Mowi ASA

Investor Presentation • May 7, 2019

Q1 2019 presentation

7 May 2019

Forward looking statements

This presentation may be deemed to include forward-looking statements, such as statements that relate to Mowi'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 Mowi's business and results. These statements speak of Mowi'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.

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

Highlights

• • Operational EBIT of EUR 196 million in the quarter
• • High achieved prices in all markets on strong demand
• • Cost per kg harvested volumes decreased compared with Q4 2018
• • Seasonally record high volumes
• • All-time high earnings in Chile
• • 7-year senior-unsecured EUR 120 million Schuldschein loan with coupon of EURIBOR + 170 bps
• • Quarterly dividend of NOK 2.60 per share to be paid in Q2 2019

Key financials

i in f ig M Gr ow ou p - m a ur es Un d ite d E UR ill ion au m	Q 1 2 0 1 9		Q 1 2 0 1 8	2 0 1 8
O t ion l re d t he inc p er a a ve nu e an o r om e	9 7 9. 4	14 %	8 6 2. 1	3, 8 1 4. 5
1) ion O t l E B I T p er a a	1 9 6. 1	24 %	1 5 7. 6	7 5 2. 8
E B I T	2 4 9. 2		2 6 9. 6	9 2 5. 4
Ca h f lo fro t ion s m o p er a s w	2 6 8 5.		9 8 1 1.	6 2 0. 9
1) 2) t in te t- be ing de b t ( ) Ne N I B D re s ar	0 4. 8 1, 1		8 6. 5 5	0 3 2 1, 7.
Ba ic E P S ( E U R ) s	0. 3 8		0. 3 6	1. 1 5
1) Un de ly ing E P S ( E U R ) r	0. 2 8		0. 2 4	1. 1 1
1) t c h f low ha ( ) Ne E U R as p er s re	0. 3 1		0. 2 1	0. 5 1
1) O C R E	% 2 3. 8		% 2 5. 3	% 2 4. 9
1) i io Co t e ty t ve na n q u ra	5 7. 5 %		5 3. 1 %	5 6. 0 %
t v lu ( G ) Ha W T rv es o m e	1 0 4 1 1 8	28 %	8 1 2 1 2	3 7 5 2 3 7
1) - O t ion l E B I T - E U R kg To ta l p er a a p er	8 8 1.		9 4 1.	2. 0 1
No rw ay	2. 0 7		2. 2 6	2. 3 7
Sc t la d o n	2. 2 7		1. 8 5	2. 0 0
Ca da na	1. 4 1		1. 1 0	1. 1 6
C h i le	1. 4 7		1. 3 6	1. 4 0
la d Ire n Fa	4. 3 8 6 9 1.		4. 3 7 4 4 1.	3. 6 1 2. 0 5
ro es

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2) NIBD excluding IFRS 16 effects. NIBD including IFRS 16 effects of EUR 1,380 million

¹⁾ Notes in report

Salmon prices – weekly references prices

Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg) Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10-12 lbs FOB Seattle)

Prices up to week 16 in 2019

Page 5

EUR per kg (Oslo)

Price achievement (1), contract & superior share

	i N o r w e g a n	S t t i h c o s	C d i a n a a n	C h i l e a n
C t t h o n r a c s a r e	3 6 %	0 % 5	0 %	2 % 1
S i h p e r o r s a r e u	9 1 %	9 6 %	8 8 %	9 0 %

1) From the first quarter 2018 we have changed our reporting of price achievement to no longer include margins from Consumer Products and Feed. Comparison figures are re-presented accordingly

Page 6

Operational EBIT comparison

Norway

S A L M O N O F N O R W E G I A N O R I G I N
EU R m illio n	Q 1 2 0 1 9	Q 1 2 0 1 8
O io l t E B I T p er a na	6. 1 1 1	6 1 1 5.
E B I T	3 3. 8 1	8. 9 1 7
t v lum ( G ) Ha W T rv es o e	6 3 5 1 5	0 0 5 1 5
O io l kg ( ) t E B I T p E U R p er a na er	2. 0 7	2. 2 6
f w ic h h Fe d - o e	-0 0 1	-0 0 6
f w h ic h ke ts M - o ar	0. 1 1	0. 0 9
f w h ic h Co du Pr ts - o ns um er o c	-0 0 2	0. 2 5
ic ie fe ic Pr h t / e ac ve m en re re nc e p r e	% 9 7	% 9 7
Co tra t s ha n c re	3 6 %	4 0 %
Su io ha p er r s re	9 % 1	9 2 %

• • Good overall results, in particular in the Farming segment
• • Increased harvest volumes mainly from Region North
• • Improved biology and results in Region South
• • Costs slightly higher than in Q1 2018 due to higher feed costs and early harvest in Region Mid

Page 8

Norway: Sales contract portfolio

Norway: Operational EBIT/kg per region

Scotland

S O O S C O S O G A L M N F T T I H R I I N
i ion E U R m l l	Q 1 2 0 1 9	Q 2 0 8 1 1
O i l t E B I T p e r a o n a	3 8 5.	6. 1 1
E B I T	4 2 5.	4. 1 7
l ( G ) H t W T a r v e s v o u m e	8 1 5 7 7	8 6 9 1
i ( ) O t l E B I T k E U R p e r a o n a p e r g	2. 2 7	1. 8 5
f h i h M k t o w c a r e s -	0. 2 5	0. 2 3
f h i h C P d t o c o n s m e r r o c s w u u -	0. 2 2	0. 3 4
i i f i P h t / r c e a c e e m e n r e e r e n c e p r c e v	% 1 0 6	% 1 1 2
C t t h o n r a c s a r e	% 5 0	% 6 7
i S h p e r o r s a r e u	% 9 6	% 9 6

