Mowi ASA

Investor Presentation • Nov 2, 2016

Marine Harvest

1

Q3 2016 Presentation 2 November 2016

Forward looking statements

This presentation may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest's contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expectations of the capacity of our fish feed plant, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt and various other matters concerning Marine Harvest's business and results. These statements speak of Marine Harvest's plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties.

Our registration statement on Form 20-F filed with the US Securities and Exchange Commission in 2015 contain information about specific factors that could cause actual results to differ, and you are urged to read them. Marine Harvest disclaims any continuing accuracy of the information provided in this presentation after today.

Highlights

• All-time high operational EBIT of EUR 180 million
• Seasonally record high salmon prices on strong demand and decline in supply
• However, severe biological issues in some areas
• Positive operational EBIT in Marine Harvest Chile
• Record high production and operational results in Marine Harvest Feed
• Quarterly dividend of NOK 2.30 per share

Key financials

Ma ine Ha t Gr in f ig r rve s ou p - m a ur es Un aud ited EU R m illio n	Q 3 2 0 1 6	Q 3 2 0 1 5	Y T D Q 3 2 0 1 6	Y T D Q 3 2 0 1 5	2 0 1 5
Op t ion l re d o t he inc era a ve nu e a n r om e	8 0. 0 5	1. 8 7 5 13%	2 4 9 1. 7 11%	2 2 4. 4 5	3 1 2 1. 1
Op t ion l E B I T 1) era a	1 9. 9 7	9 7 7. 131 %	4 4 0. 8 71%	2 1 5 7.	3 4 6. 8
Ca h f low fro t ion s m op era s	1 6 6. 6	6 4. 0	5 3 0. 0	2 1 0. 4	2 3 3. 3
Ne in be ing de b ( N I B D ) t ter t- t es ar	8 7 6. 7	9 1 7. 9	8 7 6. 7	9 1 7. 9	9 9 9. 7
2) S ( ) Un de ly ing E P E U R r	0. 2 9	0. 1 2	0. 7 1	0. 3 9	0. 5 2
3) Ne t c h f low ha ( E U R ) as p er s re	0. 2 6	0. 0 4	0. 9 8	0. 1 5	0. 0 1
( O ) D iv i de d de lar d a d p i d p ha N K n c e n a er s re	3. 2 0	1. 3 0	6. 3 0	3. 8 0	5. 2 0
4) R O C E	% 2 9. 5	% 1 2. 1	% 2 3. 5	% 1 2. 8	% 1 3. 1
Ha t v lum ( t te d w ig h t ton lm ) rve s o e g u e ne s s a on	9 7 2 1 5	1 0 5 9 6 3 -8%	2 8 0 9 8 7 -9%	3 0 9 5 9 8	4 2 0 1 4 8
5) Op ion l E B I T - E U R kg - T l t ta era a p er o	1. 8 5	0. 7 3	1. 5 7	0. 8 3	0. 8 3
No rw ay	1. 9 8	1. 2 5	1. 9 9	1. 3 3	1. 3 7
Sc t lan d o	0. 6 0	0. 6 9	0. 5 8	0. 6 0	0. 3 5
Ca da na	2. 6 3	0. 1 4	2. 3 0	0. 3 4	0. 3 4
C h i le	1. 4 4	0. 7 2 -	0. 5 3 -	0. 6 7 -	0. 8 2 -

Salmon prices – weekly reference prices

• Seasonally record high prices in Europe and Asia
• Prices in Americas continue to improve

Price achievement, contract & superior share

C t t h o n r a c s a r e	4 0 %	7 0 %	0 %	1 8 %
S i h u p e r o r s a r e	9 1 %	9 4 %	8 8 %	9 5 %

Operational EBIT comparison

Norway

SA LM ON O F N OR W EG IAN O RIG IN
EUR illio m n	Q 3 2 01 6	Q 3 2 01 5
Op t ion l E B I T er a a	3 1 2 8.	7 3. 5
( G ) Ha t v lum W E rve s o e	6 4 6 4 0	5 8 8 7 3
Op t ion l E B I T kg ( E U R ) er a a p er	1. 9 8	1. 2 5
f w h ic h Fe d - o e	0. 1 9	0. 1 4
f w h ic h Ma ke ts - o r	0. 1 6	0. 1 5
f w h ic h Co Pr du ts - o ns um er o c	0. 0 3	0. 0 6
Ex t ion l i tem inc l in E B I T ce p a s op	3 3. 7 -	1 7. 9 -
( ) Ex t ion l i tem kg E U R ce p a s p er	0. 2 5 -	0. 3 0 -
Pr ice h iev t /re fer ice ac em en en ce p r	9 1 %	1 0 4 %
Co tra t s ha n c re	0 % 4	3 % 4
Su ior ha p er s re	9 1 %	9 3 %

• Record quarterly results on seasonally all-time high prices
• Contract share of 40% negatively impacted price achievement

Biological challenges continue and reduced biomass production

• Early harvesting at lower average weights
• -High mortality due to frequent lice treatments
• Reduced harvest volumes for Q4 2016
• High contract share for H1 2017 (52%)
• Expect high costs also for Q4 2016

Note: Marine Harvest Norway's fixed price/fixed volume contracts with third party customers and MH's processing entities. MH's processing entities cover a large proportion of their sales exposure through third party end product contracts.

ISA related costs on one site in Region North. Will impact operational results negatively in Q4 2016 (approx EUR 4 million)

Scotland

S A L M O N O F S C O T T I S H O R I G I N
EU R m illio n	Q 3 2 0 1 6	Q 3 2 0 1 5
Op io l E B I T t er a na	9 5.	1 1. 5
Ha t v lum ( G W E ) rve s o e	9 8 1 1	1 6 5 8 6
Op io l E B I T kg ( E U R ) t er a na p er	0. 6 0	0. 6 9
f w h ic h M H Ma ke ts - o r	0. 2 9	0. 2 9
f w Co h ic h M H Pr du ts - o ns um er o c	0. 0 0	0. 0 2
Ex t ion l i tem inc l in E B I T ce p a s op	5. 8 -	2. 1 -
Ex ion l i kg ( E U R ) t tem ce p a s p er	0. 9 5 -	0. 1 3 -
Pr ice h iev t /re fer ice a c em en en ce p r	9 6 %	1 1 0 %
Co tra t s ha n c re	7 0 %	3 4 %
Su ior ha p er s re	% 9 4	% 9 2

