Sverre Søraa fra Coast Seafood om markedsperspektiv for norsk laks på Miniseminar Laks 13. April i Oslo.

2. Production and Market update,
April 2012
Based on Kontali Analyse data

3. Key production parameters Atlantic salmon
Loss rate - Atlantic salmon Smolt release Atlantic salmon
35 180 000
160 000
30
140 000
25
120 000
20 100 000
15 80 000
60 000 S1
10 S1
40 000 S0
5
20 000
0 0
2004 2005 2006 2007 2008 2009 2010 2011
03G 04G 05G 06G 07G 08G 09G 10G est 11G est
Smolt release 134 500 152 000 13 % 162 000 7% 182 200 12 % 207 000 14 % 230 000 11 % 237 000 3% 256 000 8% 280 500 10 %
Loss rate (in % of numbers) 22.1 19.5 -12 % 18.9 -3 % 19.3 2% 22.2 15 % 19.7 -11 % 20.2 2% 21.0 4%
Yield - hq kg wfe per released smolt 3.64 3.90 7% 4.21 8% 4.15 -1 % 3.78 -9 % 4.06 7% 4.12 1% 4.18 1%
Harvest weight 4.67 4.84 4% 5.19 7% 5.14 -1 % 4.85 -6 % 5.06 4% 5.16 2% 5.29 2%
BFCR - live weight 2 011.00 1.12 ##### 1.14 2% 1.12 -1 % 1.12 0% 1.13 0% 1.14 1% 1.14 0%
EFCR - gutted weight 1.46 1.46 0% 1.47 0% 1.44 -2 % 1.48 2% 1.46 -1 % 1.46 0% 1.48 1%

4. Mid
18.0
4 Y Max-Min RAnge 2012 Actual
16.0
14.0
12.0
Sea temperatures 10.0
8.0
6.0
4.0
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
West North
20.0 14.0
4 Y Max-Min Range 2012 Actual
4 Y Max-Min RAnge 2012 Actual
12.0
16.0
10.0
12.0
8.0
8.0
6.0
4.0 4.0
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

5. Feed sales salmon and trout Norway
Endring %
2006 2007 2008 2009 2010 2011 2012 11/12
January 44 700 67 700 63 800 71 200 69 200 71 000 102 400 44 %
February 39 100 52 300 54 600 58 000 56 400 55 800 85 000 52 %
Total 83 800 120 000 118 400 129 200 125 600 126 800 187 400 48 %
March 43 900 55 800 57 100 54 100 61 900 61 000
April 41 300 65 300 59 300 65 700 62 700 62 300
May 67 600 78 000 76 200 87 100 89 300 101 700
June 83 600 92 900 97 500 120 300 117 800 122 100
July 118 200 132 700 130 000 159 200 153 800 167 300
August 132 400 150 900 147 800 175 400 184 400 205 400
September 125 100 134 800 157 000 172 500 178 500 212 600
October 121 700 133 600 147 900 159 100 161 400 178 600
November 92 100 98 600 113 100 135 800 132 400 150 900
December 78 200 73 700 96 300 111 200 97 500 120 300
Year total 987 900 1 136 300 1 200 600 1 369 600 1 365 300 1 509 000
Source: Fishfeed Producers Organisation (FPF). 20.03.2012
The statistics include sale of dry feed to farms and smolt plants in Norway for all species of fish. Kontali Analyse AS
has estimated the share that is used for salmon production in fish farms.

