Aker BioMarine

The preferred partner shaping

the biomarine industry

Q2 2007
Helge Midttun, President & CEO
The preferred partner

part of the Aker group

Aker BioMarine
Highlights Q2 2007
launched brand name for Aqua & Animal
markets.
Actual krill-meal yield remains 30-40% above
expectations.
Production and sale of Qrill meal on track. Positive
outlook for market demand and prices.
Positive preliminary results for feed uptake for salmon
using Qrill meal.
Awarded two permanent krill-harvesting licenses by
Norway.
Issued a MNOK 750 three-year bond.

The preferred partner

Aker BioMarine | 2 part of the Aker group

 Q 2 2007:
Antarctic ahead of schedule
Amount in MNOK 2nd quarter 1st half year Full year
2007 2006 (*) 2007 2006 (*) 2006 (*)
Profit & Loss:
Operating revenues 150 167 287 309 460
EBITDA 13 17 20 36 26
EBIT (8) 7 (21) 14 (13)
Profit before tax (32) 27 (58) 34 (15)

Equity-ratio 44 % 47 % 44 % 47 % 41 %

CapEx 51 14 65 23 216
Cash flow before financing activities (67) (10) (171) (20) (158)
(*) Proforma

Antarctic and The Faroe Island better than last year, but Argentina behind due to
low harvest in Q1.
Strong balance sheet and high equity-ratio.
Loans from Aker refinanced with a Bond loan of MNOK 750 in May.
Cash flow influenced by build-up of working capital and investments.

The preferred partner

Aker BioMarine | 3 part of the Aker group

 Antarctic (Krill) Financial figures:
Ahead of scedule
Krill - Revenues pr quarter and YTD Krill - EBITDA pr quarter and YTD

25 5
22 2

20 19
-
(1)
15 14 (3)
13 (5)
MNOK

(5)

10 8 (10)
6
5 (12)
(15)

- (17)
Q1 Q2 H1 (20)
Q1 Q2 H1
2006 2007 2006 2007

Revenues influenced by long lead-time from harvest to revenue recognition

Sales to aquaculture - on track, whole production sold
Prices above expected level for new contracts (USD 1,700 pr ton)
Good operation on Saga Sea
The preferred partner

Aker BioMarine | 4 part of the Aker group

Antarctic (Krill) Financial figures
Handling a challenging operational setup Oslo:
Management
Sales and marketing
Research and development

European
US + Canadian market
market
Asian / Pacific
market

Chilean
market

Montevideo:
Logistic HUB

The preferred partner

Aker BioMarine | 5 part of the Aker group

Krill Upstream:
Good Performance in meal production
Krill - Meal production pr quarter and YTD

7000
6 161
6000

5000

4000 3505
Tons

3000 2656

2000

1000
0 103 103
0
Q1 Q2 H1

2006 2007

Production of krill-meal according to plan in H1

ECO Harvesting is working, valuable experience gained

The preferred partner

Aker BioMarine | 6 part of the Aker group

 Krill Upstream:
Good Yield Performance
Krill - Harvest pr quarter and YTD Krill - Yield pr quarter and YTD

40000 20
18 18
34 621 17
35000 18
16
30000 13
14 13
25000 12
Tons

19346

%
20000 10
15275
15000 8
6
10000
4
5000 2
0 768 768 -
0 -
Q1 Q2 H1 Q1 Q2 H1

2006 2007 2006 2007

Meal-production with a higher yield than expected; 18% vs 13%

Harvested 34,631 tons in H1
Bad ice-conditions from June/July
Estimate total krill-harvest of around 50.000 ton in 2007
The preferred partner

Aker BioMarine | 7 part of the Aker group

Krill Upstream:
Ice conditions

South Georgia (UK) South Georgia (UK)

South Orkneys South Orkneys

South Shetland South Shetland

The preferred partner

part of the Aker group

June 2006 June 2007

Krill High lights - Downstream:
Positive outlook for market demand and prices
Qrill launched brand name for Aqua & Animal
markets.
Sale of Qrill meal on track. Positive outlook for market
demand and prices.
Positive preliminary results for feed uptake for salmon
using Qrill meal.
Serie of pre-clinical animal studies for Aker Krill Oil has
been started.
Market organization increased. Full force in place during
Q3.
Build-up of distribution partners in progress.

