Norway Pelagic ASA

Buy

Company Update 23 June 2011

Share price: NOK 33 (23.06.2011) Target: NOK 44

Fondsfinans has been an adviser to Norway Pelagic ASA during the last 12 months Share data (NOKm) Sector Reuters/ Bloomberg Outstanding shares (mill)

23/06/2011 Fisheries NPEL 15.62

Risk rating

Medium

Market cap

516

Net interest bearing debt

947

Enterprise value Free float % Average volume (thous) High/ low 52w Weight OSEAX %

1 463 55 400 47.5 / 33.0 0.0331

Rel. Perf % 3/ 6/ 12

-13/ -20/ -39

Abs. Perf. % 3/ 6/ 12

-19/ -25/ -25

NPEL HQ will be moved from Måløy to Ålesund in 2013 – collocated together with all sale functions globally from 2013

Prepared by analyst: Bent Rølland Fondsfinans ASA TEL: +47 23 11 30 27 [email protected]

The pelagic merger makes sense The main pelagic species is herring. For 2011 herring quotas are reduced by just over 30% YoY. As a result, herring export prices have been much stronger this year than last. Although raw material prices are also higher, NPEL has managed to increase gross margins somewhat. But volumes are significantly down so far. For 2012 we expect herring quotas to remain unchanged. For 2013 onwards we expect herring quotas to start climbing again. The Governmental scientists have lately observed more spawning juveniles and become more optimistic about the long term resource situation. The post merger NPEL has flexibility to meet low pelagic volumes also next year. Several plants will be taken out of the portfolio in the combined company. Two processing plants (Ålesund and Bergen) are already closed in order to save overhead per kilo processed. The merger with Austevoll Fisk will be finalized 1st of July and the combined company will get around 50% market share (up from 38-39%). In addition, the company will get a minority stake in Shetland Catch AS, the main competitor in the UK. We believe the merged company will be capable to negotiate reasonable first hand prices under a low quota regime. In the world market we expect the combined company to increase market power compared with the two pre merger entities. For the merged company we estimate 2012 EPS around NOK 5.5 per share. Based on our assumption of increased volumes from 2013 onwards, we believe 2013 EPS will be better than in 2012. Based on 2012 estimates and P/E equal to 8, we set our updated NPEL price target to NOK 44 per share. The merged company will pay NOK 1.50 per share in dividend in August this year which is in line with dividend policy.

Key figures (NOKm) Operating revenues EBITDA EBIT Profit before tax Profit for period EPS Herring Mackerel Other species Processing volumes Volumes YoY DPS NIBD EV/ EBITDA EV/EBIT P/E P/B

2009 pf 3 755 257 212 179 133 7.24 348 885 88 766 117 979 555 630

5.7 6.9 4.6 n.m.

2010 pf 4 053 214 163 138 100 5.44 331 690 113 765 92 010 537 465 -3% 1.50 947 6.8 9.0 6.1 0.5

2011e 3 194 152 97 81 58 3.24 212 705 92 592 42 000 347 297 -35% 0.87 1 192 11.5 18.1 10.2 0.6

2012e 3 805 233 165 151 109 5.59 234 105 102 831 48 800 385 736 11% 1.51 1 011 6.9 9.8 5.9 0.5

2Q10 258 -26 -28 -47 -34 -2.17 4 555 2 1 142 5 699

2Q11e 317 -31 -44 -49 -35 -2.27 9 000 400 1 000 10 400 82%

473

901

Source: Norway Pelagic ASA/FF research.

FONDSFINANS ASA, HAAKON VII’S GATE 2, P.O.BOX 1782 VIKA, NO-0122 OSLO, TEL: +47 23 11 30 00, FAX: +47 23 11 30 03, [email protected] We refer to important information written later in this report

Norway Pelagic ASA

Company update

The NPEL merger with Austevoll Fisk AS is approved by AGM Modolv Sjøset – new NPEL asset – capelin and herring processing

North Capelin in Finnmark – New NPEL asset – capelin processing

Shetland Catch (25%) – new NPEL asset – option to increase the ownership to 50%.

