Mowi ASA

Investor Presentation • May 10, 2017

Marine Harvest

1

Q1 2017 Presentation 10 May 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

• Record high first quarter Operational EBIT of EUR 220 million
• All-time high salmon prices in the quarter, driven by strong demand and decline in supply
• Strong performance in Marine Harvest Scotland
• Acquisition of Gray Aqua Group assets on the East Coast of Canada completed
• Quarterly dividend of NOK 3.00 per share, subject to approval by AGM 1 June 2017

Key financials

Ma ine Ha Gr in f ig t r rve s ou p - m a ur es Un dite d E UR mi llio au n	Q 1 2 0 1 7		Q 1 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 9 2. 0	10%	8 0 9. 5	3 0 9. 8 5
Op t ion l E B I T 1) era a	2 1 9. 8	96 %	1 1 1. 9	7 0 0. 2
Ca h f low fro t ion s m op era s	2 4 7. 8		1 5 0. 1	6 9 3. 2
( ) Ne t in ter t- be ing de b t N I B D es ar	8 4 2. 0		9 6 0. 1	8 9 0. 0
S ( ) Ba ic E P E U R s	0. 4 7		0. 2 8	1. 2 0
1) Un de ly ing E P S ( E U R ) r	0. 3 6		0. 1 8	1. 1 3
1) Ne t c h f low ha ( E U R ) as p er s re	0. 3 9		0. 2 1	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	2. 8 0		1. 4 0	8. 6 0
1) R O C E	3 3. 7 %		1 8. 1 %	2 8. 1 %
Ha lum ( d w ig h lm ) t v t te t ton rve s o e g u e ne s s a on	8 3 7 6 8	-13 %	9 6 6 1 3	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. 6 2		1. 1 6	1. 8 4
No rw ay	2. 5 2		1. 8 7	2. 1 8
Sc t lan d o	3. 1 2		0. 6 8	0. 9 1
Ca da na	3. 4 2		1. 9 7	2. 5 3
C h i le	1. 8 7		1. 5 5 -	0. 1 1

Salmon prices – weekly reference prices

Record high first quarter prices in Europe, Americas and Asia

Price achievement, contract & superior share

C h t t o n r a c s a r e	4 % 5	4 1 %	0 %	2 % 5
S i h u p e r o r s a r e	9 4 %	9 6 %	8 9 %	8 8 %

Operational EBIT comparison

Norway

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

• Strong quarterly earnings driven by all-time high salmon prices
• Improved contract prices, however, high contract share negatively impacted price achievement
• Increased quarterly costs due to reduced volumes, sea lice and higher eFCR

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.

10

Note: Including contribution from Sales and Marketing

Scotland

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

• Record results on strong prices
• Good harvest volumes and growth of biomass
• Impressive cost performance
• Harvesting from good sites
• Improved average harvest weights
• Expect costs to increase in the second quarter

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

• Continued very good performance
• Favourable spot market exposure at record prices
• Higher biological costs and negative scale effects
• Acquisition of Gray Aqua. Entry into attractive East Coast of Canada

Chile

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

• Harvest volumes impacted by algal bloom in 2016
• Improved costs performance, adjusted for volume effect
• Full cost in box USD 5.38 per kg (GWE) in the quarter
• Price achievement in the second quarter is expected to be negatively impacted by approx. USD 4m related to maturity issues at some sites
• Regulatory changes expected to increase costs for the industry long term

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

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

• Continued good contribution from Marine Harvest Ireland
• Record high operational EBIT/kg from Marine Harvest Faroes
• No harvesting prior to September 2017 due to lack of sites

Consumer Products

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

• Good quarterly results from both Fresh and Chilled segments
• Operational improvements and sales price adjustments continue
• Negative volume development driven by late Easter effect and higher prices
• New value added products plant in Canada expected to open in Q3 2017

Feed

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

• Seasonally low volume quarter
• 91% feed self sufficient in Norway
• Plant capacity to 330,000 tonnes (approx 310,000 tonnes in 2016)
• Feed plant in Scotland approved

