Intrafish Seafood Investor Forum 31 October 2014 Forward looking - PDF document

Intrafish Seafood Investor Forum 31 October 2014

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 to read them. Marine Harvest disclaims any continuing accuracy of the information provided in this presentation after today. 2

Can we produce food in the ocean? 70 % of the surface Energy efficient and 2% of the food production low emission food production « Leading the blue revolution» Healthy and tasty food Increasing population needs new solutions 3

The responsible choice for the environment… QUANTITY OF FEED FED CARBON EMISSION FRESH WATER CONSUMPTION 4

…for your body… Proteins: Omega-3: Vitamins: Mineral: High quality, High content of Rich in A, D High content of easy digestable Omega-3 fatty and B12 iodine & selen, proteins acids vitamins taurin and sterols 5

…and it’s tasty! ASIA AMERICAS EUROPE Note: Examples of consumer products and branding initiatives from Marine Harvest 6

Biological carrying capacity diminishes growth 2 500 10 CAGR 9 2.9% 2 000 8 Global harvest (thousand tonnes) EBIT per kg (NOK) 7 CAGR 1 500 6 6.6% 5 1 000 4 CAGR 9.6% 3 500 2 1 0 0 1996 2005 2014 2020 1996-2005 (1) 2006-2014 (2) 2015-2020 Source: Kontali (3) Notes: (1) Average EBIT per kg for the Norwegian industry (Source: Kontail - The Salmon Farming Industry in Norway) 7 (2) Average EBIT per kg for Marine Harvest in Norway (3) Marine Harvest does not provide guidance on industry supply beyond 2015

Highlights from Q3-2014 results  Strong earnings - Operational EBIT NOK 912m - Sales contracts reduced impact of market disruptions - Large exceptional costs linked to biology in the quarter  Successful start up of feed plant in Norway  Agreement to purchase 40 thousand tonnes farming capacity in Chile 8

Outlook  Limited supply growth expected in the coming periods - Industry supply response challenging 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  High emphasis on solving issues in VAP Europe  Quarterly dividend of NOK 1.10 per share 9

Marine Harvest business areas 220 thousand tonnes vs 414 thousand tonnes vs Global sales network global production of global production of Leading position in VAP Position ~2.6m 2.0m (21%) (1) Successful construction Acquisitive growth in Integration of Morpol Focus and implementation by Norway and Chile Restructuring programme in VAP areas 2014 Organic growth in VAP Note: (1) Based on 2014 HOG tonnes 10

Fish feed - Key motivations  Gradual competitive advantage through intellectual property rights R&D &  Capitalise on internal competence to produce the best feed superior product  Cleaning the fish oil from impurities  Take part in the economic profits in the feed chain  Economic Control of key performance indicators  ROCE target >10%  Bulk production makes distribution and transportation to our Logistics & own sea water sites more effective green energy  Environmental friendly and efficient vessels and energy requirements (LNG and wind power) 11

Fish feed successfully initiated FEED NOK million Q3. 14 Q3. 13 Operating revenues 539 na Operational EBIT 20 na Operational EBIT % 3.7% na Feed sold volume 55 384 na Feed produced volume 56 097 na Exceptional items 0 na Photo: Rune Røstad  Profitable operations in the first quarter of operations  Reached 100% capacity utilisation  220 thousand tonnes capacity - 60% of MHG requirement in Norway(1) Note: (1) Based on 2014 harvest volume estimate 12

MHG Farming – Geographic diversification Norway Norway Region North Region North Volume: 57 000 Volume: 57 000 Norway Norway Region Mid Region Mid Faroe Islands Faroe Islands Volume: 62 000 Volume: 62 000 Volume: 9 000 Volume: 9 000 Canada Canada Norway Norway Volume: 29 000 Volume: 29 000 Region West Region West Scotland Scotland Volume: 80 000 Volume: 80 000 Volume: 49 000 Volume: 49 000 Norway Norway Ireland Ireland Region South Region South Volume: 6 000 Volume: 6 000 Volume: 55 000 Volume: 55 000 Chile Chile Volume: 66 000 Volume: 66 000 Note: Volumes in HOG tonnes 13

Output per license in Norway is quite stable and high Note: Marine Harvest estimates and company disclosures 14

Deliberate low capacity utilisation in Chile Salmonids production per license (HOG thousand tonnes) 1 000 900 800 700 600 500 400 300 200 100 0 Marine Harvest Company A Company B Company C Number of sea 157 150 97 88 water licenses Source: Marine Harvest estimates 15

We have changed our production strategy in Chile and have ample spare capacity Harvest volumes MHG in Chile Market share harvest volumes (HOG thousand tonnes) in Chile (% ) 100 30 % 95 25 % 90 85 20 % 80 75 15 % 70 10 % 65 60 5 % 55 50 0 % 2007 2014e 2007 2014e 16

Marine Harvest - leading the world of salmon processing and sales (2013) Norway: Sales UK: VAP & Sales Poland: VAP & BeNe: VAP & Sales Sales Prague: VAP & Canada: Sales South Korea: France: VAP & Sales Sales VAP & Sales US, Maine: VAP & US, LA: VAP & Sales Germany: VAP & Spain: VAP & Sales Sales Sales China: VAP & Japan: VAP & US, Miami: VAP & Italy: VAP & Sales Sales Sales Sales Taiwan: VAP & Sales Vietnam: VAP Singapore: Sales VAP volume Chile: Sales (HOG tonnes) Europe 130 000 Americas 13 400 Asia 8 000 Total 151 400 17

Sales contracts form an important part of our strategy and we continue to grow the consumer market share Sales contracts in Norway (% of volumes harvested) 50 % • Contracts with market leading 45 % retailers are increasing 40 % • Focus on longer term contracts 35 % 30 % 25 % 20 % 15 % 10 % 5 % 0 % 2010 2011 2012 2013 2014E 18

Marine Harvest development in Asia 45 3,0 % 40 2,5 % 35 thousand tonnes 30 2,0 % margin % 25 1,5 % 20 15 1,0 % 10 0,5 % 5 0 0,0 % 2010 2011 2012 2013 2014E Volume (k tonnes) EBIT margin % 19

20 The “Prada” of seafood in emerging markets

Out concepts stores in Taiwan are gaining popularity and driving consumer awareness 21

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: https://vimeo.com/106263933 22