• • Very good results
  • •Increased volumes and good growth
  • • Reduced costs
• •Positive contributions from contract sales
• •Improved biology

Page 11

Canada

S A L M O N O F C A N A D I A N O R I G I N
i ion E U R m l l	Q 1 2 0 1 9	Q 2 0 8 1 1
i O t l E B I T p e r a o n a	1 3. 9	7. 2
E B I T	2 4. 4	9. 4 1
H t l ( G W T ) a r v e s v o u m e	9 8 3 8	6 5 9 2
i ( ) O t l E B I T k E U R p e r a o n a p e r g	1. 4 1	1. 1 0
f i h h M k t o c a r e s w -	0. 1 3	0. 1 7
f h i h C P d t o w c o n s u m e r r o u c s -	0. 0 0	0. 0 0
i h i t / f i P r c e a c e v e m e n r e e r e n c e p r c e	9 9 %	9 % 7
C t t h o n r a c s a r e	% 0	% 0
i S h p e r o r s a r e u	% 8 8	% 8 6

• • Improved results on higher achieved prices and higher harvest volumes (Northern Harvest)
• • Stable costs year-over-year
• • Delivery of wellboat "Aqua Tromøy" will improve fish health treatment capacity

Chile

S A L M O N O F C H I L E A N O R I G I N
i ion E U R m l l	Q 2 0 9 1 1	Q 1 2 0 1 8
O i l t E B I T p e r a o n a	2 9. 2	6. 8 1
E B I T t l ( G ) H W T a r e s o m e v v u	2 6. 9 9 8 0 1 1	2 8 5. 2 3 9 2 1
i ( ) O t l E B I T k E U R p e r a o n a p e r g f i h h M k t o w c a r e s - f i h h C P d t o c o n s m e r r o c s w u u -	1. 4 7 0. 1 3 0. 1 4	1. 3 6 0. 0 9 0. 3 8
i i f i P h 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 t t h o n r a c s a r e S i h p e r o r s a r e u	% 1 0 1 2 % 1 9 0 %	% 9 4 2 0 % 8 % 7

Operational EBIT Salmon of Chilean Origin Q1 2018 vs Q1 2019 0 5 10 15 20 25 30 Op EBIT Q1 2018Price Volume Feed Other SWNon SWTranslationOp EBIT Q1 2019

costs

costs

• • Record-high operational result
  • •Significantly increased volumes
  • • Improved realised prices and stable costs
• •Improved biology and reduced antibiotics per tonnes produced

Ireland and Faroes

S A L M O N O F I R I S H O R I G I N
i ion E U R m l l	Q 1 2 0 1 9	Q 1 2 0 1 8
O t i l E B I T p e r a o n a	6. 2	6. 4
E B I T	1 2. 1	1 1. 3
H t l ( G W T ) a r v e s v o u m e	1 4 2 2	1 4 5 7
i ( ) O t l E B I T k E U R p e r a o n a p e r g	4. 3 8	4. 3 7
f h i h M k t o w c a r e s -	0. 0 1	0. 0 0
f i h h C P d t o c o n s m e r r o c s w u u -	0. 1 9	0. 3 0
i h i t / f i P r c e a c e v e m e n r e e r e n c e p r c e	n a	n a
C t t h o n r a c s a r e	% 9 4	% 8 4
S i h u p e r o r s a r e	9 0 %	9 3 %

S A L M O N O F F A R O E S E O R I G I N
EU R m i l l ion	Q 1 2 0 1 9	Q 1 2 0 1 8
O i l t E B I T p e r a o n a	9 1.	1. 5
E B I T	4. 5	2 7.
t v lu ( G ) H W T a rv e s o m e	2 6 1 1	0 3 0 1
i ( ) O t l E B I T k E U R p e r a o n a p e r g	1. 6 9	1. 4 4
f w h i h k t M o c a r e s -	0. 2 1	0. 7 1
f w h i h C d t P o c o n s u m e r r o u c s -	0. 0 0	0. 0 0
i i f i P h t / r c e a c e e m e n r e e r e n c e p r c e v	% 9 6	% 1 1 3
C t t h o n r a c s a r e	% 0	% 0
i S h u p e r o r s a r e	% 8 6	% 8 9

• • Good results for Mowi Ireland as organic salmon market remains strong
  • •Costs expected to increase in Q2 2019 (versus Q1 2019)
• •Relatively stable results from Mowi Faroes
  • • Harvested only in the first part of the quarter at lower prices
  • • OP revenues and OP EBIT excludes sales tax to align industry accounting practice

Consumer Products (1)

C O S O C S N U M E R P R D U T
i ion E U R m l l	Q 1 2 0 1 9	Q 2 0 8 1 1
i O t p e r a n g r e v e n u e s	5 5 0. 2	5 3 3. 2
O i l t E B I T p e r a o n a O i l % t E B I T p e r a o n a E B I T	8 5. 0 % 1. 6 5.	2 9 1. 4. % 1 2 2. 1
l l d ( d. i h ) V t t o u m e s o o n n e s p r o w e g	4 3 8 3 2	4 3 2 3 1

