Mowi ASA — Investor Presentation 2017

Aug 24, 2017

Marine Harvest

1

Q2 2017 Presentation 24 August 2017

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 plants, 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.

Marine Harvest disclaims any continuing accuracy of the information provided in this presentation after today.

Highlights

• All-time high second quarter Operational EBIT of EUR 198 million
• High salmon prices in all markets
• Strong performance in Scotland, Ireland and Consumer Products
• Reduced harvest volumes in Norway related to sea lice and connected biological issues
• NIBD of EUR 551 million due to strong cash flow and EUR 375 million bond conversion
• Quarterly dividend of NOK 3.20 per share

Key financials

Ma ine Ha Gr in f ig t r rve s ou p - m a ur es Un aud ited EU R m illio n	Q 2 2 0 1 7	Q 2 2 0 1 6	Y T D Q 2 2 0 1 7	Y T D Q 2 2 0 1 6	2 0 1 6
Op t ion l re d o t he inc era a ve nu e a n r om e	8 8 4. 1	8 3 2. 1 6%	1, 7 7 6. 1	1, 6 4 1. 6	3 5 0 9. 8
Op ion l E B I T t 1) era a	1 9 7. 9	1 4 9. 0 33 %	4 1 7. 1	2 6 0. 9	7 0 0. 2
Ca h f low fro t ion s m op era s	1 6 2. 3	2 1 3. 3	4 1 0. 1	3 6 3. 4	6 9 3. 2
Ne t in ter t- be ing de b t ( N I B D ) es ar	5 5 0. 9	8 3 2. 4	5 5 0. 9	8 3 2. 4	8 9 0. 0
Ba ic E P S ( E U R ) s	0. 1 4	0. 0 9	0. 6 2	0. 3 8	1. 2 0
1) Un de ly ing E P S ( E U R ) r	0. 3 1	0. 2 4	0. 6 7	0. 4 2	1. 1 3
1) Ne h f low ha ( E U R ) t c as p er s re	0. 2 4	0. 5 0	0. 6 2	0. 7 2	1. 2 3
( 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. 0 0	1. 0 7	8 0 5.	3. 1 0	8. 6 0
1) R O C E	% 3 1. 2	% 2 3. 8	% 3 2. 4	% 2 1. 1	% 2 8. 1
1) A d j te d e i ty t io us q u ra	5 8. 1 %	4 3. 3 %	5 8. 1 %	4 3. 3 %	4 0. 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	8 6 1 2 7	8 1 9 7 5 -10 %	1 6 2 3 8 0	1 8 3 2 7 7	3 8 0 6 2 1
1) - Op ion l E B I T - E U R kg To l t ta era a p er	2. 5 2	1. 7 1	2. 5 7	1. 4 2	1. 8 4
No rw ay	2. 5 0	2. 1 2	2. 5 0	1. 9 9	2. 1 8
Sc t lan d o	3. 1 0	0. 4 7	3. 1 1	0. 5 8	0. 9 1
Ca da na	2. 3 4	2. 3 4	2. 8 7	2. 1 5	2. 5 3
C h i le	1. 4 6	0. 2 3 -	1. 6 4	1. 1 4 -	0. 1 1

Salmon prices – weekly reference prices

High salmon prices in all markets in the quarter

Price achievement (1), contract & superior share

C t t h o n r a c s a r e	% 6 4	% 3 9	% 0	% 2 8
S i h u p e r o r s a r e	9 1 %	9 7 %	9 0 %	8 6 %

6

1) Price achievement includes contribution from all business areas

Norway

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

• Strong earnings supported by seasonally record high spot prices and higher contract prices
• Sea lice and connected biological issues
• High contract share in the quarter
• Reduced harvest guidance for second half 2017
• Cost reduction expected in second half 2017

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.