On 23 March 2011, Norway Pelagic announced a plan for merging its subsidiary, Norway Pelagic AS, with Austevoll Seafood ASA’s North Atlantic pelagic businesses for human consumption (Austevoll Fisk AS). At the AGM in Norway Pelagic ASA held in April, the plan was approved and the merger is expected to take effect from 1st of July 2011. Hence, in our model 2q 2011e is stand alone estimates. Both the operations of Austevoll Fisk AS and Norway Pelagic ASA consists of purchasing pelagic landings, freezing, processing, marketing and exporting pelagic products such as herring, mackerel and capelin. The merged Norway Pelagic ASA will by far be the largest player within pelagic processing and sales (for human consumption) globally. Austevoll Fisk AS carries out the pelagic business activities through subsidiaries and minority shareholdings. Austevoll Fisk AS owns 60% of Sir Fish AS (in Rogaland), 100% of Austevoll Fiskeindustri AS (which rents the Storebø plant), 66% of Modolv Sjøset (Nordland), 50% of North Capelin Honningsvåg (Finnmark), 25% of Shetland Catch (inclusive an option to increase the shareholding up to 50% of the share capital) and 100% of Atlantic Pelagic AS. The salmon processing taking place at Storebø will not be included in the merger. The merger is based on an exchange ratio between the value of Austevoll Fisk and Norway Pelagic of 15:85. The ratio is based on an equity value of NOK 705m for NPEL and of NOK 125m for Austevoll Fisk AS. NPEL will increase its share capital by NOK 2 768 954 through the issue of 2 768 954 consideration shares with a nominal value of NOK 1. The new shares will be allocated to Austevoll Seafood ASA as merger consideration. Austevoll Seafood will after the merger increase its holding of the share capital of the combined group from current 33.3% to around 43%. Total outstanding shares in 2012 will be 18.3m.

Dividend payment of NOK 1.5 per share in August this year (the merged company) The Board of Norway Pelagic has proposed to pay out a dividend of NOK 1.5 per share.In the same announcement, the board also made a proposal to change business address to Ålesund municipally from Vågsøy. Over time, the HQ will be moved to Ålesund where the NPEL sale office is located. Over time, we assume that the regional AUSS sale offices also will be moved to the Ålesund sale office in order to reduce overhead costs.

About the quotas and the pelagic resource situation The main pelagic species is herring. 2011 herring quotas are reduced by somewhat above 30% YoY. Total winter herring quotas for 2011 are down by around 33% YoY while North Sea herring quotas are up around 5%. For 2011, Norwegian capelin quotas in The Barents Sea are down by around 10%.

Liavåg plant - the largest NPEL plant herring fillets and RFH volumes

Page 2

The following table shows our updated macro estimates for the Norwegian pelagic industry as a whole. The table illustrates Norwegian share of 2011 TAC (Total Allowed Catches in the North Atlantic - human consumption quality volumes). Historical numbers correspond to actual Norwegian landings of pelagic fish (WFE stands for whole fish equivalent). We expect 2013 herring quotas up by around 5% while mackerel quotas to remain stable. Because a new intergovernmental mackerel quota has not been reached, we believe over-fishing could take place during the coming 3q fishing season.

23 June 2011

Fondsfinans Research

Company update

Norway Pelagic ASA

Norwegian catches/quotas (wfe) North Sea/Skagerak herring (human quality) Winter herring (human use) Mackerel (human quality) Horse mackerel (human quality) Others (Capelin & Blue whiting, human use) Total harvesting/Norwegian landings North Sea/Skagerak herring YoY Winter herring, YoY

2004 140 960 470 250 228 700 5 000 0 844 910

2005 166 152 578 500 164 400 19 000 0 928 052 18% 23%

2006 140 800 585 000 165 700 26 600 0 918 100 -15% 1%

2007 100 000 780 000 131 000 5 400 30 000 1 046 400 -29% 33%

22%

-3%

21%

North Sea/NVG herring

2008 60 000 925 000 42 000 6 001 47 000 1 080 001 -40% 19%

Mackerel , YoY -28% 1% -21% Horse mackerel, YoY 280% 40% -80% Capelin/Blue Whiting,YoY Total harvesting/Norwegian landings,YoY 10% -1% 14% Source: Norwegian herring institution/FF estimates. Norwegian share of TAC. Horse mackerel is free

2009 50 000 1 000 650 120 000 91 001 230 000 1 491 651 -17% 8%

2010 51 000 893 883 240 300 502 245 000 1 430 685 2% -11%

2011e 2012e 53 550 55 196 598 902 598 269 195 500 193 545 800 20 650 220 500 180 810 1 069 252 1 048 470 5% 3% -33% 0%

