Austevoll Seafood ASA

Investor Presentation • Nov 9, 2017

Q3 2017 Financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

All figu in NO K 1 ,00 0 res	Q3 20 17	Q3 20 16	YT D 2 01 7	YT D 2 01 6	20 16
Re ve nu e	4 9 02 77 1	4 6 11 39 1	15 99 6 9 20	13 58 1 8 59	18 91 1 5 23
EB ITD A*	1 0 51 11 0	70 9 2 19	3 9 28 57 4	2 5 79 88 2	3 8 80 83 1
EB IT*	82 2 0 34	49 6 4 82	3 2 42 89 1	1 9 82 06 7	2 9 12 91 1
rof Pre -ta it** x p	87 3 3 60	54 6 4 55	3 3 78 47 4	2 0 80 43 2	3 0 85 19 3
EP S ( NO K) *	1, 95	0, 99	6, 99	3, 87	5, 05
To tal set as s	34 89 1 6 67	31 02 4 1 07	34 89 1 6 67	31 02 4 1 07	35 00 1 4 03
Ne t in ing be ari de bt ter est ng	4 4 11 49 4	4 7 76 92 0	4 4 11 49 4	4 7 76 92 0	5 4 92 88 0
Eq uity tio ra	% 55	% 55	% 55	% 55	52 %
Gr EB ITD A inc l. 5 of Pe lag ia 0% ou p	1 1 13 90 9	79 35 7 7	4 1 19 84 2	2 7 91 88 7	4 1 94 92 9
EB ITD A Sa lm on/ wh ite fis h	1 0 07 51 5	61 2 0 48	3 3 78 66 5	2 185 03 6	3 3 55 08 9
EB ITD A Pe lag ic inc l. p ion al Pe lag ia ort rop	10 6 3 95	185 68 6	74 1 1 77	60 6 8 51	83 9 8 40

* Before fair value adjustments related to biological assets

** Pre-tax profit is the effect from fair value adjustments with biological assets excluded. Same for biological assets in associated company.

Operation overview

	P E R U	C H I L E	N O R T H A T L A N T I C	A U S T E V O L L S E A F O O D G R O U P
PE LA GIC FIS HIN G	f a ho 7% ota o nc qu vy h ntr ort ce e‐n fis hin ls 20 g v es se	f p lag fis hin 9.1 % ic o e g ota qu fis hin ls 3 g v es se	fis hin ls 5 g v es se	f p lag fis h c ht 40 0, 00 0 ‐ 50 0, 00 0 MT ic o e au g l ly ( ls ) 28 an nu a ve sse
PE LA GIC PR OC ESS ING	lan 7 sin ts p roc es g p	lan 4 p sin ts roc es g p	ssi lan * 25 ts pro ce ng p	sin lan 36 ts p roc es g p ke f 1 .6 ‐ 1 .9 i l l M f fis h l ly Int T o a o m a nn ua
WH ITE FIS H			% hit fis h q ( ) 11 NO ta w e uo fis hin els 9 • g v ess 1 N bu ild ( 20 18) • ew lan 10 Pro sin ts • ces g p	f w hit fis h 10 0, 00 0‐1 20 00 0 MT o e , ( ) 9 v ls es se lan 10 sin ts p roc es g p
SA LM ON			No rw ay : 15 3 lm lice s a on ns es l. s alm * inc ion UK rat • on o pe	f s lm 18 0, 00 0 ‐ 19 0, 00 0 MT o a on
SA LES	d s les Int isa tio rat eg e a org an n	d s les Int isa tio rat eg e a org an n	d s les Int isa tio rat eg e a org an n	ho les le h lo ba l s les W it & a w g a dis bu tri tio n

* Associatedcompanies

3	ww w. au ss .no	Au ll S foo d A SA ste vo ea
---	-----------------------------	---------------------------------------------------

Pelagic

Austral Group S.A.A Foodcorp Chile S.A Br. Birkeland ASPelagia AS (associated)

Operation in Peru

Southern Oscillation Index

Source: Australian Government Bureau of Meteorology

5

Biomass and quota evolution

Peruvian Anchoveta

• Highest first season since 2011. Combined with 2nd season 2016 suggests a return to more normal quota levels around 4.5 ~ 5 million MT (subject to IMARPE cruise).

6

Austral Group S.A.A Operation in Peru

Volu '000 MT me	Q3 20 17	Q3 20 16	YT D 2 017	YT D 2 016	20 17 E	20 16
Ow h: atc c n ho An ta c ve ke l Ma c re	7 ‐	46 7	20 9 9	9 8 8	31 9 9	19 0 12
ha Pu rc se : ho An ta c ve ke l Ma c re	2 ‐	11 ‐	74 1	49 ‐	10 6 1	76 ‐
l ( '0 ) To 0 0 MT ta	9	6 4	29 3	15 5	4 35	27 8

Centre/North

• • 1st season ended July 31st with 2.4 million MT caught vs. 0.9 million MT 1st season 2016
• • 2n^d season expected to start in the middle of November and continue until January 2018

South

• Quota for 2nd season set at 515,000 MT but resources are scarce.

