Purchase - Giant Squid/ Mackerel	0	2	6	19	20
Total ('000)	27	23	177	193	72
Mackerel
Own catch	1	5	53	53	21

(*) 100% Marfood Volume

Jack mackerel:

• 100% of our quota caught by MarFood / 94% of country quota were caught in 2015
• TAC for 2016 (SPRFMO) set at 310,000 MT (2015: 297,000 MT)
• Challenging frozen market in Africa during 2015, and market remains restricted so far in 2016
• However this is compensated by good demand from Peru in 2015.

Anchovy/sardine:

• Sea conditions affected fish availability and size, with lower than average quotas set
• 2016 TAC for Centre-South 318,400 MT (conservative level), reviews expected after season start in March (2015: initial 352,000 MT, after two reviews with all quota caught 512,000 MT)

Joint operation:

• The joint operation agreement between Foodcorp and Alimar ended on 31st Dec 2015
• All finished product stocks to be sold in H1 2016 and profits to be divided between the respective companies

North Atlantic pelagic quotas

(2007-2016 est)

• TAC for major species in 2016 are yet to be finalised

Source: NORGES SILDESALGSLAG

Pelagia AS

Fishmeal and fish oil

Norway, UK and Ireland ('000 MT)	Q4 2015	Q4 2014	2015	2014	2016 E
Raw material for fishmeal and fish oil	101	132	702	634	568
Raw material for protein concentrate/oil	78	62	244	205	220
Total ('000 MT)	178	194	945	839	788

All volume based on 100%

• Lower intake in Q4 for fishmeal and oil, but substantially higher raw material intake 2015 vs. 2014
• Rather firm prices for meal and oil in Q4
• New processing line in operation at Killybegs after major rebuilding. Capacity of 1,200 MT of raw material per day.
• Entering seasonal low market period Q1 2016

Pelagia AS

Human consumption

Volum ('000 MT)	Q4 2015	Q4 2014	2015	2014	2016 E
Raw material intake	151	199	365	453	343

(incl Sir Fish and NC Honningsvåg)

• Good raw material intake in Q4 with a mix of mackerel and herring
• Strong sales driven by reduced quotas and favorable currency
• Market restriction still in place for some key markets.
• Good production so far in 2016.

Pelagia AS (100% figures)

(MNOK)	Q4 2015	Q4 2014	2015	2014
Revenue	2 105,9	2 052,7	6 092,0	5 645,6
EBITDA	221,3	276,5	717,4	589,3
EBIT	172,3	228,6	548,4	419,9
Sales volumes (tonnes):
Frozen	130 500	167 500	304 000	389 600
FM/FPC/Oil	44 300	42 600	194 800	174 900
300 250		EBITDA (MNOK)
200 150
100 157 116 50	186 119	277 153	159 132	221 205
60		40
0 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 Q4 2015

Associated company, AUSS share = 50%

Br. Birkeland AS

Salmon

• 7 salmon licenses in Norway
• Harvested volume (GWT) 2,724 MT Q4/15 vs. 2,132 in Q4/14
• Harvested volume (GWT) 7,746 MT YTD 2015 vs. 7,520 in YTD 2014
• EBIT/kg NOK 5.00 in Q4/15 vs. NOK 3.60 in Q4/14
• EBIT/kg NOK 2.90 in 2015 vs. NOK 8.00 in 2014

Fleet

• 3 fishing vessels in Norway
• o Good contribution from the pelagic fishing vessels in Q4

Salmon Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

NOKm	Q4 2015	Q4 2014	% ch.
Sales	3 564	3 261	9 %
Other gains and losses	-1	42
EBITDA	478	534	-11 %
Depreciation & amortisation	125	99
EBIT*	353	435	-19 %
Income from associates*	15	10
Net finance	-32	-52
Pre-tax profit*	335	393	-15 %
EPS (NOK)*	6,4	4,9	-12 %
Harvested Volume (GWT)	41 697	42 479	-2 %
EBIT*/kg all inclusive (NOK)	8,5	10,2	-17 %
ROCE* (%)	14 %	18 %	-21 %

