Mowi ASA

Investor Presentation • May 11, 2016

Marine Harvest Q1 2016 Presentation

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.

• Strong operational EBIT of EUR 112 million
• Strong demand and low supply growth in the quarter
• Record-high prices in Europe and Asia, and improving prices in Americas
• High contract share of 55% in Norway
• Chile impacted by algal bloom in Region X
• Restructuring of MH Chile initiated
• Consumer Products negatively impacted by high raw material prices and Rosyth
• Quarterly dividend of NOK 1.70 per share

Key financials

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

Reference price Norway EUR (NASDAQ average superior Oslo, GWE/kg)

Reference price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Reference price Canada USD (Urner Barry average superior GWE 10-12 lbs FOB Seattle)

• Prices in Europe and Asia at record high levels
• Improving prices in Americas, in particular in March following the Chilean algal bloom

Price achievement, contract & superior share

C h t t o n r a c s a r e	% 5 5	9 % 5	0 %	9 %
S i h u p e r o r s a r e	% 9 3	% 9 2	% 8 8	% 8 7

Note: Q1 2016 average price achievement is measured versus reference prices in all markets (Norway/Faroes (NASDAQ), Scotland (NASDAQ + GBP 0.11), Canada 6 (UB Seattle), Chile (UB Miami)

Operational EBIT comparison

7

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

Norway

Operational EBIT Salmon of Norwegian Origin Q1 2015 vs Q1 2016

• Good results in the quarter driven by improved prices
• Contract share of 55% impacted price achievement negatively
• High costs
• Feed costs higher on higher FCR and increased price of feed
• Expect high costs also in the second quarter

Norway: Sales contract portfolio

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 9 proportion of their sales exposure through third party end product contracts.

Norway: Operational EBIT/kg per region

Q1 2015 Q1 2016

"Beck Cage" – offshore submersible concept

• Application for 6 development licenses
• Flexible submersible offshore farming cage
• Taking the unit below the roughest weather and below the top layer sealice belt
• Stronger than other known concepts due to the axial structure

Blue Revolution Centre: R&D facility at Frøya

"Marine Donut" – closed-end farming concept

• Application for 8 development licenses
• Robust closed concept protecting fish from sea lice and other pathogens, certified for up to 3 meters wave height
• Flow concept exercising fish resulting in top fish quality
• Produced of HDPE a 100% reusable material

Norway: "The Egg" – a new enclosed technology

• Application for 14 development licenses
• New enclosed technology (2016-2018 testing and verification)
• Many advantages to conventional farmed salmon production
• In total applications for 28 development licenses (Beck Cage, Marine Donut and Egg)

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

• Results impacted by losses at the Rosyth plant (EUR -6.8 million)
• Harvest volumes back to normal
• Good prices despite high contract share
• Costs higher due to increased FCR and higher feed prices
• Costs expected to increase further in the second quarter

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

Operational EBIT Salmon of Canadian Origin

• Overall good performance and favorable price development
• Good biological situation
• Higher costs expected going forward

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

Chile

Operational EBIT Salmon of Chilean Origin Q1 2016 vs Q1 2015

Algal bloom in Chile significantly impacted our operations (negative EUR 8.4 million)

• Initiated restructuring of Marine Harvest Chile
• Write-down of fixed assets of approx USD 16 million in second quarter
• Restructuring provision of approx USD 3 million in second quarter
• Cost savings of approx USD 8-10 million p.a.
• Lower volumes will negatively impact production cost per kg for the remainder of the year
• Challenging biology
• Full cost in box USD 5.35 per kg (GWE) in the quarter
• Corresponding to an achieved price of USD 3.64 per kg (GWE) in the quarter
• Increased prices during the quarter and improved supply fundamentals going forward

Ireland and Faroes

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

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

• Challenging weather conditions and biological issues in Ireland
• Good contribution from Marine Harvest Faroes in the quarter
• Sales to Russia at favorable prices
• Revenue based fee of 4.5% reduced profit

Consumer Products

M H Co Pr du ts ns um er o c
EU R m illio n	Q 1 2 0 1 6	Q 1 2 0 1 5
O ing t p er a re ve nu es	3 2 3 7.	2 0. 9 7
O t io l E B I T p er a na O % t ion l E B I T p er a a	0. 6 - 0. 2 % -	0. 2 - 0. 1 % -
Vo lum l d ( du ig h ) to t w t e s o ns p ro c e	3 0 0 9 9	2 5 8 1 4
Ex t ion l i te ce p a m s	0	0
Vo lum ha lm e s re s a on Re ha lm ve nu e s re s a on	7 5 % 9 % 7	6 9 % 4 % 7

• Continued start up costs in the Rosyth plant of EUR 7.7 million in the quarter
• Execution of recovery plan in process
• Management changes implemented
• Estimated losses of EUR 4 million in the second quarter
• Aim of break-even results during third quarter
• Good Easter demand and good growth in Germany, Southern Europe and UK
• Underlying performance improvements in many Chilled and Fresh entities

Please note that Consumer Products is the combined operations of the former VAP Europe and Morpol 19

