2013-01-21 - Registreringsdokumnet - Cermaq - Endelig Utkast Med Vedlegg

Cermaq ASA – 11.
01 2013
Registration Document
Cermaq ASA
Oslo, 11.01.2013
Prepared according to Commission Regulation (EC) No 809/2004 - Annex IX

Cermaq ASA – 11.01 2013
Important notice
The Registration Document is based on sources such as annual reports and publicly available
information. This Registration Document has been prepared in cooperation with the Arranger. This
is subject to the general business terms of the Arranger. Confidentiality rules and internal rules
restricting the exchange of information between different parts of the Arranger may prevent
employees of the Arranger who are preparing this presentation from utilizing or being aware of
information available to the Arranger and/or affiliated companies and which may be relevant to the
recipients' decisions.
The Arranger and/or affiliated companies and/or officers, directors and employees may be a
market maker or hold a position in any instrument or related instrument discussed in this
Registration Document, and may perform or seek to perform financial advisory or banking services
related to such instruments. The Arranger's corporate finance department may act as manager or
co-manager for this Issuer in private and/or public placement and/or resale not publicly available
or commonly known.
Copies of this presentation are not being mailed or otherwise distributed or sent in or into or made
available in the United States other than on the Issuer’s web page. Persons receiving this
document (including custodians, nominees and trustees) must not distribute or send such
documents or any related documents in or into the United States.
Other than in compliance with applicable United States securities laws, no solicitations are being
made or will be made, directly or indirectly, in the United States. Securities will not be registered
under the United States Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.
The distribution of the Registration Document may be limited by law also in other jurisdictions, for
example in Canada, Japan and in the United Kingdom. The Prospectus has been reviewed and
approved by the Norwegian FSA in accordance with sections 7-7 and 7-8, cf. section 7-3 of the
Norwegian Securities Trading Act. The Norwegian FSA has not controlled or approved the accuracy
or completeness of the information given in this Prospectus. The approval given by the Norwegian
FSA only relates to the Issuer's descriptions pursuant to a pre-defined check list of requirements.
The Norwegian FSA has not made any form of control or approval relating to corporate matters
described in or otherwise covered by this Prospectus.
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Table of Contents:
1. Risk factors ...................................................................................................................4

2. Persons responsible ........................................................................................................6
3. Definitions .....................................................................................................................7
4. Third part information and forward looking statements ........................................................8
5. Statutory auditors ..........................................................................................................9
6. Information about the issuer and the guarantors ............................................................... 10
7. Business overview ........................................................................................................ 15
8. Administrative, management and supervisory bodies ......................................................... 25
9. Major shareholders ....................................................................................................... 29
10. Financial information concerning the issuer's assets and liabilities, financial position and profits
and losses ....................................................................................................................... 30
11. Documents on display ................................................................................................. 33
12. Cross reference list: .................................................................................................... 34
13. Attachments: ............................................................................................................. 37
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Cermaq ASA – 11.01 2013
1. Risk factors
The Group is exposed to various risks of a financial and operational nature. Cermaq carefully
considers risk management and prevention in day-to-day business and in its strategic development
and The Board of directors has established a framework for risk management to ensure good
internal controls and appropriate systems to monitor and mitigate exposure. Bellow the Issuer has
disclosed all known and significant risk factors the Issuer is aware of.
OPERATIONAL RISKS
The Board decided that operational risk should be governed and controlled by way of management
systems certified according to ISO standards or equivalent. The Group has defined key areas to be
quality (ISO 9001), environment (ISO 14001) and health & safety (HES) (OHSAS 18001).
Biological risk
Biological risk is one of the major challenges in fish farming, and includes environmental
conditions, diseases and marine predators. Key elements in Cermaq’s preventive fish health
approach are monitoring of relevant pathogens, vaccination policy, use of functional feeds, stress
mapping, policies for antibiotic use and building general knowledge and competence. Area
management is crucial for effective fish health measures, and in 2011 all sites in Chile and Norway
were included in area management agreements or located in areas fully controlled by Mainstream.
Raw material risks

The main factors creating risk exposure to the fish feed division EWOS are food safety risks and
raw material availability risks. EWOS has implemented an integrated management system
(“EIMS”), which integrates food safety, quality, occupational health and safety and environmental
management. Risk related to sourcing of raw materials is managed by a highly competent
purchasing team.
FINANCIAL RISKS
The Board considers risk diversification and a strong balance sheet with a high equity ratio (over
45%) to be an important foundation of the Group’s financial risk management.
Currency risk
Because of the international nature of its operations, the Group is exposed to fluctuations of foreign
currency rates. Upon translating foreign subsidiaries’ income statements and statements of
financial position, the Group’s largest exposure is to the US dollar, and assets and revenues
recognised in US dollar are predominantly hedged by loans in the same currency. Exposure in
relation to future operational cashflow is primarily linked to the US dollar end the Euro against the
Norwegian krone, arising from sourcing activities in EWOS. This exposure is reduced by
diversification and price adjustment clauses in contracts with feed customers.
Interest rate risk

The Group is exposed to increase in interest rates as a result of having debt with floating interest
rate terms.
Other price risk

The Group’s feed business is active on the international commodity markets. A large portion of raw
materials needed in production is contracted in advance of periodic sale price regulations, this way
the risk associated with increases in commodity prices is mainly transferred to feed customers.
Constraints in the availability of certain raw materials, might result in increased sourcing cost in
those cases where an unexpected surge in sales volume make it necessary to purchase raw
material outside of previously negotiated purchase agreements. Under these circumstances it
might not be possible to charge the customers with the increased cost, and profitability would thus
temporarily suffer.
The farming business is sensitive to fluctuations in the spot prices of salmon, which is determined
by global supply and demand. The impact of changes in salmon prices is primarily mitigated by
geographical diversification, species mix, long-term contracts and financial contracts, however due
to long production cycles it is difficult to respond quickly to global trends in market prices. Salmon
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is to a large extent traded based on spot price, although this would vary with different markets and
with the market position of the company.
Liquidity risk
Liquidity risk arises from the Group’s potential inability to meet its financial obligations towards
suppliers and debt capital providers. Liquidity risk is managed through maintaining flexibility in
funding by securing available committed credit lines provided by a syndicated of solid Nordic
banks. Refinancing risk is effectively reduced by keeping a diversified maturity profile.
Credit risk
Credit risk represents the accounting loss that would have to be recognised if other parties failed to
perform as contracted and is related to financial instruments such as cash and cash equivalents,
receivables and derivative financial instruments. The counterparty risk in relation to financial
institutions is deemed to be limited, as the Group has few liquid assets and rarely trades in
derivatives. Receivables risk is an issue in Chile, where there has traditionally been a market
practice for granting extended credit terms. In order to manage this exposure, the Group relies
upon careful customer selection and a tight credit regime. Additional security is often established
by obtaining pledge on biomass, parent company guarantees, or by purchasing insurance coverage
when appropriate.
Information regarding the Company’s risk management see Annual report 2011 – note 24.
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2. Persons responsible
Cermaq ASA confirms that, having taken all reasonable care to ensure that such is the case, the
information contained in the registration document is, to the best of their knowledge, in accordance
with the facts and contains no omission likely to affect its import.
Oslo, 11.01 2013
Cermaq ASA
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3. Definitions
CMCh - Cultivos Marinos Chiloé S.A
The Company / Issuer - Cermaq ASA
EWOS - EWOS companies, i.e. all fish feed activities being part of
Cermaq.
EWOS Canada - EWOS Canada Ltd. and any or all of its subsidiaries, as the
case may be. Cermaq’s fish feed operations in Canada.
EWOS Chile - EWOS Chile Alimentos Ltda and any or all of its
subsidiaries, as the case may be. Cermaq’s fish feed
operations in Chile.
EWOS Innovation - EWOS Innovation AS and any or all of its subsidiaries, as

the case may be. Cermaq’s research and development
company providing support for both the fish feed and fish
farming activities within Cermaq.
EWOS Norway - EWOS AS and any or all of its subsidiaries, as the case may
be. Cermaq’s fish feed operations in Norway.
EWOS Scotland - EWOS Ltd. and any or all of its subsidiaries, as the case
may be. Cermaq’s fish feed operations in Scotland.
GMO - Genetically modified organisms
Group / Cermaq - Cermaq ASA with subsidiaries
IFFO - International Fishmeal and Fish Oil Organisation
Mainstream - Mainstream companies, i.e. all fish farming activities being

part of Cermaq.
Mainstream Canada - Mainstream Canada, a division of EWOS Canada Ltd. and

any or all of its subsidiaries, as the case may be. Cermaq’s
fish farming operations in Canada.
Mainstream Chile - Mainstream Chile S.A and any or all of its

subsidiaries, as the case may be. Cermaq’s fish farming
operations in Chile.
Mainstream Norway - Mainstream Norway AS and any or all of its subsidiaries, as

the case may be. Cermaq`s fish farming operations in
Norway.
PD - Pancreas Disease
R&D - Research and development
SRS - Piscirckettsia salmonis is an obligate intracellular parasitic

bacteria in fish.
UK - United Kingdom
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4. Third part information and forward looking statements

If not otherwise indicated, Cermaq is the source of information in this Registration Document.
Information which has been sourced from a third party has been accurately reproduced. As far as
the Company is aware and able to ascertain from information published by such third parties, no
facts have been omitted which would render the reproduced information inaccurate or misleading.
The Registration Document is based on sources such as annual reports and publicly available
information and forward looking information based on current expectations, estimates and
projections about global economic conditions, the economic conditions of the regions and industries
that are major markets for the Issuer's (including subsidiaries and affiliates) lines of business.
Important factors that could cause actual results to differ materially from those expectations
include, among others, economic and market conditions in the geographic areas and industries that
are or will be major markets for the Issuer's businesses, market acceptance of new products and
services, changes in governmental regulations, interest rates, fluctuations in currency exchange
rates and such other factors as may be discussed from time to time in the Registration Document.
Although it is believed that the expectations are based upon reasonable assumptions, the Issuer
can give no assurance that those expectations will be achieved or that the actual results will be as
set out in the presentation.
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5. Statutory auditors
The Company auditor for the period covered by the historical financial information in this
Registration Document has been KPMG AS.
KPMG AS contact information: Sørkedalsveien 6, 0306 Oslo, Norway.
KPMG AS is member of The Norwegian Institute of Public Accountants.
As of 2012 and going forward; Ernst & Young is appointed as The Company`s auditor.
Ernst & Young contact information: Dronning Eufemias gate 6, 0051 Oslo, Norway
Ernst & Young is member of The Norwegian Institute of Public Accountants.
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6. Information about the issuer and the guarantors

The Issuer
Cermaq ASA is a Norwegian Public Limited Liability Company incorporated on 12 December 1994
and regulated by the Norwegian Companies Act and supplementing Norwegian laws and
regulations. The Company No is 971 647 949 and its registered business address Grev Wedels
plass 5, 0151 Oslo, Norway. Their postal address is P.O. Box 144 Sentrum, 0102 Oslo, Norway.
Phone: +47 23 68 50 00, Fax: +47 23 68 50 99.
Website: www.cermaq.com.
Cermaq ASA is the parent company in the Group and has no operation activities other than
headquarter functions. The Company receives revenues in form of cash flow and dividends from its
subsidiaries, and is therefore dependent on its subsidiaries. Number of employees are at end of
September 2012, 53 persons including Group Management team.
Cermaq’s vision is to be a global leader in the aquaculture industry, with main focus on sustainable
production of feed to, and farming of salmonid species. Cermaq has operations in Chile, Canada,
Scotland, Vietnam and Norway. The company is listed on the Oslo Stock Exchange (OSE), Norway,
and the head office is located in Oslo. Cermaq has two core business areas: EWOS and
Mainstream. EWOS is a leading player in the production of feed for the salmonid fish farming
industry. Mainstream is one of the largest players in the salmon farming industry.
Apart from a limited investment in Pangasius feed production in Vietnam, Cermaq currently has
limited aquaculture exposure towards non-salmonid species. The company sees considerable and
attractive opportunities for further growth in salmon farming.
Cermaq will continue to develop its position as a leading global supplier of fish feed to the salmon
farming industry with operations in all four major salmon growing regions, and as a major salmon
farmer focused on product quality and cost efficiency.
The Group will continue to monitor emerging species and production regions with potential for
industrial scale farming and production of feed.
By maintaining focus on a strong balance sheet and effective operational management, the Group
is well positioned to take advantage of increasing demand for aquaculture products as well as of
continued consolidation in the farming industry.
Cermaq’s remaining ownership in non-core business will be disposed of when the conditions are
favourable. The most important non-core holdings are Norgrain AS and Denofa AS.
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Cermaq ASA – 11.01 2013
Cermaq’s company structure:
Note: The company structure shows only the operating companies of the Group. Cultivos Marinos Chiloé S.A shall also be
included under Fish Farming.
An overview of the Group’s ownership interest and voting share see the Company’s annual report
2011 – note 4
HISTORY
Cermaq ASA (previously named Statkorn Holding) was incorporated in January 1995 as the
commercial activities of Statens Kornforretning (present Norwegian agriculture authority, SLF) was
demerged into a separate state-owned limited company then called Statkorn Holding AS (present
Cermaq ASA). At the same time Cermaq took over all shares in Stormøllen AS as well as the
shares held by Statens Kornforretning in various smaller companies.
Since the establishment in 1995 the Company has changed significantly. The major events in the
Company history are presented chronologically inverted.
2011 - Mainstream Norway establishes a new production area in Ofotfjorden and Mainstream Chile
starts production in region XII
2011 - EWOS crosses the 1 million tonnes production limit
2011 - Cermaq sells its shares in the non-core business Hordafôr
2011 - CEO Geir Isaksen leaves Cermaq after 15 years, and Jon Hindar is appointed new CEO
2011 - Cermaq joins UN Global Compact and Transparency International Norway
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Cermaq ASA – 11.01 2013
2011 - Cermaq is included in the OBX list of the 25 most traded companies at Oslo Stock Exchange
2010 - EWOS Innovation is chosen as a key partner in a new innovation centre for sea lice
research.
2010 - EWOS enters the Pangasius feed market in Vietnam, in a joint venture with Anova
2010 - Cermaq sells out of fish farming activities in Scotland
2009 - EWOS Norway inaugurates a new production line in the Florø plant. The plant becomes
Norway’s largest feed factory with an annual capacity of 250 000 tonnes. The plant is the worlds
most modern and environmental friendly within fish feed plant
2008 - Cermaq’s R&D division, EWOS Innovation, opens a research centre in Colaco, Chile
2007 - Cermaq acquires Arctic Seafood with operations in Nordland and Troms, Norway, and
divests the concessions in Troms to SalMar
2006 - Cermaq enters operations in Finnmark by acquiring Langfjordlaks AS, Polarlaks AS and
Hammerfest Lakseslakteri AS
2005 - Cermaq acquires the remaining shares of Follalaks and becomes a significant player in
Norwegian salmon farming
2005 - Cermaq takes over the fish farming company Heritage, and thereby more than doubles its
production in Canada
2005 - Cermaq ASA was listed at the Oslo Stock Exchange 24th of October
2004 – EWOS acquires 34% of Follalaks by converting receivables into shares.
2004 - Cermaq acquires the remaining shares and gains 100 % ownership in the Chilean farming
company Salmones Andes. The operations are integrated with Mainstream Chile. Cermaq is
becoming one of the largest producers in Chile
2004 - Cermaq sells Vaksdal Industrier AS and the power plant at Buvika in Skaun municipality
2003 - Cermaq decides to assemble its farming operations under the unified name Mainstream.
Farming operations in Canada and Scotland change names to Mainstream Canada and Mainstream
Scotland
2003 - Cermaq sells its shareholding of 66 percent of the shares in Unikorn AS to its subsidiary
Cernova AS. Furthermore Cernova AS sells 16.2 % of the shares in Unikorn AS to Bygdemøllenes
Investeringsselskap AS, and Cernova AS becomes minority shareholder in the company
2003 - Cermaq sells its shareholding of 49 % of the shares in Fiskå Mølle AS to Brødrene Nordbø
AS, and Cermaq decides to sell the processing company Aquascot Ltd
2002 - EWOS decides to close the feed plant at Vestnes effective from April 2002 and the feed
plant in Stavanger effective from March 2003
2002 - Cermaq ASA, Skiens Aktiemølle ASA and Fritzøe Møller AS enters an agreement selling all
their shares in the company Norgesmøllene DA to Felleskjøpet Øst Vest, effective from January
2003
2001 - The Company changes its name from Statkorn Holding ASA to Cermaq ASA
2001 - Cermaq enters into an agreement with Felleskjøpene to re-acquire 50 % of the shares in
Statkorn AS (present Unikorn AS). Thereafter Cermaq sells 34 % of the shares in Unikorn AS to
Bygdemøllenes Investeringsselskap AS
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2001 - Cermaq sells Staur Gård and Cermaq’s shareholding in Norsk Kornforedling AS to the
Norwegian State represented by the Ministry of Agriculture. Cermaq divests its silos in Hamar,
Skarnes, Melsomvik and at Sjursøya to Statkorn AS (present Unikorn AS)
2000 - The Company enters farming operations through acquisition of the fish farming companies
Pacific National Group Ltd and Prime Pacific Seafarms Ltd in Canada, Mainstream Salmones Y
Alimentos S.A. in Chile and Mainland Salmon Ltd, Shetland Norse Ltd and Aquascot Group Ltd in
Scotland
2000 - Cermaq executes a share issue of NOK 1 500 million
2000 - Cermaq takes over from Felleskjøpene the remaining 43 % of the shares in NorAqua.
NorAqua AS and EWOS AS merge, and the new company keeps the name EWOS
2000 - The Company takes over of the fish feed companies EWOS AS, EWOS Ltd (UK), EWOS Chile
S.A. and EWOS Canada Ltd from Danisco
1999 - The Norwegian state sells 20 % of the shares in the Company
1999 - The Company sells its feed grain operations in Stormøllen and 50 % of the shares in
Statkorn
1999 - Cermaq acquires 19 % of the shares in NorAqua, and with this becomes majority owner in
the company (57 %)
1998 - Norgesmøllene discontinues food flour production in Stavanger and purchases 50 % of the
shares in Food Manufacturing Services
1996 - The fish feed company NorAqua AS is established with Cermaq as a minority owner (41%).
Stormøllens aquaculture division is sold to NorAqua AS
1995 - The grain trading company Statkorn AS was founded as a fully owned subsidiary of Statkorn
Holding AS
1995 - Cermaq purchase 49% of shares in live stock feed company Fiskå Mølle AS
1995 - The flour division in Stormøllen AS is separated out and merged with flour operations in
Skien Aktiemølle and Fritzøe Møller AS, creating Norgesmøllene DA where Cermaq owns 60%
1994 - The grain trading company Statkorn AS was founded 12.12.1994 as a holding company for
the Government’s operation i the sector of grain, flour and feed as the state monopoly was
abolished at end of 1994
The guarantors
EWOS AS is a Norwegian Limited Liability Company incorporated on 28 August 1997 and regulated
by the Norwegian Companies Act and supplementing Norwegian laws and regulations. The
company No is 979 184 832 and its registered business address Tollbodallmenningen 1 B, 5004
Bergen, Norway. Their postal address is P.O. Box 4 Sentrum, 5803 Bergen, Norway. Phone: +47
55 69 70 00, Fax: +47 55 69 70 01.
Website: www.ewos.com.
EWOS Canada limited is a Canadian Limited Liability Company incorporated on 01 January 2006
and regulated by the Canadian Companies Act and supplementing Canadian laws and regulations.
The company is a wholly owned subsidiary of Cermaq ASA. The company consists of two divisions.
One division is involved in the raising and processing of farmed salmon and does business as
Mainstream Canada. The second division is involved in the production of fish feed and does
business as Ewos Canada. The company No is BC0744602 and its registered business address
7721-132nd Street, Surrey BC, V3W 4M8, Canada. Phone: +1 604 591 6368, Fax: +1 604 591
7232.
EWOS Limited is a UK Limited Liability Company incorporated on 17 May 1982 and regulated by the
Companies Act and supplementing UK laws and regulations. The company is a wholly owned
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Cermaq ASA – 11.01 2013
subsidiary of Cermaq ASA. Their principal activity is manufacture and distribution of fish feed and
the company has 67 employees. The company’s registered number is 1635854 and its registered
business address Westfield, Bathgate, West Lothian, EH48 3 BP, Scotland. Phone: +44 1506 6339
66, Fax: +44 1506 6327 30.
EWOS Chile Alimentos Ltda is a Chilean Limited Liability Company incorporated on 17 April 2000
and regulated by the Chilean Companies Act and supplementing Chilean laws and regulations. The
company’s line of business is the processing, concentrating, preserving and, in general,
manufacturing of food, either for human or animal consumption as well as its purchase and sale,
delivery, import and export. For these purposes, the company has the ability to install the plants
and facilities required. Currently, the company’s main activity is the manufacture and sale of fish
food. The company No is 9846 no. 7812 year 2002 (registry of commerce) and its registered
business address Parque Industrial Escuadron, KM 20 Camino a Concepcion, Coronel, Chile. Phone:
+56 41 205 700, Fax: +56 41 751 033.
Mainstream Norway AS is a Norwegian Limited Liability Company incorporated on 15 August 1991

