Mowi ASA — Investor Presentation 2016

Feb 17, 2016

Marine Harvest Q4 2015 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, the anticipated business combination between MH Chile and Aqua Chile, 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 2014 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.

Operational EBIT of NOK 837m

Highlights

• Good contribution from MH Farming Norway
• All-time high results in MH Feed
• Consumer Products negatively impacted by operational start-up issues in Rosyth
• Strong demand in Europe and Asia
• Improving market conditions in Americas
• Successful issuance of EUR 340m convertible bond
• Quarterly dividend of NOK 1.40 per share

Key financials

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

Reference price Norway NOK (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 at good levels in the quarter and strong in December and into 2016
• Weak prices in Americas, however, increasing in December and into 2016

Price achievement by origin

C h t t o n r a c s a r e	5 0 %	5 7 %	0 %	1 0 %
S i h u p e r o r s a r e	9 5 %	9 3 %	9 0 %	9 0 %

Note: Q4 2015 average price achievement is measured versus reference prices in all markets (Norway/Faroes (NASDAQ), Scotland (NASDAQ+ NOK 3.47), Canada 6 (UB Seattle), Chile (UB Miami)

Operational EBIT comparison

S A L M O N O F N O R W E G I A N O R I G I N
NO K m ill ion	Q 4 2 0 1 5	Q 4 2 0 1 4
O i l E B I T t p e r a o n a	8 0 9	8 8 1
H lu ( G W T ) t v a rv e s o m e	6 6 6 3 8	6 9 9 4 1
O i l E B I T k ( N O K ) t p e r a o n a p e r g f w h i h M H M k t o c a r e s - f w h i h M H C P d t o c o n s m e r r o c s u u - Ex i l i i l i E B I T t t c e p o n a e m s n c n o p. Ex i l i k ( N O K ) t t c e p o n a e m s p e r g	1 2. 1 4 1. 2 6 1. 8 5 2 3 1 - 3. 4 7 -	5 1 2. 9 0. 9 1 1. 2 1 1 2 3 - 1. 6 7 -
P i h i / f i t r c e a c e e m e n r e e r e n c e p r c e v C h t t o n r a c s a r e S i h u p e r o r s a r e	1 0 0 % 5 0 % 9 5 %	1 0 1 % 4 7 % 9 3 %

• Good results in the quarter driven by improved prices
• Contract share as high as 73% in December
• Concerning cost development
• Increased costs in the quarter driven by sea lice and feed (currency and eFCR)
• Expect high costs also in the first half of 2016
• Increased MAB by 5% for each of 15 licenses in Region South

Norway: Sales contract portfolio

High contract share of 79% in January

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

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

S A L M O N O F S C O T T I S H O R I G I N
NO K m ill ion	Q 4 2 0 1 5	Q 4 2 0 1 4
i O l E B I T t p e r a o n a	3 0 -	2 2 -
H lu ( G W T ) t v a rv e s o m e	1 4 0 9 5	6 3 7 6
( ) O i l E B I T k N O K t p e r a o n a p e r g f w h i h M H M k t o c a r e s - f w h i h M H C P d t o c o n s u m e r r o u c s -	2. 1 0 - 2. 1 0 5. 5 3 -	3. 4 2 - 0. 9 3 1. 3 8
Ex i l i i l i E B I T t t c e p o n a e m s n c n o p. ( O ) Ex i l i k N K t t c e p o n a e m s p e r g	4 7 - 3. 3 4 -	6 7 - 1 0. 5 2 -
/ f P i h i i t r c e a c e v e m e n r e e r e n c e p r c e C h t t o n r a c s a r e S i h u p e r o r s a r e	1 1 0 % % 5 7 9 3 %	1 1 6 % 9 0 % 9 0 %

• Losses in Rosyth are mainly recognised in the Scottish business unit (NOK -87m)
• Lower prices measured in GBP driven by increased competition from Norwegian salmon
• Higher volumes have reduced production cost (scale effect)
• Challenging biological conditions (sea lice and algal blooms)
• Costs expected to increase further in the first half of 2016

S A L M O N O F C A N A D I A N O R I G I N
NO K m ill ion	Q 4 2 0 1 5	Q 4 2 0 1 4
O i l E B I T t p e r a o n a	3 1	5 2
H lu ( G W T ) t v a rv e s o m e	9 3 8 3	6 8 1 9
i ( ) O l E B I T k N O K t p e r a o n a p e r g f w h i h M H M k t o c a r e s - f w h i h M H C P d t o c o n s u m e r r o u c s -	3. 3 2 0. 4 5 0. 0 0	3. 6 9 0. 6 6 0. 0 0
Ex i l i i l i E B I T t t c e p o n a e m s n c n o p. Ex i l i k ( N O K ) t t c e p o n a e m s p e r g	5 - 0. 1 5 -	0 0. 0 0
P i h i / f i t r c e a c e v e m e n r e e r e n c e p r c e C h t t o n r a c s a r e S i h p e r o r s a r e u	9 8 % 0 % 9 0 %	9 8 % 0 % 8 8 %

