PAN Share price – Revenues 7000

90,00 80,00

6000

70,00 5000 60,00 4000

50,00

3000

40,00 30,00

2000 20,00 1000

10,00

0

0,00 Dec 95

Dec 96

Dec 97

Dec 98

Dec 99

Dec 00

Pan Fish Growth • Aquaculture has grown by 10-15% annually the last decade • Pan Fish has grown more than 100% annually since IPO in 1995 • In just 5 years, Pan Fish has gone from 1 to 11% of the world’s atlantic salmon market and from 0 to 0,61% of the world’s total fish supply

Pan Fish Innovation • Leading innovator within the global seafood sector: – Salmon – Marine species – Pelagic species

• Rapid pay back on successful investments 1995-2001 • Unmatched investment return in the stock market

Investment success • Pan Fish second largest integrated salmon company in the world • Pan Pelagic has achieved comparabel size within pelagic sector globally • Pan Marine, set to grow at a strong pace over the next 2-5 years

Investment success • Arms length collaboration between the Pan companies will constitute a basis for: – Harvesting synergies within logistics, processing and sales globally – Establish an unprecedented basis for establishing biotechnological growth companies – Prime mover and participator in winning increased market shares in the global seafood market – Continue at medium term to create very high return on investment

Global seafood consumption

Global Seafood Consumption 35

Supply/Capita kg

30 25

20 15

10 5

0

1975

1980

Developing Countries

1985

1990

World

1995

2000

Former USSR

Source: FAO, Worldbank, Kontali Analyse AS.

2005

2010

2015

2020

2025

Developed ex. Former USSR

2030

Global Seafood Supply 250

9 The World population will grow from today’s 6,1 billion to appr. 8,1 billion in 2030.

8 7 6 150

5 4

100

3

Billion people

Million tonnes

200

Aquaculture supply must increase from 30 mill. tonnes today to 120 mill. tonnes in 2030.

2

50

1 0

0 1970197519801985199019952000200520102015202020252030

Catch for fishmeal Source: FAO, Kontali Analyse AS

Catch for human consum.

Aquaculture

Population

Market value (at 1998 prices)

1990

%

Fish Farming

69 000

8,3 % 131 145

8,0 % 224 760

8,0 % 330 245

Freshwater Fishes

24 743

9,0 %

49 343

8,0 % 84 563

8,0 % 124 250

Diadromous Fishes

10 878

4,0 %

14 768 10,0 % 28 778

Mill. USD

1998

%

2005E

%

8,0 %

2010E

42 283

Wild Catch

186 830

1,3 % 207 500

1,0 % 222 468

0,0 % 222 468

Total

255 830

3,6 % 338 645

4,0 % 447 228

4,4 % 552 713

Utilisation of seafood 1993

1994

1995

1996

1997

Fresh

25.3%

25.8%

29.5%

32.2%

35.1%

Frozen

24.8%

23.6%

23.3%

22.8%

22.2%

Canned

12.2%

11.1%

10.9%

10.3%

9.2%

9.8%

9.8%

10.0%

9.6%

10.0%

Meal/oil

26.1%

27.9%

24.7%

23.5%

22.0%

Various

2.0%

2.0%

2.0%

2.0%

2.0%

Total

100%

100%

100%

100%

100%

Cured

Source: FAO

12

700

10

600 500 400

6 300 4

200

Aquac ulture

Pig

Poultry

Source: FAO, IFOMA, Oilworld, Kontali Analyse AS.

Price of Fish Meal

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

0 1997

0 1996

100

1995

2

1994

M ill. tonn

8

Production of Fish Meal

US$/tonn cif Hamburg 64-65%

Fishmeal - Supply and Demand

Fish Oil – Supply and Demand 800

2000 1800

700 600

1000 tonn

1400 1200

500

1000

400

800

300

600 200 400 100

200

Fish Oil needed in Aquaculture

Source: FAO, IFOMA, Oilworld, Kontali Analyse AS.