and regulated by the Norwegian Companies Act and supplementing Norwegian laws and
regulations. The company is a wholly owned subsidiary of Cermaq ASA. The company No is
961 922 976 and its registered business address 8286 Nordfold, Norway. Phone: +47 23 68 55 00,
Fax: +47 23 68 55 99.
Website: www.mainstream.com.
Mainstream Chile S.A. is a Chilean Limited Liability Company incorporated on 30 November 2000
and regulated by the Chilean Companies Act and supplementing Chilean laws and regulations. The
line of business of the company and its subsidiaries, since the division, is the extraction,
cultivation, breeding and sale of all types of living beings, plants or animals, that live in the water
and in general, all activities directly related to the cultivation of fisheries and lacustrine and marine
species. The company No is 10073 no. 8027 year 2000 and its registered business address Auda.
Diego Portales 2000, 10th Floor, Puerto Montt, Chile. Phone: +56 65 563 250, Fax: +56 65 653
201.
Website: www.mainstreamchile.com.
Statkorn Aqua AS is a Norwegian Limited Liability Company incorporated on 8 May 1996 and
regulated by the Norwegian Companies Act and supplementing Norwegian laws and regulations.
The company is a wholly owned subsidiary of Cermaq ASA, and aims to invest in companies
engaged in the production and sale of fish feed and fish farming.
The company No is 976 527 623 and its registered business address c/o Cermaq ASA, Grev Wedels
plass 5, 0151 Oslo, Norway. Their postal address is P.O. Box 144 Sentrum, 0102 Oslo, Norway.
Phone: +47 22 31 75 80, Fax: +47 22 31 75 99.
Website: www.cermaq.com.
Cultivos Marinos Chiloé S.A is a Chilean Limited Liability Company incorporated on 5 October and
regulated by the Chilean Companies Act and supplementing Chilean laws and regulations. CMCh is
a medium sized salmon farming company with production of Atlantic salmon and trout in the
regions Los Lagos and Aysén. The company No is 4889 no. 2676 year 1988 and its registered
business address Ruta 5 km 1105, Ancud Chiloè, Chile.
Website: www.cmcchiloe.com
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7. Business overview
FISH FEED
Cermaq’s fish feed operations are organised in the EWOS business division. EWOS is one of three
major salmonid fish feed companies globally, with a market share of around 36 percent1. The
Group supplies extruded feeds for the full life cycle from hatch to harvest of salmonids and
pangasius, and has operations in all four salmon-producing countries; Norway, Chile, Canada and
the UK. In 2010 EWOS also was established in Vietnam for production of feed for Pangsius. The
EWOS companies have a total of 1 000 employees and an annual turnover of NOK 9.4 billion
(2011).
Operations
EWOS is present in all of the four large salmon-producing countries, with three production facilities
in Norway, and one each in Chile, Canada and Scotland. In addition EWOS has entered the
Pangasius feed market in Vietnam.
EWOS Canada has its main activities in Surrey outside Vancouver on the west coast of Canada. The
company’s plant, administration and sales management are all based here. The company also has
a sales office in Campbell River.
EWOS Chile has concentrated its main activities in Coronel (plant) and in Puerto Montt (sales and
administration).
EWOS Norway has its head office in Bergen. The company has three plants of which the largest one
is in Florø (Sogn & Fjordane) and two smaller plants in Halsa (Nordland) and Bergneset (Troms).
Sales offices are located along the coast from Bergen in the south to Tromsø in the north.
EWOS Scotland is based in Westfield outside Edinburgh, where the plant, administration and sales
organisation are located.
Production and sales are run locally in each region. The EWOS companies co-operate closely on
areas such as purchasing, product development, R&D, marketing and information systems.
In addition to supplying local markets, EWOS also exports some feed into a range of countries
outside the salmonid producing areas.
EWOS Vietnam is a joint venture with local partner Anova. The company produces feed for the
pangasius feed market in Souht East Asia. Pangasius is a white fish and it is the first time EWOS
enters into a feed market for non-salmonid species. EWOS Vietnam has its plant in Ben Luc, Long
An Province outside Ho Chi Mihn City. It has a sales office in Can Tho, a research facility in Vinh
Long and an office in Ho Chi Mihn City.
1
Source: Kontali Analyse AS – www.kontali.com, attachment nr. 22 and Cermaq ASA – www.cermaq.com
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Cermaq ASA – 11.01 2013
Feed production
Fish feed – production and content of the feed.
Fish feed - an advanced pellet

Feed for salmon and trout shall contain a considerable amount of oil that does not leak out before
the feed has been consumed. The feed must sink in the water at the right rate so that all the feed
is consumed and do not reach the bottom of the cage. The feed must also tolerate handling in silos
and feeding machines that does not cause destruction of the pellets.
The feed should in addition support increased growth and low feed factor. Fish producers must also
be able to adjust feeding according to the fish’ size and needs, seasons and local conditions at the
farm sites.
Production is complicated with numerous challenges requiring considerable operational/technical
and nutritional expertise.
Fish feed production

Production of fish feed includes the following processes;
 The raw materials are mixed,

 The raw materials are ground to a dough
 Extrusion of the dough to form pellets,
 The pellet is dried,
 The pellet is filled with oil with a coater
 The pellet is cooled down
 The pellet is packed and is ready for dispatch.
It takes approximately 120 minutes to produce the pellets, and one production line manufactures
(depending on size of the pellets and production line) from 20-450 tonnes per full-day.
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Various inspections and tests are carried out in all segments of production. The incoming raw
material is tested. During actual production tests are carried out consecutively to ensure technical
quality and content of the most important nutritional substances comply with the specifications.
Feed in many sizes and with diverse functions

Pellets are made in many sizes. The smallest pellet is 0.6 mm and is the first type of feed given to
the fish. The biggest pellet is 12 mm and is given to fish approaching harvest size.
Gaining steadily in importance is functional feed, which is feed with effects exceeding only
nutritional aspects. This includes feed that provides general improvement of the fish’ immune
system or in relation to a specific disease. It can also be feeding-determined improvement of
physiological functions such as seawater adaptation and egg production.
Content of fish feed

The following example illustrates ingredients in traditional grower feed for larger fish:
Fish oil Important for content of Omega 3 fatty acids. Much of fish oil
can be replaced by vegetable oils.
Fishmeal Vital source of protein, but can be replaced by other sources
of protein such as soya and legume plants
Rape seed oil Used as substitute for marine oils
Soya protein Used as substitute for fishmeal
Wheat gluten Used as substitute for fishmeal
Wheat and peas Contains carbohydrates for binding
Minerals Trace substances that are vital to the fish’ health
Vitamins Crucial to the fish’ health. Vitamin E and Vitamin C are
important antioxidants that act to prevent the oil becoming
rancid in the feed
Pigments Astaxanthin exists in crustaceans consumed by the salmon
and is provided in farmed salmon feed. Important for the
salmon’s Vitamin A requirement. Canthaxanthin is another
pigment that can also be used in salmon feed.
The amount of fishmeal and fish oil in feed has been reduced substantially, and has been replaced
accordingly by vegetable meal and oils. Thus the increased volume of farmed fish can be
accommodated for in stable production of fishmeal and fish oil.
The principal fish species used for fish feed are: Anchovy, Blue Whiting, Capelin, Herring, Tobis
sand eel, Sprat, Jack Mackerel, Pilchard and Menhaden, depending on how and when stocks can be
harvested in a sustainable way.
Forage fishery
Forage fishery dependency is a challenge for a growing fish farming industry. In recent years,
EWOS has lowered the marine content in its feed and our research into ‘marine independence’
provides the knowledge for further significant reduction in future if necessary.
In sourcing and selecting raw materials, EWOS is focused on ensuring that its actions do not
compromise the ability of future generations to meet their own needs. The company is therefore
active in supporting initiatives such as the International Fishmeal and Fish Oil Organisation’s (IFFO)
Responsible Sourcing standard that was introduced in 2010. This code is designed to be audited by
third parties and it meets the needs of the aquaculture value system in addressing issues relating
to fishmeal and fish oil such as: food safety and contamination risks; responsible sourcing of raw
materials from legal sources; and responsible fishery management.
Engaging in the supplier chain

We recognise that sustainable aquaculture feed depends upon responsible sourcing. Therefore we
engage with our supply chain to ensure that risks are identified and managed. This process begins
with supplier self-assessment, the point of entry for new prospects who wish to become suppliers
to EWOS. The self-assessment and a risk analysis is the basis for supplier approval, monitoring
and development. We assess risk related both to the supplier and to the raw material being
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supplied. All raw materials are risk assessed at least annually and plans for supplier audits are
made and followed up routinely.
Marine index
The actual marine ingredients content varies depending on the prices and availability of alternative
raw materials and because of this, in 2011 the marine index for the EWOS group decreased to
approximately 37.5 percent (42 percent in 2010).
Dependency ratio
However, it is the efficiency in the use of marine ingredients that is really of greater relevance than
dependency. Farmed salmon are well known to be very efficient in their conversion of forage fish
and seafood byproducts into healthy and nutritious farmed salmon. In 2011, we estimate that
EWOS used only 1.17 times more marine protein (1.25 in 2010) than protein produced by salmon
farmers. For marine oil, the relationship was neutral (1.32 in 2010).
Efficient use of bi-products

Whilst salmon farming is no doubt an efficient use of forage fish that have no established
alternative market for human consumption, we recognise that it is also important to use by-
products from seafood processing as a source for feed materials. Trimmings used as raw materials
in EWOS feed constituted 18 percent of the marine ingredients in 2011, a decrease from 21
percent in 2010.
Functional feeds
Functional feed are those feeds that provide other benefits than those merely nutritional. This
recognizes the role of feed and feed component(s) not only in fish development, growth and body
maintenance, but also targeting fish well-being and reducing the risk of disease.
EWOS has for many years put efforts into providing well documented functional feeds for its
customers. In 2011 sales of functional feeds represented 47 percent of total feed sales by volume,
an increase from 36 percent in 2010.
FISH FARMING
Fish farming activities in Cermaq are executed by the Mainstream business division. Mainstream is
one of the largest players in the salmon farming industry. The Group has operations in Chile,
Canada and Norway, and produces Atlantic salmon, large trout and Coho. Mainstream has a total
licensed capacity for farming of salmon of 180 thousand tonnes after acquisition of CMCh. In 2011,
Mainstream sold 108 500 tonnes gutted weight of salmon worldwide, equivalent to a market share
of 6 percent, Mainstream has almost 3 000 employees (4 000 after acquisition of CMCh) and a total
operating revenue of NOK 3.6 billion (2011).
Operations
Mainstream is present in the large salmon-producing countries, with operations in Chile, Canada,
and Norway.
Mainstream Chile produces three species (Atlantic salmon, Coho salmon and trout) and covers the
value chain from brood fish to value added processing. The company has 12 land based freshwater
sites and is present in four lakes for smolt production. In 2011, all Atlantic smolt stocked was
produced in land based facilities. For on-growing in sea the company has 89 licenses, of which 6
are leased. The company has four processing plants. Mainstream Chile is managed from Puerto
Montt in Region X. The figures include the operations of Cultivos Marinos Chiloé, which was
acquired on October 5th.
Mainstream Canada operates on both the east and west side of Vancouver Island, British Columbia.
The company produces Atlantic salmon and has 27 sea sites and three freshwater sites. Salmon is
processed at a company-owned facility in Tofino and under contract at a processing plant near
Campbell River. All operations are managed from the head office in Campbell River.
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Mainstream Norway produces Atlantic Salmon with operations in Nordland (17 licenses and two
processing plants) and in Finnmark (27 licenses and one processing plant). The four freshwater
sites are all located in Nordland. Mainstream Norway is managed from Steigen, Nordland.
The Mainstream companies cooperate closely on quality and fish health issues.
Fresh water production

The salmon’s life cycle – fresh water
Salmon starts its life in fresh water

Salmon eggs are hatched in fresh water and the salmon lives in fresh water until it becomes a
smolt, i.e. a small salmon that is physiologically adjusted to seawater. For farmed Atlantic salmon
the production time up to the smolt stage varies from 6-18 months. The smolt raising facilities are
land-based located near water and watercourses with good access to and quality of fresh water.
Smolt raising facilities can therefore be sited far from marine farms.
The parents are called brood fish

The parent fish are called brood fish and are selected from possessing qualities such as rapid
growth, resistance to disease, fillet colour and slow maturing rate. Brood stock are kept in a
separate facility, at first in the sea, then in facilities with large fresh water tanks, where they stay
until spawning (stroking). By regulating lighting and temperature it is possible to influence the
timing for the salmon reaching physical maturity. The spawn-ready fish is stroked and eggs (ova)
from the female fish and milt from the male fish are mixed so that the eggs are fertilised.
Hatching of eggs
The hatched ova are kept in customised tanks/trays. The timing for hatching can be managed
through the water’s temperature. The temperature normally lies between 3 - 8 °C. A higher
temperature results in a shorter period between fertilisation and hatching.
Through managed hatching with the aid of temperature and use of lighting (photo-period
management) in smolt production, it is possible to produce smolt that are ready to survive in sea
water most of the year.
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From egg to fish
Development from egg to newly hatched fry starts with the observation of movement and two
black dots (eyes) inside the egg. After a certain number of days, (temperature-dependent) the egg
is hatched. The newly hatched egg has a distinct yolk sac under the belly that meets the fry’s
nutritional needs in the initial stage. When the yolk sac is almost empty, the fry must receive
nourishment in the form of dry feed adapted to a small fish that is 20-25 mm long and weighs 0.2
grams. As the fish grows it constantly receives feed that is adjusted according to fish size and
nourishment requirements.
Sorting and vaccination

