Investor presentation

Webjørn Barstad, CEO Eldar Farstad, CFO

• The fisheries industry – Global supply side – Markets

• Norwegian fisheries and HAVFISK

• Key financial deliveries • Value-drivers • Outlook

Agenda HAVFISK ASA

The Global Picture Supply side Markets

World capture production stable at «maximum potential»

The most important white fish species from the fisheries

3.543

1.050

1.216

345

280494

260

White fish catch - 2015 E

Alaska Pollock

Hakes

Atlantic Cod

Haddock

Saithe

Pacific Cod

HokiSource: Kontali AnalyseSource: Kontali Analyse

(1000 tonnes)

Catch by nations and species (mt)

Alaska Pollock

Atlantic cod Hake Saithe Haddock SBW

Pacific cod Hoki TOTAL

Chile - - 40 000 - - 14 000 - 40 000 94 000 88 000

Argentine - - 270 000 - - 9 000 - 45 000 324 000 328 000

USA 1 405 000 - 250 000 8 000 3 000 - 330 000 - 1 996 000 1 984 000

Canada 10 000 18 000 50 000 5 000 8 000 - 5 000 - 96 000 88 000

Russia 1 670 000 448 000 2 000 1 000 77 000 - 80 000 - 2 278 000 2 212 000

Norway - 475 000 2 000 156 000 94 000 - - - 727 000 659 000

Iceland - 239 000 - 53 000 36 000 - - - 328 000 329 000

Faroe Islands - 17 000 - 17 000 3 000 - - - 37 000 51 000

EU - 160 000 68 000 54 000 50 000 - - - 332 000 318 000

Namibia - - 140 000 - - - - - 140 000 140 000

South Africa - - 150 000 - - - - - 150 000 145 000

Japan/S-Korea 280 000 - - - - 3 000 65 000 - 348 000 343 000

New Zealand - - - - - 35 000 - 150 000 185 000 195 000

Others - 10 000 96 000 14 000 1 000 2 000 2 000 4 000 129 000 118 000

Total 3 365 000 1 367 000 1 068 000 308 000 272 000 63 000 482 000 239 000 7 164 000 6 998 000

Source; National statistics/KA-Est.

NationCatch by nation and species 2014

E 2015

02.000.0004.000.0006.000.0008.000.000

10.000.00012.000.00014.000.00016.000.00018.000.000

AlaskaPollock

Atlanticcod

Hake Haddock Saithe Pacificcod

Hoki SBW

1000 NOKMain whitefish fisheries by first hand value - 2014 E

Source: Kontali Analyse

The world market of whitefish

47 %

14 %12 %

9 %8 % 7 %

2 %

5 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

45 %

50 %

EU North America Asia Russia South America Japan Africa Others

Source: Kontali Analyse

The global volume of groundfish - Where is it consumed? (2014 E)

White Fish Cod Alaska Pollock Haddock Saithe Hakes HokiTotal

Germany 547 70 411 3 23 36 4UK 474 250 101 86 15 20 2Spain 473 190 32 0 6 245 0France 359 60 183 13 26 55 22Scandinavia (SE, DK, FI) 245 134 26 23 40 10 12Poland 243 97 109 7 6 13 11Be/Ne/Lux 237 89 71 17 32 26 2Portugal 162 98 5 0 0 59 0Italy 158 44 30 0 0 84 0Others 115 45 57 3 5 3 2

3013 1077 1025 152 153 551 55

Top 3 Markets1 Germany UK Germany UK Scandinavia Spain France2 UK Spain France Scandinavia Be/Ne/Lux Italy Scandinavia3 Spain Scandinavia Poland Be/Ne/Lux France Portugal Poland

Source: Kontali Analyse

1000 tonnes R.W.