Price of Fish Oil

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

0 1994

0

Production of Fish Oil

US$/tonn N.W. Europe

1600

Changes in global seafood trade

Development in catch USSR-area 1984-1998 12 000 000

8 000 000

6 000 000

4 000 000

2 000 000

Other Herrings, sardines, anchovies Salmons, trouts, smelts

Cods, hakes, haddocks Jacks, mullets, sauries Mackerels, snoeks, cutlassfishes

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

0 1984

Metric tonnes

10 000 000

Development in consumption of fish and seafood in

7 6 5 4 3 2 1

Source:FAO, Modified: Kontali Analyse

19 98

19 96

19 94

19 92

19 90

19 88

19 86

19 84

19 82

19 80

19 78

0 19 76

Million tonnes (Prod.weight)

USSR-area 1976-1998

Catch in East - Europe 1984-1998 1 200 000 Others

1 000 000 Jacks, mullets, sauries

Flounders, halibuts, soles Carps, barbels and other cyprinids

600 000

M iscellaneous freshwater fishes

400 000

Herrings, sardines, anchovies Cods, hakes, haddocks

200 000

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

0 1984

Metric tonnes

800 000

19 98

19 96

19 94

19 92

19 90

19 88

19 86

19 84

19 82

19 80

19 78

19 76

Million tonnes (Prod.weight)

Consumption in East-Europe

1,4

1,2

1,0

0,8

0,6

0,4

0,2

0,0

Eastern Europe

USSR

19 98

19 96

19 94

19 92

19 90

19 88

19 86

19 84

19 82

19 80

19 78

800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0 19 76

Thousand US$

Import value to East-Europe and USSR-area

Herring fillet – export price and -quantity

Mill. tonnes

NOK

7

120

6

100

5

80

4

60

3

40

2

20

1

0

0

19 90 19 91 19 92 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00

140

Quantity 1000t

Export price

Demand for aquaculture production

Aquaculture Production 40 000 000

Pelagic marine fish

Metric tonnes

36 000 000 32 000 000

Molluscs ( excl.cephalopods)

28 000 000

Misc ellaneous aquatic animals

24 000 000

Marine fish nei

20 000 000

Demer sal marine fish

16 000 000 Cr us taceans 12 000 000 8 000 000

Freshw a ter and diadr omous fish

4 000 000

Aquatic plants

1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

Value Aquaculture, Northern Europe (Ex.farm)

1 400

1 000 800 600 400 200

Salmons, trouts, smelts

Others

19 98

19 97

19 96

19 95

19 94

19 93

19 92

19 91

19 90

19 89

19 88

19 87

19 86

19 85

0 19 84

Million US$

1 200

Value Aquaculture, EU

(Ex.farm) Others 3 000 Clams, cockles, arkshells

2 000

Oysters

1 500 1 000

Mussels

500 Redfishes, basses, congers 19 98

19 96

19 94

19 92

19 90

19 88

19 86

0 19 84

Million US$

2 500

Salmons, trouts, smelts

Value Aquaculture, China (Ex.farm)

Others River eels

25 000 Tilapias and other cichlids Scallops, pectens Freshwater crustaceans Shrimps, prawns

15 000 10 000

Miscellaneous freshwater fishes Clams, cockles, arkshells Oysters

5 000

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

0 1984

Millioner US$

20 000

Carps, barbels and other cyprinids

Value Aquaculture, East & Southeast Asia

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

000 000 000 000 000 000 000 000 000 0

1985

9 8 7 6 5 4 3 2 1

Others

1984

Million US$

(Ex.farm)

Flounders, halibuts, soles Freshwater crustaceans Tilapias and other cichlids Miscellaneous diadromous fishes Miscellaneous freshwater fishes Carps, barbels and other cyprinids Shrimps, prawns

Value Aquaculture, Southern Asia (Ex.farm) Others 4 000

Miscellaneous freshwater fishes

3 500

2 500

Freshwater crustaceans

2 000

Shrimps, prawns

1 500

Carps, barbels and other cyprinids

1 000 500

19 98

19 97

19 96

19 95

19 94

19 93

19 92

19 91

19 90

19 89

19 88

19 87

19 86

19 85

0 19 84

Million US$

3 000

Sales Atlantic Salmon

Supply of Atlantic salmon World wide 1997 - 2000 (Tonnes WFE) 1997

. 1999

1998

.