As the fish grows and requires more room and water, it is sorted and moved to bigger tanks. The
fish takes on a brown/green colour and has distinct “finger imprints” along both sides. The fish is
then called a parr.
Before the fish grows and develops into a smolt, it is vaccinated against various types of diseases.
Smolt - ready for the sea

Smolt size varies depending on what time of the year it is released into a sea cage. Fish that are
released in late summer/autumn are most often smaller than smolt released early in the spring.
Normal smolt size for Atlantic salmon is between 60 – 130 grams (15–20 cm).
Typical characteristics for a smolt are shiny, silver colouring with a dark spine and black marking
on the outer rims of all fins.
Smolt raising facilities and the environment

A number of smolt raising facilities are built as recycling plants, which means that more than 90 %
of the water can be used again after a cleansing and oxygenating process. Through this type of
technology, we have full control of water quality and use of water and energy can be reduced
significantly.
Sea water production

The salmon’s life cycle – sea water.
Smoltification - adaptation to salt water

After the period of growth in fresh water the salmon undergoes a physiological change that enables
it to tolerate sea water – the fish undergoes smoltification. The smolt, as the salmon is called at
this stage, can be transferred directly to sea water and placed in fish farm sea cages. The smolts
are transported from fresh water facilities to marine farms by specially constructed well boats,
alternatively in large tanks on trucks.
The salmon is now adjusted to a life in the sea – shiny silver colouring and dark spine.
Feeding
The fish are usually fed with the aid of automatic feeding systems. Cameras or other types of
surveillance equipment, closely monitor feeding and salmon behaviour.
Small fish are normally fed many times a day – as the fish grows, the frequency of feeding is
reduced accordingly.
The salmon grows and utilises the feed in a highly effective manner. Under favourable conditions 1
kg of feed consumed, results in 1 kg of salmon. No other organisms in aquaculture utilise feed
better than the salmon.
The salmon reaches slaughter size after 12 – 18 months in the sea.
Care of the fish

Competent, skilled personnel have regular supervision of the fish from the time it is released into a
sea cage until it is ready for harvesting. All facilities/farm sites have veterinary plans that ensure
optimum conditions for fish health.
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The number of fish that are set out varies from 30-40 000 fish to 200 000 fish per cage, dependent
on size and layout of the facility/farm site. The greatest fish density in a cage will be when the fish
is large, which means just before slaughtering. The volume of the fish then accounts for less than 3
% of the volume in the cage. In other words 97 % of the volume in the cage is water.
Fallow periods and inspection of farm sites

The farm sites are subject to regular veterinary inspections. All technical installations are also
subject to regular controls /inspections in order to avoid cage collapses and escapes of farm stock.
After fish from a farm have been slaughtered, the farm site is laid fallow. The environmental
conditions in and around the farm site are examined and release of new fish only takes place if the
environmental conditions are satisfactory.
Fish health
Preventive fish health is one of our most important tasks. The work is complex, as many different
factors needs to be considered in relation – both biological and environmental.
We distinguish between infectious fish health problems and those who are non-infectious. With
non-infectious fish health problems we mean injuries caused by suboptimal environmental
conditions or routines. In infectious fish health problem there will always exist a pathogen which is
transferred between fish.
Pathogens
Efficient preventive fish health problems include the mapping of and the knowledge about
pathogens. A pathogen is a microorganism which makes the fish sick, and can be a virus, bacteria,
parasite or fungus. No pathogens originate from fish farming, but exist in nature. Since fish
farming results in a rather high density of fish the pathogen get more hosts they potentially can
multiply from. It is therefore of high importance that fish which carry potentially harmful pathogens
are removed, isolated or treated at the earliest stage possible in the production.
Disease triggers
If the salmon is comfortable is in a healthy environment, it is rarely sick. In that way it is like
humans. Diseases are normally triggered by external conditions and the existence of pathogens.
Different kinds of stress can be a trigger, and in fish farming there are many potentially stressful
situations for the fish;
 Fish lice
 Suboptimal environmental conditions
 Predators
 Handling
 The changing of routines
 Transportation
An important objective in preventive fish health work therefore is to minimize stress. Mainstream
has an on-going project of stress mapping, where the stress hormone cortisol is measured under
different conditions and handling. Based on experiences from this project we have changed both
routines and technical installations. The result was a reduction in stress of 60 % from the 2009 to
the 2010 generation.
Knowledge is key
Preventive fish health work is based on knowledge, not limited to the fish, but concerning all
aspects of the conditions under which the fish exists. A non-exhaustive list could look like this:
 Water quality – both during the fresh water and the sea water phase
 Excellent quality of roe – as this is the seed of our production
 Smolt of good quality is a prerequisite to succeed in the following growth phase at sea
 Nutrition and the use of functional feed which have effects beyond the purely nutritious
 Vaccination – especially against bacterial diseases
 To avoid the use of medication is a goal in itself, seeing as most of them have side effects
 Area management to synchronize production and operations
 Reducing stress in all phases of production
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Cermaq ASA – 11.01 2013
 Bio security (routines for disinfections and transportation routes)
 Good diagnostics, to ensure correct measures are initiated
 Monitoring of known pathogens to foresee and avoid disease out-breaks, or reduce the
effect of these
This list contains both infectious and non-infectious health problems, and since they often occur
together they will in many cases reinforce each other. Mainstream’s fish health biologists and
veterinarians are therefore very concerned of systemising, looking for connections and work with
preventive fish health based on this.
Summed up we may say that non-infectious fish health problems in Mainstream are prevented
through optimising the production and welfare of the fish. In practise Mainstream does this through
a fish health team where all countries are represented. The team works based on “best practice”,
knowledge transfer and carrying out projects to solve concrete challenges.
Infectious health problems are best prevented through knowledge concerning transmission routes
and the surveillance of pathogens. This gives us the opportunity to carry through measures as
early as possibly in the production line, where the costs are smaller and the possibility of
succeeding is greater. An example of this is the screening of brood fish, where we exclusively use
brood fish without critical pathogens to provide roe and milt for the next generation. Vaccination is
also one of the most important tools we have to eliminate a variety of pathogens. In addition we
are involved in R&D, and have employed three fish health biologists who work to support the
companies’ preventive fish health work.
The work done in Mainstream in the aftermath of the ISA crisis in Chile is substantial, and has
resulted in valuable knowledge which has changed our operations:
 Screening and elimination of brood fish which tests positive for the ISA virus makes the
ISA virus in the fresh water phase close to extinct.
 We have moved the production of salmon smolt from lakes to closed containments on land
to achieve better control of the smolt quality and the amount of pathogens in the fresh
water period.
 In the sea phase operational routines are changed so that contamination between sites is
reduced. An example of this is the “all in, all out procedure”, synchronised lice control and
treatment, correct handling of dead fish and minimising stress.
 We have an on-going surveillance of pathogens in all our groups of fish, so we early can
foresee a potential outbreak and take the correct measures to reduce scope and risk.
Functional feeds
Correct nutrition is without a doubt one of the basis to ensure good fish health. EWOS Innovation
has developed a variety of functional feeds, which in addition to ensuring the fish’ needs also have
effects beyond the purely nutritional. These diets are often used on a preventive basis, for example
in periods where increased stress is expected (vaccination or transfer from fresh water to sea).
Other diets are used more specifically to counter specific diseases, for example PD or SRS.
Functional feeds are a natural part of our preventive fish health work.
Collected, these factors make the preventive fish health work in Cermaq more sustainable!
Processing and sales

At the processing facility, the fresh salmon are cleaned, graded for quality and size and packaged
in preparation for transport to the market
Slaughter-ready fish
The fish is slaughtered when it has reached slaughter weight. What is the right slaughter weight
depends on market demand. Any instances of disease will also mean that fish are slaughtered
earlier than would normally be the case.
Anaesthetising/stunning before slaughtering

Slaughtering can take place in several different ways, but it all starts with the fish being taken from
the cage. This occurs with a large suction hose. First the salmon are gathered in a smaller area in
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the cage and are then are sucked along with water from the cage into a boat. There the fish can be
slaughtered immediately and placed in crates with ice.
Alternatively the fish are sucked into large tanks in the well boat and they swim around in the
tanks while the boat travels to the slaughter plant. The fish are monitored closely during transport.
Fish transported by well boat to the slaughter plant are sucked out of the tanks directly to the
slaughter bench where they are stunned and slaughtered immediately.
From fish to fillet

At the slaughter plant the fish is gutted, cleansed and washed, sorted, filleted and packed in crates
for dispatch to the customers.
The bulk of Cermaq’s production is sold as whole fish, while a certain amount is processed into
fillets or frozen convenience food products (finished meals).
ISO-certification is an important element of our quality assurance system and ensures maintenance
of quality and hygiene standards in the slaughter plants.
Sales and distribution

Mainstream’s sales organisation is located in the countries where we have aquaculture activities
and in certain key markets as for example France.
Transport takes place via truck, boat or by air depending on distance to the market and whether
the fish is to be transported fresh or frozen. Efficient transport, good packing, and uninterrupted
refrigerated chain are critical to ensure good fish quality.
NON CORE BUSINESS
Cermaq have investments in companies which are not regarded as core business. Most of this
portfolio will be disposed of when the conditions are favourable. The most important companies in
this portfolio are Norgrain AS and Denofa.
Norgrain
The business is based on highly specialised and skilled employees that can meet customer needs in
a cost efficient way. The company has eight employees, located in Oslo and Stavanger. Norgrain is
well positioned through a combination of market expertise in international agri commodities and
excellent logistics solutions.
Norgrain reported an operating profit of NOK 7.2 million in 2011, an increase of 9.1 million from
last year. The increase was partly due to the provision for restructuring in connection with
discontinuation of the company’s trading activities in Oslo in 2010.
Cermaq’s holds 72.5 percent of the shares in the company.
Denofa
Denofa has a strong position within the Nordic market, and is positioned as a highly efficient
processor of non-GMO soybeans. The company delivers soy bean meal, soy bean oil and lecitin.
Denofa operates from Fredrikstad in Norway, with 65 people employed at the plant. The Denofa
operations performed very well through 2011, with revenue of approximately NOK 1 478 million.
In July 2009 Norgrain sold its majority share in Denofa AS to the Brazilian company Amaggi, a
division of the André Maggi Group. Amaggi and Norgrain entered into a shareholders agreement
including an option for Norgrain to sell their remaining shares to Amaggi after 4 years at a
predetermined price.
Other investments
Cermaq also has shareholdings in other companies. AquaGen AS is a breeding company that
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develops, produces and delivers genetic material to the global farming industry. Cermaq holds
11percent of the shares in AquaGen.
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Cermaq ASA – 11.01 2013
8. Administrative, management and supervisory bodies

BOARD OF DIRECTORS - CERMAQ ASA:
Chair of the board - Bård Mikkelsen

Bård Mikkelsen graduated from the Military Academy in 1972, the Norwegian School of
Management in 1981 and the INSEAD Executive Programme in 1986. Mikkelsen has his background
as Group CEO in Statkraft AS 2001-2010, Group CEO in Oslo Energi Gruppen 1999-2001, Group
CEO in the Ulstein Group of Companies 1997-1999, and Group CEO in Widerøe 1988-1997.
Mikkelsen has been a member of the board of Fjord Seafood. Mikkelsen has been a board member
of Cermaq since May 2008. As of 31 December 2011, Mikkelsen holds 3 000 shares in Cermaq
ASA.
Deputy chair of the board - Rebekka Glasser Herlofsen

Rebekka Herlofsen holds a Master of Science in Economics and Business Administration from NHH
(Norwegian School of Economics and Business Administration), specializing in strategy and finance.
Herlofsen is CFO in Noreco. She was Director Business Development Division and a member of the
management team in BW Gas ASA 2005-2009 and held various leading positions in the same
company from 1999. Herlofsesn also has experience from various positions in Enskilda Securities in
Norway and London. She has worked as an independent consultant and a professional board
member, and is on the boards of the T. Klaveness Group, Handelsbanken Norge and SinOceanic
ASA. Herlofsen has been a board member of Cermaq since May 2009. As of 31 December 2011
Herlofsen holds 5 000 shares in Cermaq ASA.
Director - Åse Aulie Michelet

Åse Aulie Michelet holds a cand.pharm degree from Oslo and Zurich. Michelet is CEO of Teres
Medical Group. Michelet was CEO in the aquaculture company Marine Harvest from 2008-2010. She
has had international leading positions in GE Healthcare and also was Managing Director in GE
Healthcare from 2004-2008. Michelet formerly has had leading positions in Nycomed and
Amersham. Michelet is Chair of Board of Photocure ASA and board member of Orkla ASA and
Norske Skog ASA. Michelet has been a board member of Cermaq since May 2011, and holds 4 000
shares in Cermaq ASA.
Director - Jan Erik Korssjøen

Jan Erik Korssjøen is a graduate engineer from NTH (now NTNU, the Norwegian University of
Science and Technology). Korssjøen was CEO of Kongsberg Gruppen from 1999-2008, and held a
number of management positions in Kongsberg Våpenfabrikk and in Kongsberg industry. Korssjøen
has broad experience from boards both in Norway and internationally. Korssjøen is the chairman of
the corporate assembly of Telenor and is also chairing Telenor’s nomination committee. Korssjøen
has been a board member of Cermaq since May 2009. As of 31 December 2011. Korssjøen holds
no shares in Cermaq ASA.
Director - Helge Midttun

Helge Midttun is a business studies graduate from NHH (Norwegian School of Economics and
Business Administration). Midttun was President and CEO of Aker BioMarine ASA 2006-2008,
President and CEO of Fjord Seafood ASA 2003-2006 and President and CEO of Det Norske Veritas
AS 2000-2002. Midttun is engaged in various board activities and he is the Chairman of the Board
of Rieber & Son ASA. Midttun has been a member of the Cermaq board since May 2009. As of 31
December 2011 Midttun holds no shares in Cermaq ASA.
Employee elected director - Jan Helge Førde

Jan Helge Førde is a maintenance manager at EWOS in Florø. He has been employed in EWOS
since 1989. Førde is a certified industrial mechanic and has undergone project management
training. He is the leader of EWOS employees organized in the labour union Lederne and has been
an employee elected director on the EWOS board for four years. Førde was on the Cermaq board
from 2003-2009. He has now been on the board of Cermaq ASA since May 2011. AS of 31
December 2011 Førde holds 27 shares in Cermaq ASA.
Employee elected director - Reidun Karlsen

Reidun Karlsen is working in Mainstream Norway with payroll and administration. She joined
Mainstram (earlier Hammerfest Lakseslakteri) in 2003. Previous employment was with Finnmark
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Cermaq ASA – 11.01 2013
Fylkesrederi and Ruteselskap and with Knudsen Agency (shipping agent) doing accounting, payroll,
HR and administration. Karlsen was elected as a deputy board member to the Cermaq board in
2007 and as board member in March 2009. As of 31 December 2011 Karlsen holds no shares in
Cermaq ASA.
Employee elected director - Ted Andreas Mollan

Ted Andreas Mollan is Chief Nutritionist responsible for nutrition, raw material documentation and
research updating at the head office of EWOS Norway in Bergen. He joined EWOS in 2007. Mollan
holds a bachelor degree in environment and aquaculture from Bergen University College and holds
a master in fish nutrition from National Institute of Nutrition and Seafood Research (NIFES). Mollan
has worked as researcher at NIFES. Mollan has been a board member of Cermaq since May 2009.
As of 31 December 2011 Mollan holds no shares in Cermaq ASA.
CORPORATE MANAGEMENT TEAM - CERMAQ ASA:
Chief Executive Officer - Jon Hindar

Jon Hindar took up the position as CEO of Cermaq in March 2012. Mr. Hindar holds a Master of
Science in Chemical Engineering from the Norwegian University of Science and Technology, and
has supplementary management education at IMD from Lausanne, Switzerland. He was previously
the CEO of Norsun AS, Senior Vice President of Invitrogen Corp., CEO of Dynal Biotech ASA, and
Partner and Managing Director of Fondsfinans ASA. Jon Hindar is on the board of amongst others
Photocure ASA and Handicare ASA. Hindar holds 3 200 shares in Cermaq ASA.
Group Chief Financial Officer - Tore Valderhaug

Tore Valderhaug was appointed Chief Financial Officer (CFO) of Cermaq in November 2009. Tore
Valderhaug is a Norwegian State Authorized Public Accountant and has long audit experience inter
alia from Arthur Andersen & Co. He has broad experience as CFO in listed companies, including
EDB Business Partner ASA, Proxima ASA, and Ocean Rig ASA. Valderhaug holds through close
associates 5 600 shares in Cermaq ASA.
Chief Operating Officer feed - Kjell Bjordal

Kjell Bjordal was appointed Global Director of the EWOS group and COO of Cermaq feed in 2002.
He was formerly Chief Executive Officer of NorAqua, which he joined in 1998. He is a business
studies graduate from the Norwegian School of Economics and Business Administration and has
also pursued legal studies. In addition he has attended the Advanced Management Programme at
Wharton Business School. Mr. Bjordal’s previous employment includes President and Chief
Executive Officer of the Glamox Group (1989-98) and Chief Financial Officer of Glamox Group
(1985-89). Bjordal holds, partly through close associate, 250 600 shares and 35 ,000 options in
Cermaq ASA.
Director Corporate Functions - Synne Homble