EU country split - whitefish consumption 2014

Trade flow from Norway - Cod

Source: Norwegian Seafood Council

(YTD)

Norwegian fisheries and HAVFISK

Ocean area > 6 x land area

• World fishing nation no. 11 by volume (largest in Europe)

• World fishing nation no. 2 by export value

• The worlds largest Cod stock

• EU 31 mt pr fisherman • Norway 255 mt pr

fisherman

Positioned for profitability

Modern, efficient, well managed, sustainable Norway as a fishing nation

Fewer vessels, more volume

20

40

60

80

100

120

140

1980 1985 1990 1995 2000 2005 2010 2014

Vessels

Number of cod trawl vessels Norway 1980-2014

Source: Fiskeridirektoratet

• Norway’s largest harvesting company and quota holder – 11% of the Norwegian

whitefish quota (cod, saithe, haddock)

– 7 Barents Sea shrimp licenses + 1 Greenland

• 10 operational trawlers – Three new vessels

delivered in 2013 and 2014

Key facts Company overview

Norwegian fishing companies

The 35 largest fishing companies in 2014 (gross catch value in mill. NOK)

MNOK

• 390 employees • Ownership to fish

industry facilities in northern Norway

• Facilities are operated by sister company Norway Seafoods

• Listed on Oslo Stock Exchange

• Aker ASA 73,25 %

Key facts Company overview

Vesttind

Havtind

Gadus Njord

Nordland Havfiske (100% ownership)

Doggi Rypefjord

Båtsfjord

Kongsfjord

Finnmark Havfiske (97,62% ownership)

Gadus Poseidon

Gadus Neptun

Company structure and vessels

18

Hammerfest Industrifiske (60% ownership)

• Three main export segments: – Fresh/fresh fillets – Salted/Salted dried/dried (conventional) – Frozen H/G

Main export segments and «route to market» HAVFISK

19

HAVFISK delivers countercyclical -Fresh fish

20

• High costs calls for high tech solutions – Energy-efficient

operations – 100% utilization of the

fish

• All major fisheries eco-labelled (MSC)

• Clean class notification

Modern, efficient, well managed, sustainable Havfisk

«Virtual tour» at Gadus Neptun http://invisual.no/havfisk/

Second quarter – interim results

HFISK

Continued positive development in EBITDA and margin

Catch value per operating day increased by 47 percent compared to Q2 2014

Increased catch of shrimp and redfish

Cod market robust

Challenging market conditions for haddock, but increased quotas

Remaining cod quotas for second half - 62 percent

Main part of annual maintenance activities completed

Highlights HAVFISK Q2 2015

Q2 - 2015

Interim presentation Q2 - 2015

Increased revenues and EBITDA HAVFISK - Q2 2015

Operating Revenues EBITDA/ EBITDA margin

Q2 2015 vs Q2 2014: Catch value per day

increased by 47%, catch rates increased by 15 % Total volumes increased

by 8 % Reduction in volumes of

saithe and haddock, increased volumes of cod, shrimp and others Price of cod and saithe

increased by 47 and 7% Price of haddock

decreased by 27 % Price of shrimp

increased 60 %

257247

314296

226

Q2 2015

Q1 2015

Q4 2014

Q3 2014

Q2 2014

8490

98

85

0

10

20

30

40

50

60

70

80

90

100

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q1 2015

Q4 2014

Q3 2014

Q2 2014

47

Q2 2015

EBITDA % EBITDA

EBITDA % NOKM

Profitability per kilo increased from 3,7 NOK/kg in Q2 2014 to 6,1 NOK/kg in Q2 2015 Higher prices and higher catch efficiency

Q2 2015 – slightly higher profitability per kilo compared to Q1 2015 mainly due to higher prices, especially shrimps Increasing trend in profitability per kilo since 2012

Increasing price trend for most of the species Higher catch efficiency over the last years

EBITDA per kilo HAVFISK Q2- 2015

EBITDA per kilo per quarter EBITDA per kilo 2011 - 2015 EBITDA per kilo per quarter

NOK/kg

6,16,06,9

5,4

3,7

Q215 Q115 Q414 Q314 Q214

6,1

3,9

5,0

3,73,3

4,1

2015 YTD 2014 YTD 2014 2013 2012 2011

NOK/kg

NOK millions Q2 14 Q2 15 YTD 2015

Operating revenues 226 257 504

EBITDA 47 84 174

EBITDA-margin 21 % 33% 34 %

Depreciation -31 -31 -62

EBIT 16 53 112

Net financial items -20 -12 26

Profit before tax -4 41 86

Net profit for the period -3 29 62

Earnings per share (NOK) -0.03 0.35 0.74

Total assets 2 627 2 459 2 459

Equity 710 890 890

Equity ratio 27.0 % 36.2 % 36.2 %

Net interest bearing debt 1 172 945 945

Key figures HAVFISK - Financials

Increase in operating revenues Higher prices + 28 % Increased catch volume + 8 %

Increase in EBITDA Increased catch value per day due

to higher prices and catch efficiency + 47 %

Catch efficiency increased by 15 % Increased operational costs mainly

due to higher catch value

Financial items Lower financial costs in Q2 2015

due to lower NIBD and interest rate. 5 MNOK of the financial costs in Q2 2014 related to “the Glitnir case”