Direct Human Consumption

• Lack of availability of horse mackerel and other species

www.auss.no Austevoll Seafood ASAAustevoll

Operation in Chile Foodcorp Chile S.A

Vol '00 0 M T ume	Q3 20 17	Q3 20 16	YT D 2 01 7	YT D 2 01 6	20 17 E	20 16
ch Ow at c n :
ck l nd the Ma cie ere a o r s pe s	16	0	41	21	41	27
rch Pu as e:
/a Sa rd ine ho nc vy	2	1	39	10	44	18
/m Gi id ke rel t an s qu ac	2	1	14	20	15	21
l ( '00 ) To 0 M T ta	20	2	94	51	10 0	66

Jack mackerel:

• • Foodcorp quota for 2017 21,650 MT vs. 20,240 MT in 2016 •Main season started in March
• •Purchased 18,000 tonnes of quota from 3r^d party
• •Main markets in Africa for frozen products have recovered
• • 2018 quota to be increased by 16.8% in 2018 by Scientific Committee of SPFRMO
• • Biomass reached sustainable level according to SPFRMO
• •Probable up to 15% quota auction for 2018

Anchovy/sardine:

• •Season 2017 started in March
• •Good quality of fish (good size & high fat content)

Giant squid:

• • Lower catches from artisanals year to date, due to weather condition limitations
• •Good demand and price

North Atlantic pelagic quotas (2007-2018E)

Key drivers for 2018 E

• • Increased quota for: Capelin Blue whiting
• Decrease in quota for DHC species
• NVG herring
• Mackerel

•

• Quota for sand eel to be finalised in April 2018

Source: Norges Sildesalgslag, Havforskningsinstituttet.

Estimates is based on data from the abovesources and ICES recommendation

* Horse Mackerel, Sand Eel, Norway Pout, Boar ** Capelin from both the Barents Sea and Iceland

Fishmeal and fish oil (FMO) Pelagia AS

( T) No UK d Ir ela nd '00 0 M rwa an y,	Q 3 20 17	Q 3 20 16	YT D 20 17	YT D 20 16	20 17 E	20 16
l: Ra Ma ia ter w
Fis hm l nd fis h o i l ea a	7 9	1 2 1	5 6 0	4 8 1	6 6 5	5 7 5
/o in i l Pro te ntr ate c on ce	5 4	4 6	2 0 6	1 9 0	2 6 5	2 6 4
l ( '0 ) To 0 0 M T ta	1 3 3	1 6 7	7 6 6	6 7 1	9 3 0	8 3 9

All volume based on 100%

• • Raw material volumes lower than Q3 2016 mainly because of less sprat
• •Q3 as usual with lower activity of production
• •Higher sales volumes in Q3/17 vs. Q3/16

Pelagia AS

Direct Human Consumption

Vol ( '00 T) 0 M um e	Q 3 20 17	Q 3 20 16	YT D 20 17	YT D 20 16	20 17 E	20 16
l ke Ra ia int te w ma r a	6 0	6 2	2 1 2	2 1 7	4 0 5	3 3 0

• • Acceptable production of both mackerel and NS herring so far
• •Lower availability of summer mackerel vs. last year
• •Good sales, specially mackerel for the Asian markets
• • Preparing for large volumes of NVG herring
• •See this as a challenge due to restrictions in main market
• •Russian market remains closed
• •Stock situation acceptable

Pelagia AS (100% figures)

( MN OK )	Q 3 2 0 1 7	Q 3 2 0 1 6	Y T D 2 0 1 7	Y T D 2 0 1 6	2 0 1 6
Re ve nu e	1 3 0, 3 5	1 3 2 8, 6	3 9 1 4, 8	3 6 9, 2 5	8, 4 5 7 5
E B I T D A	1 2 5, 6	1 7 7, 0	3 8 2, 5	4 2 4, 0	6 2 8, 2
E B I T	8 0, 0	1 3 7, 8	2 6 3, 9	3 0 4, 4	4 6 4, 2
Sa les lum (to s): vo es nne
Fr oz en	4 1 9 0 0	4 2 2 0 0	1 3 2 0 0 5	1 6 3 0 0 0	2 6 4 6 0 0
/ C / O F M F P i l	6 7 6 0 0	5 0 4 0 0	1 4 9 4 0 0	1 1 4 4 0 0	1 5 5 7 0 0

• • As normal seasonal lower activity for both human consumption and FM/oil production
• • Pressure on margins for finished products

Associated company, AUSS share = 50%

12	au ss .no ww w.	Au ll S foo d A SA ste vo ea

Br. Birkeland AS

Sa lm on	Q3 20 17	Q3 20 16	YT D 2 017	YT D 2 016	17E 20	20 16
Ha lum t v ( GW T) rve s o e	4 3 5	1, 2 3 5	3 4 5, 5	8 2 5, 5	2 0 0 7,	8, 0 9 3
E B I T ( NO K/k ) g	2 0, 7	2 1, 1	2 6, 5	2 8, 2		2 6. 9

Salmon:

• • Substantially lower harvest volume third quarter 2017 vs. same quarter 2016
• •Strong prices for salmon in the quarter (all sold in July)

Fishing:

• •The pelagic vessels started the mackerel season late September
• •Low season for catching snow crab:

