4. Quarter 2001

Arne Nore, CEO

Tuesday, 26th February 2002

) THE PAN FISH SEAFOOD RANGE

Fully integrated value chain

) Pelagics - A huge group of wild fish species

Worldwide catch

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

100000

19 8 4 198 5 19 8 6 19 8 7 19 8 8 19 89 19 9 0 19 9 1 19 92 19 9 3 19 9 4 199 5 19 9 6 19 9 7 199 8 19 9 9

1000

mt

Bunnfis k Andre a rte r P e lagis k TOTAL

) Consumption Business Area

• 5 fully and 2 partly owned production plants• Production plants located on the west coast of

Norway• 2 fully owned sales companies• Leading producer and exporter of pelagic fish and

fish products from Norway • Raw material landings 200 000 t• 20% of total Norwegian production and export

)Mackerel export – prices and quantities

0

20000

40000

60000

80000

100000

120000

1 2 3 4 5 6 7 8 9 10 11 12

Months

Vo

lum

e to

ns

0

2

4

6

8

10

12

Exp

ort

pri

ce

Volume 1999Volume 2000Volume 2001Price 1999Price 2000Price 2001

) Herring fillet export – prices and quantities

02000400060008000

100001200014000160001800020000

1 2 3 4 5 6 7 8 9 10 11 12

Months

Vol

umes

tons

0

2

4

6

8

10

12

14

Exp

ort p

rice

Volume 1999Volume 2000Volum 2001Price 1999Price 2000Price 2001

) Catch – Pan Pelagic ASA

• Pan Pelagic has part-ownerships in 28 vessels with quotas for catch of pelagic species

• Positive development in quota prices

• Hedge against change in feed prices

) Meal/oil – Pan Pelagic ASA

• Strong demand for fishmeal and oil• Fish oil prices more than doubled

last 12 months• Fishmeal prices up more than 20%

last 12 months• Fishmeal & oil factories:

• Måløy 2• Vadsø 1• Horsøy 1

• Yearly rawmaterial supply 410-460.000 tonnes

) Fishmeal – supply & demand

0

2

4

6

8

10

12

1994

1995

1996

1997

1998

1999

2000

2001

E

2002

E

2003

E

2004

E

2005

E

2006

E

2007

E

2008

E

2009

E

2010

E

Mill

. ton

n

0

100

200

300

400

500

600

700

US$

/tonn

cif

Ham

burg

64-

65%

Aquaculture Pig Poultry Price of fishmeal Production of fishmeal

Price of fishmeal: Quoted c&f Hamburg, 64-65% protein. Assumptions demand 2000-2010: Unchanged FCR and fishmeal content in the feed. Sources: FAO, IFOMA, Oilworld, Kontali Analyse AS.

US$

/tonn

cif

Ham

burg

64-

65%

Mill

.Ton

n

1994 – 2010E

) Fish oil – supply & demand

Price of fishoil; Quoted North-Western Europe, any origin Assumptions demand 2000-2010: Unchanged FCR and fishoil content in the feed Sources: FAO, IFOMA, Oilworld, Kontali Analyse AS.

1994 – 2010E

1000

tonn

es

0

200

400

600

800

1000

1200

1400

1600

1800

2000

1994

1995

1996

1997

1998

1999

2000

2001

E

2002

E

2003

E

2004

E

2005

E

2006

E

2007

E

2008

E

2009

E

2010

E

0

100

200

300

400

500

600

700

800

US$

/tonn

N.W

. Eur

ope

Fishoil needed in aquaculture Price of fishoil Production of fishoil

) Fish feed

• Integration of fish feed production:• Sea Grain AS (ownership 35%) will

start feed production in august 2002• Pan Pelagic will start feed production

in 2003 in:• Vancouver• Måløy

) Feed consumption in Norway continues to be extremely low!