• Good spot price development
• Harvest volumes reduced due to biological challenges
• Contract share high
• High health and feed costs
• Farming turnaround process on track but requires time to see improvements

Canada

S A L M O N O F C A N A D I A N O R I G I N
EU R m illio n	Q 3 2 0 1 6	Q 3 2 0 1 5
Op t io l E B I T er a na	0 2 7.	1. 2
( G ) Ha t v lum W E rve s o e	1 0 2 8 4	8 6 6 8
Op io l E B I T kg ( E U R ) t er a na p er	2. 6 3	0. 1 4
f w h ic h M H Ma ke ts - o r	0. 2 0	0. 1 4
f w h ic h M H Co Pr du ts - o ns um er o c	0. 0 0	0. 0 0
Ex ion l i inc l in E B I T t tem ce p a s op	0. 0	1. 2 -
Ex ion l i kg ( E U R ) t tem ce p a s p er	0. 0 0	0. 1 4 -
Pr ice h iev t /re fer ice a c em en en ce p r	9 9 %	1 0 0 %
Co tra t s ha n c re	% 0	% 0
Su ior ha p er s re	8 8 %	9 1 %

• Favorable price developments
• Good harvest volumes
• Improved growth and harvesting more larger sized fish
• Positive cost development

Chile

S A L M O N O F C H I L E A N O R I G I N
EU R m illio n	Q 3 2 0 1 6	Q 3 2 0 1 5
Op t io l E B I T er a na	9. 9	1 3. 3 -
( G ) Ha t v lum W E rve s o e	6 8 9 4	1 8 4 2 5
Op t io l E B I T kg ( E U R ) er a na p er	1. 4 4	0. 7 2 -
f w h ic h M H Ma ke ts - o r	0. 4 3	0. 1 3
f w h ic h M H Co Pr du ts - o ns um er o c	0. 0 0	0. 0 0
Ex t ion l i tem inc l in E B I T ce p a s op	0. 0	0. 0
( ) Ex t ion l i tem kg E U R ce p a s p er	0. 0 0	0. 0 0
Pr ice h iev t /re fer ice a c em en en ce p r	1 0 4 %	1 1 4 %
Co tra t s ha n c re	% 1 8	% 9
Su ior ha p er s re	9 5 %	8 7 %

• Record high prices on reduced supply
• Significant volume reduction due to the algal bloom
• Full cost in box USD 5.32 per kg (GWE) in the quarter
• New regulations likely to increase number of sites and costs going forward

Ireland and Faroes

S A M O N O F I R I S H O R I G I N L
EU R m illio n	Q 3 2 0 1 6	Q 3 2 0 1 5
Op t io l E B I T er a na	4. 6	3. 1
( G ) Ha t v lum W E rve s o e	2 9 0 1	3 1 1 4
Op t io l E B I T kg ( E U R ) er a na p er	1. 6 0	0. 9 0
f w h ic h M H Ma ke ts - o r	0. 0 1	0. 0 0
f w h ic h M H Co Pr du ts - o ns um er o c	0. 0 2	0. 0 4
Ex t ion l i tem inc l in E B I T ce p a s op	1. 0 -	2. 4 -
Ex t ion l i tem kg ( E U R ) ce p a s p er	0. 3 3 -	0. 7 1 -
/re fer Pr ice h iev t ice a c em en en ce p r	na	na
Co tra t s ha n c re	8 0 %	6 % 7
Su ior ha p er s re	9 1 %	8 4 %

S A L M O N O F F A R O E S E O R I G I N
EU R m illio n	Q 3 2 0 1 6	Q 3 2 0 1 5
Op io l E B I T t er a na	9. 0	0. 1 -
Ha t v lum ( G W E ) rve s o e	2 6 8 4	0
Op io l E B I T kg ( E U R ) t er a na p er	3. 3 7	0. 0 0
f w h ic h M H Ma ke ts - o r	0. 1 6	0. 0 0
f w Co h ic h M H Pr du ts - o ns um er o c	0. 0 0	0. 0 0
Ex t ion l i tem inc l in E B I T ce p a s op	0. 0	0
Ex t ion l i tem kg ( E U R ) ce p a s p er	0. 0 0	0. 0 0
/re fer Pr ice h iev t ice a c em en en ce p r	% 1 0 5	% 0
Co ha tra t s n c re	0 %	0 %
Su ior ha p er s re	8 9 %	0 %

• Good contribution from Marine Harvest Ireland on higher prices and stable volumes
• Very good contribution from Marine Harvest Faroes in the quarter

Consumer Products

C O N S U M E R P R O D U C T S
EU R m illio n	Q 3 2 0 1 6	Q 3 2 0 1 5
Op ing t er a re ve nu es	3 2 1. 2	2 6 0. 1
Op t io l E B I T er a na	2. 2	4. 6
Op t ion l E B I T % er a a	0. 7 %	1. 8 %
Vo lum l d ( d. ig h ) to t e s o nn es p ro we	2 9 6 2 1	2 1 1 6 5
Ex t ion l i te ce p a ms	0	0
Vo lum ha lm e s re sa on	% 7 8	% 7 3
Re ha lm ve nu e s re sa on	% 8 2	% 7 8

• Improving operations in a challenging raw material price environment
• Continued good growth in the German, BeNeLux and Southern European markets
• Break-even results at Rosyth as expected
• Continued new product development and innovative packaging to support growth going forward

Feed

F E E D
EU R m illi on	Q 3 2 0 1 6	Q 3 2 0 1 5
O ing t p er a re ve nu es	4 1 4 0.	1 1 4. 2
O t io l E B I T p er a na	4 1 2.	8. 2
O t ion l E B I T % p er a a	8. 8 %	7. 2 %
Fe d l d lum e so vo e	1 1 4 6 8 5	9 7 8 9 7
Fe d du d lum e p ro ce vo e	9 5 3 4 2	9 1 0 8 2
Ex t ion l i te ce p a m s	0	0

• Record high production and results in the quarter
• 87% feed self-sufficiency rate in Norway
• Planning application submitted for new feed plant in Scotland

