Marine Harvest May 2018 1 Transaction summary Issuer: Marine - PowerPoint PPT Presentation

Fixed income investor meetings Marine Harvest May 2018 1

Transaction summary Issuer: Marine Harvest ASA Minimum EUR [ ● ] First Tranche: Borrowing Limit: EUR 250,000,000 Tenor: 5 years 3 months EURIBOR + [ ● ] %. If EURIBOR is less than zero, EURIBOR shall be deemed to be zero. Coupon: Amortisation: None, bullet Expected to be [ ● ] June 2018 Settlement Date: [ ● ] June 2023 (5 years after Settlement Date) Maturity Date: Status: Senior Unsecured Use Of Proceeds: General corporate purposes Call Option: NC3, thereafter 101.50 % and 100.75 % after 3 and 4 years Financial Covenants: Equity ratio of minimum 30 % Change Of Control: Investor Put 101 % Nominal Value: Minimum subscription, allotment and Nominal Value of EUR 100,000 Trustee: Nordic Trustee Governing Law: Norwegian Law Listing: An application will be made for the Bonds to be listed on Oslo Børs Managers: DNB Markets and Nordea (Coordinators), ABN Amro, Danske Bank, Rabobank and SEB 2

Marine Harvest: At a glance One of the world’s leading seafood The world’s largest producer companies of Atlantic salmon, 400,000 MT in 2018e (#3 measured in turnover) (~6 million meals per day) Fully integrated Listed on Oslo Stock Exchange HQ in Bergen, Norway value chain Market cap: EUR ~ 8.5 billion 3

Fully integrated from feed to plate #1 #1 # 4 4

Fully integrated from feed to plate Feed Farming Consumer Products (including Markets) Operations Started in Norway in 2014 Started in Norway in 1964 as Mowi Operations in 25 countries Scotland planned for 2018 Norway, Scotland, Ireland, Faroe Islands, Canada and Chile 209,517 tonnes (3) 500,000 tonnes (1) 400,000 tonnes (2) Volumes EUR 134.9m Op EBIT (4) EUR 8.5m EUR 660.5m 8,807 FTE 67 4,295 Notes: 5 (1) Capacity in Norway and Scotland, (2) 2018 guidance GWT, (3) Product weight 2016, (4) 2017 figures

Diversified farming footprint - good risk management Norway Volume: 242,000 Faroe Islands Volume: 8,000 Scotland Volume: 47,000 Canada Ireland Volume: 43,000 Volume: 7,500 Chile Volume: 52,500 Note: 6 Marine Harvest’s harvest volume guidance for 2018 (GWT tonnes) (1)

Global operations in 25 countries – 13,233 employees at year end 2017 VAP processing (27 plants), sales & marketing network Scandinavia, Sales Poland, Sales & processing South Korea, Japan, Sales & UK & Ireland, Sales & processing Sales & processing processing DACH & CEE, Sales & processing Spain, Sales & processing Canada, Sales & processing China & Taiwan, Vietnam, Sales & processing processing BeNeFra, Sales USA, Sales & & processing processing South East Chile, sales & Asia, Sales processing 7

Development of supply vs demand Growth 2012-2017: 94% CAGR: 14% 14 3 500 Global harvest volume (thousand tonnes GWT) 12 3 000 Value of global volumes (EUR billion) 10 2 500 Growth 2004-2012: 128% 8 2 000 CAGR: 11% 6 1 500 4 1 000 2 500 - 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Value of global consumers Global harvest volumes 8 Source: Kontali Analyse

Industry supply growth 2018E 2015 2016 2017 2018 Estimates 2018 - 2018 guidance revised GWT (1,000) Low Y/Y growth High Y/Y growth Norway 1 111 1 054 1 087 1 150 1 135 4 % 1 165 7 % down to 1-6% (3-8% UK 150 142 157 140 135 -14 % 145 -8 % Faroe Islands 68 70 72 66 63 -13 % 68 -6 % Total Europe 1 328 1 265 1 316 1 356 1 333 1 % 1 378 5 % previous quarter) Chile 538 454 521 545 530 2 % 560 7 % North America 140 152 146 150 145 0 % 155 7 % - Total Americas 678 606 667 695 675 1 % 715 7 % Europe 3% Other 79 79 91 98 95 4 % 100 9 % Total 2 085 1 949 2 074 2 148 2 103 1 % 2 193 6 % - Americas 4% Q2 2015 Q2 2016 Q2 2017 Q2 2018 Estimates Q2 2018 GWT (1,000) estimate Low Q/Q growth High Q/Q growth Norway 267 249 235 252 248 5 % 256 9 % UK 37 35 41 35 33 -19 % 36 -12 % Faroe Islands 17 18 22 15 14 -37 % 16 -28 % Total Europe 321 302 298 302 295 -1 % 308 3 % Chile 121 93 118 120 115 -2 % 125 6 % North America 39 40 36 37 35 -4 % 38 5 % Total Americas 159 133 154 157 150 -3 % 163 6 % Other 19 20 24 24 23 -3 % 25 6 % Total 500 455 476 482 468 -2 % 496 4 % H2 2015 H2 2016 H2 2017 H2 2018 Estimates H2 2018 GWT (1,000) estimate Low Y/Y growth High Y/Y growth Norway 584 561 603 635 624 4 % 646 7 % UK 84 73 80 74 71 -12 % 78 -3 % Faroe Islands 39 35 34 34 33 -5 % 36 3 % Total Europe 707 669 717 743 727 1 % 759 6 % Chile 284 217 285 272 262 -8 % 282 -1 % North America 72 78 79 83 79 0 % 86 9 % Total Americas 356 295 364 354 341 -6 % 368 1 % Other 42 40 47 50 48 2 % 51 8 % Total 1 105 1 003 1 129 1 147 1 116 -1 % 1 178 4 % Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological 9 challenges such as diseases, algal blooms etc. and market developments.