Synne Homble joined Cermaq ASA as Group Legal Counsel in 2006, and was appointed Chief Legal
Counsel and a member of the Management Team in August 2007. From March 2009 she took on
the role as Director Corporate Functions. From 1998 to 2006 Homble was employed as attorney at
law in the Norwegian law firm Wikborg, Rein & Co, and from 2001 as a senior associate. Mrs.
Homble has her law degree from the University of Oslo, with special classes from Hamline School of
Law, Minnesota, USA. Homble holds, partly through close associate, 3 600 shares in Cermaq ASA.
Chief Operating Officer Farming - Geir Molvik

Geir Molvik joined the Cermaq group as Managing Director for EWOS Norway in 2006 and was
appointed Chief Operating Officer Farming from June 2010. He has broad experience in aquaculture
from Hydrotech-gruppen, Hydro Seafood and Noraqua in Norway and from Georgia Sea Farms Ltd.
in Canada and Tassal Ltd. in Tasmania, Australia. Molvik was Senior Vice President in Christiania
Bank og Kreditkasse for several years. Molvik holds a MSc. from the University in Tromsø, Norway.
Molvik holds 1 400 shares and 25 000 options in Cermaq
Project Director - Geir Sjaastad

Geir Sjaastad joined Cermaq ASA (previously Statkorn Holding AS) in 1996 and was appointed
Deputy CEO in 2002. From March 2009 he took up the role as Project Director. He is a business
studies graduate from the Norwegian School of Economics and Business Administration and has
also pursued legal studies. Sjaastad's previous employment includes periods as manager/partner of
Gemini Consulting and IKO Strategi (1988 – 1996), as well as finance director and company
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Cermaq ASA – 11.01 2013
secretary of Bjølsen Valsemølle AS (1981 – 1988). Sjaastad holds 44 627 shares through close
associates and he also holds 35 000 options in Cermaq ASA.
ELECTION COMMITTEE
Pursuant to the Articles of Association, Cermaq has an Election Committee with mandate to submit
a recommendation to the annual General Meeting on appointment of the shareholder-elected Board
members and deputy members. The Committee consists of three to four members. The annual
General Meeting appoints the members to the Committee and elects the Committee’s chair.
Furthermore, the General Meeting determines the instructions for the Election Committee.
The Election Committee consists of:
Gunnar Bjørkavåg, (chair), NHST Media Group AS (election period 2012 - 2014)
Morten Strømgren, The Norwegian Ministry of Trade and Industry (election period 2012 - 2014)
Kari Olrud Moen, DnB NOR ASA (election period 2012 - 2014)
Ottar Haugerud, Orkla ASA (election period 2012 – 2014)
AUDIT COMMITTEE
The Board has established a permanent Audit Committee. The Audit Committee functions as an
advisory and preparatory working committee to the Board.
The Audit Committee is chaired by Åse Aulie Michelet and the other members are Deputy
Director of the Board, Rebekka Herlofsen, and Helge Midttun
The Group treasury Manager is the secretary of the Audit Committee.
All the members of the board, management and the committees can be reached at the Company’s
head office, Grev Wedels plass 5, 0102 Oslo, Norway.
Other than the above mentioned ownerships positions, there are no conflicts of interests between
any duties to the issuing entity of the persons referred to above and their private interests or other
duties.
BOARD OF DIRECTORS - EWOS AS:

Chair of the board – Kjell Bjordal
Deputy chair of the board - Tore Valderhaug
Director – Geir Sjaastad
Director – Einar Wathne
Director – Eirik Andreas Pedersen
Director – Jann Einar Myrvang
Director – Kjell-Linas Solhaug
CORPORATE MANAGEMENT TEAM - EWOS AS:

Managing Director– Atle Kvist
BOARD OF DIRECTORS - EWOS CANADA LIMITED:

Chair of the board – Kjell Bjordal
Director – Geir Molvik
Director – Ross Grierson
Director – Jay Munsie *)
*) External lawyer
CORPORATE MANAGEMENT TEAM - EWOS CANADA LIMITED:

Managing Director – Ross Grierson
BOARD OF DIRECTORS - EWOS LIMITED:

Chair of the board – K. Bjordal
Director – S. Homble
Director – D. Low
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Cermaq ASA – 11.01 2013
CORPORATE MANAGEMENT TEAM - EWOS LIMITED:
Managing Director – Douglas Low
BOARD OF DIRECTORS - EWOS CHILE ALIMENTOS LTDA:

(Limitada; no board)
CORPORATE MANAGEMENT TEAM - EWOS CHILE ALIMENTOS LTDA:

Managing Director – Andrès Tagle
BOARD OF DIRECTORS – MAINSTREAM NORWAY AS:

Chair of the board – Geir Molvik
Director – Tarald Sivertsen
Director – Synne Larsen Homble
CORPORATE MANAGEMENT TEAM - MAINSTREAM NORWAY AS:

Managing Director – Snorre Jonassen
BOARD OF DIRECTORS – MAINSTREAM CHILE S.A:

Director – Synne Homble
Director – Francisco Miranda Morales
CORPORATE MANAGEMENT TEAM - MAINSTREAM CHILE S.A:

Managing Director – Francisco Miranda Morales
BOARD OF DIRECTORS – STATKORN AQUA AS:

Chair of the board – Jon Hindar
Director – Geir Sjaastad
Director – Synne Larsen
CORPORATE MANAGEMENT TEAM - STATKORN AQUA AS:

Managing Director – Richard Treu
BOARD OF DIRECTORS – CULTIVOS MARINOS CHILOÉ S.A:

Director – Synne Homble
Director – Jorge Ríos Contreras
Director – Luis Prieto
Director – Javier Herrera
Director – Jaime Calisto
Director – Pablo Alberto Manouvrier Pozo
CORPORATE MANAGEMENT TEAM – CULTIVOS MARINOS CHILOÉ S.A:

Managing Director - Francisco Miranda Morales
Page 28 of 37
Cermaq ASA – 11.01 2013
9. Major shareholders
The Company's share capital is NOK 925 000 000, divided into 92 500 000 shares each with a
nominal value of NOK 10. Cermaq has one class of shares and they are registered in VPS under
ISIN NO0010003882 and are listed on Oslo Børs with the ticker code CEQ.
The 20 largest shareholders in Cermaq ASA per 05.11.2012:
Shareholder Shares % Country

1 NÆRINGS- OG HANDELSDEPARTEMENTET 40 271 600 43,54 NOR
2 LANSDOWNE DEVELOPED MARKETS MASTER 6 040 772 6,53 CYM
3 FOLKETRYGDFONDET 5 287 412 5,72 NOR
4 JPMORGAN CHASE BANK 3 010 349 3,25 GBR
5 PARETO AKSJE NORGE 1 533 766 1,66 NOR
6 MONTAGUE PLACE CUSTODY SERVICES 1 353 847 1,46 GBR
7 STATE STREET BANK & TRUST CO. 1 232 291 1,33 USA
8 SKAGEN VEKST 1 084 045 1,17 NOR
9 PICTET & CIE BANQUIERS 1 078 783 1,17 CHE
10 STATE STREET BANK AND TRUST CO 1 033 316 1,12 USA
11 LANSDOWNE UK STRATEGIC INV MASTER 861 118 0,93 CYM
12 STATE STREET BANK AND TRUST CO. 808 214 0,87 USA
13 DNB NOR BANK ASA EGENHANDELSKONTO 781 229 0,84 NOR
14 THE NORTHERN TRUST CO. 768 194 0,83 GBR
15 PARETO AKTIV 664 163 0,72 NOR
16 BANK OF NEW YORK MELLON 605 778 0,65 USA
17 VERDIPAPIRFONDET DNB NORGE (IV) 564 758 0,61 NOR
18 FONDSFINANS SPAR 500 000 0,54 NOR
19 STATOIL PENSJON 491 962 0,53 NOR
20 GOLDMAN SACHS & CO - EQUITY 467 338 0,51 USA
The Norwegian State is the principal shareholder in Cermaq ASA with a shareholding of 43.5
percent. The Company has laid down in its Articles of Association that the Board of Directors shall
withhold its consent for any acquisition that would result in the holding of the Norwegian State
falling below 34%.
The objective of the Norwegian State’s shareholding in Cermaq is to anchor a national shareholding
in a future-oriented marine farming industry. Parliament has ruled that the Company’s head office
shall be situated in Norway, cf. Proposal to Parliament No. 4 for 2000 – 2001, cf. Proposal No. 27
for 2000 – 2001. The objective of the Norwegian State as shareholder is that Cermaq shall be a
significant player in the development of the aquaculture industry in Norway. The Government has
no plans to sell shares in the Company.
Page 29 of 37
Cermaq ASA – 11.01 2013
10. Financial information concerning the issuer's assets

and liabilities, financial position and profits and losses
The financial information for the Group has been prepared in accordance with International
Financial Reporting Standards, IFRS. Annual accounts for Cermaq ASA have been prepared in
accordance with the Norwegian Accounting Act and Norwegian generally accepted accounting
principles.
The financial information is incorporated by reference to as follow:
Financial reports
2011 2010 Q3 2012 Q3 2011
Cermaq ASA - Parent
Income statement Page 96 Page 105
Balance sheet Page 97 Page 106
Cash flow statement Page 98 Page 107
Notes Page 99-105 Page 108-113
Cermaq ASA - Group

Income statement Page 57 Page 65 Page 11 Page 10
Balance sheet Page 59 Page 67 Page 13 Page 12
Cash flow statement Page 60 Page 68 Page 15 Page 14
Notes Page 62-95 Page 70-104 Page 16-22 Page 15
Accounting principles Page 63-67 Page 70-75 Page 16 Page 15-20
Auditors report Page 109-110 Page 117-118
EWOS AS
Balance sheet Page 10-11 Page 8-9
Accounting principles Page 13-15 Page 11-13
EWOS Canada limited

Review engagement report Page 2 Page 2
EWOS Limited
Auditors report Page 7 Page 7
EWOS Chile Alimentos Ltda - parent

Cash flow statement Page 7-8 Page 7-8
Page 30 of 37
Cermaq ASA – 11.01 2013
EWOS Chile Alimentos Ltda - group
Cash flow statement Page 7-8 Page 7-8
Mainstream Norway AS
Mainstream Chiloe S.A

Statkorn Aqua AS
Accounting principles Page 13 Page 6
Cultivos Marinos Chiloé S.A Unofficial translation from the Spanish Annual Report
Income statement Page 30 Att: 23
Financial position Page 28 - 29 Att: 24
Cash flow statement Page 34 Att: 25
http://www.cermaq.com/portal/wps/wcm/connect/cermaqen/home/investor/financial+reports/Ann
ual+reports
http://www.cermaq.com/portal/wps/wcm/connect/cermaqen/home/investor/financial+reports/Qua
rterly+reports
Financial information regarding Cultivos Marinos Chiloé S.A in Spanish can be found here:
http://www.cmchiloe.cl/index.php/en/investors
An unofficial translation from the Spanish financial statements is attached to the Registration
Document as attachment nr 22, 23 and 24.
The historical financial information for 2011 and 2010 for the Company has been audited. The
historical financial information for the interim reports has not been audited.
There are no governmental, legal or arbitration proceedings (including any such proceedings which
are pending or threatened of which the Issuer is aware), during a period covering at least the
previous 12 months which may have, or have had in the recent past, significant effects on the
Issuer and/or Group's financial position or profitability.
On 1 October 2012, Cermaq entered into an agreement with the shareholders of Cultivos Marinos
Chiloé S.A (CMCh) to acquire 100 percent of the shares in the company for a total Enterprise Value
of USD 110 million (approximately NOK 627 million). CMCh is a medium sized salmon farming
company with production of Atlantic salmon and trout in the regions Los Lagos and Aysén. The
transaction was completed on 5 October 2012 and CMCh will be consolidated in Cermaq’s Group
accounts from that date.
Other than the above mentioned there is no significant change in the financial or trading position of
the Group which has occurred since the end of the last financial period for which either audited
financial information or interim financial information have been published. And there has been no
Page 31 of 37
Cermaq ASA – 11.01 2013
material adverse change in the prospects of the Issuer since the date of its last published audited
financial statements.
Page 32 of 37
Cermaq ASA – 11.01 2013
11. Documents on display

For the life of the registration document the following documents (or copies thereof), where
applicable, may be inspected:
(a) the memorandum and articles of association of the issuer;

(b) all reports, letters, and other documents, historical financial information, valuations and
statements prepared by any expert at the issuer's request any part of which is included or
referred to in the registration document;
(c) the historical financial information of the issuer or, in the case of a group, the historical
financial information of the issuer and its subsidiary undertakings for each of the two
financial years preceding the publication of the registration document.
The documents may be inspected at www.cermaq.com or at the Issuer head office, Grev Wedels
plass 5, 0151 Oslo, Norway.
Page 33 of 37
Cermaq ASA – 11.01 2013
12. Cross reference list:

In section 1 information regarding the Company’s risk management information is incorporated by
reference to the Annual report 2011 – note 24.
In section 6 in the Registration Document an overview of the Company’s ownership interest and
voting share of the Group are incorporated by reference to the Company’s annual report 2011 –
note 4.
In section 7 in the Registration Document information regarding EWOS market share is

incorporated by reference to the Farmed Atlantic Salmon – Monthly Update on Production, Supply
and Market Development - attachment nr. 22
In section 10 in the Registration Document the financial information is incorporated by reference to

as follow:
Financial reports
2011 2010 Q3 2012 Q3 2011
Cermaq ASA - Parent
Cermaq ASA - Group

Income statement Page 57 Page 65 Page 11 Page 10
Balance sheet Page 59 Page 67 Page 13 Page 12
Cash flow statement Page 60 Page 68 Page 15 Page 14
Notes Page 62-95 Page 70-104 Page 16-22 Page 15
Accounting principles Page 63-67 Page 70-75 Page 16 Page 15-20
EWOS AS
Income statement Att: 1 Att: 2
Balance sheet Att: 1 Att: 2
Cash flow statement Att: 1 Att: 2
Notes Att: 1 Att: 2
Accounting principles Att: 1 Att: 2
Auditors report Att: 1 Att: 3
EWOS Canada limited

Notes Att: 4 Att: 5
Review engagement report Att: 4 Att: 5
EWOS Limited
Notes Att: 6 Att: 7
Page 34 of 37
Cermaq ASA – 11.01 2013
EWOS Chile Alimentos Ltda - parent
Notes Att: 8 Att: 9
EWOS Chile Alimentos Ltda - group

Notes Att: 10 Att: 11
Mainstream Norway AS
Mainstream Chiloe S.A

Statkorn Aqua AS
Cultivos Marinos Chiloé S.A Unofficial translation from the Spanish Annual Report
Income statement Page 30 Att: 23
Financial position Page 28 - 29 Att: 24
Cash flow statement Page 34 Att: 25
Information concerning the Company’s 2011 figures is incorporated by reference from the
Company’s Annual Report 2011.
Information concerning the Company’s 2010 figures is incorporated by reference from the
Company’s Annual Report 2010.
Information concerning the Company’s 2012 - Q3 figures is incorporated by reference from the
Company’s Q3 - 2012 report.
Information concerning the Company’s 2011 - Q3 figures is incorporated by reference from the
Company’s Q3 -2011 report.
The Company’s financial reports are available at:

http://www.cermaq.com/portal/wps/wcm/connect/cermaqen/home/investor/financial+reports/Ann
ual+reports
http://www.cermaq.com/portal/wps/wcm/connect/cermaqen/home/investor/financial+reports/Qua
rterly+reports
Financial information regarding Cultivos Marinos Chiloé S.A in Spanish can be found here:
http://www.cmchiloe.cl/index.php/en/investors
An unofficial translation from the Spanish financial statements is attached to the Registration
Document as attachment nr 22, 23 and 24.
Page 35 of 37
Cermaq ASA – 11.01 2013
The other reports are attached to this Registration Document.
Page 36 of 37
Cermaq ASA – 11.01 2013
13. Attachments:
 Nr. 1 - EWOS AS – Årsregnskap 2011
 Nr. 2 - EWOS AS – Årsregnskap 2010
 Nr. 3 – Revisorsberetning - EWOS AS – Årsregnskap 2010
 Nr. 4 - EWOS Canada limited – Consolidated Financial Statements 2011
 Nr. 5 - EWOS Canada limited – Consolidated Financial Statements 2010
 Nr. 6 - EWOS Limited – Directors’ reposrt and Financial Statements 2011
 Nr. 7 - EWOS Limited – Directors’ reposrt and Financial Statements 2010
 Nr. 8 - EWOS Chile Alimentos Ltda – Financial Statements 2011
 Nr. 9 - EWOS Chile Alimentos Ltda – Financial Statements 2010
 Nr. 10 - EWOS Chile Alimentos Ltda and subsidiaries – Consolidated Financial Statements
2011
 Nr. 11 - EWOS Chile Alimentos Ltda and subsidiaries – Consolidated Financial Statements
2010
 Nr. 12 - Mainstream Norway AS – Årsberetning 2011
 Nr. 13 – Revisorberetning – Mainstream Norway AS – Årsregnskap 2011
 Nr. 14 - Mainstream Norway AS – Årsberetning 2010
 Nr. 15 - Mainstream Norway AS – Årsregnskap 2010
 Nr. 16 - Revisorsberetning – Mainstream Norway AS – Årsregnskap 2010
 Nr. 17 - Mainstream Chiloe S.A. and subsidiaries – Consolidated Financial Statements 2011
 Nr. 18 - Mainstream Chiloe S.A. and subsidiaries – Consolidated Financial Statements 2010
 Nr. 19 - Statkorn Aqua AS – Protokoll fra styremøtet I Statkorn Aqua AS 11. april 2012
 Nr. 20 - Statkorn Aqua AS – Årsberetning 2010
 Nr. 21 - Revisorsberetning - Statkorn Aqua AS – Årsregnskap 2010
 Nr. 22 – Farmed Atlantic Salmon – Monthly Update on Production, Supply and Market
Development
 Nr. 23 - Cultivos Marinos Chiloé S.A - Unofficial translation of the consolidated income
statement
 Nr. 24 - Cultivos Marinos Chiloé S.A - Unofficial translation of the consolidated financial
position
 Nr. 25 - Cultivos Marinos Chiloé S.A - Unofficial translation of the cash flow statement
Page 37 of 37
Consolidated Financial Statements of
EWOS CANADA LTD.
Year ended December 31, 2011