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

• Seasonal low volumes in the quarter
• Volumes higher year-over-year as third party supply contract discontinued
• Volumes sold in the quarter accounted for 86% of internal feed requirement in Norway
• Location determined for new plant in Scotland at Kyleakin

First Quarter 2016 Financials, Harvest Volumes and Markets

Profit and Loss

Ma in Ha t Gr r e rv es ou p E U R m i l l ion	Q 1 2 0 1 6	Q 1 2 0 1 5	2 0 1 5
Op t io l r d t he in er a na ev en ue a n o r co m e	8 0 9. 5	7 3 5. 3 10 %	3 1 2 1. 1
Op io l E B I T t 1) er a na	1 1 1. 9	9 5. 3 17 %	3 4 6. 8
C ha in l ize d in l m in te ng e un rea rna arg	3. 0	1. 2	2. 2 -
Un l ize d s lm de iva t ive rea a on r s	3. 8 -	5. 5 -	1 2. 5 -
Ne t fa ir v lue d j tm t o f b iom tra ts a a us en as s, on ero us c on c	7 3. 9	6 3. 6 -	9. 3
Re tu tu ing ts s c r c os	2. 5 -	0. 1	1 5. 2 -
O he ion l i t t te r n on -o p era a ms	0. 0	0. 0	2. 4
Inc fro ia d c ies te om e m as so c om p an	1 0. 3	1. 4	2 3. 4
f Im irm t los ixe d a ts p a en se s - ss e	0. 1 -	0. 1	6. 8 -
E B I T	1 9 2. 7	2 9. 0	3 4 5. 3
Ne t f ina ia l i te nc ms	2 8. 4 -	2 3. 8	9 5. 2 -
Ea in be fo ta rn g s re x	1 6 4. 4	2. 8 5	2 0. 1 5
Pr f i lo fo he io d t o t o r ss r p er	1 2 8. 0	3 9. 7	1 5 8. 3
E P S ( E U R )	0. 2 8	0. 0 6	0. 3 6
Un de ly ing E P S ( E U R ) r	0. 1 8	0. 1 4	0. 5 2
f ( ) Ne t c h low ha E U R as p er s re	0. 2 1	0. 0 4 -	0. 0 1
( ) D iv i de d de lar d a d i d ha E U R n c e n p a p er s re	0. 1 5	0. 1 4	0. 5 8
Op t ion l E B I T in era a ma rg	1 3. 8 %	1 3. 0 %	1 1. 1 %
Ha lum H O G ( lm i ds ) t v to rve s o e, ns sa on	9 6 6 1 3	9 9 4 7 6 -3 %	4 2 0 1 4 8
Op ion l E B I T kg inc l m in fro Sa les d Ma ke ing t t 2) era a p er arg m a n r	1. 1 6	0. 9 6	0. 8 3
3) R O C E	1 8. 1 %	1 4. 2 %	1 3. 1 %

Notes in report 22

Financial Position

M i H t G a r n e a r e s r o p v u E U R i l l ion m	3 1. 0 3. 2 0 1 6	3 1. 0 3. 2 0 1 5	3 1. 1 2. 2 0 1 5
N t t o n- c u r r e n a s s e s	2 1 2 2. 7	2 2 1 8. 7	2 1 3 4. 9
C t t r r e n a s s e s u	2 1 2 9. 0	1 9 1 7. 0	2 0 5 9. 4
A h l d f l t s s e s e o r s a e	1. 8	0. 9	1. 8
T t l t o a a s s e s	4 2 5 3. 5	4 1 3 6. 6	4 1 9 6. 1
E i t q u y	1 9 2. 5 7	2 1 1 4. 5	1 8 9 6 5.
N t l i b i l i t i o n- c r r e n a e s u	1 7 0 9. 1	1 4 4 8. 1	1 6 8 4. 6
C t l i b i l i t i u r r e n a e s	5 9 1. 8	5 7 4. 0	6 1 5. 9
T t l i t d l i b i l i t i o a e q u y a n a e s	4 2 5 3. 5	4 1 3 6. 6	4 1 9 6. 1
N i b i d b t t t- t e n e r e s e a r n g e	9 6 0. 1	8 6 6. 5	9 9 9. 7
E i t t i q r a o u y	4 5. 9 %	5 1. 1 %	4 5. 2 %

