Cermaq ASA presented at Pareto Securities in Oslo on June 14th, 2012. The presentation highlighted that aquaculture is a sustainable way to meet the growing global demand for protein as wild fish populations are overexploited. Cermaq is a global salmon farmer with operations in Chile, Norway, Canada, and Scotland. In 2011, Cermaq had record operating results and cash flow. The company's EWOS feed division also had its best year ever with strong volume growth. Cermaq maintains a solid financial position with low debt levels. The outlook for 2012 forecasts continued volume growth across Cermaq's operations.

1. Cermaq ASA
Presentation for Pareto Securities
Oslo, 14th June 2012
1

2. Aquaculture: a sustainable growth industry
• Our growing population is consuming Aquaculture and wild capture outlook
more and more animal protein Source: Food and Agriculture
Million tonnes
Organization of the UN
160
• As most wild fish populations are 120
already over-exploited, increased
protein consumption per capita must be 80
met by an increase in supply from
40
aquaculture
0
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
Feed Conversion Ratio Total capture fish Aquaculture
Salmon • Farmed fish is one of the most efficient types
of proteins:
Poultry
Pigs - can eat the same raw materials as land
animals
Beef cattle - converts feed more effectively than
land animals
0 1 2 3 4 5 6 7
- is healthier than meat
FCR
- is environmentally sustainable
2

3. Cermaqs position in the value chain
Salmon Processing
farmers Harvesting
Terrestrial
farming
Nutrients not Nutrients attractive
suited for human for human
consumption consumption
3

4. Cermaq Key Figures – Full year 2011
(NOKm) FY 11 FY 10
• Best operating result in Cermaq history
Op. Revenues 11 634 9 991
EBITDA 1 686 1 778 • Strong Mainstream performance
EBIT pre gain* 1 369 1 342 - 12% volume growth
Op. Cash flow 1 185 719 - Solid results despite reduced prices 2nd half
NIBD 1 052 1 181 - Chile recovery documented by strong operational
Mainstream and financial results
Volume (kt, gwe) 108.5 96.7
EBIT* 772 913 • Best EWOS result ever
Chile 430 206
- 23% volume growth; 20% organic
Norway 215 507
Canada 127 190
- Successful introduction of several new value
Scotland - 10
added products
EBIT/kg (NOK) 7.1 9.4 - EBIT margin for 2011 of 6.7%
EWOS
Volume (kt) 1 081 876 • Solid cash flow further improving financial ratios
EBIT* 625 509 from 2010
EBIT/tonne (NOK) 578 581 - NIBD/EBITDA reduced to 0.62
EBIT % 6.7 % 6.9 %
- Equity ratio 59.5%
* EBIT is EBIT pre fair value adjustments on live inventory
4

5. Solid financial structure
NIBD (NOKm)
2 000 NEW
1 800
1 810
1 600
1 400
1 200
1 181
1 000 1 052
800
600
400
200
-
2 011 2 010 2 009
• Significant NIBD reduction last two years despite large dividend and investments in 2011
• Almost NOK 4 billion in available cash through long- and short term facilities
• A flexible financial structure with no maturity until 3rd quarter 2013
• Equity ratio as of December 2011 of 59% 5

6. Strong cash flow support capacity expansions
Op. Cash flow (NOKm) Capex (NOKm)
1 400
700
1 200
1 216
1 185 600
1 000 574
500
800
400
719 390 402
600
300
400
200
200
100
-
2 011 2 010 2 009 -
2 011 2 010 2 009
• Improved operational cash flow in 2011
• Large capacity increase projects in Mainstream Chile and Norway
• 2012 capex level at around NOK 420 mill
– Completion of capacity increase projects in Mainstream
– Capacity expansion in EWOS Norway to meet customer requirements 6