EPS 0.35 NOK per share in Q2

Comments

Key value drivers HFISK

Cost breakdown (based on 2014 figures)

Value drivers

29

100

150

200

250

50

Dri

vers

Cost per day in operation Fixed cost : yearly maintenance in ship yards

Cos

t

615732

159101

316

Personnel

10% 31%

Freight/ packaging

Maintenance

6% 3%

Fuel

6%

Fishing gear

16%

Administration

Cost (MNOK) % of revenue

Percentage of catch value Cost per kilo

Cost per day in operation Average consumption for a freezing trawlers = 10 000 litres/day

Cost per day in operation Average of NOK/day 10 000

Fixed cost

Overhead cost, administration, insurance

Low fixed sum per day Main personnel cost is in % of catch value

Sensitivities – price and catch efficiency main factors Value drivers

5,000 10,000 15,000 20,000 25,000 0

Catch efficiency Price

Catch rate per day (Kg)

• Catch rates above 10,000 kg / day yield margin of around 60%

Personnel cost

Price Increase

Other costs

1.0

0.3

0.1

Increased EBITDA

0.6

• Price increase of 1.0 NOK/kg will give additional EBITDA of around 0.6 NOK/kg

EB

ITD

A /

kg

NOK EBITDA at different catch rates

• Significant increase in catch efficiency – Change in fleet – Availability of fish

• New vessels: – improvement in catch

efficiency – flexibility to participate

in alternative fisheries

Catch efficiency Value drivers

• Strong supply growth and financial downturn in key markets have negative impact on cod prices.

• Cod-prices appears to have bottomed out in Q1/2013

Export prices for frozen cod h/g in NOK. Source: Norwegian Seafood Council

Historic price trend - Cod Value drivers

Outlook HFISK

Remaining quotas after Q2 (vs last year Q2) Cod 62% (59%), 17 944 mt vs 19 463 mt in 2014 Haddock 69% (55%), 6 639 mt vs 4 296 mt in 2014 Saithe 24% (35%), 2 473 mt vs 4 670 mt in 2014

Quotas next year (advice)

Cod -10% Haddock unchanged (following +25% this year from mid-June) Saithe +15% North, -6% North Sea (aggregate +7 %)

Prices

Cod stable/up, Haddock weak , Saithe stable/up, Redfish slightly down, Shrimp firm

Coming quarters More Shrimp, Redfish, Greenland Halibut and Saithe, increasingly Cod/Haddock

towards year end Main part of planned maintenance activities for the year completed

Outlook HAVFISK

• Prices and quotas main fisheries

• Other species and by-products; working to increase deliveries – Earnings contribution potential,

but lower margins • Internal quota optimization • Further fleet restructuring

potential • Focus on costs and key value

drivers

Medium term revenue and earnings potential Outlook

• Health, convenience, environment and ethics – Fish is an important source of protein,

vitamins and minerals – The Norwegian fishing for cod, haddock

and saithe is certified by MSC standard for sustainable fisheries

– Fish is an environmentally friendly source of protein

• Growing focus on fish in retail – customer demands drives convenience

Long term mega trends Outlook

Aker Seafoods invests in the future!

Source: Prof Ray Hilborn, University of Washington

• The Food Gap Challenge towards 2050

Long term mega trends Outlook

69% increase in food

production will be necessary

The world needs more

seafood - less than 10 percent of food consumption is

sea-based

HAVFISK – ca 200 mill meals per year

Price potential?

Disclaimer

This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for HAVFISK ASA including subsidiaries and affiliates. These expectations, estimates and projections are generally identifiable by statements containing words such as ”expects”, ”believes”, ”estimates” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for HAVFISK`s businesses, fish prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although HAVFISK ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. HAVFISK ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither HAVFISK ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.