Note: Including contribution from all business areas

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

• Record results on strong prices and good operations
• Harvested from good performing sites
• -Lower costs in the quarter
• Costs are expected to increase in the second half 2017
• -Reduced volumes and harvesting from lower performing sites

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

• Good profit in the quarter
• Lower quarterly volumes and harvesting from sites with higher costs
• Controlled sea lice situation and good seawater growth

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

• Better cost performance
• Full cost in box USD 5.07 per kg (GWE) in the quarter
• Price achievement in the third quarter is expected to be negatively impacted by approx. USD 2.5m related to maturity issues at some sites

Ireland and Faroes

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

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

• Very good contribution from Marine Harvest Ireland
• Marine Harvest Faroes: No harvesting prior to September 2017

Consumer Products

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

Marine Harvest branded cedar plank

• Operational improvements and sales price adjustments continue
• -Morpol, Rosyth, Pieters and Boulogne
• Value of salmon sold continue to rise across all key markets

Feed

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

• Seasonally low volume quarter
• 88% feed self sufficient in Norway
• Lower raw material costs
• Feed plant in Scotland under construction

Construction site of new feed plant in Scotland

Second Quarter 2017 Financials, Markets and Harvest Volumes

Profit and Loss

Ma rin e H est G arv rou p EUR mil lion	Q 2 2 017	Q 2 2 016	YT D Q 2 2 017	YT D Q 2 2 016	20 16
Op tio l re nd he r in ot era na ve nu e a co me	884 .1	832 .1 6%	177 6.1	164 1.6	3 5 09 .8
Op tio l E BIT 1) era na	197 .9	149 .0 33%	41 7.1	26 0.9	700 .2
Ch e i aliz ed inte l m in ang n u nre rna arg	0.4	1.7 -	1.4 -	1.2	22 .1 -
Ga in/l fro de riva tive oss m s	1.5	5.0	4.7 -	1.4	8.3
t fa of Ne ir v alu dju stm ent bio ntr act e a ma ss , o ner ous co s	-30 .4	31 .8	152 .9 -	105 .7	277 .5
Re stu ctu ring sts co	0.2	2.1 -	0.0	4.6 -	5.4 -
Ot her atio nal ite no n-o per ms	0.3	1.3	0.3	1.3	1.3
Inc e f iate d c ies om rom as soc om pan	7.5	16. 2	7.4	26 .5	62 .6
Imp air nt los - f ixe d a ts me ses sse	1.3 -	19. 0 -	1.9 -	19. 1 -	31 .2 -
EB IT	176 .1	180 .5	263 .8	373 .3	99 1.2
t fi Ne cia l ite nan ms	84 .1 -	90 .5 -	58 .0	118 .8 -	232 .0 -
Ea rni s b efo tax ng re	92 .0	90 .0	32 1.8	254 .4	759 .2
Pro fit los s fo r th eri od or e p	66 .5	42 .5	283 .9	170 .5	539 .3
Ba sic EP S ( EU R)	0.1 4	0.0 9	0.6 2	0.3 8	1.2 0
Un de rly ing EP S ( EU R)	0.3	1 2 0.2 4 9%	0.6 7	0.4 2	1.1 3
Ne t c h fl har e ( EU R) as ow pe r s	0.2 4	0.5 0	0.6 2	0.7 2	1.2 3
Div ide nd dec lare d a nd id p sha ( NO K) pa er re	3.0 0	1.7 0	5.8 0	3.1 0	8.6 0
Op tio nal EB IT m in era arg	22 .4%	17. 9%	23 .5%	15. 9%	19. 9%
Ha st vol GW E t (s alm ids ) rve um e, on nes on	78 612	87 159 -10 %	162 38 0	183 77 2	380 62 1
Op in f Sa tio nal EB IT p kg inc l m les d M ark eti 1) era er arg rom an ng	2.5 2	1.7 1	2.5 7	1.4 2	1.8 4
1) RO CE	% 31 .2	% 23 .8	% 32 .4	% 21 .1	% 28 .1