6. Biomass Atlantic salmon Norway
Estim ated stock 01.02.2012 Estim ated stock 01.02.2011 Chg %
10 G S1 16 300 a 5.0 82 000 09 G S1 16 100 a 5.2 83 200
S0 83 500 a 3.7 312 600 S0 75 100 a 3.8 283 300
11 G S1 128 200 a 1.6 208 700 10 G S1 118 800 a 1.6 186 600
S0 117 100 a 0.5 55 200 S0 110 900 a 0.3 38 300
Total stock (r.w .) 658 500 Total stock (r.w .) 591 400 11 %
Harvested 82 800 Harvested 65 100
Net grow th 59 700 Net grow th 39 400
Change -23 100 Change -25 700
Estim ated stock per 28.02.2012 Estim ated stock per 28.02.2011
10 G S1 8 700 a 5.0 43 400 09 G S1 9 100 a 5.2 47 600
S0 74 800 a 4.0 298 800 S0 68 900 a 4.0 273 200
11 G S1 127 300 a 1.8 230 500 10 G S1 117 800 a 1.7 201 400
S0 114 200 a 0.5 62 400 S0 109 900 a 0.4 43 300
12 G S1 3 000 a 0.1 300 11G S1 1 900 a 0.1 200
Total stock (r.w .) 635 400 Total stock (r.w .) 565 700 12 %
Converted gutted w eight 572 000 Converted gutted w eight 509 000

7. Biomass Trout Norway
1000 FISH/TONNES WFE (ROUND BLED WEIGHT)
Estimated biomass per 2012-02-29 Estimated biomass per 2011-02-29 Change %
10G 4 300 a 3.8 16 500 09G 2 900 a 3.9 11 400
11G 18 900 a 1.4 26 100 10G 16 500 a 1.2 19 100
12 G 1 000 a 0.1 70 11G 1 000 a 0.1 80
Total biomass per 2012-02-29 42 700 Total biomass per 2011-02-29 30 600 40 %
Converted live weight 45 900 Converted live weight 32 900
Converted gutted weight 38 000 Converted gutted weight 28 000
The figures are calculated and not based on collected data from the farms 23.03.12

8. Exchange rates
10.00 93.00 13.00
NOK/EUR NOK/SEK 12.50
NOK/GBP
91.00
9.50 12.00
89.00
11.50
9.00
87.00 11.00
8.50 85.00 10.50
10.00
83.00
8.00 9.50
81.00
9.00
7.50
79.00 8.50
7.00 77.00 8.00
1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012
7.50 8.00
NOK/USD NOK/JPY
7.50
7.00
7.00
6.50
6.50
6.00 6.00
5.50
5.50
5.00
5.00
4.50
4.50 4.00
1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

9. Chilean Atl. salmon export trends Jan - Jan
Total export volume by month (all products) in tonnes Total export value by month (all products) in 1 000
WFE USD
35 000 140 000
130 000 2011
30 000 2011
120 000 2012
2012 110 000
25 000
100 000
20 000 90 000
80 000
15 000 70 000
10 000 60 000
50 000
5 000 40 000
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
Month Month

10. Share of processing Norway and Chile
Atlantic salmon Trout
80 % 30 000 70 % 12 000
70 %
25 000 60 % 10 000
60 % Chile nom
50 % Chile nom
20 000 8 000
50 %
Norway 40 %
40 % 15 000 Norway
nom 6 000 nom
30 %
30 % Chile %
10 000 4 000 Chile %
20 % 20 %
5 000 Norway % 2 000 Norway %
10 % 10 %
0% 0 0% 0
nov
nov
nov
mai
mai
mai
sep
sep
sep
jan
mar
jul
jul
jan
mar
jan
mar
jul
jan
nov
nov
nov
mai
mai
mai
sep
sep
sep
jan
mar
jul
jul
jan
mar
jan
mar
jul
jan
Small increase of vap product