The preferred partner

Aker BioMarine | 9 part of the Aker group

Krill (Antarctic) Downstream:
Market launch plan
Market Products Launch year

Pharma In 4-6 years

Pharma Aker Krill oil
ingredients

Nutra- Functional foods Aker Krill oil 2009

ceuticals Dietary Aker Krill oil 2008
supplements

Starter diets etc

Aqua- High protein Qrill oil 2008
culture diets
Phosoplipid Qrill meal 2007
Qrill meal
The preferred partner

Aker BioMarine | 10 part of the Aker group

Krill (Antarctic) Downstream:
Promising preliminary results for transfer diets using Qrill

800

700

600
Daily feed intake, g/cage

500

400

300

200

100

0
25.05.07 04.06.07 14.06.07 24.06.07 04.07.07 14.07.07 24.07.07

Date

Control 7% Qrill-meal 15% Qrilll-meal

The preferred partner

Aker BioMarine | 11 part of the Aker group

 Argentina:
Improved fishing of Southern Blue Whiting (SBW)
Amount in MNOK 2nd quarter 1st half year Full year
2007 2006 2007 2006 2006
Financial figures:
Operating revenues 56 83 108 146 240
Revenues Surimi and fishmeal 41 63 80 112 183
Revenues Chilean Sea Bass (CSB) 15 20 28 34 57
EBITDA 24 28 29 49 50
EBIT 15 17 12 28 15

Revenues down by MNOK 27 due to:

Weak fishing of SBW in Q1 2007 influencing revenues in Q2
Long lead time for CSB and low inventory at the beginning of the year
Exchange rate between USD and NOK decreased by appr 6 % since
Q2 2006
Low revenue give impact on EBITDA

Centurion del Atlantico to be upgraded from July 2007. Back in operations

in December.
The preferred partner

Aker BioMarine | 12 part of the Aker group

 Faroe Island:
Ahead of last year - Atlantic Navigator sold in Q3
Amount in MNOK 2nd quarter 1st half year Full year
2007 2006 2007 2006 2006
Financial figures:
Operating revenues 76 67 148 124 162
Revenues Surimi and fishmeal 76 67 148 124 162
EBITDA 2 2 4 3 -
EBIT 2 2 4 3 -
company 2 3 5 7 (1)

Revenues for pf Nraberg (*) 78 62 162 128 202

EBITDA for pf Nraberg (*) 17 12 44 31 28
(*) AKBM owns 33% of PF Nraberg with its subsidiary PF SeaFreeze. It is therefore presented as an accosiated
company in the group accounts.
Sales of surimi is made throught AKBM Trading Ltd. Sales and EBITDA in the group accounts represents AKBM
Trading Ltds financial figures regarding Faroe Island

Consolidated revenues up by MNOK 9 (13%) due to high production of

surimi
Pf Nraberg increased revenues by MNOK 16 (26%) and EBITDA by
MNOK 5 (42%) due to increased sales and improved efficiency

Atlantic Navigator taken out of fishing in July. Sold to Antarctic (krill)

operation for appr MNOK 370. Renamed Antarctic Navigator.
The preferred partner

Aker BioMarine | 13 part of the Aker group

 Summary
Antarctic operation ahead of schedule
High yield
Technology is working
High demand for Qrill-meal. Prices above expectations
Positive prelim results for salmons feed uptake using Qrill-
meal
Launch in Human market Q1 2008
Organization on plan
Argentina not satisfactory, but improved substantially
since Q1
Centurion del Atlantico to be upgraded from July
Faroe Island still performing well
Good harvest and improved efficiency
Atlantic Navigator taken out of operation in July and sold to
Antarctic (krill) operation
The preferred partner

Aker BioMarine | 14 part of the Aker group

Questions?

The preferred partner

Aker BioMarine | 15 part of the Aker group