Austevoll Seafood ASA

Quarterly Report • May 8, 2018

Q1 2018 Financial presentation

Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

All figures in MNOK	Q1 2018	Q1 2017	2017
Revenue	5 753	6 075	20 799
EBITDA*	1 445	1 555	4 747
EBIT*	1 217	1 331	3 827
Pre-tax profit**	1 327	1 401	4 029
EPS (NOK)*	3 -	3	9
Total assets	37 536	34 425	35 309
Net interesting bearing debt	3 782	4 156	4 138
Equity ratio	56 %	54 %	54 %
Group EBITDA incl. 50% of Pelagia	1 548	1 637	5 054
EBITDA Salmon/whitefish	1 114	1 423	4 300
EBITDA Pelagic incl. proportional Pelagia	433	214	754

Q1 2018 EBITDA includes a gain of MNOK 157 related to sale of one fishing vessel with pelagic licenses (Br. Birkeland group)

The Board will recommend to the annual general meeting in 2018 a dividend of NOK 2.80 per share (NOK 2.50 per share in 2017)

* 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 company.

Operation overview

	PERU	CHILE	NORTH ATLANTIC	AUSTEVOLL SEAFOOD GROUP
PELAGIC FISHING	7% of anchovy quota centre-north 20 fishing vessels	8.4% of pelagic fishing quota 3 fishing vessels	4 fishing vessels	400,000 - 500,000 MT of pelagic fish caught annually (27 vessels)
PELAGIC PROCESSING	7 processing plants	4 processing plants	25 processing plants*	36 processing plants Intake of 1.6 - 1.9 mill MT of fish annually
WHITE FISH			11% whitefish quota (NO) • 10 fishing vessels • 8 Processing plants	100,000-120,000 MT of whitefish (10 vessels) 8 processing plants
SALMON			Norway: 153 salmon licenses • incl. salmon operation UK*	180,000 - 190,000 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 Br. Birkeland AS Pelagia AS (associated)

Biomass and quota evolution

Austral Group S.A.A Operation in Peru

• Centre North biomass estimated at 10.86 million MT, 19% above average of last 10 years summer cruises
• 1 st season quota defined 3.3 million MT vs. 2.8 million MT 2017
• Start date was April 7 th 2018 vs. April 22nd 2017
• Peruvian quota for 2018 estimated at 5.0 million MT (subject to IMARPE`s cruises)

South

• 1 st season (Jan-Jun 2018) set at 535,000 MT vs. 515,000 MT 2017
• Austral processed to date 31,500 MT in 2018 vs. 18,488 MT in the 1st season 2017, increasing share from 11% to 31%

Volume '000 MT	Q1 2018	Q1 2017	2018E	2017
Own catch
Anchoveta	42	48	393	209
Mackerel	4	8	10	9
Purchase
Anchoveta	44	8	163	75
Mackerel	0	0	2	1
Total ('000 MT)	90	64	568	294

Operation in Chile Foodcorp Chile S.A

Volume '000 M T	Q1 2018	Q1 2017	2017	2018E
Own catch:
Mackerel and other species	21	8	44	47
Purchase:
Sardine/anchovy	13	23	43	22
Giant squid/mackerel	5	6	15	9
Total ('000 MT)	39	37	102	78

Own catches:

• Good start for the jack mackerel season, 120% increase in landing vs.Q1 2017

Purchases:

• Giant squid: This year only purchases from artisanal

Jack mackerel:

• 15% of Chilean industrial quota was auctioned December 2017 resulting in 2 series:
• LTP-A (85% original) + LTP-B (15% auctioned) = Industrial quota (100%)
• Foodcorp increased participation post auction
• Foodcorp quota for 2018 at 27,828 MT (21,650 MT in 2017)
• 15,000 purchased from SPFRMO in 2018 vs. 21,500 in 2017
• Main markets in Africa for frozen products are recovering at increasing prices

Focus remains in securing raw material from third parties

North Atlantic pelagic quotas (2007-2018E)