2000

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Norway UK Ireland Faroe Islands

316 200 99 600 15 000 20 500

342 500 111 000 16 800 19 200

86 200 25 600 3 000 6 900

95 600 33 500 5 200 7 700

100 400 31 200 5 300 8 700

128 500 33 400 5 300 12 600

88 800 25 200 3 300 7 400

99 400 28 100 5 500 5 000

100 700 29 400 5 600 7 000

129 700 39 300 5 600 11 300

Total Europe

451 300

489 500

121 700

142 000

145 600

179 800

124 700

138 000

142 700

185 900

8%

13 %

30 %

21 %

19 %

2%

-3 %

-2 %

3%

58 800

17 000

17 700

15 800

16 700

16 700

18 900

16 600

16 100

10 %

20 %

-5 %

15 %

37 %

-2 %

7%

5%

-4 %

107 000

27 200

22 200

25 500

27 500

29 400

34 000

40 000

46 700

11 %

18 %

-10 %

-2 %

-17 %

8%

53 %

57 %

70 %

30 250

33 300

9 800

6 900

8 400

10 800

10 200

7 300

8 600

10 500

631 700

688 600

175 700

188 800

195 300

234 800

181 000

198 200

207 900

259 200

9%

14 %

18 %

16 %

14 %

3%

5%

6%

10 %

Change from previous year

Canada

53 500

Change from previous year

Chile

96 650

Change from previous year

Other Total WW Change from previous year

Source: Kontali Analyse AS

Import of fresh fillets Atlantic salmon 1995 - 2000E (Tonnes)

60 000

USA

EU

50 000 40 000 30 000 20 000 10 000 0

1995 Source: Kontali Analyse AS

1996

1997

1998

1999

2000E

Price trends on the French market 1997 - 2000

FFR/kg

90,00 80,00

Atlantic salmon 3-4 kg. Rungis FRF/kg

70,00

Cod 3-4 kg. Rungis FRF/kg

60,00

Retail price salmon fillet FRF/kg.

50,00

Retail price w hole salmon FRF/kg.

40,00 30,00 20,00 10,00 0,00 1Q 1997

3Q

Source: Kontali Analyse AS

1Q 1998

3Q

1Q 1999

3Q

1Q 2000

3Q

week 1 2001

week 3 2001

week 5 2001

Retail prices January 2001 Norway (NOK/kg) SEAFOOD: Fresh boneless Salmon Fillets Promotion Fresh boneless Salmon Fillets Fresh Cod Fillets Fresh Monkfish fillets Fresh Monkfish Fresh Dover Sole CHICKEN: Fresh boneless Chicken Fillets Whole Chicken Ecological MEAT: Fresh Entrecote Fresh Boneless Leg of Lamb Fresh Pork Fillet

59,90 79,00 99,00 199,00

France (FRF/kg)

USA (USD/lbs)

49,90 76,80 88,80

3,99 5,99 6,99

139,00 144,00

6,99

199,50

43,50 57,20

4,29

159,00

92,90 83,40 52,80

4,29 3,99 4,29

129,00

Production Atlantic Salmon

Total production of Atlantic salmon (Tonnes, round fish) 1987

Norway Chile Great Britan North America The Faroes Ireland Others

47 000 0 13 000 1 000 3 000 2 000 1 000 67 000

Annual growth 24 % 25 % 81 % 34 % 34 % 38 % 30 %

Source: Kontali Analyse AS / Pan Fish ASA

1993

170 000 29 000 49 000 35 500 17 000 11 500 7 000 319 000

Annual growth 15 % 30 % 18 % 18 % 3% 8% 11 % 17 %

1998

342 500 107 000 111 000 80 100 19 400 16 800 12 000 688 800

Annual growth 20 % -4 % 14 % 12 % 84 % 11 % 11 % 16 %

1999

410 700 102 400 126 000 89 700 35 600 18 600 13 300 796 300

Annual growth 3% 46 % -2 % 10 % -20 % 6% 14 % 8%

2000

421 800 150 000 123 900 98 600 28 600 19 800 15 100 857 800

Pan Fish's share

25 000 0 12 000 23 000 20 000 0 0 80 000

Production costs - Atlantic salmon Smolt Feed Payroll expenses Insurance Compensation Other operating expenses Net interest Calculated depreciation Bad debt Freight/adjustments Harvesting/packing, adjustments, depreciation Cost of live fish when netted (round) Cost of live fish when netted (gutted) Freight farmer Harvesting, packing, wellboat F.o.b., gutted, packed fish Source: Kontali Analyse