Construction site of new feed plant in Scotland

First Quarter 2017 Financials, Markets and Harvest Volumes

Profit and Loss

Ma rin e H G est arv rou p EUR mil lion	Q 1 2 017		Q 1 2 016	20 16
Op tio l re nd ot he r in era na ve nu e a co me	892 .0	10%	809 .5	3 5 09 .8
Op tio l E BIT 1) era na	219 .8	96%	111 .9	700 .2
Ch e i aliz ed inte l m in ang n u nre rna arg	1.8 -		3.0	22 .1 -
Ga in/l fro de riva tive oss m s	6.2 -		3.8 -	8.3
Ne t fa ir v alu dju stm ent of bio ntr act e a ma ss , o ner ous co s	-12 2.5		73 .9	277 .5
Re stu ctu ring sts co	0.2 -		2.5 -	5.4 -
Oth tio nal ite er non -op era ms	0.0		0.0	1.3
Inc e f iate d c ies om rom as soc om pan	0.1 -		10. 3	62 .6
Imp air los - f ixe d a nt ts me ses sse	0.6 -		0.1 -	31 .2 -
EB IT	88 .3		192 .7	99 1.2
Ne t fi cia l ite nan ms	136 .5		28 .4 -	232 .0 -
Ea rni s b efo tax ng re	224 .8		164 .4	759 .2
Pro fit los s fo r th eri od or e p	212 .4		128 .0	539 .3
Ba sic EP S ( EU R)	0.4 7		0.2 8	1.2 0
Un de rly ing EP S ( EU R)	0.3	6 1 00%	0.1 8	1.1 3
Ne t c h fl har e ( EU R) as ow pe r s	0.3 9		0.2 1	1.2 3
Div ide nd dec lare d a nd id p sha ( NO K) pa er re	2.8 0		1.4 0	8.6 0
Op tio nal EB IT m in era arg	24 .6%		13. 8%	19. 9%
GW (s ) Ha st vol E t alm ids rve um e, on nes on	83 768	-13 %	96 613	380 62 1
Op tio nal EB IT p kg inc l m in f Sa les d M ark eti 1) era er arg rom an ng	2.6 2		1.1 6	1.8 4
1) RO CE	33 .7 %		18. 1 %	28 .1 %

1) Notes in report

Financial position

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

Cash Flow and Net Interest Bearing Debt

Ma ine Ha Gr t r rve s ou p EUR mi llion	Q 1 2 0 17	Q 1 2 0 1 6	2 0 1 6
N I B D be inn ing f p io d g o er	8 9 0. 0 -	9 9 9. 7 -	9 9 9. 7 -
Op t ion l E B I T D A era a	25 6. 8	1 47 .7	8 4 2.7
C ha in w k ing ita l ng e or ca p	5 9. 6	3 4.5	1 4. 9 -
Ta i d xe s p a	5 9. 7 -	2 6. 0 -	9 2. 6 -
O t he d j tm ts r a us en	8. 9 -	6. 2 -	4 2. 0 -
Ca h f low fro t ion s m op era s	2 47 8	15 0. 1	6 9 3. 2
Ca Ne t p ex	0 5 7. -	1. 0 4 -	1 9 9. 2 -
O t he inv tm ts r es en	1 0. 0 -	0. 8 -	6 6. 6
Ca h f low fro inv tm ts s m es en	6 0 7. -	4 1. 8 -	1 3 2. 6 -
Ne t int t a d f ina ia l ite i d ere s n nc ms p a	4.7 -	4.7 -	2 2. 9 -
O he ite t r ms	1 0. 0 -	1 2. 4 -	7. 2 -
Bo ds d ity rte to n co nve eq u	2 1. 1	0. 0	0. 0
D iv i de d d is tr i bu te d n	1 4 2. 8 -	6 7. 0 -	4 1 8. 1 -
f fec Tra la t ion t o int t- be ing de b t ns e n ere s ar	3. 6	15 4	2.7 -
f p N I B D e d o io d n er	8 4 2. 0 -	9 6 0. 1 -	8 9 0. 0 -
1): De b t d is tr i bu t ion
E U R	% 6 9	% 7 3	% 7 0
U S D	1 4 %	1 2 %	1 3 %
G B P	4 %	5 %	4 %
O t he ies r c urr en c	1 4 %	1 1 %	1 3 %