• • Seasonally all-time high sold volumes
  • •Volume increased in fresh whilst chilled segment declined
• • Strong demand and favourable trend of increased sales of value-added products continue
• • Fierce competition in Europe impacted Q1 earnings negatively
• • The competition in the European Chilled segment to impact earnings negatively in Q2

MOWI brand launch in Poland

• •The MOWI Pure range was launched in Poland during Q1
• •The first launch was in some of the world's largest retail chains
• •MOWI Pure is our finest high-quality salmon, and comes in different cuts and sizes
  • • Fresh, cold smoked and hot smoked products
• • MOWI salmon has 20% more Omega-3 due to our unique feed
• •The launch of MOWI products will continue in other selected markets in 2019

We have also launched a traceability tool

• •Accessed through QR codes on the packaging of MOWI-branded salmon
• •Scan the QR code on a MOWI product and you are directed to our app which provides key information about the salmon such as
  • • Recipes
  • • Birthplace
  • • Lifespan
  • • Feed diets
  • • Harvest date
  • •Where it was processed

Page 17

processed.

• We have also launched a new brand web site mowisalmon.com • Increased and improved consumer communication • as well as a new traceability tool. The traceability tool can be accessed through QR codes on the packaging of MOWI-branded salmon. When the customers scan the QR code on a MOWI product, they are directed to our app which provides key information about the salmon such as birthplace, lifespan, feed diets, harvest date and where it was

MOWI brand launch: new website and traceability tool

Page 18

Feed

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

• •Low season for Mowi Feed
• • Volumes sold reached a seasonal all-time high level
• • Increased feed prices partially offset by increased raw material prices
• •Trial production commenced in May at the new Kyleakin plant in Scotland
• • Strong competition in the European feed market will continue to put pressure on margins going forward

Q1 2019 presentation

Financials, Markets and Harvest volumes

Profit and Loss

i Gr Mo w ou p EU R m illio n	Q 1 2 0 1 9	Q 1 2 0 1 8	2 0 1 8
Op t io l r d t he inc er a na ev en ue a n o r om e	9 7 9. 4 14%	8 6 2. 1	3, 8 1 4. 5
1) Op t io l E B I T er a na	1 9 6. 1 24 %	1 5 7. 6	7 5 2. 8
C ha in l ize d in te l m in ng e un rea rna ar g in fro iva ive Ga / los de t s m r s fa ir v j f io Ne t lue d tm t o b tra ts a a us en m as s, on ero us co n c ing Re tu tu ts s c r c os O t he t io l i te r n on -o p era na ms Inc fro ia te d ies om e m as so c co m p an irm los f ixe d Im t ts a en se s - as se	5. 9 0. 2 4 0. 5 0. 0 -0. 5 7. 1 0. 0	4. 4 6. 3 8 9. 4 -0. 9 0. 1 1 2. 6 0. 1	-5. 9 4. 4 4 0. 3 1 0. 3 0 -1. 4 5. 5 0 -1 1.
p E B I T	2 4 9. 2	2 6 9. 6	9 2 5. 4
Ne t f ina ia l i te nc ms Ea ing be fo ta rn s re x	-0. 4 2 4 8. 8	-3 7. 8 2 3 1. 8	-1 9 3. 2 7 3 2. 2
f i los fo he io d Pro t o t r s r p er	9 3. 9 1	9. 1 7 1	6 2 5 7.
ic S ( ) Ba E P E U R s de ly ing S ( ) Un E P E U R r h f low ha ( ) Ne t c E U R as p er s re iv i de d de lar d d i d ha ( O ) D N K n c e an p a p er s re	0. 3 8 0. 2 8 0. 3 1 2. 6 0	0. 3 6 0. 2 4 0. 2 1 2. 6 0	1. 1 5 1. 1 1 0. 5 1 0. 4 0 1
io in Op t l E B I T m era na ar g t v lum G ( lm ) Ha W T rve s o e, sa on 1) Op t io l kg inc l m in fro Sa les d ke t ing E B I T p Ma era na er ar g m a n r 1) R O C E	% 2 0. 0 0 4 8 % 1 1 1 28 8 8 1. 2 3. 8 %	% 1 8. 3 8 2 2 1 1 9 4 1. 2 3 % 5.	% 1 9. 7 3 2 3 7 5 7 2. 0 1 2 4. 9 %

•Net fair value adjustment of biomass of EUR 41 million due to higher forward prices

• Associated companies: EBIT/kg of EUR 2.22 on 6.1k tonnes from Nova Sea

Financial position

Mo i Gr ou p w illio EU R m n	3 1. 0 3. 2 0 1 9	3 1. 0 3. 2 0 1 8	3 1. 1 2. 2 0 1 8
No t a ts n-c urr en sse Cu t a ts rre n sse To ta l a ts sse	2 9 7 1. 4 2 9 2. 5 7 5 5 6 4. 0	2 2 0 2. 3 2 2 3. 6 1 4 4 1 5. 9	2 5 5 8. 1 2 8 5 7. 1 5 1 4 5. 1
i Eq ty u t l ia b i l i t ies No n-c urr en Cu t l ia b i l i t ies rre n i ia i i ies To ta l e ty d l b l t q u an	2 9 8 6. 1 8 3 1 7 5. 7 9 2. 7 5 5 6 4. 0	2 3 4 3. 8 4 3 6. 0 1 6 3 6. 1 4 4 1 5. 9	2 8 7 9. 0 6 1 5 7. 1 6 9 9. 1 5 1 4 5. 1
1) t in te t- be ing de b t Ne res ar i io Eq ty t u ra Co t e i ty t io ve na n q u ra	1 0 1 4. 8 % 5 3. 7 % 5 7. 5	8 5 6. 5 % 5 3. 1 3. % 5 1	1 0 3 7. 2 % 5 6. 0 6. 0 % 5

