DnB NOR Markets Norsk fiskeri sett fra børsen

1. DnB NOR Markets Norsk fiskeri sett fra børsen Saturday, August 16, 2014

2. NOK 8,745 million Private Placements Year 2006 Joint Lead TRACK RECORD AND CAPABILITIES BROAD PLACING POWER AND DISTRIBUTION… • Extensive placing power in the Norwegian equity market • #1 on Oslo Børs • Covers the majority of all the largest institutional and private investors • Nordic, European and US institutions • Strong relations to an extensive number of large and small institutions • A broad distribution network • Norway's largest institutional sales force • Retail sales through 13 regional offices and more than 35,000 clients • Norway's leading private bank • 170 DnB NOR branches • Dedicated equity sales force towards international institutions • Access to Norway's largest client customer base • 18 institutional and 37 retail equity brokers • Equity trading on Internet – 40,000 Online clients Source: Oslo Børs Source: Reuters First

3. INVESTMENT BANKING DIVISION INTERNATIONAL PRESENCE INVESTMENT BANKING FOLLOWS CORPORATE BANKING AND CLIENTS Oslo • 27 corporate finance professionals • 19 research analysts • Norway's largest institutional sales desk • Full backing from DnB NOR Group London • 2 corporate finance professionals • Backing from 20 shipping & energy corporate/relationship bankers New York/Houston • 7 corporate finance professionals • Equity sales team established in 2008 • Backing from 20 shipping & energy corporate bankers covering the American market Santiago • Establish DnB NOR Branch with seafood desk and available corporate finance professionals Singapore • 4 corporate finance professionals • Analyst team established in 2008 • Backing from 15 shipping & energy corporate bankers covering the Asian market DnB NOR Markets corporate finance DnB NOR Bank – shipping, offshore & energy divisions DNB NORD joint venture

4. NOK 780 m Private Placement and IPO Year 2006 Joint Lead SELECTED PROJECTS PROVEN TRACK RECORD IN MANAGING SEAFOOD TRANSACTIONS NOK 120 m NOK 75 m Sale of PHARMAQ AS to Orkla/Kverva Year 2008 • Executed the successful sale of PHARMAQ in an challenging financial environment in 2008 • Lead manager in one of the largest equity offerings ever executed in Norway • Lead manager for Pan Fish in the acquisition of Marine Harvest and Fjord Seafood • Joint lead manager in IPO of Austevoll Seafood • Lead manager in Private Placements and IPO of Codfarmers M & A Year 2007 Equity Offering and IPO Year 2006 Private Placements Year 2006 Lead Financial Adviser Lead Lead NOK 5,450 m NOK 700 m NOK 4,000 m EUR 1,325 m NOK 2,600 m Private Placement Year 2006 Private Placement Year 2006 M&A Year 2006 Private Placement Year 2006 M&A Year 2006 Advisor Advisor Joint Lead Joint Lead Joint Lead NOK 564 m NOK 453 m Block Trade Year 2005 M&A Year 2005 M&A Year 2005 M&A Year 2005 Equity Offering and IPO Year 2005 Joint Lead Lead Lead Lead Lead

5. Sjømat på Oslo Børs Det å være på Oslo Børs er ikke noen stor forskjell fra det å handle gjennom for eksempel Norges sildesalgslag Men, utenfor børs kan du skryte av alt du eier På børs vil kona vite nøyaktig hva du er verd hver dag

6. Sjømat selskaper notert på Oslo Børs Codfarmers Grieg Seafoods Copeinca Lighthouse Aker Biomarine SalMar Norway Pelagic Akva Group Domstein Fjord Seafood Cermaq Lerøy Pan Pelagic Aker Seafoods Austevoll Seafoods Marine Farms Marine Harvest Sea Farm AS Norway Seafoods Pan Fish Einvik Fisk 1980- 2000 2009

7. 15 selskaper med en verdi på 19 mrd Selskap Foretnings - område Markeds -verdi Andel i sjømat Laks 5.4 mrd 29% Pelagisk, Laks 2.4 mrd 12% Laks 2.3 mrd 12% Laks 2.4 mrd 13% Laks 2.8 mrd 15% 0.6 mrd 4% Pelagisk Hvitfisk 0.3 mrd 2% Laks 0.2 mrd 1% Laks/Sea-bream/bass 0.4 mrd 2% Torsk 0.1 mrd 0% Pelagisk/ Hvitfisk 0.1 mrd 1% Pelagisk 0.4 mrd 2%

8. Eksempler innenfor noen næringer dere kjenner

9. Eksempler innenfor noen næringer dere kjenner

10. Seafood vs. OSEBX

11. Hele sektoren blir dratt opp og ned

12. Et grusomt år på Oslo Børs for investorene Markedsverdien for 1 år siden var = 40.5 mrd Nå er verdien av de 15 selskapene = 19 mrd Et stygt fall på 22 mrd eller 54%

13. Pris/kost for laks fra Norge

14. Innen hvitfisk næringen • Men med kvoter opp 25% • Betydelig fall i bunkers kostnader • Overraskende positiv valutasituasjon • Så er det vel ikke helt gale å være fisker i 2009 heller!! • Kreditt og marked er utfordringene

15. Mer stabilt innen fiskemel globalt, men ingen fest Og kvotene av kolmule er vel heller ikke noe å rope hurra for?

16. Her er det fest? • Veldig gode priser • Betydelig økning i kvoter • Betydelig fall i bunkers • Kan vel ikke klage så alt for mye innen denne delen av sjømat sektoren

17. Verdiutvikling pr. basistonn

18. Utsiktene på lang sikt er gode og spennende: Vi vil spise mer og mer sjømat

19. Utsiktene i Norge – kunne blitt julaften hver dag • En fantastisk biomasse situasjon pga bl.a. god forvaltning • Sild, Makrell og Lodde • Torsk, Sei og Hyse Betydelig fall i bunkers og en gunstig valuta så er forutsetningene på plass for en fest Litt synd at myndighetene påtvinger inneffektivitet i næringen gjennom for mye stål. Om ikke, så hadde det vært julaften hver dag i 2009 og 2010.