Financial position

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

C	N	B
h	I	i
F	t	D
l	t	b
d	t	t
a	e	e
s	n	a
o	e	r
a	r	n
n	e	g
w	s	e

Ma rin e H t Gr arv es ou p EUR mil lion	Q 2 2 01 7	Q 2 2 01 6	YT D Q 2 2 01 7	YT D Q 2 2 01 6	20 16
f p NIB D b inn ing eri od eg o	84 2.0 -	- 9 60 .1	89 0.0 -	99 9.7 -	99 9.7 -
Op tio l E BIT DA era na Ch e i ork ing ita l an g n w ca p Ta aid xe s p Ot he dju stm ts r a en Ca sh flo fro tio w m op era ns	23 5.5 3.0 - 71 .5 - 1.3 162 .3	184 .4 .4 75 48 .5 - 2.0 21 3.3	49 1.7 .2 57 13 1.3 - 7.5 - 41 0.1	33 2.0 110 .0 74 .5 - 4.2 - 36 3.4	84 2.7 14 .9 - 92 .6 - 42 .0 - 69 3.2
Ca Ne t pex Ca sh eiv ed fro le o f s ha rec m sa res Ot he r in tm ts ves en Ca sh flo fro inv tm ts m es en w	64 .2 - 0.0 24 .6 39 .6 -	50 .4 - 52 .3 14 .5 16 .4	12 1.2 - 0.0 14 .6 106 .5 -	91 .4 - 52 .3 13 .7 25 .4 -	199 .2 - 52 .3 14 .3 132 .6 -
Ne t in ter t a nd fina ial ite id es nc ms pa Ot he r it em s Bo nds d t ity rte co nve o e qu Div ide nd dis trib ute d Tra lat ion ffec t o n i nte t-b ring de bt ns e res ea	7.5 - 8.8 - 32 8.0 154 .8 - 11 .5	6.5 - 9.5 - 0.0 82 .0 - 4.0 -	12 .2 - 18 .8 - 34 9.1 29 7.5 - 15 .1	11 .2 - 21 .9 - 0.0 149 .0 - 11 .4	22 .9 - 7.2 - 0.0 41 8.1 - 2.7 -
NIB D e nd f p eri od o	55 0.9 -	83 2.4 -	55 0.9 -	83 2.4 -	89 0.0 -
1): De bt dis trib uti on EU R U SD GB P Ot he cie r c urr en s	65 % 12% 4% 20 %	73 % 13 % 1% 13 %	65 % 12% 4% 20 %	73 % 13 % 1% 13 %	70 % 13 % 4% 13 %

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

2017 Cash Flow Guidance

• Working capital buildup EUR ~120m
• -Support further organic growth
• Capital expenditures EUR ~250m
• -Freshwater expansion projects EUR ~60m
• -New feed plant in Scotland EUR ~35m (in total EUR ~ 110m)
• Consumer Products expansion initiatives EUR ~25m
• Interest paid EUR ~25m
• Taxes paid EUR ~180m (EUR 30m increase due to pre-payments of tax in Scotland and Canada)
• Quarterly dividend payment in Q3 2017 of NOK 3.20 per share (repayment of paid in capital)

Overview financing

• Refinanced bank facility: EUR 1,206m Facility Agreement
• -Maturity: 5 years
• -Covenant: 35% equity ratio
• -Accordion option: EUR 200m
• -Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB
• EUR 340m convertible bond issued in November 2015
• -Tenor 5 years, annual coupon 0.125%(1), conversion price EUR 14.4900
• NOK 1,250m bond issued in March 2013
• -Tenor 5 years, NIBOR + 3.5%
• Long term NIBD target remains at EUR 1,050m

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

Supply development

-Global supply growth in line with expectations

• Europe: Approx 16,000 tonnes less than expected mainly driven by lower average weights and slightly fewer than expected harvested individuals in Norway
• • Chile: Approx 19,000 tonnes more than expected driven by more fish harvested and higher average weights

Source: Kontali

D l t e v e o p m e n	i f n r e e r	i e n c e p r c e s
-----------------------------------------------------	---------------------------------	------------------------------------------------	--