47 MT in Q3 2017 vs. 72 MT in Q3 2016

Salmon Lerøy Seafood Group ASA

Lerøy Seafood Group ASA Lerøy Aurora 26 licenses

Q3 2017

• • EBIT before FV adj. NOK 861 million (Q3/16: NOK 481 million)
• oHavfisk & LNWS EBIT NOK 62 million
• •Harvest volume salmon and trout 46,024 GWT (Q3/16: 31,744 GWT)
• •EBIT/kg all incl. (excl. EBIT Havfisk & LNWS) of NOK 17.4 (Q3/16: NOK 14.8)
• •Contract share of 30% (Q3/16: 44%)
• •NIBD NOK 2,733 million at end of Q3/17 (Q3/16: NOK 2,752)
• • Harvest guidance 2017
• oSalmon and trout 160,000 GWT

* Before biomass adjustment

Lerøy Seafood Group ASA

Salmon/trout farming

	L ice nc es	Sm l t o ca p.	2 0 1 2 G W T	2 0 1 3 G W T	2 0 1 4 G W T	2 0 1 5 G W T	2 0 1 6 G W T	2 0 1 E 7 G W T	2 0 1 8 E G W T
Le Au A S * rø ro ra y	2 6	1 1, 5	2 0 0 0 0	2 4 2 0 0	2 6 8 0 0	2 9 2 0 0	3 0 0 0 0	4 0 0 0 0	3 8 0 0 0
Le M i d A S t rø y	5 7	2 2, 0	6 1 9 0 0	5 8 9 0 0	6 8 3 0 0	7 1 4 0 0	5 2 2 0 0	6 5 0 0 0	6 7 0 0 0
Le S j l l tro rø y ø	6 3	2 2, 6	7 1 6 0 0	6 1 7 0 0	6 3 2 0 0	5 7 1 0 0	6 8 0 0 0	5 5 0 0 0	6 2 0 0 0
To l No ta rw ay	1 4 6	5 6, 1	1 5 3 4 0 0	1 4 4 8 0 0	1 5 8 3 0 0	1 5 7 7 0 0	1 5 0 2 0 0	1 6 0 0 0 0	1 6 7 0 0 0
V i l la O ic A S ** rg an					6 0 0 0
No ko Ha br k ( U K ) *** t t rs v u			1 3 6 0 0	1 3 4 0 0	1 3 8 0 0	1 3 0 0 5	1 4 0 0 0	1 6 0 0 0	1 3 0 0 5
To l ta			1 6 7 1 0 0	1 5 8 2 0 0	1 7 8 1 0 0	1 7 1 2 0 0	1 6 4 2 0 0	1 7 6 0 0 0	1 8 0 5 0 0

*) 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

Lerøy Seafood Group ASA (Wild catch)

Strong first three quarter 2017

• • Catch volume based on annual quotas, time of catch may vary from year to year
• oCatch volume 17,029 MT in Q3/17 compared with 17,189 MT in Q3/16
• oRelatively high share of haddock (14% of catch Q3/17 vs. 6% of catch Q3/16)
• o Compared to Q3/16 positive price development for cod (up 2% y-o-y) and haddock (up 26% y-o-y). Saithe prices down 26% y-o-y
• •Remaining quota for 2017 about 15,000 MT compared with12,000 end Q3/16
• • Third quarter the most challenging quarter for Lerøy Norway Seafoods, with significant negative impact on profitability

FinancialsQ3 2017

Catch, purchase and farming (100% volumes)

Fig s in 1,0 00 ton ure nes	Q3 20 17	Q3 20 16	YT D 2 01 7	YT D 2 01 6	20 17 E	20 16
Gr nie ou p c om pa s:
No (w hite fis h) rwa y	17	17	54	50	63	64
No (pe lag ic) rwa y	5	2	28	22	40	32
Ch ile h atc ow n c	16	-	41	21	41	27
Ch ile rch pu ase	5	3	54	30	59	39
Pe atc h ru ow n c	7	54	8 21	106	8 32	20 2
Pe rch ru pu ase	2	11	74	49	107	76
To tal G nie rou p c om pa s	51	87	9 46	9 27	8 63	44 0
Jo int ntu ve res :
Eu ha (HC ) rop e p urc se	60	62	2 21	7 21	5 40	33 0
Eu ha (FM /FP C/O il) rop e p urc se	134	167	6 76	1 67	0 93	83 9
To tal t J oin t v tur en e:	4 19	8 22	8 97	8 88	35 1 3	1 1 69
TO TA L G RO UP	5 24	5 31	47 1 4	67 1 1	73 1 9	1 6 09
Sa lm /Tr t ( GW T) * on ou	50 7 ,	35 8 ,	12 7, 4	122 2 ,	175 0 ,	164 2 ,

* Incl. 50% of the Scottish Sea Farms volumes

Key financial figures

( N O K ) 1, 0 0 0	Q 3 20 17	Q 3 20 16	Δ %
Re ve nu e	4 9 0 2 7 71	4 6 11 3 9 1	6, 3 %
EB ITD A*	1 0 5 1 1 10	70 9 21 9	48 2 % ,
De iat ion / im irm t p rec p a en	22 9 07 6	21 2 7 37
EB IT*	8 22 0 3 4	49 6 48 2	6 5, 6 %
Inc fro iat * om e m as so c es	12 2 1 97	13 2 4 35
Ne fin t an ce	-7 0 87 1	-8 2 4 6 2
Pr ** e-t ax	87 3 3 6 0	5 46 45 5	5 9, 8 %
Ne fit t p ro	27 0 42 3	3 6 1 8 57
EP S ( N O K )	0, 85	0, 8 2
EP S ( N O K ) *	1, 95	0, 9 9