Cash Flow and Net Interest Bearing Debt

Ma in Ha t Gr r e rv es ou p E U R m i l l ion	Q 1 2 0 1 6	Q 1 2 0 1 5	2 0 1 5
N I B D be in in f p io d g n g o er	9 9 9. 7 -	1 0 3 2. 6 -	1 0 3 2. 6 -
Op t ion l E B I T D A er a a	1 4 7. 7	1 2 9. 7	4 8 6. 6
C ha in k ing i ta l ng e wo r c ap	3 4. 5	4 5. 6 -	1 4 6. 2 -
Ta i d xe s p a	2 6. 0 -	1 2 5. -	6 8. 3 -
O t he d j tm ts r a us en	6. 2 -	7. 3 -	3 8. 8 -
Ca h f lo fro io t s m o p er a ns w	1 0. 1 5	6 1. 6	2 3 3. 3
Ca Ne t p ex	4 1. 0 -	5 8. 5 -	2 1 0. 3 -
O t he inv tm ts r es en	0. 8 -	1. 0	2 2. 0
Ca h f lo fro in tm ts s w m ve s en	4 1. 8 -	5 7. 5 -	1 8 8. 3 -
Ne in d f ina ia l i i d t te t a te res n nc ms p a	4. 7 -	1 4. 0 -	3 9. 5 -
O t he i te r ms	1 2. 4 -	1 0. 3 -	1 3. 7 -
Bo ds te d to i ty d iss f c t i b le bo d n c on ve r eq u an ua nc e o on ve r n	0. 0	2 7 5. 7	3 1 8. 2
D iv i de d d is tr i bu te d n	6 7. 0 -	5 6. 5 -	2 5 5. 9 -
Tr la t ion f fec t o in te t- be ing de b t an s e n res ar	1 5. 4	3 2. 8 -	2 1. 1 -
N I B D d f p io d en o er	9 6 0. 1 -	8 6 6. 5 -	9 9 9. 7 -
1): De b d is i bu ion t tr t
E U R	7 3 %	6 9 %	7 2 %
U S D	1 2 %	1 3 %	1 3 %
G B P	5 %	4 %	4 %
O t he ies r c ur re nc	1 1 %	1 4 %	1 1 %

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

2016 Cash Flow Guidance

• 2016 cash flow estimates
• Working capital buildup EUR ~30m
  • •Support further organic growth
• Capital expenditures EUR ~190m
  • •Freshwater expansion projects EUR ~50m
• Interest expenses EUR ~30m
• Tax payables EUR ~75m
• Long term NIBD target of EUR 1,050m
• Quarterly dividend in Q2 2016 of NOK 1.70 per share (repayment of paid in capital)
• EUR as reporting and functional currency beginning in the first quarter of 2016

Due to seawater growth patterns, working capital is highly seasonal Slow seawater growth in 1H leads to working capital release and high seawater growth in 2H leads to working capital build up

Overview of 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 15.9083
• EUR 375m issued in May 2014
• -Tenor 5 years, annual coupon 0.875%(1), conversion price EUR 10.0530
• NOK 1,250m bond issued in March 2013
• -Tenor 5 years, NIBOR + 3.5%

Supply development

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

Source: Kontali

• Global supply growth slightly higher than expected
• Norway: Favourable prices and some biological pressure
• Chile: Challenging biology and forced harvesting. Algal bloom postponed some harvesting
• Recovery of volumes from Scotland and Faroe Island as expected
• Growth from Canada as expected

Development in reference prices

fe Re ice re nc e p r s	Q 1 2 0 1 6 Ma ke t r	C ha ng e v s Q 1 2 0 1 5	Q 1 2 0 1 6 N O K	C ha ng e v s Q 1 2 0 1 5
No ( 1 ) rw ay	E U R 6. 1 5	3 1. 9 %	N O K 8. 8 5 5	4 3. 9 %
C ( ) h i le 2 C h i le, G W E ( 3 )	S U D 4. 3 0 U S D 4. 3 6	% 6. 7 9. 8 %	O N K 3 7. 0 4 N O K 3 7. 5 8	% 1 8. 5 2 2. 0 %
( ) No t h Am ica 4 r er No h Am ica G W E ( 3 ) t r er ,	S U D 2. 9 2 U S D 5. 8 2	% 1 7. 3 1 9. 5 %	O N K 2 5. 2 1 N O K 5 0. 1 7	% 3 0. 4 3 2. 8 %