(Unaudited)

KPMG LLP Telephone (604) 527-3600
Chartered Accountants Fax (604) 527-3636
Metrotower II Internet www.kpmg.ca
Suite 2400 - 4720 Kingsway
Burnaby BC V5H 4N2
Canada
REVIEW ENGAGEMENT REPORT
To the Shareholder of Ewos Canada Ltd.
We have reviewed the consolidated balance sheet of Ewos Canada Ltd. (the “Company”) as at
December 31, 2011 and the consolidated statements of earnings and retained earnings and cash
flows for the year then ended. Our review was made in accordance with Canadian generally accepted
standards for review engagements and, accordingly, consisted primarily of enquiry, analytical
procedures and discussion related to information supplied to us by the Company.
A review does not constitute an audit and, consequently, we do not express an audit opinion on these
consolidated financial statements.
Based on our review, nothing has come to our attention that causes us to believe that these
consolidated financial statements are not, in all material respects, in accordance with Canadian
accounting standards for private enterprises.
We draw attention to Note 1 to the consolidated financial statements which describes that the
Company adopted Canadian accounting standards for private enterprises on January 1, 2011 with a
transition date of January 1, 2010. These standards were applied retrospectively by management to
the comparative information in these financial statements, including the balance sheets as at
December 31, 2010 and January 1, 2010, and the statements of earnings and retained earnings and
cash flows for the year ended December 31, 2010 and related disclosures. We were not engaged to
report on the restated comparative information, and as such, it is neither audited nor reviewed.
Chartered Accountants
April 4, 2012
Burnaby, Canada
KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG International Cooperative
(“KPMG International”), a Swiss entity.
KPMG Canada provides services to KPMG LLP.
EWOS CANADA LTD.
Consolidated Balance Sheet
(In thousands of dollars)
December 31, 2011, with comparative figures for December 31, 2010 and January 1, 2010
(Unaudited)
December 31, December 31, January 1,

2011 2010 2010
Assets
Current assets:
Cash $ 38,213 $ 25,800 $ 18,249
Accounts receivable (note 3) 13,358 13,575 12,457
Income taxes receivable 466 4,443 8
Inventory (note 4) 84,186 84,352 74,254
Prepaid expenses 522 670 588
Due from related parties (note 5) 15 350 107
136,760 129,190 105,663
Property, plant and equipment (note 6) 50,328 47,613 45,385

Intangible assets (note 7) 13,031 14,391 16,836
Goodwill (note 8) 21,232 21,232 21,232
$ 221,351 $ 212,426 $ 189,116
Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued liabilities $ 23,340 $ 20,948 $ 18,754
Income taxes payable - - 10,315
Due to related parties (note 5) 355 297 240
Future income taxes 17,117 18,807 18,368
40,812 40,052 47,677
Future income taxes 3,097 3,774 4,540
Shareholders' equity:
Share capital (note 10) 15,000 15,000 15,000
Contributed surplus 222 222 308
Retained earnings 162,220 153,378 121,591
177,442 168,600 136,899
Commitments (note 13)
$ 221,351 $ 212,426 $ 189,116
See accompanying notes to unaudited consolidated financial statements.
On behalf of the Board:
Director Director
1
EWOS CANADA LTD.
Consolidated Statement of Earnings and Retained Earnings
Year ended December 31, 2011, with comparative figures for 2010
(Unaudited)
2011 2010
Feed Division:
Sales $ 61,625 $ 62,114
Cost of sales 44,877 45,063
Amortization 1,440 1,360
Gross profit 15,308 15,691
Fish Farm Division:

Sales 139,322 145,071
Total gross profit 49,482 58,474
Expenses:
Administration and marketing 12,367 10,370
Interest 201 164
Production and maintenance 1,041 647
Management fees 1,817 1,462
18,145 14,987
Earnings from operations 31,337 43,487
Other earnings (expense):

Other income (expense) 56 (353)
Impairment of intangible assets (note 7) - (1,047)
56 (1,400)
Earnings before income taxes 31,393 42,087
Income taxes:
Current 9,202 10,627
Future (recovery) (2,367) (327)
6,835 10,300
Net earnings 24,558 31,787
Retained earnings, beginning of year 153,378 121,591
Dividend distribution (15,716) -
Retained earnings, end of year $ 162,220 $ 153,378
2
EWOS CANADA LTD.
Consolidated Statement of Cash Flows
(Unaudited)
2011 2010
Cash provided by (used in):
Operating activities:
Net earnings $ 24,558 $ 31,787
Items not involving cash:
Impairment of intangible assets - 1,047
Gain on sale of property, plant and equipment (2) (12)
Future income taxes (2,367) (327)
Net change in non-cash working capital:
Accounts receivable 217 (1,118)
Inventory 94 (10,389)
Prepaid expenses 148 (82)
Accounts payable and accrued liabilities 2,392 2,194
Income taxes receivable/payable 3,977 (14,750)
39,138 18,314
Investing activities:
Purchase of property, plant and equipment (11,464) (10,589)
Proceeds from sale of property, plant and equipment 62 12
(11,402) (10,577)
Financing activities:
Changes in amounts due to/from related parties 393 (186)
Dividend distribution (15,716) -
(15,323) (186)
Increase in cash 12,416 7,551
Cash, beginning of year 25,800 18,249
Cash, end of year $ 38,213 $ 25,800
3
EWOS CANADA LTD.
Notes to Consolidated Financial Statements
(All tabular amounts in thousands of dollars)

(Unaudited)
1. Nature of business and basis of presentation:

The Company is a wholly owned subsidiary of Cermaq, ASA, a Norwegian company. The
Company consists of two divisions. One division is involved in the raising and processing of
farmed salmon and does business as Mainstream Canada. The second division is involved in the
production of fish feed and does business as Ewos Canada.
2. Significant accounting policies:

(a) Presentation and basis of accounting:
These financial statements represent the first annual consolidated financial statements of the
Company prepared in accordance with Accounting Standards for Private Enterprises
(“ASPE”), as issued by the Canadian Institute of Chartered Accountants. The Company
adopted ASPE on January 1, 2011, in accordance with section 1500 – First-time Adoption.
The transition date is January 1, 2010, and in accordance with ASPE the Company has:
x Provided comparative financial information;
x Applied the same accounting policies throughout all periods presented;

x Retrospectively applied all effective ASPE standards as required; and
x Applied all relevant mandatory exemptions as applicable for first time adoption of
ASPE.
The Company’s financial statements were previously prepared in accordance with Canadian
generally accepted accounting principles (“Canadian GAAP”). There were no adjustments to
retained earnings as at January 1, 2010 or net income for the year ended December 31,
2010 as a result of the transition to ASPE.
Transition adjustments:
In accordance with first time adoption provisions of ASPE, the Company has used the
following election as at the transition date, January 1, 2010:
(i) Business combinations
The Company has elected not to apply the new standards for business combinations to
acquisitions made prior to January 1, 2010.
4
EWOS CANADA LTD.
Notes to Consolidated Financial Statements (continued)

(Unaudited)
2. Significant accounting policies (continued):

(b) Basis of consolidation:
These consolidated financial statements include the accounts of the following subsidiaries:
Ownership Nature of
Name interest business
Pacific National Processing Ltd. 100% Fish processing

Ewos Site Co. 100% Inactive company
Ewos USA Inc. 100% USA sales permit holder
(c) Revenue recognition:

The sale of goods is recognized at the time of delivery to the customer and the title passes
and customer assumes risk of loss, when there is persuasive evidence of an arrangement,
collection is probable and the fee is fixed or determinable. Sales are recorded net of
discounts and other price adjustments.
(d) Inventory:
Feed inventory, which consists of raw materials, finished goods and supplies, is recorded at
the lower of cost, determined on an average cost basis, and net realizable value. Costs
include the cost of purchase and cost of manufacturing, such as labour and supplies costs,
that are directly incurred to bring inventories to their present location and condition.
Inventories are written down to net realizable value when the cost of inventories is not
estimated to be recoverable due to declining selling prices. When circumstances that
previously caused inventories to be written down below cost no longer exist or when there is
clear evidence of an increase in retail selling price, the amount of the write-down previously
recorded is reversed.
Fish inventory is recorded at the lower of cost and net realizable value. Cost includes the cost
of smolts, direct labour, feed, amortization of operating plant and equipment, and applicable
overheads. Livestock is assessed for net realizable value for fish to be harvested within six
months of the year end. Net realizable value of livestock is dependent upon many variables
which are estimated at year end. These estimates include, among other items, quantities on
hand, future mortalities which may arise from disease, predators and other causes, estimated
future costs to harvest, expected growth of the fish and fluctuating sales market prices and
US foreign exchange rates. Management expects to achieve a gross profit on the ultimate
sale of the existing inventory; however, the uncertainties inherent in the estimates could have
a material effect on the carrying value of inventory and ultimately on future net earnings.
5
EWOS CANADA LTD.

(Unaudited)

(e) Property, plant and equipment:
Property, plant and equipment are stated at cost less accumulated amortization. Amortization
of plant and equipment used directly in the production of fish feed and live fish is included as
a cost of inventory. Amortization of all other plant and equipment is charged to income.
Amortization is provided on the straight-line method over the expected useful lives of the
assets as follows:
Feed Division:
Buildings 20 years
Machinery and equipment 3 - 10 years
Fish Farm Division:

Buildings 10 - 20 years
Farm equipment and vessels 2 - 15 years
Property, plant and equipment are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be recoverable and
exceeds its fair value.
(f) Intangible assets:
Intangible assets are comprised of aquaculture site licenses which are measured initially at
cost. Amortization is provided on a straight-line basis over the expected useful lives of these
licenses of 20 years.
The carrying value of an intangible asset which is subject to amortization is tested for
recoverability whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognized when the carrying amount
is not recoverable and exceeds its fair value. Impairment losses are not subsequently
reversed.
(g) Goodwill:
Goodwill is the residual amount that results when the purchase price of an acquired business
exceeds the sum of the amounts allocated to the assets acquired, less liabilities assumed,
based on their fair values. Goodwill is allocated, at the date of the business acquisition, to the
Company’s reporting units that are expected to benefit from the synergies of the business
combination. The Company’s goodwill balance relates to the Feed Division.
Goodwill is not amortized and is tested for impairment whenever changes in circumstances
indicate that the carrying value of the reporting unit to which the goodwill is assigned may
exceed the fair value of the reporting unit. The impairment test is a one step test whereby the
impairment loss recognized is the difference between the fair value of the reporting unit and
its carrying value. Impairment losses are not reversed in future years.
6
EWOS CANADA LTD.

(Unaudited)

(h) Leases:
Leases have been classified as capital or operating leases. A lease which transfers
substantially all of the benefits and risks incidental to the ownership of property is accounted
for as if it were an acquisition of an asset and the obligation was incurred at the inception of
the lease. All other leases are accounted for as operating leases whereby rental payments
are charged to income as incurred.
(i) Future income taxes:
The Company uses the asset and liability method of accounting for income taxes. Under the
asset and liability method, future tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. Future tax assets and liabilities
are measured using enacted or substantively enacted tax rates expected to be recovered or
settled. The effect on future tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the date of enactment or substantive enactment.
(j) Financial instruments:
The Company’s financial instruments are recorded at fair value on initial recognition and are
subsequently recorded at cost or amortized cost.
(k) Translation of foreign currencies:
The Company follows the temporal method of accounting for the translation of foreign
currency amounts into Canadian dollars. Under this method, all monetary assets and
liabilities expressed in foreign currencies are translated at rates of exchange in effect at the
balance sheet date. All other assets and liabilities are translated at the rates prevailing at the
dates the assets were acquired or liabilities incurred. The resulting foreign currency
translation gains and losses are included in the determination of net income for the period.
(l) Stock-based compensation:
(i) Transactions with other than employees
When the Company acquires goods or services in exchange for equity instruments, the
Company measures the transaction based on the fair value of the goods or services
received.
(ii) Transactions with employees

Equity instruments awarded to employees and the cost of the services received as
consideration are measured and recognized based on the fair value of the equity
instruments. The compensation cost is recognized over the period in which the related
employee services are rendered. Awards for past service are recognized as an expense
in the period when granted.
7
EWOS CANADA LTD.

(Unaudited)

(m) Use of estimates:
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
balance sheet date and the reported amounts of revenue and expenses during the reporting
period. Significant areas requiring the use of management estimates relate to the
determination of valuation of accounts receivable, inventory and future income taxes, useful
lives of property, plant and equipment and intangible assets. Actual results could differ from
those estimates.
3. Accounts receivable:

2011 2010 2010
Amount receivable $ 13,408 $ 13,731 $ 13,173

Less allowance for impairment (50) (156) (716)
$ 13,358 $ 13,575 $ 12,457
4. Inventory:

2011 2010 2010
Feed Division:
Raw materials $ 9,587 $ 8,205 $ 4,962
Finished goods 1,972 1,530 1,334
Packaging and other 546 541 632
12,105 10,276 6,928
Fish Farm Division:

Production fish 61,965 61,443 59,023
Smolts and eggs 8,001 9,112 5,476
Feed 1,953 3,323 2,720
Supplies 162 198 107
72,081 74,076 67,326
$ 84,186 $ 84,352 $ 74,254
Cost of inventories recognized as an expense during the year was approximately $144,067,000
(2010 - $141,091,000).
8
EWOS CANADA LTD.

(Unaudited)
5. Due from (to) related parties:

2011 2010 2010
Cermaq, ASA, parent company $ (62) $ (162) $ (119)

Ewos Innovation AS, company under
common control (244) 346 82
Ewos USA Inc., company under
common control 4 4 19
Ewos AS, company under common
control 11 (94) (106)
Mainstream Chile, company under
common control (49) (41) (15)
Mainstream Scotland, company under
common control - - 6
$ (340) $ 53 $ (133)
The Company has an unsecured demand revolving credit facility with its parent company in the
maximum amount of $3.5 million, bearing interest at Libor plus the margin on the parent
company's syndicated loan facility plus 0.10% (effective rate during 2011 - 2.34% (2010 -
1.94%)). The balance drawn on the facility as at December 31, 2011 is nil (December 31, 2010 -
nil; January 1, 2010 - nil).
Other than the revolving credit facility with Cermaq, ASA, all current balances due from (to)
related parties are in the normal course of business. The related party balances are non-interest
bearing and without stated terms of repayment. The fair value of these accounts is not disclosed
as the information is not readily available.
The Company had the following transactions with related parties:
2011 2010
Cermaq, ASA, parent company:

Management fee expense $ 899 $ 489
Financing expense 149 -
Ewos Innovation AS, company under common control:

Research and development fees expense 918 973
Ewos AS, company under common control:
Purchase of goods 170 152
Mainstream Chile, company under common control:
Sale/purchase of assets - 128
Administrative expense 221 181
All related party transactions are measured at the exchange amount, which is the amount of
consideration established and agreed to by the related parties.
9
EWOS CANADA LTD.

(Unaudited)
6. Property, plant and equipment:
Accumulated Net book

December 31, 2011 Cost amortization value
Feed Division:
Land $ 2,506 $ - $ 2,506
Buildings 5,500 3,380 2,120
Machinery and equipment 23,684 15,889 7,795
31,690 19,269 12,421
Fish Farm Division:
Land 2,894 - 2,894
Buildings 6,342 2,334 4,008
Farm equipment and vessels 87,075 56,070 31,005
96,311 58,404 37,907
$ 128,001 $ 77,673 $ 50,328

Feed Division:
-
Land $ 2,506 $ $ 2,506
Buildings 5,240 3,214 2,026
45,150 33,092 12,058
Fish Farm Division:
Land 2,073 - 2,073
Buildings 5,795 1,985 3,810
87,350 51,795 35,555
$ 132,500 $ 84,887 $ 47,613

January 1, 2010 Cost amortization value
Feed Division:
Land $ 2,506 $ - $ 2,506
Buildings 5,007 3,058 1,949
42,933 31,301 11,632
Fish Farm Division:
Land 2,073 - 2,073
Buildings 3,223 1,700 1,523
79,110 45,357 33,753
$ 122,043 $ 76,658 $ 45,385
10
EWOS CANADA LTD.