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

8 www.auss.no Austevoll Seafood ASA

Fishmeal and fish oil (FMO) Pelagia AS

N o rway, UK and Ireland ('000 M T)	Q1 2018	Q1 2017	2017	2018E
Raw Material:
Fishmeal and fish oil	264	235	675	645
Protein concentrate/oil	8 7	6 0	284	265
Total ('000 MT)	351	295	959	910
A ll vo lum e based o n 100%

• Higher raw material volume vs. Q1 2017. Late start in fishery of blue whiting, More trimmings, specially from Barents Sea capelin
• Quiet market low sea temperature lowers consumption of feed for salmon
• High quota in Peru for ongoing season with good catches so far. Expecting a decrease in prices for both fishmeal and fish oil in our market
• Preliminary quota of Norwegian sand eel set at 70,000 MT

Pelagia AS

Direct Human Consumption

Volume ('000 MT)	Q1 2018	Q1 2017	2017	2018E
Raw material intake	125	105	430	407

• Raw material intake better than expected
• Increase driven by NVG herring and capelin
• Barents sea capelin is a positive contribution giving good quality product
• Strong sales activity on all products
• Stock situation acceptable

10 www.auss.no Austevoll Seafood ASA

Pelagia AS (100% figures)

(MNOK)	Q1 2018	Q1 2017	2017
Revenue	1 462,6	1 372,0	6 122,1
EBITDA	204,6	163,0	613,9
EBIT ex. impairment	153,1	135,0	435,9
EBIT	153,1	135,0	484,8
Sales volumes (tonnes):
Frozen	77 300	65 000	321 100
FM/FPC/Oil	34 100	32 800	188 200

Pelagic factories

Associated company, AUSS share = 50%

Br. Birkeland Group

Salmon	Q1 2018	Q1 2017	2017	2018 E
Harvest volume (GWT)	2,808	1,117	6,543	7,000
EBIT (NOK/kg)	18.9	24.4	23.3

Salmon:

• Substantially higher harvest volume first quarter 2018 vs. same quarter 2017
• Lower prices in Q1 2018 vs. Q1 2017
• Expects zero harvesting in Q2 2018

Fishing:

• Sold one pelagic vessel including licenses in Q1 2018
• Seasonal high activity for the pelagic vessels
• Still challenging conditions for the snow crab vessels
• one vessel in yard until mid February

Salmon/White Fish

Lerøy Seafood Group ASA

Lerøy Seafood Group ASA

Q1 2018

• EBIT before FV adj. NOK 960 million (Q1/17: NOK 1,277 million)
• Havfisk & LNWS EBIT NOK 178 million (Q1/17: NOK 158 million)
• Harvest volume Salmon and Trout 37,576 GWT (Q1/17: 43,307 GWT)
• EBIT/kg all incl. (excl. EBIT Havfisk & LNWS) of NOK 20.8 (Q1/17: NOK 25,8)
• Contract share of 22% (Q1/17: 32%)
• NIBD NOK 2,293 million at end of Q1/18 (Q1/17: NOK 2,327)

Lerøy Seafood Group ASA

Salmon/Trout farming

	2012 GWT	2013 GWT	2014 GWT	2015 GWT	2016 GWT	2017 GWT	2018E GWT
Lerøy Aurora AS*	20 000	24 200	26 800	29 200	30 000	39 200	37 000
Lerøy Midt AS	61 900	58 900	68 300	71 400	52 200	64 500	69 000
Lerøy Sjøtroll	71 600	61 700	63 200	57 100	68 000	54 000	60 000
Total Norway	153 400	144 800	158 300	157 700	150 200	157 800	166 000
Villa Organic AS**			6 000
Norskott Havbruk (UK)***	13 600	13 400	13 800	13 500	14 000	15 500	13 000
Total	167 100	158 200	178 100	171 200	164 200	173 300	179 000

*) 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

Lerøy Seafood Group ASA (Wild catch)

Q1 2018: Wild catch

• Q1/18 harvest volume at 22,268 tonnes, up 8% y-o-y, and the highest catch volume in any quarter in history
• Average prices up 11% y-o-y. Y-o-y prices for cod up 12%, haddock 20% while saithe down 1%
• As it takes time to adjust prices to end-market, increase in raw material prices is a challenge within processing