Third Quarter 2016 Financials, Markets and Harvest Volumes

Profit and Loss

Ma rin e H G est arv rou p EUR mil lion	Q 3 2 016		Q 3 2 015	YT D Q 3 2 016	YT D Q 3 2 015	20 15
Op tio l re nd ot he r in era na ve nu e a co me	85 0.0	13%	75 1.8	2 4 91. 7 1 1%	2 2 54. 4	3 1 21 .1
Op tio l E BIT 1) era na	179 .9	131 %	77. 9	44 0.8 71%	257 .1	34 6.8
Ch e in lize d in ter nal in ang un rea m arg	-18 .2		-2. 9	-16 .9	-0. 8	-2. 2
Ga in/l fro der ivat ive oss m s	-0. 2		-1. 7	1.2	-6. 2	-12 .5
Ne t fa ir v alu dju stm ent of bio ntr act e a ma ss , o ner ous co s	97 .1		43 .6	20 2.8	-97 .7	9.3
Re stu ctu ring sts co	0.0		-0. 9	-4. 6	-15 .4	-15 .2
Oth tio nal ite er non -op era ms	0.0		-0. 1	1.3	2.5	2.4
Inc e fr iate d c ies om om as soc om pan	15 .2		10 .4	41 .6	12 .6	23 .4
Imp airm ent los - f ixe d a ts ses sse	-0. 3		0.0	-19 .4	-3. 1	-6. 8
EB IT	27 3.6		12 6.4	64 6.9	14 8.9	34 5.3
t fi Ne cia l ite nan ms	-44 .7		-83 .4	-16 3.5	-49 .3	-95 .2
Ea rni s b efo tax ng re	22 9.0		43 .0	48 3.4	99 .7	25 0.1
Pro fit los s fo r th eri od or e p	15 7.9		22 .5	32 8.4	66 .6	15 8.3
S ( R) EP EU	0.3 5		0.0 5	0.7 3	0.1 5	0.3 6
Un der ly ing EP S ( EU R)	0.2 9		0.1 2	0.7 1	0.3 9	0.5 2
Ne ash flo sha ( EU R) t c w p er re	0.2 6		0.0 4	0.9 8	0.1 5	0.0 1
Div ide nd dec lare d a nd id p sha ( NO K) pa er re	3.2 0		1.3 0	6.3 0	3.8 0	5.2 0
Op tio nal EB IT m in era arg	21 .2%		10 .4%	17 .7%	11 .4%	11 .1%
Ha vol GW E t (sa lmo nid s) st rve um e, onn es	97 215	-8%	105 96 3	28 0 9 87 -9%	309 59 8	42 0 1 48
Op tio nal EB IT p kg inc l m in f Sa les d M ark etin 2) era er arg rom an g	1.8 5		0.7 3	1.5 7	0.8 3	0.8 3
3) RO CE	29 .5 %		12 .1 %	23 .5 %	12 .8 %	13 .1 %

Financial position

Ma in Ha t Gr r e rv es ou p E U R m i l l ion	3 0. 0 9. 2 0 1 6	3 0. 0 9. 2 0 1 5	3 1. 1 2. 2 0 1 5
No t a ts n-c urr en ss e Cu t a ts rre n ss e To l a ta ts ss e	2 2 0 1. 8 2 2 4 1. 5 4 4 4 3. 3	2 0 8 1. 3 1 8 7 3. 9 3 9 5 5. 2	2 1 3 4. 9 2 0 6 1. 2 4 1 9 6. 1
Eq i ty u No t l ia b i l i t ies n-c urr en Cu t l ia b i l i t ies rre n To ta l e i ty d l ia b i l i t ie q u an s	1 9 6 8. 4 1 7 6 5. 5 7 0 9. 4 4 4 4 3. 3	1 8 8 0. 7 1 4 4 8. 4 6 2 6. 2 3 9 5 5. 2	1 8 9 5. 6 1 6 8 4. 7 6 1 5. 9 4 1 9 6. 1
Ne t in te t- be ing de b t res ar Eq i ty t io u ra	8 7 6. 7 4 4. 3 %	9 1 7. 9 4 7. 5 %	9 9 9. 7 4 5. 2 %

Ma ine Ha st Gr r rve ou p EUR mi llion	Q 3 2 0 1 6	Q 3 2 0 15	Y T D Q 3 2 0 1 6	Y T D Q 3 2 0 15	2 0 15
f p N I B D be inn ing io d g o er	8 3 2. 4 -	8 75 .5 -	9 9 9. 7 -	1 0 3 2. 6 -	1 0 3 2. 6 -
Op t ion l E B I T D A era a C ha in k ing ita l ng e wo r ca p Ta i d xe s p a Ot he d j tm ts r a us en Ca f fro h low t ion s m op era s	2 1 4. 6 1 9. 7 - 8 -7. 2 0. 5 - 1 6 6. 6	1 1 3. 0 3 4. 2 - 2. 1 - 1 2. 6 - 6 4. 0	5 4 6. 7 9 0. 3 8 2. 2 - 2 4.7 - 5 3 0. 0	3 6 2. 1 6 6. 6 - 3 -5 7. 27 .7 - 2 1 0. 4	4 8 6. 6 1 4 6. 2 - 6 8. 3 - 3 8. 8 - 2 3 3. 3
Ca Ne t p ex Ot he inv tm ts r es en Ca f fro h low inv tm ts s m es en	4 9. 6 - 0. 3 - -5 0. 0	4 3. 1 - 2. 4 - 45 .5 -	-7 2. 6 2. 8 - -75 4	1 0 6. 1 - 4. 1 - 1 1 0. 2 -	1 6 6. 3 - 2 2. 0 - 1 8 8. 3 -
f Ne t int st d ina ia l ite i d ere an nc ms p a Ot he ite r ms Bo ds rte d t ity n co nve o e q u D iv i de d d ist i bu d te n r f fec Tra lat ion t o int st- be ing de bt ns e n ere ar	-5. 3 4. 6 0. 0 15 2 5. - -5. 1	-7. 0 1. 3 - 0. 0 6 3. 7 - 1 1. 2	1 6. 5 - 17 2 - 0. 0 3 0 4. 2 - 6. 3	2 8. 0 - 3 3. 2 - 27 5. 7 1 8 8. 4 - 1 1.5 -	3 9. 5 - 1 3. 7 - 3 1 8. 2 25 9 5. - 2 1. 1 -
f p N I B D e d o io d n er	8 7 6. 7 -	9 17 9 -	8 7 6. 7 -	9 17 9 -	9 9 9. 7 -
1): De bt d ist i bu ion t r E U R U S D G B P Ot he ies r c urr en c	7 0 % 1 3 % % 4 1 3 %	7 1 % 1 3 % % 4 1 2 %	7 0 % 1 3 % % 4 1 3 %	7 1 % 1 3 % % 4 1 2 %	7 2 % 1 3 % % 4 1 1 %

Cash Flow and Net Interest Bearing Debt

1) Debt distribution including effect of cross currency sw aps.