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
  • Revised up from EUR 50m as new FW site at Inchmore in Scotland progresses quicker than anticipated
• New feed plant in Scotland EUR ~35m (in total EUR ~ 110m)
• Consumer Products expansion initiatives EUR ~25m
• Interest paid EUR ~25m
• Taxes paid EUR ~150m
• Quarterly dividend payment in Q2 2017 of NOK 3.00 per share (repayment of paid in capital), subject to approval of AGM on 1 June 2017

Overview financing

• EUR 375m convertible bond issued in May 2014
• Tenor 5 years, annual coupon 0.875%(1), conversion price EUR 9.3458
• To date early conversion to equity of principal amount in total EUR 21.1 million
• Notification of call option announced 3 May 2017

Entered into a term sheet for a EUR 1,206m bank loan

• 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 14.7892
• NOK 1,250m bond issued in March 2013
• Tenor 5 years, NIBOR + 3.5%
• Long term NIBD target remains at EUR 1,050m

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

Supply development

Source: Kontali

• -Reduced global supply growth, however, slightly less than expected
• Europe: Approx 17,000 tonnes more than expected mainly driven by sea lice and PD issues in Norway
• • Chile: Approx 12,000 tonnes more than expected as a higher number of fish was harvested (biology)

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

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

(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

	Es tim ate d v	olu me s	Co d t mp are	o Q 4 2 01 6	Es t. v olu me s	12 mo	nth ari co mp so	n
Ma rke ts	Q 1 2 01 7	Q 1 2 01 6	Vo lum e	%	Q 4 2 01 6	LT M	PT M	%
EU	20 6 4 00	22 4 6 00	18 20 0 -	8.1 % -	25 2 3 00	92 9 9 00	98 1 6 00	5.3 % -
Ru ssi a	13 30 0	18 70 0	5 4 00 -	28 .9% -	20 10 0	62 50 0	96 60 0	35 .3% -
Ot her Eu rop e	18 40 0	17 50 0	90 0	5.1 %	20 40 0	72 30 0	79 20 0	8.7 % -
To tal Eu rop e	23 8 1 00	26 0 8 00	22 70 0 -	8.7 % -	29 2 8 00	1 0 64 70 0	1 1 40 0 57	-8. 0%
US A	98 10 0	103 00 0	4 9 00 -	4.8 % -	85 90 0	36 6 8 00	38 7 0 00	5.2 % -
Bra zil	20 40 0	27 60 0	7 2 00 -	26 .1% -	19 60 0	76 50 0	99 50 0	23 .1% -
Ot her Am eri cas	25 40 0	23 90 0	1 5 00	6.3 %	28 80 0	103 10 0	107 70 0	4.3 % -
To tal Am eri ca s	14 3 9 00	154 50 0	10 60 0 -	% 6.9 -	134 30 0	54 6 4 00	59 4 2 00	% 8.0 -
Ch ina / H Ko ong ng	17 40 0	20 10 0	2 7 00 -	13 .4% -	19 20 0	76 30 0	78 80 0	3.2 % -
Ja pa n	13 90 0	14 80 0	90 0 -	% 6.1 -	16 70 0	57 70 0	58 100	% 0.7 -
So uth Ko / T aiw rea an	10 30 0	11 00 0	70 0 -	6.4 % -	9 4 00	39 20 0	44 70 0	12 .3 % -
Ot her As ia	20 90 0	18 70 0	2 2 00	11 .8%	15 80 0	67 50 0	67 20 0	0.4 %
To tal As ia	62 50 0	64 60 0	2 1 00 -	3.3 % -	61 10 0	24 0 7 00	24 8 8 00	3.3 % -
All oth rke ts er ma	27 30 0	25 30 0	2 0 00	7.9 %	27 50 0	104 90 0	102 20 0	2.6 %
To tal	47 1 8 00	50 5 2 00	33 40 0 -	6.6 % -	51 5 7 00	1 9 56 70 0	2 1 02 60 0	6.9 % -
Inf US fro low to Eu m rop	25 50 0	19 20 0	6 3 00	32 .8%	20 10 0	85 10 0	78 70 0	8.1 %
Inf low to EU fro Ch ile m	10 20 0	17 100	6 9 00 -	40 .4% -	7 7 00	40 70 0	46 20 0	11 .9% -