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

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 2 2 016	Est olu . v me s	12 mo	nth ari co mp	so n
Ma rke ts	Q 2 2 017	Q 2 2 016	Vo lum e	%	Q 1 2 017	LT M	PT M	%
EU	20 3 6 00	22 5 6 00	22 000 -	9.8 % -	20 5 7 00	908 70 0	972 00 0	6.5 % -
Ru ia ss	12 500	12 600	100 -	0.8 % -	14 000	63 900	84 60 0	24 .5% -
Ot her Eu rop e	16 900	16 700	20 0	1.2 %	18 100	72 300	76 40 0	5.4 % -
To tal Eu rop e	23 3 0 00	254 90 0	21 90 0 -	8.6 % -	23 7 8 00	1 0 44 900	1 1 33 000	-7. 8%
US A	96 300	95 40 0	900	0.9 %	97 900	367 50 0	386 50 0	4.9 % -
Bra zil	18 100	17 600	500	2.8 %	20 40 0	77 000	96 100	19. 9% -
Ot her Am eric as	25 20 0	25 40 0	20 0 -	0.8 % -	24 000	101 40 0	108 50 0	6.5 % -
To tal Am eri ca s	139 60 0	138 40 0	1 2 00	0.9 %	142 30 0	545 90 0	59 1 1 00	7.6 % -
Ch / H ina Ko ong ng	18 000	20 20 0	2 2 00 -	9% 10. -	17 20 0	74 000	79 900	% 7.4 -
Jap an	14 20 0	12 500	1 7 00	13. 6%	13 900	59 40 0	59 900	0.8 % -
So uth Ko / T aiw rea an	11 20 0	10 700	500	4.7 %	10 300	39 700	44 60 0	11. 0% -
Ot her As ia	20 900	16 000	4 9 00	30 .6%	20 300	71 700	69 300	3.5 %
To tal As ia	64 300	59 40 0	4 9 00	8.2 %	61 700	244 80 0	25 3 7 00	3.5 % -
All ot her ark ets m	24 900	24 20 0	700	2.9 %	28 20 0	107 10 0	103 80 0	3.2 %
To tal	46 1 8 00	47 6 9 00	15 100 -	3.2 % -	47 0 0 00	1 9 42 700	2 0 81 600	6.7 % -
Infl to US fro Eu ow m rop e	24 800	20 500	4 3 00	21 .0%	26 000	89 900	80 100	12. 2%
Infl fro Ch to EU ile ow m	6 2 00	12 700	6 5 00 -	.2% 51 -	10 20 0	35 100	50 100	.9% 29 -

Global volume by market

-In value terms demand for salmon is higher than ever and continues to grow

-EU: Consumption up by approximately 5% in value terms

US: Access to more Chilean salmon and import growth of large sized European salmon

-Asia: Solid consumption increase

Source: Kontali

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

Industry supply outlook Supply growth of 3-5% in 2017

	201 4	201 5	201 6	201 7E		201	7E
GW E to s (t hou nne san	ds)				Low	Y/Y th gr ow	Hig h	Y/Y th gr ow
Nor w a y	1 0 79	1 1 11	1 0 54	1 0 81	1 0 73	2 %	1 0 89	3 %
UK	153	150	142	156	154	9 %	158	12 %
Far Isla nds oe	74	68	70	73	71	2 %	75	8 %
Tot al E uro pe	1 3 07	1 3 28	1 2 65	1 3 10	1 2 98	3 %	1 3 22	4 %
Chi le	525	538	454	493	487	7 %	499	10 %
Nor th A ica mer	107	140	148	143	141	-4 %	145	-2 %
Tot al A rica me s	632	678	602	636	628	4 %	644	7 %
Oth er	67	79	79	85	83	6 %	87	11 %
Tot al	2 0 05	2 0 85	1 9 46	2 0 31	2 0 09	3 %	2 0 53	5 %

	Q3 201 4	Q3 201 5	Q3 201 6	Q3 201 7E
GW s (t E to hou nne	ds) san				Low	Q/Q th gr ow	Hig h	Q/Q th gr ow
Nor w a y	277	274	272	286	282	4 %	290	7 %
UK	43	44	36	40	39	8 %	41	13 %
Far Isla nds oe	17	17	15	20	19	29 %	21	42 %
Tot al E uro pe	337	334	323	346	340	5 %	352	9 %
Chi le	129	131	101	119	116	% 15	122	% 21
Nor th A ica mer	28	35	38	39	38	1 %	40	7 %
Tot al A rica me s	157	167	139	158	154	11 %	162	17 %
Oth er	18	21	20	20	19	-5 %	21	5 %
Tot al	512	521	481	524	513	7 %	535	11 %