Financials Q1 2018

Catch, purchase and farming (100% volumes)

Figures in 1,000 tonnes	Q1 2018	Q1 2017	2017	2018 E
Group companies:
Norway (whitefish)	22	21	67	65
Norway (pelagic)	13	15	40	40
Chile own catch	21	8	44	47
Chile purchase	18	29	59	31
Peru own catch	47	57	218	403
Peru purchase	45	9	75	165
Total Group companies	165	138	503	751
Joint ventures:
Europe purchase (HC)	125	105	430	407
Europe purchase (FM/FPC/Oil)	350	295	960	910
Totalt Joint venture:	475	401	1 390	1 317
Total wildcatch	640	539	1 893	2 068
Salmon/Trout (GWT)*	44	47	180	186
Total Group	684	587	2 073	2 254

* Incl. 50% of the Scottish Sea Farms volumes

Key financial figures

(MNOK)	Q1 2018	Q1 2017	Δ%	Q1 2018 a)	Q1 2017
Revenue	5 753,1	6 075,0	-5,3 %	6 484,5	6 761,0
EBITDA*	1 445,3	1 555,3	-7,1 %	1 547,6	1 637,0
Depreciation/impairment	228,1	224,5		253,8	238,7
EBIT*	1 217,2	1 330,9	-8,5 %	1 293,8	1 398,3
Income from associates*	159,1	114,5
Net finance	-49,2	-44,4
Pre-tax**	1 327,1	1 401,0	-5,3 %
Net profit	1 871,8	343,4
EPS (NOK)	4,57	1,03
EPS (NOK)*	2,58	2,95

Q1 2018 a)	Q1 2017 a)	Δ%
6484,5	6761,0	$-4.1%$
1 547,6	1 637,0	$-5.5%$
253,8	238,7
1 293,8	1 398,3	$-7.5%$

* 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 company.

a) AUSS incl. proportional 50% of Pelagia AS

	Q1 2018	Q1 2017
Biomass adj group company	986,6	-1 021
Biomass adj group associated companies	2,7	36

Lerøy Seafood Group ASA

(MNOK)	Q1 2018	Q1 2017	2017
Revenue	5 000	5 460	18 620
EBITDA*	1 114	1 424	4 300
EBIT* ex. impairment	960	1 277	3 717
EBIT*	960	1 277	3 717
Harvested volume (GWT)	37 576	43 307	157 768
EBIT/kg* ex. Havfisk (NOK)	20,8	25,8	21,1
Havfisk catch volume (MT)	22 268	20 586	66 729
EBIT Havfisk (MNOK)	178	158	386

* before fair value adjusments related to biological assets

• Spot prices below last year
• o NSI Q1/18 NOK 59.5 vs. NOK 65.3 in Q1/17 (-9%)
• o Up NOK 10/kg q-o-q, and down NOK 6/kg y-o-y
• Trout price achievement well below salmon prices
• Contract prices marginally above spot prices o Contract share of 22%
• Cost (RFS) down from Q4/17
• Biomass at sea
• o End Q1/18 at 99,028 LWT vs. 89,181 LWT end Q1/17 (+11)

NIBD Q1/18 MNOK 2,293 vs. Q1/17 MNOK 2,327

Austral Group S.A.A

(MNOK)	Q1 2018	Q1 2017	2017
Revenue	263	434	1 250
EBITDA	63	88	137
EBIT ex. impairment	23	40	-55
EBIT	24	41	-51
Rawmaterial intake (MT):	91 493	65 970	293 960
Sales volumes:
Fishmeal (MT)	16 454	30 370	83 507
Fish oil (MT)	1 950	2 189	11 431
Frozen/fresh (MT)	1 065	3 170	8 154

• A weak second season 2017 finalized in January 2018
• o Own catch 40,200 MT
• o Purchase from 3rd party 16,500
• o Low sales volumes in Q1/18 vs. Q1/17
• Good activity in the south zone (Ilo)
• o Total raw material intake Q1/18 30,400 MT (Q1/17: 6,400 MT)
• Inventory by end March 2018
• o Fishmeal 2,600 MT (March 2017: 2,200)
• o Fish oil 600 MT (March 2017: 3,900)

