Austevoll Seafood ASA

Investor Presentation • May 20, 2021

Q1 2021 financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

All figures in MNOK	Q1 2021	Q1 2020	2020
Revenue	5 953	5 856	22 447
EBITDA*	1 095	1 200	3 675
EBIT*	706	834	2 159
Pre-tax profit**	682	659	2 037
EPS (NOK)*	1,47	1,15	4,55
Total assets Net interesting bearing debt ***	40 827 3 955	40 875 4 586	39 741 4 651
Equity ratio	58 %	59 %	58 %
Group EBITDA incl. 50% of Pelagia EBITDA Salmon/whitefish EBITDA Pelagic incl. proportional Pelagia	1 162 759 402	1 240 1 097 143	4 002 3 109 894

The Board has recommended to the annual general meeting in 2021 a dividend of NOK 3.50 per share (NOK 2.50 per share in 2020)

* Before fair value adjustments related to biological assets

** In pre-tax profit the effect from fair value adjustments related to biological assets is excluded (both for subsidiaries and associated companies)

*** Ex. right-of-use assets liabilities

Operation overview

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
PELAGIC FISHING	7% 20 of Anchovy quota Fishing vessels Centre-north	3 8.4%of Fishing vessels Pelagic fishing quota	3 Fishing vessels	400,000 - 500,000 MT of pelagic fish caught annually (26 vessels)
PELAGIC PROCESSING	7 Processing plants	4 Processing plants	27 Processing plants*	1.6 – 2.0 Million MT of raw material annually 38 Processing plants
WHITEFISH			11%Whitefish quota (NO) 10Fishing vessels 8 Processing plants	100,000 - 120,000 MT of whitefish (10 vessels) 8 Processing plants
SALMON			Norway: Salmon licenses • Incl. salmon operation UK*	190,000 - 220,000 MT of salmon
SALES	Integrated sales organisation	Integrated sales organisation	Integrated sales organisation	Wholesale with global sales & distribution

*Associated Companies

Pelagic

Austral Group S.A.A Foodcorp Chile S.A Pelagia Holding AS (associated)

Biomass and quota evolution

Peruvian anchoveta

• 1st season quota 2.5 million MT vs. 2.4 million MT in 2020

Operation in Peru

Austral Group S.A.A

Fishmeal/fish oil

• Centre/North

• o 41,000 MT from 2nd season 20/21 caught in January 2021 vs. 0 MT in January 2020
• o 1 st season started 23rd April with exploratory fishing vs. 13th of May 2020
• o FM/FO combined yields in start of season 27.4% in line with historic average last 5 years 27.2%

• South

• o Austral catch to date 5,094 MT (2020 zero) and unload 49,703 MT (2020 – zero)
• o Unload share 36%, above historic average last 5 years of 22%

Direct Human Consumption

• o Austral catch to date 12,561 MT (15,427 1 st semester 2020)
• o 71% frozen (65% in 2020) increase reflecting improvements in plant speed partially compensating effect of distance of fishing zones

Volume '000 MT	Q1 2021	Q1 2020	2021E	2,020
Own catch
Anchoveta	4 6	-	344	289
Jackmackerel
Mackerel	1 3 -	1 5	1 8	1 9
Purchase	-
Anchoveta	3 0	-	131	8 2
Mackerel	1	-	1	1
Total ('000 MT)	9 0	1 5	494	391

Operation in Chile

Foodcorp Chile S.A

Own catch: Jack mackerel

• Healthy biomass
  • o 15% quota increase 2021 vs. 2020
  • o Own quota: 39,850 MT (2021) vs. 34,600 MT (2020)
  • o Additional purchase: 24,470 MT (2021) vs. 28,500 MT (2020)

Purchases:

• Sardine/anchovy: Earlier start of season

Volume '000 MT	Q1 2021	Q1 2020	2021E	2020
Own catch:
Mackerel and other species	32	28	65	63
Purchase:
Sardine/anchovy	20	4	25	27
Giant squid/mackerel	1	2	1	2
Total ('000 MT)	53	34	91	92

Focus in securing raw material from third parties & providing a coronavirus-safe environment for workers and suppliers