• Overall good performance in a challenging market
• Low prices in market currency (USD) due to high supply growth from Americas
• Higher costs driven by biology and feed (CAD/NOK)

ill ion NO K m	Q 4 2 0 1 5	Q 4 2 0 1 4
O i l E B I T t p e r a o n a	1 8 1 -	6
( G ) H lu W T t v a rv e s o m e	1 4 7 5 0	1 6 6 0 2
O i l E B I T k ( N O K ) t p e r a o n a p e r g f w h i h M H M k t o c a r e s - C f w h i h M H P d t o c o n s u m e r r o u c s -	1 2. 2 8 - 0. 3 5 0. 0 0	0. 3 5 3. 2 8 0. 0 1
Ex i l i i l i E B I T t t c e p o n a e m s n c n o p. ( O ) Ex i l i k N K t t c e p o n a e m s p e r g	1 2 - 0. 8 3 -	0 0. 0 0
/ P i h i f i t r c e a c e e m e n r e e r e n c e p r c e v C h t t o n r a c s a r e S i h u p e r o r s a r e	1 0 3 % 1 0 % 9 0 %	1 1 3 % 1 2 % 8 8 %

• Very low prices in the quarter
• Challenging biology and regulatory framework
• Full cost in box USD 5.1 per kg (GWE)
• Production costs expected to increase further in the first half of 2016
• Decline in smolt stockings of 17% in the last four months of 2015 supportive for prices going forward

Ireland and Faroes

S A L M O N O F I R I S H O R I G I N
NO K m ill ion	Q 4 2 0 1 5	Q 4 2 0 1 4
i l E B I T O t p e r a o n a	1	9
H lu ( G W T ) t v a rv e s o m e	2 7 6 1	2 0 6 9
( ) O i l E B I T k N O K t p e r a o n a p e r g f w h i h M H M k t o c a r e s - f w h i h M H C P d t o c o n s u m e r r o u c s -	0. 2 2 0. 1 0 0. 8 5	4. 4 9 0. 1 7 - 0. 4 6
Ex i l i i l i E B I T t t c e p o n a e m s n c n o p. Ex i l i k ( N O K ) t t c e p o n a e m s p e r g	1 5 - 5. 5 5 -	8 - 3. 9 3 -
P i h i / f i t r c e a c e v e m e n r e e r e n c e p r c e C h t t o n r a c s a r e S i h u p e r o r s a r e	n a 7 8 % 8 7 %	n a 9 1 % 8 8 %

S A L M O N O F F A R O E S E O R I G I N
NO K m ill ion	Q 4 2 0 1 5	Q 4 2 0 1 4
i O l E B I T t p e r a o n a	4 7	4 4
H lu ( G W T ) t v a rv e s o m e	2 9 2 3	3 3 1 4
( ) O i l E B I T k N O K t p e r a o n a p e r g f w h i h M H M k t o c a r e s - f w h i h M H C P d t o c o n s u m e r r o u c s - Ex i l i i l i E B I T t t c e p o n a e m s n c n o p. Ex i l i k ( N O K ) t t c e p o n a e m s p e r g	1 6. 0 6 2. 8 7 0. 0 0 0 0. 0 0	1 3. 1 5 0 2 7. 0. 0 0 0 0. 0 0
/ f P i h i i t r c e a c e v e m e n r e e r e n c e p r c e C h t t o n r a c s a r e S i h u p e r o r s a r e	1 0 5 % 0 % 9 0 %	1 1 5 % 0 % 9 6 %

• Good contribution from Faroes in the quarter
• Production costs in both regions expected to increase further in the first half of 2016

Consumer Products

C O N S U M E R P R O D U C T S
NO K m ill ion	Q 4 2 0 1 5	Q 4 2 0 1 4
O i t p e r a n g r e e nu e s v	3 4 0 8	2 8 6 3
O i l E B I T t p e r a o n a O i l E B I T % t p e r a o n a	8 9 2. 6 %	1 1 7 4. 1 %
( ) V lu l d d i h t t w t o m e s o o n s p r o c e g u	3 3 3 6 7	3 0 9 5 5
Ex i l i t t c e p o n a e m s	0	0
V lu h l o m e s a r e s a m o n R h l e v e nu e s a r e s a m o n	7 7 % 8 0 %	7 7 % 8 0 %