• • Increase in assets mainly due to:
  • • Leases (IFRS 16) of EUR 357 million (right-of-use assets), ref note 2 in report
  • • Increased biomass in sea (31,500 tonnes) YOY
  • • Net capex in 2018 and purchase of new licenses in Norway
  • • Acquisition of Northern Harvest

Cash Flow and Net Interest Bearing Debt

i M Gr ow ou p
EU R m i l l ion	Q 1 2 0 1 9	Q 1 2 0 1 8	2 0 1 8
be in in f p io d N I B D g n g o er	0 3 2 -1 7.	8 3 9 1. -	-8 3 9 1.
Op io l t E B I T D A er a na	2 3 3. 2	9 4. 8 1	9 0 6. 2
C ha in k ing i l ta ng e or c ap w	0 5 1.	3 8. 5	4 -1 7. 7
i d Ta xe s p a	3. -5 1	0. -5 5	2 9. 8 -1
O t he d j tm ts r a us en	5. 5	8. 9	8 -7
f fro io Ca h lo t s w m op er a ns	2 3 6. 5	1 9 1. 8	6 2 0. 9
Ca Ne t p ex	-6 5. 1	6. -7 7	-3 3 9. 6
O he inv d d iv i de ds ive d t tm ts r es en an n re ce	-2 2	-8 7	-2 2 4. 1
f fro in Ca h lo tm ts s w m ve s en	S c -6 7. 3	l d C t o a n : o -8 5. 3	i t t n s r c o u -5 6 3. 7
Ne t in te t a d f ina ia l i te i d re s n nc m s p a	-1 0. 6	-6 9	-3 8. 4
O t he i te r m s	4. 3	8. 4	5. 2
i Ne t c t b le bo ds te d on ve r n c on ve r	0. 0	0. 0	3 3 1 1.
iv i f p i in i D de d / tu d ta l n re rn o a ca p	3 9 -1 7.	3 2. -1 5	3 2. 4 -5
Cu f fe t o in te t- be ing de b t rre nc y e c n re s ar	-2 6	-0 1	-8 2
f p io N I B D d d en o er	-1 0 1 4. 8	8 5 6. 6 -	-1 0 3 7. 2
N I B D d is tr i bu t io n:
E U R	9 7 %	9 0 %	9 9 %
U S D	3 %	1 2 %	3 %
G B P	1 %	4 %	1 %
O t he ies r c ur re nc	-1 %	-6 %	-3 %

Page 23

2019 Cash Flow Guidance - Unchanged

• • Working capital build-up EUR ~115m
  • •Support further organic growth
• •Capital expenditures EUR ~290m
  • • Freshwater expansion projects EUR ~65m
    • • Canada, Chile and Norway
  • • Sea water expansion projects EUR ~50m
    • • Scotland, Canada and Norway
  • • Consumer Products automation and expansion projects EUR ~30m
    • • Europe and US
• • Interest paid EUR ~55m
• • Taxes paid EUR ~140m
• •Quarterly dividend payment in Q2 2019 of NOK 2.60 per share as ordinary dividend

Scotland: Construction site of new plant

Overview financing

• •Bank facility: EUR 1,406m Facility Agreement
  • • Tenor 5 years (Maturity: May 2022)
  • • Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
  • • Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB
• •Unsecured bond: EUR 200m issued in June 2018
  • • Tenor 5 years (Maturity: June 2023)
  • • EURIBOR + 2.15%
• • Schuldschein loan in the German market
  • • Senior unsecured
  • • Tenor 7 years (Maturity: May 2026)
  • • EURIBOR + 1.70%
• • Long term NIBD target EUR 1,400m

Supply development

	t im te d Es a	lu vo m e s	C d to o m p a re	Q 2 0 8 1 1	t. lu Es vo m e s
S l ie u p p rs	Q 2 0 9 1 1	Q 2 0 8 1 1	lu Vo m e	%	Q 4 2 0 8 1
No rw ay	2 6 6 9 0 0	2 6 1 7 0 0	5 2 0 0	% 2. 0	3 2 1 0 0 0
S t la d c o n	3 7 5 0 0	3 0 1 0 0	7 4 0 0	% 2 4. 6	4 0 6 0 0
Fa Is la d ro e n s	1 9 6 0 0	1 6 1 0 0	3 5 0 0	% 2 1. 7	2 1 5 0 0
Ire la d n	3 4 0 0	2 8 0 0	6 0 0	% 2 1. 4	3 9 0 0
To ta l Eu ro p e	3 2 7 4 0 0	3 1 0 7 0 0	1 6 7 0 0	5. 4 %	3 8 7 0 0 0
i C h le	1 5 8 8 0 0	1 5 6 1 0 0	2 7 0 0	% 1. 7	1 6 9 2 0 0
ic No t h A r m e r a	3 2 9 0 0	3 0 8 0 0	2 1 0 0	% 6. 8	4 0 1 0 0
To ta l A ic m e r a s	1 9 1 7 0 0	1 8 6 9 0 0	4 8 0 0	2. 6 %	2 0 9 3 0 0
A tra l ia s u	1 3 2 0 0	1 3 1 0 0	1 0 0	0. 8 %	1 6 5 0 0
O t he r	9 5 0 0	6 2 0 0	3 3 0 0	5 3. 2 %	5 3 0 0
ta l To	4 8 0 0 5 1	6 9 0 0 5 1	2 4 9 0 0	4. 8 %	6 8 0 0 1 1