Global volume by market

Demand is higher than ever in value terms

-Europe: Consumption up by approximately 10% in value terms

-US: Favourable development. Import growth of large sized European salmon

-Asia: Increased consumption relative to other markets. Imports of large sized European salmon

Source: Kontali

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

Industry supply outlook Guidance of low growth in 2017 from 1% to 5%

	201 4	201 5	201 6	201 7		Est ima tes	20 17
GW E to s ( tho nds ) nne usa				ima est te	Lo w	Y /Y g th row	Hig h	Y /Y g th row
No rwa y	1 0 79	1 1 11	1 0 54	1 0 75	1 0 60	1 %	1 0 90	3 %
UK	153	150	142	154	150	6 %	158	12 %
Far Isla nds oe	74	68	70	75	73	5 %	77	11 %
To tal Eu rop e	1 3 07	1 3 28	1 2 65	1 3 04	1 2 83	1 %	1 3 25	5 %
Ch ile	525	538	454	473	460	1 %	485	7 %
No rth Am eric a	107	140	148	143	140	-5 %	145	-2 %
To tal Am eric as	632	678	602	615	600	0 %	630	5 %
Oth er	67	79	76	84	82	8 %	86	13 %
To tal	2 0 05	2 0 85	1 9 43	2 0 03	1 9 65	1 %	2 0 41	5 %

	Q2 20 14	Q2 20 15	Q2 20 16	Q2 20 17		ES TIM AT ES	Q2 20 17
GW E to s ( tho nds nne usa	)			est ima te	Lo w	Q/Q th gr ow	Hig h	Q/Q th gr ow
No rwa y	265	267	249	246	242	-3 %	250	0 %
UK	41	37	35	41	40	14 %	42	20 %
Far Isla nds oe	18	17	18	25	24	35 %	26	46 %
To tal Eu rop e	325	321	302	312	306	1 %	318	5 %
Ch ile	122	12 1	93	98	95	2 %	100	7 %
No rth Am eric a	26	39	40	34	33	-18 %	35	-13 %
To tal Am eric as	148	159	133	132	128	-4 %	135	1 %
Oth er	16	19	19	20	19	1 %	21	12 %
To tal	489	500	454	464	453	0 %	474	4 %

	H2 20 14	H2 20 15	H2 20 16	H2 20 17		ES TIM AT ES	H2 20 17
GW E to s ( tho nds nne usa	)			est ima te	Lo w	Q/Q th gr ow	Hig h	Q/Q th gr ow
No rwa y	578	584	56 1	579	568	1 %	590	% 5
UK	79	84	73	79	76	4 %	82	13 %
Far Isla nds oe	40	39	35	35	34	-2 %	36	4 %
To tal Eu rop e	697	707	669	693	678	1 %	708	6 %
Ch ile	267	284	217	255	245	13 %	265	22 %
No rth Am eric a	59	72	75	77	75	% 1	78	% 5
To tal Am eric as	326	356	291	332	321	10 %	344	18 %
Oth er	37	42	38	43	42	% 10	44	% 16
To tal	1 0 60	1 1 05	999	1 0 69	1 0 41	4 %	1 0 96	10 %

Low global supply growth maintained

Variability in supply growth between Europe and Americas in H2-2017

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 o m e v u	i d g a n c e u
----------------------------	---------------------------------	--------------------------------------

Sa lm ie on s p ec s G W E ( 1 0 0 0 ) ton 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 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	4 5	2 4 2
Sc la d t o n	5 0	1 3	1 1	1 0	1 2	4 5	1 8	9	5 9
Ca da na	4 0	1 2	1 2	1 0	1 0	4 3	9	9	4 2
C h i le	6 2	1 5	7	7	8	3 7	6	1 7	4 5
O t he Un i ts r	1 3	3	4	6	7	1 9	2	4	1 6
To ta l	4 2 0	9 7	8 7	9 7	1 0 0	3 8 1	8 4	8 3	4 0 3