• Good seasonal demand with strong growth in Southern Europe, Germany and UK
• Positive contributions from the Chilled segment continues
• Start-up costs in Rosyth of NOK -95m in the quarter
• Recovery plan initiated, however, continuing losses in the first quarter of approximately NOK -50m
• Break-even anticipated towards the end of the second quarter of 2016

• Despite start-up issues 97% customer fulfilment in the fourth quarter

• Record quarterly volume and operational EBIT

• Production capacity increased to approximately 310,000 tonnes
• Approved investment in a new feed plant in Scotland

Fourth Quarter 2015 Financials, Harvest Volumes and Markets

Profit and Loss

Ma ine Ha Gr t r rve s ou p NO K m illio n	Q 4 2 0 1 5	Q 4 2 0 1 4	2 0 1 5	2 0 1 4
Op io l r d he inc t t er a na ev en ue a n o r om e	8 0 6 0	1 7 % 6 8 6 3	2 9 5 9 7	1 0 % 2 5 4 9 6
Op io l E B I T t 1) er a na	8 3 7	1 0 3 2	3 1 0 7	5 4 2 4
C ha in l ize d in l p f i fee d ter t ng e un rea na ro	1 3 -	6 5 -	1 9 -	9 2 -
Un l ize d s lm de iva ive t rea a on r s	5 8 -	3 6	1 1 2 -	5 4
Ne fa ir v lue d j f b iom t tm t o tra ts a a us en as s, on ero us co n c	9 4 6	3 8 7	8 4	4 8 7 -
Re ing tuc tur ts s co s	0	3 -	1 3 6 -	5 3 -
O he ion l i t t tem r n on -op era a s	0	0	2 2	1 6 8 -
fro Inc ia d c ies te om e m as so c om p an	9 9	5 5	2 1 0	1 5 0
Im irm los f ixe d a t ts p a en se s - ss e	3 3 -	2 5 -	6 1 -	2 4 -
E B I T	1 7 7 8	1 4 2 6	3 0 9 3	3 6 3 3
f Ne t ina ia l i tem nc s	4 1 8 -	1 0 5 2 -	8 5 3 -	2 1 4 7 -
Ea ing be fo ta rn s re x	1 3 6 1	3 4 7	2 2 4 0	1 4 8 7
Pr f i los fo he io d t o t o r s r p er	8 3 0	1 1 0	1 4 1 8	9 4 0
S ( O ) E P N K	1. 8 4	0. 2 7	3. 2 1	2. 2 8
Un de ly ing E P S ( N O K ) r	1. 2 7	1. 6 9	4. 0 7	0 1 7.
Ne h f low ha ( N O K ) t c as p er s re	1. 0 0 -	0. 4 6 -	0. 1 3	6. 6 5
D iv i de d de lar d a d p i d p ha ( N O K ) n c e n a er s re	1. 4 0	1. 1 0	2 0 5.	8. 3 0
Op ion l E B I T m in t era a arg	1 0. 4 %	1 5. 0 %	1 1. 1 %	1 6. 7 %
Ha lum G W E ( lm i ds ) t v ton rve s o e, s sa on	1 1 0 1 5 5	% 1 0 1 2 2 5 5	4 2 0 1 4 8	0 % 4 1 8 8 3 7
Op Sa ion l E B I T p kg inc l m in fro les d Ma ke ing t t 2 ) era a er arg m an r	7. 5 7	9. 8 1	7. 3 9	1 0. 1 6
3) R O C E	1 3. 1 %	2 0. 0 %	1 2. 6 %	2 0. 2 %

Financial Position

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

Marine Harvest Group

Cash Flow and Net Interest Bearing Debt

1) D eb t d istr ibu tion	ef fec inc lud ing	f c t o ros s c urr	en cy sw ap s.

