Mowi ASA

Investor Presentation • Feb 12, 2020

Q4 2019 presentation

CEO: Ivan Vindheim CFO: Kristian Ellingsen

12 February 2020

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

• • Q4 operational EBIT of EUR 166 million
• • Q4 and full year turnover and volumes all-time high
  • • Farming: 436k tonnes GWT (375k tonnes GWT in 2018)
  • • Feed: Norway 353k tonnes (348k tonnes in 2018) and Scotland 52k tonnes
  • • CP: 196k tonnes (178k tonnes in 2018)
• • Spot prices improved significantly during the quarter on strong demand and tighter supply
• • Completed 2019 cost savings program with annual savings of EUR 41 million
• • Initiated a new global EUR 25 million p.a. cost improvement program
• • Issuance of EUR 200 million 5-year green bond in January 2020 with coupon EURIBOR + 160 bps
• • Quarterly dividend of NOK 2.60 per share to be paid in Q1 2020

Key financials

M i Gr in f ig ow ou p - m a ur es d ite d E ill ion Un UR au m	Q 4 2 0 9 1	Q 4 2 0 8 1	2 0 9 1	2 0 8 1
Op t io l re d t he inc er a na ve nu e an o r om e	1 1 1 1. 7	0 3. 4 % 1 7 7	4 3 4 1 5.	3 8 4. 4 1
io 1) Op t l E B I T er a na	1 6 5. 7	% 2 1 3. 0 -22	7 2 0. 9	7 5 2. 8
E B I T	2 3 3. 9	5 2 3 0.	6 1 7. 0	9 2 5. 4
Ca h f low fro t io s m o p er a ns	4 9. 1 7	0 1 7. 5	9. 0 7 5	6 2 0. 9
1) 2) t in te t- be ing de b t ( ) Ne N I B D re s ar	1 3 3 7. 2	1 0 3 7. 2	1 3 3 7. 2	1 0 3 7. 2
ic S ( ) Ba E P E U R s	0. 3 9	2 0. 3	0. 9 2	1. 1 5
1) de ly ing S ( ) Un E P E U R r	0. 2 2	0. 3 1	0. 9 9	1. 1 1
1) Ne t c h f low ha ( E U R ) as p er s re	0. 0 5	0. 0 1	0. 9 5	0. 5 1
1) R O C E	9. 0 % 1	2 6. 6 %	9. 9 % 1	2 4. 9 %
1) Co t e i ty t io ve na n q u ra	3. 0 % 5	6. 0 % 5	3. 0 % 5	6. 0 % 5
t v lum ( G ) Ha W T rv es o e	1 1 6 3 1 4	10 % 1 0 5 7 8 3	4 3 5 9 0 4	3 7 5 2 3 7
1) - Op t io l kg ta l E B I T - E U R To er a na p er	4 2 1.	2. 0 1	6 1. 5	2. 0 1
No rw ay	2. 2 1	2. 4 4	2. 0 5	2. 3 7
Sc t la d o n	1. 2 4	2 2. 3	1. 9 3	2. 0 0
Ca da na	-0 5 3	2 1. 4	0. 2 8	1. 1 6
i C h le	0. 7 9	1. 2 5	1. 3 6	1. 4 0
Ire la d n Fa	3. 3 4 6 3 1.	2. 4 5 6 2 1.	2. 6 8 9 1. 7	3. 1 6 2. 0 5
ro es

Page 4 1) Notes in report

2) NIBD excluding IFRS 16 effects. NIBD including IFRS 16 effects of EUR 1,723 million

Salmon prices – weekly reference 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)

Page 5

EUR per kg (Oslo)

Price achievement (1), contract & superior share

		i N o r e g a n w	i S t t h c o s	i C d a n a a n	i C h l e a n
Q 4- 9 1	C t t h o n r a c s a r e	3 8 %	6 0 %	0 %	2 4 %
	S i h u p e r o r s a r e	9 % 5	9 3 %	4 % 7	8 8 %

