A giant step in whitefish. Brussels April 2017 Knut Hallvard Lerøy Lerøy Seafood AS

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1 A giant step in whitefish Brussels April 2017 Knut Hallvard Lerøy Lerøy Seafood AS

2 What will change in the market when Lerøy now is big on salmon and whitefish?

3 It's an extremely lean fish with very little fats and great source of protein

4 Havfisk and Norway Seafoods Havfisk Norway s largest trawler company 11% of the Norwegian white fish quota Fleet of 9 active vessels (and 1 ordered for delivery in January 2018) A highly modern fleet (considerable investments in recent years) All fish are headed and gutted on board Total 2016 catch 63,764 MT head off gutted weight 29,945 MT of cod, 11,508 MT of haddock and 9,409 MT of saithe Lerøy Norway Seafoods Lerøy Norway Seafoods is one of Europe s leading companies for processing of wild caught whitefish Norway s largest sourcing network for whitefish 10 own sourcing stations, 3 sourcing stations in partnership, cooperation with several additional sourcing stations 8 primary processing facilities and 1 value added factory Owns 5 processing plants linked to trawler licenses, operated by Norway Seafoods 4

5 Havfisk and Norway Seafoods the value chain From Ocean to table Havfisk / Norway Seafoods core activities Havfisk ASA - harvesting Norway Seafoods AS - processing, sales and market EFF: Kjell Ove Storvik EFF: Tom Haga 10 trawlers in Norway catching cod, saithe, haddock, prawns, black halibut and redfish. Quota 2016: tons of whitefish including redfish, shrimps and by-catch Eight primary processing sites - seven in Norway and one in Denmark Three secondary processing sites - one in Norway and two in Denmark Number one processor of fresh and frozen cod and haddock in Norway 20% of raw material from the Havfisk trawler fleet Sales to leading processors and retail chains in Europe, North America and Asia NWS/MHJ

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7 Norway Seafoods in brief Norway Seafoods Norway Norway Seafoods Denmark Tromvika Sørvær Skarsvåg Berlevåg Forsøl Båtsfjord Kjøllefjord Vardø Rypefjord Nesseby Grenå Skårvågen Melbu Stamsund Klepstad Hvide Sande tons of whole fish from 600 vessels tons of filet products 580 employees 1,3 BNOK in revenues tons of whole fish tons of filet products 190 employees 0,6 BNOK in revenues NWS/MHJ

8 Norwegian whitefish - largest challenges Strong Seasonal Profile for Fresh Raw Material High Salary Costs vs Global competition Demanding Political Framework Lack of Technological Development in Processing 8

9 «We have a mission with COD» 9

10 Lerøy Seafood Group ASA Farming Catching VAP Sales & Distribution 10

11 Integrated value chain white fish Fully integrated value chain for withe fish 1000 employees 19% of Norwegian white fish huge capacity in value added products Full traceability Focus in best practice through the value chain 11

12 Fresh cod is seasonal 13

13 Lerøy 2016 Lerøy 2017 White Fish Trout Others Whole salmon White fish Others Whole salmon Trout Processed salmon Processed salmon 14

14 Strategy Partnership New technology Integrated Value Chain Develop new products brands category development Reduce manual labour/work in production Increase product value Improve product quality Strong relations with Coastal Fleet Partnership with Havfisk Improve raw material quality 15

15 New Technology

16 Integrated value chain for seafood Fully integrated value chain for production of salmon, whitefish and trout Full traceability Focus on best practice and investment through the whole value chain 3500 employees 18

17 Leveraging the strong LSG distribution network Global reach and sales to more than 70 countries A significant industrial activity within trading, processing, sales and distribution of fish (including white species) Investments in fish cuts in end markets recent years Strong European distribution, the most important market for white fish Seeing high demand for white fish products throughout the network Processing facilities Fish-cuts/fresh distribution facilities 19

18 Lerøy Sjømathuset fresh distribution center Full range production of fresh seafood Norways largest producer of sushi Leading the innovation of fresh seafood 20

19 Partnership 21

20 Revolution in fresh/refreshed fish distribution Well advanced in salmon, just started for white fish Example from low cost retailer in Norway Fresh and refreshed MAP packets give more efficient value chain, significant improvement in availability as well as more convenient products Driving demand and willingness to pay for both salmon and cod (see data beneath) Example from low cost retailer in Norway, which some years ago did not have fresh fish (see picture) In many other European markets, this trend is well advanced for salmon, but barely started for cod/white fish European retailers see this trend and will to an increasing extent prefer suppliers who can supply a full palette of seafood products Being fully integrated in both salmon and white fish, Lerøy is ideally positioned to become the full fledged preferred seafood supplier Norway Natural fresh prepacked cod volume (MT prod. weight) Salmon Trout Cod Saithe Sushi Other seafood Source: Norwegian Seafood Council 22

21 Combined seafood counter 23

22 More seafood into the ready-to-eat category 24

23 Innovating the seafood category 25

24 Innovating the seafood category 26

25 Poke - launched in Norway 2017

26 w w w. l e r o y s e a f o o d. c o m