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

Global volume by market

	Es t im te d a	lu vo m es	Co d m p ar e	Q 1 2 0 1 to 5	Es t. lu vo m es	1 2 m	t h iso on co m p ar	n
M ke ts ar	Q 1 2 0 1 6	Q 1 2 0 1 5	Vo lu m e	%	Q 4 2 0 1 5	L T M	P T M	%
E U	2 2 1 3 0 0	2 2 1 7 0 0	4 0 0 -	0. 2 % -	2 7 3 3 0 0	9 7 8 1 0 0	9 4 2 8 0 0	3. 7 %
Ru ia ss	2 0 0 0 5	1 8 0 0 4	2 1 0 0	1 1. % 4	2 0 0 5 4	1 0 0 9 0 0	1 2 1 6 0 0	1 0 % 7. -
O t he Eu r ro p e	1 7 3 0 0	2 0 2 0 0	2 9 0 0 -	1 4. 4 % -	2 3 3 0 0	8 0 9 0 0	8 6 2 0 0	6. 1 % -
To l Eu ta ro p e	2 9 1 0 0 5	2 6 0 3 0 0	1 2 0 0 -	0. % 5 -	3 2 2 0 0 0	1 1 9 9 0 0 5	1 1 0 6 0 0 5	0. 8 %
U S A	1 0 1 3 0 0	8 9 9 0 0	1 1 4 0 0	1 2. 7 %	9 6 5 0 0	3 8 5 3 0 0	3 3 9 7 0 0	1 3. 4 %
Br i l az	2 6 0 0 7	2 6 0 0 7	0	0. 0 %	2 1 0 0 5	9 9 0 0 5	9 4 0 0 5	4. 3 %
O t he Am ica r er s	2 5 7 0 0	2 3 9 0 0	1 8 0 0	7. 5 %	3 1 1 0 0	1 1 1 0 0 0	1 0 7 6 0 0	3. 2 %
To l Am ic ta er as	1 4 6 0 0 5	1 4 1 4 0 0	1 3 2 0 0	9. 3 %	1 2 0 0 5 7	9 8 0 0 5 5	4 2 0 0 5 7	9. 8 %
C h ina / Ho Ko ng ng	1 7 6 0 0	1 8 3 0 0	7 0 0 -	3. 8 % -	1 9 7 0 0	7 6 3 0 0	7 9 7 0 0	4. 3 % -
Ja p an	1 4 4 0 0	1 1 2 0 0	3 2 0 0	% 2 8. 6	1 7 9 0 0	5 7 7 0 0	5 6 3 0 0	% 2. 5
So h Ko / Ta iw t re a an u	1 0 8 0 0	1 2 3 0 0	1 5 0 0 -	1 2. 2 % -	1 1 3 0 0	4 4 6 0 0	4 2 8 0 0	4. 2 %
O t he As ia r	1 9 6 0 0	1 7 8 0 0	1 8 0 0	% 1 0. 1	2 0 5 0 0	6 8 0 0 0	6 6 5 0 0	% 2. 3
To ta l As ia	6 2 4 0 0	5 9 6 0 0	2 8 0 0	4. 7 %	6 9 4 0 0	2 4 6 6 0 0	2 4 5 3 0 0	0. 5 %
A l l o t he ke ts r m ar	2 4 1 0 0	2 0 3 0 0	3 8 0 0	% 1 8. 7	2 3 5 0 0	9 0 1 0 0	8 7 1 0 0	% 3. 4
To ta l	5 0 0 2 0 0	4 8 1 6 0 0	1 8 6 0 0	3. 9 %	5 6 7 6 0 0	2 0 9 2 4 0 0	2 0 2 5 7 0 0	3. 3 %
In f low to U S fro Eu m ro p e In f low E U fro C h i le to m	1 8 4 0 0 1 7 0 0 0	1 6 8 0 0 1 1 3 0 0	1 6 0 0 5 7 0 0	9. 5 % 5 0. 4 %	2 0 6 0 0 9 7 0 0	7 7 9 0 0 4 6 1 0 0	7 2 3 0 0 4 4 9 0 0	7. 7 % 2. 7 %

Strong demand in EU and Asia

Challenging but recovering US market

Brazil impacted by lack of volumes and stronger relative US price development

China/Hong Kong still affected by lack of large-sized salmon and trading barriers

Industry supply outlook:

Guidance of declining growth of -9% to -5% for 2016

	2 0 1 3	2 0 1 4	2 0 15	2 0 1 6	Es im 2 0 1 6 t tes a
G W E t ( ho t on ne s us	ds ) an				Lo w	Y / Y g h wt ro	H ig h	Y / Y g h wt ro
No rw ay	1 0 2 9	1 0 7 9	1 1 1 1	1 0 6 6	1 0 5 5	5 % -	1 0 77	3 % -
U K	1 4 2	15 3	15 0	15 5	15 1	1 %	15 9	6 %
Fa Is lan ds roe	6 5	7 4	6 9	7 4	7 2	4 %	7 6	1 0 %
To l Eu ta ro p e	1 2 3 7	1 3 0 7	1 3 3 0	1 2 9 5	1 27 8	4 % -	1 3 1 2	1 % -
C h i le	4 2 1	5 25	5 3 2	4 2 0	4 0 9	2 3 % -	4 3 1	1 9 % -
No rt h Am ica er	1 2 2	1 0 7	1 4 0	1 4 0	1 3 6	3 % -	1 4 4	3 %
To ta l Am ica er s	5 4 3	6 3 2	6 7 2	5 6 0	5 45	1 9 % -	5 75	1 4 % -
Ot he r	5 8	6 3	7 3	7 4	7 3	0 %	75	2 %
To ta l	1 8 3 7	2 0 0 2	2 0 75	1 9 2 9	1 8 9 7	9 % -	1 9 6 2	5 % -