NO K m illio n	Q 4 2 0 1 5	Q 4 2 0 1 4	2 0 1 5	2 0 1 4
N I B D be in ing f p io d g n o er	8 7 4 2 -	7 2 3 0 -	9 2 6 8 -	7 7 9 1 -
Op ion l E B I T D A t era a	1 1 6 2	1 3 0 0	4 3 5 9	5 2 2 1
C ha in k ing i l ta ng e wo r ca p	7 2 2 -	6 2 3 -	1 3 1 0 -	7 2 1 -
Ta i d xe s p a	1 0 6 -	8 7 -	6 1 1 -	2 9 5 -
O he d j t tm ts r a us en	1 0 2 -	5 6 -	3 4 8 -	2 6 1 -
Ca h f low fro io t s m op er a ns	2 3 3	5 3 4	2 0 9 0	3 9 4 5
Ne Ca t p ex	5 5 4 -	4 4 7 -	1 8 8 4 -	1 7 1 2 -
Ca h fro d isp l o f a he l d for le ts s m os a ss e sa	0	9	0	1 1 8 2
O he inv t tm ts r es en	1 6 0 -	7 2 7 -	1 9 7	7 1 6 -
Ca h f low fro inv tm ts s m es en	7 1 4 -	1 1 6 5 -	1 6 8 7 -	1 2 4 5 -
Ne in d f ina ia l i i d t te t a tem res n nc s p a	1 0 8 -	1 5 0 -	3 5 4 -	4 1 2 -
O he i t tem r s	5 2 5	5 8	2 7 6	3 7 8
Bo ds d i te to ty n co nve r eq u	0	0	2 3 6 9	0
D iv i de d d is i bu d tr te n	6 3 0 -	4 7 1 -	2 2 9 3 -	3 4 2 4 -
Tra la ion f fec in be ing de b t t o te t- t ns e n res ar	1 5 6 -	8 4 5 -	7 2 5 -	7 1 9 -
N I B D d f p io d en o er	9 5 9 2 -	9 2 6 8 -	9 5 9 2 -	9 2 6 8 -
1): De b d is i bu ion t tr t
E U R	7 2 %	7 1 %	7 2 %	7 1 %
S U D	1 3 %	1 4 %	1 3 %	1 4 %
G B P	4 %	4 %	4 %	4 %
O he ies t r c urr en c	1 1 %	1 1 %	1 1 %	1 1 %

2016 Cash Flow Guidance

• 2016 cash flow estimates
• Working capital buildup NOK 300m (EUR 32m)
  • •Support further organic growth
• Capital expenditures NOK 1,800m (EUR 189m)
  • •Freshwater expansion projects NOK 450m (EUR 47m)
• Interest expenses NOK 270m (EUR 28m)
• Tax payables NOK 700m (EUR 74m)
• Revised NIBD target from EUR 950m to EUR 1,050m
• Quarterly dividend in Q1 2016 of NOK 1.40 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 16.0887
• EUR 375m issued in May 2014
• Tenor 5 years, annual coupon 0.875%(1), conversion price EUR 10.1670
• NOK 1,250m bond issued in March 2013
• Tenor 5 years, NIBOR + 3.5%

Supply development

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

Source: Kontali

• Global supply growth in Q4 higher than expected
• Required harvesting in Norway less growth potential going forward
• Biological challenges in Chile led to accelerated harvesting
• Recovery of volumes from Scotland as expected
• Strong growth from Canada as volumes recovered

Development in reference prices

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

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

WHAT
marineharvest

Global volume by market

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

Strong demand in EU and Asia

Challenging but recovering US market

Impressive demand in Brazil despite deteriorating economic conditions

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

Industry supply outlook:

Guidance of declining growth of -6% to -2% for 2016

	20 13	20 14	20 15	20 16		Es im t ate s
G WE ( ho to t nn es us an	ds )				Lo w	Y / Y g h wt ro	H ig h	Y / Y g h wt ro
No rw ay	10 29	10 79	11 11	10 72	1 0 55	-5%	1 0 89	-2%
U K	14 2	15 4	15 4	16 0	15 6	1%	16 3	6%
Fa Is lan d roe	65	74	69	73	71	2%	76	10 %
To l E ta ur op e	12 37	13 0 8	13 3 4	13 0 5	12 8 2	-4%	13 28	0 %
C hile	42 1	52 5	53 2	49 5	47 9	-10 %	51 1	-4%
No h A ric rt me a	12 2	10 9	13 9	13 9	13 5	-3%	14 3	3%
To l A ica ta me r s	5 43	6 3 4	67 1	6 3 4	6 14	-9 %	6 5 4	-3 %
Ot he r	57	62	70	59	56	-20 %	62	-12 %
To ta l	1 8 37	2 0 0 4	2 0 75	1 9 97	1 9 5 1	-6 %	2 0 44	-2%

	Q 1 2 0 13	Q 1 2 0 14	Q 1 2 0 15	Q 1 2 0 16
G WE ( ho to t nn es us	ds ) an				Lo w	Q / Q g h wt ro	H ig h	Q / Q g h wt ro
No rw ay	23 2	23 6	26 0	23 6	23 1	-1 1%	24 0	-8%
U K	28	33	29	33	31	8%	35	22 %
Fa Is lan d roe	16	16	13	15	14	11 %	16	27 %
To l E ta ur op e	27 6	28 5	3 0 1	28 4	27 6	-8 %	29 1	-3 %
C hile	10 9	13 5	13 3	13 2	12 8	-4%	13 5	1%
No h A ric rt me a	32	22	29	31	29	-1%	33	12 %
To l A ica ta me r s	14 2	15 7	16 3	16 3	15 7	-4%	16 8	3 %
Ot he r	15	14	16	17	16	-2%	18	10 %
To l ta	43 3	45 6	48 0	46 3	44 9	-6 %	47 7	-1%