* Before fair value adjustments related to biological assets

** Pre-tax profit is the effect from fair value adjustments with biological assets excluded. Same for biological assets in associated company.

a) AUSS incl. proportional 50% of Pelagia AS

	Q3 201 7	Q3 201 6
Bio dj g mas s a rou p co mpa ny	-51 1 70 8	-98 552
Bio dj g iate d c ies mas s a rou p as soc om pan	-32 84 3	9 9 03

Key financial figures

( N O K 1, 0 0 0 )	YT D 20 17	YT D 20 16	Δ %	YT	D 20 17 ) a	) YT D 20 16 a
Re ve nu e	15 9 9 6 9 20	13 5 8 1 8 5 9	17 8 % ,	5 17 9	4 3 16	15 41 1 4 9 9	16
EB ITD A*	3 9 28 4 57	2 5 79 8 8 2	2, 3 % 5	4 11	9 8 42	2 7 9 1 8 87	47
De iat ion / im irm t p rec p a en	6 8 5 6 8 3	97 8 15 5		74	4 9 97	65 7 6 0 1
EB IT*	3 24 2 8 9 1	1 9 8 2 0 67	6 3, 6 %	3 37	4 8 45	2 1 3 4 2 8 6	5 8,
Inc fro iat * om e m as so c es	3 42 29 8	27 8 7 27
Ne fin t an ce	-20 6 7 15	-18 0 3 6 2
Pr ** e-t ax	3 37 8 47 4	2 0 8 0 43 2	6 2, 4 %
Ne fit	2 0 12 0 28	1 5 8 67
t p ro		0 5
EP S ( N O K )	3 9 5,	3, 74
EP S ( N O K ) *	6, 9 9	3, 87

* Before fair value adjustments related to biological assets

** Pre-tax profit is the effect from fair value adjustments with biological assets excluded. Same for biological assets in associated company.

a) AUSS incl. proportional 50% of Pelagia AS

	YTD 20 17	YTD 20 16
Bio dj g mas s a roup co mpa ny	-83 0 5 72	-84 911
Bio dj g iate d c ies mas s a roup as soc om pan	13 395	29 073

Lerøy Seafood Group ASA

OK	Q 3 20 17	Q 3 20 16	YT D 20 17	YT D 20 16	20
(MN )					16
Re ve nu e	4 3 73 2 ,	4 2 67 7 ,	14 0 65 2 ,	12 3 45 3 ,	17 26 9, 7
EB ITD A*	1 0 07 5 ,	6 12 0 ,	3 37 8, 7	2 1 85 0 ,	3 35 5, 1
EB IT* . im irm t ex p a en	8 6 1, 3	48 1, 2	2 9 3 9, 4	1 8 26 1 ,	2 8 43 5 ,
EB IT*	8 6 1, 3	48 1, 2	2 9 3 9, 4	1 8 26 1 ,	2 8 43 5 ,
( G ) Ha d v lum W T ste rve o e	46 0 24	3 1 7 44	5 11 48 7	11 1 0 3 8	15 0 18 2
/ ( O ) EB IT kg * e Ha fis k N K x. v	17 4 ,	14 8 ,	22 8 ,	16 4 ,	18 9 ,
( ) Ha fis k c h v lum MT atc v o e	17 0 29	4 4 72	5 4 3 8 4	4 4 72	) 6 3 7 6 4 a
( O ) EB IT Ha fis k MN K v	6 2, 2	12 6 ,	3 0 6, 5	12 6 ,	8 9, 0

* Before fair value adjustments related to biological assets

a) Catch volume full year 2016

• • Spot prices below last year
• NSI Q3/17 NOK 56.8 vs. NOK 60.8 in Q3/16 (-7%)
• oDown NOK 11/kg q-o-q, and down NOK 4/kg y-o-y
• •Trout price achievement in line with salmon
• • Contract prices above spot prices oContract share of 30%
• •Cost (RSF) in line with Q2/17
• • Biomass at sea
• End Q3/17 at 108,441 MT vs. 100,565 MT end Q3/16 (+8%)

NIBD Q3/17 MNOK 2,733 vs. Q3/16 MNOK 2,752

Austral Group S.A.A

(MN OK )	Q 3 2 01 7	Q 3 2 01 6	YT D 2 01 7	YT D 2 01 6	20 16
Re ve nu e	31 1, 1	25 8, 3	1 2 34 5 ,	73 1 5,	1 0 20 5 ,
EB ITD A	-9 7 ,	73 4 ,	25 8, 9	12 3, 1	14 0, 1
EB IT . im air nt ex p me	1 -55 ,	31 0 ,	11 8, 2	-3, 0	-35 2 ,
EB IT	-54 1 ,	32 2 ,	12 1, 3	1, 7	-8, 8
Ra ria l in tak ate e ( ): ton wm nes	9 0 99	64 85 1	38 29 3 2	45 15 5 0	27 8 2 66
Sa les lum vo es :
Fis hm l (to s) ea nne	22 14 0	15 81 4	83 41 5	42 88 8	56 35 8
Fis h o il (t es) onn	4 6 34	78 3	11 01 0	76 3 7	5 7 67
Fro n/ fre sh (to s) ze nne	-	1 4 64	36 8 1	36 1 5	7 7 88

