Ice6001 facts broschure 2014 02

Icelandic inspires consumers in its core markets to eat more quality fish from sustainable resources

Icelandic Group is a leading global seafood company

Sales â‚Ź 600m

Presence in 8 countries

1,800 employees

150,000 t of fish procured*

* Whole fish equivalent

Over 70 years history in global seafood

• Over 70 years heritage in the Icelandic seafood industry with a strong relationship with key suppliers • A leading supplier to the UK retail market with 15% market share • Second largest supplier to the Belgian retail market for seafood products

• Large supplier to the Spanish foodservice (FS) and catering market with branded frozen products for full service and quick service restaurants (QSR) • Strong brand and established access to the USA market with focus on FS • Established presence in Japan • China is a growth market

Icelandic Group Vision Built on our Core Competences

Icelandic inspires consumers in its core markets to eat more quality fish from sustainable resources Market driven with a deep understanding of consumers needs and trends

Best-in-Class operations, with focus on efficiency, quality and flexibility

Unique access to the seafood resource in the North Atlantic through ownership and strategic alliances

Attract and retain top talent with expert knowledge of seafood and consumer behavior Innovated seafood category manager with focus on R&D throughout the value chain

Our strategy is market driven And what are the markets telling us?

• Consolidation in food service & retail globally means bigger, more demanding customers

• Customers demand stable quality, stable supply, better service and lower prices

• Supply chain needs to be simpler and shorter, more transparent and offer total traceability

• Line-caught fish preferred in some markets, but at the same time need to secure low cost and supply at all times

• Chilled Fish is a hero category and retailers increasingly seek ways to differentiate their consumer offer

• Customers in all markets ask for better access to the resource • Food safety is a key issue in all markets, including Asia

Icelandic The brand of choice for quality, origin and consistency

• The Icelandic brand is synonymous with natural quality, origin and consistent supply

• Frozen cod and haddock fillets and processed solutions to the US foodservice market • Plans in Japan & China

• A leading brand of first quality cod products for the foodservice markets in south Europe

Our Saucy Fish brand Demonstrates our capability of driving insight to action • Already the #1 chilled wetfish brand in the UK with ongoing trial in a few international markets • Total Sales € 45m in 2012 (up 80% y-o-y)

• One of the fastest growing brands in UK grocery • Identified by The Grocer magazine as one of Key Influential Brands during the last 150 years

• First ever fish business to make • More than 50% of sale are it onto the CoolBrands list genually incremental, with 25% new to the category

Strong customer credentials as a seafood supplier Supplying over 150 thousand tonnes of whole fish equivalent Long term, trusted supplier relationship with leading retailers

Strong innovation and quality credentials

Strong innovation and quality credentials

Icelandic Seachill Leading supplier of chilled fish to the UK retail market Market size Total Sales ÂŁ 2.5 bn* ÂŁ 340 m Market share 15%

Employees ~1,400

Strong position in every category offering total solution to our customers 100%

#1

#1

#1

Top

5

80% 60% 40%

Factories 3

#2

48%

42% 22%

19%

20%

6% Raw

Coated

Meals

Ready to Cook

Frozen

Also a leading supplier of Prawn cocktails, Party foods and Fishcakes to the UK retail market

* The UK seafood retail market in 2012 excluding ambient (RSP). Source: Nielsen

Icelandic Gadus Leading supplier of Icelandic fresh high quality fish

Market size Total Sales â‚Ź 1.4 bn* â‚Ź 70 m Market share 6%

Employees ~100

Recognised as a first choice supplier of quality seafood and services to leading retailers 100%

#2

Top

3

80% 60% 40%

Factories 1

19% 9%

20% Raw chilled

Raw frozen

Recognised as a first choice supplier of quality seafood and services to leading retailers

* The Belgian seafood retail market in 2012 excluding ambient (RSP). Source: Datamonitor

Icelandic Iberica Leading branded seafood supplier to the Spanish foodservice Market size Total Sales € 1.6 bn* € 85 m

Icelandic Iberica inspires consumers to eat more high quality cod products

Market Employees share 7%** 100

• Icelandic Iberica is a leading foodservice & HoReCa supplier in Spain and growing in Southern Europe (Portugal, Italy & France)

Factories 1

• Lightly salted cod sold under the Icelandic brand core product with 800 wholesale accounts and direct delivery to over 2,000 restaurants in Spain • Offices in Barcelona,Vigo, Malaga, Madrid, Genoa and Lyon

* The Spanish food service market in 2011.

Source: Magrama, FFT.

** Of frozen fish market in foodservice

Icelandic Japan Dominating market share of selected Icelandic species

Market size € 11.7 bn* Total Sales € 60 m Employees 11

• Icelandic Japan has been operating from its Tokyo office for over 20 years and is today an established wholesale supplier, selling more than 30,000 tonnes of fish product every year • The company has a dominating market share in product of Icelandic origin for Atlantic redfish, Greenland halibut and capelin roe, with a strong position in capelin and mackerel • Vision is to become a leading supplier of seafood from the North Atlantic to selected markets in Asia with increased product variety

* Total import of fish and seafood products into Japan in 2012. Source: IG

** Excluding sales into China (total sales around € 80 million)

Icelandic China China is a growth market for Icelandic

Market size Total Sales $ 71 bn* € 20 m Employees 105

Factories 1

• Icelandic Group selling over 8,000 t of fish products into the Chinese market today with 80% sold in bulk (containers) and 20% in pallets (boxes)