Grow th in feed consumption (3m rolling average)

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Apr-97 Oct-97 Apr-98 Oct-98 Apr-99 Oct-99 Apr-00 Oct-00 Apr-01 Oct-01

Source: FPF, First Securities

) Last year’s feed/biomass ratio is the lowest within the last 6 years

Source: FPF, Kontali, First Securities

Feed consumption/biomass

5%

10%

15%

20%

25%

30%

35%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1996 1997 1998 1999 2000 2001

) Supply - Generation and year differences

Source: Kontali, First Securities

Change Biomass Y/Y

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

00G-1 Year 00G-0 Year 01G

Harvested until March-May 02 Harvested Summer 02-Spring 03Harvested Spring 02-Summer 02

) Sharp decline in supply growth this year implies increasing prices

Source: EFF, SSB, Kontali, First Securities

Supply growth vs. Price

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

1993 1994 1995 1996 1997 1998 1999 2000 2001E 2002E

Price Change Supply change

Average annual supply growth (15.8%)

) Market - Supply summary• We expect the supply-side to contract this year, moving towards a strongly

improved market balance• No growth, possibly reduction in production for the first time in more than

10 years Pan Fish1997 1998 1999 2000 2001E 2002E

Norway 316 343 411 422 419 419UK 100 111 126 123 155 140Faroe Islands 21 19 36 30 50 50Ireland 16 17 19 19 22 22Iceland 3 3 4 4 5 5

Total Europe 456 493 596 598 651 636

Canada 48 56 67 70 84 84USA 19 21 23 22 24 20

Total North-America 67 77 90 92 108 104

Chile 97 107 102 150 220 200

Others 8 9 10 11 12 13

Total 628 686 798 851 991 953

Annual growth 15,0 % 9,2 % 16,3 % 6,6 % 16,5 % -2,1 %

Source: Kontali, Pan Fish

) Market development for the main Atlantic salmon markets-

Increase in year 2001 compared to year 2000:

EU: +8 %, USA: +25 %, JAPAN: +23 %, OTHERS: +16 %

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

EU USA JAPAN OTHERS

4.kv 20001.kv 20012.kv 20013.kv 20014.kv 2001 e

-1,4%

+19%

+3%

+17%+14%

+2%+11%

+26%

+28%

+22%+29%

+20%

+14%+16%+21%

+12%

+8%+19%+39%

+32%

The figures shows change in supply one quarter compared to the same quarter last year

Figures in tonnes round weight

Source: Kontali Analyse AS, 13.11.2001

)Market - Strong relationship between supply growth and price change

Source: Kontali, First Securities

-2%

-16%

-10%

7%

13%

-23%

0%-1%-1%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

1993 1994 1995 1996 1997 1998 1999 2000 2001E 2002E

% p

rice

chan

ge

-5%

0%

5%

10%

15%

20%

25%

% s

uppl

y ch

ange

Price Change Supply change

) We’re close to the bottom of the cycle

Source: EFF, SSB, Kontali, First Securities

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02% B

iom

ass

chan

ge

18

20

22

24

26

28

30

32

34

36

38

Expo

rt p

rice

NO

K/k

g

Biomass change Export price

) Prices are picking up!FNL and Export prices

15

16

17

18

19

20

21

22

37 39 41 43 45 47 49 51 1 3 5 7

FNL

NO

K/k

g

20

21

22

23

24

25

26

Expo

rt N

OK

/kgFNL Eksport

) The rebound will be steep!

Source: FHL Havbruk, Kontali, First Securities

FNL-price vs. production costs

10

15

20

25

30

35

40

45

50

55

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

NO

K/k

g

FNL-price Prod. cost

-32%/+83%

-43%/+54%

-46%/+42%

-59%/+?%

) Usually a steep increase from bottom...

Source: FHL Havbruk, First Securities

Price development in periods w ith prices below cost

-5

0

5

10

15

20

25

-38 -34 -30 -26 -22 -18 -14 -10 -6 -2 2 6 10 14 18 22

Week

NO

K/k

g

91-92 93-94 95-96 01-02

) Pan Fish – Sales of Atlantic salmonTonnes live weight 1999 2 000 2 001 2002EHarvested volumeNorway/Faroe Islands 5 200 33 600 50 000 65 000 Scotland 9 000 10 600 12 200 12 000 North-America 12 000 20 000 27 800 40 000 TOTAL 26 200 64 200 90 000 117 000

Traded volumeNorway 10 000 15 000 20 000 20 000 Britain incl. the Faroes 4 000 12 000 6 000 6 000 America (incl. Chile) 4 000 10 000 18 000 20 000 TOTAL 18 000 37 000 44 000 46 000