	Q4 201 4	Q4 201 5	Q4 201 6	Q4 201 7E		Q4 201	7E
GW E to s (t hou nne	ds) san				Low	Q/Q th gr ow	Hig h	Q/Q th gr ow
Nor w a y	301	310	290	310	306	6 %	314	8 %
UK	36	41	37	41	40	9 %	42	% 15
Far Isla nds oe	23	22	20	17	16	-20 %	18	-10 %
Tot al E uro pe	360	372	346	368	362	5 %	374	8 %
Chi le	138	152	116	138	135	% 17	141	% 22
Nor th A ica mer	31	37	37	40	39	5 %	41	10 %
Tot al A rica me s	169	189	153	178	174	% 14	182	% 19
Oth er	19	22	20	20	19	-3 %	21	7 %
Tot al	547	583	519	566	555	7 %	577	11 %

• Modest supply growth expected in 2017
• • Kontali expects global supply growth of 7% in 2018
• Europe 6%
• Americas 8%

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

G M H 2 0 1 7	l v o u m e	i d g u a n c e
---------------------------------	----------------------------	--------------------------------------

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

2017 volume guidance reduced by 26,000 tonnes to 377,000 tonnes GWE

• Norway: reduced by 25,000 tonnes due to biological issues
• Minor adjustments in all other farming areas

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

• Overall modest global supply growth
• Future prices (NASDAQ) next twelve months EUR 6.7 per kg (NOK 63 per kg)
• Several important organic growth initiatives ongoing (Feed, Farming, Consumer Products)
• Normalisation of trade relations between Norway and China
• Quarterly dividend of NOK 3.20 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 S C O C O C A L E N T R A T P L I Y
	( 1 ) M in he dg ing te ra	( 1 ) Ma he dg ing te x ra
No ( 2 ) ( 3 ) rw ay	2 2. 5 %	5 0. 0 %
Sc t lan d o	4 0. 0 %	7 5. 0 %
Ca da na	0. 0 %	3 0. 0 %
C ( ) h i le 3	% 2 2. 5	% 5 0. 0
Ire lan d	4 0. 0 %	1 0 0. 0 %
Fa roe s	% 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

Q3 2017 contract shares (% of guided volume):

• Norway 39%
• 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

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	78. 1	49. 7	20. 3	10. 0	11. 7	0.3 -		169 .5
SA LE S A ND MA RK ET ING Ma rke ts	6.6	5.0	1.6	1.3	0.0	0.1 -	0.0	14. 4
Co r P rod uct nsu me s	11. 6	2.8	0.0	0.0	0.4	0.0	0.5	15. 4
SU BT OT AL	96. 4	57. 5	21. 9	11. 3	12. 2	0.4 -	0.5	199 .3
Fee d 1)	2.0						-0.2	1.8
Oth ntit ies er e							-3.2	3.2 -
TO TA L	98. 4	57. 5	21. 9	11. 3	12. 2	0.4 -	2.9 -	197 .9
Ha olu ( GW E, sal n) st v rve me mo	39 372	18 515	9 3 50	7 7 41	3 6 34	0		78 612
1) - Op tion al E BIT r kg ( EU R) tot al G era pe rou p	2.5 0	3.1 0	2.3 4	1.4 6	3.3 5	0.0 0		2.5 2
- of wh ich Fe ed	0.0 5	0.0 0	0.0 0	0.0 0	0.0 0	0.0 0		0.0 2
- of wh ich M ark ets	0.1 7	0.2 7	0.1 7	0.1 7	0.0 0	0.0 0		0.1 8
- of wh ich Co r P rod uct nsu me s	0.3 0	0.1 5	0.0 0	0.0 0	0.1 2	0.0 0		0.2 0
ICA AN AL YT L D AT A
1) Pri ach ieve nt/r efe ice ( %) ce me ren ce pr	95%	100 %	100 %	92%	na	na		96%
Co e ( %) ntra ct s har	64%	39%	0%	28%	79%	0%		48%
Qu alit erio r sh ( %) y - sup are	91%	97%	90%	86%	91%	na		92%
Ex tion al i s in clu ded in Op tion al E BIT tem cep era	-16 .0	1.5 -	0.0	0.0	1.2 -	0.0	0	-18 .6
( R) Ex tion al i tem kg EU cep s p er	0.4 1 -	0.0 8 -	0.0 0	0.0 0	0.3 2 -	0.0 0		0.2 4 -
GU IDA NC E
Q3 20 17 har t vo lum e ( GW E) ves	60 000	11 500	12 000	14 000	3 0 00	5 00		101 00 0
201 7 h lum e ( GW E) est arv vo	217 00 0	59 000	41 000	44 000	10 000	6 0 00		377 00 0
Q3 20 17 har e ( %) tra ct s con	39%	55%	0%	24%	83%	10%		35%