2017 volume guidance unchanged of 403,000 tonnes GWE

• Norway: reduced by 8,000 tonnes due to biological issues
• Scotland: increased by 5,000 tonnes due to good growth
• Faroes: increased by 2,500 tonnes due to good growth and higher smolt size

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 low global supply growth in 2017
• Variability in supply growth between Europe and Americas going forward
• Future prices (NASDAQ) next twelve months EUR 6.5 per kg (NOK 62 per kg)
• China opportunities
• Acquisition of Gray Aqua farming assets in East Canada
• Production planning initiated
• Quarterly dividend of NOK 3.00 per share (repayment of paid in capital), subject to approval of annual general meeting on 1 June 2017

Appendix

Dividend policy

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

Contract coverage and sales contract policy

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

Q2 2017 contract shares (% of guided volume):

• Norway 57%
• Scotland 43%
• Canada 0%
• Chile 31%
• Contracts typically have a duration of 3-12 months
• Contracts are entered into on a regular basis
• Policy opens for contracts of up to 48 month duration

Quarterly segment overview

		SO	CE S O F O UR	RIG QT IN 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	108 .9	50. 2	28. 7	10. 9	0.8	5.1		204 .7
SA LE S A ND MA RK ET ING
Ma rke ts	7.1	3.8	1.5	0.9	0.0	0.0	0.0	13. 3
Co r P rod uct nsu me s	7.5	1.4	0.0	0.0	0.1	0.0	0.6	9.6
SU BT OT AL	123 .5	55. 4	30. 2	11. 9	0.9	5.2	0.6	227 .7
Fee d	0.1							0.1
1) Oth ntit ies er e							-8. 0	8.0 -
TO TA L	123 .6	55. 4	30. 2	11. 9	0.9	5.2	7.4 -	219 .8
( GW n) Ha st v olu E, sal rve me mo	49 026	17 772	8 8 52	6 3 36	633	1 1 48		83 768
1) - Op tion al E BIT r kg ( EU R) al G tot era pe rou p	2.5 2	3.1 2	3.4 2	1.8 7	1.4 8	4.5 1		2.6 2
- of wh ich Fe ed	0.0 0	0.0 0	0.0 0	0.0 0	0.0 0	0.0 0		0.0 0
- of wh ich M ark ets	0.1 4	0.2 1	0.1 7	0.1 4	0.0 0	0.0 0		0.1 6
- of wh ich Co r P rod uct nsu me s	0.1 5	0.0 8	0.0 0	0.0 0	0.1 7	0.0 2		0.1 1
AN AL YT ICA L D AT A
1) Pri ach ieve nt/ refe ice ( %) ce me ren ce pr	93%	97%	99%	91%	na	100 %		95%
Co ntra ct s har e ( %)	54%	41%	0%	25%	86%	5%		43%
Qu alit erio har e ( %) y - sup r s	94%	96%	89%	88%	85%	84%		93%
Op Ex tion al i tem s in clu ded in tion al E BIT cep era	-22 .8	0.7 -	0.0	1.4 -	-0.2	0.0	0	-25 .2
Ex tion al i tem kg ( EU R) cep s p er	0.4 7 -	0.0 4 -	0.0 0	0.2 2 -	0.3 8 -	0.0 0		0.3 0 -
GU NC IDA E
Q2 e ( GW E) 20 17 har t vo lum ves	45 000	16 500	9 0 00	9 0 00	3 5 00	0		83 000
20 17 har t vo lum e ( GW E) ves	242 00 0	58 500	42 000	45 000	9 5 00	6 0 00		403 00 0
Q2 20 17 har e ( %) tra ct s con	57%	43%	0%	31%	75%	0%		46%

