Seafood consolidation seen from a global leading Seafood bank

1. Seafood consolidation seen from a global leading Seafood bank 21 May 2013 Anne Hvistendahl Head of Foods & Seafood, DNB Bank ASA

2. DNB – a strong bank in a strong economy • Strong fundamentals and market position • 34% owned by the Norwegian State • Moodys A1, S& P A+, stable outlook • 5 year CDS price among the lowest in Europe ( 73 bps) • # 1 in Norway and # 2 in the Nordics • Long term relationship bank • Strong sector focus internationally • One of the world`sleading Shipping and Offshore banks • A major international player in energy • A global leading seafood bank – focusing on selected markets, segments and customers

3. International footprint –Reflecting our sector strategies

4. Norway – a true Seafood nation Today Year 875 NOKbln Norwegian Seafood: further strong growth expected • More than 90% of Norwegian seafood products exported to international markets • Norway is the second largest provider of seafood in international markets, export value of approx. USD 9 billions • Salmon (& trout) farming provide for approx. 61% of total export value • Home to global leading players • New marketplaces for Seafood securities developed, 18 seafood companies listed on Oslo Stock Exchange Seafood: Norway`s second largest export sector Salmon Farming NOK bln 9 USD bln 76 USD bln Fisheries • Increase from approx. USD 14 billions in 2010 to approx. USD 41 billions in 2030 and USD 76 billions in 2050. • The established industries (Fisheries, Salmon farming, fishfeed, suppliers) expected to contribute with the bulk of the growth • New industries especially within “Marine Ingredients”, “Algae” and “High yield species” expected to develop substantially from 2030

5. Megadrivers - all in favour of aquaculture • Blue revolution • Protein race • How to feed the world Creating growth & consolidation – making opportunities for investors & lenders

6. DNB – a global leading Seafood bank • Core business, strategic ambitions (exposure USD 6 bill) • Institutionalized industry knowledge • International footprint • Part of the Norwegian seafood cluster • Long term perspective & customer relationships • Strong balance sheet and access to capital markets – incl. Norwegian HY bonds • Substantial underwriting capacity • Strong domestic & international customer base • M &A and Advisory services, one-stop shopping • Instrumental in salmon farming consolidation

7. Financing Seafood – a manageable challenge • Volatility • Fragmented industry • Biological risk • Political influence on regulations & markets • Sustainability • Capital intensive Consolidation helps!

8. Drivers for further consolidation • Growth / expansion • Economies of scale, bargaining power • Horizontal & vertical Integration, within and between value chains • Access/control to raw materials / distribution channels • Funding diversification – access to banks & capital markets • Risk reduction • Diversification • Balancing supply to demand • Reduction of biological risks • Influence on regulation • Sustainability • Environmental requirements • Food safety & traceability • Long term profitability

9. Recent activity – confirms consolidation trend Horizontal integration Corporate transactions Vertical integration Distressed cases

10. Expected development in selected segments • Norway • Aquaculture: Assets for sale ? • Fisheries : Need for consolidation • Scotland • Some players are too small and perhaps one too big • Chile • Need for fewer and bigger players • Restructuring of pelagic sector • Subsidiaries of Pescanova • Peru • Copeinca ...what happened yesterday ? • US/Canada • Pollock fleet • Far East

11. EUR 100 Million Bridge Financing MLA & Bookrunner 2011 T. Skretting AS EUR 500 Million RCF MLA & Bookrunner 2012 NOK 4 700 Million Operating Facilities MLA & Bookrunner 2011 NOK 994 Million Oslo Stock Exchange Guarntee Sole Arrenger 2013 NOK 950 Million Senior Debt MLA & Facility Agent 2010 US $ 450 Million Senior Debt MLA & Bookrunner 2010 US $ 125 Million Senior Debt Sole Arranger 2012 € 250 Million Senior Secured MLA & Bookrunner 2011 € 600 Million Senior Debt MLA, Bookrunner and Facility Agent 2010 US $475 Million Bank Facilities Co-Lead Arranger 2010 NOK 408 Million Senior Debt Sole Arranger 2010 Glacier Fish Company USD 125 Million Term Loan Revolver Doc. Agent / Lender 2011 The Scottish Salmon Company GBP 38 Million Refinancing Sole Arranger 2010 NOK 800 Million RCF Sole Arranger 2010 EUR 30 Million RCF Sole Arranger 2010 USD 30 Million Corporate Financing Sole Arranger 2010 CAD 300 Million Corporate Financing Lender 2010 Selected DNB Seafood transactions USD 45 Million WC financing Sole Arranger & lender 2010 NOK 100 Million Multipurpose Credit Line Sole Arranger 2011 USD 20 Million Term Loan Sole Arranger 2011 USD 55 Million Term Loan Sole Arranger 2011 NOK 1.530 Million Term Loan MLA & Bookrunner 2011 Norway Pelagic ASA NOK 1.020 Million Refinancing MLA 2011 NOK 900 Million Overdraft Facilities Cash Management Sole Arranger 2012 NOK 100 Million TL NOK 75 Million RCF Sole Arranger 2012 Aqua Chile S.A USD 30 Million Working Capital Financing Sole Lead Arranger 2013 GBP 55 Million Term Loan & Overdraft Facilities Sole Arranger 2013 NOK 120 Million Term Loan Sole Arranger 2012

12. Banking the Norwegian Way