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

• • Overall good results in the quarter, notwithstanding lower realised prices
• • Higher volumes and stable costs year-over-year
• • Costs expected to increase in Q1 2020 (versus Q4 2019) due to lower volumes in general and change in mix (a lesser share in Region North, best cost performing region)

Norway: Operational EBIT/kg per region

• Region Mid margin highly impacted by c.60% of volumes in October

Note: Including contribution from all business areas

Page 9

Norway: Sales contract portfolio

• 2020 contracts mainly negotiated during the fall of 2019 and impacted by the prevailing forward prices

Page 10 Note: Mowi Norway's fixed price/fixed volume contracts with third party customers and Mowi's processing entities. Mowi's processing entities cover a large proportion of their sales exposure through third party end-product contracts.

Scotland

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

• • Higher volumes, however, results lower due to decreased realised prices
• • Price achievement positively impacted by contracts
• • Costs relatively stable year-over-year
• •Notwithstanding somewhat challenging environmental conditions during H2, all time high full year volumes

Canada

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

• • Q4 impacted by reduced prices and a year of challenging environmental conditions
  • •Canada West: Extended periods of low oxygen and plankton in H2
  • • Canada East: Mass mortality incident in Q3
• •Prices improved during the quarter following reduced industry volumes

Chile

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

•Reduced results on lower prices

• • Lower cost and good volumes
• •Sea lice situation improved during the quarter
• • Costs expected to increase in Q1 2020 (versus Q4 2019) on harvesting from sites with a higher cost level

Operational EBIT Salmon of Chilean Origin Q4 2018 vs Q4 2019 0 5 10 15 20 25 Op EBIT Q4 2018 Price Volume Feed Other SW costs Non SW costs Translation Op EBIT Q4 2019

Page 13

Ireland and Faroes

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

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

• • Good results from Mowi Ireland as market for organic salmon remains favourable and cost decreased year-over-year
• •Reduced results from Mowi Faroes due to less harvest volumes

Consumer Products (1)

C O N S U M E R P R O D U C T S
E U R m i l l ion	Q 4 2 0 1 9	Q 4 2 0 8 1
i O t p e r a n g r e e n e s v u	6 7 4. 3	6 4 3. 3
i O t l E B I T p e r a o n a O t i l E B I T % p e r a o n a E B I T	1 5. 1 2. 2 % 1 4. 3	3 8. 4 6. 0 % 3 8. 9
V l l d ( t d. i h t ) o u m e s o o n n e s p r o w e g	5 5 2 9 3	4 8 3 6 2

• • Record-high volumes sold
• • Strong consumption rates in key European and American markets
• • Margin pressure in European VAP
• • Results in CP Europe in Q1 2020 expected to be negatively impacted by high salmon prices and continued fierce competition

"Pink Beauty"

Feed

F E E D
i l l ion EU R m	Q 4 2 0 1 9	Q 4 2 0 8 1
O i t p e r a n g r e v e nu e s	0. 8 1 7	3 2 1 1.
O t i l E B I T p e r a o n a i % O t l E B I T p e r a o n a	3. 8 1 % 8. 1	8 5. % 4. 4
E B I T	1 4. 0	6. 0
F d l d lu e e s o o m e v	1 3 0 0 3 4	1 0 9 8 5 0
d d d lu F e e p r o u c e v o m e	2 2 1 1 7 7	9 8 3 1 5

• • Record high volumes sold and satisfactory earnings
• •New feed plant in Scotland nearing end of commissioning phase
  • • Initial steady performance
  • • 23k tonnes sold
• •Towards self-sufficiency of feed requirements in Europe in 2020