• •Seasonal low activity in the quarter
• • First season ended July 31st; own catch in July 6,600 tonnes
• • Remaining production from first season sold in Q3
• •Lower prices in Q3/17 vs. Q3/16
• • Inventory by end September 2017
• oFishmeal 118 MT (September 2016: 8,037)
• oFish oil 415 MT (September 2016: 2,024)

NIBD Q3/17 MNOK 604 vs. Q3/16 MNOK 983

Foodcorp Chile S.A

(MN OK )	Q Q 3 2 01 7 3 2 01 6		YT D 2 01 7	YT D 2 01 6	20 16
Re ve nu e	14 5, 0	90 2 ,	40 5, 9	34 4, 8	42 5, 3
EB ITD A	27 8 ,	-4, 7	10 8, 6	36 5 ,	31 1 ,
EB IT . im air nt ex p me	19 1 ,	-21 6 ,	81 1 ,	-13 6 ,	-37 8 ,
EB IT	19 1 ,	-21 6 ,	81 1 ,	-13 6 ,	-18 7, 0
ria l in Ra ate tak wm e:	20 24 1	93 2 6	94 03 7	50 68 1	66 43 8
Sa les lum vo es :
Fis hm l (to s) ea nne	3 0 54	2 2 86	07 8 9	84 9 7	11 01 5
Fis h o il (t es) onn	1 6 27	32 5	98 4 2	78 1 9	2 2 04
Fro n ( ) ton ze nes	10 12 2	5 5 37	23 82 1	16 18 8	21 86 9

• • Good activity in the quarter (horse mackerel)
• Caught the remaining part of the purchased 18,000 tonnes of horse mackerel from 3rd party
• The market for frozen horse mackerel improved during 2017
• • As normal seasonal lower raw material available within sardine/anchoveta and giant squid

NIBD Q3/17 MNOK 19 vs. Q3/16 MNOK 9

Br. Birkeland AS

( MN OK )	Q 3 2 0 17	Q 3 2 0 1 6	Y T D 2 0 17	Y T D 2 0 1 6	2 0 1 6
Re ve nu e	8 1, 5	1 3 0, 9	1 0, 0 5	1 9, 8 5	8 9, 7 7
E B I T D A *	2 0, 7	27 4 ,	1 6 9, 0	2 1 8, 9	3 4 4, 5
E B I T *	3, 8 -	9, 1	1 0 3, 1	1 6 6 7,	27 3 7,

* Before fair value adjustments related to biological assets

Salmon

• • Harvested volume (GWT):
• Q3/17 543 MT vs. Q3/16 1,523 MT (- 64%)
• YTD/17 5,345 MT vs. YTD/16 5,582 MT (- 4%)
• • EBIT/kg:
• Q3/17 NOK 20.7 vs. Q3/16 NOK 21.1 (- 2%)
• YTD/17 NOK 26.5 vs. YTD/16 NOK 28.2 Strong prices

Pelagic Q3

• • Seasonal lower activity
• Start up of the mackerel season late September
• Lower price achievement for mackerel vs. 2016
• • Seasonal low activity for snow crab catches in the quarter
• 47 tonnes vs. 72 tonnes (Q3 2016)

NIBD Q3/17 MNOK 334 vs. Q3/16 MNOK 389

Statement of financial position (Group)

( NO 0) K 1 ,00	3 0. 0 9. 2 0 1 7	3 0. 0 9. 2 0 1 6	3 1. 1 2. 2 0 1 6
In i b le tan ts g as se	1 1 6 3 3 8 1 5	1 0 8 1 2 2 5 5	1 1 4 6 9 0 6 7
Ta i b le f ixe d a ts ng ss e	0 9 2 3 7 5 7	6 2 1 6 8 7 5	6 6 9 1 0 6 4
F ina ia l n t a ts nc on -c ur re n ss e	2 0 9 9 2 7 3	1 7 7 9 0 8 1	1 8 6 4 6 6 4
To l n ta t a ts on -c ur re n ss e	2 0 8 2 2 2 7 7	1 9 3 1 6 8 0 1	2 0 3 0 2 6 3 4
B io log ica l a ts t c t ss e a os	3 7 5 9 6 2 1	3 6 7 1 8 2 7	3 8 9 3 9 6 3
Fa ir v lue d j b iom tm t a a us en as s	1 8 0 4 0 7 7	9 6 2 3 8 7	2 8 6 1 1 6 8
O he inv t tor r en y	1 1 2 9 8 1 1	1 0 1 1 6 2 4	1 1 2 3 0 5 5
Re iva b les ce	2 7 7 0 1 0 0	2 6 2 7 2 5 6	3 0 7 4 7 0 0
Ca h a d c h e iva len ts s n as q u	4 6 0 0 1 3 8	3 4 3 4 2 2 1	3 7 4 5 3 8 8
To ta l c t a ts ur re n ss e	1 4 0 6 4 4 4 0	1 1 7 0 7 3 0 6	1 4 6 9 8 7 6 9
To l a ta ts ss e	3 4 8 9 1 6 6 7	3 1 0 2 4 1 0 7	3 5 0 0 1 4 0 3
N I B D	4 4 1 1 4 9 4	4 6 9 2 0 7 7	5 4 9 2 8 8 0
i Eq ty u	1 9 1 6 5 5 0 6	1 6 9 7 1 8 4 3	1 8 2 1 2 8 2 0
Eq i io ty t ra u	5 5 %	5 5 %	5 2 %

