Leading the Blue RevolutionMay 2014

Marine Harvest - Henrik Heiberg

2

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.

Implied protein consumption driven by population growth only

Sources: FAO (2009); FAOstat Food Balance Sheets, United Nations population data; World Population Prospects: the 2012 Revision

Assumption: Constant consumption of protein per capita

4

Farmed Atlantic salmon relatively small

Sources: OECD-FAO Agricultural Outlook 2013

Kontali Analyse

Atlantic salmon

5

Large opportunities within aquaculture species

Note: Size of circles indicates harvest volumeSource: Kontali Analyse

6

Examples of protein co’s and area of potential

7

A unique nutritional package

Proteins:

High quality, easy digestable

proteins

Omega-3:

High content of Omega-3 fatty

acids

Vitamins:

Rich in A, D og B12 vitamins

Mineral:

High content of iodine & selen,

taurin og sterols

8

Farmed salmon - Highly efficient use of resources

9Sources: Ytrestøyl et. al. (2014), Nationl Beef Association UK (2014), Volden, H and N. I. Nielsen, (2011) Energy and metabolizable protein supply, Skretting (2012) Delivering SUSTAINABLE FEED SOLUTIONS for aquaculture, SINTEF Report (2009) Carbon Footprint and energy use of Norwegian seafood products

Farmed salmon - Highly efficient use of resources

Notes: (1) FCR of cattle varies between 4.2 and 9.8 depending on feed (finished on cereal or grass).

(2) Carbon equivalent per kg of edible product

Feed conversion 4-10 3 2.2 1.2

Energy retention 27% 14% 10% 27%

Protein retention 15% 18% 21% 24%

Edible yield 41% 52% 46% 68%

Edible meat pr 100 kg fed 4-10 kg 17 kg 21 kg 57 kg

Carbon footprint 30 kg 3.4 kg 5.9 kg 2.9 kg

10

Value CAGR of 12% - Volume CAGR of 6%

11

Farmed Atlantic salmon by market

Source: Kontali Analyse

12

Historic price–volume relationship

Source: Kontali Analyse

Both 2012 and 2013 clear outliers compared to historical relationship

13

Estimates of the market for farmed Atlantic salmon

Source: Kontali Analyse

14

Historical price development

Note: Reference price in Oslo

15

Current licensing regime in Norway

Source: Kontali Analyse

16

We own ~25% of the global production capacity!

220 thousand tonnes vs. global production of ~2.6m

Marine Harvest business areas

New #1 #1

405 thousand tonnes vs. global production of c.1.85m (22%)

Global sales network

Leading position in VAP

Focus areas: Successful construction and implementation by June/July 2014

Acquisitive growth in Norway and Chile

Integration of Morpol

Restructuring programme in VAP

Organic growth in VAP

Position:

Bilder Bilder

17

Fish feed project proceeding according to plan

220 thousand tonnes capacity – 60% of MHG requirement in Norway(1)

~NOK 800m investment - Completion June/July 2014

Notes: (1) Based on 2014 harvest volume estimate

18MH harvest volume 2014E (tonnes HOG)

CanadaVolume: 29 000

ChileVolume: 59 500

Faroe IslandsVolume: 9 000

ScotlandVolume: 49 500

IrelandVolume: 6 000

NorwayRegion NorthVolume: 61 000

NorwayRegion MidVolume: 63 000

NorwayRegion WestVolume: 84 000

NorwayRegion SouthVolume: 56 000

Marine Harvest farming regions

Biological risk - Benefit of geographic diversification

19

20

Marine Harvest’s Sales & Marketing network

Note: All figures are volume guidance for 2014 (except VAP Europe which is the 2013 figure). Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algea blooms etc. and market developments.