YTD segment overview

		SO	CE S O F O UR	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	186 .5	99. 9	49 .0	20. 9	12. 6	4.8		373 .7
SA LE S A ND M AR KE TIN G
Ma rke ts	13. 2	8.8	3.1	2.2	0.0	0.1 -	0.0	27. 2
Co r P rod uct nsu me s	19. 6	4.2	0.0	0.0	0.5	0.0	1.1	25. 5
SU BT OT AL	219 .3	112 .8	52. 2	23. 1	13. 1	4.8	1.1	426 .4
Fee d	2.1						-0. 2	1.9
1) Oth itie ent er s							-11 .2	11. 2 -
TO TA L	221 .4	112 .8	52. 2	23. 1	13. 1	4.8	10. 3 -	417 .1
Ha st v olu ( GW E, sal n) rve me mo	88 398	36 287	18 202	14 077	4 2 67	1 1 48		162 38 0
1) - Op ( R) al G tion al E BIT r kg EU tot era pe rou p	2.5 0	3.1 1	2.8 7	1.6 4	3.0 7	4.1 4		2.5 7
- of wh ich Fe ed	0.0 2	0.0 0	0.0 0	0.0 0	0.0 0	0.0 0		0.0 1
- of wh ich M ark ets	0.1 5	0.2 4	0.1 7	0.1 6	0.0 0	0.0 7 -		0.1 7
- of wh ich Co r P rod uct nsu me s	0.2 2	0.1 1	0.0 0	0.0 0	0.1 3	0.0 3		0.1 6
ICA AN AL YT L D AT A
1) nt/ refe ( %) Pri ach ieve ice ce me ren ce pr	94%	99%	% 100	91%	na	% 100		95%
Co ntra ct s har e ( %)	58%	40%	0%	27%	0 0.8	5 0.0		45%
Qu alit erio har e ( %) sup r s y -	93%	96%	89%	87%	90%	84%		92%
Ex tion al i tem s in clu ded in Op tion al E BIT cep era	-38 .8	2.2 -	0.0	1.4 -	-1.4	0.0	0	-43 .8
Ex tion al i tem kg ( EU R) cep s p er	0.4 4 -	0.0 6 -	0.0 0	0.1 0 -	0.3 3 -	0.0 0		0.2 7 -

Quarterly segment overview

MH Operating Units		FARMING MH Sales and Marketing Consumer
EUR million	Norway	Scotland	Canada	Chile	Ireland	Faroes	Markets	Products	MH Feed	Other	Elim	Group*
Revenues and other income	269.3	126.4	61.1	48.4	33.6	0.0	631.7	405.1	65.0	4.9	$-761.5$	884.1
Operating EBITDA	92.8	54.0	23.7	14.2	12.6	0.2	15.7	20.9	3.6	$-2.3$	0.0	235.5
Operating EBIT	78.1	49.7	20.3	10.0	11.7	$-0.3$	14.4	15.4	1.8	$-3.2$	0.0	197.9
Fair Value adj on biomass, contracts/ unrealised derivatives	$-20.9$	$-6.6$	$-4.8$	4.3	$-4.2$	3.1	$-0.6$	$-2.9$	0.0	3.7	0.0	$-28.9$
Unrealized margin adjustment	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4	0.4
Restructuring cost	0.0	0.6	0.0	0.0	0.0	0.0	0.0	$-0.3$	0.0	$-0.2$	0.0	0.2
Other non-operational items	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Income/loss from associated companies	7.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$-0.7$	0.0	7.5
Write-down of fixed assets/intangibles	$-0.8$	0.0	0.0	0.1	0.0	0.0	$-0.2$	0.1	0.0	$-0.5$	0.0	$-1.3$
EBIT	64.1	44.0	15.5	14.4	7.6	2.7	13.7	12.2	1.8	$-0.3$	0.4	176.1
Contribution to operational EBIT from S&M	18.3	7.8	1.6	1.3	0.4	$-0.1$	$-14.4$	$-15.4$		0.5		0.0
Contribution to operational EBIT from Feed	2.0								0.0	$-0.2$
Operational EBIT incl contribution from S&M	98.4	57.5	21.9	11.3	12.2	$-0.4$	0.0	0.0	0.0	$-2.9$	0.0	197.9
39 372 Harvest / sales volume		18 5 15	9 3 5 0	7741	3 6 3 4			31 357	56 394
Operational EBIT/kg incl contribution from S&M (EUR)	2.50	3.10	2.34	1.46	3.35	0.00						2.52
-of which S&M	0.46	0.42	0.17	0.17	0.12	0.00						0.38
-of which Feed 0.05												0.02

