Russian AquacultureKey financial indicators based on unaudited management accounts for the first half of 2017

July 2017

2

Highlights

Revenue growth driven by continued extraction and sale of products and continued high prices

EBITDA margin exceeded 44%

Significant decrease in net debt to RUB 1,256 million

Strong results demonstrate effectiveness of new business model

3

Indicator 30.06.2017 31.12.2016 Change

Net debt, RUB million 1,256 3,162 -60%

Operational and financial results

Indicator 1H 2017 1H 2016 Change

Production volume, thousand tonnes of live weight 8.4 1.1 664%

Revenue, RUB million 3,343 357 836%

Biomass of fish in water at end of period, thousand tonnes 3.3 5.3 -38%

Operating EBITDA, RUB million 1,481 -10.3 -

EBITDA margin, % 44% -3% -

Key performance indicators

Financial position

4

Revenue analysis

Sales revenue, RUB million Fish biomass in water at end of period, thousand tonnes

Production volume, thousand tonnes of live weight Commentary

▪ Revenue from sales for 1H 2017 increased year-on-year to RUB3,343 million, driven by continued extraction and sale ofmarketable products from the Company’s farms at Ura Guba andcontinued high prices for finished products.

▪ Biomass in water reduced due to fish catching at the Company’sfarms.

▪ Production volume of commercial fish increased more than seven-fold year-on-year to 8.4 thousand tonnes of biomass.

1.1

8.4

1H 2016 1H 2017

357

3,343

1H 2016 1H 2017

5.3

3.3

1H 2016 1H 2017

664%

836%

-38%

5

4,430

3,162

1,256

30 June 2016 31 December 2016 30 June 2017-10.3

1,481

-2.9%

44.3%Operational EBITDA, RUB mln

EBITDA margin, %

Operating EBITDA and net debt

EBITDA and EBITDA margin Net debt, RUB million

▪ Operating EBITDA reached RUB 1,481 million, compared to a loss of RUB 10.3 million a year earlier

▪ Net debt reduced significantly to RUB 1,256 million as of 30 June 2017, compared with RUB 3,162 million at the end of 2016 and RUB 4,430 million asof 30 June 2016

1H 2016 1H 2017

6

About the company

Russian Aquaculture

▪ Russia’s leading commercial aquaculture producer, with 8% share of the chilled red fish market

▪ 20 year track record

▪ Russia’s only public producer of protein products from fish

▪ Strict adherence to biosecurity policies in accordance with international standards

▪ 5,313 tonnes of product sales in 2016

▪ Well-developed business model for growing fish from 80-120 g to 5-6 kg

▪ Ambitious plans to build a vertically integrated holding and become a top-10 global producer of red fish by 2025

Appendix

8

Key advantages of investment

Karelia

Murmansk

Moscow

Zone suitable for growing red sea fish

Location: Russia, Murmansk region, Karelia Volumes of world production and cultivation of fish

1.1 2.2 3.0 4-10

▪ The small Gulf Stream area accounts for only a narrow strip of the area suitable forthe cultivation of marine aquaculture in the north of the Russian Federation.

▪ Maximum growth potential in the Russian Federation is up to 40-50 thousandtonnes per year. The company already has a capacity of over 10 thousand tonnesper year and is ready to begin the task of developing plots suitable for commercialaquaculture.

▪ The long-term prospects for growth and development of the aquaculture industryare confirmed by studies by the world's largest organizations - the Food andAgriculture Organization of the United Nations and the World Bank. The growth ofthe population and the attainment of the maximum limits for the catch of wild fishgives confidence in the stable growth of demand.

▪ Red fish has the lowest feed conversion rate among all protein-containing products.To increase salmon biomass by 1kg, only 1.1 kg of feed is required, compared with2.2 kg for chicken and up to 10 kg for beef.

▪ Accumulated positive and negative experience means the Company has formulatedstrict biosecurity policies in accordance with the international standards, theeffectiveness of which are constantly confirmed..