	Q 2 2 0 1 3	Q 2 2 0 1 4	Q 2 2 0 15	Q 2 2 0 1 6	S S Q E T I M A T E 2 2 0 1 6
G W E t ( ho t on ne s us	ds ) an				Lo w	Q / Q g h wt ro	H ig h	Q / Q g h wt ro
No rw ay	2 3 0	2 6 5	2 6 7	2 4 9	2 4 3	9 % -	25 4	5 % -
U K	3 4	4 1	3 7	3 7	3 5	4 % -	3 8	4 %
Fa Is lan ds roe	1 6	1 8	17	1 9	1 8	4 %	1 9	1 0 %
To l Eu ta ro p e	2 8 0	3 25	3 2 2	3 0 4	2 9 7	8 % -	3 1 2	3 % -
C h i le	9 6	1 2 2	1 1 9	1 0 3	1 0 0	1 6 % -	1 0 7	1 0 % -
No rt h Am ica er	3 2	2 6	3 9	3 7	3 5	9 % -	3 8	1 % -
To l Am ica ta er s	1 27	1 4 8	15 7	1 4 0	1 3 5	1 4 % -	1 45	8 % -
Ot he r	1 3	1 6	1 8	1 8	1 8	5 % -	1 8	1 % -
To l ta	4 2 0	4 8 9	4 9 8	4 6 2	4 4 9	1 0 % -	47 5	% 5 -

	H 2 2 0 1 3	H 2 2 0 1 4	H 2 2 0 15	H 2 2 0 1 6	E S T I M A T E S H 2 2 0 1 6
G W E t ( t ho on ne s us	ds ) an				Lo w	Q / Q g wt h ro	H ig h	Q / Q g wt h ro
No rw ay	5 6 7	5 7 8	5 8 4	5 7 4	5 6 8	% 3 -	5 8 0	% 1 -
U K	8 0	7 9	8 4	8 7	8 5	% 0	8 9	% 6
Fa Is lan ds roe	3 3	4 0	3 9	3 9	3 8	3 % -	4 1	% 5
To ta l Eu ro p e	6 8 0	6 9 7	7 0 7	7 0 0	6 9 1	2 % -	7 1 0	0 %
C h i le	2 1 6	2 6 7	2 8 0	17 7	17 0	3 9 % -	1 8 4	3 4 % -
No h Am ica rt er	8 5	9 5	2 7	0 7	6 8	6 % -	3 7	1 %
To ta l Am ica er s	27 4	3 2 6	3 5 2	2 47	2 3 7	3 3 % -	25 7	27 % -
Ot he r	2 9	3 4	3 8	3 9	3 8	1 %	3 9	3 %
To ta l	9 8 3	1 0 5 7	1 0 9 7	9 8 6	9 6 6	1 2 % -	1 0 0 6	8 % -

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algae blooms etc. and 30 market developments.

MHG 2016 volume guidance

S lm ie a o n s p e c s G W E ( 1 0 0 0 ) to ns	2 0 1 4 A l tu c a	Q 1 2 0 1 5 A l tu c a	Q 2 2 0 1 5 A l tu c a	Q 3 2 0 1 5 A l tu c a	Q 4 2 0 1 5 A l tu c a	2 0 1 5 A l tu c a	Q 1 2 0 1 6 A l tu c a	Q 2 2 0 1 6 Gu i d a nc e	2 0 1 6 Gu i d a nc e
No rw ay	2 5 8	6 5	6 4	5 9	6 7	2 5 5	5 4	5 6	2 6 2
C h i le	6 8	1 6	1 3	1 8	1 5	6 2	1 5	7	3 6
C d a na a	2 7	1 0	1 2	9	9	4 0	1 2	1 2	4 4
S t la d c o n	4 9	7	1 2	1 7	1 4	5 0	1 3	1 2	5 4
O t he U i t r n s	1 8	1	3	3	6	1 3	3	3	1 8
To t l a	4 1 9	9 9	1 0 4	1 0 6	1 1 1	4 2 0	9 7	9 0	4 1 4

• 2016 reduced guidance from 436,000 tons GWE to 414,000 tons GWE
• Chile decreased by 16,000 tons due algal bloom
• -Norway reduced by 3,000 tons
• Some additional minor changes

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such 31 as diseases, algae blooms etc. and market developments.

Outlook

• Market balance expected to be tight in 2016
• Future prices (NASDAQ) for 2016 have increased to EUR 5.9 per kg (NOK 56 per kg)
• Strong consumer demand in Europe and Asia
• Algal bloom in Chile to impact American supply fundamentals going forward
• Restructuring of Marine Harvest Chile initiated
• Applications for 28 development licenses in Norway submitted
• Quarterly dividend of NOK 1.70 per share
• Capital Markets Day 1-2 June in Bjugn, Norway

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

• Q2 2016 contract shares (% of guided volume):
• Norway 49%
• Scotland 63%
• Canada 0%
• Chile 22%

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	0. 0 % 5
C h i le ( 3 )	2 2. 5 %	5 0. 0 %
Ca da na	0. 0 %	3 0. 0 %
Sc t lan d o	4 0. 0 %	7 5. 0 %
Ire lan d	4 0. 0 %	1 0 0. 0 %
Fa ro es	0. 0 %	3 0. 0 %
W ig h te d e av er ag e	2 2. 7 %	5 2. 1 %

