Holbergseminar Bergen November 2014

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1 Holbergseminar Bergen 2014 Ole-Eirik Lerøy 5 November 2014

2 Forward looking statements This presentation may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest s contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expectations of the completion and capacity of our fish feed plant, 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 (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Marine Harvest's business and results. These statements speak of Marine Harvest 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. Our registration statement on Form 20-F filed with the US Securities and Exchange Commission in 2014 contain information about specific factors that could cause actual results to differ, and you are urged dto read dthem. Marine Harvest tdisclaims i any continuing i accuracy of fthe information provided din this presentation after today. 2

3 Marine Harvest business areas Position 220 thousand tonnes vs global production of ~2.6m 414 thousand tonnes vs global production of 2.0m (21%) (1) Global sales network Leading position in VAP Focus areas 2014 Successful construction and implementation by Acquisitive growth in Norway and Chile Integration of Morpol Restructuring programme in VAP Organic growth in VAP Note: (1) Based on 2014 HOG tonnes 3

4 SINTEF Business possibilities in the biomarine sector for Norway towards 2050 uro Billion E 80 High productive 70 oceans Macroalgae 60 New species Supplier industry (including feed) 30 Marine ingrediens Salmon industry Wild catch Source: SINTEF 2012, Verdiskapning basert på produktive hav i

5 FAO Given the projected population growth, it is estimated that at least an additional 40 million tonnes of aquatic food will be required by Rohana Subasingishe, FAO

6 Can we produce food in the ocean? 70 % of the surface 2% of the food production Energy efficient and low emission food production «Leading the blue revolution» Healthy and tasty food 6 Increasing population needs new solutions

7 Implied protein consumption driven by population growth only Sources: Assumption: Constant consumption of protein per capita FAO (2009); FAOstat Food Balance Sheets, United Nations population data; World Population Prospects: the 2012 Revision 7

8 Farmed Atlantic salmon relatively small Atlantic salmon Sources: OECD-FAO Agricultural Outlook 2013 Kontali Analyse 8

9 Large opportunities within aquaculture species Note: Source: Size of circles indicates harvest volume Kontali Analyse 9

10 Examples of protein co s and area of potential 10

11 The responsible choice for the environment QUANTITY OF FEED FED CARBON EMISSION FRESH WATER CONSUMPTION 11

12 and for your body Proteins: Omega-3: Vitamins: Mineral: High quality, easy digestable High content of Omega-3 fatty Rich in A, D and B12 High content of iodine & selen, proteins acids vitamins taurin and sterols 12

13 Farmed Atlantic salmon by market - demand Source: Kontali Analyse 13

14 Historic price volume relationship Oslo price Change in average FCA 50 % % 30 % 20 % 10 % Jan Oct % -5 % -3 % 0 % 2 % 5 % 7 % 10 % 13 % 15 % 18 % 20 % 23 % 25 % -10 % % -30 % R = % Global supply change Both 2012 and 2013 clear outliers compared to historical relationship Source: Kontali Analyse 14

15 Estimates of the market for farmed Atlantic salmon Source: Kontali Analyse 15

16 Biological carrying capacity diminishes growth CAGR 29% 2.9% tonnes) Global harve est (thousand CAGR 9.6% CAGR 6.6% EBIT per kg k (NOK) Source: Kontali (3) (1) (2) Notes: (1) Average EBIT per kg for the Norwegian industry (Source: Kontail - The Salmon Farming Industry in Norway) (2) Average EBIT per kg for Marine Harvest in Norway (3) Marine Harvest does not provide guidance on industry supply beyond

17 Output per license in Norway is quite stable and high Average harvest per license 2014E Thousand tonnes HOG G/GWE Average Norway Marine Harvest Norway Company A Company B Company C Company D Note: Marine Harvest estimates and company disclosures 17

18 Deliberate low capacity utilisation in Chile Salmonids production per license (HOG thousand tonnes) Marine Harvest Company A Company B Company C Number of sea water licenses Source: Marine Harvest estimates 18

19 We have changed our production strategy in Chile and have ample spare capacity Harvest volumes MHG in Chile (HOG thousand tonnes) Market share harvest volumes in Chile (%) % % % % % % e 0 % e 19

20 Outlook Limited supply growth expected in the coming periods - Industry supply ppy response challenging g due to sustainability issues - Futures prices NOK ~40 for rest of Q4 and above NOK 40 for 2015 Strong focus on containing biological costs Continued focus on consolidation initiatives in Norway and Chile 20

21 Our products are tasty AMERICAS EUROPE ASIA Note: Examples of consumer products and branding initiatives from Marine Harvest 21

22 Marine Harvest development in Asia 45 3,0 % ,5 % thousand to onnes ,0 % 1,5 % 1,0 % % margin ,5 % E 0,0 % Volume (k tonnes) EBIT margin % 22

23 The Prada of seafood in emerging markets 23

24 Out concepts stores in Taiwan are gaining popularity and driving consumer awareness 24

25 Mowi brand name and concept positioning in Asia Mowi - Marine Harvest s own superior breeding programme - Based on the famous Vosso salmon - Supreme strength and size - Sustainably developed by natural selection - Supreme quality with unique colour guarantee Stronger, healthier and tastier salmon Mowi video: 25

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