1990 5.05 12.98 18.03 3.31 1.12 -1.22 3.16 3.30 1.30 0.15 29.15

1994 3.00 9.70 12.70 2.00 0.50

-0.50 28.65 31.83 0.60 4.50 36.93

0.10 19.70 21.89 0.30 4.00 26.19

2.80 1.00 0.50 0.10 19.60

1998 2.17 9.63 11.80 1.40 0.25 0.00 2.60 0.85 0.50

2000E 2.00 7.50 9.50 1,25 0.23 0.00 2.40 0.40 0.50

17.40

14,28

0.00 17.40 19.33 0.00 3.30 22.63

0.00 14,28 15,87 0.00 3,20 19,07

Trends 1996 - 2000 Cost of production NOK / kg

Atlantic salmon Increase of supply (tonnes round weight)

delivered for harvesting, gutted fish 24,00

900 000

16,00

19,07

21,7

22,63

18,00

600 000

23,02

20,00

700 000

23,17

22,00

800 000

500 000 14,00

400 000

12,00

300 000

10,00

200 000 1996

1997

1998

1999

1996

2000

1997

1998 1999 2000

Price trend

Margin Norway NOK / kg

(to Norwegian fish farmers)

Estimated Atlantic salmon per kg gutted fish

30,00 28,00 26,00

9,00 7,50

0,00

20,00

1996

1998

1999

2000

1997

1998

3,87

2,68

0,60

1,50

0

23,62 1997

3,00

25,23

23,09 1996

25,01

6,00 4,50

24,00 22,00

10,31

29,28

10,50

1999

2000E

Salmon Farming in Norway, the Faeroes, Scotland, USA and Canada

Sales of salmon - Pan Fish Tonnes live weight Own production North America Norway Scotland Faroe Islands TOTAL External production America (incl. Chile) Norway Britain incl. the Faroes TOTAL SUM TOTAL Market share

1995

1997

1999

2 000

2001E

2002E

2 900 1 650

5 300 4 200 3 200

4 550

12 700

12 000 20 000 10 000 5 000 47 000

20 000 20 000 11 000 15 000 66 000

30 000 28 000 12 000 27 000 97 000

40 000 31 000 12 000 35 000 118 000

-

1 000 5 000 2 000 8 000

4 000 10 000 4 000 18 000

10 000 15 000 12 000 37 000

8 000 10 000 2 000 20 000

8 000 10 000 2 000 20 000

4 550

20 700

65 000

103 000

117 000

138 000

1%

3%

8%

12 %

Production capacity - Pan Fish

Country

Smolt Salmon

Capacity

Licences

Licences*

Tonnes supplied

Norway (incl trout) Scotland

12 0

30 18

25,000 12,000

The Faroes USA Canada Total *Norwegian licence equivalents

6 2 3 23

69 15 59 200

45,000 10,000 38,000 130,000

Pan Pelagic ASA Ålesund, Norway Holding

Fishing vessels Yearly catch 180.000 tonnes

Processing plants Yearly prod. 320.000 tonnes for fishmeal and fish oil

Processing plants Yearly prod. 240.000 tonnes for consumption

49,0%

M/S Havbas

49,0%

M/S Østerbris

100%

M/S Krùnan

100%

M/S Sørfold

100%

Global Aalesund AS, prod.

Global Fish AS, holding

100%

Global Man. AS, man.

Welcon Pelagic AS 100%

Måløy Sildoljefabrikk Deknepollen

20,4%

Global Fish Int. AS, sale 100%

49,9%

49,0%

M/S Ordinat

100%

Global Liavaag AS, prod.

49,0%

M/S Vesterveg

100%

Global Herøy AS, prod.

49,0%

M/S Senior

100%

Global Florø AS, prod.

100%

Pelagic Partners AS, sale

49,0%

M/S Kvannøy

49,0%

M/S Magnarson

49%

49,0%

49%

M/S Kamøyfisk M/S Robin Hood M/S Barsund

47,72%

Ulvesund 48%

34%

Sir Fish AS, prod. Vikomar AS, prod. Welcon Pelagic AS Måløy Seafood AS, prod.