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

• 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

	S O U R C E S O F O RI G IN
EUR mi llion	No rw ay	Sc lan d ot	Ca da na	C hil e	Ire lan d	Fa roe s	1) Ot he r	MH Gr ou p
O PE RA TI O NA L E BIT
MH FA RM IN G	85 .1	11 .5	19 .6	27 .1 -	2.6 -	3. 8		9 0. 4
MH S AL E S AN D M AR KE TIN G
MH M ket ar s	8.5	3.7	3. 1	3. 2	0. 0	0. 1	0. 0	18 .6
Co MH Pro du cts ns um er	5.7	6.7 -	0. 0	0. 0	0. 0	0. 0	0. 3	0. 6 -
S U BT O TA L	9 9. 3	8.5	22 .8	23 .9 -	2.6 -	3. 9	0. 3	10 8. 3
Fe d e	1.6							1.6
2) Ot he ntit ies r e							1.9	1.9
T O TA L	10 0. 9	8.5	22 .8	23 .9 -	2.6 -	3. 9	2.3	11 1.9
( G ) Ha st lum WT lm rve vo e sa on	5 3 9 8 4	12 6 20	11 55 1	15 3 8 4	1 4 10	1 6 6 4		9 6 6 13
3) - Op tio l E BIT kg ( EU R ) to ta l Gr era na p er ou p	1.8 7	0. 6 8	1.9 7	1.5 5 -	1.8 4 -	2.3 4		1.1 6
f w hic h F d - o ee	0. 0 3	0. 0 0	0. 0 0	0. 0 0	0. 0 0	0. 0 0		0. 0 2
f w hic h M H M ket - o ar s	0. 16	0. 29	0. 27	0. 21	0. 0 3	0. 05		0. 19
f w hic h M H Co Pro du cts - o ns um er	0. 11	0.5 3 -	0. 0 0	0. 0 0	0. 0 0	0. 0 0		0. 0 1 -
AN AL YT I C AL DA TA
4) /re fer ( % ) Pri hie t ric ce ac vem en en ce p e	% 9 2	% 85	% 10 1	% 95	na	% 105		% 9 3
Co ntr t s ha ( % ) ac re	55 %	5 9 %	0 %	9 %	8 4 %	0 %		41 %
Qu lity ior ha ( % ) a - s up er s re	9 3 %	9 2 %	8 8 %	87 %	87 %	8 6 %		9 1 %
Ex tio l it inc lu de d in Op tio l E BIT ce p na em s era na	18 .1 -	0. 2	0. 0	9.5 -	1.8 -	0. 2 -		29 .5 -
Ex tio l it kg ( EU R ) ce p na em s p er	-0. 3 4	0. 0 1	0. 0 0	0. 6 2 -	1.2 5 -	0. 15 -		0. 3 1 -
G C U IDA N E
Q 2 2 0 16 ( G ) ha st lum WT rve vo e	6 0 0 0 5	12 0 0 0	12 0 0 0	7 0 0 0	1 0 0 0	2 0 0 0		9 0 0 0 0
20 16 ha st lum ( G WT ) rve vo e	26 2 0 0 0	5 4 0 0 0	44 0 0 0	3 6 0 0 0	8 0 0 0	10 0 0 0		41 4 0 0 0
Q ( % ) 2 2 0 16 ntr t s ha co ac re	% 49	% 6 3	% 0	% 22	% 0	% 0		% 3 9

1) Operational EBIT arising from non salmon species and 3rd party salmon not allocated to source of origin

2) Sterling White Halibut, Headquarter and Holding companies

3) Including Sterling White Halibut, Headquarter and Holding companies

4) MH Sales and Marketing price achievement

Quarterly segment overview

MH Ope rati Uni ts ng			FAR MIN	G			MH Sa les and	Ma rke ting
								Con sum er
EUR mil lion	Nor way	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	280 .0	68.6	61.6	77.9	11.3	10.3	610 .0	327 .3	64.5	7.2	-709 .2	809 .5
Ope ratin g E BITD A	97.3	15. 7	22.2	-21 .3	-1.8	4.3	19.6	4.9	3.8	3.0	0.0	147 .7
Ope ratin g E BIT	85. 1	11.5	19.6	-27 .1	-2.6	3.8	18.6	-0.6	1.6	1.9	0.0	111 .9
Fa ir V alue adj biom ntra cts/ eali sed der ivati on ass , co unr ves	3.2	5.8	26.0	32.6	1.2	4.1	0.0	3.5	-0.3	-5.8	0.0	70. 1
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	3.0	3.0
Re stru ctur ing t cos	0.0	-2.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-2.5
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	10.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	10.3
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	-0.1	0.0	0.0	0.0	-0.1
EBI T	98.5	14.9	45.6	5.6	-1.5	7.9	18.6	2.8	1.3	-3.9	3.0	192 .7
Con tribu tion to ratio nal EBI T fro m S &M ope	14.3	-3.0	3.1	3.2	0.0	0.1	-18 .6	0.6		0.3		0.0
Con tribu tion to ratio nal EBI T fro m F eed ope	1.6								-1.6			0.0
Ope ratio nal EBI T in cl c ontr ibut ion from S& M a nd F eed	100 .9	8.5	22.8	-23 .9	-2.6	3.9	0.0	0.0	0.0	2.3	0.0	111 .9
Har t / s ales vol ves ume	53 984	12 620	11 551	15 384	1 4 10	1 6 64	0	30 099	53 807
Ope ratio nal EBI T/kg inc l co ntrib utio n fro m S &M (EU R)	1.8 7	0.6 8	1.9 7	- 1. 55	- 1. 84	2.3 4
-of w hich S& M	0.2 6	- 0. 24	0.2 7	0.2 1	0.0 3	0.0 5
-of w hich Fe ed	0.0 3