	Q Q 2- 4	Q Q 2- 4	Q Q 2- 4	Q Q 2- 4	S S Q Q E TIM AT E 2- 4 2 0 16
( G WE to t ho nn es us an	20 13	20 14	20 15	20 16	Lo w	Q / Q g wt h ro	ig H h	Q / Q g wt h ro
No rw ay	79 7	84 3	85 1	83 6	82 4	-3%	84 9	0%
U K	11 4	12 1	12 5	12 7	12 5	-1%	12 8	2%
Fa Is lan d roe	50	58	57	58	57	0%	60	6%
To l E ta ur op e	9 6 0	10 23	10 3 3	10 21	10 0 6	-3 %	10 37	0 %
C hile	31 2	39 0	39 8	36 3	35 1	-12 %	37 6	-6%
No h A ric rt me a	90	87	11 0	10 8	10 6	-3%	11 0	1%
To l A ica ta me r s	40 1	47 7	5 0 8	47 1	45 7	-10 %	48 6	-4%
Ot he r	42	49	54	42	40	-26 %	44	-19 %
To l ta	1 4 0 4	1 5 48	1 5 5 9	1 5 3 4	1 5 0 2	-6 %	1 5 67	-2%

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

MHG 2016 volume guidance

S i l a m o n s p e c e s G ( ) W E 1 0 0 0 t o n s	2 0 1 4 A l t c a u	Q 1 2 0 1 5 A l t c a u	Q 2 2 0 1 5 A l t c a u	Q 3 2 0 1 5 A l t c a u	Q 4 2 0 1 5 A l t c a u	2 0 1 5 A l t c a u	Q 1 2 0 1 6 G i d a n c e u	2 0 1 6 G i d a n c e u
N o r w a y	2 5 8	6 5	6 4	5 9	6 7	2 5 5	5 4	2 6 5
C h i l e	6 8	1 6	1 3	1 8	1 5	6 2	1 4	5 2
C d a n a a	2 7	1 0	1 2	9	9	4 0	1 1	4 2
S l d t c o a n	4 9	7	1 2	1 7	1 4	5 0	1 2	5 6
O h U i t t e r n s	1 8	1	3	3	6	1 3	2	2 1
T l t o a	4 1 9	9 9	1 0 4	1 0 6	1 1 1	4 2 0	9 3	4 3 6

• 2016 reduced guidance from 440,000 tons GWE to 436,000 tons GWE
• Chile decreased by 4,000 tons due biological issues
• All other regions unchanged
• 4% growth in 2016

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such 28 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 NOK 50 per kg (EUR 5.1 per kg)
• Strong consumer demand in Europe and Asia
• Challenging market conditions in the Americas, however, a decline in Chilean smolt stocking is expected to improve profitability
• Quarterly dividend of NOK 1.40 per share
• EUR as reporting and functional currency beginning in the first quarter of 2016
• 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
• NIBD target revised from EUR 950m to 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

• Q1 2016 contract shares (% of guided volume):
• Norway 56%
• Scotland 50%
• Canada 0%
• Chile 12%