• Future focus will shift from the current export to the European market towards local opportunities in the Chinese • Icelandic China based in market Qingdao with 15 people in sales & administration and 90 people • Growth anticipated on the in our newly opened factory back of the new FTA , providing unique access for producers in • Factory BRC approved Iceland possessing technical expertise required to offer service to retailers and foodservice customers in the UK

* Consumption of fresh, frozen and canned & preserved fish and seafood in China in 2012. Source: Bain consulting

Partnership with High Liner in the US Icelandic Seafood leading brand to the US foodservice market Market size Total $ 54 bn* Sourced 5,000 t

• Icelandic Seafood brand is today a leading brand of ‘best-in-class’ frozen fillets and processed solutions to the foodservice industry

• In 2011, Icelandic Group sold • Furthermore, Icelandic handles its subsidiary, Icelandic USA, all sourcing and quality control to High Liner Foods Inc. (HLF), for HLF in Iceland, through North America’s largest marketer its team of experts in Iceland, of frozen seafood products with based on exclusive sourcing a turnover of over $1 billion agreement • At the same time, a 7 year license agreement was signed with HLF for the use of the Icelandic Seafood brand for the North American foodservice market

* US consumption on seafood products at food service establishments (incl. restaurants, caterers and carry-outs) in 2010.

Source: NOAA

North Atlantic origin is our Core Iceland, Norway, Russia, UK key origins Total Total volume harvested 2012

1,450,000 t 2,100,000 t 4,300,000 t 600,000 t¹

NA Cod quota TAC ‘13 share of total TACs for NA cod

215,000 t

Haddock quota TAC ‘13 share of total TACs for haddock

38,000 t

NA Salmon production ‘13E share of total

—

Most important species volume havested

Capelin

Herring²

Alaska pollock Mackerel

585,000 t

611,000 t

1,633,000 t

Most important species export value

Cod Cod Alaska pollock Shellfish

¹ Figures for 2011 ² Following salmon farming production (1,150,000 t)

465,000 t

422,000 t

29,000 t

1,131 t

16% 35% 32% 3% 86%

105,000 t

85,000 t

36,000 t

266,000 t

13% 35% 28% 12% 88%

1,105,000 t —

600,000 t

2,015,000 t

35% 7% 64%

ISK 83bn/€ 0.5bn

NOK 5.6bn/€ 0.7bn n/a

~100,000 t¹

£ 280m/€ 330 m¹

Sourcing overview Cod, haddock & salmon are key species

Top species

Country of origin

Whole fish equivalent (estimated)

Whole fish equivalent (estimated)

Salmon 25.007 ~100 species 60.952 Cod 42.908

Haddock 23.242

Other* China14.153 6.924 Russia 12.606

Iceland 61.704

UK 11.600

Norway 45.122

• Salmon, cod & haddock key species for Icelandic Group making up for 60% of our total procurement

• Salmon, cod & haddock key species for Icelandic Group making up for 60% of our total procurement

• In total 100 species sourced around the world offering total solution to our customers

• In total 100 species sourced around the world offering total solution to our customers

* ~ 25 countries

Vertical Integration Iceland: Sourcing, Quality Assurance, Processing and Fishing In Sandgerði, Icelandic Ný-Fiskur operates a state-of-the-art, 3,200 m² processing plant, just a few minutes from the international airport • Leading in the export of fresh fish by air from Iceland • BRC-B, MSC, Friends of the Sea & Icelandic Sustainable Fisheries certified • Operates one line-vessel with own quota

¹ Figures for 2011 ² Following salmon farming production (1,150,000 t)

In Reykjavík, Icelandic operates a sourcing, logistics and quality assurance unit • Daily contact with all main fishing companies in Iceland • Quality audits and inspections • Overseeing export of frozen fish from Iceland

Icelandic Ný-Fiskur Company profile

• Icelandic Ný-Fiskur a leading producer of high quality, linecaught, fresh fish products operating from a ‘state-of-theart’ factory in Sandgerði • Today selling around 1,700t of fresh fish (mostly cod loins) and 800t of frozen fish

• Icelandic Ný-fiskur operates one long liner who is fishing around 1,000 tonnes a year • Sourcing around 7,000t of raw material a year from both own boat, contract boats and local fish markets • Total employes around 100

Quota overview in tonnes

Cod

Haddock

Saithe

Other

Total

TAC ‘13/’14

489

132

76

89

786

0,3%

0,4%

0,2%

—

0,2%

Source: Annual Accounts, Sax.is, Fiskistofa & IG

Procurement Strategy Access to the resource is our core competence

Own resources

Strategic Partners

• Icelandic operates a state-of-the • Exclusivity on certain species and/or market areas art fresh fish processing plant in Iceland, with potential to • Long-term product and market support frozen business development • Own Icelandic cod and haddock quota to support own long-liner • Main focus on processing for vessels Icelandic brand products • Focus on supporting fresh fish business in Benelux, UK, USA and specific frozen products

• Long-term guidelines on volumes Commercial sourcing

• Center for Icelandic‘s product development

• Meets fluctuations in volumes • Make use of market opportunities

What makes Icelandic unique?

Total control and innovation throughout the value chain Competitor #1 Harvesting Harvesting

Primary processing Primary processing

Brokers

Secondary processing

VAP

Customer A

Innovation and R&B

Competitor #2 Harvesting Harvesting

Primary processing Primary processing

Brokers

Secondary processing

VAP

Customer B

Innovation and R&B

Icelandic In-House quality control and logistics Harvesting

Primary processing

Secondary processing

VAP

Innovation and R&B

Our customer

www.icelandic.is