* Before biomass adjustment

Lerøy Aurora 26 licenses Lerøy Midt 57 licenses

Lerøy Seafood Group ASA

Salmon/trout farming

	Licences	Smolt cap.	2011 GWT	2012 GWT	2013 GWT	2014 GWT	2015 GWT	2016E GWT
Lerøy Aurora AS*	26	11,5	18 100	20 000	24 200	26 800	29 200	34 000
Lerøy Midt AS	57	22,0	62 300	61 900	58 900	68 300	71 400	65 000
Lerøy Sjøtroll	63	22,6	56 200	71 600	61 700	63 200	57 100	71 000
Total Norway	146	52,1	136 600	153 400	144 800	158 300	157 700	170 000
Villa Organic AS**						6 000
Norskott Havbruk (UK)***			10 900	13 600	13 400	13 800	13 500	13 000
Total			147 500	167 100	158 200	178 100	171 200	183 000

*) 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 Q4 2015

Catch and purchase (100% volumes)

	Q4 2015	Q4 2014	2015	2014	2016 E
Figures in 1,000 tonnes
Group companies:
Chile own catch*	1	8	75	72	22
Chile purchase*	26	16	102	121	50
Peru own catch	59	-	248	175	300
Peru purchase	20	-	62	60	111
Total Group companies	106	23	487	428	483
Joint ventures:
Europe purchase (HC)	151	199	365	453	343
Europe purchase (FM/FPC/Oil)	178	194	945	839	788
Totalt Joint venture:	329	393	1 310	1 292	1 131
TOTAL GROUP	435	417	1 797	1 720	1 614

* Volumes in Chile in 2015 and 2014 represent the 100% volumes of the cooperation Marfood of which Foodcorp Chile S.A owns 46%.

Key financial figures

					** AUSS including proportional 50% of Pelagia	AS
(NOK 1,000)	Q4 2015	Q4 2014	Δ %	Q4 2015	Q4 2014	Δ %
Revenue	3 828 573	3 704 689	3,3 %	4 881 506	4 731 038	3,2 %
EBITDA	502 723	578 015	-13,0 %	613 379	716 274	-14,4 %
Depreciation/Impairment	325 137	204 451		349 660	228 430
EBIT*	177 586	373 564	-52,5 %	263 720	487 845	-45,9 %
Income from associates*	86 185	66 981
Net finance	-94 305	-191 899
Pre-tax*	169 466	248 646	-31,8 %	Pelagia AS	Income from associates ex. biomass adjustment: Q4 15 Q4 14 NOK 71 851 57 156	(AUSS)
Net profit	809 259	616 461		Norskott Havbruk Others	NOK 5 840 11 237 NOK 8 494 -1 412	(LSG)
EPS (NOK)	1,91	1,38		Total	NOK 86 185 66 981
EPS (NOK)*	0,18	-0,06

	** AUSS including proportional 50% of Pelagia		AS

Q4 2015	Q4 2014 $***$	$**$ Δ%
4 881 506	4731038	3.2%
613 379	716 274	$-14.4%$
349 660	228 430
263720	487845	$-45,9%$

Income from associates ex. biomass adjustment:
		Q4 15	Q4 14
Pelagia AS	NOK	71 851	57 156	(AUSS)
Norskott Havbruk	NOK	5 840	11 237	(LSG)
Others	NOK	8 494	-1 412
Total	NOK	86 185	66 981

* Before biomass adjustment

** AUSS incl. proportional 50% of Pelagia AS

	Q4 2015	Q4 2014
Biomass adj group company	763 943	617 105
Biomass adj group associated companies	7 653	19 272