Norway

Scotland

Poland

The Czech Republic

France

Italy

Ireland

The Netherlands

Belgium

Spain

Asia

China

Japan

South Korea

Taiwan

Hong Kong

SingaporeChile

Canada

USA

Head office

Primary and secondary processing

Feed factory

Sales

Significant consumer good processing assets in Europe, US and Asia

21

Morpol – acquired in 2013

Major step in becoming a leading integrated protein player The leading secondary processing entity in Europe Complementary market position to Marine Harvest

~About 4,000 employees

22

Q1 2014 segment overview

Marine Harvest Group - analytical figures

NOK million Norway Scotland Canada Chile Ireland Faroes Other 1) MH Group

OPERATIONAL EBITMH FARMING 720 107 112 103 4 42 1 090

MH SALES AND MARKETINGMH Markets 32 28 10 17 0 1 - 3 85MH VAP Europe - 13 - 4 0 0 0 0 - 8 - 25Morpol Processing - 33 1 0 0 0 0 - 6 - 38

SUBTOTAL 706 133 122 119 4 44 - 16 1 111

Other enities 2) - 21 - 21

TOTAL 706 133 122 119 4 44 - 37 1 090

Harvest volume gutted weight tons (salmon) 55 107 10 468 6 368 17 741 476 2 084 92 243

Operational EBIT per kg (NOK) 3) 12.82 12.66 19.10 6.73 8.70 20.98 12.05- of which MH Markets 0.58 2.67 1.51 0.95 -0.14 0.61 0.92

- of which MH VAP Europe -0.24 -0.35 0.00 -0.01 -0.47 0.00 -0.27

- of which Morpol Processing -0.59 0.07 0.00 0.00 0.00 0.00 -0.41

Price achievement/reference price (%) 4) 94% 93% 99% 103% 101% 95%Contract coverage (%) 40% 64% 0% 29% 96% 0% 37%Quality - superior share (%) 91% 95% 76% 84% 90% 97% 89%Exceptional items (NOK million) 5) -75 0 0 -1 0 0 -76Exceptional items per kg (NOK) 5) -1.36 0.00 0.00 -0.08 0.00 0.00 -0.83

GUIDANCEQ2 2014 harvest volume (gutted weight tons) 68 000 15 000 7 000 15 000 1 000 3 000 109 0002014 harvest volume (gutted weight tons) 264 000 49 500 29 000 59 500 6 000 9 000 417 000Q2 2014 contract share (%) 33% 46% 0% 17% 0% 0% 31%

1) Operational EBIT arising from non salmon speices and 3rd party salmon not allocated to source of origin 2) Sterling White Halibut, Headquarter and Holding companies3) Excluding Sterling White Halibut, Headquarter and Holding companies4) MH Markets' price achievement to third party, MH VAP Europe and Morpol 5) Exceptional items impacting operational EBIT

SOURCES OF ORIGIN

23

2013 segment overview

Marine Harvest Group - analytical figures

NOK million Norway Scotland Canada Chile Ireland Faroes Other 1) MH Group

OPERATIONAL EBITMH FARMING 2 245 494 288 - 78 - 30 81 3 001

MH SALES AND MARKETINGMH Markets 186 105 48 13 1 3 - 10 346MH VAP Europe - 37 - 4 0 0 - 1 0 - 16 - 58Morpol Processing 16 8 0 0 0 0 39 63

SUBTOTAL 2 410 603 337 - 66 - 30 84 14 3 352

Other enities 2) -140 - 140

TOTAL 2 410 603 337 - 66 - 30 84 - 126 3 212

Harvest volume gutted weight tons (salmon) 222 494 48 389 33 059 28 281 5 883 5 665 343 772

Operational EBIT per kg (NOK) 3) 10.83 12.45 10.19 -2.32 -5.02 14.86 9.75- of which MH Markets 0.84 2.16 1.46 0.45 0.23 0.48 1.01