• Global supply growth in line with expectations in all key regions

Development in reference prices

	Q 1 2 0 1 9 M ke t ar	C ha ng e v s Q 1 2 0 1 8	Q 1 2 0 1 9 E U R	C ha ng e v s Q 1 2 0 1 8
No ( 1 ) rw ay	E U R 6. 3 4	1. 4 %	E U R 6. 3 4	1. 4 %
C h i le ( 2 ) i ( ) C h le, G W T 3	S 2 0 U D 5. U S D 6. 1 8	6 % 1. % 2. 7	4. 8 E U R 5 E U R 5. 4 4	9. 9 % % 1 1. 1
No t h Am ica W t Co t ( 4 ) r er es as No t h Am ica Ea t Co t ( 5 ) r er s as No t h Am ica G W T ( 3 ), b len de d r er ,	U S D 3. 5 4 U S D 3. 6 6 U S D 7. 4 1	-4. 2 % -1 1. 3 % -7. 3 %	E U R 3. 1 2 E U R 3. 2 2 E U R 6. 5 2	3. 7 % -4. 0 % 0. 2 %

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 GWT/kg

(4) Urner Barry average GWE 10-12 lbs FOB Seattle

(5) Urner Barry average GWE 10-12 lbs FOB Boston/New York

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10-12 lbs FOB Seattle)

Prices up to week 16 in 2019

Page 27

Global volume by market

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

• • Strong demand globally
• •Europe: Increased consumption at higher prices
• •Americas: Favourable US and Brazil developments
• •Asia: Availability of large fish was good during the quarter which facilitated growth

Page 28

	20 16	20 17	20 18	20 19	Es tim ate s 2 019
GW T ( 1, 000 )					Lo w	Y/Y th gr ow	Hig h	Y/Y th gr ow
No rw ay	1 0 54	1 0 87	1 1 28	1 1 80	1 1 60	3 %	1 2 00	6 %
UK	142	159	138	164	160	16 %	167	21 %
Far Isla nds oe	70	72	65	70	68	5 %	72	12 %
To tal Eu ro pe	1 2 65	1 3 19	1 3 31	1 4 14	1 3 88	4 %	1 4 39	8 %
Ch ile	454	508	61 0	63 5	62 5	3 %	64 5	6 %
No rth Am eric a	152	145	149	150	146	% -2	153	3 %
To tal Am ica er s	606	652	758	785	1 77	2 %	798	5 %
Oth er	75	94	89	100	96	8 %	104	17 %
To tal	1 9 46	2 0 65	2 1 78	2 2 98	2 2 55	4 %	2 3 41	7 %

Industry supply growth 2019E

	Q 2 2 016	Q 2 2 017	Q 2 2 018	Q 2 2 019	Es tim ate s Q 2 2 019
GW T ( 1, 000 )					Lo w	Q /Q wt h gro	Hig h	Q /Q wt h gro
No rw ay	24 9	23 5	25 5	26 7	262	3 %	272	7 %
UK	35	41	32	40	39	22 %	41	29 %
Far Isla nds oe	18	22	16	16	15	-5 %	17	8 %
To tal Eu ro pe	302	29 9	303	323	31 6	4 %	33 0	9 %
Ch ile	93	118	137	143	138	1 %	148	8 %
No rth Am eric a	40	36	39	37	36	-6 %	38	-1 %
To tal Am ica er s	133	154	176	180	174	% -1	186	6 %
Oth er	19	25	20	23	22	7 %	24	17 %
To tal	454	47 7	49 9	526	512	3 %	540	8 %

	H2 20 16	H2 20 17	H2 20 18	H2 20 19E	Es tim ate s H 2 2 019
GW T ( ) 1, 000					Lo w	Q /Q wt h gro	Hig h	Q /Q wt h gro
No rw ay	56 1	60 3	61 1	646	63 1	3 %	66 1	8 %
UK	73	82	76	86	84	9 %	89	16 %
Far Isla nds oe	35	34	33	34	33	2 %	35	8 %
To tal Eu ro pe	669	719	720	767	748	4 %	785	9 %
Ch ile	21 7	27 3	316	333	328	4 %	338	7 %
No rth Am eric a	78	78	79	79	77	-3 %	82	3 %
To tal Am ica er s	29 5	35 1	39 6	41 3	40 5	2 %	42 0	6 %
Oth er	38	47	46	51	48	4 %	54	17 %
To tal	1 0 01	1 1 18	1 1 62	1 2 30	1 2 01	3 %	1 2 59	8 %

Page 29 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.

