Marine Harvest IntraFish Seafood Investor Forum

5 September 2017

1

Forward looking statements

Notes in report2

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

capacity of our fish feed plants, 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 concerning 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.

Marine Harvest disclaims any continuing accuracy of the information provided in this presentation after

today.

Marine Harvest in brief

3

#4 measured in turnover

(Revenues EUR 3.5 billion in 2016

One of the world’s leading

seafood companies

The world’s largest producer

of Atlantic salmon, 377,000 MT

in 2017e (~6 million meals

per day)

Fully integrated

value chainHeadquartered in Bergen,

Norway

Listed on the Oslo Stock Exchange

Market capitalization: EUR ~ 8 billion

Key financials Q2 2017

1) Notes in report4

Marine Harvest Group - main figures

Unaudited EUR million

Operational revenue and other income 884.1 6% 832.1 1,776.1 1,641.6 3509.8

Operational EBIT 1) 197.9 33% 149.0 417.1 260.9 700.2

Cash flow from operations 162.3 213.3 410.1 363.4 693.2

Net interest-bearing debt (NIBD) 550.9 832.4 550.9 832.4 890.0

Basic EPS (EUR) 0.14 0.09 0.62 0.38 1.20

Underlying EPS (EUR) 1) 0.31 0.24 0.67 0.42 1.13

Net cash flow per share (EUR) 1) 0.24 0.50 0.62 0.72 1.23

Dividend declared and paid per share (NOK) 3.00 1.70 5.80 3.10 8.60

ROCE 1) 31.2% 23.8 % 32.4 % 21.1 % 28.1 %

Adjusted equity ratio 1) 58.1% 43.3 % 58.1 % 43.3 % 40.1 %

Harvest volume (gutted weight tonnes salmon) 78 612 -10% 87 159 162 380 183 772 380 621

Operational EBIT - EUR per kg1) - Total 2.52 1.71 2.57 1.42 1.84

Norway 2.50 2.12 2.50 1.99 2.18

Scotland 3.10 0.47 3.11 0.58 0.91

Canada 2.34 2.34 2.87 2.15 2.53

Chile 1.46 -0.23 1.64 -1.14 0.11

Q2 2017 Q2 2016 2016YTD Q2 2016YTD Q2 2017

Fully integrated from feed to plate

Suppliers

KEY

INTERACTIONS

Farming/

Primary

Processing

Secondary

ProcessingCustomersFeed

MARINE HARVEST

BUSINESS AREAS

KEY

INTERACTIONS

# 4 #1 #1

5

Global operations in 24 countries – 12,717 employees at year end 2016

VAP processing, sales & marketing network

Chile, sales &

processing

Canada, Sales

& processing

USA, Sales &

processing

Scandinavia,

Sales

UK & Ireland,

Sales &

processing

Spain, Sales

& processing

Poland, Sales

& processing

DACH & CEE,

Sales &

processing

BeNeFra, Sales

& processing

Japan, Sales &

processing

South Korea,

Sales &

processing

China & Taiwan,

Sales &

processing

Vietnam,

processing

South East

Asia, Sales

6

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

1997 2000 2002 2004 2006 2008 2010 2012 2014 2016

Tonne

s (

WF

E)

Others

ASEAN

South Korea

Taiwan

China / HK

Japan

Brazil

USA

Russia

EU

Salmon consumption growth over the last 19 years

7 Source: Kontali Analyse, NSC

8

Market evolution: from fine dining to everyday meals

Fine dining Penetrating

retailFilling existing

channels

Expanding

retail & food

service

Market size and consumption per capita

Source: Kontali Analyse (apparent consumption 2016), World Bank.9

1.3

3.0

2.2 2.4

0.10.5

1.5 1.6

0.5 0.5

5.9

2.3

1.5

3.1

8.3

1.1

3.2

5.0

2.4

0.5

4.7

0.3

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

400 000

450 000

US

A

Fra

nce

Ge

rma

ny

UK

Chin

a/H

K/V

'nam

Bra

zil

Ita

ly

Sp

ain

Russia

Ja

pa

n

Sw

ed

en

Au

str

alia

Can

ad

a

Neth

erl

an

ds

Norw

ay

Po

lan

d

Isra

el

Fin

lan

d

Be

lgiu

m

So

uth

Ko

rea

Ire

lan

d

Th

aila

nd

Kg

WF

E

To

nn

es

WF

E

Market size Consumption per capita

Key drivers to capture untapped potential

10

HEALTHCONVENIENCETASTE

Marine Harvest Consumer Products in Europe and North America

Note: * denotes EU. 11

DallasMiami

Kritsen

Boulogne

Dunkerque

Oostende

Bruges

Lemmer

Harsum

Specialities

Laurin

Ustka

Lorient

Cuisery

Spain

Rosyth

Ducktrap

- US Population: 326 million

- US GDP: $19 trillion

- US Salmon consumption: 1.2 kg/capita/yr

- Population: 508 million*

- GDP*: €16 trillion*

- Salmon consumption: 2.1 kg/capita/yr*

4 plants in US and Canada14 plants in Europe

Vancouver

Marine Harvest USA & Canada expansion

- Daily flights,

operations receiving

fresh salmon from all

six ocean farming

areas

- Dallas facility opened

Q4 2016

- Vancouver facility to

open fall 2017

- Ducktrap facility

expansion Q2 2018

- Miami facility

expansion summer

2018

12

Vancouver

Seattle

Dallas

Miami

Maine

MH Sales/processing

Ducktrap Sales/processing

MH Sales

95%

5%

0%

20%

40%

60%

80%

100%

NaturalFresh Pre-Packed

NaturalFresh NotPre-Packed

Natural Fresh40%

Natural Frozen28%

Prepared18%

Smoked14%

0%

20%

40%

60%

80%

100%

Seafood sales in US retail in 2015 of approx USD 16bn (1)

Salmon Natural Fresh Pre-Packed has currently limited penetration

13Source: Nielsen data

Note (1) Store based transaction data, excluding Cosco.

Salmon sales approx USD 2.5bn (1) Small share of pre packed fresh

Improved availability/ convenience of fresh fish increases consumption

14

German consumption of fresh pre-packed salmon

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

Pro

du

ct

we

igh

t (t

on

ne

s)

Our branding initiatives

15

AsiaEuropeAmericas

15

Taiwan: Our concepts stores are driving consumer awareness

16

Branded sales of MOWI Salmon in Japan is popular

17

- 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

Fresh seafood counter in Japan looks good

18

Thank You!