Q4 2019 presentation

Financials, Markets and Harvest volumes

Profit and Loss

Mo i Gr w ou p illio EU R m n	Q 4 2 0 9 1	Q 4 2 0 8 1	2 0 9 1	2 0 8 1
ion inc Op t l r d t he er a a ev en ue a n o r om e	1 1 1 1. 7 4 %	1 0 7 3. 7	4 1 3 5. 4	3 8 1 4. 5
1) Op t ion l E B I T er a a	1 6 5. 7 -22 %	2 1 3. 0	7 2 0. 9	7 5 2. 8
C ha in l ize d in l m in te ng e un rea rna ar g in fro iva ive Ga / los de t s m r s fa ir v lue d j f b iom Ne t tm t o a a us en as s, Re tu tu ing ts s c r c os O t he t ion l i te r n on -o p era a ms fro ia te d ies Inc om e m as so c co m p an irm f ixe Im t los d ts p a en se s - as se	-3. 4 6. 2 5 1. 7 0. 1 -2. 1 8. 8 1 -3. 2	-3. 4 -1. 9 1 1. 8 0. 7 -0. 7 3. 4 1 -2. 4	-5. 1 2. 4 -1 2 2. 3 -1 9. 2 -4. 0 4 8. 7 -4. 5	9 -5. 4. 4 1 4 0. 3 0. 3 -1. 0 4 5. 5 -1 1. 0
E B I T	2 3 3. 9	2 3 0. 5	6 1 7. 0	9 2 5. 4
Ne t f ina ia l i te nc ms ing be for ta Ea rn s e x	1 2. 7 2 4 6. 6	-5 5. 0 1 7 5. 5	-9. 5 6 0 4 7.	-1 9 3. 2 3 2. 2 7
Pro f i t o los for t he io d r s p er	2 0 3. 4	1 6 1. 7	4 7 6. 3	5 6 7. 2
ic S ( ) Ba E P E U R s Un de ly ing E P S ( E U R ) r f ( ) Ne t c h low ha 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 9 0. 2 2 0. 0 5 2. 6 0	0. 3 2 0. 3 1 0. 0 1 2. 6 0	0. 9 2 0. 9 9 0. 5 9 0. 4 0 1	1. 1 5 1. 1 1 0. 5 1 0. 4 0 1
ion in Op t l E B I T m era a ar g Ha t v lum G W T ( lm ) rve s o e, sa on ion inc in fro Op t l E B I T p kg l m Sa le era a er ar g m 1) R O C E	% 1 4. 9 1 1 6 3 1 4 10 % 1. 4 2 1 9. 0 %	% 1 9. 8 1 0 5 7 8 3 2. 0 1 2 6. 6 %	% 1 7. 4 4 3 5 9 0 4 1. 6 5 1 9. 9 %	% 1 9. 7 3 7 5 2 3 7 2. 0 1 2 4. 9 %

• • Positive net fair value adjustment of biomass of EUR 52 million mainly related to higher salmon prices
• •Associated companies: EBIT/kg of EUR 2.10 on 10k tonnes (46k tonnes for full year 2019) from Nova Sea

Page 18

Financial position

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

• Stable development in assets from Q3 2019

Cash Flow and Net Interest Bearing Debt

i M Gr ow ou p EU R m ill ion	Q 4 2 0 9 1	Q 4 2 0 8 1	2 0 9 1	2 0 8 1
N I B D be in in f p io d g n g o er	-1 2 3 0. 2	-1 2 1 8. 2	-1 0 3 7. 2	-8 3 1. 9
Op t io l E B I T D A * er a na	2 0 6. 5	2 5 2. 3	8 7 4. 4	9 0 6. 2
C ha in k ing i ta l ng e w or c ap	0 9. -1 5	2 4. 9 -1	0 4. 0 -1	4 -1 7. 7
i Ta d xe s p a	-9 6	-1 4. 4	-1 5 6. 3	-1 2 9. 8
O t he d j tm ts r a us en	2 5. 1	-5 4	1 1. 3	-7 8
f fro io Ca h low t * s m op er a ns	1 1 2. 4	1 0 7. 5	6 2 5. 5	6 2 0. 9
Ca Ne t p ex	-9 0. 7	6. 0 -7	-2 8 6. 1	-3 3 9. 6
inv iv i ive O t he tm ts d d de ds d r es en an n re ce	1 4. 1	-2 1. 6	-2 2. 2	-2 2 4. 1
f fro in Ca h low tm ts s m ve s en	-7 6. 7	-9 7. 6	S t l c o a n -3 0 8. 3	d C t : o n s -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 6. 2	-9 7	-5 7. 3	-3 8. 4
O t he i te r m s	8. 1	5. 5	-1 0. 9	5. 2
Ne t c t i b le bo ds te d on ve r n c on ve r	0. 0	3 1 1. 3	0. 0	3 1 1. 3
iv i de d / tu f p i d in i ta l D n re rn o a ca p	-1 3 4. 0	-1 3 5. 2	-5 4 4. 9	-5 3 2. 4
Cu f fe t o in te t- be ing de b t rre nc y e c n re s ar	-0 8	-0 8	-4 1	-8 2
N I B D d f p io d en o er	-1 3 3 7. 2	-1 0 3 7. 2	-1 3 3 7. 2	-1 0 3 7. 2
*Ex clu din ffec ts o f IF RS 16 g e
N I B D d is tr i bu t io n:
E U R	9 1 %	9 9 %	9 1 %	9 9 %
S U D	3 %	3 %	3 %	3 %
G B P	% 5	% 1	% 5	% 1
O t he ies r c ur re nc	1 %	-3 %	1 %	-3 %