2016 Cash Flow Guidance

• Working capital buildup EUR ~30m
• -Support further organic growth
• Capital expenditures EUR ~190m
• Freshwater expansion projects EUR ~50m
• Interest expenses EUR ~25m
• Tax payables EUR ~85m
• Long term NIBD target of EUR 1,050m
• Quarterly dividend in Q4 2016 of NOK 2.30 per share (repayment of paid in capital)
• EUR as reporting and functional currency commenced in the first quarter of 2016

Overview financing

• EUR 805m Facility Agreement
• -Maturity – Q4 2019
• Covenants:
  • 35% equity ratio
• Accordion option EUR 45m
• -Lenders: DNB, Nordea, Rabobank and ABN Amro

EUR 340m issued in November 2015

• Tenor 5 years, annual coupon 0.125%(1), conversion price EUR 15.3172
• EUR 375m issued in May 2014
• Tenor 5 years, annual coupon 0.875%(1), conversion price EUR 9.6795
• NOK 1,250m bond issued in March 2013
• Tenor 5 years, NIBOR + 3.5%

	E t i t d s m a e	l v o u m e s	C d o m p a r e	t Q 3 2 0 1 5 o	E t. l s v o u m e s
S l i p p e r s u	Q 3 2 0 1 6	Q 3 2 0 1 5	V l o m e u	%	Q 2 2 0 1 6
N o r w a y	2 7 2 0 0 0	2 7 3 9 0 0	1 9 0 0 -	0. 7 % -	2 4 8 9 0 0
S t l d c o a n	3 6 6 0 0	4 3 7 0 0	7 1 0 0 -	% 1 6. 2 -	3 5 1 0 0
F I l d a r o e s a n s	1 4 6 0 0	1 6 0 0 7	2 1 0 0 -	1 2. 6 % -	1 8 0 0 7
I l d r e a n	3 9 0 0	4 1 0 0	2 0 0 -	4. 9 % -	2 9 0 0
T l E t o a u r o p e	3 2 1 0 0 7	3 3 8 4 0 0	1 1 3 0 0 -	3. 3 % -	3 0 4 0 0 7
C h i l e	1 0 0 0 0 0	1 3 1 5 0 0	3 1 5 0 0 -	2 4. 0 % -	9 3 1 0 0
N t h A i o r m e r c a	3 6 5 0 0	3 5 0 0 0	1 5 0 0	% 4. 3	4 0 1 0 0
T t l A i o a m e r c a s	1 3 6 5 0 0	1 6 6 5 0 0	3 0 0 0 0 -	1 8. 0 % -	1 3 3 2 0 0
A t l i u s r a a	1 3 4 0 0	1 3 0 0 0	4 0 0	3. 1 %	1 0 8 0 0
O t h e r	0 0 0 5	0 0 4 5	0 0 5	1 1. 1 %	0 0 0 5
T t l o a	4 8 2 0 0 0	5 2 2 4 0 0	4 0 4 0 0 -	7. 7 % -	4 5 3 7 0 0

Supply development

Source: Kontali

Negative global supply growth in line with expectations

• Norway: As expected. Harvesting of smaller sized fish continues
• -Scotland: Declined slightly more than expected due to biological challenges
• -Chile: Declined slightly less than expected. Reduction driven by algal bloom in March

Development in reference prices

Re fer ice en ce pr s	Q 3 2 016 Ma rke t	Ch an ge vs Q 3 2 015	Q 3 2 016 NO K	Ch an ge vs Q 3 2 015
No ( 1) rwa y	EU R 6 .41	43 .9%	NO K 5 9.5 4	46 .2%
Ch ( 2) ile Ch GW E ( 3) ile,	US D 5 .45 US D 6 .35	52 .9% .7% 63	NO 5.3 3 K 4 NO K 5 2.8 5	.8% 54 .7% 65
No rth Am eric a ( 4) No rth Am eric GW E ( 3) a,	US D 3 .39 US D 6 .94	43 .7% 48 .6%	NO K 2 8.2 1 NO K 5 7.7 7	45 .5% 50 .5%

Notes:

(1) NASDAQ average superior GWE/kg (gutted weight equivalent) (2) Urner Barry average D trim 3-4 lbs FOB Miami (3) Reference price converted back-to-plant equivalent in GWE/kg (4) Urner Barry average GWE 10-12 lbs FOB Seattle

	Est im ate d v	olu me s	Co d t mp are	o Q 3 2 01 5	Es t. v olu me s	12 mo	nth ari co mp	so n
Ma rke ts	Q 3 2 01 6	Q 3 2 01 5	Vo lum e	%	Q 2 2 01 6	LT M	PT M	%
EU	24 6 8 00	24 8 6 00	-1 80 0	7% -0.	22 5 0 00	96 9 7 00	96 4 6 00	% 0.5
Ru ia ss	15 70 0	29 30 0	-13 60 0	.4% -46	13 10 0	74 30 0	11 1 0 00	.1% -33
Ot he r E uro pe	17 10 0	20 20 0	-3 100	.3% -15	16 30 0	73 20 0	83 90 0	.8% -12
To tal Eu rop e	27 9 6 00	29 8 1 00	-18 50 0	-6. 2%	25 4 4 00	1 1 17 20 0	1 1 59 50 0	-3. 6%
US A	87 80 0	91 60 0	-3 80 0	-4. 1%	95 40 0	38 2 6 00	36 0 5 00	6.1 %
Bra zil	18 50 0	25 80 0	-7 30 0	-28 .3%	17 60 0	88 70 0	98 40 0	-9. 9%
Ot he r A rica me s	23 90 0	29 90 0	-6 00 0	-20 .1%	25 40 0	10 2 6 00	10 7 0 00	-4. 1%
To tal Am eri ca s	13 0 2 00	14 7 3 00	-17 10 0	-11 .6%	13 8 4 00	3 9 00 57	56 5 9 00	1.4 %
Ch ina / H Ko on g ng	22 20 0	20 00 0	2 2 00	11 .0%	19 90 0	81 20 0	75 30 0	7.8 %
Jap an	14 00 0	14 70 0	-70 0	-4. 8%	12 50 0	59 20 0	52 40 0	13 .0%
So uth Ko / T aiw rea an	9 2 00	11 60 0	-2 40 0	-20 .7%	10 70 0	42 20 0	46 30 0	-8. 9%
Ot he r A sia	14 10 0	14 60 0	-50 0	-3. 4%	17 80 0	72 30 0	64 40 0	12 .3%
To tal As ia	59 50 0	60 90 0	-1 40 0	3% -2.	60 90 0	25 4 9 00	23 8 4 00	% 6.9
All ot he ark ets r m	25 90 0	25 10 0	80 0	3.2 %	21 20 0	98 70 0	91 40 0	8.0 %
To tal	49 5 2 00	53 1 4 00	-36 20 0	8% -6.	47 4 9 00	2 0 44 70 0	2 0 55 20 0	5% -0.
Infl US fro Eu to ow m rop e	19 50 0	19 80 0	-30 0	-1. 5%	20 50 0	79 80 0	73 90 0	8.0 %
Infl U f C to E hile ow rom	11 20 0	10 60 0	60 0	% 5.7	12 70 0	50 70 0	41 00 0	23 .7%