A mature business model for growing red fish Effective feed conversion

180

160

140

120

100

80

60

40

20

02000 2004 2008 2012 2016 2020 2024

Wild catch for food consumption

Aquaculture for consumption in food

Aquaculture Atlantic salmon

CAGR 3%

mln

t

Source: Marine Harvest Industry Handbook

.

weight of live fish

June June November March September month

feed conversion rate

9

‘000 t GWE

5

3

510

18

30

2013 2014 2015 2016Е 2017Е 2020E 2025Е

Импорт в РФ Объемы компании

167

136

86

6050

85

125

Market Review

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

0

500

1,000

1,500

2,000

2,500

2008 2009 2010 2011 2012 2013 2014 2015 2016Е 2017Е 2018Е

Вылов лососевых Аквакультурный лосось Цена, евро/кг

23% market share

‘000 t GWE Euro/kg

World Salmon Production and Price Dynamics

Salmon and trout market in Russia and growth forecast

408

139 136 135

63 62 6151

3930

MarineHarvest

Cermaq SalMar Leroy Empresas GriegSeafood

Cooke SalmonMultiexport

Camanchaca RussianAquaculture

Top 10 largest producers of aquaculture salmon

Company in 2025

▪ Over the past 30 years, world consumption of Atlantic salmon has tripled, reaching3 millon tonnes per year. By 2015 more than 70% of the world's salmon was anaquaculture product. The total production of aquaculture salmon totals more than2.2 million tonnes per year and generates more than $ 5.4 billion in profits.

▪ Norway and Chile, the world’s main producers, have reached their maximumcapacities, and problems associated with biological safety in warmer climates suchas salmon lice and algal bloom, negatively affected supply in 2016 and led to ahistorical maximum price of over 9 Euro / kg at the peak in mid-2016.

▪ Against the backdrop of rising world prices and the ruble exchange rate, the Russianmarket was hit hard in the crisis period, but economic recovery should allow agradual return to the 2010-2014 consumption level.

▪ Realization of the Company's strategy will allow us to provide up to 30% of the redfish market in the Russian Federation and enter the top 10 world producers ofmarketable red fish by 2025.

Sources: Marine Harvest Industry Handbook, FishPool, Nordea, Rosrybolovstvo

‘000 t GWE

Imports in Russia Company volume

Salmon harvesting Price, Euro/kgAquaculture salmon

10

Important notice

This Presentation (and the information contained within it) does not constitute an offer to sell or an invitation to purchase any shares of any company (“The Company”) or procure its assets and cannot serve as a basis for making the decision to invest or conclude any contract with the Company and its shareholders. The Recipient shall not review the contents of this Presentation, nor any information received before or after it from the Company, such as advice on matters of law, business, taxation, or other matters. The Recipient of this presentation (“The Recipient”) should seek advice on matters of law, business, accounting and taxation from their own consultants.This information is available to you solely for reference purposes, on the basis that you undertake maintaining the confidentiality of any information contained in this Presentation or otherwise provided to you through other means, as well as refraining from the reproduction, transmission or further dissemination of such information to other persons (excluding investment advisors) or publication of it, either fully or partially, for any reason. The company, its shareholders, director, officials, employees, agents, consultants and other persons do not make any statements or provide any guarantees - either explicitly or implicitly - regarding accuracy, completeness or reliability of information or opinions included in this Presentation, and cannot be the basis for any action. By accepting this Presentation, you acknowledge that you are fully responsible for your own assessment of the market and the Company’s position in the market, undertake conducting analysis independently and all responsibility for forming your own idea of the Company’s possible future performance. This publication does not constitute an offer to sell or an invitation to purchase securities; it is also not an incentive to participate in investment activities. In so far as this Presentation contains forward-looking statements, including but not limited to statements containing the words “estimated”, “planned”, “expected” and variations of such expressions (including the negative connotations thereof), such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, financial condition, performance or achievements of the Company to differ materially from those anticipated in such forward-looking statements. Given this uncertainty, the content of such statements should not be unduly replied upon. The Company, its shareholders, directors, officers, employees, agents, consultants and other persons shall not be held liable for any loss or damage arising from undue reliance on this document or its contents, or for any damage otherwise arising in connection with these forward-looking statements. Forward-looking statements are based on opinions and estimates as of the date when such statements are made. The Company, its shareholders, directors, officers, employees, agents and consultants hereby waive any obligation to update or revise such forward-looking statements in the light of future events or trends.Distribution of this document in the territory of the Russian Federation or in foreign jurisdictions may be restricted by law. Persons to whom this document is forwarded should familiarise themselves with such restrictions and comply with them. Failure to comply with such restrictions constitutes a violation of a country’s laws. In particular, this document should not be distributed, published or reproduced, in whole or in part, in the territory of the United States of America or to recipients in the United States, Canada, Japan or Australia, as well as residents, corporations, citizens or subjects of such jurisdictions, or in the territory of other countries, where such distribution is a violation of the law or statutory requirements.