(Unaudited)
7. Intangible assets:

Aquaculture licenses $ 27,893 $ 14,862 $ 13,031


January 1, 2010 Cost amortization value
At December 31, 2011, the Company has 31 aquaculture sites (December 31, 2010 - 30;
January 1, 2010 - 22) some of which have aquaculture licenses and some which have license of
tenure. These licenses expire within the years 2012 to 2030; and nil (December 31, 2010 - nil;
January 1, 2010 - 12) similar licenses that have expired on which the Company is currently
negotiating renewal terms. During the year, an impairment of nil (2010 - $1,047,000) was
recognized.
8. Goodwill:

2011 2010 2010
Feed division $ 21,232 $ 21,232 $ 21,232
At December 31, 2011, December 31, 2010 and January 1, 2010, given the Company’s
continued profitability, management has determined that there are no indicators of impairment
present, and as such no goodwill impairment test has been performed.
9. Bank indebtedness:
The Company has a demand operating line of credit in the maximum amount of $17.5 million,
bearing interest at prime (effective rate during 2011 – 3.0% (2010 - 2.60%)). As collateral for the
line of credit, the Company has provided a guarantee and postponement of claim by the parent
company. No amount has been drawn on the line of credit as at December 31, 2011
(December 31, 2010 – nil; January 1, 2010 - nil).
11
EWOS CANADA LTD.

(Unaudited)
10. Share capital:

Authorized:
10,000,000 class A voting common shares without par value
10,000,000 class B voting common shares without par value
10,000,000 class C non-voting common shares without par value
20,000,000 class A non-voting preferred shares with a par value of $10 each
10,000,000 class B non-voting preferred shares with a par value of $0.01 each
20,000,000 class C non-voting preferred shares with a par value of $10 each

2011 2010 2010
Issued and outstanding:

15,000 class A common shares $ 15,000 $ 15,000 $ 15,000
11. Stock-based compensation:

During the year ended December 31, 2006, the Company's parent company issued stock options
to key employees of the Company, which vested over a three year period between 2006 and
2008.
The outstanding options as of December 31, 2011 are 85,000 options (December 31, 2010 -
85,000; January 1, 2010 - 85,000). The exercise price of the option agreed is based on the
average traded price of Cermaq, ASA shares at approximately the vesting date.
The Company recognized no compensation expense during the year (2010 - nil).
12. Government remittances:

Included in accounts payable as at December 31, 2011 are government remittances payable of
$141,000 (December 31, 2010 - $100,000; January 1, 2010 - $143,000) relating to federal, state
and provincial sales taxes, payroll related remittances and workers’ safety insurance premiums.
13. Commitments:
The Company has entered into operating leases for premises, equipment, vessels and vehicles.
The total obligations under these leases are as follows:
2012 $ 304
2013 96
2014 92
2015 67
$ 559
12
EWOS CANADA LTD.

(Unaudited)
14. Financial instruments:

(a) Interest rate risk:
The Company is exposed to interest rate risk on its on its revolving facility credit with its
parent company on which interest rates vary with the Libor rate and on its operating line of
credit with its bank on which interest rates vary with the prime rate.
(b) Credit risk:
The Company is exposed to credit risk in respect to its accounts receivable. At December 31,
2011, 38% (2010 - 31%) of the gross accounts receivable balance is due from two
customers. The Company performs ongoing credit evaluations of its customers and believes
it has made adequate provisions for potential credit losses.
(c) Foreign exchange risk:
At December 31, 2011, the Company had the following US denominated dollar accounts
which are subject to foreign exchange risk:

2011 2010 2010
Cash US $ 1,790 US $ 12,350 US $ 2,687

Accounts receivable 6,143 6,694 5,435
Accounts payable 5,672 2,582 2,093
(d) Economic dependence:

The Feed Division is economically dependent on two of its major customers. For the year
ended December 31, 2011, 70% (2010 - 60%) of the Feed Division’s sales were from these
two customers. The Farm Division is not economically dependent on any individual
customers.
13
Consolidated Financial Statements
EWOS CANADA LTD.

(Unaudited)

KPMG Enterprise™ Telephone (604) 527-3600
Metrotower II Fax (604) 527-3636
Suite 2400 - 4720 Kingsway Internet www.kpmg.ca/enterprise
Burnaby BC V5H 4N2
Canada
REVIEW ENGAGEMENT REPORT
To the Shareholder of Ewos Canada Ltd.
We have reviewed the consolidated balance sheet of Ewos Canada Ltd. (the “Company”) as at
December 31, 2010 and the consolidated statements of earnings and retained earnings and cash
flows for the year then ended. Our review was made in accordance with Canadian generally
accepted standards for review engagements and accordingly consisted primarily of enquiry,
analytical procedures and discussion related to information supplied to us by the Company.
A review does not constitute an audit and consequently we do not express an audit opinion on these
financial statements.
Based on our review, nothing has come to our attention that causes us to believe that these financial
statements are not, in all material respects, in accordance with Canadian generally accepted
accounting principles.
Chartered Accountants
Burnaby, Canada
March 21, 2011
KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG International, a Swiss cooperative.
KPMG Canada provides services to KPMG LLP
EWOS CANADA LTD.
Consolidated Balance Sheet
December 31, 2010, with comparative figures for 2009

(Unaudited)
2010 2009
Assets
Current assets:
Cash $ 25,800 $ 18,249
Accounts receivable 13,575 12,457
Income taxes receivable 4,443 8
Inventory (note 3) 84,352 74,254
Prepaid expenses 670 588
Due from related parties (note 4) 350 107
129,190 105,663
Property, plant and equipment (note 5) 47,613 45,385

Intangible assets (note 6) 14,391 16,836
Goodwill (note 7) 21,232 21,232
$ 212,426 $ 189,116
Liabilities and Shareholder's Equity

Accounts payable and accrued liabilities $ 20,948 $ 18,754
Income taxes payable - 10,315
Due to related parties (note 4) 297 240
Future income taxes 18,807 18,368
40,052 47,677
Future income taxes 3,774 4,540
Shareholder's equity:
Share capital (note 9) 15,000 15,000
Contributed surplus 308 308
Retained earnings 153,292 121,591
168,600 136,899
Commitments (note 11)
$ 212,426 $ 189,116
Approved on behalf of the Board:
______________________________ Director ______________________________ Director
1
EWOS CANADA LTD.
Consolidated Statement of Earnings and Retained Earnings
(Unaudited)
2010 2009
Feed Division:
Sales $ 62,114 $ 49,114
Fish Farm Division:

Sales 145,071 147,935
Cost of sales 96,028 103,180
Total gross profit 58,474 56,266
Expenses:
Administration and marketing 10,370 9,501
Interest expense 164 73
Production and maintenance 647 1,986
Management fees 1,462 1,470
14,987 15,517
Earnings from operations 43,487 40,749
Other earnings (expense):

Other income (expense) (439) 51
Writedown of intangible assets (note 6) (1,047) (1,116)
(1,486) (1,065)
Earnings before income taxes 42,001 39,684
Income taxes:
Current 10,627 15,346
Future (recovery) (327) (4,567)
10,300 10,779
Net earnings 31,701 28,905
Retained earnings, beginning of year 121,591 92,686
Retained earnings, end of year $ 153,292 $ 121,591
2
EWOS CANADA LTD.
Consolidated Statement of Cash Flows
(Unaudited)
2010 2009
Cash provided by (used in) the following activities:
Operating:
Net earnings $ 31,701 $ 28,905
Items not involving cash:
Writedown of intangible assets 1,047 1,116
Gain on sale of equipment (12) (22)
Future income taxes (327) (4,567)
Net change in non-cash working capital items:
Accounts receivable (1,118) 1,375
Inventory (10,389) 11,246
Prepaid expenses (82) 14
Accounts payable and accrued liabilities 2,194 (560)
Income taxes receivable/payable (14,750) 12,477
18,228 59,107
Investing:
Purchase of property, plant and equipment (10,503) (9,030)
Proceeds from sale of property, plant and equipment 12 31
(10,491) (8,999)
Financing:
Redemption of share capital - (34,715)
Changes in amounts due to/from related parties (186) 90
(186) (34,625)
Increase in cash 7,551 15,483
Cash, beginning of year 18,249 2,766
Cash, end of year $ 25,800 $ 18,249
Supplemental cash flow information:

Interest paid $ 118 $ 13
Taxes paid 25,364 2,869
3
EWOS CANADA LTD.
Notes to Consolidated Financial Statements
(all tabular amounts in thousands of dollars)

(Unaudited)
1. Nature of business and basis of presentation:

The Company is a wholly owned subsidiary of Cermaq, ASA, a Norwegian company. The
Company consists of two divisions. One division is involved in the raising and processing of
farmed salmon and does business as Mainstream Canada. The second division is involved in the
production of fish feed and does business as Ewos Canada Ltd.
2. Significant accounting policies:

The consolidated financial statements have been prepared in accordance with Canadian
generally accepted accounting principles using the following significant accounting policies:
(a) Basis of consolidation:
The consolidated financial statements of the Company include the accounts of Ewos Canada
Ltd. and its wholly-owned subsidiaries, Pacific National Processing Ltd., Ewos Site Co. and
Ewos USA Inc.
(b) Revenue recognition:
The sale of goods is recognized at the time of delivery to the customer and the title passes,
when there is persuasive evidence of an arrangement, collection is probable and the fee is
fixed or determinable. Sales are recorded net of discounts and other price adjustments.
(c) Inventory:
Feed inventory, which consists of raw materials, finished goods and supplies, is recorded at
the lower of cost, determined on an average cost basis, and net realizable value. Costs
include the cost of purchase and cost of manufacturing, such as labour and supplies costs,
that are directly incurred to bring inventories to their present location and condition.
Inventories are written down to net realizable value when the cost of inventories is not
estimated to be recoverable due to declining selling prices. When circumstances that
previously caused inventories to be written down below cost no longer exist or when there is
clear evidence of an increase in retail selling price, the amount of the write-down previously
recorded is reversed.
4
EWOS CANADA LTD.

(Unaudited)

(c) Inventory (continued):
Fish inventory is recorded at the lower of cost and net realizable value. Cost includes the
cost of smolts, direct labour, feed, amortization of operating plant and equipment, and
applicable overheads. Livestock is assessed for net realizable value for fish to be harvested
within six months of the year end. Net realizable value of livestocks is dependent upon many
variables which are estimated at year end. These estimates include, among other items,
quantities on hand, future mortalities which may arise from disease, predators and other
causes, estimated future costs to harvest, expected growth of the fish and fluctuating sales
market prices and US foreign exchange rates. Management expects to achieve a gross profit
on the ultimate sale of the existing inventory; however, the uncertainties inherent in the
estimates could have a material effect on the carrying value of inventory and ultimately on
future net earnings.
(d) Property, plant and equipment:
Property, plant and equipment are stated at cost less amortization. Amortization of plant and
equipment used directly in the production of fish feed and live fish is included as a cost of
inventory. Amortization of all other plant and equipment is charged to income.
Amortization is provided on the straight-line method over the expected useful lives of the
assets as follows:
Feed Division:
Buildings 20 years
Machinery and equipment 3 - 10 years
Fish Farm Division:

Buildings 10 - 20 years
Farm equipment and vessels 2 - 15 years
(e) Intangible assets:

Intangible assets comprise aquaculture site licences. Amortization is provided on a straight-
line basis over the expected useful lives of these licences of 20 years.
The Company reviews the carrying value of intangible assets with finite lives for existence of
facts or changes in circumstances that might indicate a condition of impairment. An
impairment loss would be recognized when estimates of undiscounted future cash flows
expected to result from the use of the asset are less than the carrying amount.
5
EWOS CANADA LTD.

(Unaudited)

(f) Goodwill:
Goodwill relates to the Feed Division and represents the excess of the aggregate purchase
price over the fair value of the net assets acquired in a purchase business combination.
Goodwill is the residual amount that results when the purchase price of an acquired business
exceeds the sum of the amounts allocated to the assets acquired, less liabilities assumed,
based on their fair values.
Goodwill is not amortized and is tested for impairment annually, or more frequently if events
or changes in circumstances indicate that the asset might be impaired. The impairment test is
carried out in two steps. In the first step, the carrying amount of the reporting unit is
compared with its fair value. When the fair value of a reporting unit exceeds its carrying
amount, goodwill of the reporting unit is considered not to be impaired and the second step of
the impairment test is unnecessary.
The second step is carried out when the carrying amount of a reporting unit exceeds its fair
value, in which case, the implied fair value of the reporting unit's goodwill is compared with its
carrying amount to measure the amount of the impairment loss, if any. The implied fair value
of goodwill is determined in the same manner as the value of goodwill is determined in a
business combination described in the preceding paragraph, using the fair value of the
reporting unit as if it was the purchase price. When the carrying amount of the reporting unit’s
goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an
amount equal to the excess and is presented as a separate line item in the consolidated
statement of earnings.
(g) Leases:
Leases have been classified as capital or operating leases. A lease which transfers
substantially all of the benefits and risks incidental to the ownership of property is accounted
for as if it were an acquisition of an asset and the obligation was incurred at the inception of
the lease. All other leases are accounted for as operating leases whereby rental payments
are charged to income as incurred.
(h) Future income taxes:
The Company uses the asset and liability method of accounting for income taxes. Under the
asset and liability method, future tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases. Future tax assets and
liabilities are measured using enacted or substantively enacted tax rates expected to be
recovered or settled. The effect on future tax assets and liabilities of a change in tax rates is
recognized in income in the period that includes the date of enactment or substantive
enactment.
6
EWOS CANADA LTD.

(Unaudited)

(i) Translation of foreign currencies:
The Company follows the temporal method of accounting for the translation of foreign
currency amounts into Canadian dollars. Under this method, all monetary assets and
liabilities expressed in foreign currencies are translated at rates of exchange in effect at the
year end. All other assets and liabilities are translated at the rates prevailing at the dates the
assets were acquired or liabilities incurred. The resulting foreign currency translation gains
and losses are included in the determination of net earnings.
(j) Stock-based compensation:
The Company accounts for all stock-based payments and awards using the fair value
method. Compensation cost attributable to awards to employees is measured at fair value at
the grant date and recognized over the vesting period. Compensation cost is generally
recognized on a straight-line basis over the vesting period.
(k) Use of estimates:
The preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses during the reporting period. Significant areas requiring the
use of management estimates relate to the determination of valuation of accounts receivable,
inventory and future income taxes, useful lives of property and equipment and intangible
assets. Actual results could differ from those estimates. Adjustments, if any, will be reflected
in operations in the period of settlement.
(l) Future accounting changes:
The Company is currently classified as a non-publicly accountable enterprise (NPAE).
Effective January 1, 2011, the Company has the option of adopting either the International
Financial Reporting Standards or the Accounting Standards for Private Enterprises applicable
to NPAE which were issued by Accounting Standards Board on December 15, 2009. The
option to early adopt is available. The Company is currently evaluating its options on the
accounting framework to apply and the impact on its financial statements.
7
EWOS CANADA LTD.

(Unaudited)
3. Inventory:
2010 2009
Feed Division:
Raw materials $ 8,205 $ 4,962
Finished goods 1,530 1,334
Packaging and other 541 632
10,276 6,928
Fish Farm Division:
Production fish 61,443 59,023
Smolts and eggs 9,112 5,476
Feed 3,323 2,720
Supplies 198 107
74,076 67,326
$ 84,352 $ 74,254
Cost of inventories recognized as an expense during the year was approximately $141,091,000
(2009 - $134,147,000).
4. Due from (to) related parties:
2010 2009
Cermaq, ASA, parent company $ (162) $ (119)

Ewos Innovation AS, company under common control 346 82
Ewos USA Inc., company under common control 4 19
Ewos AS, company under common control (94) (106)
Mainstream Chile, company under common control (41) (15)
Mainstream Scotland, company under common control - 6
$ 53 $ (133)
The Company has an unsecured demand revolving credit facility with its parent company in the
maximum amount of $3.5 million, bearing interest at Libor plus the margin on the parent
company's syndicated loan facility plus 0.10% (effective rate during 2010 – 1.94% (2009 -
1.68%)). The balance drawn on the facility as at December 31, 2010 is nil (2009 - nil).
Other than the revolving credit facility with Cermaq, ASA, all current balances due from (to)
related parties are in the normal course of business. The related party balances are non-interest
bearing and without stated terms of repayment. The fair value of these accounts is not disclosed
as the information is not readily available.
8
EWOS CANADA LTD.

(Unaudited)
4. Due from (to) related parties (continued):

The Company had the following transactions with related parties:
2010 2009
Cermaq, ASA, parent company:

Management fee expense $ 489 $ 495
Ewos Innovation AS, company under common control:

Research and development fees expense 973 975
Ewos AS, company under common control:
Purchase of goods 152 112
Mainstream Chile, company under common control:
Sale/purchase of assets 128 72
Administrative expense 181 159
All related party transactions are recorded at the exchange value agreed upon between the
parties.
5. Property, plant and equipment:
2010 2009
Accumulated Net book Net book
Cost amortization value value
Feed Division:
Land $ 2,506 $ - $ 2,506 $ 2,506
Buildings 5,240 3,214 2,026 1,949
Machinery and
equipment 37,404 29,878 7,526 7,177
45,150 33,092 12,058 11,632
Fish Farm Division:
Land 2,073 - 2,073 2,073
Buildings 5,795 1,985 3,810 1,523
Farm equipment
and vessels 79,482 49,810 29,672 30,157
87,350 51,795 35,555 33,753
$ 132,500 $ 84,887 $ 47,613 $ 45,385
9
EWOS CANADA LTD.