Supply and demand Supply by origin Demand by market Other North Other; markets; America; 4 % Other Asia; 17 % 7 % 6 % EU; China / Hong Chile; 45 % Norway; Kong; 26 % 52 % 4 % Brazil; 4 % Faroe USA; Islands; Scotland; Russia; 19 % 3 % 7 % 4 % Source: Kontali Analyse 10 Note: Supply and demand figures last twelve months

Megatrends Fisheries are almost fully exploited Increasing world Resource efficient production population compared to other animal production Growing middle class Soil erosion Healthy product 11

Resource efficient production compared to other animal production Protein Retention 31 % 21 % 18 % 15 % Energy Retention 23 % 10 % 14 % 27 % Edible Yield 68 % 46 % 52 % 41 % Feed Convertion Ratio (FCR) 1.1 2.2 3.0 4-10 Edible Meat pr 100 kg fed 61 kg 21 kg 17 kg 4-10 kg - Salmon has a high edible yield and low FCR compared to other animal production - Farmed salmon is also a climate friendly protein source - Low carbon footprint and less fresh water requirement than other proteins 12

Development in key figures and ratios Revenue and OP EBIT Funds From Operations (1) 4 000 2.5 3 649 800 100% 3 510 727 738 3 112 3 053 2.0 80% 3 000 540 89 % 600 2 456 EUR million 82 % 1.5 426 EUR million 60% EBIT/kg 379 2 000 400 1.0 40% 52 % 46 % 792 700 1 000 200 38 % 509 0.5 411 20% 347 0 0.0 0 0% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Revenues Operational EBIT EBIT/kg FFO FFO/NIBD Equity Leverage 1 200 2.5x 2 500 60% 2 314 1 033 1 000 2 068 929 1 947 1 000 890 1 895 50% 2.0x 2 000 832 54 % 1 638 EUR million EUR million 2.1x 800 49 % 40% 45 % 1.8x 1.5x 1 500 43 % 1.7x 40 % 600 30% 1.0x 1 000 20% 400 1.1x 0.9x 500 0.5x 10% 200 0 0% 0 0.0x 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Equity Equity ratio NIBD NIBD/Operational EBITDA Note: 13 (1) FFO=EBITDA-interest payment-tax

Salmon prices – weekly reference prices 10 7 9 6 8 USD per lbs (Miami and Seattle) 5 7 EUR per kg (Oslo) 6 4 5 3 4 3 2 2 1 1 0 0 2013 2014 2015 2016 2017 2018 Reference price Norway EUR (NASDAQ average superior Oslo, GWT/kg) Reference price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami) Reference price Canada USD (Urner Barry average superior GWE 10-12 lbs FOB Seattle) 14 Prices up to week 20 in 2018

Key financials Marine Harvest Group - main figures Q1 2018 Q1 2017 2017 2016 Unaudited EUR million Operational revenue and other income 862.1 892.0 3,653.8 3,509.8 Operational EBIT 1) 157.6 219.2 792.1 700.2 EBIT 269.6 88.3 484.9 991.2 Cash flow from operations 191.8 247.8 632.4 693.2 Net interest-bearing debt (NIBD) 856.6 842.0 831.9 890.0 Basic EPS (EUR) 0.36 0.47 0.97 1.20 Underlying EPS (EUR) 1) 0.24 0.36 1.23 1.13 Net cash flow per share (EUR) 1) 0.21 0.39 0.74 1.23 ROCE 1) 25.3% 33.7 % 26.7 % 28.1 % Adjusted equity ratio 1) 50.8% 45.1 % 51.7 % 40.0 % Harvest volume (GWT) 81 212 83 768 370 346 380 621 Operational EBIT - EUR per kg 1) - Total 1.94 2.62 2.15 1.84 Norway 2.26 2.52 2.20 2.18 Scotland 1.85 3.12 2.55 0.91 Canada 1.10 3.42 2.06 2.53 Chile 1.36 1.87 1.30 0.11 15 1) Notes in report

Financial position and financing overview Marine Harvest Group 31.03.2018 31.03.2017 31.12.2017 31.12.2016 EUR million Non-current assets 2 202.3 2 283.5 2 166.7 2 255.8 Current assets (including assets held for sales) 2 213.6 2 207.6 2 163.5 2 554.6 Total assets 4 415.9 4 491.0 4 330.3 4 810.4 Equity 2 343.8 2 152.6 2 315.4 2 069.3 Non-current liabilities 1 436.0 1 503.0 1 215.2 1 898.0 Current liabilities 636.1 835.4 799.7 843.1 Total equity and liabilities 4 415.9 4 491.0 4 330.3 4 810.4 Net interest-bearing debt 856.6 842.0 831.9 890.0 Adjusted equity ratio 50.8% 45.1% 51.7% 40.0% - EUR 1,206m Bank Facility Agreement - Maturity: 5 years - Covenant: 35% equity ratio - Accordion option: EUR 200m - Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB - EUR 340m convertible bond issued in November 2015 - Tenor 5 years, annual coupon 0.125%, conversion price EUR 13.4282 - Long term NIBD target of EUR 1,200m - Farming NIBD/kg EUR 2.0 16