Norwegian salmon farming A global leader in aquaculture know-how and

profitability

DNB og Fish Pool Lakseseminar

Bergen september 2016

Dag Sletmo, dag.sletmo@dnb.no, tel: +47 95286134

A Cluster Partner

DNB Foods & Seafood

Norsk lakseoppdrett er en fantastisk suksesshistorie

2

Laksen

er

Norges

Ikea

Norge er for

laks det

Saudi-Arabia

er for olje

Norsk lakse-

oppdrett er

akvakulturens

Apple Apple

3

DNB Bank is a global seafood player

DNB Foods & Seafood

Agenda

� Norwegian salmon farming, a success story

� What made Norwegian salmon farming a success?

� The road ahead for the industry

4

DNB Foods & Seafood

Top seafood producers globally

5

A success story

Source: FAO, data for 2014

DNB Foods & Seafood

Seafood � an economic success for Norway Massive economic outperformance last 25 years

6

A success story

Seafood � value added growth 3x higher than GDP since 1990

Development in value creation (gross product), fixed 2005-prices, 1970=100

Seafood

Norway GDP

Norway GDP ex oil

Manufacturing

Norway #2 seafood exporter after China globally Source: SSB

DNB Foods & Seafood

Value creation driven by volume growth But also improving margins

7

A success story

Global production 9% annual volume growth 1992-2016

Norway 56%

Chile 22%

UK 8%

Canada 6%

Faroes 4%

Others 4%

Source: Kontali, DNB

DNB Foods & Seafood

13% annual sales growth last decade

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A success story

*FY �16 based on runrate Jan-Aug annualised

Norwegian salmon exports, NOK bn

Source: Norwegian Seafood Council, DNB

DNB Foods & Seafood 9 Source: SINTEF, SSB

A success story

Value creation per employee 3x > than national average

Value creation per employee, selected industries

Norway ex oil

Wood base industries

Forestry

Fish processing

Aquaculture

Fishing

Food production

Agriculture

NOKm

DNB Foods & Seafood

Strong value creation for owners

10

A success story

Seafood has been the winner on Oslo Stock Exchange

Seafood index

Oslo Benchmark Index

Source: OSE

DNB Foods & Seafood

Oslo Stock Exchange A leader in Ocean Industries & #1 in Seafood

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#1 Europe oil services, no of companies

#2 Energy, no of companies

#1 in Europe, no of companies

#2 globally, no of companies

#1 globally, no of companies and market cap

Energy

Shipping

Seafood

Source: OSE

A success story

DNB Foods & Seafood

Agenda

� Norwegian salmon farming, a success story

� What made Norwegian salmon farming a success?

� The road ahead for the industry

12