Austevoll Seafood ASA

www.auss.no

North Atlantic pelagic quotas

(2011-2021)

* incl. horse-mackerel, sand eel, Norway pout, and boar fish

recommendation and ^tTAC

Pelagia Holding AS

Fishmeal and fish oil (FMO)

Volume '000 MT	Q1 2021	Q1 2020	2021E	2020
Raw Material:
Fishmeal and fish oil	149	218	451	691
Protein concentrate/ oil	78	71	322	288
Total ('000 MT)	227	289	773	979

• Raw material Q1 2021
  • o Less blue whiting than last year in Q1
  • o Norwegian quota of blue whiting down 32 % compared to 2020
• Higher sales in Q1 2021 compared to Q1 2020
  • o Prices increasing slowly
  • o Still high consumption in China
• Brexit

Austevoll Seafood ASA

o No agreement with UK regarding fisheries and access

www.auss.no

Pelagia Holding AS

Direct Human Consumption

Volume ('000 MT)	Q1 2021	Q1 2020	2021E	2020
Raw material intake	128	132	380	388

• Strong raw material intake for Q1
  • o Good production of mackerel
  • o Winter herring as expected
  • o Capelin production very positive
• Expecting low activity in Q2 as normal for the period
  • o Mainly North Sea herring
  • o Summer mackerel from the end of the quarter
• Market
  • o Sales in the quarter as expected and limited unsold stocks

Pelagia Holding AS

(100% figures)

(MNOK)	Q1 2021	Q1 2020	2020 *
Revenue	2 332	2 150	8 814
EBITDA	133	79	655
EBIT	73	19	408
Sales volumes (tonnes):
Frozen	94 900	109 300	314 300
FM/FPC/Oil	45 600	33 300	180 800

*

Associated company, AUSS share = 50%

Salmon / Whitefish

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

Q1 2021

• EBIT before FV adj. NOK 455 million (Q1/20: NOK 816 million)
  • o Lerøy Havfisk & LNWS EBIT NOK 185 million (Q1/20: NOK 270 million)
• Harvest volume salmon and trout 42,150 GWT (Q1/20: 39,377 GWT)
• Spot prices down 24% y-o-y
• EBIT/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 7.4 (incl. NOK 0.4/kg production tax) vs. Q1/20: NOK 14.8
• Contract share of 25% (Q1/20: 38%)
• NIBD NOK 3,082 million at end of Q1/21 (Q1/20: NOK 3,003 million)

Lerøy Seafood Group ASA

Salmon/trout farming volumes

	2015 GWT	2016 GWT	2017 GWT	2018 GWT	2019 GWT	2020 GWT	2021E GWT
Lerøy Aurora AS*	29 200	30 000	39 200	36 800	32 800	~35 000	~47 000
Lerøy Midt AS	71 400	52 200	64 500	66 500	64 800	~67 900	~70 000
Lerøy Sjøtroll	57 100	68 000	54 000	58 800	60 600	~68 000	~75 000
Total Norway	157 700	150 200	157 800	162 000	158 200	~170 900	~192 000
Norskott Havbruk (UK)*	13 500	14 000	15 500	13 700	12 900	~12 000	~18 000
Total	171 200	164 200	173 300	175 800	171 100	~182 900	~210 000

*) LSG's share, not consolidated

Lerøy Seafood Group ASA - Wild catch

Q1 2021: Wild catch

	Catch volume Q1/21	Catch volume Q1/20	Remaining quota 2021	Remaining quota 2020
Cod	11 113	12 530	16 660	10 313
Saithe	4 030	3 602	11 084	11 984
Haddock	5 998	5 198	6 247	4 549
Shrimps	0	142
Other	4 580	3 537
Total	25 721	25 009	33 931	26 847

• Price realisation significantly down following impact from restrictions from Covid-19 as well as higher quota
• Catch volume at 25,721 MT, share of cod reduced from 50% to 43% with a good quota situation from remainder of the year
• Seasonal coastal fishery started late
• Clear signs of improvement in the landbased industry
• EBIT Q1 2021 of MNOK 185 vs. NOK MNOK 270 in Q1 2020

Financials

Q1 2021

Catch, purchase and farming

(100% volumes)