Global volume by market

Notwithstanding the substantial decline in supply, continued strong demand globally

-Europe: Strong growth led by Germany and UK

-Russia negatively impacted by the higher paying fresh US market

-Asia: Sourcing impacted by lack of large sized salmon. Strong underlying growth

Source: Kontali

Note: Atlantic Salmon (GWE tonnes), LTM Last twelve months, PTM Previous twelve months ²⁵

Industry supply outlook

	201 3	201 4	201 5	201 6		Est ima tes	20 16			Est ima tes	20 17
GW E to s (t hou nne san	ds)			ima est te	Low	Y/Y th gr ow	Hig h	Y/Y th gr ow	Low	Y/Y th gr ow	Hig h	Y/Y th gr ow
Nor w a y	1 0 29	1 0 79	1 1 11	1 0 67	1 0 62	-4%	1 0 72	-4%	1 0 65	0%	1 1 25	5%
UK	142	153	150	146	145	-3%	147	-2%	145	0%	165	12%
Far Isla nds oe	65	74	69	72	71	2%	73	5%	78	10%	84	15%
Tot al E uro pe	1 2 37	1 3 07	1 3 30	1 2 85	1 2 78	-4%	1 2 92	-3%	1 2 88	1%	1 3 74	6%
Chi le	421	525	538	437	432	-20 %	442	-18 %	426	-1%	466	5%
Nor th A ica mer	122	107	140	147	147	5%	148	6%	140	-5%	160	8%
Tot al A rica me s	543	632	678	585	579	-15 %	590	-13 %	566	-2%	626	6%
Oth er	58	66	82	83	82	0%	84	2%	87	7%	93	11%
Tot al	1 8 37	2 0 05	2 0 90	1 9 52	1 9 39	-7%	1 9 66	-6%	1 9 41	0%	2 0 93	6%

	Q4 201 3	Q4 201 4	Q4 201 5	Q4 201 6		EST IMA TES	Q4 20 16
GW E to s (t hou nne	ds) san			est ima te	Low	Q/Q th gr ow	Hig h	Q/Q th gr ow
Nor w a y	309	301	310	302	297	-4%	307	-1%
UK	41	36	41	41	40	-2%	42	3%
Far Isla nds oe	18	23	23	23	22	-2%	24	7%
Tot al E uro pe	368	360	373	366	359	-4%	373	0%
Chi le	116	138	152	100	95	-38 %	105	-31 %
Nor th A ica mer	29	31	37	38	37	1%	38	3%
Tot al A rica me s	144	169	189	138	132	-30 %	143	-24 %
Oth er	15	19	23	23	22	-3%	24	5%
Tot al	527	547	585	527	513	-12 %	540	-8%

• 2016 guidance in line with previous guidance
• 2017 guidance: Low growth. Global growth between 0-6%
• Europe: 4% growth
• Americas: 2% growth

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments. ²⁶

Sa lm ies on sp ec G W E ( 1 0 0 0 ) ton ne s	2 0 1 4 Ac l tua	Q 1 2 0 1 5 Ac l tua	Q 2 2 0 1 5 Ac l tua	Q 3 2 0 1 5 Ac l tua	Q 4 2 0 1 5 Ac l tua	2 0 1 5 Ac l tua	Q 1 2 0 1 6 Ac l tua	Q 2 2 0 1 6 Ac l tua	Q 3 2 0 1 6 Ac l tua	Q 4 2 0 1 6 Gu i da nc e	2 0 1 6 Gu i da nc e	2 0 1 7 Gu i da nc e
No rw ay	2 8 5	6 5	6 4	9 5	6 7	2 5 5	4 5	4 5	6 5	6 2	2 3 4	2 2 5
C h i le	6 8	1 6	1 3	1 8	1 5	6 2	1 5	7	7	7	3 6	4 5
Ca da na	2 7	1 0	1 2	9	9	4 0	1 2	1 2	1 0	1 0	4 4	4 2
Sc lan d t o	4 9	7	1 2	1 7	1 4	5 0	1 3	1 1	1 0	1 4	4 7	5 1
O t he Un i ts r	1 8	1	3	3	6	1 3	3	4	6	7	1 9	1 3
To ta l	4 1 9	9 9	1 0 4	1 0 6	1 1 1	4 2 0	9 7	8 7	9 7	1 0 0	3 8 1	4 0 3

MHG 2016 and 2017 volume guidance

• 2016 reduced guidance from 400,000 tonnes GWE to 381,000 tonnes GWE
• Norway reduced by 19,000 tonnes (low growth due to treatment starvation and biology)

2017 volume guidance of 403,000 tonnes GWE

• Partial recovery of volumes in Norway and Chile
• Faroes to decline due to planned fallowing

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments. ²⁷

Outlook

• Market balance expected to remain tight in 2017 (low supply growth)
• Future prices (NASDAQ) next twelve months have increased to EUR 7.4 per kg (NOK 68 per kg)
• Biological challenges in Norway and Scotland mainly due to sea lice
• Strong consumer demand in Europe and Asia. US continues to improve
• New Chilean regulations likely to require more sites and higher costs
• Quarterly dividend of NOK 2.30 per share (repayment of paid in capital)

Appendix

Dividend policy

• The quarterly dividend level shall reflect the present and expected future cash flow generation of the Company
• To this end, a target level for net interest bearing debt is determined, reviewed and updated on a regular basis
• When the target is met, at least 75% of the annual free cash flow after operational and financial commitments will be distributed as dividends
• Long term NIBD target of EUR 1,050m
• EUR 1.8 per kg harvest volume (equivalent to ca NOK 15 per kg)
• -Residual attributed to non-farming businesses