•2019 guidance: Global growth of 4-7 %

t la t ic lm A n s a o n ( ) G W T 1, 0 0 0	2 0 1 7 A tu l c a	Q 2 0 8 1 1 A tu l c a	Q 2 2 0 8 1 A tu l c a	Q 3 2 0 8 1 A tu l c a	Q 4 2 0 8 1 A tu l c a	2 0 8 1 A tu l c a	Q 2 0 9 1 1 A tu l c a	Q 2 2 0 9 1 i G d u a nc e	2 0 9 1 i G d u a nc e
No rw ay	2 0. 2 1	5 1. 1	4 9. 5	3 7 1.	8. 6 5	2 3 0. 5	6. 5 1	4 8. 0	2 3 6. 0
S la d t c o n	6 0. 2	8. 7	9. 0	9. 0	8 1 1.	3 8. 4	8 1 5.	1 7. 5	6 2. 0
C d a na a	3 9. 4	6. 6	8. 0	1 2. 4	1 2. 2	3 9. 3	9. 8	1 5. 0	5 5. 0
C h i le	4 4. 9	2. 4 1	9. 8	3. 1 7	2 1 7.	3. 2 5	9. 8 1	4. 0 1	6 2. 5
la d Ire n	9. 7	1. 5	2 1.	9 1.	6 1.	6. 2	4 1.	1. 5	0 7.
Fa ro e s	6. 0	1. 0	0. 8	1. 5	4. 4	7. 7	1. 1	2. 0	7. 5
ta l To	3 0. 3 7	8 2 1.	8. 3 7	0 9. 9 1	0 8 1 5.	3 2 7 5.	0 4. 1 1	9 8. 0	4 3 0. 0

Mowi volume guidance

• 2019 volume guidance of 430,000 GWT (unchanged)

• • Scotland: Increased by 2,000 tonnes
• • Ireland: Decreased by 2,000 tonnes

Outlook

• • Sector fundamentals remain strong
  • • Fish Pool forward price (12 months) at EUR 6.1/kg
• • Organic growth throughout our value chain (new feed plant, farming, processing)
• • Fierce competition in Consumer Products and Feed to impact Q2 2019 profitability
• • Launch of MOWI products will continue in additional selected markets in 2019
• • Quarterly dividend payment in Q2 2019 of NOK 2.60 per share as ordinary dividend

Q1 2019 presentation

Appendix

Dividend policy

• •The quarterly dividend level shall reflect the present and expected future cash flow generation of the Company
• •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 (excluding IFRS 16) target EUR 1,400m

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
	i i M h d t n e g n g r a e	( 1) i M h d t a e g n g r a e x
( 2) N o rw a y	% 0	% 5 0
S t l d c o a n	% 0	% 7 5
C d a n a a	% 0	% 3 0
( 2) i C h l e	% 0	% 5 0
I l d r e a n	% 0	% 1 0 0
F a r o e s	% 0	% 3 0

Notes:

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

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

• • Q2 2019 contract shares (% of guided volume):

  • • Norway 45%
  • • Scotland 45%
  • •Canada 0%
  • • Chile 24%

• • Ireland 95%

• • Faroes 0%
• •Contracts typically have a duration of 3-12 months
  • • Contracts are entered into on a regular basis

Quarterly segment overview

illio EU R m n	No rw ay	Sc t la d o n	Ca da na	C h i le	la d Ire n	Fa ro es	1) O t he r	Gr ou p
O P E R A T I O N A L E B I T
G F A R M I N	1 1 1. 7	2 8. 4	2. 6 1	2 3. 8	6. 0	1. 7		8 4. 1 1
S S G A L E A N D M A R K E T I N
Ma ke ts r	6. 2	3. 9	1. 3	2. 5	0. 0	0. 2	-0. 1	1 4. 1
Co Pro du ts ns um er c	-1. 4	3. 5	0. 0	2. 8	0. 3	0. 0	0. 6	5. 8
S U B T O T A L	1 1 6. 5	3 5. 8	1 3. 9	2 9. 2	6. 2	1. 9	0. 5	2 0 4. 0
Fe d e	-0. 4						-2. 0	-2. 4
1) O t he t i t ies r e n							-5. 5	-5. 5
O T T A L	1 1 6. 1	3 5. 8	1 3. 9	2 9. 2	6. 2	1. 9	-7. 0	1 9 6. 1
( ) Ha t v lum G W T rve s o e	5 6 1 3 5	1 5 7 8 7	9 8 3 8	1 9 8 1 0	1 4 2 2	1 1 2 6		1 0 4 1 1 8
1) Op t io l kg ( ) to ta l Gr E B I T p E U R era na er ou p -	2. 0 7	2. 2 7	4 1. 1	4 1. 7	4. 3 8	6 9 1.		8 8 1.
f w h ic h d Fe - o e	-0. 0 1	0. 0 0	0. 0 0	0. 0 0	0. 0 0	0. 0 0		-0. 0 2
f w h ic h ke ts Ma - o r	0. 1 1	0. 2 5	0. 3 1	0. 3 1	0. 0 1	0. 2 1		0. 4 1
f w h ic h Co Pro du ts - o ns um er c	-0. 0 2	0. 2 2	0. 0 0	0. 1 4	0. 1 9	0. 0 0		0. 0 6
A N A L Y T I C A L D A T A
1) Pr ice h iev t /re fe ice ( % ) a c em en re nc e p r	9 7 %	1 0 6 %	9 9 %	1 0 1 %	na	9 6 %		9 9 %
Co tra t s ha ( % ) n c re	3 6 %	0 % 5	0 %	2 % 1	9 4 %	0 %		3 2 %
i ior ( % ) Qu l ty ha a - s up er s re	% 9 1	% 9 6	% 8 8	% 9 0	% 9 0	% 8 6		% 9 1
G U I D A N C E
Q 2 2 0 1 9 ha t v lum ( G W T ) rve s o e	4 8 0 0 0	1 7 5 0 0	1 5 0 0 0	1 4 0 0 0	1 5 0 0	2 0 0 0		9 8 0 0 0
( ) 2 0 1 9 ha t v lum G W T rve s o e	2 3 6 0 0 0	6 2 0 0 0	5 5 0 0 0	6 2 5 0 0	7 0 0 0	7 5 0 0		4 3 0 0 0 0
Q 2 2 0 9 c ha ( % ) 1 tra t s on c re	4 % 5	4 % 5	0 %	2 4 %	9 % 5	0 %		3 % 5

