John Paul Mc-Ginley, CEO i Morpol på Havbrukskonferansen 22. november 2011 på Radisson Blu Scandinavia i Oslo.

1. Morpol ASA
Salmon Demand in Europe
John-Paul McGinley – Chief Operating Officer
Havbrukskonferansen, Oslo - 17 November 2011
1

2. AGENDA
• Introduction to Morpol
• Market update
• Outlook
2

3. THE LEADING SALMON PROCESSOR IN THE WORLD
Revenue CAGR of 33%, strong EBITDA margin
• Market leader in smoked salmon (Million EUR)
450 Revenue 20
• Consistent quality
400
350 EBITDA % 16
300
250 12
%
• Innovation leader salmon VAP 200
150 295
354
430
344 8
239
100 4
152
• 72,000 MTs of raw material
50 105
0 0
2005 2006 2007 2008 2009 2010 YTD
processed in 2010 Q3
2011
• Over 3,200 employees
• 22,000MT of salmon farming in UK
• 7,000MT of salmon farming in
Norway
3

4. FULLY INTEGRATED BUSINESS PRESENT IN ALL MAIN
MARKETS FOR SALMON
Jøkelfjord Laks
Waynor Trading Salmon Production Morpol USA
Morpol UK Sales Office
Purchasing office
Sales Office
Morpol ASA
Corporate
MeridianSalmon
Laurin Seafood
Salmon
Production Site
Production
Morpol
Main Production Site
Brookside Products
Production Site
Laschinger Seafood
Sales office
Morpol Japan
Morpol France Sales Office
Sales logistics and
distribution centre
Morpol Italia
Sales office
Laschinger Seafood
Logistics and distribution
centre
4

5. MORPOL MISSION & CORE VALUES
• Mission
• .....to be the most efficient producer of value
added salmon products, exceeding customer
expectations with excellent products that are
attractive and convenient for consumers and
food service. Morpol will continuously innovate in
product concept, equipment design and food
safety to set the performance standards for the
industry.
• Core values
• Quality
• Reliability
• Innovation
• Convenience
• Value for money
• Food safety
5

6. OUR PRODUCTS
6

7. MARKET UPDATE
7

8. SALMON PRICES SPIKED IN 2009/2010
NOS Price - Average all sizes
50
NOS Salmon Price
45
Linear (NOS Salmon
40 Price)
35
NOK / KG
30
25
20
15
10
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
8

9. SALMON PRICES CONTINUED DECLINE Q3
Prices averaged NOK 26/kg in quarter
NOS Salmon Price (Ex Oslo) - Average all sizes
50
2011
45 2010
2009
40
NOK / KG
35
30
25
20
15
22
43
10
11
12
13
14
15
16
17
18
19
20
21
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
44
45
46
47
48
49
50
51
52
1
2
3
4
5
6
7
8
9
9 Source: NOS

10. SALMON IS NOW CHEAP RELATIVE TO OTHER
PROTEINS
10 Source: DNB / IndexMundi

11. BUT RETAIL PRICES REMAIN HIGH
Monthly Average prices, Jan 2000 – Oct 2011
11 Source: Kontali

12. GLOBAL PRODUCTION OUTLOOK
Harvest volumes – Atlantic Salmon (tonnes WFE)
2009 2010 Change 2011E Change 2012E Change
Norway 856 945 10% 987 4% 1074 9%
Chile 239 130 (46%) 227 75% 342 51%
UK 145 142 (2%) 157 11% 149 (5%)
Canada 115 118 2% 109 (8%) 112 3%
USA 16 18 10% 19 3% 19 4%
Faroe
Islands 48 42 (12%) 57 35% 64 12%
Australia 32 33 2% 36 9% 38 6%
Ireland 15 18 20% 16 (10%) 16 0%
Others 2 1 (18%) 2 50% 2 0%
Total 1 468 1 446 (1%) 1 608 11% 1815 13%
12 Source: Kontali Nov 18th 2011