Page 20

2020 Cash Flow Guidance

• •Working capital build-up EUR ~90m
  • • Support further organic growth
• •Capital expenditures EUR ~265m(*)
  • • Freshwater investments EUR ~65m
    • • Norway, Canada, Chile
  • •Sea water expansion projects EUR ~20m
    • • Norway, Scotland, Canada
  • • Consumer Products: rebuild Kritsen factory EUR ~15m
• •Interest paid EUR ~40m (ex IFRS 16 effects)
• • Taxes paid EUR ~145m
• • Quarterly dividend payment in Q1 2020 of NOK 2.60 per share as ordinary dividend

Overview financing

• •Bank facility: EUR 1,406m Facility Agreement
  • • Tenor 5 years (Maturity: June 2022)
  • • Covenant: 35% equity ratio (adjusted for IFRS 16 leasing effects)
  • • Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB
• • Senior unsecured bond: EUR 200m
  • • Tenor 5 years (Maturity: June 2023)
  • • EURIBOR + 2.15%
• • Senior unsecured green bond: EUR 200m
  • • Tenor 5 years (Maturity: January 2025)
  • • EURIBOR + 1.60%
• •Senior unsecured Schuldschein loan in the German market: EUR 150m
  • •Tenor 7 years (Maturity: May 2026)
  • • EURIBOR + 1.70%
• •Long term NIBD target EUR 1,400m

Continued focus to improve our cost position

• • Several cost reduction measures taken in recent years
• •Improved cost-conscious decision-making
• •2018 cost program
  • • EUR 61 million in annualised savings
  • • Other opex, COGS, FTE's
• • 2019 cost improvement program
  • • EUR 41 million in annualised savings
• • 2020 new global cost improvement program
  • •Target of EUR 25 million in savings p.a.

Development of "cost in box" per kg 0 1 2 3 4 5 2015 2016 2017 2018 2019 EUR per kg Cost in box per kg

• • Cost initiatives are important to address the underlying cost pressure
  • • Biology
  • • Feed

•Regulations

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

Supply development

• Global supply growth modest in the quarter and in line with overall expectations

• • Norway: More than expected supply driven by a higher number of fish harvested. Reduced feed consumption and biomass flat y-o-y
• • Scotland: Increase more than expected due to biological conditions in the beginning of the quarter
• •Chile: Supply decrease was more than expected due to social unrest issues in October and November. Logistical challenges and reduced exports

Page 24

Note: Atlantic Salmon (GWT)

Development in reference prices

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

Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg)

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

Prices up to week 5 in 2020

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

Page 25

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

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

Global volume by market

• Europe: Strong retail demand in the core markets; Germany, UK, France, Spain and Italy

• • Americas: Volume growth in the US and Brazilian markets continued
• • Asia: Good developments in China/Hong Kong. Rest of Asia impacted by reduced availability of frozen salmon from Chile (sold to the USA/Brazil as fresh)