*Volume = harvested volume salmon in tonnes gutted weight

Development in harvest volumes

	2 0 1 0	2 0 1 1	2 0 1 2	2 0 1 3		2 0 1 4						2 0 15				2 0	1 6 E
	To ta l	To ta l	To ta l	To ta l	Q 1	Q 2	Q 3	Q 4	To ta l	Q 1	Q 2	Q 3	Q 4	To ta l	Q 1	Q 2 E	H 2- 1 6 E	To ta l
No rw ay	2.5 2 0	.5 2 17	3 25 5.	2 2 2.5	1 5 5.	6 8. 7	3 6 4.	6 9. 9	25 8. 0	6 2 5.	6 4. 0	9 8. 5	6 6. 6	25 4. 8	4. 0 5	6. 0 5	15 2. 0	2 6 2. 0
C h i le	6 1 0.	0 2 6.	2 4 0.	2 8. 3	17 .7	1 6. 4	1 6. 7	1 6. 6	6 7.5	1 6. 1	1 3. 2	4 1 8.	1 4. 8	6 2.5	15 4	0 7.	1 3. 6	3 6. 0
Ca da na	5 3 3.	9 3 3.	2 4 0.	3 3. 1	6. 4	6. 5	1 7.	6. 8	2 6. 7	1 0. 5	1 1. 6	8. 7	9. 4	4 0. 1	1 1. 6	1 2. 0	2 0. 4	4 4. 0
Sc t lan d o	1 3 3.	2 5 0.	3 4 0.	4 8. 4	1 0. 5	1 8. 3	1 3. 7	6. 4	4 8. 9	1 7.	1 2. 4	6 1 6.	1 4. 1	5 0. 1	1 2. 6	1 2. 0	2 9. 4	5 4. 0
O t he ( 1 ) r	0 1 6.	3 15	3 1 6.	1 1.5	2. 6	4. 3	5 5.	4 5.	17 8	0. 6	2. 9	4 3.	5. 7	1 2.7	3. 1	3. 2	1 1.7	1 8. 0
To ta l	7 2 9 5.	8 3 4 2.	3 3 9 2.	8 3 4 3.	2 9 2.	2 1 1 4.	3 1 0 7.	1 1 0 5.	9 4 1 8.	5 9 9.	2 1 0 4.	0 1 0 6.	6 1 1 0.	1 4 2 0.	6 9 6.	2 9 0.	2 2 27	4 1 4. 0

GROWTH RELATIVE TO SAME PERIOD IN PREVIOUS YEAR

	2 0 1 0	2 0 1 1	2 0 1 2	2 0 1 3		2 0 1 4						2 0 15				2 0 1	6 E
	To ta l	To ta l	To ta l	To ta l	Q 1	Q 2	Q 3	Q 4	To ta l	Q 1	Q 2	Q 3	Q 4	To ta l	Q 1	Q 2 E	H 2- 1 6 E	To ta l
No rw ay	0 %	% 7	17 %	1 3 % -	17 %	2 8 %	2 1 %	2 %	1 6 %	1 8 %	7 % -	8 % -	5 % -	-1 %	-17 %	1 3 % -	2 1 %	3 %
C h i le	1 % 7 -	1 4 6 %	% 5 5	3 0 % -	1 15 %	n.a	1 8 4 %	17 %	1 3 9 %	-9 %	1 9 % -	1 0 %	1 1 % -	% -7	-4 %	47 % -	5 9 % -	-4 2 %
Ca da na	8 % -	1 %	1 9 %	1 8 % -	-4 8 %	2 8 % -	1 4 %	1 9 %	-1 9 %	6 5 %	7 9 %	2 3 %	3 8 %	0 % 5	1 0 %	4 %	1 3 %	1 0 %
Sc t lan d o	1 2 % -	1 % 5	2 0 % -	2 0 %	9 %	3 7 %	0 %	4 6 % -	1 %	-3 2 %	3 2 % -	2 1 %	1 2 1 %	3 %	77 %	3 % -	4 % -	8 %
O ( ) t he 1 r	% 7	% 4 -	% 7	% 2 9 -	-4 %	2 0 %	17 2 %	6 7 %	% 5 4	-7 6 %	3 2 % -	3 8 % -	6 %	% -2 9	3 9 9 %	9 %	2 9 %	% 4 2
To ta l	% 1 0 -	% 1 6	% 1 4	% 1 2 -	% 15	% 4 4	% 3 3	% 2	% 2 2	% 8	% 9 -	% 1 -	% 5	% 0	% 3 -	% 1 3 -	% 5	% 1 -

Net working capital guidance

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

• 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
• Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
• EUR 9.83m in Q1 2016
  • •IFRS adjustment of biomass EUR 1.92m