Contract coverage and sales contract policy

S A L E S C O N T R A C T P O L I C Y
	M in he dg in ( 1 ) te g ra	M he dg in ( 1 ) te ax g ra
No ( 2 ) ( 3 ) rw ay	2 2. 5 %	5 0. 0 %
C h i le ( 3 )	2 2. 5 %	5 0. 0 %
Ca da na	0. 0 %	3 0. 0 %
Sc lan d t o	4 0. 0 %	7 0 % 5.
Ire lan d	4 0. 0 %	1 0 0. 0 %
Fa ro es	0. 0 %	3 0. 0 %

Notes:

(1) Hedging rates for the next quarter, limits dropping over time

(2) External and internal contract (including financial futures)

(3) Contract rate can be increased to 65% under special circumstances

Q4 2016 contract shares (% of guided volume):

• Norway 54%
• Scotland 55%
• Canada 0%
• Chile 24%
• Contracts typically have a duration of 3-12 months
• Contracts are entered into on a regular basis
• Policy opens for contracts of up to 48 month duration

Quarterly segment overview

		SO	UR CE S O F O	RIG IN QT D
EUR mil lion	No rw ay	Sc otl d an	Ca da na	Ch ile	Ire lan d	Fa roe s	1) Oth er	Gro up
OP ION ER AT AL EB IT
FA RM ING	103 .8	3.1	25 .0	6.9	4.6	8.6		15 1.9
SA LE S A ND MA RK ET ING
Ma rke ts	10 .2	2.8	2.1	3.0	0.0	0.4	0.0	18 .5
Co r P rod uct nsu me s	1.9	0.0	0.0	0.0	0.0	0.0	0.3	2.2
SU BT OT AL	115 .9	5.9	27 .0	9.9	4.6	9.0	0.2	172 .6
Fee d	12 .4							12. 4
2) Oth ntit ies er e							-5. 1	-5. 1
TO TA L	128 .3	5.9	27 .0	9.9	4.6	9.0	-4. 8	179 .9
Ha st v olu ( GW E, sal n) rve me mo	64 640	9 8 11	10 284	6 8 94	2 9 01	2 6 84		97 215
3) - Op tion al E BIT r kg ( EU R) tota l G era pe rou p	1.9 8	0.6 0	2.6 3	1.4 4	1.6 0	3.3 7		1.8 5
- of wh ich Fe ed	0.1 9	0.0 0	0.0 0	0.0 0	0.0 0	0.0 0		0.1 3
- of wh ich M ark ets	0.1 6	0.2 9	0.2 0	0.4 3	0.0 1	0.1 6		0.1 9
- of wh ich Co r P rod uct nsu me s	0.0 3	0.0 0	0.0 0	0.0 0	0.0 2	0.0 0		0.0 2
AN AL YT ICA L D AT A
4) Pri ach ieve nt/r efe ice ( %) ce me ren ce pr	91%	96%	99%	104 %	na	105 %		94%
Co ntra ct s har e ( %)	40%	70%	0%	18%	80%	0%		37%
Qu alit erio r sh ( %) y - sup are	91%	94%	88%	95%	91%	89%		91%
Ex tion al i tem s in clu ded in Op tion al E BIT cep era	-33 .7	-5. 8	0.0	0.0	-1. 0	0.0	0	-40 .4
Ex tion al i tem kg ( EU R) cep s p er	-0. 52	-0. 59	0.0 0	0.0 0	-0. 33	0.0 0		-0. 42
GU IDA NC E
Q4 20 16 har lum e ( GW E) t vo ves	62 00 0	14 00 0	10 00 0	7 000	2 500	4 500		10 0 0 00
201 6 h lum e ( GW E) est arv vo	23 4 0 00	47 00 0	44 00 0	37 00 0	8 000	11 00 0		38 1 0 00
201 7 h est lum e ( GW E) arv vo	25 2 2 00	51 00 0	41 50 0	45 20 0	9 000	4 100		40 3 0 00
Q4 20 16 tra ct s har e ( %) con	54%	55%	0%	24%	82%	0%		45%

YTD segment overview

		SO	UR CE S O F O	RIG IN YT D
EUR mil lion	No rw ay	Sc otl d an	Ca da na	Ch ile	Ire lan d	Fa roe s	1) Oth er	Gro up
OP ER AT ION AL EB IT
FA RM ING	29 1.2	20 .4	71 .1	-25 .8	3.3	18 .0		378 .2
SA LE S A ND MA RK ET ING
Ma rke ts	28 .4	9.5	6.2	10 .2	0.1	0.6	0.0	54 .9
Co r P rod uct nsu me s	6.2	-10 .4	0.0	0.0	-0. 1	0.0	1.1	-3. 2
SU BT OT AL	325 .8	19. 4	77 .2	-15 .6	3.3	18. 7	1.1	429 .9
Fee d	17 .3							17. 3
2) Oth ntit ies er e							-6.4	-6. 4
TO TA L	343 .1	19. 4	77 .2	-15 .6	3.3	18. 7	-5. 3	440 .8
Ha olu ( GW E, sal n) st v rve me mo	172 36 7	33 241	33 580	29 354	5 7 64	6 6 81		280 98 7
3) - Op tion al E BIT r kg ( EU R) tota l G era pe rou p	1.9 9	0.5 8	2.3 0	-0. 53	0.5 7	2.8 0		1.5 7
- of wh ich Fe ed	0.1 0	0.0 0	0.0 0	0.0 0	0.0 0	0.0 0		0.0 6
- of wh ich M ark ets	0.1 6	0.2 9	0.1 8	0.3 5	0.0 1	0.1 0		0.2 0
- of wh ich Co r P rod uct nsu me s	0.0 4	-0. 31	0.0 0	0.0 0	-0. 02	0.0 0		-0. 01
AN AL YT ICA L D AT A
4) Pri ach ieve nt/r efe ice ( %) ce me ren ce pr	86%	88%	100 %	98%	na	100 %		89%
Co har e ( %) ntra ct s	45%	66%	0%	14%	82%	0%		41%
Qu alit erio r sh ( %) y - sup are	92%	93%	88%	90%	91%	86%		91%
Ex tion al i tem s in clu ded in Op tion al E BIT cep era	-70 .5	-5. 6	0.0	-13 .3	-2. 9	-0. 5	0	-92 .8
Ex tion al i tem kg ( EU R) cep s p er	-0. 41	-0. 17	0.0 0	-0. 45	-0. 51	-0. 07		-0. 33
GU IDA NC E
Q4 20 16 har lum e ( GW E) t vo ves	62 00 0	14 00 0	10 00 0	000 7	2 500	4 500		10 0 0 00
201 6 h lum e ( GW E) est arv vo	23 4 0 00	47 00 0	44 00 0	37 00 0	8 000	11 00 0		38 1 0 00
201 7 h lum e ( GW E) est arv vo	25 2 2 00	51 00 0	41 50 0	45 20 0	9 000	4 100		40 3 0 00
Q4 20 16 tra ct s har e ( %) con	54%	55%	0%	24%	82%	0%		45%