S S C C C A L E O N T R A T P O L I 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 5. 0 %
Ire lan d	4 0. 0 %	1 0 0. 0 %
Fa ro es	0. 0 %	3 0. 0 %
W ig h d te 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	C S R E O F O R	Q I G I N T D
NO K m illio n	No rw ay	Sc lan d ot	Ca da na	C h i le	Ire lan d	Fa roe s	1) Ot he r	Gr ou p
O P E R A T I O N A L E B I T
F A R M I N G	6 0 2	1 9	2 6	18 6 -	- 2	3 9		49 7
S A L E S A N D M A R K E T I N G
Ma ke ts r	8 4	3 0	5	5	0	8	7	13 9
Co Pro du cts ns um er	1 23	- 7 8	0	0	2	0	4 1	8 9
S U B T O T A L	8 0 9	3 0 -	3 1	1 8 1 -	1	47	4 8	7 2 5
Fe d e							74	74
2) Ot he it ies nt r e							3 8	3 8
T O T A L	8 0 9	3 0 -	3 1	1 8 1 -	1	47	1 6 0	8 3 7
Ha lum ( G W T, lm ) st rve vo e sa on	6 6 6 3 8	14 0 9 5	9 3 8 3	14 75 0	2 7 6 1	2 9 23		11 0 5 5 1
3) - Op ( O ) Gr ion l E B I T p kg N K l t to ta era a er ou p	12 .14	-2. 10	3. 3 2	-12 .28	0. 22	16 .0 6		7.5 7
f w h ic h M H Ma ke ts - o r	1.2 6	2.1 0	0. 4 5	0. 3 5	0. 10	2.8 7		1.2 6
f w h ic h M H Co Pro du cts - o ns um er	1.8 5	-5. 5 3	0. 0 0	0. 0 0	0. 8 5	0. 0 0		0. 8 0
C A N A L Y T I A L D A T A
4) /re fer ( ) Pr ice h iev ice % t ac em en en ce p r	10 0 %	11 0 %	9 8 %	10 3 %	na	10 5 %		10 2%
Co ha ( % ) ntr t s ac re	0 % 5	7% 5	0 %	10 %	78 %	0 %		41 %
Qu l ity ior ha ( % ) a - s up er s re	9 5 %	9 3 %	9 0 %	9 0 %	8 7%	9 0 %		9 3 %
Ex ion l ite inc lu de d in Op ion l E B I T t t ce p a ms era a	-23 1	-47	-5	-12	-15	0	0	-3 11
Ex ion l ite kg ( N O K ) t ce p a ms p er	-3. 47	-3. 3 4	-0. 1 5	-0. 8 3	-5. 5 5	0. 0 0		-2. 8 1
C G U I D A N E
Q ( G ) 1 2 0 16 ha lum W T st rve vo e	5 4 0 0 0	1 2 0 0 0	1 1 0 0 0	1 4 0 0 0	1 0 0 0	1 0 0 0		9 3 0 0 0
ha lum ( G W T ) 20 16 st rve vo e	2 6 5 0 0 0	5 6 0 0 0	4 2 0 0 0	5 2 0 0 0	1 0 0 0 0	1 1 0 0 0		4 3 6 0 0 0
Q ha ( ) 1 2 0 16 ntr t s % co ac re	5 6 %	5 0 %	0 %	12 %	0 %	0 %		41 %

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, Feed, Headquarter and Holding companies

4) Sales and Marketing Price achievement

YTD segment overview

	marineharvest

NO K m illio n	No rw ay	Sc lan d ot	Ca da na	C h i le	Ire lan d	Fa roe s	1) he Ot r	Gr ou p
O P E R A T I O N A L E B I T
F A R M I N G	2 3 8 9	1 15	9 0	- 5 7 1	7 7	3 6		2 1 3 6
S A L E S A N D M A R K E T I N G
Ma ke ts r	3 0 0	1 17	3 1	1 0 4	0	6	2 8	5 8 7
Co Pro du cts ns um er	17 9	- 7 4	0	0	4	0	6 6	17 6
S U B T O T A L	2 8 6 8	1 5 9	1 2 0	4 6 6 -	8 1	4 2	9 5	2 8 9 9
Fe d e							1 9 2	1 9 2
2) Ot he it ies nt r e							15	15
O T T A L	2 8 6 8	1 5 9	1 2 0	4 6 6 -	8 1	4 2	3 0 2	3 1 0 7
Ha lum ( G W T, lm ) st rve vo e sa on	25 4 7 1 5	0 1 4 4 5	4 0 1 1 2	6 2 4 8 2	9 3 6 7	2 9 2 3		4 2 0 1 4 8
3) - Op ( O ) Gr ion l E B I T p kg N K l t to ta era a er ou p	1 1. 2 6	3. 1 6	3. 0 0	4 6 -7.	8. 3 3	1 4. 4 3		3 9 7.
f w h ic h Ma ke ts - o r	1. 1 8	2. 3 3	0. 77	1. 6 7	0. 0 1	2. 1 6		1. 4 0
f w h ic h Co Pro du cts - o ns um er	0. 7 0	1. 47 -	0. 0 0	0. 0 0	0. 4 2	0. 0 0		0. 4 2
A N A L Y T I C A L D A T A
4) /re fer ( ) Pr ice h iev ice % t ac em en en ce p r	1 0 1 %	1 0 9 %	9 9 %	1 0 8 %		1 0 5 %		1 0 3 %
Co ha ( ) ntr t s % ac re	4 0 %	4 8 %	0 %	1 2 %	8 2 %	0 %		3 7 %
Qu l ity ior ha ( % ) a - s up er s re	9 2 %	9 3 %	9 0 %	8 9 %	8 9 %	9 0 %		9 2 %
Ex ion l ite inc lu de d in Op ion l E B I T t t ce p a ms era a	-6 45	4 -7	1 9 -	3 7 -	3 7 -	0	0	-8 1 2
5) Ex ion l ite kg ( N O K ) t ce p a ms p er	-2. 5 3	1. 47 -	0. 47 -	0. 5 9 -	3. 7 9 -	0. 0 0		1. 9 3 -
C G U I D A N E
Q 1 2 0 1 6 ha lum ( G W T ) st rve vo e	4 0 0 0 5	1 2 0 0 0	1 1 0 0 0	1 4 0 0 0	1 0 0 0	1 0 0 0		9 3 0 0 0
2 0 1 6 ha lum ( G W T ) st rve vo e	2 6 5 0 0 0	5 6 0 0 0	4 2 0 0 0	5 2 0 0 0	1 0 0 0 0	1 1 0 0 0		4 3 6 0 0 0
Q ( ) 1 2 0 1 6 c ha % tra ct on s re	5 6 %	5 0 %	0 %	1 2 %	0 %	0 %		4 1 %