11. Chilean Atl. salmon export trends Jan - Jan
Fersk Frossen Fersk filet Frossen filet Røkt/Saltet Diverse All figures in tonnes WFE
Fresh Frozen Fresh fillets Frozen fillets Sm oked/Salted Other Totalt %
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 change
USA 68 37 31 44 8 045 3 573 689 300 479 319 1 476 1 239 10 788 5 512 96 %
Brazil 3 555 2 393 73 149 123 34 244 239 15 40 33 0 4 042 2 855 42 %
Canada 0 5 0 0 57 64 67 117 0 0 31 49 156 235 -34 %
Other America 431 293 447 285 240 190 774 144 70 44 23 28 1 985 984 102 %
Total Am erica 4 054 2 728 552 479 8 465 3 861 1 774 799 563 403 1 563 1 317 16 972 9 587 77 %
Japan 0 0 85 11 0 0 512 228 13 26 3 0 612 266 130 %
China 0 0 239 58 0 0 0 0 0 0 0 0 239 58 310 %
South Korea 0 0 181 351 0 0 0 0 0 0 0 0 181 351 -48 %
Remaining Far East 0 0 549 129 0 0 96 71 0 1 78 0 723 202 258 %
Total Far East 0 0 1 054 550 0 0 608 300 13 27 81 0 1 755 877 100 %
Germany 0 0 0 0 0 0 147 256 0 0 105 0 252 256 -2 %
France 0 0 0 0 37 0 379 30 4 0 610 293 1 031 323 219 %
Other EU 4 0 85 0 13 0 303 158 0 0 80 34 486 192 153 %
Total EU 4 0 85 0 50 0 829 445 4 0 796 327 1 769 772 129 %
Other Europe 0 0 21 0 0 0 0 0 0 0 0 0 21 0
Russia 0 0 212 68 0 0 0 0 0 0 32 0 243 68 260 %
Others 1 0 235 0 1 0 56 0 1 0 0 0 294 0
Total 4 059 2 728 2 176 1 096 8 517 3 861 3 340 1 544 581 430 2 471 1 643 21 144 11 303 87 %

12. Chilean Trout export trends Jan - Jan
All figures in tonnes WFE
Fresh Frozen Fresh fillets Frozen fillets Sm oked/Salted Other Totalt
%
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 change
Japan 0 0 3 976 5 169 33 0 6 191 6 304 0 0 471 345 10 671 11 817 -10 %
Thailand 0 0 1 482 1 975 0 0 102 0 0 0 63 0 1 647 1 975 -17 %
China 0 0 979 440 0 0 0 0 0 0 0 0 979 440 122 %
USA 0 0 38 0 1 236 1 374 207 257 0 0 52 46 1 534 1 677 -9 %
Russia 0 0 1 537 2 148 0 0 0 0 0 0 11 0 1 548 2 148 -28 %
EU 0 0 41 48 0 0 10 41 0 0 34 83 85 172 -51 %
Other Europe 0 0 0 292 0 0 0 17 0 0 0 0 0 310 -100 %
Others 25 376 498 596 38 28 356 1 022 0 0 2 70 918 2 092 -56 %
Total 25 376 9 010 10 977 1 307 1 402 6 907 7 641 0 0 634 578 17 883 20 973 -15 %
Total export volume by month Total export value by month
(all products) in tonnes WFE (all products) in 1 000 USD
24 000 130 000
2011 2012 2011 2012
20 000 110 000
90 000
16 000
70 000
12 000
50 000
8 000 30 000
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
Month
Month

13. Harvest Atlantic salmon World Wide
in tonnes wfe
January
2008 2009 2010 % ch. 2011E % ch. 2012E % ch.
Norway 740 900 855 700 944 600 10 % 1 005 600 6 % 1 091 300 9%
Chile 403 500 239 100 129 600 -46 % 222 000 71 % 352 100 59 %
UK 136 400 144 800 141 800 -2 % 157 500 11 % 146 000 -7 %
Canada 118 500 115 400 118 000 2% 109 900 -7 % 114 000 4%
Ireland 11 400 14 800 17 800 20 % 15 800 -11 % 16 000 1%
Faroe Islands 37 900 48 100 42 100 -12 % 56 500 34 % 65 400 16 %
USA 17 000 16 400 18 000 10 % 18 500 3% 19 300 4%
Australia 25 700 32 200 33 000 2% 36 000 9% 37 000 3%
Others 2 400 1 700 1 400 -18 % 2 100 50 % 3 200 52 %
TOTAL 1 494 000 1 468 000 1 446 000 -1 % 1 624 000 12 % 1 844 000 14 %

