DnB NOR Markets Norsk fiskeri sett fra børsen 03.04.2017 DnB NOR Markets Norsk fiskeri sett fra børsen Monday, April 03, 2017

BROAD PLACING POWER AND DISTRIBUTION… 03.04.2017 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 Joint Lead Private Placements Year 2006 NOK 8,745 million Source: Reuters First

03.04.2017 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

PROVEN TRACK RECORD IN MANAGING SEAFOOD TRANSACTIONS SELECTED PROJECTS PROVEN TRACK RECORD IN MANAGING SEAFOOD TRANSACTIONS Joint Lead Private Placement and IPO Year 2006 NOK 780 m NOK 120 m NOK 75 m 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 Sale of PHARMAQ AS to Orkla/Kverva Year 2008 M & A Year 2007 Equity Offering and IPO Year 2006 Private Placements Year 2006 Financial Adviser Lead Lead Lead NOK 4,000 m EUR 1,325 m NOK 2,600 m NOK 5,450 m NOK 700 m M&A Year 2006 M&A Year 2006 Private Placement Year 2006 Private Placement Year 2006 Private Placement Year 2006 Advisor Advisor Joint Lead Joint Lead Joint Lead NOK 453 m NOK 564 m Equity Offering and IPO Year 2005 M&A Year 2005 Block Trade Year 2005 M&A Year 2005 M&A Year 2005 Joint Lead Lead Lead Lead Lead

03.04.2017 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

Sjømat selskaper notert på Oslo Børs 03.04.2017 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

15 selskaper med en verdi på 19 mrd 03.04.2017 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% Pelagisk 0.6 mrd 4% 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%

Eksempler innenfor noen næringer dere kjenner 03.04.2017 Eksempler innenfor noen næringer dere kjenner

Eksempler innenfor noen næringer dere kjenner 03.04.2017 Eksempler innenfor noen næringer dere kjenner

03.04.2017 Seafood vs. OSEBX

Hele sektoren blir dratt opp og ned 03.04.2017 Hele sektoren blir dratt opp og ned

Et grusomt år på Oslo Børs for investorene 03.04.2017 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%

Pris/kost for laks fra Norge 03.04.2017 Pris/kost for laks fra Norge

Innen hvitfisk næringen 03.04.2017 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

Mer stabilt innen fiskemel globalt, men ingen fest 03.04.2017 Mer stabilt innen fiskemel globalt, men ingen fest Og kvotene av kolmule er vel heller ikke noe å rope hurra for?

Her er det fest? Veldig gode priser Betydelig økning i kvoter 03.04.2017 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

Verdiutvikling pr. basistonn 03.04.2017 Verdiutvikling pr. basistonn

03.04.2017 Utsiktene på lang sikt er gode og spennende: Vi vil spise mer og mer sjømat

Utsiktene i Norge – kunne blitt julaften hver dag 03.04.2017 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.

03.04.2017 Appendix:

03.04.2017 THE DnB NOR GROUP A FIRST CLASS INVESTMENT BANK WITH FULL ACCESS TO THE RESOURCES IN THE DnB NOR GROUP DnB NOR - The largest Norwegian Bank Global ambitions within Shipping/off-shore Seafood Energy DnB NOR Private clients Business clients Asset Management Life Insurance Retail Banking Corporate Banking Investment Banking DnB NOR Markets Norway's largest investment bank Account for Investors and issuers (VPS) Equity trading, derivatives & research Corporate Finance Bonds, commercial papers and syndication loans FX and interest rate instruments Custody services & equity financing * 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 6 12

COMBINING INVESTMENT- AND CORPORATE BANKING 03.04.2017 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 Debt Capital Markets Customers FX/Treasury Trading FX/Treasury Structured Products FX/Fixed Income Equity Trading Equity Sales Equity Research Derivates DnB NOR Markets Online Securities Services and Research Strategic and Financial Advisory M&A Private and Public Equity Restructuring Corporate Finance Client Management Credit Services Syndication Structured Finance DnB NOR provides a wide range of financial products and tailor-made solutions for the global industry

DnB NOR MARKETS – SEAFOOD TEAM 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 8880 Fax: (+47) 2283 2000 DnB NOR Markets, Inc. Corporate Finance New York 200 Park Avenue – 31st Floor New York, NY 10166 Tel: +1 (212) 681-3800 Fax: +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 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

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