Debt distribution and interest rate hedging

	(1) DE BT VO LU ME HE DG ED AN D F IXE D R AT ES OF IN TE RE ST RA TE HE DG ES ( MA RC H-M AR CH )
CU RR EN CY	DE BT	201	6	201 7		201	8	201	9	202	0		202 1	202	2
	(2) 31/ 03/ 201 6	Nom inal valu e	Fixe d rat e(3)	Nom inal valu e	Fixe d rat e(3)	Nom inal valu e	Fixe d rat e(3)	Nom inal valu e	Fixe d rat e(3)	Nom inal valu e	Fixe d rat e(3)	Nom inal valu e	Fixe d rat e(3)	Nom inal valu e	Fixe d rat e(3)
EU R m	.2 741	.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	.0 155	.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	41. 7	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	125 .3

Market value of IRS contracts in MEUR (31/03/16): -93.0 Mark to market valuation effect in Q1(4): -16.2

Difference in fixed vs floating rate settled in cash in Q1 -0.7

Notes:

(1) MHG chooses 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

POLICY:

• External interest bearing debt is distributed as follows: EUR 73%, USD 12%, GBP 5%, other currencies 11%.
• 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 interestbearing 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
• As of 1 April 2011, all bilateral sales contracts are subject to internal currency hedging of the exposure between the invoicing currency and NOK
• 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

E U R /	O K	U S D /	C A D
M E U R	Ra te	M U S D	Ra te
1 6 7	9. 1 9	2 2	1. 3 2
2 3 2	9. 4 1	2 0	1. 3 3
5 6	9. 6 8	2	1. 3 9
0. 9 -	( M E U R )
M E U R
1 8. 4 -
1 0. 0
8. 4 -
		N

D E S I G N A T E D M A R K E T C U R R E N C I E S
No rw ay C h i le Ca da na Sc lan d t o Fe d e V A P Mo l rp o	E U R U S D U S D G B P E U R E U R E U R
Fa roe s	E U R
Co l d W te Sp ies a r ec As ia	N O K U S D

Fair value adjustment of biomass

• Under IFRS (IAS 41) the company is required to value biological assets at a fair market value.
• During the second half of 2011, the largest salmon farming companies in Norway, with support from audit firms, formed an industry working group where the objective was to reach a converged and improved common approach for estimating the fair value of the biomass in accordance with IAS 41.
• Following the working group's conclusions, Marine Harvest has with effect from the fourth quarter 2011, refined its calculation model. The model enhancements have been made to capture the fair value development during the lifetime of the fish in an improved manner. The revised model split the biomass into 3 groups based on size:
• Fish below 1 kg live weight ("smolt") is valued at accumulated cost
• Fish between 1 kg and 4 kg live weight (immature fish) incorporates a proportionate share of the expected net profit at harvest
• Fish above 4 kg (mature fish) is valued at the expected net value
• The main drivers in the valuation are:
• Volume of biomass (and average weight per site) at every reporting date
• Expected cost at harvest
• Expected value at harvest (based on externally quoted forward prices where applicable and/or the most relevant price information available for the period in which the fish is expected to be harvested)
• Operationally, the value of biomass is reported at cost. In the Group accounts, "fair value adjustments" are added to costs of each operating unit and combined, the two elements constitute the fair value of biomass. The change in "fair value adjustment" is income or expense classified on a separate line in the Profit and Loss statement in each period. This item is not included in Operational EBIT.

Tax losses carried forward (YE 2015)

narine harvest

Gr Ma in Ha t 3 1. 1 2. 2 0 1 5 r e rv es ou p E U R m i l l ion	Re ise d co g n	Un ise d re co g n	To l ta
U S A	6 7.	0. 0	6 7.
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 ly ta	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 l ta	3 4. 1	1 1 9. 9	1 5 4. 0

Reference is made to note 15 Taxes in the annual report 2015.

• Most of the deferred tax assets have note 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

The Board's current authorisations

• The Board was given the following proxies at the AGM
• General share capital increase (up to 10% of share capital)
  • •Proxy to set aside shareholders pre-emption right to subscribe
• Purchase of own shares (up to 10% of share capital)
  • •Maximum price: NOK 140 per share
  • •Minimum price: NOK 7.5 per share
• Issuance of new convertible bond (executed in November 2015)
  • •Maximum amount: NOK 3,200m
  • •Maximum number of shares to be issued as settlement: 64m
• -Authorisation to issue quarterly dividends

O P. E B I T E F F E C T	C A S H F L O W E F F E C T	D R I V E R
4 1	3 8	An l ha t v lum nu a rve s o e
1 0	9	Ma ina l vo lum rg e
3 0	5 0	Fe d c t ion e on su mp

Notes:

(1) Assuming all sales at spot prices. Please see contract policy and estimated contract rates in the latest quarterly presentation

(2) Normally 30 days credit on sale of salmon, effect assumes stable volume between years and across months

(3) Assuming EBIT per kg of EUR 1

(4) Annual harvest volume converted to live weight (0.83) multiplied with feed conversion ratio (1.2)

Assuming stable production and feed consumption between years and across months

(5) 60 days credit time on feed