Figures in 1,000 tonnes	Q1 2021	Q1 2020	2021E	2020
Group companies:
Norway (whitefish)	26	25	73	68
Norway (pelagic)	13	14	28	32
Chile own catch	32	28	65	63
Chile purchase	21	6	26	29
Peru own catch	59	15	362	308
Peru purchase	31	0	132	83
Total Group companies	181	88	686	584
Joint ventures:
Europe purchase (HC)	128	132	380	388
Europe purchase (FM/FPC/Oil)	227	289	773	979
Totalt Joint venture:	355	421	1 153	1 368
Total wildcatch	537	509	1 839	1 952
Salmon/trout (GWT)*	44	42	217	190
Total Group	581	552	2 056	2 141

* Incl. 50% of the Scottish Sea Farms volumes

Key financial figures Q1 2021

(MNOK)	Q1 2021	Q1 2020	Δ%	Q1 2021	Q1 2020 a) a)	Δ%
Revenue	5 953	5 856	1,6 %	7 119	6 931	2,7 %
EBITDA*	1 095	1 200	-8,8 %	1 162	1 240	-6,3 %
Depreciation/impairment	389	367		419	397
EBIT*	706	834	-15,3 %	743	843	-11,9 %
Income from associates*	56	-21
Net finance	-80	-154
Pre-tax**	682	659	3,5 %
Net profit	852	- 4
EPS (NOK)	2,34	-0,18
EPS (NOK)*	1,47	1,15

* Before fair value adjustments related to biological assets

** In pre-tax profit the effect from fair value adjustments related to biological assets is excluded. This effect is also excluded for biological assets in associated companies.

a) AUSS incl. proportional 50% of Pelagia AS

	Q1 2021	Q1 2020
Biomass adj group company	400	-614
Biomass adj group associated companies	19	-29

Lerøy Seafood Group ASA

(MNOK)	Q1 2021	Q1 2020	2020
Revenue	4 927	5 306	19 966
EBITDA*	759	1 097	3 109
EBIT*	455	816	1 950
Harvested volume (GWT)	42 150	39 377	170 849
EBIT/kg* ex. Wild Catch (NOK)	7,4	14,8	10,2
Havfisk catch volume (MT)	25 721	25 009	68 419
EBIT Wild Catch (MNOK)	185	270	205

* Before fair value adjustments related to biological assets

• Price achievement

• o Spot prices -24% below last year
• o NSI Q1/21 NOK 52.1 (Q1/20: NOK 68.5)
  • ✓ Up NOK 9/kg q-o-q and down NOK 16/kg y-o-y
• o Price realisation on contract higher than spot
  • ✓ Contract share of 25%
• o Trout market more balanced than in 2020

• Cost (RFS)

o Increased from Q4/20, in line with Q1/20

• Wild catch

• o Share of cod reduced from 50% to 43% with a good quota situation from remainder of the year
• o Price realisation significantly down following impact from restriction from Covid-19 as well as higher quota, however underlying demand is good

• NIBD Q1/21 MNOK 3,082 (Q1/20 MNOK 3,003)

Austral Group S.A.A

(MNOK)	Q1 2021	Q1 2020	2020
Revenue	700	264	1 241
EBITDA	225	23	338
EBIT	182	-29	134
Raw material (MT):	89 957	15 445	391 286
Sales volumes:
Fishmeal (MT)	36 906	14 066	60 705
Fish oil (MT)	8 748	936	8 793
Frozen/fresh JM/M(MT)	9 233	11 461	17 222

• Raw material intake

• o Seasonal high activity
  • o Caught 41,000 MT in Center/North zone
  • o Jack mackerel/mackerel
  • o Season started in the South zone

• Sales

• o Substantially higher sales volumes y-o-y
  • ✓ Due to high inventory going into Q1/21
  • ✓ Higher prices for fishmeal and lower prices for fish oil vs. same quarter in 2020

• Inventory by end Q1/21:

• o Fishmeal 10,600 MT (Q1/20: 600 MT)
• o Fish oil 1,600 MT (Q1/20: 1,700 MT)

NIBD Q1/21 MNOK 543 (Q1/20 MNOK 1,184)