Quarterly segment overview

MH Op tin Un its era g			FA RM ING		MH Sa les d M ark eti an ng Co nsu me r
EUR mi llio n	No rw ay	Sc otl d an	Ca da na	Ch ile	Ire lan d	Fa roe s	Ma rke ts	Pro du cts	MH Fe ed
Rev and ot her inc enu es om e	322 .2	120 .4	69. 4	44. 9	6.1	9.0	689 .4	341 .3	63. 6
Op ting EB ITD A era	123 .0	54. 3	32. 1	15. 4	1.6	5.7	14. 5	15. 2	2.0
Op ting EB IT era	108 .9	50. 2	28. 7	10. 9	0.8	5.1	13. 3	9.6	0.1
F air Va lue ad j o n b iom / u alis ed der ivat ives ntra cts ass , co nre	59. 9 -	37. 4 -	17. 1 -	19. 6	12. 5	1.9 -	0.4	39. 9 -	1.4
U aliz ed in a dju stm ent nre ma rg	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
R est tur ing st ruc co	0.0	0.0	0.0	0.0	0.0	0.0	0.1 -	0.0	0.0
O the atio nal ite r no n-o per ms	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
In e/lo from iate d c ies com ss as soc om pan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
W rite -do of fixe d a ts/ inta ible wn sse ng s	0.2 -	0.0	0.4 -	0.0	0.0	0.0	0.0	0.0	0.0
EB IT	48. 8	12. 8	11. 3	30. 5	13. 3	3.2	13. 5	30. 3 -	1.5
Co ntri but ion rati l E BIT fro m S &M to ope ona	14. 6	5.2	1.5	0.9	0.1	0.0	13. 3 -	9.6 -
Co ntri but ion rati l E BIT fro Fee d to ope ona m	0.1								0.0
Op tion al E BIT inc l co ntri but ion fro m S &M era	123 .6	4 55.	30. 2	11. 9	0.9	5.2	0.0	0.0	0.0
st / Ha les lum rve sa vo e	49 026	17 772	8 8 52	6 3 36	633	1 1 48		26 538	49 042
Op tion al E BIT /kg inc l co ntri but ion fro m S &M ( EU R) era	2.5 2	3.1 2	3.4 2	1.8 7	1.4 8	4.5 1
-of wh ich S& M	0.3 0	0.2 9	0.1 7	0.1 4	0.1 7	0.0 2
-of wh ich Fe ed	0.0 0

*Volume = harvested volume salmon in tonnes gutted weight

Development in harvest volumes

	201 1	20 12	201 3	20 14	20 15						201 6			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 2E	H2 E	To tal
No rw ay	.5 217	.3 255	.5 222	258 .0	65. 2	64. 0	9 58.	66. 6	254 .8	4.0	7 5 53.	.6 64	63 .6	236 .0	49 .0	45 .0	148 .0	242 .0
Sc otl d an	2 50.	3 40.	.4 48	48. 9	1	4 7. 12.	6 16.	14. 1	50. 1	12. 6	10. 8	9.8	11. 8	45. 0	17. 8	16. 5	24 .2	58. 5
Ca da na	9 33.	2 40.	1 33.	26. 7	10. 5	11. 6	8.7	9.4	40 .1	11. 6	11. 7	3 10.	9.8	43. 3	8.9	9.0	24 .1	42. 0
Ch ile	0 26.	2 40.	3 28.	67. 5	16. 1	13. 2	4 18.	14. 8	62. 5	15. 4	7.1	6.9	7.6	36. 9	6.3	9.0	29 .7	45. 0
Oth ( 1) er	3 15.	3 16.	5 11.	17. 8	0.6	2.9	3.4	5.7	12. 7	3.1	3.8	5.6	6.9	19. 3	1.8	3.5	10. 2	15. 5
To tal	.8 342	.3 392	.8 343	.9 418	99. 5	.2 104	.0 106	.6 110	.1 420	6 96.	2 87.	2 97.	6 99.	.6 380	8 83.	0 83.	.2 236	403 .0

