DnB NOR Markets Norsk fiskeri sett fra børsen

Saturday, April 22, 2023

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BROAD PLACING POWER AND DISTRIBUTION…

• Extensive placing power in the Norwegian equity market • #1 on Oslo Børs

• Covers the majority of all the largest institutional and private investors• Nordic, European and US institutions• Strong relations to an extensive

number of large and small institutions

• A broad distribution network• Norway's largest institutional sales

force• Retail sales through 13 regional offices

and more than 35,000 clients • Norway's leading private bank • 170 DnB NOR branches

Source: Oslo Børs

TRACK RECORD AND CAPABILITIES

Dedicated equity sales force towards international institutions

Access to Norway's largest client customer base

18 institutional and 37 retail equity brokers

Equity trading on Internet – 40,000 Online clients

Joint Lead

Private Placements

Year 2006

NOK 8,745 million

Source: Reuters First

Market share selected seafood

0.0 %

5.0 %

10.0 %

15.0 %

20.0 %

25.0 %

MarineHarvest

SalMar AustevollSeafood

Copeinca AkerSeafoods

trades value

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INTERNATIONAL PRESENCE

INVESTMENT BANKING FOLLOWS CORPORATE BANKING AND CLIENTS Oslo

27 corporate finance professionals

19 research analysts Norway's largest

institutional sales desk Full backing from DnB

NOR Group

Singapore 4 corporate finance

professionals Analyst team

established in 2008 Backing from 15

shipping & energy corporate bankers covering the Asian market

New York/Houston 7 corporate finance

professionals Equity sales team

established in 2008 Backing from 20

shipping & energy corporate bankers covering the American market

DnB NOR Markets corporate finance

DnB NOR Bank – shipping, offshore & energy divisions

DNB NORD joint venture

London 2 corporate finance

professionals Backing from 20

shipping & energy corporate/relationship bankers

INVESTMENT BANKING DIVISION

Santiago Establish DnB NOR

Branch with seafood desk and available corporate finance professionals

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Joint Lead

Private Placement and IPO

Year 2006

NOK 780 m

Lead

Equity Offering and IPO

Year 2006

NOK 120 m

Lead

Private Placements

Year 2006

NOK 75 m

Advisor

M&A

Year 2006

EUR 1,325 m

Joint Lead

Private Placement

Year 2006

NOK 2,600 m

Joint Lead

Private Placement

Year 2006

NOK 5,450 m

Joint Lead

Private Placement

Year 2006

NOK 700 m

Lead

Block Trade

Year 2005

NOK 564 m

Lead

M&A

Year 2005

Lead

M&A

Year 2005

Lead

M&A

Year 2005

Advisor

M&A

Year 2006

NOK 4,000 m

PROVEN TRACK RECORD IN MANAGING SEAFOOD TRANSACTIONS

SELECTED PROJECTS

Executed the successful sale of PHARMAQ in an challenging financial environment in 2008

Lead manager in one of the largest equity offerings ever executed in Norway

Lead manager for Pan Fish in the acquisition of Marine Harvest and Fjord Seafood

Joint lead manager in IPO of Austevoll Seafood

Lead manager in Private Placements and IPO of Codfarmers

Financial Adviser

Sale of

PHARMAQ AS to Orkla/Kverva

Year 2008

Joint Lead

NOK 453 m

Equity Offering and IPO

Year 2005

Lead

M & A

Year 2007

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Sjømat på Oslo Børs

Det å være på Oslo Børs er ikke noen stor forskjell fra det å handle gjennom for eksempel Norges sildesalgslag

Men, utenfor børs kan du skryte av alt du eier

På børs vil kona vite nøyaktig hva du er verd hver dag

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Sjømat selskaper notert på Oslo Børs

Einvik Fisk

Sea Farm AS

Norway Seafoods

Pan Fish

Domstein

Fjord Seafood

Cermaq

Lerøy

Pan Pelagic

Aker Seafoods

Austevoll Seafoods

Marine Farms

Marine Harvest

Codfarmers

Grieg Seafoods

Copeinca

Lighthouse

Aker Biomarine

SalMar

Norway Pelagic

Akva Group

1980- 2000 2009

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15 selskaper med en verdi på 19 mrd