Quarterly segment overview

MH Op ting Un its era			FAR MIN	G			MH Sa les and	Ma rke ting Con sum er
EUR mil lion	Nor wa y	Sco tlan d	Can ada	Chi le	Irel and	Far oes	Ma rke ts	Pro duc ts	MH Fe ed	Oth er	Elim	Gro up*
Rev nd o ther inc enu es a ome	359 .0	57. 0	66. 6	43. 1	23. 0	16.4	686 .4	321 .2	140 .4	3.1	-86 6.3	850 .0
Ope ratin g E BIT DA	116 .7	7.1	28. 1	11. 7	5.4	9.1	19. 6	7.5	13. 5	-4.1	0.0	214 .6
Ope ratin g E BIT	103 .8	3.1	25. 0	6.9	4.6	8.6	18. 5	2.2	12.4	-5.1	0.0	179 .9
Fa ir V alue adj biom ntra cts/ real ised de rivat ives on ass , co un	51.4	12. 0	14. 7	5.5	-2.8	1.3	-5.7	16. 0	0.0	4.5	0.0	102 .8
Un real ized rgin adj ustm ent ma	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-18 .2	-18 .2
Re stru ctur ing t cos	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Ot her ratio nal item non -ope s	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Inc /los s fro ciat ed c anie ome m a sso omp s	15. 2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	15. 2
W rite- dow n of fixe d as sets /inta ngib les	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.3	0.0	0.0	0.0	-0.3
EBI T	170 .4	15. 1	39. 6	12.4	1.8	9.9	12. 9	17. 9	12.4	-0.5	-18 .2	273 .6
Con tribu tion to ratio nal EBI T fro m S &M ope	12. 1	2.8	2.1	3.0	0.1	0.4	-18 .5	-2.2		0.2		0.0
Con tribu tion to ratio nal EBI T fro m F eed ope	12.4								0.0
Ope from S& ratio nal EBI T in cl c ontr ibut ion M	128 .3	5.9	27. 0	9.9	4.6	9.0	0.0	0.0	0.0	-4.8	0.0	179 .9
Har t / s ales vol ves ume	64 640	9 8 11	10 284	6 8 94	2 9 01	2 6 84	0	29 621	11 4 68 5
Ope ratio nal EBI T/kg inc l co ntrib utio n fro m S &M (EU R)	1.9 8	0.6 0	2.6 3	1.4 4	1.6 0	3.3 7						1.8 5
-of w hich S& M	0.1 9	0.2 9	0.2 0	0.4 3	0.0 2	0.1 6						0.2 1
-of w hich Fe ed	0.1 9											0.1 3

*Volume = harvested volume salmon in tonnes gutted weight

Development in harvest volumes

	20 10	20 11	20 12	20 13			20 14					20 15					20 16 E
	To tal	To tal	To tal	To tal	Q 1	Q 2	Q 3	Q 4	To tal	Q 1	Q 2	Q 3	Q 4	To tal	Q 1	Q 2	Q 3	Q 4E	To tal
No rw ay	2.5 20	21 7.5	5.3 25	22 2.5	55 .1	68 .7	.3 64	69 .9	25 8.0	65 .2	64 .0	.9 58	66 .6	25 4.8	54 .0	53 .7	.6 64	62 .0	23 4.0
Ch ile	.6 10	.0 26	.2 40	28 .3	17 .7	16 .4	16 .7	16 .6	67 .5	16 .1	13 .2	.4 18	14 .8	62 .5	15 .4	7.1	6.9	7.0	37 .0
Ca da na	33 .5	.9 33	.2 40	33 .1	6.4	6.5	7.1	6.8	26 .7	10 .5	11 .6	8.7	9.4	40 .1	11 .6	11 .7	.3 10	10 .0	44 .0
Sc otl d an	.1 33	.2 50	.3 40	48 .4	10 .5	18 .3	.7 13	6.4	48 .9	7.1	12 .4	.6 16	14 .1	50 .1	12 .6	10 .8	9.8	14 .0	47 .0
Ot he r ( 1)	.0 16	.3 15	.3 16	11 .5	2.6	4.3	5.5	5.4	17 .8	0.6	2.9	3.4	5.7	12 .7	3.1	3.8	5.6	7.0	19 .0
To tal	5.7 29	2.8 34	2.3 39	3.8 34	.2 92	.2 114	.3 107	.1 105	8.9 41	.5 99	.2 104	.0 106	.6 110	0.1 42	.6 96	.2 87	.2 97	.0 100	38 1.0

GROWTH RELATIVE TO SAME PERIOD IN PREVIOUS YEAR

	20 10	20 11	20 12	20 13			20 14					20 15					20 16 E
	To tal	To tal	To tal	To tal	Q 1	Q 2	Q 3	Q 4	To tal	Q 1	Q 2	Q 3	Q 4	To tal	Q 1	Q 2	Q 3	Q 4E	To tal
No rw ay	0%	7%	17 %	-13 %	17%	% 28	% 21	2%	16%	18%	-7%	-8%	-5%	-1%	% -17	% -16	% 10	-7%	-8%
Ch ile	% -71	6% 14	% 55	% -30	115 %	n.a	18 4%	17 %	% 139	-9%	-19 %	10 %	-11 %	-7%	-4%	-47 %	-63 %	-53 %	% -41
Ca da na	-8%	1%	19 %	-18 %	% -48	% -28	% 14	% 19	-19 %	% 65	% 79	% 23	% 38	50 %	10%	1%	% 19	7%	10%
Sc otl d an	% -12	% 51	% -20	% 20	9%	37 %	0%	-46 %	1%	-32 %	-32 %	21 %	12 1%	3%	77 %	-12 %	-41 %	-1%	-6%
Ot he r ( 1)	7%	-4%	7%	-29 %	-4%	20 %	17 2%	67 %	54 %	-76 %	-32 %	-38 %	6%	-29 %	39 9%	28 %	64 %	23 %	50 %
To tal	-10 %	16 %	14 %	-12 %	15 %	44 %	33 %	2%	22 %	8%	-9%	-1%	5%	0%	-3%	-16 %	-8%	-10 %	-9%