2013e 57 956 628 183 193 545 50 000 72 324 1 002 008 5% 5%

12%

7%

-10%

-31%

0%

5%

-68% 11% 57%

186% 1416% 389%

100% -99% 7%

-19% 59% -10%

-1% 2481% -18%

0% 142% -60%

3%

38%

-4%

-25%

-2%

-4%

The main specie: Herring - We expect export prices to stay at high levels for a long time Herring ensile is more and more important raw material component for aquaculture as blue whiting volumes are significantly reduced in 2011 and probably in 2012 as well

The main markets for pelagic products are EU, Russia, Japan, China and Ukraine. In addition, lower quality fish is normally sold to Egypt and Nigeria. The graphs below show weekly export prices of round frozen herring and herring fillets. The 2011 export prices curve is significantly above the curves for previous two years. On average, the frozen herring export prices so far this year is around 55% above the prices for the same period last year. We see the same price development pattern for frozen herring fillet (up somewhat above 50% YoY). The exported quantities are lower this year than last. This offsets the positive effect of higher prices. The total export value for frozen herring is YTD approximately NOK 1.1bn this year vs. NOK 1.0bn last year. For frozen herring fillet, the export value YTD is around NOK 830m which is up around 33% YoY.

Round frozen herring export prices 15

Welcon is the largest buyer of ensile from Norway Pelagic

13

11

NOK/kg

Herring ensile will be more and more important substitute as the blue Whiting is gone

9

7

5

Horse mackerel catches could over time return

3

1 1

5

9

13

17

2009

21

25

29

Weeks 2010

33

37

41

45

49

53

2011

Source: SSB/Fondsfinans

Fondsfinans Research

23 June 2011

Page 3

Norway Pelagic ASA

Company update

Herring fillet export prices 11

NOK/kg

9

7

5

3

1 1

5

9

13

17

21

2009

25

29

33

37

41

2010

45

49

53

2011

Source: SSB/Fondsfinans

The Norwegian export of frozen mackerel under 600g indicates a trend of both rising prices and larger volumes. The average export prices this year is settled around NOK 11.4/kg. This is 16% above last year’s prices. With export volumes increasing around 38%, the total export value is nearly 62% higher. The YTD export value for frozen mackerel is 638m this year, vs. NOK 393m in 2010.

Updated valuation of the merged company, Norway Pelagic ASA

P/E target equal to 8 implying updated values of NOK 44 per share Book value of the combined NPEL company (merger balance) is NOK 61 per share SOTP control values around NOK 44 per share Herring= 56 incl. roe and herring ensile Mackerel = 18 Capelin/others = 7

Page 4

For the merged company we estimate 2012 EPS around NOK 5.5 per share. Based on our assumption of increased volumes from 2013 we believe 2013 EPS will be better. Based on 2012 estimates and P/E equal to 8, we set our updated NPEL target to NOK 44 per share (the combined company). The merged company will pay NOK 1.50 per share in dividend in August this year which is in line with the dividend policy. The combined company will be in position of tax assets of around NOK 25m. As a control method we estimate SOTP values where we split underlying values for the different pelagic fish species. The following table, then, sums up SOTP estimated values (for the merged company). SOTP Norway Pelagic ASA controll Winter/North Sea Herring (incl.roe/ensiles) Mackerel Others (Capelin/Horsemackerel/Blue W.) Total EV AUSS fixed assets (real estate properties) Shetland Catch AS (25%) NIBD (opening balance) Minority NIBD adj./tax asset adj. Equity values Outst. shares Norway Pelagic ASA Source: Fondsfinans

23 June 2011

EV/EBIT 9 9 9 9.0

2012 EBIT 114 36 15 165

option to increase to 50%

P/B=0.76 & P/e adj.= 7.9

SOTP 1 026 327 134 1 487 181 25 947 -70 816 18.39 44

Per share 56 18 7 81

Fondsfinans Research

Company update

Norway Pelagic ASA

Many Norwegian pelagic harvesters (incl. the AUSS trawlers) are long term shareholders in Norway Pelagic ASA. We consider such a shareholder structure as important for the company. At equivalent first hand prices we assume the pelagic purse seiners that are shareholders in NPEL will prefer to allocate the catches towards the NPEL plants, rather than landing them abroad. Such a long term shareholder structure should contribute towards reasonable earnings in the whole pelagic value chain (both in the trawling segment and the processing segment).