Laks

Selskap Foretnings - område

Markeds -verdi

Andel i sjømat

Laks

Laks

Laks

Laks

Laks/Sea-bream/bass

Hvitfisk

Torsk

Pelagisk/ Hvitfisk

Pelagisk

Pelagisk, Laks

5.4 mrd

2.4 mrd

2.4 mrd

0.6 mrd

0.2 mrd

0.4 mrd

0.3 mrd

0.1 mrd

0.1 mrd

2.8 mrd

2.3 mrd

29%

12%

13%

4%

2%

1%

2%

1%

0%

15%

12%

Pelagisk 0.4 mrd 2%

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Eksempler innenfor noen næringer dere kjenner

6.00 0.05 0.84%AKS&OS.Last

01.02.200901.08.200801.02.200801.08.200701.02.200701.08.200601.02.2006

50

45

40

35

30

25

20

15

10

5

12.00 -0.20 -1.64%AUSS&OS.Last

01.02.200901.08.200801.02.200801.08.200701.02.200701.08.2006

55

50

45

40

35

30

25

20

15

10

9

Eksempler innenfor noen næringer dere kjenner

28.50 -0*40 -1*40%NPEL&OS.Last

01.02.200901.01.200901.12.200801.11.200801.10.200801.09.200801.08.200801.07.2008

41

40

39

38

37

36

35

34

33

32

31

30

29

28

27

26

25

10

Seafood vs. OSEBX

Seafood vs. OSEBX

0

20

40

60

80

100

120

140

160

180

03.0

3.2

006

03.0

5.2

006

03.0

7.2

006

03.0

9.2

006

03.1

1.2

006

03.0

1.2

007

03.0

3.2

007

03.0

5.2

007

03.0

7.2

007

03.0

9.2

007

03.1

1.2

007

03.0

1.2

008

03.0

3.2

008

03.0

5.2

008

03.0

7.2

008

03.0

9.2

008

03.1

1.2

008

03.0

1.2

009

Seafood Index OSEBX

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Hele sektoren blir dratt opp og ned

-100.0%

-50.0%

0.0%

50.0%

100.0%

150.0%

200.0%

% Change 2006 % Change 2007 % Change 2008 % Change YTD

Marine Harvest ASA Cermaq Asa Leroy Seafood Group

SalMar ASA Marine Farms AS Grieg Seafood ASA

Lighthouse Caledonia ASA Austevoll Seafood ASA Copeinca ASA

Aker Seafoods Asa Codfarmers ASA Akva Group Asa

Aker BioMarine ASA Domstein ASA

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Et grusomt år på Oslo Børs for investorene

Markedsverdien for 1 år siden var = 40.5 mrd

Nå er verdien av de 15 selskapene = 19 mrd

Et stygt fall på 22 mrd eller 54%

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Pris/kost for laks fra Norge

16.0

21.0

26.0

31.0

36.0

41.0

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08E09E

NO

K/k

g

Production cost gwt (FOB) FHL - Price

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Innen hvitfisk næringen

• Men med kvoter opp 25%

• Betydelig fall i bunkers kostnader

• Overraskende positiv valutasituasjon

Så er det vel ikke helt gale å være fisker i 2009 heller!!

Kreditt og marked er utfordringene

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Mer stabilt innen fiskemel globalt, men ingen fest

Fishmeal

900

1000

1100

1200

1300

1400

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

US

D/t

on

n (

64/6

5% c

&f

Ham

bu

rg)

2007 2008 2009

700

900

1100

1300

1500

1700

1900

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

Og kvotene av kolmule er vel heller ikke noe å rope hurra for?

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Her er det fest?