Foodcorp Chile S.A

(MNOK)	Q1 2021	Q1 2020	2020
Revenue	157	138	638
EBITDA	66	40	138
EBIT	58	33	101
Raw material intake:	52 966	33 854	92 369
Sales volumes:
Fishmeal (MT)	2 541	2 530	13 411
Fish oil (MT)	832	633	4 311
Frozen (MT)	10 590	10 312	36 987

• Raw material intake

o As normal seasonal high activity

• Sales

• o Higher prices for frozen horse mackerel vs. Q1/20
• Inventory by end Q1/21
  • o Frozen 8,800 MT (Q1/20: 8,700 MT)

NIBD Q1/21 MNOK -145, cash positive (Q1/20 MNOK -65, cash positive)

Br. Birkeland Farming AS

(AUSS owns 55.2%)

(MNOK)	Q1 2021	Q1 2020	2020
Revenue EBITDA EBIT	87 16 -2	87 27 18	306 -30 -80
Harvested volume (GWT)	1 831	1 441	6 790
EBIT/kg* all incl. (NOK)	-1,0	12,3	-11,8

* Before fair value adjustments related to biological assets

• Harvested volume (GWT)
  • o Up 27% y-o-y
• Price achievement
  • o NSI Q1/21 NOK 52.1 (Q1/20: NOK 68.5)
    • o Up NOK 9/kg q-o-q and down NOK 16/kg y-o-y

• Cost (RFS)

• o Finalised harvesting from H19G
• Biomass at sea
  • o End Q1/21 at 5,079 LWT (Q1/20: 5,376 LWT)

NIBD Q1/21 MNOK 248 (Q1/20: MNOK 110)

Br. Birkeland AS

(AUSS owns 42.9%)

(MNOK)	Q1 2021	Q1 2020	2020
Revenue	71	49	249
EBITDA	28	10	103
EBIT	18	-0	59

Pelagic

• Finalised the blue whiting quota
  • In 2020 the quota was finalised in April
• Caplin fishery in the Icelandic zone

NIBD Q1/21 MNOK -253, cash positive (Q1/20 MNOK -184, cash positive)

Statement of financial position

(Group)

(MNOK)	31-Mar-21	31-Mar-20	31-Dec-20
Intangible assets	11 490	11 837	11 526
Tangible fixed assets	8 365	8 701	8 379
Right-of-use assets	3 497	3 075	3 106
Financial non-current assets	2 803	2 667	2 732
Total non-current assets	26 154	26 280	25 743
Biological assets at cost	4 595	4 544	4 859
Fair value adjustment of biomass	712	647	307
Other inventory	1 548	1 669	1 569
Receivables	3 046	3 476	2 800
Cash and cash equivalents	4 772	4 259	4 463
Total current assets	14 673	14 595	13 998
Total assets	40 827	40 875	39 741
NIBD ex. right-of-use assets liabilities	3 955	4 586	4 651
NIBD incl. right-of-use assets liabilities	5 658	5 952	5 942
Equity	23 779	23 927	22 991
Equity ratio	58 %	59 %	58 %

USD/NOK:
•	31.03.2021:	8.52
•	31.03.2020: 10.51

• 31.12.2020: 8.53

Pelagia Holding 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 Holding AS (50%)

Cash flow

(MNOK)	Q1 2021	Q1 2020	2020 (audited)
Pre tax profit	1 101	17	1 027
Biomass adjustment	-400	614	954
Paid tax	-126	-237	-494
Depreciaton and impairments	389	367	1 516
Associated companies	-75	50	-250
Interest (net)	74	73	295
Working capital	171	-462	-104
Cash from operating activities	1 134	421	2 944
Net investment in capex	-220	-635	-1 529
Acquisitions and divestments	-40	4	-19
Dividend received	-	-	130
Others	2	3	16
Cash from investing activities	-258	-629	-1 403
Change in long term loans	-10	-4	-113
Change in short term loans	-476	153	144
Dividends	-	-5	-983
Others	-81	44	-373
Cash from financing activities	-566	188	-1 326
Cash at the beginning of the period	4 463	4 251	4 251
Net change in cash (incl.exchange gain/losses)	309	7	212
Cash at the end of the period	4 772	4 259	4 463