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, Feed, Headquarter and Holding companies

4) Sales and Marketing Price achievement

Quarterly segment overview

MH Ope rati Uni ts ng	FAR MIN G MH Sal nd Mar keti es a ng
NOK mil lion	Nor way	Sco tlan d	Can ada	Chi le	Irel and	Far oes	Ma rke ts	Con sum er Pro duc ts	MH Fe ed	Oth er	Elim	Gro up*
Rev nd o ther inc enu es a ome	2 8 15	67 9	38 4	48 8	18 8	14 0	5 6 28	3 4 08	94 6	14 1	- 6 758	8 0 60
Ope ratin g E BITD A	71 3	62	50	- 1 45	6	43	14 8	14 3	96	46	0	1 1 62
Ope ratin g E BIT	60 2	19	26	- 1 86	- 2	39	13 9	89	74	38	0	83 7
Fa ir V alue adj biom cts/ eali sed der ivati ntra on ass , co unr ves	92 1	59	68	- 3 6	- 2 4	36	- 7	36	0	- 1 64	0	88 9
Un real ized rgin adj ustm ent ma	0	0	0	0	0	0	0	0	0	0	- 1 3	- 1 3
Re stru ctur ing t cos	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
/los s fro Inc ciat ed c anie ome m a sso omp s	10 0	- 1	0	0	0	0	0	0	0	0	0	99
W rite- dow n of fixe d as /inta ngib les sets	- 1	1	- 1	- 8	0	0	0	- 1 4	0	- 9	0	- 3 3
EBI T	1 6 21	78	93	- 2 31	- 2 6	75	13 3	11 0	74	- 1 36	- 1 3	1 7 78
Con tribu tion ratio nal EBI T fro m S &M to ope	20 7	- 4 8	5	5	3	8	- 1 39	- 8 9		48		0
Ope ratio nal EBI T in cl c ontr ibut ion from S& M	80 9	- 3 0	31	- 1 81	1	47	0	0	74	86	0	83 7
/ sa Harv est les volu me	66 638	14 095	9 3 83	14 750	2 7 61	2 9 23	0	33 367
Ope T/kg n fro m S (NO K) ratio nal EBI inc l co ntrib utio &M	12 .14	- 2. 10	3.3 2	- 12 .28	0.2 2	16 .06
-of w hich S& M	3.1 0	- 3. 43	0.5 4	0.3 5	0.9 5	2.8 7

*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 1 5 E				2 0 1 6 E
	To l ta	To l ta	To l ta	To l ta	Q 1	Q 2	Q 3	Q 4	To l ta	Q 1	Q 2	Q 3	Q 4	To l ta	Q 1 E	Q 2- Q 4 E	To l ta
No rw ay	5 2 0 2.	5 2 1 7.	3 2 5 5.	2 2 2. 5	5 5. 1	6 8. 7	3 6 4.	6 9. 9	2 5 8. 0	6 5. 2	6 4. 0	9 5 8.	6 6. 6	2 5 4. 8	5 4. 0	2 1 1. 0	2 6 5. 0
C h i le	6 1 0.	0 2 6.	2 4 0.	2 8. 3	17 .7	1 6. 4	7 1 6.	1 6. 6	6 7. 5	1 6. 1	1 3. 2	4 1 8.	1 4. 8	6 2. 5	1 4. 0	3 8. 0	5 2. 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	7 8.	9. 4	4 0. 1	1 1. 0	3 1. 0	4 2. 0
Sc lan d ot	1 3 3.	2 5 0.	3 4 0.	4 8. 4	1 0. 5	1 8. 3	7 1 3.	6. 4	4 8. 9	7. 1	1 2. 4	6 1 6.	1 4. 1	5 0. 1	1 2. 0	4 4. 0	5 6. 0
( ) O t he 1 r	0 1 6.	3 1 5.	3 1 6.	1 1. 5	2. 6	4. 3	5 5.	4 5.	1 7. 8	0. 6	2. 9	4 3.	5. 7	1 2. 7	2. 0	1 9. 0	2 1. 0
To l ta	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.	0 9 3.	0 3 4 3.	4 3 6. 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 1 5 E	2 0 1 6 E
	To l ta	To l ta	To l ta	To l ta	Q 1	Q 2	Q 3	Q 4	To l ta	Q 1	Q 2	Q 3	Q 4	To l ta	Q 1 E	Q 2- Q 4 E	To l ta
No rw ay	0 %	% 7	1 % 7	1 3 % -	17 %	2 8 %	2 1 %	2 %	1 6 %	1 8 %	-7 %	8 % -	-5 %	-1 %	-17 %	1 1 %	4 %
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	-1 3 %	1 8 % -	-1 % 7
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 %	5 0 %	5 %	5 %	5 %
Sc lan d ot	1 2 % -	5 1 %	2 0 % -	2 0 %	9 %	3 7 %	0 %	4 6 % -	1 %	-3 2 %	3 2 % -	2 1 %	1 2 1 %	3 %	6 9 %	2 %	1 2 %
O he ( 1 ) t r	7 %	4 % -	7 %	2 9 % -	-4 %	2 0 %	17 2 %	6 7 %	5 4 %	-7 6 %	3 2 % -	3 8 % -	6 %	-2 9 %	2 25 %	5 8 %	6 6 %
To l ta	1 0 % -	1 6 %	1 4 %	1 2 % -	1 5 %	4 4 %	3 3 %	2 %	2 2 %	8 %	9 % -	1 % -	5 %	0 %	7 % -	7 %	4 %