Page 26 Source: Kontali Note: Atlantic Salmon (GWT), LTM: Last Twelve Months, PTM: Previous Twelve Months"

I d t l t h 2 0 2 n s r s p p g r o u y u y w	0 e
-----------------------------------------------------------------------------------------------------------------	--------

	201 6	201 7	201 8	201 9	202 0E	202 0E
GW T ( 1, 000 )						Low	Y/Y th gr ow	Hig h	Y/Y th gr ow
Nor w ay	1 0 54	1 0 87	1 1 28	1 2 00	1 2 41	1 2 25	2 %	1 2 56	5 %
UK	142	159	138	166	167	163	-2 %	171	3 %
Far Isla nds oe	70	72	65	78	81	79	1 %	83	6 %
Oth er E * uro pe	22	26	25	37	44	42	15 %	46	26 %
To tal Eur op e	1 2 87	1 3 44	1 3 56	1 4 81	1 5 33	1 5 09	2 %	1 5 56	5 %
Chi le	454	508	594	621	648	633	2 %	663	7 %
Nor th A rica me	152	143	149	148	138	134	-9 %	142	-4 %
To tal Am eri cas	606	651	743	769	786	767	0 %	805	5 %
Oth er	53	66	66	76	89	86	14 %	92	22 %
To tal	1 9 46	2 0 61	2 1 65	2 3 25	2 4 08	2 3 62	2 %	2 4 53	5 %

	Q1 201 6	Q1 201 7	Q1 201 8	Q1 201 9	Q1 202 0E	Q1 202 0E
GW T ( 1, 000 )						Low	Q/Q th gr ow	Hig h	Q/Q th gr ow
Nor w ay	244	249	262	267	257	253	-5 %	260	-2 %
UK	34	36	30	37	37	36	-4 %	38	1 %
Far Isla nds oe	17	16	16	20	20	19	-2 %	20	3 %
Oth er E * uro pe	4	5	7	10	10	9	-2 %	10	8 %
To tal Eur op e	298	306	315	333	323	317	-5 %	329	-1 %
Chi le	144	118	151	156	165	161	3 %	168	8 %
Nor th A rica me	34	30	31	30	32	31	4 %	33	11 %
To tal Am eri cas	178	148	182	186	197	192	3 %	202	8 %
Oth er	14	15	14	17	20	19	15 %	21	24 %
To tal	490	469	511	536	540	529	-1 %	551	3 %

	Q2 -Q4	Q2 -Q4	Q2 -Q4	Q2 -Q4	Q2 -Q4	Q2 -Q4 20 20E
GW T ( 1, 000 )	201 6	201 7	201 8	201 9	202 0E	Low	Q/Q th gr ow	Hig h	Q/Q th gr ow
Nor w ay	810	838	866	933	984	972	4 %	996	7 %
UK	108	124	108	129	130	127	-1 %	133	3 %
Far Isla nds oe	53	57	48	59	61	60	2 %	63	7 %
Oth er E * uro pe	18	21	18	27	34	33	21 %	36	32 %
To tal Eur op e	989	1 0 39	1 0 41	1 1 48	1 2 09	1 1 92	4 %	1 2 27	7 %
Chi le	310	390	443	465	483	472	1 %	495	6 %
Nor th A rica me	117	113	118	117	106	103	-13 %	109	-8 %
To tal Am eri cas	427	503	561	583	589	575	-1 %	603	4 %
Oth er	40	51	52	59	69	67	13 %	71	21 %
To tal	1 4 56	1 5 93	1 6 54	1 7 89	1 8 67	1 8 33	2 %	1 9 02	6 %

Page 27

(*) Ireland and Iceland 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.