U S D / N O	K:
----------------------------	----

• •30.09.2017: 7.97
• •30.09.2016: 8.05
• •31.12.2016: 8.62

Strong financial position, equity ratio at 55%

Pelagia AS is an associated company which is included in the line Financial non-current assets of the Group balance sheet

o As such the Group balance sheet does not include proportional consolidation of Pelagia (50%)

Cash flow

(NO K 1 ,000 )	Q3 20 17	Q3 20 16	YT D 2 01 7	YT D 2 01 6	20 16 (au dite d)
Pre rof it ta x p	12 32 8 8	05 45 7 8	2 5 61 29 9	2 0 24 59 3	4 6 82 58 1
Bio adj ust nt ma ss me	08 51 1 7	98 55 2	72 83 0 5	84 91 1	-1 54 9 4 49
Pa id t ax	-13 13 3	-9 44 7	56 -58 0 4	81 -22 6 3	-24 9 3 23
De cia ton d i air nts pre an mp me	76 22 9 0	38 21 2 7	83 68 5 6	15 59 7 8	96 7 9 20
As iate d c nie soc om pa s	-89 35 7	38 -14 2 3	95 -35 5 6	00 -30 7 8	-45 9 4 98
t (n et) Inte res	73 09 8	59 35 7	45 21 5 8	177 92 5	25 1 6 44
Wo rki ital ng ca p	41 16 6 6	-67 79 8	91 -14 9 6	174 80	-39 4 7 90
Ca sh fro tin cti vit ies m op era g a	1 2 06 84 5	69 60 8 8	3 2 07 55 7	2 4 31 23 7	3 2 49 08 5
Ne t in in c tme nt ves ap ex	93 -45 6 4	77 -29 9 8	-1 190 60 2	70 -73 1 0	-1 142 49 4
Ac isit ion nd div est nts qu s a me	43 8 2	-1 955 56 6	-2 29 7	45 -94 4 9	-3 02 0 6 13
Oth ers	35 28 4	43 58 7	58 22 0 7	36 29 2 1	31 3 5 94
Ca sh fro inv tin cti vit ies m es g a	66 -41 2 9	56 -2 21 1 8	41 -97 2 1	79 -1 38 3 8	-3 84 9 5 13
Ch in lon ter loa an ge g m ns	-14 17 8	60 21 0 6	34 47 5 4	90 36 2 1	91 9 6 18
Ch in s ho loa rt t an ge erm ns	38 -13 3 2	-68 80 3	82 -62 8 2	40 3 2 -57	-17 6 7 46
Div ide nds	-	-	84 -95 0 5	45 -1 69 4 6	-1 69 5 0 79
Oth ers	-85 01 7	-79 04 4	55 -26 3 6	110 1 8 30	2 8 29 70 2
Ca sh fro fin cin cti vit ies m an g a	33 -23 2 4	62 81 3	87 -1 36 7 0	-75 58 5	5 1 8 77 49
Ca sh he beg inn ing of th eri od at t e p	4 0 47 31 5	4 9 78 64 7	198 3 7 45	2 4 70 22 2	2 4 70 22 2
Ne ha in sh t c (inc l.ex cha in/lo s) nge ca nge ga sse	55 2 5 85	-1 54 4 5 94	02 85 4 7	31 96 3 8	1 2 74 97 6
Ca sh th nd of th eri od at e e e p	4 5 99 90 0	3 4 34 05 3	4 5 99 90 0	3 4 34 05 3	3 7 45 198

Q3 2017

Good cash performance in the quarter

• seasonal build-up of working capital within salmon/white fish
• seasonal build-down of working capital within the pelagic activities

Outlook

Fishmeal

k W 4 1 ee
is io ( la ive ) F hm l p du t 2 0 1 7 2 0 1 6 t ea ro c n vs cu m u -
C Re io 2 0 17 2 0 1 6 ha ng e g ns
# C h i le	29 3 8 8 3	17 1 0 5 1	71 8 % ,
Pe ru	72 6 0 6 9	3 0 2 15 1	14 0, 3 %
De k / No nm ar rw ay	26 4 8 65	18 3 44 7	44 4 % ,
Ice lan d / No h A lan ic * t t t r	19 4 9 8 2	14 21 0 5	3 4, 3 %
To l ta	1 4 79 79 9	8 0 1 8 5 9	8 4, 5 %

Source: IFFO All numbers are preliminary and subject to revision #Includes salmon‐derivedoil *Includes U.K., Ireland and Faroe Islands

		sa m e p	io d 2 0 er	1 6.
Pr du io t o c n	•	I F F O F	is hm ea	l p du io t ro c n	inc re as e	8 4 %	Y T D	vs

• • Peru 140% up vs. 2016 due to ^a recovery in the biomass and increase in landings
• Prices USD 1,500/MT FOB Peru for Super Prime
• •USD 1,280/MT FOB Peru for Standard 65/180
• Demand Traders taking positions and feed producers covering their Q1-2018 demand showing signs of a stable market.
• Supply New future sales of around 140,000 to 170,000 MT has been done during Sept. and Oct. (based on an expectation of 2 million MT quota) for deliveries at destination during Q1-2018.
• • China is the main buyer (90%) followed by Europe (10%).