(Unaudited)
6. Intangible assets:
2010 2009
Accumulated Net book Net book
Cost amortization value value
Aquaculture licences $ 27,294 - 12,903 $ 14,391 $ 16,836
At December 31, 2010, the Company has 30 (2009 - 22) aquaculture licences of occupation with
expiry dates from 2010 to 2027; and nil (2009 - 12) similar licences that have expired on which
the Company is currently negotiating renewal terms. During the year, an impairment of
$1,047,000 (2009 - $1,116,000) was recognized.
7. Goodwill:
2010 2009
Feed division $ 21,232 $ 21,232
During the year, the Company performed an impairment review of goodwill and concluded that
there was no impairment.
8. Bank indebtedness:
The Company has a demand operating line of credit in the maximum amount of $17.5 million,
bearing interest at prime (effective rate during 2010 – 2.60% (2009 - 2.42%)). As collateral for the
line of credit, the Company has provided a guarantee and postponement of claim by the parent
company. No amount has been drawn on the line of credit as at December 31, 2010 (2009 - nil).
9. Share capital:
Authorized:
10,000,000 class A voting common shares without par value
10,000,000 class B voting common shares without par value
10,000,000 class C non-voting common shares without par value
20,000,000 class A non-voting preferred shares with a par value of $10 each
10,000,000 class B non-voting preferred shares with a par value of $0.01 each
20,000,000 class C non-voting preferred shares with a par value of $10 each
10
EWOS CANADA LTD.

(Unaudited)
9. Share capital (continued):
2010 2009
Issued and outstanding:

15,000 class A common shares $ 15,000 $ 15,000
$ 15,000 $ 15,000
During the year, the Company had no preferred share transactions (2009 - redeemed all of its
preferred shares for cash consideration of $34,715,000).
10. Stock-based compensation:

During the year ended December 31, 2006, the Company's parent company issued stock options
to key employees of the Company, which vested over a three year period between 2006 and
2008.
The outstanding options as of December 31, 2010 are 85,000 options (2009 - 85,000). The
exercise price of the option agreed is based on the average traded price of Cermaq, ASA shares
at approximately the vesting date.
The Company recognized no compensation expense for the year ended December 31, 2010
(2009 - nil).
11. Commitments:
The Company has entered into operating leases for premises, equipment, vessels and vehicles.
The total obligations under these leases are as follows:
2011 $ 356
2012 188
2013 16
2014 16
2015 14
$ 590
11
EWOS CANADA LTD.

(Unaudited)
12. Financial instruments:

(a) Fair values:
The carrying value of cash, accounts receivable and accounts payable and accrued liabilities
approximates their fair values due to the short-term maturities of these items. It is not
practicable to determine the fair value of due from/to related parties due to the limited amount
of comparable market information available.
(b) Interest rate risk:
The Company is exposed to interest rate risk on its bank indebtedness on its revolving facility
credit with its parent company on which interest rates vary with the Libor rate and on its
operating line of credit with its bank on which interest rates vary with the prime rate.
(c) Credit risk:
The Company is exposed to credit risk in respect to its accounts receivable. The Company
performs ongoing credit evaluations of its customers and believes it has made adequate
provisions for potential credit losses.
(d) Foreign exchange risk:
At December 31, 2010, the Company had the following US denominated dollar accounts
which are subject to foreign exchange risk:
2010 2009
Cash US $ 12,350 US $ 2,687

Accounts receivable 6,694 5,435
Accounts payable 2,582 2,093
12
EWOS CHILE ALIMENTOS LTDA. AND SUBSIDIARIES
Consolidated Financial Statements

As of December 31, 2011 and 2010
and for the years then ended
(With Independent Auditors’ Report Thereon)

TABLE OF CONTENTS
Independent Auditors’ Report
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Cash Flows
Notes to the Financial Statements
ThUS$ : Amounts expressed in thousands of United States dollars


December 31, 2011 and 2010
Assets Note 2011 2010

ThUS$ ThUS$
Current assets:
Cash 9,712 5,643
Marketable securities (3) 28,014 39,416
Trade accounts receivable, net (4) 147,117 104,253
Other receivables (9) 2,483 1,904
Due from related companies (15) 1,478 959
Inventories (5) 161,938 113,916
Recoverable taxes (13) - 7,769
Prepaid expenses 2,257 1,879
Total current assets 352,999 275,739
Property, plant and equipment:
Land (7) 7,239 5,451
Buildings and infrastructure 97,988 88,270
Machinery and equipment 107,221 99,167
Other property, plant and equipment 42,211 28,290
Subtotal property, plant and equipment, gross 254,659 221,178

Accumulated depreciation (less) (7) (140,327) (129,308)
Total property, plant and equipment, net 114,332 91,870
Other assets
Investments in related companies 17 27
Goodwill (8) 76,666 84,956
Negative goodwill (less) (8) (315) (346)
Intangible assets, net (10) 14,661 18,386
Other 466 743
Total other assets 93,863 106,266
Total assets 561,194 473,875
See accompanying notes to the consolidated financial statements.
2
EWOS CHILE ALIMENTOS LTDA. AND SUBISDIARIES
Consolidated Balance Sheets, Continued

Liabilities and Partner’s Equity Note 2011 2010

ThUS$ ThUS$
Bank borrowings (11) 163 4,002
Current installments of long-debt bank debt (11) 154 267
Obligation under financing lease agreements (12) 2,138 576
Other payables 10 22
Due to related companies (15) 1,227 604
Accrued expenses (14) 7,692 7,593
Withholdings 1,794 1,599
Current income taxes (13) 799 -
Other current liabilities 370 496
Deferred income taxes (13) 3,959 724
Total current liabilities 168,924 95,931
Long-term liabilities:
Long-term debt, excluding current installments (11) 141,000 210,000
Obligations under financing lease agreements (12) 6,480 1,316
Other payables 99 4,893
Deferred income taxes (13) 5,370 5,359
Total long-term liabilities 152,949 221,568
Minority interest (19) 33 27
Partners’ equity:
Paid-in capital (16) 17,000 17,000
Other reserves (2,654) (2,654)
Net income 82,939 30,124
Total partners’ equity (16) 239,288 156,349
Total liabilities and partners’ equity 561,194 473,875
3

Years ended December 31, 2011 and 2010
Note 2011 2010

ThUS$ ThUS$
Operating Income
Net sales 670,390 459,714
Cost of goods sold (538,624) (395,321)
Gross margin 131,766 64,393

Selling, general and administrative expenses (15,998) (14,638)
Operating income 115,768 49,755
Other income and expense
Interest income 707 433

Other non-operating income (18) 2,469 2,291
Amortization of goodwill (8) (8,290) (8,290)
Amortization of negative goodwill (8) 31 31
Interest expense (5,702) (3,733)
Other non-operating expenses (79) (184)
Foreign currency exchange difference 885 (1,197)
Non-operating expense (9,979) (10,649)
Income before income taxes 105,789 39,106

Income taxes (13) (22,844) (8,979)
Income before minority interest 82,945 30,127

Minority interest (6) (3)
Net income 82,939 30,124
4

Note 2011 2010

ThUS$ ThUS$
Cash flows from operating activities:
Net income 82,939 30,124
Loss on sale of property, plant and equipment (32) (22)
Adjustments to reconcile net income to net cash provided by

operating activities:
Depreciation of property, plant and equipment (7) 15,227 17,312
Amortization of intangible assets (10) 462 481
Foreign currency exchange difference (720) 829
Allowance for doubtful accounts - 1,250
Deferred income taxes (13) 3,246 77
Amortization of goodwill (8) 8,290 8,290
Amortization of negative goodwill (8) (31) (31)
Unrealized loss (gain) (25) 2,554
Other debits to net income not representing cash flows 154 970
(Increase) decrease in operating assets:

Trade accounts receivable (46,263) (42,753)
Due from related companies (552) (1,740)
Inventories (47,997) (23,141)
Recoverable taxes 9,161 1,999
Other current assets 2,860 1,560
Increase (decrease) in operating liabilities:

Current income taxes (1,910) 767
Due to related companies 656 317
Accrued expenses and withholdings (998) (341)
Other current assets 2,459 292
Gain attributable to minority interest 6 3
Net cash flows provided by operating activities 97,572 18,649
5
EWOS CHILE ALIMENTOS LTDA. AND SUBISDIARIES
Consolidated Statements of Cash Flows, Continued

2011 2010
ThUS$ ThUS$
Cash flows from financing activities:
Bank borrowings 20,800 33,000
Repayment of bank borrowings (93,979) (22,577)
Net cash flows (used in) provided by financing
activities (73,179) 10,423
Cash flows from investing activities:
Sales of property, plant and equipment 678 90
Acquisition of property, plant and equipment (28,685) (18,111)
Investments in fresh water concessions (3,719) (2,375)
Net cash flows used in investing activities (31,726) (20,396)
Net cash flows for the year (7,333) 8,676
Cash and cash equivalents at beginning of year 45,059 36,383
Cash and cash equivalents at end of year 37,726 45,059
6
Notes to the Consolidated Financial Statements
(1) Description of Business
Ewos Chile Alimentos Ltda. (the “Company”) was incorporated via a public deed on April 17,
2000, under the name of Statkorn Fish Feed Chile Limitada as witnessed by the notary public Mr.
Raúl Perry Pefaur, notary public from the twenty first Notary of Santiago.
On September 3, 2004, the Company changed its name to Ewos Chile Ltda. Subsequently, on
October 25, 2007, the Company changed its name to Ewos Chile Alimentos Ltda. (the “Company”).
The Company’s line of business is the processing, concentrating, preserving and, in general,
manufacturing of food, either for human or animal consumption as well as its purchase and sale,
delivery, import and export. For these purposes, the Company has the ability to install the plants
and facilities required. Currently, the Company’s main activity is the manufacture and sale of fish
food.
The Subsidiary Mainstream Chile S.A. was formally incorporated through the spin-off of
Comercializadora Ewos Ltda., as described in a public deed dated September 15, 2004, when the
assets, liabilities and stockholders’ equity assigned to this company were transferred. Starting on the
date of the spin-off, the line of business of the Company and its subsidiaries is the extraction,
and, in general, all activities directly related to the cultivation of fisheries as well as lacustrine and
marine species.
(2) Summary of Significant Accounting Policies and Practices
(a) General
These consolidated financial statements have been prepared in conformity with accounting
principles generally accepted in Chile.
The translation of these financial statements is provided as a free translation from the Spanish
language original, which is the official and binding version. Such translation has been made
solely for the convenience of non-Spanish readers.
(b) Consolidation
These consolidated financial statements have been prepared in conformity with the standards
contained in Technical Bulletin No. 72 issued by Colegio de Contadores de Chile A.G.
7
(2) Summary of Significant Accounting Policies and Practices, Continued
(b) Consolidation, Continued
Companies included in consolidation are as follows:
Direct
Subsidiary Ownership Indirect Ownership
2011 2010 2011 2010
% % % %
Mainstream Chile S.A. 99.99 99.99 - -

Salmones Mainstream S.A. - - 99.99 99.99
Aquacultivos S.A. - - 99.90 99.90
Congelados y Conservas Fitz Roy S.A. - - 99.99 99.99
Salmones Andes S.A. - - 99.99 99.99
Sociedad Agrícola y Pesquera Chillehue S.A. - - - 99.99
Salmones Llanquihue S.A. - - - 99.96
Gentec S.A. - - - 99.91
At the end of 2011, the subsidiary, Mainstream Chile S.A. decided to merge through absorption
the subsidiaries, Sociedad Agrícola y Pesquera Chillehue S.A., Salmones Llanquihue S.A. and
Gentec S.A. by acquiring all the shares and rights in such companies.
For consolidation purposes, the amounts and effects of transactions conducted between the Parent
Company and its subsidiaries and among subsidiaries have been eliminated from the financial
statements. In general, the line of business of subsidiaries with indirect ownership is to manage
marine concessions located in Los Lagos, Los Rios and Aysén regions in Chile.
(c) Functional Currency
The operating income and costs of the Parent Company and its subsidiary Mainstream Chile
S.A. are mainly denominated in U.S. dollars. Therefore, it has been determined that this
currency shall be the functional currency to record transactions and value assets, liabilities and
partners’ equity.
The Chilean Internal Revenue Service has authorized the Company and subsidiaries to record
its operations in U.S. dollars. Accordingly, the accounting records required by legal regulations
are shown in that currency.
8
(d) Accounting Period
These consolidated financial statements cover the years between January 1 and December 31,
2011 and 2010.
(e) Marketable Securities
Marketable securities relate investments in mutual fund deposits and are stated at the redemption
value of the deposits at each year end.
(f) Allowance for Doubtful Accounts
The Company assesses the collectability of accounts receivable and accrues allowances to
cover the risk of uncollectability at the closing date of each year. Such allowances are
estimated on the basis of conservative valuation of possible recoverability and stated as a
reduction of balances receivable.
(g) Inventories
The Company has determined the production cost of finished products under the absorption
costing method, which includes direct and indirect costs. The Company states its inventories
using the average costing method.
Fish inventories are stated at accumulated cost in the growth period including indirect costs
associated with the production process.
Raw materials, materials and other supplies are stated at acquisition cost.
The resulting carrying amounts do not exceed their net realizable values. The Company and
subsidiaries do not recognize any allowance for obsolescence as they have no goods in such a
condition.
(h) Forward Currency Contracts
The Company recorded forward contracts that covered exchange rate risks and were recorded at
the fair value as of the closing date of the year.
Fluctuations in such contracts are recognized in net income for the year in which the option is
exercised, as required by Technical Bulletin No.57 issued by Colegio de Contadores de Chile
A.G. for hedging contracts. As of December 31, 2010, the Company and its subsidiary do not
record any currency forward contracts.
9
(i) Property, Plant and Equipment and Depreciation
Property, plant and equipment are stated at acquisition cost at each year-end.
Property, plant and equipment purchased under financial lease agreements the subsidiary are
recorded at the current value of the contract, which is established by discounting the
installment value and the purchase option at the implicit interest rate included in the
respective contract. As long as the purchase option is not exercised, these assets do not
legally belong to the subsidiary and cannot freely dispose of them.
The obligation for this concept is included in short-term and long-term liabilities, net of
deferred interest.
Depreciation of property, plant and equipment is calculated using the straight line method based
on the estimated useful life of the assets.
(j) Goodwill and Negative Goodwill
The goodwill and negative goodwill include differences between the amount paid and the
equity value determined at the date of acquisition of shares in companies. These goodwill and
negative goodwill amounts are amortized over a maximum period of 20 years, which
corresponds to the estimated period of return of these investments.
(k) Current and Deferred Income Taxes
The Parent Company and its subsidiaries have recorded their corporate income tax expense
amounts in accordance with current tax legislation.
In conformity with Technical Bulletin No. 60 issued by Colegio de Contadores de Chile A.G., at
the end of each year, the companies recognize deferred taxes assets or liabilities for the future
estimated tax effects related to the temporary differences between the financial statement carrying
value and tax basis of assets and liabilities. Also, they recognize a deferred tax asset for the future
tax benefit from tax losses. Deferred tax assets and liabilities are determined based on the tax
legislation applicable in the year that deferred tax assets and liabilities are recovered or settled.
The effects of future changes in tax legislation or tax rates are recognized in deferred taxes
starting from the date of publication of the law approving such changes. If necessary, the amount
related to deferred tax assets is reduced by the amount of any tax benefit which is not expected to
be recovered.
10
(k) Current and Deferred Income Taxes, Continued
On July 31, 2010, Law No.20.455 was published which considers a transitional change in the
corporate income tax rate, which up to that date was 17%. In 2011, the income tax rate will
increase to 20%, it will be 18.5% in 2012 and in 2013 it will return to 17%.
(l) Marine Concessions
In conformity with technical Bulletin No. 55 issued by Colegio de Contadores de Chile A.G.
marine concessions and freshwater rights are stated at acquisition cost and amortized over a
maximum period of 40 years.
(m) Accrued Vacations
In conformity with Technical Bulletins Nos.47 and 48 issued by the Colegio de Contadores
de Chile A.G., the Company and subsidiaries recognizes the cost of personnel vacations on
an accrual basis at the end of each year.
(n) Statement of Cash Flows
For the purposes of preparing the statement of cash flows, the Company and subsidiaries
considered cash on hand and in banks, as well as investments in marketable securities
negotiated at a maximum term of 90 days from the date of investments and with no risk of
capital loss, as cash and cash equivalents in conformity with Technical Bulletin No.50 issued
by Colegio de Contadores de Chile A.G.
Cash flows from operating activities include cash flows related to the Company and
subsidiaries’ line of business, interest paid, interest income received and all those not defined
as cash flows from investing or financing activities. Note that the operating concept used in
this statement is broader than that used in the statement of income.
(o) Revenue Recognition
Net sales are recognized on an accrual basis when products are delivered and the risks and
rewards related to ownership have been transferred to the customers, in conformity with
Technical Bulletin N0.70 issued by Colegio de Contadores de Chile A.G.
The sales price of fish food and frozen salmon are determined based on the conditions existing
in the market and are stated net of the related taxes, price discounts and other factors directly
involved in their determination.
11
(p) Research and Development Expenses
In conformity with Technical Bulletin No.28 issued by Colegio de Contadores de Chile A.G.,
research and development expenses are debited to the net income for the year in which they are
incurred; in addition, the revenue from research and development activities are recorded in the
year they are actually received.
(q) Use of Estimates
Management has made a number of estimates and assumptions relating to the reporting of
assets and liabilities and the disclosure of contingent assets and liabilities to prepare these
consolidated financial statements in conformity with accounting principles generally accepted
in Chile. The main estimates performed relate to deferred income taxes, allowance for
doubtful accounts, amortization of intangible assets, and useful lives of property, plant and
equipment. Actual results could differ from those estimates.
12
(3) Marketable Securities