Måløy Sildoljefabrikk

100%

66%

Vadsø Sildoljefabrikk

Sea Grain AS

66%

Austevoll Havfiske ASA Struktur Møgster gruppen

Pan Fish

Andre

20%

77%

3%

Austevoll Havfiske as 90%

63%

Austevoll Fisk Salg/bearbeiding 90%

36%

Kvernsmolt AS Oppdrett

Sea Star Int.

Fiskeriaktiviteter Pelagisk

Heggland Smolt

Norge: 46%

21%

Sea Grain

100% 100%

100% 57%

Austevoll Fiskeindustri Austevoll Eiendom **

100%

Møgsterfjord Møgsterbas Møgsterhav

Chile: Pacific Fisheries

33% 100%

Færøyane: Chr. i Grotinum

Russland Murman Fish.Co.

** eierandel direkte via Austevoll Havfiske

Br. Birkeland Oppdrett og pelagisk

Corporate structure Pan Marine ASA Pan Marine ASA Ålesund, Norway Holding

Wholly owned subsidiary of Pan Fish ASA

51% 92%

Norway Marine Culture AS Tjeldbergodden, Norway Farmed Turbot, Turbot fry, Small halibut

100%

40%

Rørvik, Norway Halibut fry, Cod fry

Vancouver, Canada Sourcing for Asia

Br. Sandøy AS

T.C. Trading Rep. office

Bud, Norway Whitefish

Taipei, Taiwan Marketing Taiwan

Dønna Marine Holding AS Dønna, Norway Farmed Halibut

49%

Dønna Marin Settefisk AS 92%

Rørvik, Norway Farmed small halibut

15%

Brønnøy Marine Farm AS 100%

Dønna, Norway Farmed Halibut 44%

51%

T.C. Trading Inc.

Aukra, Norway Whitefish fillets and sales/logistics 49%

Norwegian Halibut AS 100%

Pan Marine Norge AS

Aquabiologi AS

Arctic Uni AS Balstad, Norway Production Sea urchin roe

Hitramat og Delikatesse AS Hitra, Norway Crab

51%

Aviair Transport Inc.

51%

Pan Fish Sales (H.K.) Ltd.

Multi Sea AS Tromsø, Norway Crab

Vancouver, Canada Air freight forwarding

Kong Kong, China Distribution centre

Pan Fish Sales Shanghai Ltd. 51%

Harøy, Norway Farmed Cod

Shanghai, China Distribution centre

Starfish, Inc. 65%

Seattle, USA Frozen seafood - retail

Pan Marine ASA Farming Norway Harvested Volume 16000 14000 12000 10000 Tons

Cod Turbot Halibut

8000 6000 4000 2000 0

2001

2002

2003

2004 Year

2005

2006

2007

Pan Marine ASA Farming Norway Revenues 800

(Mill. NOK)

700 600 500 400

Cod (25 NOK/kg) Turbot (75 NOK/kg)

300

Halibut (80 NOK/kg)

200 100 0

2001

2002

2003

2004 Year

2005

2006

2007

Pan Marine ASA Revenues 2500

(Mill. NOK)

2000 1500 Sales & Distribution Farming Abroad

1000

Farming Norway

500 0

2001

2002

2003

2004 Year

2005

2006

2007

Financial performance better than ever

Income statement Mill. NOK

Sales revenues Operating expenses Depreciation Operating profit Income from associates Net interest expenses Net financial items Extraordinary items Income before tax and min. Gain from sale of own shares*

4.Q. 2000

4.Q 1999

31.12.2000

31.12.1999

1 652,5 1 459,1 64,2 129,2

735,5 642,9 26,5 66,1

4 740,5 3 830,5 176,9 733,1

2 210,3 1 949,2 58,6 202,5

0,8 -70,3 -69,5 59,7

2,2 -30,0 -27,8 38,3

8,8 1,3 10,1 743,2

3,5 -61,0 -57,5 145,0

180,8

11,0

-

-

*Sale of own shares is an equity transaction. The gain is NOT included in the income statement.