NIBD Q1/18 MNOK 864 vs. Q1/17 MNOK 800

Foodcorp Chile S.A

(MNOK)	Q1 2018	Q1 2017	2017
Revenue	166	98	508
EBITDA	55	10	79
EBIT ex. impairment	48	1	47
EBIT	48	1	46
Rawmaterial intake:	38 579	37 353	102 441
Sales volumes:
Fishmeal (MT)	2 527	2 472	13 135
Fish oil (MT)	196	840	4 577
Frozen (MT)	15 026	4 267	27 661

• Good activity in the quarter, however different mix of raw material vs. Q1/17
• o 17,500 MT horse mackerel Q1/18 vs. 8,000 MT Q1/17
• Good demand for frozen products
• Inventory of frozen products:
• o Q1/18 6,000 MT, same level as end Q1/17
• Increased fishing tax in 2018

NIBD Q1/18 (cash positive) with MNOK 3 vs. Q1/17 MNOK 20

Br. Birkeland AS/Br. Birkeland Farming AS

(MNOK)	Q1 2018	Q1 2017	2017
Revenue	364	124	655
EBITDA*	212	30	219
EBIT ex. Impairment*	189	12	128
EBIT*	189	12	124

* before fair value adjustments related to biological assets

Q1 2018 EBITDA includes a gain of MNOK 157 related to sales of one fishing vessel with pelagic licenses

Salmon

• Harvested volume (GWT): o Q1/18 2,808 MT vs. Q1/17 1,117 MT
• EBIT/kg:
• o Q1/18 NOK 18.9 vs. Q1/17 NOK 24.4 (- 23%)
  • Spot prices down 9% in Q1/18 vs. Q1/17

Pelagic Q4

• Seasonal high activity
• o The pelagic vessels have caught herring, capelin and blue whiting in the quarter
• o Higher price achievement for blue whiting winter 2018 vs. same period 2017
• Still challenging conditions for the snow crab vessels
• o One vessel in yard until mid February

NIBD Q1/18 (cash positive) MNOK 116 vs. Q1/17 MNOK 296

Statement of financial position (Group)

(MNOK)	31-Mar-18	31-Mar-17	31-Dec-17
Intangible assets	11 461	11 767	11 698
Tangible fixed assets	8 032	6 759	7 563
Financial non-current assets	2 394	2 043	2 306
Total non-current assets	21 887	20 569	21 566
Biological assets at cost	3 615	3 455	3 898
Fair value adjustment of biomass	1 795	1 666	791
Other inventory	1 418	1 297	1 188
Receivables	3 070	3 006	2 790
Cash and cash equivalents	5 750	4 432	5 075
Total current assets	15 649	13 856	13 743
Total assets	37 536	34 425	35 309
NIBD	3 782	4 156	4 138
Equity	20 912	18 598	19 172
Equity ratio	56 %	54 %	54 %

USD/NOK:

• 31.03.2018: 7.77
• 31.03.2017: 8.58
• 31.12.2017: 8.20

The Board has proposed a dividend of NOK 2.80 per share in 2018

Strong financial position, equity ratio at 56%

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

(MNOK)	Q1 2018	Q1 2017	2017 (audited)
Pre tax profit	2 316	416	2 200
Biomass adjustment	-987	1 021	1 832
Paid tax	-263	-216	-600
Depreciaton and impairments	228	224	920
Associated companies	-162	-150	-499
Interest (net)	62	74	283
Working capital	-168	362	83
Cash from operating activities	1 026	1 731	4 220
	-	-	-
Net investment in capex	-864	-264	-1 840
Acquisitions and divestments	293	31	52
Others	63	-15	232
Cash from investing activities	-508	-248	-1 556
	-	-	-
Change in long term loans	318	-72	339
Change in short term loans	-17	-623	-327
Dividends	-	-4	-951
Others	-134	-98	-387
Cash from financing activities	166	-796	-1 326
	-	-	-
Cash at the beginning of the period	5 075	3 745	3 745
Net change in cash (incl.exchange gain/losses)	675	686	1 330
Cash at the end of the period	5 750	4 432	5 075

