1) The document discusses a conference presentation by Henning Beltestad, CEO of Lerøy Seafood Group ASA, about the company's Q3 results and the market for Atlantic salmon. 2) It notes that while Lerøy Seafood saw increased sales year-to-date in 2011, its EBITDA and EBIT declined due to challenges in China, a key export market. 3) Beltestad discusses the potential for growth in various Asian markets to offset reduced Chinese demand until the situation there is resolved.

1. Waiting for China,
What to do in the meantime?
Havbrukskonferansen
22 Nov 2011
Henning Beltestad
Lerøy Seafood Group ASA
CEO
1 1

2. Agenda
1.1 Q3 Lerøy Seafood Group ASA
2.2 Supply and demand
3.3 Status China
4.4 Potential in Asia
2 2

3. Internal considerations Q3 2011
All figures in NOK mill
Q3 - 11 Q3 - 10 Change YTD Q3 2011 YTD Q3 2010 Change 2010
Turnover 2 304 2 264 2% 6 926 6 314 10 % 8 888
EBITDA 276 477 -42 % 1 293 1 204 7% 1 806
EBIT bef adj biom 207 424 -51 % 1 093 1 047 4% 1 586
PTP bef adj biom 190 431 -56 % 1 088 1 080 1% 1 623
*) PTP = Pre-Tax Profit
3 3

4. Rode Beheer B.V.
•Urk, Netherlands
•87 employees
•Processing c.11.5’ GWT raw material, of which c.85% Atlantic salmon
•Smoked/marinated
•VAP/convenience
•Fillets/MAP
Tveitnesvik, Hardanger
4 4

5. Lerøy Seafood Group - Global organization
Norway
The
Netherlands
Sweden Finland
Scotland
North America Japan
France China
Turkey
Portugal
Farming
Production
Sales & Distribution
5 5

6. Atlantic salmon – Supply
in tons WFE
Change Change Change Change Change
2008 07-08 2009 08-09 2010 09-10 2011 10-11 2012 11-12
Norway 741 000 2,4 % 855 700 15,5 % 944 600 10,4 % 991 100 4,9 % 1 081 500 9,1 %
UK 136 400 1,1 % 144 800 6,2 % 141 800 -2,1 % 154 900 9,2 % 154 200 -0,5 %
Faroe Island 37 900 98,4 % 48 100 26,9 % 42 100 -12,5 % 56 700 34,7 % 63 500 12,0 %
Ireland 11 400 -25,5 % 14 800 29,8 % 17 800 20,3 % 16 000 -10,1 % 16 000 0,0 %
Total Europe 926 700 3,8 % 1 063 400 14,8 % 1 146 300 7,8 % 1 218 700 6,3 % 1 315 200 7,9 %
Chile 403 500 13,2 % 239 100 -40,7 % 129 500 -45,8 % 216 100 66,9 % 313 100 44,9 %
Canada 118 500 8,2 % 115 400 -2,6 % 118 000 2,3 % 110 300 -6,5 % 112 500 2,0 %
Australia 25 700 8,0 % 32 200 25,3 % 33 000 2,5 % 36 000 9,1 % 37 000 2,8 %
USA 17 000 38,2 % 16 400 -3,5 % 18 000 9,8 % 18 500 2,8 % 19 300 4,3 %
All others 2 400 -38,5 % 1 700 -29,2 % 1 400 -17,6 % 2 100 50,0 % 3 200 52,4 %
Total America 567 100 12,1 % 404 800 -28,6 % 299 900 -25,9 % 383 000 27,7 % 485 100 26,7 %
Total World-wide 1 493 800 6,8 % 1 468 200 -1,7 % 1 446 200 -1,5 % 1 601 700 10,8 % 1 800 300 12,4 %
Figures as per 27.10.11
Source: Kontali 6 6

7. Market development for Atlantic Salmon from Norway
YTD Q3 2010 vs YTD Q3 2011
TONS (WFE) TNOK
Region 2010 YTD Q3 2011 YTD Q3 Chng % 2010 YTD AUG 2011 YTD AUG Chng %
EU 434 102 449 256 3,5 % 14 284 628 14 509 666 1,6 %
Others 93 642 107 614 14,9 % 3 065 667 3 323 158 8,4 %
Russia 64 722 73 132 13,0 % 1 982 676 2 134 052 7,6 %
USA 41 222 21 059 -48,9 % 1 716 833 906 932 -47,2 %
Japan 20 296 22 713 11,9 % 752 208 872 236 16,0 %
Totalt 653 985 673 775 3,0 % 21 802 013 21 746 045 -0,3 %
(Volume in tons WFE, value in thousand NOK)
”Others” is specified on the following slide
Figures as per 25.10.11
Source: NSEC/Lerøy 7 7