Quarterly segment overview

Mowi Operating Units			FARMING				Mowi Sales and Marketing	Consumer
EUR million	Norway	Scotland	Canada	Chile	Ireland	Faroes	Markets	Products	MH Feed	Other	Elim	Group®
Revenues and other income	340.4	104.0	65.3	106.5	16.7	6.7	607.6	515.2	73.2	6.3	-862.4	979.4
Operating EBITDA	125.1	33.8	17.7	27.5	6.9	2.5	14.2	11.1	-0.9	-4.7	0.0	233.2
Operating EBIT	111.7	28.4	12.6	23.8	6.0	1.7	14.1	5.8	-2.4	-5.5	0.0	196.1
Fair Value adj on biomass, contracts/ unrealised derivativ	10.8	9.4	10.5	-2.3	5.8	3.0	03	3.5	0.3	-0.7	0.0	40.7
Unrealized margin adjustment	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.9	5.9
Restructuring cost	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other non-operational items	0.0	0.0	0.0	0.0	0.0	-0.4	0.0	-0.2	0.0	0.0	0.0	-0.5
Income/loss from associated companies	7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	7.1
Write-down of fixed assets/intangibles	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
EBIT	129.4	37.8	23.1	21.5	11.8	4.3	14.4	9.2	-2.1	-6.2	5.9	249.2
Contribution to operational EBIT from Markets	6.2	3.9	1.3	2.5	0.0	0.2	-14.1			-0.1		0.0
Contribution to operational EBIT from Consumer products	-1.4	3.5	0.0	2.8	0.3	0.0		-5.8		0.6		0.0
Contribution to operational EBIT from Feed	-0.4								2.4	-2.0		0.0
Operational EBIT incl contribution from S&M	116.1	35.8	13.9	29.2	6.2	1.9	0.0	0.0	0.0	-7.0	0.0	196.1
Harvest / sales volume	56 135	15 787	9 838	19 810	1 422	1 126		43 832	60 552
Operational EBIT/kg incl contribution from S&M (EUR)	2.07	2.27	1.41	1.47	4.38	.69						1.88
-of which Markets	0.11	0.25	0.13	0.13	0.01	0.21						0.14
-of which Consumer Products	- 0.02	0.22	0.00	0.14	0.19	0.00						0.06
-of which Feed	- 0.01											- 0.02

G W T	2 0 4 1	2 0 1 5	2 0 6 1						2 0 8 1	2 0 9 1 E
( ) 1, 0 0 0	T t l o a	T t l o a	T t l o a	Q 1	Q 2	Q 3	Q 4	T t l o a	Q 1	Q 2	Q 3	Q 4	T t l o a	Q 1	Q 2 E	T t l o a
N o rw a y	0 2 5 8.	8 2 5 4.	2 3 6. 0	4 9. 0	3 9. 4	4 5 5.	6 6. 4	2 1 0. 2	5 1. 1	4 9. 5	3 7 1.	5 8. 6	2 3 0. 5	5 6. 1	4 8. 0	2 3 6. 0
S t l d c o a n	9 4 8.	1 5 0.	4 5. 0	8 1 7.	8. 1 5	9 0. 1	3. 0 1	6 0. 2	8. 7	9. 0	0 9.	8 1 1.	3 8. 4	8 1 5.	1 7. 5	6 2. 0
C d a n a a	2 6. 7	4 0. 1	4 3. 3	8. 9	9. 4	2 1 1.	0. 0 1	3 9. 4	6. 6	8. 0	4 2. 1	2. 2 1	3 9. 3	9. 8	0 1 5.	0 5 5.
C h i l e	6 5 7.	6 2. 5	3 6. 9	6. 3	7. 7	7 1 3.	1 7. 1	4 4. 9	1 2. 4	9. 8	7 1 3.	1 7. 2	3. 2 5	1 9. 8	1 4. 0	6 2. 5
I l d r e a n	3 6.	7 9.	8. 4	0. 6	3. 6	1 3.	2. 4	9. 7	1. 5	1. 2	9 1.	1. 6	6. 2	1. 4	1. 5	7. 0
F a r o e s	5 1 1.	9 2.	1 0. 9	1. 1	-	1 1.	3. 8	6. 0	0 1.	0. 8	5 1.	4. 4	7. 7	1. 1	2. 0	7. 5
l T t o a	9 4 8. 1	4 2 0. 1	6 3 8 0.	8 8 3.	6 8. 7	3 9 5.	6 2. 1 1	3 3 0. 7	2 8 1.	3 8. 7	9 0 9. 1	8 0 1 5.	3 2 7 5.	0 4. 1 1	0 9 8.	4 3 0. 0