Q1 2018

The new trawler "Nordtind" delivered on time, January 2018 (whitefish)

Outlook

Fishmeal

Week 16 Fishmeal production - 2018 vs. 2017 (cumulative)

Regions	2 018	2 017	Change %
Chile	162 905	153 285	6,3 %
Peru	352 382	179 017	96,8 %
Denmark/ Norway#	125 598	130 282	-3,6 %
Iceland/ North Atlantic*	114 863	101 612	13,0 %
Total	755 748	564 196	34,0 %

Source: IFFO All numbers are preliminary and subject to revision

Includes salmon-derived oil *Includes U.K., Ireland and Faroe Islands

Production	•	IFFO	Fishmeal	production	increase	34%	YTD	vs.
		same	period 2017

• Good expectation about future Peruvian production
• Prices • USD 1,540/MT for Super Prime
• (FOB Peru) • USD 1,340/MT for Standard 65/180
• Demand Feed producers looking to cover their demand beyond Q3
• Hand-to-mouth purchases, following closely fishing unloading's
• Supply About 460,000 MT already committed (Peru) from future production (NC ports I-2018), meaning 57% of the national quota sold

Fishmeal

Main market – China

• Stock level: 104,060 MT as of Apr.16th vs. 160,080 MT same period 2017 (-35% down vs. 2017)
• o Off takes: 1,700 MT/day (-26% vs. same period 2017)
• o Domestic production remains limited, the Chinese government continues with strict environmental controls
• Chinese prices currently higher than in Peru (spot FM prices)
• o Quoted at RMB 12,800/MT equivalent super prime 68% USD 1,960/MT FOB Peru
• Fishmeal/ soymeal price ratio (China) is high at 3.44
• Weak US dollar against RMB positive for import to China
• o Yuan exchange rate: 6.29 RMB/US\$. (-9% vs. same period 2017)

Fish oil

Fish oil production - 2018 vs. 2017 (cumulative)
Regions	2 018	2 017	Change %
Chile#	59 217	51 405	15,2 %
Peru	55 265	25 134	119,9 %
Denmark/ Norway	26 408	15 630	69,0 %
Iceland/ North Atlantic*	26 078	25 181	3,6 %
Total	166 968	117 349	42,3 %

W eek 16

Source: IFFO All numbers are preliminary and subject t o revision # Includes salmon-derived oil *Includes U.K., Ireland and Faroe Islands

Source: IFFO

• Production IFFO Fish oil production increased 42.3% YTD vs. same period 2017
• Peru is up 119.9% vs. same period 2017
• Feed grade: USD 2,000 MT

Prices

• (FOB Peru) • Omega-3 grade: USD 2,200 - 2,500/MT
• Demand Feed market covered up to Q2 and looking to cover Q3 and Q4 with current fishing production.
• o Pressure on prices
• Omega-3 market undersupply
• Supply Limited oils available from the last NC season and south, estimating < 3,000 MT.
• Estimated Peruvian production of 132,000 MT for this season (NC and yield basis 4%)

Atlantic salmon supply

(in tonnes WFE )