Key financial figures

				** AUSS including proportional 50% of Pelagia				AS
(N OK 1,000)	2015	2014	Δ %		2015	2014		Δ %
Revenue	15 273 494	14 344 177	6,5 %	18 319 475		17 166 983		6,7 %
EBITDA	2 244 076	2 516 189	-10,8 %	2 602 786		2 810 824		-7,4 %
Depreciation/Impairment	857 640	660 421		942 159		745 114
EBIT*	1 386 436	1 855 768	-25,3 %	1 660 628		2 065 710		-19,6 %
Income from associates*	272 493	273 369
Net finance	-325 145	-346 918
Pre-tax*	1 333 784	1 782 219	-25,2 %	Income from associates ex. biomass adjustment:		2015	2014
Net profit	1 283 106	1 000 671		Pelagia AS Norskott Havbruk	NOK NOK	203 322 49 622	124 744 92 508	(AUSS) (LSG)
EPS (NOK)	3,59	2,76		Villa Organic AS Others	NOK NOK	19 549	53 602 2 515	(LSG)
EPS (NOK)*	3,09	3,78		Total	NOK	272 493	273 369
* B efo re bio m ass adjustm ent

2015	$***$	2014	$***$	Δ%
18 319 475		17 166 983		6,7%
2602786		2810824	$-7,4%$
942 159		745 114
1660628		2065710		$-19,6%$

Income from associates ex. biomass adjustment:		2015	2014
Pelagia AS	NOK	203 322	124 744	(AUSS)
Norskott Havbruk	NOK	49 622	92 508	(LSG)
Villa Organic AS	NOK		53 602	(LSG)
Others	NOK	19 549	2 515
Total	NOK	272 493	273 369

	2015	2014
Biomass adj group company	246 567	-379 758
Biomass adj group associated companies	-8 214	-55 988

Lerøy Seafood Group ASA

(M N OK)	Q4 2015	Q4 2014	2015	2014
Revenue	3 563,5	3 303,7	13 484,9	12 696,9
EBITDA	477,6	533,8	1 813,9	2 160,1
EBIT* ex. Impairment	352,8	437,2	1 380,0	1 790,6
EBIT*	352,8	435,2	1 380,0	1 788,7
Harvested volume (GWT)	41 697	42 479	157 697	158 258
EBIT/kg* (NOK)	8,5	10,2	8,8	11,3

* before biomass adj.

• Spot prices above last year
• o NOS Q4/15 NOK 45.0 vs. NOK 38.3 in Q4/14 (+17%)
• o Up NOK 4.9/kg vs. Q3/15, and up NOK 6.7/kg vs. Q4/14
• o Price realization impacted by timing and low average harvest weights
• Contract prices below spot prices
• o Contract share of 33%
• Challenging market for trout
• o Improved during Q4
• Marginal cost increase q-o-q
• o Lerøy Midt affected by forced harvesting of small sizes
• Biomass at sea
• o End Q4/15 at 108,270 MT vs. 107,505 MT end Q4/14 (-1%)

Austral Group S.A.A

(M N OK)	Q4 2015	Q4 2014	2015	2014	• Austral Group's total quota for second season 2015
Revenue	70,8	225,1	1 091,2	1 067,3	was 76,263 MT.
EBITDA	-26,3	16,3	272,6	180,1
EBIT ex.impairment	-68,5	-23,8	109,0	42,0	• 77% of the quota were caught by end December
EBIT	-66,5	-32,5	117,3	39,0	2015, and the remaining quota was caught by January 20th.
Rawmaterial intake (tonnes):	78 877	-	310 468	234 832
Sales volumes:					• Low sales volume in the quarter, in total 2,700 MT of
Fishmeal (tonnes)	1 053	10 749	55 373	67 033	fishmeal and fish oil vs 11,700 MT
Fish oil (tonnes)	1 679	964	7 697	12 042
Canned fish (cases)	53 790	81 425	351 543	557 046	• Inventory by end December 2015;
Frozen/fresh (tonnes)	-	-	26	2 626	• Fishmeal 18,093 MT (Dec. 2014 6,370 MT)
300	EBITDA (MNOK)				• Fish oil 1,535 MT (Dec. 2014 2,268 MT)
250					• Expect to sell most of the production from second
200					season 2015 during Q1 2016
150			242
100 172					• The new fishing vessel «Don Ole» was delivered to
50	92 82	57		50	Austral Group in December 2015 and will be replacing 3 existing fishing vessels from 2016