• Veldig gode priser

• Betydelig økning i kvoter

• Betydelig fall i bunkers

Kan vel ikke klage så alt for mye innen denne delen av sjømat sektoren

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Verdiutvikling pr. basistonn

Pris per basistonn

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Pris per basistonn

18

Utsiktene på lang sikt er gode og spennende: Vi vil spise mer og mer sjømat

0

20

40

60

80

100

120

140

160

180

200

220

1970

1973

1976

1979

1982

1985

1988

1991

1994

1997

2000

2003

2006

E

2009

E

2012

E

2015

E

2018

E

2021

E

2024

E

'000.0

00 T

onnes

8

9

10

11

12

13

14

15

16

17

18

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

Kg

19

Utsiktene i Norge – kunne blitt julaften hver dag

En fantastisk biomasse situasjon pga bl.a. god forvaltning

• Sild, Makrell og Lodde

• Torsk, Sei og Hyse

Betydelig fall i bunkers og en gunstig valuta så er forutsetningene på plass for en fest

Litt synd at myndighetene påtvinger inneffektivitet i næringen gjennom for mye stål. Om ikke, så hadde det vært julaften hver dag i 2009 og 2010.

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Appendix:

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A FIRST CLASS INVESTMENT BANK WITH FULL ACCESS TO THE RESOURCES IN THE DnB NOR GROUP

DnB NOR MarketsNorway's largest investment bank

Account forInvestors

and issuers(VPS)

Equitytrading,

derivatives &research

Corporate Finance

Bonds,commercialpapers andsyndication

loans

FX and interest rateinstruments

Custody services &

equityfinancing

Top 3 market share on Oslo Børs

* Market share

Market share% of total income for Norw egian investment banks

DnB NOR Markets

30 %

DnB NORDnB NOR

Private clients Business clients

Asset Management

Offices in Norway, London, New York, Houston, Shanghai and Singapore

20-55% 10-20% 15-20% 20-30% 15-40% 35-50%* * * * **

THE DnB NOR GROUP

Life Insurance

RetailBanking

Corporate Banking

InvestmentBanking

DnB NOR

- The largest Norwegian Bank

Global ambitions within

- Shipping/off-shore

- Seafood

- Energy

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COMBINING INVESTMENT- AND CORPORATE BANKING

NORWAY'S LARGEST FINANCIAL SERVICES GROUP

Client Management

Credit Services

Syndication

Structured Finance Strategic and Financial Advisory

M&A

Private and Public Equity

Restructuring

Corporate Finance

Equity Trading

Equity Sales

Equity Research Derivates

DnB NOR Markets Online

Securities Services

Equity Sales and Research

Debt Capital Markets

Customers FX/Treasury

Trading FX/Treasury

Structured Products

FX/Fixed Income

DnB NOR provides a wide range of financial products and tailor-made solutions for the global industry

DnB NOR Markets Investment Banking Corporate Banking

Corporate Banking

RetailBanking

Investment Banking

AssetManagement

Life Insurance

DnB NOR

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DnB NOR MARKETS – SEAFOOD TEAM

Terje SkullerudHead of Corporate Finance

Telephone: +47 22 94 88 52

Mobile: + 47 48 22 56 01

E-mail: terje.skullerud@dnbnor.no

Per Even HaugeSenior advisor Seafood

Telephone: +47 22 94 81 27

Mobile: +47 97 13 58 66

E-mail: per.even.hauge@dnbnor.no

Karl Johan StandalSenior advisor Seafood

Telephone:+47 22 94 81 24

Mobile: +47 99 25 77 28

E-mail: karl.johan.standal@dnbnor.no

Corporate Finance

Klaus HatlebrekkeTelephone: +47 22 94 89 65

Mobile: +47 9751 67 57

E-mail: klaus.hatlebrekke@dnbnor.no

Equity Analysts

DNB NOR MARKETS SEAFOOD SECTOR TEAM

DnB NOR Markets Corporate Finance Oslo

Stranden 21, Aker Brygge

NO-0021 Oslo, Norway

Tel: (+47) 2294 8880Fax: (+47) 2283 2000

DnB NOR Markets, Inc.Corporate Finance New York

200 Park Avenue – 31st FloorNew York, NY 10166

Tel: +1 (212) 681-3800Fax: +1 (212) 681-4121

Internett: www.dnbnormarkets.no

E-mail: cf.markets@dnbnor.no

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