Risk assessment Our valuation is based on long term sustainable harvesting volumes of pelagic fish in the North Sea, the Nordic Sea and the Barents Sea. Higher or lower sea water temperature could - over time - affect pelagic spawn stocks. The pelagic fish could move to other sea waters away from Norwegian coastal areas and increase landings abroad. We expect stable Government fishery policy, but future governments could - over time - implement less favorable policy terms for a potential fisheries and pelagic industry. Pelagic fishing agreements are normally multilateral inter-Governmental issues between EU, Norway, Iceland and Faroe Islands (the capelin also involves the Russian Government). The new mackerel quota agreement is not yet in place. Mackerel over-fishing could be one consequence of this. Furthermore, Norwegian first hand prices are set in accordance with The Norwegian Raw Fish Law. The procedure of handling the pelagic fish through The Norwegian Herring Organization is complicated. The Norwegian Herring organization is a private monopoly that regulates prices to fishermen (on behalf of the Government). Consolidation of the processing industry has obviously also led to increased negotiating power towards the fishermen controlling the quotas. Over time, and if the Raw Fish Law would be modernized, we might see more use of long term contracts between the processer and the harvester, that also could increase the use of long term fixed contracts on the world market.

Fondsfinans Research

23 June 2011

Page 5

Norway Pelagic ASA

Company update

Definitions of ratings Neutral

Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 15%. Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -15% to +15%.

Sell

Low risk: min 5%. Medium risk: min 10%. High risk: min 15%.

Buy

Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H). Target: Our valuation as of today. Time frame of target: Target is what we value the share as of today.

Recommendation distribution as of 23.06.11:

Companies in each recommendation category that have been investment banking clients over the past 12 months:

Recommendation Buy Neutral Sell Total

Recommendation Buy Neutral Sell Total

No 49 10 4 63

Percent 78 % 16 % 6% 100 %

No 7 1 0 8

Percent 14 % 10 % 0%

Our intention is to issue preview and update research on a quarterly basis. Our investment recommendation is elaborated in accordance with “The Norwegian Securities Dealers Associations” standards. This report has not been sent to the company for correction of any factual errors. Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Fondsfinans has internal instructions and guidelines for handling sensitive information. The analyst receives compensation that is impacted by overall firm profitability, including investment banking activities. The analyst is partner in DIS Fondsfinans. Fondsfinans is under supervision of The Financial Supervisory Authority of Norway. The recommendation has not been changed. The previous recommendation was issued 02.11.10. Ownership per 23.06.11 in Norway Pelagic: Analyst (including his/her closely related persons or companies): 0, corresponding to 0% of the company share capital Employees (including their respective closely related persons or companies): 200, corresponding to 0.0% of the company share capital Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries): 9 080, corresponding to 0.0% of the company share capital Fondsfinans Pensjonskasse 30 000, corresponding to 0.01 % of the company share capital.

Fondsfinans may hold shares in Norway Pelagic as a result of daily trading/market making. Information on such holdings is not given when of non-significant value. Fondsfinans has been an adviser to Norway Pelagic ASA during the last 12 months. Erik Must (Chairman of Fondsfinans) is Chairman of the Nomination Committee of Norway Pelagic. This report was issued and distributed 23.06.11. Distribution in the United States Research reports are prepared by Fondsfinans ASA for information purposes only. Fondsfinans ASA and its employees are not subject to the Rules of the Financial Industry Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the United States solely to “major U.S. institutional investors” as defined in Rule 15a-6 under the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Fondsfinans ASA research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Reports are prepared by Fondsfinans ASA and distributed to major U.S. institutional investors under Rule 15a-6(a)(2). These research reports are prepared by Fondsfinans ASA and distributed in the United States by Fondsfinans Inc. under Rule 15a-6(a)(2). Any U.S. Person receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Fondsfinans Inc., a member of FINRA.

Page 6

23 June 2011

Fondsfinans Research

Norway Pelagic ASA Sector: Date: Next result: Price target Recommendation:

P&L (AUSS FISK 3q11 consolidated)

Analyst: Bent Rølland +47 23113027 Fisheries 23-Jun-11 08.08.2011 44 Buy

Price: 33 61 Book equity per share: Equity ratio: 40% Ticker: NPEL Avg daily vol (90d): 843 12 months High / Low: 47.5 / 33.0

Shares outs.: Market cap (NOKm): NIBD (MNOK): Enterprise Value (NOK):

15.62m 516 947 1 463

2009 pf

2010

2010 pf

2011E

2012E

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11e

3Q11e

Operating revenues topline adjustment (ensile sales) Herring revenues Mackerel revenues Revenues, other species Costs of pelagic goods Cost per kilo (NOK/kg) Gross profit, reported Gross margin based on margins reported Impl movements in inventory/ensile Rental processing plants/write downs Other fixed costs

3 755 n.a.