• Austral Group's total quota for second season 2015 was 76,263 MT.
• 77% of the quota were caught by end December 2015, and the remaining quota was caught by January 20th.
• Low sales volume in the quarter, in total 2,700 MT of fishmeal and fish oil vs 11,700 MT
• Inventory by end December 2015;
• Fishmeal 18,093 MT (Dec. 2014 6,370 MT)
• Fish oil 1,535 MT (Dec. 2014 2,268 MT)
• Expect to sell most of the production from second season 2015 during Q1 2016
• The new fishing vessel «Don Ole» was delivered to Austral Group in December 2015 and will be

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

^{24 16 7}

-26

5 -7

-50 0 50

Foodcorp Chile S.A

(M N OK)	Q4 2015	Q4 2014	2015	2014	expected (main season in H1)
Revenue	142,9	128,4	490,3	500,7	o Catch of 700 MT of horse mackerel by own fleet
EBITDA	-3,2	6,9	46,7	79,5	vs. 4,800 MT same quarter 2014
EBIT ex.impairment	-20,2	-7,7	-17,6	26,3
EBIT	-136,4	-31,6	-133,8	1,2	• The sardine/anchoveta quota for 2015 were
Rawmaterial intake ( 10 0 % o f M a rf o o d v o lum e s in t o nne s ) :	27 079	23 412	176 970	193 125	increased from 393,000 MT up to 512,000 MT, and
Sales volumes (46% o f M arfo o d					second season started up November 4th
vo lum es): Fishmeal (tonnes)	4 553	2 695	10 145	16 682	o Purchased 26,400 MT of sardine/anchoveta
Fish oil (tonnes)	951	738	1 962	5 312	from the coastal vessels during Q4 vs. 14,000
Canned fish (cases)	5 590	9 214	23 609	60 021	MT Q4 2014
Frozen (tonnes)	2 110	2 908	11 967	16 823
		EBITDA (MNOK)			• The «Joint Operation» agreement between Foodcorp and Alimar ended 31 December 2015.
60 50 40					o From 2016 onwards, each party will run their assets separately.
30 20 38 10 9 0	53 24	7	40 -0,8	11	o Inventory from the joint venture, Marfood, will be sold during H1 2016 and the profit split between the parties.
-10 -19	-7	-5		-3	• Write down of MNOK 116 related to goodwill in Q4

• Seasonal low activity for human consumption as expected (main season in H1)
• o Catch of 700 MT of horse mackerel by own fleet vs. 4,800 MT same quarter 2014
• The sardine/anchoveta quota for 2015 were increased from 393,000 MT up to 512,000 MT, and second season started up November 4th .
• o Purchased 26,400 MT of sardine/anchoveta from the coastal vessels during Q4 vs. 14,000 MT Q4 2014
• The «Joint Operation» agreement between Foodcorp and Alimar ended 31 December 2015.
• o From 2016 onwards, each party will run their assets separately.
• o Inventory from the joint venture, Marfood, will be sold during H1 2016 and the profit split between the parties.

Br. Birkeland AS

(M N OK)	Q4 2015	Q4 2014	2015	2014
Revenue	182,1	152,7	520,4	429,2
EBITDA	50,0	21,9	106,4	91,5
EBIT*	28,6	7,8	39,3	39,1

* before biomass adj.