Net capital expenditure guidance

Nova Sea

		Ha	t v lum rve s o	( G ) W E e			E B I T p er	kg E U R		N I B D E U Rm
Ow	% h ip ne rs	2 0 1 4	2 0 1 5	Q 3 2 0 1 5	Q 3 2 0 1 6	2 0 1 4	2 0 1 5	Q 3 2 0 1 5	Q 3 2 0 1 6	Q 3 2 0 1 6
No Se va a	4 8 %	3 8 7 3 9	3 7 4 2 2	1 0 4 5 4	1 3 0 5 1	1. 4 7	1. 5 7	1. 5 0	3. 4 1	1 2. 6 -

• Leading integrated salmon producer in Northern Norway
• -33.33 wholly owned licenses
• 4 partly owned licenses
• Marine Harvest has an ownership in Nova Sea of ~48% through direct and indirect shareholdings
• 2015 dividends of NOK 200m (paid in Q2-16)
• Marine Harvest's direct share NOK ~86m
• Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
• EUR 11.2m in Q3 2016

Debt distribution and interest rate hedging

		DE BT VO	LUM E H ED	GE D A ND FIX	ED RA TE S O	F IN TE RE	ST RA TE	HE DG ES ( MA	RC H-M AR	(1) CH )
CU CY RR EN	DE BT	201	6	201	7	201	8	201	9	202	0		202 1	202	2
	(2) 30/ 09/ 201 6	Nom inal v alue	Fixe d rat e(3)	Nom inal v alue	Fixe d rat e(3)	Nom inal v alue	Fixe d rat e(3)	Nom inal v alue	Fixe d rat e(3)	Nom inal v alue	Fixe d rat e(3)	Nom inal v alue	Fixe d rat e(3)	Nom inal v alue	Fixe d rat e(3)
EU R m	.0 637	.4 797	0.9 4%	.0 938	1.2 1%	1 1 2 26.	1.8 0%	5 1 2 96.	2.5 0%	.6 716	1.2 4%	.0 380	2.2 0%	-	0.0 0%
US D m	.5 145	.0 151	2.9 1%	.5 138	3.1 2%	.5 138	3.2 1%	.5 167	2.9 3%	3 78.	2.3 1%	3 78.	2.3 1%	0 60.	4.1 3%
GB P m	2 31.	0 34.	3.0 4%	0 34.	3.1 3%	0 34.	3.1 3%	0 34.	3.1 3%	5 23.	2.8 3%	5 23.	2.8 3%	-	0.0 0%
Oth er ( EU R m )	139 .8
of Ma rke t va lue	IRS ntra cts in co	( 30/ ME UR (4):	09/ 16) :		-10 0.2
Ma rk t ark et v o m	alu atio ffec t in n e		0.7
Diff in fixe ere nce	d vs flo atin g ra	te s ettl ed in c	ash in Q3		-2. 1

Notes:

(1) MHG choses March as the starting month for all new interest hedging contracts

(2) Debt at book value after taking cross currency swaps into account

(3) Financing margin not included

(4) Quarterly change in market value booked against P/L

• • External interest bearing debt is distributed as follows: EUR 70%, USD 13%, GBP 4%, other currencies 13%.
• • Policy: Marine Harvest ASA shall hedge 70%-100% of the Group's long-term interest-bearing debt by currency with fixed interest or interest rate derivatives for the first 4 years and 0%-60% for the 5 following years. Interest-bearing debt includes external interest-bearing debt and leasing in the parent company or subsidiaries. The interest rate hedges shall be based on the targeted currency composition. Interest rate exposure in other currencies than EUR, USD and GBP shall not be hedged

Hedging and long term currency exposure

POLICY

• EUR/NOK
• Marine Harvest shall hedge between 0% and 30% of its assumed annual expenses in NOK against the EUR with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year.
• USD/CAD
• Marine Harvest shall hedge between 0% and 30% of its assumed annual expenses in CAD against the USD with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year.
• USD/CLP
• Marine Harvest shall not hedge the USD/CLP exposure
• Internal transaction hedging relating to bilateral sales contracts
• All bilateral sales contracts are subject to internal currency hedging of the exposure between the invoicing currency and EUR
• The operating entities hedge this exposure towards the parent company. In accordance with the general hedging policy, this exposure is not hedged towards external counterparties
• The purpose of the internal hedging is to allow for a more accurate comparison between the MH Farming entities (including contribution from Sales) and peers with respect to price achievement and operational EBIT

Strategic currency hedging

	EU R/N	OK	US D/C	AD
ST RA TE GIC CU RR EN CY HE DG ING	ME UR	Ra te	MU SD	Ra te
20 16	49 .8	8.9 1	7.2	1.3 2
20 17	19 9.2	9.4 0	28 .8	1.3 2
20 18	14 9.4	9.6 2	12 .0	1.3 2
P/L ef fec f c rin in Q 3 t o tra cts atu on m g	-1. 2	( ) ME UR
	ME UR
Ma rke t v alu e 3 0/0 6/2 016	-3. 5
Ch e ( 1) ang	16 .6
Ma rke t v alu e 3 0/0 9/2 016	13 .1

SIG T C NC IES DE NA TE D M AR KE UR RE

Tax losses carried forward (YE 2015)

Gr 3 1. 1 2. 2 0 1 Ma in Ha t 5 r e rv es ou p EU R m illio n	Re ise d co g n	Un ise d re co g n	To ta l
U S A	7. 6	0. 0	7. 6
Po lan d	1 6. 3	1. 2	1 7. 5
Fr an ce	5. 5	4 4. 3	4 9. 8
Ge rm an y	1. 0	0. 0	1. 0
C h i le	3. 2	7 2. 0	7 5. 2
I ta ly	0. 0	0. 4	0. 4
Ta iw an	0. 0	2. 0	2. 0
C h ina	0. 4	0. 0	0. 4
O t he r	0. 1	0. 0	0. 1
To ta l	3 4. 1	1 1 9. 9	1 5 4. 0

• -Most of the deferred tax assets have not been recognised on the statement of financial position
• -The NOL's will be used to offset taxable profit in the countries going forward
• • The utilisation of the deferred tax asset on NOL's gives rise to a tax expense in the accounts which do not normally have any cash effect