		Change		Change		Change		Change		Change		Change
	2013	12-13	2014	13-14	2015	14-15	2016	15-16	2017	16-17	2018	17-18
Norway	1 143 600		-3,3 % 1 199 000		4,8 % 1 234 200		2,9 % 1 171 100		-5,1 % 1 207 800		3,1 % 1 279 300	5,9 %
United Kingdom	157 800	-1,0 %	170 500	8,0 %	166 300	-2,5 %	157 400	-5,4 %	174 300	10,7 %	155 500	-10,8 %
Faroe Islands	72 600	3,3 %	82 700	13,9 %	75 600	-8,6 %	77 300	2,2 %	80 300	3,9 %	72 900	-9,2 %
Ireland	10 600	-32,1 %	12 300	16,0 %	15 700	27,6 %	15 800	0,6 %	17 000	7,6 %	18 000	5,9 %
Iceland	3 350	3,1 %	4 400	31,3 %	3 600	-18,2 %	8 100	125,0 %	11 500	42,0 %	16 700	45,2 %
Total Europe	1 387 950		-3,1 % 1 468 900		5,8 % 1 495 400		1,8 % 1 429 700		-4,4 % 1 490 900		4,3 % 1 542 400	3,5 %
Chile	468 100	28,6 %	582 900	24,5 %	598 200	2,6 %	504 400	-15,7 %	579 100	14,8 %	606 700	4,8 %
Canada	115 100	-15,7 %	95 000	-17,5 %	135 200	42,3 %	146 000	8,0 %	140 000	-4,1 %	148 800	6,3 %
USA	20 300	3,6 %	24 000	18,2 %	20 200	-15,8 %	22 500	11,4 %	21 700	-3,6 %	18 000	-17,1 %
Australia	39 000	-2,5 %	42 000	7,7 %	54 400	29,5 %	50 900	-6,4 %	61 000	19,8 %	59 500	-2,5 %
Others	11 200	38,3 %	15 200	35,7 %	13 700	-9,9 %	12 500	-8,8 %	12 100	-3,2 %	13 600	12,4 %
Total Others	653 700	15,0 %	759 100	16,1 %	821 700	8,2 %	736 300	-10,4 %	813 900	10,5 %	846 600	4,0 %
Total World-wide	2 041 650		2,1 % 2 228 000		9,1 % 2 317 100		4,0 % 2 166 000		-6,5 % 2 304 800		6,4 % 2 389 000	3,7 %

SPOT prices

fresh Atlantic salmon, cross-section, FCA Oslo as of week 17-2018 (Superior quality)

Quarter 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
01 26 29 34 40 27 36 47 41 59								66 60
O2	26	36 41 38 28 42 40 38				64 —		68 70
Q3	$\sim$ 28	32 39 27 26 39 35 41 61 57
$\Omega$ 4	26	28 38 23 27 42		39 -	45	67	49
Total 27 31 38 32 27				40 41	41	63	60	63

Atlantic salmon consumption Q1 2018

Market	2016	2017	2018	Chng	Chng %
EU	247 100	226 900	241 800	14 900	7 %
USA	116 600	111 300	122 100	10 800	10 %
Japan	16 500	15 400	14 000	-1 400	-9 %
Russia	21 100	15 700	23 700	8 000	51 %
Other Markets	160 900	154 600	178 300	23 700	15 %
Total	562 200	523 900	579 900	56 000	11 %

Figures as per 03.05.2018 - Source: Kontali/Nasdaq

Conclusion

Salmon

• Lower salmon spot prices vs. Q1 2017 (-9%)
• Positive cost improvement vs. Q4 2017
• Harvest guidance for salmon and trout including associates 179,000 GWT for 2018
• Continued positive outlook

White fish

• Good catches in the quarter
• Expected catch volume at 65,000 tonnes in 2018
• 2018 quota set for cod down 12%, haddock down 13%,
• 2018 quota for saithe to be increased

Conclusion

Pelagic

South America

• Good start to first season in Peru
• Total quota 3.3m MT vs. 2.8m MT in 2017
• Good horse mackrel catches in Chile in Q1 2018, volumes increased with 120% vs. Q1/2017
• Recovery of the horse mackerel biomass

Pelagic

North Atlantic (Pelagia AS, an associated company)

• Normal high season, good activity levels within production for fishmeal and fish oil and human consumption

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 2018.
• 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 08.05.2018. 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%

(MNOK)	Q1 2018	Q1 2017	2017
Revenue	1 462,6	1 372,0	6 122,1
EBITDA	204,6	163,0	613,9
EBIT ex. Impairment	153,1	135,0	435,9
EBIT	153,1	135,0	484,8
Net interest bearing debt	2 186,7	2 066,8	2 100,4

Associated companies

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

(MNOK)	Q1 2018	Q1 2017	2017
Revenue	519	372	2 088
EBITDA	183	161	752
EBIT*	173	143	669
Volumes (gwt) EBIT/kg* (NOK)	6 500 26,7	5 918 24,2	30 996 21,6
Net interest bearing debt	166	310	181

* Before biomass adj.