13. INCREASED SUPPLY OF ATLANTIC SALMON IN 2011
AND 2012
Atlantic salmon supply
• 2011 Worldwide supply +11%
2009 – 2012E (000’s MT)
• Increase of 1 percentage point since
previous estimate
+13%
• EU supply +7% 2000
+11%
• USA supply +9% 1800
-4%
53
135
• Increased supply in all main markets 1600 41
• 2012 Worldwide supply +13% 40
78 34
115
324 JAPAN:
1400
100
283 RUSSIA:
281
1200 257
432 USA:
1000 373
340 ALL OTHERS:
318
800
EU:
600
400 872
766 737 795
200
0
2009 2010 2011E 2012E
13 Source: Kontali Nov 18th 2011

14. ESTIMATED QUARTERLY GROWTH 2012E
CAGR: 2009 – 2012E PER QUARTER
Y-o-Y growth is only part of the story due to low volumes in 2010
14 Source: Kontali Nov 18th 2011

15. RETAIL SALES OF SALMON – YTD Q3
Consumers have reacted negatively to higher prices in salmon
YTD Q3 2011 versus YTD Q3 2010
Fresh Smoked
Volume Price Volume Price
development development development development
France -14.5% +5% -2.6% 6.2%
Germany -3% +8.4% -2.2% 6.9%
UK -7% +5.5% -6.4% +6.2 %
15 Source: Europanel / NSEC

16. RETAIL SALES OF SALMON – Q3
Consumers have not yet got the full benefit of raw material price decreases
Q3 2011 versus Q3 2010
Fresh Smoked
Volume Price Volume Price
development development development development
France +5.7% -7.2% -8.8% 10.6%
Germany +34% -4.6% 4.2% 5.6%
UK -1% +1% -3.4% -3 %
• Clear evidence in the quarter that recent price decreases have had a positive impact
on demand
• In Germany we have seen a price drop from Q2 2011 to Q3 2011
16 Source: Europanel / NSEC

17. GERMANY
Retail sales of smoked salmon
Retail price moved
from €2.99 to €2.69*
4 500
Retail price moved
4 000 from €3.19 to €2.99*
Retail price moved
3 500 from €2.79 to €2.99*
3 000 Retail price moved
from €2.99 to €3.19* 2008
MT p.w.
2 500
2009
2 000 2010
1 500 2011
1 000
500
-
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: Europanel / NSEC
17
*200g pack smoked salmon

18. FRANCE
Retail sales of smoked salmon
5 000
4 500
4 000
3 500
3 000 2008
MT p.w.
2 500 2009
2 000 2010
2011
1 500
1 000
500
-
P01 P02 P03 P04 P05 P06 P07 P08 P09 P10 P11 P12 P13
18 Source: Europanel / NSEC

19. OUTLOOK
19

20. THE WAY FORWARD
Salmon fits with the global mega trends
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21. LONG TERM CONSUMPTION GROWTH REQUIRES
INNOVATION
Sashimi slices Salmon Trout
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22. LONG TERM CONSUMPTION GROWTH REQUIRES
INNOVATION
Pasta Salmon “Look, no brown meat!”
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23. LONG TERM CONSUMPTION GROWTH REQUIRES
INNOVATION
Infusions Additions
23

24. LONG TERM CONSUMPTION GROWTH REQUIRES
INNOVATION
Paper packed Scottish organic Smoked Scottish salmon loin
salmon
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25. SALMON DEMAND WILL PICK UP IN EUROPE
Demand will pick up as lower prices
reach the consumer
• Supply increases will keep raw
material prices under pressure
• End product prices will have to
come down
• Lower prices to end consumer
• Demand for (smoked) salmon
expected to increase
• As an industry we must focus on
the customer
• Stable quality
• Stable pricing
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26. THANK YOU
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27. APPENDIX
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28. WHAT IS DEMAND?
Elements of the Law of Demand
• The quantity of a well-defined good
or service that:
• People are willing and able to buy.
• During a particular period of time.
• Decreases/increases as the price of
that good or service rises/falls
• All other factors remain constant.
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