14. Harvest Atlantic salmon World Wide
in tonnes wfe
MARCH
2008 2009 2010 % ch. 2011E % ch. 2012E % ch.
Norway 740 900 855 700 944 600 10 % 1 005 600 6 % 1 128 900 12 %
Chile 403 500 239 100 129 600 -46 % 221 000 71 % 357 600 62 %
UK 136 400 144 800 141 800 -2 % 154 700 9% 149 200 -4 %
Canada 118 500 115 400 118 000 2% 110 000 -7 % 115 000 5%
Ireland 11 400 14 800 17 800 20 % 15 800 -11 % 16 000 1%
Faroe Islands 36 900 47 500 41 700 -12 % 55 500 33 % 60 600 9%
USA 17 000 16 400 18 000 10 % 18 500 3% 19 900 8%
Australia 25 700 32 200 33 000 2% 36 000 9% 37 000 3%
Others 2 400 1 700 1 400 -18 % 2 100 50 % 3 200 52 %
TOTAL 1 493 000 1 468 000 1 446 000 -1 % 1 619 000 12 % 1 887 000 17 %

15. Supply/Consumption Atlantic salmon
in tonnes wfe
EU USA
2010e 10/09 2011e 11/10 2012e 12/11 2010e 10/09 2011e 11/10 2012e 12/11
Q1 169 000 -2 % 158 800 -6 % 194 200 22 % 65 900 -16 % 62 400 -5 % 75 800 21 %
Q2 170 100 -4 % 183 300 8% 204 100 11 % 64 900 -8 % 67 800 4% 76 500 13 %
Q3 181 000 -6 % 200 700 11 % 228 200 14 % 61 700 -9 % 78 500 27 % 82 500 5%
Q4 216 900 -3 % 238 900 10 % 258 600 8% 64 600 1% 79 700 23 % 95 300 20 %
Total 737 000 -4 % 781 700 6% 885 100 13 % 257 100 -9 % 288 400 12 % 330 100 14 %
Japan Russia
2010e 10/09 2011e 11/10 2012e 12/11 2010e 10/09 2011e 11/10 2012e 12/11
Q1 8 600 -28 % 9 400 9% 13 800 47 % 21 000 33 % 23 000 10 % 39 200 70 %
Q2 7 300 -25 % 8 700 19 % 13 000 49 % 21 400 30 % 22 100 3% 35 800 62 %
Q3 7 300 -6 % 10 700 47 % 13 100 22 % 24 100 20 % 31 700 32 % 38 400 21 %
Q4 10 500 0% 16 700 59 % 16 000 -4 % 33 000 27 % 47 000 42 % 48 500 3%
Total 33 700 -16 % 45 500 35 % 55 900 23 % 99 500 27 % 123 800 24 % 161 900 31 %

16. Year to date…..

17. Supply/Consumption Atlantic salmon ASIA
in tonnes wfe
20000 100 %
90 %
18000
80 %
16000 70 %
Tonnes WFE
60 % ch 11/12
14000
50 % 2010
12000 2011
40 %
10000 30 % 2012
20 %
8000
10 %
6000 0%
1 2 3 4 5 6 7 8 9 10 11 12

18. Supply/Consumption Atlantic salmon Latin America
in tonnes wfe
8000 150 %
7000 130 %
6000 110 %
Tonnes WFE
ch 11/12
5000 90 %
2012
4000 70 % 2010
3000 50 % 2011
2000 30 %
1000 10 %
1 2 3 4 5 6 7 8 9 10 11 12

19. Totalvolum (Wfe) og snittpris (fersk filet) 1998-2011
350,000 12.00
300,000
10.00
250,000 2002
295.000 tonn 8.00
UDS 4,37/kg
200,000
Tonn/USD
2009 6.00
300.000 tonn
150,000 UDS 8,76/kg
4.00
100,000
USA representerer ca. 20% av det globale 2.00
50,000
markedet for Atlantisk laks
0 0.00
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
TONN 142,99 168,03 206,22 261,11 295,98 308,66 295,10 314,00 315,14 326,49 315,46 299,23 242,26 281,45
USD/KG 5.27 5.73 5.64 4.76 4.37 4.87 4.87 5.29 6.70 6.90 6.99 8.76 10.76 10.00

20. Status
• USA markedet er i Oppgang
• grunna sterkere kjøpekraft og
• lavere laksepriser sammenlignet
med alternative proteinkilder