GROWTH RELATIVE TO SAME PERIOD IN PREVIOUS YEAR

	201 1	20 12	201 3	20 14	20 15							201 6			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 2E	H2 E	To tal
No rw ay	7 %	17 %	13 % -	16 %	18 %	7 % -	8 % -	5 % -	-1 %	-17 %	16 % -	10 %	5 % -	-7 %	-9 %	16 % -	15 %	3 %
Sc otl d an	51 %	20 % -	20 %	1 %	-32 %	32 % -	21 %	121 %	3 %	77 %	12 % -	41 % -	16 % -	-10 %	41 %	53 %	12 %	30 %
Ca da na	1 %	% 19	% 18 -	% 19 -	65 %	79 %	23 %	38 %	% 50	10 %	1 %	19 %	4 %	8 %	-23 %	23 % -	20 %	% -3
Ch ile	146 %	55 %	30 % -	139 %	-9 %	19 % -	10 %	11 % -	-7 %	-4 %	47 % -	63 % -	49 % -	-41 %	-59 %	27 %	105 %	22 %
Oth ( 1) er	4 % -	7 %	29 % -	54 %	-76 %	32 % -	38 % -	6 %	-29 %	399 %	28 %	64 %	21 %	53 %	-42 %	8 % -	18 % -	-20 %
To tal	16 %	14 %	12 % -	22 %	8 %	9 % -	1 % -	5 %	0 %	3 % -	16 % -	8 % -	10 % -	9 % -	13 % -	5 % -	20 %	6 %

Notes:

(1) Ireland and the Faroes

Net capital expenditure guidance

Guidance on financial commitments and cost of debt

Nova Sea

			( E B I T 1	) kg p e r		N I B D E U Rm
	h % Ow ip ne rs	2 0 1 5	2 0 1 6	Q 1 2 0 1 6	Q 1 2 0 1 7	2 0 1 5	2 0 1 6	Q 1 2 0 1 6	Q 1 2 0 1 7	Q 1 2 0 1 7
N S o v a e a	4 8 %	3 7 4 2 2	3 7 0 6 4	7 2 2 0	1 1 2 9 5	1. 5 7	3. 0 8	2. 1 4	3. 5 8	5 8. 7 -

• 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 (to be paid in Q2-17)
• Marine Harvest's direct share NOK ~215m
• Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
• EUR 0.4m in Q1 2017 (impacted by negative FV adjustment)

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	7	201	8	201	9	202	0	202	1		202 2
	(2) 31/ 03/ 201 7	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	621 .7	.2 918	1.2 1 %	1 2 05. 5	1.8 2 %	1 2 96. 5	2.5 0 %	.6 716	1.2 4 %	.0 380	2.2 0 %	-	0.0 0 %
US D m	.0 146	.5 138	2 % 3.1	.5 138	1 % 3.2	.5 167	3 % 2.9	3 78.	1 % 2.3	3 78.	1 % 2.3	0 60.	3 % 4.1
GB P m	34. 1	0 34.	3 % 3.1	0 34.	3 % 3.1	0 34.	3 % 3.1	5 23.	3 % 2.8	5 23.	3 % 2.8	-	0 % 0.0
Oth ( EU R m ) er	136 .6
Ma rke t va lue of IRS ntra cts in ME UR ( 31/ 03/ 17) co :			81. 7 -
(4): Ma rk t ark alu atio ffec t in Q 1 et v o m n e			4.5
Diff in fixe d v s fl ing led in h in Q 1 oat rat ett ere nce e s cas			1.9 -

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 69%, USD 14%, GBP 4%, other currencies 14%.
• • Policy: Marine Harvest ASA shall hedge 70%-100% of the Group's long-term interest-bearing debt by currency with fixed interest or interest rate derivatives for the first 4 years and 0%-60% for the 5 following years. Interest-bearing debt includes external interest-bearing debt and leasing in the parent company or subsidiaries. The interest rate hedges shall be based on the targeted currency composition. Interest rate exposure in other currencies than EUR, USD and GBP shall not be hedged

Hedging and long term currency exposure

POLICY

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

Strategic currency hedging

	R/N EU	OK	US D/C AD
ST RA TE GIC CU RR EN CY HE DG ING	ME UR	Ra te	MU SD	Ra te
20 17	149 .4	9.5 0	21 .6	1.3 2
20 18	199 .2	9.5 4	28 .8	1.3 2
20 19	49 .8	9.2 1	7.2	1.3 1
P/L ef fec f c Q t o tra cts atu rin in 1 on m g	1.4	( ME UR )
	ME UR
Ma rke t v alu e 3 0/1 2/2 016	8.8
Ch e ( 1) ang	2.2 -
Ma rke t v alu e 3 1/0 3/2 017	6.6

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 otla nd	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