20. Appendix:

21. THE DnB NOR GROUP A FIRST CLASS INVESTMENT BANK WITH FULL ACCESS TO THE RESOURCES IN THE DnB NOR GROUP DnB NOR • DnB NOR • - The largest Norwegian Bank • Global ambitions within • Shipping/off-shore • Seafood • Energy Private clients Business clients Asset Management Life Insurance Retail Banking Corporate Banking Investment Banking DnB NOR Markets Norway's largest investment bank Account forInvestorsand issuers(VPS) Equitytrading, derivatives & research Corporate Finance Bonds,commercialpapers andsyndicationloans FX and interest rateinstruments Custody services &equityfinancing * * * * * * 20-55% 10-20% 15-20% 20-30% 15-40% 35-50% Top 3 market share on Oslo Børs Offices in Norway, London, New York, Houston, Shanghai and Singapore * Market share

22. FX/Fixed Income Equity Sales and Research Corporate Finance • Debt Capital Markets • Customers FX/Treasury • Trading FX/Treasury • Structured Products • Strategic and Financial Advisory • M&A • Private and Public Equity • Restructuring • Equity Trading • Equity Sales • Equity Research • Derivates • DnB NOR Markets Online • Securities Services NORWAY'S LARGEST FINANCIAL SERVICES GROUP COMBINING INVESTMENT- AND CORPORATE BANKING DnB NOR Asset Management Life Insurance Retail Banking Investment Banking Corporate Banking DnB NOR Markets  Investment Banking Corporate Banking • Client Management • Credit Services • Syndication • Structured Finance DnB NOR provides a wide range of financial products and tailor-made solutions for the global industry

23. DNB NOR MARKETS SEAFOOD SECTOR TEAM DnB NOR MARKETS – SEAFOOD TEAM DnB NOR Markets Corporate Finance Oslo Stranden 21, Aker Brygge NO-0021 Oslo, Norway Tel: (+47) 2294 8880Fax: (+47) 2283 2000 DnB NOR Markets, Inc.Corporate Finance New York 200 Park Avenue – 31st FloorNew York, NY 10166 Tel: +1 (212) 681-3800Fax: +1 (212) 681-4121 Internett: www.dnbnormarkets.no E-mail: cf.markets@dnbnor.no Corporate Finance Equity Analysts Terje Skullerud Head of Corporate Finance Telephone: +47 22 94 88 52 Mobile: + 47 48 22 56 01 E-mail: terje.skullerud@dnbnor.no Per Even Hauge Senior advisor Seafood Telephone: +47 22 94 81 27 Mobile: +47 97 13 58 66 E-mail: per.even.hauge@dnbnor.no Karl Johan Standal Senior advisor Seafood Telephone:+47 22 94 81 24 Mobile: +47 99 25 77 28 E-mail: karl.johan.standal@dnbnor.no Klaus Hatlebrekke Telephone: +47 22 94 89 65 Mobile: +47 9751 67 57 E-mail: klaus.hatlebrekke@dnbnor.no

24. The information contained in this e-mail, and any files attached with it, is confidential and intended solely for the use of the individual they are addressed to. If the reader of this message is not the intended recipient you are hereby notified that you have received this document in error, and that any review, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please contact the sender by return e-mail and destroy all copies of the original message. Please advise the sender immediately if you or your employer do not consent to Internet e-mail messages of this kind. Any attached report is based on information obtained from public sources that DnB NOR Markets believes to be reliable but which DnB NOR Markets has not independently verified, and DnB NOR Markets makes no guarantee, representation or warranty as to its accuracy or completeness. Any opinions expressed herein reflect DnB NOR Markets’ judgment at the time the report was prepared and are subject to change without notice. Confidentiality rules and internal rules restrict the exchange of information between different parts of DnB NOR Markets/DnB NOR Bank ASA and this may prevent employees of DnB NOR Markets who are preparing this report from utilizing or being aware of information available in DnB NOR Markets/DnB NOR Bank ASA which may be relevant to the recipients’ decisions. This report is not an offer to buy or sell any security or other financial instrument or to participate in any investment strategy. No liability whatsoever is accepted for any direct or indirect (including consequential) loss or expense arising from the use of this report. Distribution of research reports is in certain jurisdictions restricted by law. Persons into possession of this report should seek further guidance regarding such restrictions before distributing this report. Please contact DnB NOR Markets at +47 22 94 88 81 for further information and inquiries regarding this report, such as ownership positions and publicly available/commonly known corporate advisory performed by DnB NOR Markets etc, in relation to Norwegian regulation 2005/07/01 no. 783 regarding preparation and distribution of investment recommendations. This report is for clients only, and not for publication, and has been prepared for information purposes only by DnB NOR Markets - a division of DnB NOR Bank ASA registered in Norway number NO 984 851 006 (the Register of Business Enterprises) under supervision of the Financial Supervisory Authority of Norway (Kredittilsynet). Further information about DnB NOR Markets can be found at website dnbnor.no.