2 617 146 1 220 1 019 231 1 930 3.6 687 658 29 58 131

4 053 n.a.

3 194 141 1 658 1 218 178 2 546 7.3 648 649 -1 57 134

3 805 161 2 168 1 298 178 3 091 8.0 714 728 -14 64 144

761 62 451 132 116 529 3.3 232 233 2 12 49

258 4 188 23 43 210 36.8 48 10 -38 19 14

630 7 115 483 25 464 6.3 166 205 39 13 13

968 72 467 382 47 728 5.8 241 209 -32 14 55

948 60 571 254 63 760 7.1 188 184 -4 12 47

317 4 207 63 43 285 27.4 32 18 -14 16 14

826 7 315 479 25 617 8.0 209 199 10 14 15

EBITDA EBITDA-margin Depreciation EBIT EBIT-margin Assosiates (Shetland Catch) Net finance Earnings before tax Accounting tax on profit Profit for the period Minorities (combined company) Profit after minorities Average outst. shares (mill) EPS DPS Multiples EV/ EBITDA EV/EBIT P/E P/B Norwegian catches/quotas (wfe) North Sea/Skagerak herring (human quality) Winter herring (human use) Mackerel (human quality) Horse mackerel (human quality) Others (Capelin & Blue whiting, human use) Total harvesting/Norwegian landings Harvesting/quota growth YoY Round frozen herring Herring fillets Frozen mackerel Mackerel fillets Others (Capelin, Blue whiting, horse mackerel) Total volumes NPEL processing growth YoY Impl. market share, NVG herring Gross margins (NOK/kg): Round frozen herring Herring fillets Mackerel Mackerel fillets Other species processed (capelin, blue whiting) Av. gross margin (NOK/kg) Gross margin, pst YoY Impl. herring price (NOK/kg) Impl mackerel price (NOK/kg) Average price, NOK/kg Average price, pst. YoY Balance sheet (AUSS assets 2010 consolidated Fixed assets Stock of goods, inventory Current assets Total assets Total equity Long term debt Total short term liabilities Total equity and liabilities NIBD Working capital Dividend Equity share ROE CF from operations CF from investments CF from financing Net change in CF Cash and Cash equivalents

257 6.8% 45 212 5.7%

151 5.8% 30 121 4.6%

214 5.3% 52 163 4.0%

-26 -10% 2 -28 -11%

51 8% 6 45 7%

-3 118 33 85

-25 138 38 100

-2 44 12 32

-19 -47 -13 -34

17 62 17 45

70 7% 12 58 6% 0 1 59 16 42

18.39 7.24

18.39 4.62

18.39 5.44 1.50

233 6.1% 68 165 4.3% 10 -24 151 42 109 6 103 18.39 5.59 1.51

56 7% 10 47 6%

-33 179 46 133

152 4.8% 56 97 3.0% 5 -21 81 23 58 3 55 17.01 3.24 0.87

15.66 2.04

15.66 -2.17

15.62 2.87

15.62 2.71

32 3% 12 21 2% 0 -6 14 4 10 0 10 15.62 0.66

-31 -10% 13 -44 -14% 0 -5 -49 -14 -35 0 -35 15.62 -2.27

98 12% 15 83 10% 2 -5 80 23 58 2 56 18.39 3.07

6.8 9.0 6.1 0.5

11.5 18.1 10.2 0.6

6.9 9.8 5.9 0.5

50 000 51 000 51 000 1 000 650 893 883 893 883 120 000 240 300 240 300 91 001 502 502 230 000 245 000 245 000 1 491 651 1 430 685 1 430 685 -4% 269 836 147 411 251 411 79 049 73 279 80 279 85 401 94 073 113 073 3 365 692 692 117 979 49 010 92 010 555 630 364 465 537 465 -3% 44% 47% 47%

53 550 598 902 195 500 800 220 500 1 069 252 -25% 140 000 72 705 92 291 301 42 000 347 297 -35% 47%

55 196 598 269 193 545 20 650 180 810 1 048 470 -2% 158 000 76 105 94 131 8 700 48 800 385 736 11% 51%

3 000 399 000 15 000 200 200 000 617 200 12% 73 758 30 769 10 594 689 42 869 158 679 11%