21. TOP 20 Markets - Actual growth

22. TOP 20 Relative growth
(for markets larger than 2000 tons wfe in 2011)

23. Retail Price Quotations – France
Price for Salmon* vs Meat**
Jan 2001 – Mar 2012
* Avg. price whole salmon + salmon fillet
** Avg. price chicken, pork and bouvine meat

24. Retail Price Quotations – France
Price for Salmon* vs Other Fish**
Jan 2001 – Mar 2012
* Avg. price whole salmon + salmon fillet
** Avg. price fillet of cod, saithe & whiting + whole hake &
sole

25. EU Market – Supply Trend March 2012
% ch. % ch. % ch.
2009 2010 2011E 2012E
10/09 11/10 12/11
January 58 600 54 600 -7 % 51 600 -5 % 60 400 17 %
February 53 000 52 200 -2 % 49 100 -6 % 62 400 27 %
March 60 200 62 200 3% 58 100 -7 % 71 400 23 %
April 58 300 53 700 -8 % 56 600 5% 63 600 12 %
May 59 400 56 300 -5 % 61 300 9% 68 000 11 %
June 59 500 60 100 1% 65 400 9% 72 500 11 %
July 61 800 59 300 -4 % 63 000 6% 70 100 11 %
August 62 200 55 600 -11 % 62 200 12 % 74 000 19 %
September 68 900 66 100 -4 % 75 500 14 % 84 100 11 %
October 75 100 71 300 -5 % 75 200 5% 86 600 15 %
November 73 400 70 800 -4 % 80 600 14 % 86 100 7%
December 75 500 74 800 -1 % 83 100 11 % 85 900 3%
Total 765 900 737 000 -4 % 781 700 6% 885 100 13 %
Suppliers
Change Change
2009 2010 % ch. 2011E % ch. 2012E % ch.
2010-2011 2011-2012
Norway 591 600 615 300 4% 648 500 5% 712 300 10 % 33 200 63 800
UK 110 200 97 600 -11 % 92 700 -5 % 101 800 10 % -4 900 9 100
Faeroe Isl. 30 000 26 300 -12 % 29 900 14 % 38 000 27 % 3 600 8 100
Ireland 14 600 17 100 17 % 15 400 -10 % 15 600 1% -1 700 200
Chile 39 800 10 600 -73 % 17 200 62 % 39 400 129 % 6 600 22 200
Other 500 300 -40 % 700 133 % 700 0% 400 -
Re-export -20 900 -30 300 45 % -22 700 -25 % -22 700 0% 7 600 -
Total volume 765 800 736 900 -4 % 781 700 6% 885 100 13 % 44 800 103 400

26. Global Supply Atlantic salmon
(tonnes wfe)
2008 2009 % ch. 2010 % ch. 2011E % ch. 2012E % ch.
Jan 116 700 122 100 5% 109 600 -10 % 108 800 -1 % 136 500 25 %
Feb 111 200 111 300 0% 107 300 -4 % 104 100 -3 % 139 700 34 %
Mar 113 500 128 800 13 % 123 200 -4 % 121 800 -1 % 152 200 25 %
Apr 113 200 121 700 8% 104 000 -15 % 111 700 7% 138 900 24 %
May 123 600 115 600 -6 % 110 400 -4 % 120 600 9% 143 800 19 %
Jun 118 200 119 000 1% 119 300 0% 129 200 8% 149 800 16 %
Jul 119 900 119 300 -1 % 115 000 -4 % 132 600 15 % 149 800 13 %
Aug 116 800 119 700 2% 110 700 -8 % 131 900 19 % 154 600 17 %
Sep 127 700 130 100 2% 127 100 -2 % 156 500 23 % 172 500 10 %
Oct 132 900 137 500 3% 136 900 0% 158 700 16 % 182 000 15 %
Nov 132 700 136 700 3% 140 700 3% 168 300 20 % 185 500 10 %
Dec 140 500 143 100 2% 141 300 -1 % 172 000 22 % 184 400 7%
Total 1 466 900 1 504 900 3 % 1 445 500 -4 % 1 616 200 12 % 1 889 700 17 %

27. Markedsutvikling 2012

28. Markedsutvikling 2012