Salmon Q4

• Harvested volume (GWT):
• o Q4/15 2,724 MT vs. 2,132 in Q4/14
• EBIT/kg:
• o NOK 5.0 in Q4/15 vs. NOK 3.6 in Q4/14
• Harvested volume (GWT): o 2015 7,746 MT vs. 7,521 in 2014
• EBIT/kg: o NOK 2.9 in 2015 vs. NOK 8.0 in 2014
• High release from stock cost for the Spring 14 generation

Pelagic Q4

• The pelagic vessels have been catching their remaining quotas of mackerel and herring in Q4
• Good performance from their operation in the quarter

Balance sheet

(N OK 1,000)	31.12.2015	31.12.2014
Intangible assets	8 161 702	7 738 221
Tangible fixed assets	5 531 053	4 949 287
Financial non-current assets	1 861 178	1 663 735
Total non-current assets	15 553 933	14 351 243
Biological assets at cost	3 522 235	3 074 910
Fair value adjustment biomass	1 052 252	807 669
Other inventory	965 426	839 410
Receivables	2 276 073	2 330 271
Cash and cash equivalents	2 470 395	2 198 148
Total current assets	10 286 381	9 250 408
Total assets	25 840 314	23 601 651
NIBD	4 838 160	3 959 866
Equity	13 610 808	12 360 106
Equity ratio	53 %	52 %

USD by 31.12.2015: 8.80 USD by 31.12.2014: 7.43

Increased intangible assets

• consolidation of Maron AS in the Birkeland Group (one pelagic fishing vessel)

Increased inventory

• Increased biological assets
• Increased fishmeal/oil inventory

Increased cash

• an unsecured bond of MNOK 500 were issued in May, terms; 6 years duration at NIBOR + 2,90%.

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%)

Strong financial position, equity ratio at 53%

Cash flow

(NOK 1,000)	Q4 2015	Q4 2014	2015	2014
Pre tax profit	941 062	885 022	1 572 137	1 346 472
Biomass adjustment	-763 943	-617 105	-246 567	379 758
Paid tax	-27 245	-43 866	-427 611	-438 602
Depreciaton and impairments	325 137	204 451	857 640	660 421
Associated companies	-93 838	-86 253	-264 279	-217 381
Interest (net)	53 437	61 440	223 215	197 074
Working capital	-354 811	107 881	-503 407	-133 004
Cash from operating activities	79 799	511 570	1 211 128	1 794 738
Net investment in capex	-485 764	-351 688	-1 125 674	-994 489
Acquisitions and divestments	33 437	-1 191	-34 530	1 260 273
Others	9 018	73 920	222 458	108 819
Cash from investing activities	-443 309	-278 959	-937 746	374 603
Change in long term loans	267 890	-65 675	645 229	-513 468
Change in short term loans	203 323	84 882	275 754	-106 721
Dividends	-	-	-684 061	-592 222
Others	-60 445	-79 251	-255 959	-239 149
Cash from financing activities	410 768	-60 044	-19 037	-1 451 560
Cash at the beginning of the period	2 420 080	1 992 458	2 198 148	1 443 314
Net change in cash (incl.exchange gain/losses)	50 140	205 690	272 072	754 834
Cash at the end of the period	2 470 220	2 198 148	2 470 220	2 198 148

Q4 2015

Cash flow from operation of MNOK 80

• increase in working capital vs. same quarter 2014

Cash flow from investment of MNOK 443

• mainly driven by delivery of the new fishing vessel «Don Ole» in December

Cash flow from financing of MNOK 411

• Final settlement for the new fishing vessel «Don Ole»

Market outlook

Fishmeal

Fishmeal production - 2015 vs 2014

Regions	2015	2014	Change %
Peru	858 212	534 537	61 %
Chile*	312 170	377 190	-17 %
Danmark/Norway*	285 883	228 795	25 %
Iceland/North Atlantic*	238 825	164 438	45 %
Total	1 695 090	1 304 960	30 %
source: IFFO All numbers are preliminary and subject to revision # *Includes U.K., Ireland and Faroe Islands			Includes salmon-derived oil