8. Market development for Atlantic Salmon from Norway
YTD Q3 2010 vs YTD Q3 2011
TONS (WFE) TNOK
Country 2010 YTD Q3 2011 YTD Q3 Chng % 2010 YTD Q3 2011 YTD Q3 Chng %
HONG KONG 14 879 13 710 -7,9 % 566 632 463 814 -18,1 %
UKRANIE 12 903 14 628 13,4 % 240 119 279 121 16,2 %
VIETNAM 5 305 13 381 152,2 % 126 847 349 571 175,6 %
ISRAEL 5 592 9 101 62,8 % 205 577 316 588 54,0 %
TAIWAN 6 264 7 257 15,9 % 223 605 236 191 5,6 %
SOUTH KOREA 5 259 6 876 30,8 % 196 613 249 060 26,7 %
THAILAND 6 454 6 061 -6,1 % 208 398 185 534 -11,0 %
CHINA 9 933 5 229 -47,4 % 346 731 154 732 -55,4 %
SINGAPORE 3 520 4 157 18,1 % 134 237 146 930 9,5 %
TURKEY 2 933 3 581 22,1 % 102 397 114 542 11,9 %
SWITZERLAND 2 769 3 247 17,3 % 107 431 133 885 24,6 %
FHILIPPINE 1 347 2 808 108,4 % 27 201 56 541 107,9 %
BELARUS 2 412 2 434 0,9 % 57 841 62 871 8,7 %
CANADA 1 667 2 320 39,1 % 74 106 109 333 47,5 %
OTHER CONTRIES 12 405 12 824 3,4 % 447 933 464 443 3,7 %
Total "Others" 93 642 107 614 14,9 % 3 065 667 3 323 158 8,4 %
(Volume in tons WFE, value in thousand NOK)
Figures as per 25.10.11
Source: NSEC/Lerøy 8 8

9. Integrated value chain
9 9

10. Waiting for China
www.leroy.no

11. Norwegian Salmon export after Dec. 8, 2010
11 11

12. Business as usual for seafood … except salmon
All shipments of Norwegian Salmon are tested for:
Florfenicol
Flumequine
Lincomycin Exports
Spectinomycin reduced by
Oxytetracycline 56% in 2011!
Oxilinic Acid
Sealice
Growth
Anisakis
Crystal violet
estimate in
Paralytic shellfish poisoning normal times
Staphylococcus aureus - 30% above
Vibrio parahaemolyticus last year.
Vibrio cholerae
Listeria monocytogenes
12 12

13. Our customers hit the hardest
• Can Norwegian
exporters motivate
Norwegian
authorities?
•FHL, MoF, MoFA
•What is Norway doing
to initiate dialog with
China?
13 13

14. Fossen launched
in China
• Launched in October in
high-end supermarkets
14 14

15. Potential in Asia
Highlights:
•South-Korea:49 millions
•Taiwan: 23 millions
•Singapore: 5 millions
•Indonesia:237 millions
•Southeast-Asia: 447 million
people (Indonesia,
Philipines, Malaysia,
Singapore, Taiwan,
Thailand, Vietnam)
•India: 1,2 billion people
15 15

16. KOREA: Local farmed halibut dominate the sahsimi segment with
Norwegian Salmon, but exports are still low. Only local smoked salmon
16 16

17. Potential in Asia
• Increasing middle class and economic growth
• Tourism increasing
• Huge differences between countries
• Consentration around large cities: Bangkok, Taipei, KL.
• From wetmarket to modern retail; important distribution
channel for Norwegian Salmon
• Salmon present in hotels and in the growing number of
sushi chains and high-end supermarkets
• Lack of knowledge about salmon and Norway
• Competition from Chile
• Sushi/sashimi is popular – advantage fresh Norwegian
Salmon
17 17

18. BRIC middle class increase by 800 million
, NSEC
18 18

19. Incredible India
19 19

20. India: world’s largest population in 2030
• 1,2 billion people
• 2030: no.1 population
• ¾ lives in rural areas
• Third largest economy in Asia
and Oceania, after Japan and
China
• Increasing middle class
• One of the poorest countries in
the world
• Big differences – rich and poor
20 20

21. Trade barrieres Norwegian Salmon
2006: Kronprinsparet besøkte India. Foto: EFF/Kjartan Mærstad
• 30% tariff on salmon, excluding whole salmon which was
reduced to 12% in 2006
• EFTA negotiations ongoing
21 21

22. Indias retail sector
2010 2015
•Modern retail outlets holds a small Number Number
share of the grocery market Company Of Of
Outlets Outlets
•One of the least developed retail
Future Group 437 923
markets in the world
Reliance Retail 604 1 169
•Supermarket is the dominating type at
present Walmart 5 50
•Hypermarkets will increase (Dairy Farm, Aditya Birla 543 743
Metro Group) Food rite, SPAR, Walmart, Metro Group 6 18
Tesco and Carrefour
Grand Total 1 595 2 903
•Restrictions on foreign ownership, Kilde: Planet Retail
100% foreign ownership only allowed in
cash& carry segment
•Undeveloped distribution channels
22 22

23. 23 23