Balance sheet Mill. NOK

At 31.12.2000

At 31.12.1999

Licences Goodwill Buildings, machinery, etc. Investm. in assoc./shares/receiv. Total fixed asets

895,4 288,1 1 753,7 619,0 3 556,2

330,4 40,0 538,0 94,4 1 002,8

Inventories Account receivables Liquid assets Total current assets Total assets

1 523,4 868,1 185,9 2 577,4 6 133,6

865,2 552,8 55,9 1 473,9 2 476,7

Total equity Convertible loan Long-term liabilities Current liabilities Total liabilities Minority interests Total equity and liabilities

3 1 5

995,0 16,0 724,8 285,5 026,3 112,4 133,7

303,0 167,7 954,7 972,8 2 095,2 78,5 2 476,7

Net interest-bearing liabilities

3 825,4

1 633,8

6

Fish Farming - Group

Tonnes, round weight Sales Production

4.Q. 2000

4.Q. 1999

16 700 19 400

10 800 7 600

At 31.12.00 At 31.12.99

64 200 74 000

26 100 24 600

NOKm: Sales revenues Operating profit Operating margin

446,8 74,0 16,6 %

295,3 59,2 20,0 %

2 116,7 680,5 32,1 %

785,8 178,0 22,7 %

NOK/kg round weight Sales price Cost of production Operating margin

19,22 14,66 4,56

23,58 17,36 6,22

23,42 15,69 7,73

25,09 19,07 6,02

Fish Farming Norway and the Faroes 4.Q. 2000

4.Q. 1999 At 31.12.00

At 31.12.99

Tonnes, round weight Sales Production

9 900 8 100

4 500 -

33 600 37 100

5 200 550

NOKm: Sales Operating profit Operating margin

207,3 47,1 22,7 %

101,4 25,5 25,1 %

1 123,8 452,6 40,3 %

147,1 53,0 36,0 %

NOK/kg round weight Sales price Cost of production Operating margin

17,54 12,83 4,71

19,60 14,32 5,28

20,98 13,65 7,33

19,08 14,36 4,72

Fish Farming - Scotland 4.Q. 2000

4.Q. 1999 At 31.12.00 At 31.12.99

Tonnes, round weight Sales Production

2 700 3 200

3 100 3 500

10 600 11 100

8 900 10 200

NOKm: Sales revenues Operating profit Operating margin

110,3 4,0 3,6 %

93,3 9,2 9,9 %

338,1 53,2 15,7 %

266,3 27,7 10,4 %

1,70 1,42 0,28

1,80 1,49 0,31

1,88 1,44 0,44

1,78 1,50 0,28

GBP/kg round weight Sales price Cost of production Operating margin

Fish Farming - North-America 4.Q. 2000

4.Q. 1999 At 31.12.00 At 31.12.99

Tonnes, round weight Sales Production

4 200 8 100

3 200 4 200

20 000 25 800

12 000 13 900

NOKm: Sales Operating profit Operating margin

128,6 22,8 17,7 %

100,1 24,5 24,5 %

654,7 174,7 26,7 %

372,4 97,3 26,1 %

3,54 2,75 0,79

4,88 3,26 1,62

4,50 2,91 1,59

4,86 3,45 1,41

CAD/kg round weight Sales price Cost of production Operating margin

Processing - Sales Mill. NOK 4.Q. 2000

4.Q. 1999 At 31.12.00 At 31.12.99

Processing Sales revenues Operating profit Operating margin

425,5 21,4 5,0 %

277,1 -0,8 -0,3 %

1 057,0 3,1 0,3 %

502,3 -1,7 -0,3 %

624,3 6,9 1,1 %

476,7 7,4 1,6 %

2 350,6 24,4 1,0 %

1 569,9 29,4 1,9 %

Sales Sales revenues Operating profit Operating margin

Pelagic - Marine Mill. NOK 4.Q. 2000

4.Q. 1999 At 31.12.00 At 31.12.99

Pelagic Sales revenues Operating profit Operating margin

614,7 40,3 6,6 %

-

813,5 52,3 6,4 %

-

Marine Sales revenues Operating profit Operating margin

63,4 (7,9) -12,5 %

-

293,1 (9,7) -3,3 %

-