NORWAY ROYAL SALMON

Klaus Hatlebrekke, COO07.12.2016

Why we're bullish on Iceland

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NORWAY ROYAL SALMON

Agenda

NRS in brief

Why we are bullish on Iceland

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NORWAY ROYAL SALMON

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NRS Finnmark (19)

Nord Senja Laks (6)

Nor Seafood (4)

NRS Feøy (6)

REGION NORTH

REGION SOUTH

Head office Norway Royal Salmon ASA

Sales office Norway Royal Salmon ASA

Founded in 1992 160 employees Listed on Oslo Stock Exchange March 2011

Farming 35 licenses

Region North 29 licenses Region South 6 licenses

Volume 2015: 27 900 tonnes

Associated companies with 10 licenses

Trading Salmon fresh and frozen 95% export 50 countries Volume 2015: 70 000 tonnes

Attractive farming operation

< 80% in Region north

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Highlights in Q3 2016 All time high operational EBIT of MNOK 218

All time high operational EBIT per kg ex contracts of NOK 33.41

Strong salmon market driven by good demand and low supply growth High salmon price in the quarter

Steady production costs in Region North and substantially lower production costs in Region South

Good financial flexibility

Acquisition of 50 % of Arctic Fish on Iceland4

NORWAY ROYAL SALMON

Organic growth potential for Norway Royal Salmon

4 4006 000

6 50010 500

18 50021 000

25 20022 400

27 900 26 700

34 000

45 000

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

50 000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E Capacity

NRS-Farming

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Unique cooperation for innovation and value creation

Offshore expertise for sustainable food production

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Why we're bullish on Iceland

NORWAY ROYAL SALMON

Iceland: The new frontier in salmon farming

Significant growth potential in Iceland Current: Licences and applications

equivalent to an annual production of more than 100,000 tonnes of Atlantic salmon

Regulations can secure good sanitary situation Few salmon farmers. Sites have large

distances from each other and/or in separate fjords

Benefits from its geographical location Favourable natural and biological

farming conditions in Iceland

4 9001 340

20142011 Current licences and applications

100.000+

Reykjavik

Reykjavik

Salmon farming

Icelandic Atlantic salmon harvest

Icelandic salmon farming locations

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Atlantic Salmon: World Production

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Significant growth potential in Iceland

Estimation harvest volume 2016• Faroe Islands: 80 000 tonnes• Iceland: 8 000 tonnes

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Significant growth potential in Iceland

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NRS assume a 80 - 100.000 MT potential Icelandic aquaculture association says possible total

production could be between 50 and 90.000 MT anually

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Regulations can secure good sanitary situation

Few salmon farmers – possible to build a industry with few companies All farms running a generation model – all inn all out Sites have large distances from each other and/or in separate fjords No delousing and no medication

NORWAY ROYAL SALMON

Benefits from its geographical location

Beginning of the year until March/April - low temperatures The goals is to put out larger smolts to avoid a second winter in sea cages

Westfjords provide a benefit in terms of day degrees Records from Icelandic farmers show „compensated“ growth in the summer

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* Reference: Marine Harvest Salmon Farming Industry Handbook, Salmon from the Faro Isalnds (salmon.fo) and Finmark/Westfjords temperatures

NORWAY ROYAL SALMON

Joint Venture in IcelandNRS agreed to acquire 50 % of Arctic Fish, forming a joint venture with the existing owners

Transaction structured as a directed private placement of new shares in Arctic Fish

Why Arctic Fish? Fully integrated with attractive licenses in three fjords in the

Westfjords

State-of-the art hatchery plant with an annual capacity of 7 mill smolt when fully operated Goal is to gain a competitive advantage by raising smolts,

i.e. smolt >500g

Arctic Fish has currently licenses with a total allowed production of 9,000t farmed fish.

NRS believes it can provide significant industry knowledge to Arctic Fish’s business, given the locations’ similarity to Finnmark

Westfjords

Hatchery

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NORWAY ROYAL SALMON

Norway Royal Salmon ASANO 864 234 232

www.norwayroyalsalmon.com

Thank you for your attention

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