7. Highlights Q1 12
CERMAQ Q1 12 Q1 11
• EBIT of NOK 101m despite low salmon prices
Op. Revenues 2 328 2 286
EBIT* 101 403
• Good biological performance in all regions
EPS** 0.7 3.2
Op. Cash flow 98 730
• Strong volume growth in EWOS Norway and
Q1 Q4 11
Chile
ROCE*** 16.6% 22.1%
NIBD 1 043 1 052
• Continued low debt and solid financial capacity
EWOS Q1 12 Q1 11
Volumes sold (kt) 229.6 164.0 • Investment programs in EWOS and Mainstream
EBIT 61.6 49.7
on schedule
EBIT % 3.3 % 3.4 %
EBIT per tonne 268.5 302.9
Mainstream Q1 12 Q1 11 Return on capital employed
(12-month rolling average)
Volumes sold (kt, gwe) 26.2 26.6
EBIT 59.5 340.3 28,4 %
26,3 % 26,9 %
EBIT per kg 2.3 12.8 22,1 %
16,6 %
* EBIT throughout this document is EBIT pre fair value adjustments on live
inventory
** Earnings per share, adjusted
*** Return on capital employed, 12-months rolling average, based on EBIT pre
gain and fair value adjustments
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
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8. Outlook 2012
Mainstream EWOS
• Estimated volume growth of 15% • Estimated volume growth of 15%
– Norway; above 10%
• 19kt in Norway sold forward on financial – Chile; above 20%
contracts at NOK ~27/kr FCA Oslo
• Full year EBIT margin 5-7%
• Continued upward volume adjustments in
market estimates
Sales volumes FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Global harvest of Atlantic salmon
(kt, gwe) ACT ACT EST EST EST EST kTonnes WFE Q1 12E Q1 11 FY 12E FY 11E
Chile 49 13 5 11 22 51 REGION
Atlantics 15 4 4 7 8 23
Canada 27 23 117 110
Coho 24 8 1 - 12 21
Trout 10 1 0 4 2 7 Chile 77 37 376 221
Norway 38 10 13 16 15 54 Norw ay 269 211 1 134 1 006
Nordland 23 4 5 9 6 24 UK 35 33 149 155
Finnmark 15 7 8 7 9 30
Other 37 29 137 129
Canada 21 3 5 6 6 19
Total 109 26 23 33 43 125 EST. HARVEST 445 334 1 912 1 620
Source: Kontali Analyse
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9. Chile – Brief update
Mainstream Chile Operations cover 2,000 Km.
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10. Salmon - An important export Industry in Chile
US$K
• Export value (2011) 2,900 m US$
(Fourth largest export sector of Chile)
• Direct & indirect jobs 53,000
(unemployment in region X is 4.4%)
• Companies involved >25
10

11. Export value by specie and distribution
3.500
3.000
2.500
2.000
Millon USD
1.500
1.000 3,500
500
3,000
0 15%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2,500
14% 14%
ATLANTIC COHO TROUT 1%
1
1%
1
2,000 1%
1 13% 14%
4%
7% 9%
9% 14% 12% 12% 14%
17% 24%
Millons USD
1,500 7% 6%
8%
14% 13%
6%
5% 8%
36% 33% 26% 22%
5% 38%
1,000 5%
35%
40%
47%
43%
500 39% 44%
37% 32% 29% 30%
39%
37%
0
2003 2004 2005 2006 2007 2008 2009 2010 2011
JAPAN USA EUROPE LATIN AMERICA OTHER MARKETS
11

12. Mainstream 2nd largest exporter in 2011
Export Value in US$ K
350,000
300,000
250,000
200,000
150,000
100,000
50,000
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• 14 companies account for 75% of the export
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13. Mainstream Chiles production process
Freshwater Seawater Harvesting & Logistics &
Processing sales
• 8 hatcheries  63 sea water licenses  2 processing plants
• 3 Lakes sites  Placed in X, XI & XII - Quemchi
• Placed in Region region - Calbuco
VII,IX , X, XII & XIV
Focus on performance Focus on Margin
13

14. Biological Performance Atlantics
Accumulate Mortality (%)
40%
20%
0%
2007 2008 2009 2010 2011
Atlantic
Acc. % Mort. 22% 46% 30% 19% 12%
Harvested Av. Weight (LWE) Productivity (Kg/Smolt)
4 000 4,00
2 000 3,00
2,00
- 1,00
200 200 200 201 201 0,00
7 8 9 0 1 2007 2008 2009 2010 2011
Atlantic Atlantic
Harvest Live W 4 090 2 955 3 444 5 115 4 994 Bio/smolt 3,28 1,32 2,25 3,40 4,25
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