- of which MH VAP Europe -0.17 -0.08 0.00 0.00 -0.14 0.00 -0.17

- of which Morpol Processing 0.07 0.16 0.00 0.00 0.00 0.00 0.18

Price achievement/reference price (%) 4) 94% 92% 101% 101% 98% 95%Contract coverage (%) 37% 61% 2% 32% 93% 6% 37%Quality - superior share (%) 88% 93% 86% 87% 87% 95% 89%Exceptional items (NOK million) 5) -188 -17 -17 -18 -55 0 -295Exceptional items per kg (NOK) 5) -0.84 -0.36 -0.51 -0.64 -9.38 0.00 -0.86

GUIDANCEQ1 2014 harvest volume gutted weight tons 47 000 10 000 6 000 14 500 500 2 000 80 0002014 harvest volume gutted weight tons 254 500 49 500 28 000 56 000 8 000 9 000 405 000Q1 2014 contract share 42% 69% 0% 36% 95% na 45%

1) Operational EBIT arising from non salmon speices and 3rd party f ish not allocated to source of origin 2) Sterling White Halibut, Headquarter and Holding companies3) Excluding Sterling White Halibut, Headquarter and Holding companies4) MH Marktes' price achievement to third party, MH VAP Europe and Morpol Processing5) Exceptional items impacting operational EBIT. Refer to Note 6 to theinterim f inancial statements for further details

2013SOURCES OF ORIGIN

24

Industry supply outlook

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algae blooms etc. and

market developments.

2008 2009 2010 2011 2012 2013HOG tonnes (thousands) Low Y/Y growth High Y/Y growthNorw ay 667 770 850 905 1065 1029 1,101 7% 1,151 12%Chile 363 215 117 199 328 421 426 1% 456 8%North America 125 124 126 124 140 122 118 -3% 125 2%UK 123 130 129 139 143 142 140 -2% 147 3%Other 69 88 89 103 123 124 130 4% 137 10%Total 1,347 1,328 1,310 1,471 1,799 1,839 1,914 4% 2,015 10%

Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013HOG tonnes (thousands) Low Q/Q growth High Q/Q growthNorw ay 162 176 195 201 253 230 255 11% 265 15%Chile 82 47 30 40 77 96 100 4% 105 9%North America 32 33 28 28 35 32 28 -11% 31 -2%UK 28 29 29 34 35 34 32 -5% 35 4%Other 17 20 19 24 27 29 29 -1% 32 9%Total 321 306 301 327 428 420 444 6% 468 11%

Q3/Q4 2008 Q3/Q4 2009 Q3/Q4 2010 Q3/Q4 2011 Q3/Q4 2012 Q3/Q4 2013HOG tonnes (thousands) Low Q/Q growth High Q/Q growthNorw ay 350 430 459 514 570 567 610 8% 650 15%Chile 201 76 56 125 184 216 195 -10% 220 2%North America 63 61 67 69 71 58 66 14% 70 20%UK 66 74 68 76 73 80 78 -2% 82 3%Other 38 47 50 56 65 64 70 9% 74 16%Total 717 689 701 841 963 985 1,019 3% 1,096 11%

Estimates 2014

ESTIMATES Q2 2014

ESTIMATES Q3/Q4 2014

25

MHG – 2014 volume guidance

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algae blooms etc. and market developments.

Salmon species Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 Q1 2014 Q2 2014 Q3-Q4 2014 2014HOG tons (1000) Actual Actual Actual Actual Actual Actual Estimate Estimate Estimate

Norway 47 54 53 69 222 55 68 141 264

Chile (1) 8 0 6 14 28 18 15 27 60

Canada 12 9 6 6 33 6 7 16 29

Scotland 10 13 14 12 48 10 15 24 50

Other Units 3 4 2 3 12 3 4 8 15

Total 80 79 81 103 344 92 109 216 417

26

Outlook

Strong demand expected to continue Forward prices of NOK 38.8 per kg for Q2-Q4 2014 However, higher supply growth expected for remainder of year

Strategic focus areas Successful development of green-field feed capacity Acquisitions in Norway and Chile Integration of Morpol

High sea lice awareness in Norway – Chile remains concerning Risk of adverse regulatory change in Norway

Quarterly dividend of NOK 5 per share proposed to AGM