The Board has recommended to the annual general meeting in 2021 a dividend of NOK 3.50 per share

(NOK 2.50 per share in 2020)

Outlook

Fishmeal

Fish meal production - w eek 17 (cumulative)¹

Regions	2021	2020	Change %
Chile#	192 904	161 125	19,7 %
Peru	225 123	3 378	6564,4 %
Danmark/Norway	88 760	120 706	-26,5 %
Iceland/North Atlantic*	59 938	65 908	-9,1 %
Total	566 725	351 117	61,4 %
Source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived meal

*Includes U.K., Ireland and Faroe Islands

Weekly average Peruvian fishmeal FOB prices (US\$/MT) ¹

Production • IFFO Fishmeal production increased 61.4% week 17 vs. same period 2020, mainly due to a strong recovery in Peru's Q1 production

• Peru's NC 2021-1 quota has been set at 2.5 mm MT meaning a 4% increase vs. same period 2020

1

• USD 1,480/MT for Standard (65%)

Prices (FOB Peru)

• USD 1,680/MT for Super Prime (68%) 1
• Demand Feed producers looking to cover their demand from early Q3 onwards (peak aqua season)

All prices and figures shown are only for statistical purposes and should not be taken as a reference Source: IFFO, week 17¹ , 2021 and JCI report ² dated 12.04.2021

Fishmeal

Main market – China

• Stock in China at ports according JCI:
  • o 210,910 MT¹ , + 55% vs. same period 2020
  • o Off takes: 3,060 MT/day (+20% vs. same period 2020)
• Chinese stock prices currently higher than Peruvian FOB prices:
  • o Quoted at RMB 11,500/MT (USD 1,720MT) equivalent super prime (68%) vs. USD 1,680/MT FOB Peru¹
• Chinese currency has remained stable against US dollar in Q1 1
  • o Yuan exchange rate: 6.46 RMB/US\$. (-9% vs. same period 2020)
• Soybean ratio (Shanghai): 2.89, favorable for FM consumption.
• Supply and demand is in balance

Fish oil

Fish oil production - w eek 17 (cumulative)¹

Regions	2021	2020	Change %
Chile#	76 490	63 499	20,5 %
Peru	40 724	417	9665,9 %
Danmark/Norway	19 126	22 551	-15,2 %
Iceland/North Atlantic*	10 798	10 510	2,7 %
Total	147 138	96 977	51,7 %
source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived oil

*Includes U.K., Ireland and Faroe Islands

Weekly average Peruvian fish oil FOB prices (US\$/MT) ¹

• Production IFFO Fish oil production increased 51.7% week 17 vs. same period 2020
  • Significant increase in Peruvian production vs. 2020 due to the increase in landings (Jan 2020) and very high yields (5% average)

Prices (FOB Peru)

• Feed grade: USD 1,830/MT¹
• Omega-3 grade: USD 2,100/MT¹
• Supply Limited oils available from the last NC season and south area

Atlantic salmon supply

(in tonnes WFE )