Development in harvest volumes

	20 11	20 12	20 13	20 14	20 15						20 16			20 17
	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 3E	Q 4E	To tal
No rw ay	7.5 21	3 25 5.	2.5 22	25 8. 0	65 .2	64 .0	9 8. 5	6 6. 6	25 4.8	.0 54	3.7 5	.6 64	6 3. 6	23 6. 0	49 .0	3 9.4	0 6 0.	6 8. 6	21 7.0
Sc otl d an	2 5 0.	.3 40	.4 48	48 .9	7.1	12 .4	.6 16	14 .1	5 0. 1	12 .6	10 .8	8 9.	11 .8	45 .0	17 .8	18 .5	.5 11	11 .2	5 9. 0
Ca da na	9 3 3.	.2 40	1 3 3.	26 .7	10 .5	11 .6	8.7	9.4	40 .1	11 .6	11 .7	.3 10	9. 8	43 .3	8. 9	9.4	.0 12	10 .8	41 .0
Ch ile	.0 26	.2 40	.3 28	67 .5	16 .1	13 .2	.4 18	14 .8	6 2.5	15 .4	7.1	9 6.	7.6	3 6. 9	6. 3	7.7	.0 14	15 .9	44 .0
Ot he r ( 1)	.3 15	.3 16	.5 11	17 .8	0. 6	2.9	3.4	5.7	12 .7	3. 1	3. 8	6 5.	6. 9	19 .3	1.8	3. 6	3.5	7.1	16 .0
To tal	.8 3 42	2.3 3 9	.8 3 43	9 41 8.	9.5 9	4.2 10	0 10 6.	.6 110	1 42 0.	6 9 6.	.2 87	.2 97	6 9 9.	6 3 8 0.	8 8 3.	.6 78	1.0 10	.6 113	37 7.0

GROWTH RELATIVE TO SAME PERIOD IN PREVIOUS YEAR

20 11	20 12	20 13	20 14			20 15					20 16					20 17
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 3E	Q 4E	To tal
7 %	17 %	13 % -	16 %	18 %	7 % -	8 % -	5 % -	-1 %	-17 %	16 % -	10 %	5 % -	% -7	-9 %	27 % -	7 % -	8 %	-8 %
5 1 %	20 % -	20 %	1 %	-3 2 %	3 2 % -	21 %	12 1 %	3 %	% 77	12 % -	41 % -	16 % -	-10 %	41 %	71 %	17 %	% 5 -	3 1 %
1 %	19 %	18 % -	19 % -	65 %	79 %	23 %	3 8 %	0 % 5	10 %	1 %	19 %	4 %	8 %	-23 %	20 % -	17 %	11 %	% -5
146 %	55 %	3 0 % -	13 9 %	-9 %	19 % -	10 %	11 % -	-7 %	-4 %	47 % -	6 3 % -	49 % -	-41 %	-5 9 %	9 %	10 3 %	110 %	19 %
4 % -	7 %	29 % -	4 % 5	-76 %	3 2 % -	3 8 % -	6 %	-29 %	3 9 9 %	28 %	64 %	21 %	3 % 5	-42 %	4 % -	37 % -	3 %	-17 %
16 %	14 %	12 % -	22 %	8 %	9 % -	1 % -	5 %	0 %	3 % -	16 % -	8 % -	10 % -	9 % -	13 % -	10 % -	4 %	14 %	1 % -