• Production IFFO 6 fishmeal production up 30% y-o-y 2015 vs. 2014.
• o Recovery of Peruvian biomass
• o Higher landings in the North Atlantic region
• Prices USD 1,630-1,640/MT FOB Peru for super prime
• USD 1,300-1,350/MT FOB Std 65%
• Demand Feed mills producers & end users building stocks
• o to secure their consumption during the aqua peak season (Q2-Q3, 2016)
• o mainly in China and Europe (Norway)
• Supply Fishmeal stock in Peru is approx 250,000 MT (50% is contracted)

Fishmeal

Main market – China

• Stock level: 130,000 MT as of week 5 vs. 65,000 MT same period 2014 (up 87%).
• o similar to historical level of 123,000 MT (avg of 2010-2013)
• o Off takes Jan: 2,300 MT/day
• Prices in China still higher than in Peru and currently quoted at 11,800 RMB equivalent super prime 68% USD 1,800/MT (China main ports).
• Expectation of stable prices in the short term.
• Fishmeal/soymeal price ratio (China) still high at 4.00

Fish oil

	Fish oil production - 2015 vs 2014
Regions	2015	2014	Change %
Peru	95 464	116 331	-18 %
Chile*	109 587	145 658	-25 %
Denmark/Norway*	86 386	67 744	28 %
Iceland/North Atlantic*	70 724	51 077	38 %
Total	362 161	380 810	-5 %
source: IFFO All numbers are preliminary and subject to revision # Includes salmon-			derived oil *Includes

U.K., Ireland and Faroe Islands

Production • IFFO 6 fish oil production down 5% y-o-y 2015 vs. 2014.

• Lower yields from Peruvian production
• Lower raw materials landings in Chile
• Prices USD 2,400 2,500/MT FOB Peru for feed grade
• USD 3,000 3,100/MT FOB Peru for Omega3 grades depending on omega 3 content.
• Demand Salmon feed industry: Outlook stable in the short term.
• Omega 3 market looking for EPA/DHA 30% or high EPA.
• Supply Late Q2/Q3 = tight, Peru will start supplying the market late June (arrivals late July).

Atlantic salmon supply Q4 2015

(in tonnes WFE )

Avrg. Q4 2015 NOK 45,04 vs. avrg. Q4 2014 NOK 38,34 (+17.5%)

			Change		Change		Change		Change		Change!		Changel		Change
	2009	2010	$09-10$	2011	10-11	2012	$11 - 12$	2013	12-13	2014	$13 - 14$	2015	$14 - 15$	2016	15-16
Norway	855700	944 600	10,4%	005 600	6,5%	183 100	17,7 %	143 600	$-3,3%$	199 000	4,8%	234 200	2,9%	183 800	$-4, 1%$
United Kingdom	144 300	142 900	$-1.0%$	154 700	8,3 %	159 400	3.0%	157 800	$-1,0%$	500	8.7%	173 300	$1.0\%$	178 700	3,1%
Faroe Islands	47 100	41800	$-11.3%$	56 300	34,7 %	70 300	24.9%	72 600	3,3%	82 700	13.9%	76 600	$-7.4%$	81 700	6,7%
Ireland	14 800	17800	20,3%	16 000	$-10,1%$	15 600	$-2.5%$	10 600	$-32,1%$	12 300	16.0%	15 700	27,6%	16 000	1,9%
Iceland	500	000	100.0%	1 0 0 0	$0.0 \%$	2 900	190.0 %	3 100	6.9%	4 0 0 0	29.0%	5 200	30.0%	7 500	44,2%
Total Europe	1 062 400	148 100	8.1%	233 600	7.4%	431 300	16.0 %	387 700	$-3.0%$	469 500	5.9%	505 000	2.4%	1467700	$-2,5%$
Chile	239 100	129 600	$-45,8%$	221 000	70,5 %	364 000	64,7%	468 100	28,6%	582 900	24,5%	590 900	4%	547 900	$-7,3%$
Canada	121 900	122 000	0.1%	119 500	$-2,0%$	136 500	14,2 %	115 100	$-15,7%$	101 000	$-12.3%$	135 100	33,8%	133 800	$-1,0%$
USA	16 400	18 000	9.8%	18 300	1.7%	19 600	7.1%	20 300	3,6%	20 400	0.5%	20 200	$-1.0%$	20 500	1,5%
Australia	32 200	33 000	2,5%	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	2800	4500	60,7%	5 0 0 0	11,1%	8 500	70,0 %	11 100	30,6%	14 100	27.0%	12 800	$-9.2%$	10 200	$-20,3%$
Total Others	412400	307 100	$-25,5%$	399 800	30,2%	568 600	42,2%	653 600	14,9%	757 400	15.9 %	803 000	6,0%	757 400	$-5,7%$
Total World-wide	1474800	455 200	$-1.3\%$	1 633 400	$12.2 \%$	1999900		22.4 % 2 041 300	$2.1\%$	2 2 2 6 9 0 0	9.1%	2 308 000	3.6%	2 2 2 5 1 0 0	$-3,6%$