• 2020 guidance: Modest global growth of 2-5%

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

Mowi volume guidance

• Stable number of individuals in sea year-over-year 2019 vs 2018, however, mix is different

• •Increase in Norway and decrease in Canada
• •2020 volume guidance of 450,000 GWT
  • •Improved capacity utilisation in Norway
    • • Limited effect from the Traffic Light System in 2020
  • •Canada impacted by biological incident in Q3 2019
  • • Scotland, Chile, Ireland and Faroes relatively stable

Outlook

• • Notwithstanding short term issues with the Corona virus, sector fundamentals remain strong
  • • Good demand in all key markets and modest supply outlook
  • •Fish Pool forward price (12 months) at EUR 6.0/kg
• •2020 harvest volume guidance maintained at 450,000 tonnes GWT
• • Strengthening leadership resources in Farming to further increase focus
  • • COO Farming Norway
  • • COO Farming Scotland & Ireland
  • • COO Farming Americas & the Faroes
• • Establishing Mowi Global Processing Excellence Team to increase productivity through scale advantages, process enhancements, automation and digitalisation
• • Feed plant in Scotland finalising commissioning phase. Targeting 150,000 tonnes in 2020 (capacity 240,000 tonnes)
• • Launch of the MOWI brand in France and USA in Q1 2020
• • Quarterly dividend payment in Q1 2020 of NOK 2.60 per share as ordinary dividend

Q4 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 A L E S C O N T R A C T P O L I C Y
	M i h d i t n e g n g r a e	( 1) M h d i t a x e g n g r a e
( 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) C h i 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

• • Q1 2020 contract shares (% of guided volume):

  • • Norway 50%
  • • Scotland 78%
  • •Canada 0%
  • • Chile 37%

• • Ireland 98%

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

Quarterly segment overview

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

YTD segment overview

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

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

Development in harvest volumes

Growth relative to same period in previous year

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

Cash flow guidance and historic developments

Page 36

(*) Excludes any potential Traffic Light System growth in Norway (**) Excludes effects of IFRS 16

Nova Sea

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

• • 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

• •Paid dividends of NOK 300m in Q1 2019, NOK 300m in Q2 2019 and NOK 275m in Q4 2019 (Mowi's share NOK 406m)

• • Proportion of income after tax reported as income from associated companies in Mowi Norway
  • • EUR 18.5m in Q4 2019

Debt distribution and interest rate hedging

CU RR EN CY	DE BT	20 19- 20 20		20 20 -20 21		20 21 -20 22		20 22 -20 23
	(2) 31 / 12/ 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	1 2 8 3. 4	0.5 97	3. 27 %	0 3 8 0.	2.1 3 %	0 3 8 0.	2. 20 %	-	0. 0 0 %
U SD m	6 0. 0	.5 167	2. 9 3 %	3 7 8.	2. 31 %	3 7 8.	2. 31 %	0 6 0.	4.1 3 %
GB P m	40 0	0 3 4.	% 3.1 3	.5 23	% 2. 8 3	.5 23	% 2. 8 3	-	% 0. 0 0
Ot he ( EU R m ) r	81 3

Market value of IRS contracts (31/12/19):

Change in market value due to market movements in Q4(4):

Change in market value due to interest settled on IRS contracts in Q4(5):

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

(5) Net amount of interest on IRS contracts settled quarterly in cash

• External interest bearing debt is distributed as follows: EUR 91%, USD 3%, GBP 5%, other currencies 1%

-29.8

4.5

9.4

MEUR

MEUR

MEUR

• 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 / N	O K	U S D / C A D
S T R A T E G I C C U R R E N C Y H E D G I N G	M E U R	Ra te	M U S D	Ra te
2 0 2 0	1 9 9. 2	9. 9 5	2 8. 8	1. 3 1
2 0 2 1	1 9 9. 2	1 0. 2 8	2 6. 4	1. 3 2
P / L f fe t o f c tra ts l ize d in Q 4 ( M E U R ) e c on c re a	-1 2
	M E U R
Ma ke t v lu 3 0 / 0 9 / 2 0 1 9 r a e	-6 2
C ha ng e	8 7.
/ / Ma ke t v lu 3 1 1 2 2 0 1 9 r a e	1. 6

D E S I G N A T E D M A R K E T C U R R E N C I E S
No rw ay	E U R
C h i le	U S D
Ca da na	S U 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 ro p e	E U R
As ia	S U D
Fe d e	E U R

Thank you