Development in harvest volumes

Growth relative to same period in previous year

	2 0 1 4	2 0 1 5	2 0 1 6	2 0 1 7			2 0 1 8				2 0 1 9 E
	T t l o a	T t l o a	T t l o a	Q 1	Q 2	Q 3	Q 4	T t l o a	Q 1	Q 2	Q 3	Q 4	T t l o a	Q 1	Q 2 E	T t l o a
N o rw a y	6 % 1	% -1	% -7	-9 %	-2 7 %	-1 4 %	4 %	% -1 1	4 %	2 6 %	2 9 %	-1 2 %	0 % 1	1 0 %	-3 %	2 %
S t l d c o a n	% 1	3 %	0 % -1	4 1 %	7 1 %	1 1 %	1 0 %	3 4 %	-5 1 %	-5 2 %	-1 7 %	-9 %	-3 6 %	8 2 %	9 5 %	6 % 1
C d a n a a	9 % -1	0 % 5	8 %	-2 3 %	-2 0 %	8 %	3 %	-9 %	-2 6 %	-1 4 %	1 1 %	2 2 %	0 %	4 9 %	8 7 %	4 0 %
C h i l e	1 3 9 %	-7 %	-4 1 %	% -5 9	% 9	% 9 9	% 1 2 6	2 2 %	% 9 6	% 2 7	% 0	% 1	1 8 %	% 6 0	% 4 2	1 8 %
I l d r e a n	6 %	5 6 %	-1 3 %	% -5 5	% 1 5 0	% 8	% -1 2	1 5 %	% 1 3 0	% -6 6	% -3 8	% -3 2	-3 6 %	% -2	% 2 1	1 2 %
F a r o e s	% 1 0 4	% -7 5	% 2 7 3	% -3 1	/ n m	% -6 0	% -1 1	% -4 5	% -1 0	/ n m	% 4 4	% 1 6	% 2 9	% 9	% 1 5 7	% -3
T t l o a	% 2 2	% 0	% -9	% -1 3	% -1 0	% -2	% 1 3	% -3	% -3	% 0	% 1 5	% -6	% 1	% 2 8	% 2 5	% 1 5

Cash flow guidance and historic developments

Financial commitments and cost of debt

Page 38

Nova Sea

	Ha t v lu ( G W T ) rv e s o m e						E B I T p kg e r
	ip % O h w ne rs	2 0 1 7	2 0 1 8	Q 1 2 0 1 8	Q 1 2 0 1 9	2 0 1 7	2 0 1 8	Q 1 2 0 1 8	Q 1 2 0 1 9	Q 1 2 0 1 9
No S va e a	% 4 8	4 0 7 0 0	3 7 8 7 9	7 1 2 6	6 1 3 8	2. 7 2	2. 6 6	2. 5 8	2. 2 2	-1 1. 0

• • Leading integrated salmon producer in Northern Norway
  • • 33.33 wholly owned licenses
  • • 4 partly owned licenses
• •Mowi has an ownership in Nova Sea of ~48% through direct and indirect shareholdings

• • Dividends

• • 2017 dividends of NOK 500m (paid in Q2-18). Mowi's direct share NOK ~213m

• •Paid dividend of NOK 128m in Q1-19 (Mowi's share)
• •Proportion of income after tax reported as income from associated companies in Mowi Norway
  • • EUR 6.3m in Q1 2019

Debt distribution and interest rate hedging

		DE BT VO LUM	E H ED GE	D A ND FIX	ED RA TES O	F IN TER EST RA	TE HE DG	ES ( MA RC	(1) H-M AR CH )
CU CY RR EN	DE BT	20	19	20	20	20	21		20 22
	(2) 31 / 03 / 20 19	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	988 .9	.5 970	% 3.2 7	0.0 38	% 2.1 3	0.0 38	% 2.2 0	-	% 0.0 0
US D m	55 .0	.5 167	2.9 3 %	.3 78	2.3 1 %	.3 78	2.3 1 %	.0 60	4.1 3 %
GB P m	15. 0	.0 34	3.1 3 %	.5 23	2.8 3 %	.5 23	2.8 3 %	-	0.0 0 %
Ot he r ( ) EU R m	49 .1

Market value of IRS contracts in MEUR (31/03/19):Mark to market valuation effect in Q1(4):Difference in fixed vs floating rate settled in cash in Q1

-56 .3
2.3
-5. 2

Notes:

(1) March is the starting month for all 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 97%, USD 3%, GBP 1%, other currencies -1%
• • Policy: Mowi ASA shall over time hedge 0%-35% of the Group's long-term interest-bearing 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 - policies

• EUR/NOK

• •Mowi 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
  • •Mowi 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
  • • Mowi 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 Mowi Farming entities (including contribution from Sales) and peers with respect to price achievement and operational EBIT

Strategic currency hedging

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

S G C C S D E I N A T E D M A R K E T U R R E N I E
No rw ay	E U R
C h i le	U S D
Ca da na	U S D
Sc t lan d o	G B P
Ire lan d	E U R
Fa Is lan ds roe	E U R
Co Pr du Eu ts ns um er o c rop e	E U R
As ia	S U D
Fe d e	E U R

Thank you