Year	2016		2017		2018		2019		2020		2021		2022
Region	Volume	Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change Volume		Change
Europe	1 429 700	-4.4 %	1 493 900	4.5 %	505 100	0.7 0/0	1 650 500	9.7 %	675 000	1.5 %	1 839 500		9.8 % 1 910 800	3.9 %
Norway	1 171 100	-5.1 %	207 800	3.1 %	253 400	3.8 %	1 333 400	6.4 %	369 100	2.7 %	475 900	7.8 %	1 539 900	4.3 %
United Kingdom	157 400	-5.4 %	177 200	12.6 %	152 100	-14.2 %	190 500	25.2 %	178 300	-6.4 %	204 000	14.4 %	198 500	-2.7 %
Faroe Islands	77 300	2.2 %	80 300	3.9 %	71 700	-10.7 %	86 600	20.8 %	80 600	-6.9 %	99 600	23.6 %	108 400	8.8 %
Iceland	8 100	125.0 %	11 600	43.2 %	13 600	17.2 %	24 500	80.1 %	31 200	27.3 %	46 000	47.4 %	47 500	3.3 %
Ireland	15 800	0.6 %	17 000	7.6 %	14 300	-15.9 %	15 500	8.4 %	15 800	1.9 %	14 000	-11.4 %	16 500	17.9 %
Americas	732 900	-11.0 %	797 200	8.8 %	899 300	12.8 %	928 900	3.3 %	038 410	11.8 %	934 200	-10.0 %	1 028 700	10.1 %
Chile	504 400	-15.7 %	564 200	11.9 %	660 100	17.0 %	690 300	4.6 %	778 400	12.8 %	660 100	-15.2 %	735 200	11.4 %
Canada	146 000	8.0 %	137 000	-6.2 %	146 000	6.6 %	137 500	-5.8 %	137 500	0.0 %	136 000	-1.1 %	134 500	-1.1 %
Australia	50 900	-6.4 %	61 200	20.2 %	63 900	4.4 %	61 900	-3.1 %	82 700	33.6 %	88 300	6.8 %	95 000	7.6 %
Others	9 100	-41.7 %	13 100	44.0 %	10 300	-21.4 %	18 400	78.6 %	19 810	7.7 %	34 800	75.7 %	49 500	42.2 %
USA	22 500	11.4 %	21 700	-3.6 %	19 000	-12.4 %	20 800	9.5 %	20 000	-3.8 %	15 000	-25.0 %	14 500	-3.3 %
Total	2 162 600	-6.7 %	2 291 100	5.9 %	2 404 400	4.9 %	2 579 400	7.3 %	2 713 410		5.2 % 2 773 700		2.2 % 2 939 500	6.0 %

Figures as per 30.04.2021 - Source: Kontali

SPOT prices fresh Atlantic salmon

▪ cross-section, FCA Oslo (Superior quality) as of week 16-2021

Atlantic salmon consumption

2021 – Q1

Figures as per 30.04.2021 Kontali

Conclusion

Salmon / Whitefish

The end of Covid-19 restrictions are unpredictable. However, seafoods position among end consumers remain strong

Salmon

• Expect significant growth in harvest volume and lower costs from improvement efforts and investment in smolt facilities
• Harvest guidance for salmon and trout including associates
  • o 205,000 210,000 GWT for 2021
  • o Harvest volume in Q2/21 below Q2/20

Whitefish

• Significant potential in whitefish
  • o Quota set for 2021: +17% for cod, +22% for haddock, +16% for saithe North of 62 degrees and down 43% for saithe South of 62 degrees
  • o Significant potential for further developments of downstream value chain

Conclusion

Pelagic

South America

• Seasonal higher activity in Peru vs. same quarter last year
• First season 2021 set at 2.5 million MT, up from 2.4 million MT for same season 2020
  • o The Covid-19 pandemic has caused and continues to cause increased uncertainty and it is expected that also the first season will be more challenging than normal
• Seasonal high activity in Q1 in Chile
  • The Covid-19 pandemic still cause increased uncertainty and the operation are more challenging than normal
• Increase jack mackerel quota by 15% for 2021

North Atlantic (Pelagia Holding AS, an associated company)

• Seasonal high activity in Q1
• ICES quota recommendation for 2021 to increase NVG herring by 21%, and reduce mackerel by 9%, North Sea herring by 5%, blue whiting by 20% and Sand eel by 50%
• Brexit
  • No agreement with UK regarding fisheries and access

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 2021.
• 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 20.05.2021. 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 Holding AS (100% figures)

AUSS`s share = 50%

(MNOK)	Q1 2021	Q1 2020	2020
Revenue	2,332	2,150	8,814
EBITDA	133	79	655
EBIT	73	19	408
Net interest bearing debt	3,373	3,327	3,477

Associated companies

Norskott Havbruk AS (100% figures)

LSG's share = 50%

(MNOK)	Q1 2021	Q1 2020	2020
Revenue	396	264	1 699
EBITDA	112	71	435
EBIT*	74	42	308
Volumes (gwt)	5 944	2 917	23 968
EBIT/kg* (NOK)	12,4	14,4	12,9
Net interest bearing debt	1 091	1 277	1 079

* Before biomass adj.