Notes:

(1) Ireland and the Faroes

Net capital expenditure guidance

Guidance on financial commitments and cost of debt

Nova Sea

		( ) lu Ha G W E t v rv e s o m e							N I B D E U Rm
	h Ow ip % ne rs	2 0 1 5	2 0 1 6	Q 2 2 0 1 6	Q 2 2 0 1 7		2 0	1 5	2 0 1 6	Q 2 2 0 1 6	Q 2 2 0 1 7	Q 2 2 0 1 7
N S o a e a v	4 8 %	3 7 4 2 2	3 7 0 6 4	1 0 7 7 5	6 9 9 7		1.	5 7	2. 9 7	3. 1 1	3. 0 7	2. 9 ‐

• 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
• 2016 dividends of NOK 500m (paid in Q2-17)
• -Marine Harvest's direct share NOK ~213m
• Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
• -EUR 7.1m in Q2 2017

Debt distribution and interest rate hedging

(1) VO DG ES O ES GE S ( RC CH ) DE BT LU ME HE ED AN D F IXE D R AT F I NT ER T R AT E H ED MA H-M AR
CU RR EN CY	DE BT	20	17	20	18	20	19	202	0	202	1		202 2
	(2) 30/ 06/ 20 17	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra	Nom inal valu e	te(3) Fixe d ra
EU R m	385 .9	.0 586	1.3 5 %	.3 860	2.1 6 %	.5 1 2 96	2.5 0 %	.6 716	1.2 4 %	.0 380	2.2 0 %	-	0.0 0 %
US D m	87 .0	138 .5	3.1 2 %	138 .5	3.2 1 %	167 .5	2.9 3 %	.3 78	2.3 1 %	.3 78	2.3 1 %	.0 60	4.1 3 %
GB P m	21 .1	.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 %
Ot her ( EU R m )	130 .9
Ma rke t va lue of	IRS ntr act s i n M EU R ( 30/ 06/ 17) 77 .9 co : -

Mark to market valuation effect in Q2(4): 3.8 Difference in fixed vs floating rate settled in cash in Q2 -3.0

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 65%, USD 12%, GBP 4%, other currencies 20%
• • Policy: Marine Harvest ASA shall over time hedge 0%-35% of the Group's long-term interestbearing debt by currency with fixed interest or interest rate derivatives for the first 5 years and 0% fixed rates thereafter. 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, GBP and NOK 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 C UR RE NC Y HE DG ING	ME UR	Ra te	MU SD	Ra te
20 17	99 .6	9.6 1	14. 4	1.3 2
20 18	199 .2	9.5 4	28 .8	1.3 2
20 19	116 .2	9.4 7	16. 8	1.3 2
P/L ef fec f c Q t o tra cts atu rin in 2 on m g	1.1 -	( ME UR )
	ME UR
Ma rke t v alu e 3 1/0 3/2 01 7	6.6
Ch ( 1) an ge	13. 5 -
Ma rke t v alu e 3 0/0 6/2 01 7	6.9 -

SIG T C NC IES DE NA TE D M AR KE UR RE
No rwa y	EU R
Ch ile	US D
Ca nad a	US D
Sc otl d an	GB P
Fe ed	EU R
VA P	EU R
Mo l rpo	EU R
Fa roe s	EU R
As ia	US D

Tax losses carried forward (YE 2016)

Ma ine Ha Gr 3 1. 1 2. 2 0 1 6 t r rve s ou p EU R m illio n	Re ise d * co g n	Un ise d re co g n	To l ta
S U A	8. 2	2 6. 7	3 5. 0
Po lan d	8. 0	7. 2	1 5. 3
Fra nc e	4. 6	4 5. 1	4 9. 7
C h i le	0. 0	1 3 0. 3	1 3 0. 3
I ta ly	0. 0	0. 4	0. 4
Ta iwa n	0. 0	1. 1	1. 1
C h ina	0. 7	0. 0	0. 7
No rw ay	1 3. 2	0. 0	1 3. 2
O t he r	0. 2	0. 0	0. 2
To ta l	3 4. 9	2 1 0. 9	2 4 5. 8

*Deviation from the Annual report 2016 is related to changes in tax rates and reported specification.

• -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