Fishmeal

Main market – China

• • Stock level: 154,750 MT as of Oct.16th vs. 124,020 MT same period 2016 (+25%)
• oOff takes: 3,500 MT/day (2,250 MT/day same period 2016)
• o Domestic production remains limited, stock + imported FM is supporting the consumption.
  • Expecting an important drop in the domestic production caused by the environmental restrictions in the Shandong Providence (around 20% to 25% down, meaning 80,000 to 100,000 MT less).
• • Chinese port prices currently at similar prices than Peru (future FM prices).
• o Quoted at RMB 10,500/MT equivalent super prime 68% USD 1,500/MT FOB Peru.
• • Fishmeal/soymeal price ratio (China) is at 2.78, favourable for FM purchases.

Fish oil

ee
( ) F is h i l p du io 2 0 1 2 0 1 6 la ive t 7 v t cu m u o ro c n s. -
20 17	20 16	Ch e % an g
86	60	42
29	70	2 %
9	6	,
10	45	12
2 0	7	3,
20	11	2 %
0	41	31
19	72	9 %
55	1	,
47	37	26
56	8	0 %
5	75	,
29	18	56
0 9	5 8	5 %
03	96	,
		k W 41

Source: IFFO All numbers are preliminary and subject to revision #Includes salmon‐derivedoil *Includes U.K., Ireland and Faroe Islands

Pr du io t o c n	I F F O F is h i l p du io inc Y T D 5 7 % t • o ro c n re as e vs . s am e io d 2 0 1 6 p er
	Pe 1 2 3 % 2 0 1 6 du he inc in la d ing to t ru up vs e re as e n s •
Pr ice s	Fe d de U S D 1, 0 / M T F O B Pe 5 5 e g ra ru • :
	O S / O 3 de U D 1, 8 0 0 1, 9 0 0 M T F B Pe • m eg a- g ra : ru -
De d m an	Fe d ke d d f he t c to t • e m ar ov er e up en o y ea r
	O 3 ke de ly bu lo k in fo t – m eg a- m ar un rs up p er s o g r • y , 1 8 / 1 2 h ig h E P A i h E P A+ D H A 3 0 % t or w
Su ly p p	No ks i la b le d le do to s c av a an no p re -s a s ne •

Atlantic salmon supply

(in tonnes WFE )

		Ch an g e		Ch an g e		Ch an g e		Ch an g e		Ch an g e		Ch an g e
	20 12	11 -12	20 13	12 -13	20 14	13 -14	20 15	14 -15	20 16	15 -16	20 17	16 -17
No rw ay	00 1 18 3 1	17 7 % ,	00 1 14 3 6	-3, 3 %	00 1 19 9 0	4, 8 %	1 2 34 20 0	2, 9 %	00 1 17 1 1	-5, 1 %	1 2 05 90 0	3, 0 %
Un ite d K ing do m	00 15 9 4	3, 0 %	00 15 7 8	-1, 0 %	00 17 0 5	8, 0 %	00 16 6 3	-2, 5 %	00 15 7 4	-5, 4 %	00 17 4 8	11 1 % ,
Fa Is lan ds roe	70 30 0	24 9 % ,	72 60 0	3, 3 %	82 70 0	13 9 % ,	60 0 75	-8, 6 %	30 0 77	2, 2 %	82 10 0	6, 2 %
Ire lan d	15 60 0	-2, 5 %	10 60 0	-32 1 % ,	12 30 0	16 0 % ,	15 70 0	27 6 % ,	15 80 0	0, 6 %	18 00 0	13 9 % ,
Ice lan d	50 3 2	17 0, 8 %	50 3 3	3, 1 %	00 4 4	31 3 % ,	00 3 6	-18 2 % ,	8 10 0	12 5, 0 %	13 10 0	61 7 % ,
To l E ta ur op e	1 4 31 65 0	16 0 % ,	1 3 87 95 0	-3, 1 %	1 4 68 90 0	5, 8 %	1 4 95 40 0	1, 8 %	1 4 29 70 0	-4, 4 %	1 4 93 90 0	4, 5 %
Ch ile	00 36 4 0	64 7 % ,	00 46 8 1	28 6 % ,	00 58 2 9	24 5 % ,	00 59 8 2	2, 6 %	00 50 4 4	-15 7 % ,	00 55 1 5	9, 3 %
Ca da na	00 13 6 5	14 2 % ,	00 11 5 1	-15 7 % ,	95 00 0	-17 5 % ,	00 13 5 2	42 3 % ,	00 14 2 5	5, 4 %	00 13 7 8	-3, 3 %
U SA	19 60 0	7, 1 %	20 30 0	3, 6 %	24 00 0	18 2 % ,	20 20 0	-15 8 % ,	22 00 0	8, 9 %	22 30 0	1, 4 %
Au str ali a	40 00 0	11 1 % ,	39 00 0	-2, 5 %	42 00 0	7, 7 %	54 40 0	29 5 % ,	50 90 0	-6, 4 %	59 00 0	15 9 % ,
Ot he rs	8 10 0	62 0 % ,	11 20 0	38 3 % ,	15 20 0	35 7 % ,	13 70 0	-9, 9 %	12 50 0	-8, 8 %	12 10 0	-3, 2 %
To l O the ta rs	56 8 2 00	42 1 % ,	65 3 7 00	15 0 % ,	75 9 1 00	16 1 % ,	82 1 7 00	8, 2 %	73 2 3 00	-10 9 % ,	78 2 7 00	6, 9 %
To l W ld- wi de ta or	1 9 99 85 0	22 4 % ,	2 0 41 65 0	2, 1 %	2 2 28 00 0	9, 1 %	2 3 17 10 0	4, 0 %	2 1 62 00 0	-6, 7 %	2 2 76 60 0	5, 3 %