Total volume 44 200 101 200 134 000 163 000

Market share 8 % 12 % 13 % 15 %

Vertical integration towards consumers

) Processing & distribution

• Vertical integration towards consumer

• Focus on more efficient• primary processing• secondary processing• sales & distribution

) Primary processing

• Integration of harvesting and filleting

• Efficient logistic solutions from each production region

• Sentralised primary processing in our production regions

• Norway• The Fareos• Loch Fyne region, Scotland• West coast of Canada and the USA

) Secondary processing

Establish secondary processingand distribution in main markets;• Vestlax – one of the worlds most

profitable smokehouses• Delfa• Norsk Sjømat• Seafood Farmers of Norway• Pan Fish France

• Contracts • Distribution centres

) Sales and distribution

Financial Performance

) Income statement

Mill. NOK4.Q 2001 4.Q 2000 31.12.2001 31.12.2000

Sales revenues 1 715,2 1 652,5 5 592,4 4 742,5 Other operating expenses 1 660,6 1 459,1 5 170,7 3 828,3 EBITDA 54,6 193,4 421,7 914,2 Write-offs 37,0 - 37,0 - Depreciation 70,9 64,2 240,8 181,1 Operating profit -53,3 129,2 143,9 733,1

Income from associates 16,6 0,8 32,7 8,6 Net financial items -108,5 -70,3 185,2 1,6 Total financial items -91,9 -69,5 217,9 10,2 Extraordinary items - - - - Profit before taxes -145,2 59,7 361,8 743,3

) EBITDA – Pan Fish Group

0,0

50,0

100,0

150,0

200,0

1Q 2Q 3Q 4Q Oct Nov Dec

NO

Km

ill.

)Balance sheetMill. NOK At 31.12.2001 At 31.12.2000

Licences 1 435,2 873,3 Goodwill 588,2 279,9 Buildings, machinery, etc. 2 273,3 1 764,5 Investm. in assoc./shares/receiv. 1 076,6 649,6 Total fixed asets 5 373,3 3 567,3

Inventories 1 877,8 1 525,4 Account receivables 1 028,8 870,3 Liquid assets 83,6 184,4 Total current assets 2 990,2 2 580,1 Total assets 8 363,5 6 147,4

Total equity 1 012,2 728,7

Minority interest 161,7 113,6

Convertible loan 0,3 16,0 Long-term liabilities 4 725,5 3 786,9 Current liabilities 2 463,8 1 502,2 Total liabilities 7 189,6 5 305,1 Total equity and liabilities 8 363,5 6 147,4

Net interest-bearing liabilities 5 649,0 3 835,0

)Fish Farming - Group4.Q 2001 4.Q 2000 At 31.12.2001 At 31.12.2000

Tonnes, round weightSales 22 372 16 700 89 270 64 200

NOKm:Sales revenues 467,9 446,8 2 053,6 2 116,7 Operating profit -105,6 74,0 -29,1 680,5 Operating margin -22,6 % 16,6 % -1,4 % 32,1 %

NOK/kg round weightSales price 10,89 19,22 14,43 23,42 Cost of production 13,82 14,66 14,83 15,69 Margin -2,93 4,56 -0,40 7,73

) Processing - Sales

Mill. NOK4.Q 2001 4.Q 2000 At 31.12.2001 At 31.12.2000

ProcessingSales revenues 359,0 425,5 1 272,9 1 057,0 Operating profit 28,2 21,4 88,3 3,1 Operating margin 7,9 % 5,0 % 6,9 % 0,3 %

SalesSales revenues 548,9 624,3 2 299,0 2 350,6 Operating profit 15,1 6,9 40,5 24,4 Operating margin 2,7 % 1,1 % 1,8 % 1,0 %

) Pan Pelagic ASA

Mill. NOK4.Q 2001 At 31.12.2001*

Sales revenues 639,5 1 344,7 Operating profit 14,1 72,4 Operating margin 2,2 % 5,4 %

*I 2001 har Pan Pelagic vært konsolidert som datterselskap i periodene 1.01-31.03 og 01.08-31.12 I perioden fra 01.04-31.08 var selskapet konsolidert som tilknyttet selskap og rapportert under finansposter