10 000 7 000 300 1 30 000 47 301 -13% 2 135 2 420 1 1 1 142 5 699 -33%

33 000 143 000 200 000 1 5 000 381 001 28% 4 118 2 790 65 278 1 1 799 73 986 18%

5 000 344 883 25 000 300 10 000 385 183 -34% 67 400 37 300 18 200 1 3 200 126 101 -28%

3 150 267 330 30 000 300 180 000 480 780 -22% 33 000 25 000 20 200 1 29 000 107 201 -32%

10 500 4 690 500 50 27 000 42 740 -10% 7 000 2 000 300 100 1 000 10 400 82%

34 650 95 810 145 000 50 4 500 280 010 -27% 10 000 9 000 56 139 100 2 000 77 239 4%

1.50 1.49 2.68 2.53 1.99 1.87 53% 7.8 13.2 9.2 89% 2011e 1 101 923 1 346 2 447 1 005 555 887 2 447 1 192 459 15 41% 6% -111 -100 167 -45 -7

1.52 1.58 2.68 2.50 1.92 1.89 1% 9.3 12.6 9.9 7% 2012e 1 133 1 066 1 320 2 453 1 157 597 699 2 453 1 011 621 28 47% 10% 94 -100 0 -6 -13

1.33 1.33 2.06 2.06 1.66 1.47 -16%

1.56 1.56 2.91 2.91 2.89 1.83 -23%

1.58 1.58 2.93 2.93 1.71 2.77 20%

1.49 1.49 2.57 2.57 1.82 1.65 9%

1.44 1.44 2.06 2.06 2.04 1.72 17%

1.56 1.56 2.06 2.06 2.89 1.71 -7%

1.60 1.60 2.93 2.95 1.71 2.57 -7%

30.5 -33%

10.7 26% Per cent

671

4

5.7 6.9 4.6 n.m.

0.90 1.41 2.19 2.40 1.11 1.23 -8% 5.4 10.7 4.8 -34% 2008 639 354 800 1 439 727 326 387 1 439 473 414 15 51% n.a. -119 -44 192 29 40

0.83 1.30 2.30 2.06 0.91 1.22 0% 5.5 10.8 4.9 2% 2009 716 358 865 1 581 868 226 487 1 581 453 378 78 55% 14% -279 -109 382 -6 34

n.a. n.a. n.a. n.a. 63

2010 pf 1 057 674 1 325 2 382 948 342 1 092 2 382 947 234 23 40%

38

4.8 45.3 8.5 -9% -14% 52% Shareholders of Norway Pelagic ASA

Austevoll Seafood ASA Ytterstad Fiskeriselskap AS Hansen Dahl Fiskeri AS Bernt Hansens Eftf AS Brødrene Hoddevik AS Fiskeskjer AS Strand Senior AS Pareto Aksje Norge Kings Bay AS Nordea Bank Teigenes AS Bergen Kommunale Pensjonskasse GC Rieber AS NRP Seafood AS Dønna Havfiske AS Kaston Invest AS OTHER SHAREHOLDERS TOTAL SHAREHOLDERS

7.7 23%

8.8 85% Post merger

7 979 1 465 858 517 502 376 376 350 339 320 316 300 267 247 239 211 3 769 18 429

43.3% 7.9% 4.7% 2.8% 2.7% 2.0% 2.0% 1.9% 1.8% 1.7% 1.7% 1.6% 1.4% 1.3% 1.3% 1.1% 20.5% 100%

DISCLAIMER This report is provided for information purposes only. It should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are subject to change without prior notice. This report is based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that the information herein is not misleading, Fondsfinans ASA makes no representation or warranty expressed or implied as to its accuracy or completeness. Neither Fondsfinans ASA, its partners and employees, nor any other person connected with it, accepts any liability whatsoever for any direct or consequential loss of any kind arising out of the use or reliance on the information in this report. This report is prepared for general circulation and general information. It does not take into account the specific investment objectives and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in this report, should seek independent financial advice relating thereto. This report may not be distributed, quoted from or reproduced for any purpose without written approval by Fondsfinans ASA. DISCLOSURE OF INTERESTS Fondsfinans ASA is constantly seeking investment-banking mandates, and may at any time perform investment banking or other services or solicit investment banking or other mandates from the company or companies covered in this report. Fondsfinans ASA may from time to time as part of its investment services hold positions in securities covered in this report. Under our internal regulations, our analysts are not permitted to purchase new securities in the companies they cover. Holdings are specified as part of shareholder information in each report.