Notes:

(1) Ireland and the Faroes

CAPITAL EXPENDITURE

38

Guidance on financial commitments and cost of debt

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

• 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
• 2014 dividends of NOK 150m (paid in Q2- 15)
• Marine Harvest's share NOK ~69m
• Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
• NOK 88.1m in Q4 2015
  • •IFRS adjustment of biomass NOK 15.5m

Debt distribution and interest rate hedging

(1) DE BT VO LUM E H ED GE D A ND FIX ED RA TES OF INT ER ES T R AT E H ED GE S ( MA RC H-M AR CH )
CU RR EN CY	DE BT	201	5	201	6	201	7	201	8	201	9	202	0	202	1	202	2
	(2) 31/ 12/ 201 5	Nom inal v alue	Fixed rate	(3) N omin al va lue	Fixed (3) N rate	omin al va lue	Fixed rate	(3) N omin al va lue	Fixed (3) rate	Nom inal v alue	Fixed (3) N rate	omin al va lue	Fixed (3) N rate	omin al va lue	Fixed rate	(3) N omin al va lue	Fixed (3) rate
EU R m	743 .5	.2 652	0.6 6%	.4 797	0.9 4%	.0 938	1.2 1%	1 1 2 26.	1.8 0%	1 2 96. 5	2.5 0%	.6 716	1.2 4%	.0 380	2.2 0%	-	0.0 0%
US D m	.0 170	.0 123	1.9 8%	.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	8 33.	0 34.	2.4 8%	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 ( NO K m )	1 2 08. 1

Ma rke lue of I RS in MN OK ( 31/ 12/ 15) t va ntra cts co :	-73 7.8
(4): Ma rk t ark alu atio ffec t in Q4 et v o m n e	-14 .6
Diff in fixe d vs flo atin ettl ed in c ash in Q4 te s ere nce g ra	-7.8

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

POLICY:

• External interest bearing debt is distributed as follows: EUR 72%, USD 13%, GBP 4%, 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	/ N O K	U S D / C A D
S G C C C G G T R A T E I U R R E N Y H E D I N	M E U R	Ra te	S M U D	Ra te
2 0 1 6	1 6 7	9. 1 3	2 9	1. 3 2
2 0 1 7	1 7 5	9. 3 7	1 7	1. 3 2
2 0 1 8	1 5	9. 7 9
/ f fe f c in in Q P L t o tra ts tu 4 e c on c m a r g	4 2 -	( O ) M N K
	M N O K
Ma ke lu 3 0 / 0 9 / 2 0 1 5 t v r a e	1 8 8 -
C ha ( ) 1 ng e	1 2
Ma ke lu / / 5 t v 3 1 1 2 2 0 1 r a e	1 7 6 -

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	E U R
C h i le	S U D
Ca da na	U S D
Sc lan d t o	G B P
Fe d e	E U R
V A P	E U R
Mo l rp o	E U R
Fa roe s	E U R
Co l d W Sp ies te a r ec	N O K
As ia	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 2014)

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

* The NOL's will be used to offset taxavle 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

• Most of the deferred tax assets have 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

ESTIMATED SENSITIVITIES ON ANNUAL RESULTS OP. EBIT EFFECT CASH FLOW EFFECT DRIVERNOK millionChange in global average salmon price of NOK 1 (1) (2) 436 400 Annual harvest volume Change in total harvest volume of 10,000 tonnes (2) (3) 100 92 Marginal volume Change in global feed price of NOK 1 per kg (4) (5) 315 525 Feed consumption

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 NOK 10

(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