407,900 MT (+25%) 183,800 MT (+9%)

Figures as per 27.01.2016 - Source: Kontali

Atlantic salmon consumption

Full year 2015

Market - Salmon	2013	2014	2015	Grow th	Grow th %
Russia	160 000	145 400	110 600	-34 800	-24 %
USA	342 400	363 500	416 500	53 000	15 %
EU	932 400	1 018 000	1 095 000	77 000	8 %
Japan	59 400	63 800	59 800	-4 000	-6 %
Other Markets	542 900	616 000	631 000	15 000	2 %
Total Consumption	2 037 100	2 206 700	2 312 900	106 200	5 %

Figures as per 27.01.2016 - Source: Kontali/Nasdax

Conclusion

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

• Challenging Q4 2015
• Marginal cost increase q-o-q, Lerøy Midt affected by forced harvest of small sizes salmon
• Limited growth in global salmon supply combined with strong demand, gives a strong outlook for the coming years

Pelagic - South America

• Second fishing season in Peru, total quota of 1.11 million MT
• Austral Group caught 77% of their quota in Q4, and the remaining part by January 20th 2016
• Majority of the production from second season will be sold during Q1 2016
• Jack mackerel quota remains conservative, Foodcorp Chile S.A has caught 100% of their quota for 2015

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.

The board will recommend to the annual general meeting in 2016 a dividend of NOK 2.20 per share.

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 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 23.02.2016. 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%

AUSS`s share = 50%
(M N OK)	Q4 2015	Q4 2014	2015	2014
Revenue	2 105,9	2 052,7	6 092,0	5 645,6
EBITDA	221,3	276,5	717,4	589,3
EBIT	172,3	228,6	548,4	419,9
Net interest bearing debt			1 452	1 818

• Raw material intake FM/FPC/oil 178,000 MT vs. 194,000 MT in same quarter 2014.
• Raw material intake HC 151,000 MT vs. 199,000 MT in same quarter 2014.
• Russian sanctions against Norwegian seafood products from August 7th 2014

Associated companies

Norskott Havbruk AS (100% figures)

LSG's share = 50%
(MNOK)	Q4 2015	Q4 2014	2015	2014
Revenue	367	289	1 498	1 385
EBITDA	28	45	201	293
EBIT*	5	29	122	232
Volumes (gwt)	6 299	5 501	27 032	27 508
EBIT/kg* (NOK)	0,8	5,3	4,5	8,4
Net interest bearing debt			482	249

* before biomass adj.

5,9 7,9 9,5 9,1 12,0 10,2 5,9 5,3 7,7 5,7 4,2 0,8 0 2 4 6 8 10 12 14 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 EBIT*/kg (NOK)

• Accelerated harvest impacts harvest weight, price achieved and cost per kilo
• Harvest guidance 2016 lowered to 26,000 GWT
• Contract share of ~65%
• Strong pound (£) impacts competitive position and price realisation
• Decision to invest £ 35m in new smolt facility