Figures as per 03.11.2017 - Source: Kontali

S O P T i
p r c e s
C O f h A l i l i F A l t t t r e s a n c s a m o n, c r o s s- s e c o n, s o
f ( S ). k 4 3- 2 0 1 7 i l i t a s o e e e r o r a w u u
p q y

33

Atlantic salmon consumption YTD October 2017

	25 %	Ma rke Sa lmo t - n	20 15	20 16	20 17	Gr th ow	Gr th % ow
	20 %	Eu	00 88 6 3	00 85 8 7	00 82 8 8	0 -29 90	-3 %
	15 %	Ot he r M ark ets	00 52 5 0	00 49 7 4	00 52 7 5	0 30 10	6 %
6		US A	00 34 8 4	00 35 6 8	00 36 2 8	00 6 0	2 %
%	10 %	Ja pa n	47 10 0	0 51 70	0 52 30	0 60	1 %
% 2 % 1	% 5	Ru ia ss	88 50 0	0 62 40	0 58 60	0 -3 80	-6 %
‐6 %	% 0	Co To tal tio ns um p n	1 8 95 30 0	0 1 8 27 00	0 1 8 30 00	00 3 0	0 %

Figures as per 03.11.2017 - Source: Kontali/Nasdax

Conclusion

Salmon

• •Strong salmon prices in Q3
• •Substantially higher harvest volumes in Q3/17 vs. Q3/16
• •Continued positive outlook

White fish

• •Good catches in the quarter
• •Expected catch volume up towards 70,000 tonnes in 2017
• • 2018 quota set for cod down 13%, haddock down 12%, Greenland halibut up 12.5% and redfish up 9%
• •2018 quota advice for saithe up 15% north of 62° and up 7% in the North Sea

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

Conclusion

Pelagic

South America

• • As normal lower seasonal activity in the quarter
• o Chile; finalized the catch of horse mackerel from the 18,000 MT purchase from 3rd party
• • 2n^d season quota for anchoveta in Peru expected to be announced soon
• oExpect start up mid of November
• •Environmental conditions improved

Conclusion

Pelagic

North Atlantic (Pelagia AS, an associated company)

• • As normal seasonal lower activity within production for fishmeal and fish oil and human consumption in the quarter
• •The season for mackerel and herring started up late September
• •Pressure on margins for finished products

Expecting seasonable higher production activity for the pelagic segments in Q4

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 third quarter results for 2017.
• • 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 09.11.2017. 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%

(MN OK )	Q 3 2 01 7	Q 3 2 01 6	YT D 20 17	YT D 20 16	20 16
Re ve nu e	1 3 50 3 ,	1 3 28 6 ,	3 9 14 8 ,	3 6 59 2 ,	5 7 58 4 ,
EB ITD A	12 5, 6	17 7, 0	38 2, 5	42 4, 0	62 8, 2
EB IT	80 0 ,	13 7, 8	26 3, 9	30 4, 4	46 4, 2
Ne int be ing de bt t st ere ar			1 8 21 0 ,	1 6 00 0 ,	1 8 44 0 ,

Associated companies

Norskott Havbruk AS (100% figures) LSG's share = 50%

( MN OK )	Q 3 2 0 1 7	Q 3 2 0 1 6	Y T D 2 0 1 7	Y T D 2 0 1 6	2 0 1 6
Re ve nu e	6 3 2	5 1 2	1 6 0 3	1 3 6 6	1 7 2 1
E B I T D A	2 0 5	1 6 8	6 1 6	3 9 5	5 5 4
E B I T *	1 8 4	1 1 5	4 5 5	3 3 3	4 4 7
Vo lum ( ) t es g w	9 4 2 9	8 1 4 8	2 3 7 8 4	2 2 2 8 4	2 8 0 4 3
E B I T / kg * ( N O K )	1 9, 5	1 8, 6	2 3, 3	1 0 5,	1 6, 9
Ne in be de b t ter t t			1 9 9	2 5 5	2 6 7
ing es ar

* Before biomass adj.

• •Strong operational results in the quarter
• • Results negatively impacted by challenges at some sites with early harvest, impacting harvest volumes in 2017 and 2018
• •Normal biological performance on the majority of sites with good harvest weights
• •Expected harvest volume for 2017: 32,000 GWT
• •Expected harvest volume for 2018: 27,000 GWT