Investments in marketable securities are stated in conformity with Note 2(e), and comprise the
following:
As of December 31, 2011:
Redemption Deposit
Bank Mutual fund Currency date Deposits value Amount
ThUS$
BCI Dollar Cash Alfa
12,000
Crédito e Inversiones Series US$ 02.14.2012 992.7036 12.0882
Competitive Gamma
15
Series Ch$ 01.02.2012 0.3284 45.6687
Competitive Gamma
1,042
Series Ch$ 01.02.2012 22.8165 45.6687
Money Market Dollar

Larrain Vial US$ - 997.0621 1,003.5927 1,001
Mutual Fund
BBVA Liquidity Dollar E Series US$ - 2,718.361 1.203.4311 3,271
DnB NOR Overnight Funds US$ - - - 10,685
Total 28,014

Redemption
Bank Mutual fund Currency date Deposits Deposit value Amount
ThUS$
BCI BCI Dollar, Cash Alfa Series US$ 02.14.2011 14.9559 120.3603 1,800
BCI Dollar, Cash Alfa Series US$ 02.21.2011 29.0803 120.3603 3,500
BCI Dollar, Cash Alfa Series, US$ 01.10.2011 16.4066 120.3603 1,975
BCI Dollar, Cash Alfa Series, US$ 02.07.2011 24.9265 120.3603 3,000
BCI Performance Alfa Series Ch$ 01.17.2011 3.0424 32,889.6183 214
BCI Performance Alfa Series Ch$ 01.24.2011 2.6578 32,889.6183 187
BCI Express Ch$ 01.03.2011 18.0156 10,672.1798 411
BCI Express Ch$ 01.24.2011 17.6326 10,672.1798 402
BCI Express Ch$ 01.17.2011 18.1224 10,672.1798 413
BCI Express Ch$ 01.10.2011 17.4773 10,672.1798 399
BCI Express Ch$ 01.17.2011 8.9175 10,672.1798 203
BCI Express Ch$ 01.24.2011 17.6243 10,672.1798 402
BCI Express Ch$ 01.03.2011 18.3226 10,672.1798 418
BCI Express Ch$ 02.01.2011 10.3102 10,672.1798 235
BCI Express Ch$ 01.03.2011 3.7513 10,672.1798 86
BCI Express Ch$ 01.10.2011 18.2175 10,672.1798 415
Santander Money Market Dollar US$ - 2,460.3700 609.6600 1,500
DnB NOR Overnight Funds US$ - - - 3,002
BBVA Liquidity Dollar E Series US$ 01.03.2011 0.8371 1,194.6866 1,000

Liquidity Dollar E Series US$ 01.27.2011 0.8372 1,194.6866 1,000
Liquidity Dollar E Series US$ 01.08.2011 796.6100 1,194.6800 951
Total 39,416
13
(4) Trade Accounts Receivable, Net
Trade accounts receivable are stated net of allowances determined in conformity with Note 2(f) and
comprise the following:
2011 2010
ThUS$ ThUS$
Domestic customers 115,671 26,988

Foreign customers 33,552 88,182
Less:
Allowance for doubtful accounts (2,106) (10,917)
Total 147,117 104,253
During 2011, the Company wrote-off trade accounts receivable against the allowance for doubtful
accounts for an amount of ThUS$8,811.
(5) Inventories
The inventories are stated in conformity with Note 2(g) and comprise the following:
2011 2010
ThUS$ ThUS$
Salmon and trout 90,726 70,387
Frozen salmon and trout 14,585 14,774
Raw materials 39,035 19,643
Raw materials and materials-in-transit 11,516 4,211
Fish food 5,139 3,498
Assets destined for research & development 894 1,372
Other 43 31
Total 161,938 113,916
14
(6) Derivative Contracts
As of December 31, 2011, derivative contracts are stated in conformity with Note 2(h) and comprise
the following:
Hedged
items Maturity date Currency Balance Accounting effect
ThUS$
Suppliers 01-03-2012 Chilean pesos (18) Foreign currency translation loss

Suppliers 01-09-2012 Chilean pesos 1 Foreign currency translation gain
Suppliers 01-10-2012 Chilean pesos (8) Foreign currency translation loss
Suppliers 01-06-2012 Chilean pesos 1 Foreign currency translation gain
Total (24)
As of December 31, 2010, the Company does not record any derivative contracts.
15
(7) Property, Plant and Equipment
(a) Property, plant and equipment stated as described in Note 2(i), are detailed as follows:
2011 2010
ThUS$ ThUS$
Land 7,239 5,451
Buildings and infrastructure

Buildings and facilities 48,466 41,894
Rafts 49,522 46,376
Total buildings and infrastructure 97,988 88,270
Machinery and equipment

Vehicles and vessels 2,175 1,835
Total machinery and equipment 107,221 99,167
Other property, plant and equipment

Furniture and computer equipment 7,680 7,192
Assets under financing lease agreements 19,407 11,552
Other 15,124 9,546
Total other property, plant and equipment 42,211 28,290
Subtotal property, plant and equipment, gross 254,659 221,178

Accumulated depreciation (140,327) (129,308)
Total property, plant and equipment, net 114,332 91,870
(b) Depreciation expense calculated as described in note 2(i) amounted to ThUS$15,227

(ThUS$17,312 in 2010).
16
(7) Property, Plant and Equipment, Continued
(c) Assets under financing lease agreements
The subsidiary, Mainstream Chile S.A. records property, plant and equipment acquired under
financing lease agreements which are included in other property, plant and equipment, which
are stated as described in note 2(i) as follows:
2011 2010
ThUS$ ThUS$
Land 1,322 220

Machinery and equipment 45 -
Furniture and supplies 2,000 80
Subtotal assets under financing lease agreements, gross 19,407 11,552
Less: accumulated depreciation (3,304) (2,540)
Total assets under financing lease agreements, net 16,103 9,012
(8) Goodwill and Negative Goodwill
(a) Goodwill generated by the acquisition of investments in companies indicated in the note 2(b)
has been amortized in accordance with note 2(j) and is detailed as follows:
Goodwill Amortization
2011 2010 2011 2010
ThUS$ ThUS$ ThUS$ ThUS$
Direct subsidiary:
Mainstream Chile S.A. 10,500 11,747 (1,247) (1,247)
Indirect subsidiaries:
Mainstream Salmones y Alimentos S.A. 53,566 59,574 (6008) (6,008)
Salmones Andes S.A. 8,905 9,594 (689) (689)
Sociedad Agrícola y Pesquera Chillehue S.A. 2,838 3,056 (218) (218)
Congelados y Conservas Fitz Roy S.A. 502 555 (53) (53)
Aquacultivos S.A. 330 394 (64) (64)
Salmones Mainstream S.A. 25 36 (11) (11)
Total 76,666 84,956 (8,290) (8,290)
17
(8) Goodwill and Negative Goodwill, Continued
(b) The negative goodwill generated by Mainstream Chile S.A. in the acquisition of investments in
companies indicated in the note 2(b) has been amortized in conformity with note 2(j) and is
detailed as follows:
Negative goodwill Amortization

2011 2010 2011 2010
Salmones Llanquihue S.A. (*) 185 205 20 20
Gentec S.A. (*) 130 141 11 11
Total 315 346 31 31
(*) On November 10, 2011, the subsidiary Mainstream Chile S.A. acquired all the shares of these subsidiaries
which resulted in the merger through absorption of these subsidiaries. Management assessed the goodwill
and negative goodwill related to these subsidiaries concluding that they will generate future net economic
benefits attributable to the goodwill of the assets acquired at the time of the business combination.
(9) Short and Long-term Other Receivables and Long-term Trade Accounts Receivable
This caption comprises the following:
2011 2010
ThUS$ ThUS$
Short-term
Skysal S.A. 1,420 -
Cultivos Marinos Chiloé S.A. 500 500
Insurance receivable (see Note 18) - 792
Labor bonus 293 313
Employee current account 127 173
Other receivables 143 126
Total 2,483 1,904

Long-term
Skysal S.A. 2,368 -

Cultivos Marinos Chiloé S.A. - 2,500
Total 2,368 2,500
18
(10) Intangible Assets
Intangible assets correspond to marine and freshwater concessions, related to salmon breeding
activities. The summary of these rights for each company is as follows:
Accumulated
Intangibles amortization Net
2011 2010 2011 2010 2011 2010
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Mainstream Chile S.A. 17,736 20,479 (4,177) (3,670) 13,559 16,809
Salmones Mainstream S.A. 819 1,146 (206) (205) 613 941
Aquacultivos S.A. 600 600 (111) (96) 489 504
Salmones Andes S.A. - 140 - (21) - 119
Sociedad Agrícola y Pesquera Chillehue S.A. - 15 - (2) - 13
Total 19,155 22,380 (4,494) (3,994) 14,661 18,386
The debit to net income for the amortization of concessions, as described in Note 2(l), amounted to
ThUS$462 in 2011 (ThUS$481 in 2010).
(11) Bank Borrowings
2011
Annual average Short-term

Bank Currency interest rate Short-term portion Long-term
% ThUS$ ThUS$ ThUS$
Danske Bank (*) US$ 1.54 - 154 141,000
Dnb Nor Bank ASA Chile US$ 1.2 + LIBOR 163 - -
Total 163 154 141,000
2010
Annual
average Short-term
Bank Currency interest rate Short-term portion Long-term
% ThUS$ ThUS$ ThUS$
Santander US$ 2.24 4,002 - -
Danske Bank (*) US$ 1.16 - 267 177,000
Dnb Nor Bank ASA Chile US$ 1.83 - - 33,000
Total 4,002 267 210,000
19
(11) Bank Borrowings, Continued
Though the syndicated loan referred to as “Amendment and Restatement Facilities

Agreement”, entered into on August 4, 2010, the Parent Company, Cermaq ASA, amended
and redefined a revolving credit facility existing with the Norwegian banks DNB Nor Bank
ASA, Danske Bank A/S and Nordea Bank Norge ASA. These banks approved a revolving
credit facility of US$20 million, with a term of five years payable on the maturity of such
facility and an additional revolving credit facility of NOK 1,500 million with an expiration
term of 3 years and payable on the maturity date of the facility. As of December 31, 2011, the
Company has used ThUS$141,000 from the credit facility denominated in US dollars
(ThUS$177,000 as of December 31, 2010).
On this same date, the Company constituted a joint and several bond in favor of the creditor
banks on the financial obligations assumed by Cermaq ASA, under the aforementioned loan
agreement.
(12) Obligations under Financing Lease Agreements
2011 2010
Short-term Long-term Short-term Long-term
Bank Operation
BCI Leasing 217 - 425 -
Estado Leasing 264 1,420 263 1.663
Bice Leasing 1,039 1,904 - -
BBVA Leasing 932 3,805 - -
Santander Leasing 10 8 11 19
Deferred interest (324) (657) (123) (366)
Principal owed 2,138 6,480 576 1,316
20
(13) Current and Deferred Income Taxes
(a) Recoverable taxes are detailed as follows:
2011 2010
ThUS$ ThUS$
Provision for current income tax expense (19,842) (8,804)
Monthly provisional income tax payments and Sence
credit 12,127 4,236
Credits for acquisition of property, plant and equipment
and Austral Law 2,603 4,824
Credit for provisional payments for absorbed earnings - 5,591
Other credits to income taxes 255 230
Recoverable (income) tax (4,857) 6,077

Value-added tax fiscal credit 4,058 1,692
Total taxes payable (799) -

Total recoverable taxes - 7,769
(b) Effect of income taxes on consolidated results:
2011 2010
ThUS$ ThUS$
Corporate income taxes (19,842) (8,804)
Difference in prior year provision for income tax 244 (98)
Provisional payments for absorbed income - -
Deferred income tax expenses for the year (3,246) (77)
Total (22,844) (8,979)
21
(13) Current and Deferred Income Taxes, Continued
(c) Deferred taxes
The deferred income taxes determined in conformity with the criteria described in note 2(k)
are detailed as follows:
Short-term Long-term
2011 2010 2011 2010
Assets
Allowance for doubtful accounts - 2,183 358 -
Accrued vacations 277 373 - -
Obligations under financing lease - - 1,501 352
agreements
Other accruals 569 775 - -
Other temporary differences 920 636 1,444 -
Deferred tax asset 1,766 3,967 3,303 352
Liabilities
Indirect capitalized expenses 5,704 4,680 - -
Property, plant and equipment, net - - 8,673 5,711
Other temporary differences 21 11 - -
Deferred tax liability 5,725 4,691 8,673 5,711
Net deferred tax liability 3,959 724 5,370 5,359
(14) Accrued Expenses

2011 2010
ThUS$ ThUS$
Accrued vacations 2,089 1,867

Employee benefits 2,231 859
Customer negotiation clauses - 362
Outsourcing, freight services 2,061 3,815
Fees for legal services - 256
Other 1,311 434
Total 7,692 7,593
22
(15) Balances and Transactions with Related Companies
(a) The balances receivable from and payable to related companies are as follows:
2011 2010
ThUS$ ThUS$
Due from
Ewos Innovation AS 1,076 834

Mainstream Canada Ltd. 49 41
Ewos Norway AS 14 -
Cermaq ASA 339 84
Total 1,478 959
2011 2010
Due to ThUS$ ThUS$
Ewos Innovation AS - 13
Ewos Norway AS 10 5
Cermaq ASA 1,217 579
Mainstream Norway AS - 7
Total 1,227 604
(b) Transactions performed with related companies during 2011 and 2010 were as follows:
(Debit) credit to
Company Transaction description Relationship Amount
net income
2011 2010 2011 2010
Ewos Innovation AS Research & Development Indirect 1,553 1,460 (1,553) (1,460)
Recovery of expenses 6 17 6 17
Ewos Norway AS Recovery of expenses Indirect 19 18 (19) (18)
Cermaq ASA Recovery of expenses Indirect 3,058 2,345 (3,058) (2,345)
Mainstream Canada Ltd. Recovery of expenses Indirect 206 361 206 361
Mainstream Norway AS Recovery of expenses Indirect - 18 - 18
23
(16) Partners’ Equity
(a) Changes in partners’ equity accounts during the years ended December 31, 2011 and 2010,
were as follows:
Paid-in Other Retained Net income

capital reserves earnings (loss) Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Balances as of January 1, 2010 17,000 (2,654) 138,743 (26,864) 126,225
Transfer of prior year result - - (26,864) 26,864 -
Net income - - - 30,124 30,124
Balances as of December 31, 2010 17,000 (2,654) 111,879 30,124 156,349

Balances as of January 1, 2011 17,000 (2,654) 111,879 30,124 156,349
Transfer of prior year result - - 30,124 (30,124) -
Net income - - - 82,939 82,939
(b) The balance of Other Reserves corresponds to translation adjustments made in U.S. dollars
for the valuation of investments maintained in the subsidiaries of Mainstream Chile S.A.,
which up to 2010 accounted for their operations in Chilean pesos. Starting from January 1,
2011, the subsidiaries state their accounting records in U.S. dollars.
(17) Payments to the Board of Directors
During 2011 and 2010, there were no payments to the Board of Directors of the subsidiary
Mainstream Chile S.A.
24
(18) Other Non-operating Income
The balance of these items is composed of the following:
2011 2010
ThUS$ ThUS$
Earthquake compensation and damages (net) (*) - 585

Reversal of provisions 742 493
Recovery of expenses 680 319
Gain on sale of property, plant and equipment 18 22
Other 1,029 872
Total 2,469 2,291
(*) Damages in property, plant and equipment and inventories as a result of the earthquake occurred on February 27,
2010 amounted to ThUS$1,374. Payments received from insurance companies amounted to ThUS$1,959.
Compensation and recoveries from insurance companies amounted to ThUS$1,959 whose net effect is recorded
under other non-operating income. As of December 31, 2011, there are no effects for this concept.
(19) Minority Interest
The equity of the subsidiaries owned by third parties is as follows:
Ownership Equity of subsidiary Minority Interest

2011 2010 2011 2010 2011 2010
% % ThUS$ MUS$ ThUS$ ThUS$
Mainstream Chile S.A. 0.01136 0.01136 285,226 231,092 33 27

Total 285,226 231,092 33 27
25
(20) Concessions
The concessions stated as described in note 2(l) owned by the subsidiary are detailed as follows:
2011 2010
Marine concessions 63 53
Lake licenses 4 4
River licenses 8 7
Additionally, Management is applying for some licenses in the Magallanes Region of Chile so that
in the future the Company can expand its operations in that area.
(21) Commitments and Contingencies
The following are the direct and indirect commitments assumed by the Parent Company and its
subsidiaries as of December 31, 2011 and 2010:
(a) The Company provided guarantees of ThUS$452 to secure subsidies received from CORFO
destined to the research of new diets to control and prevent salmon diseases.
(b) The Company granted a joint and several guarantee in conformity with note 11.
(c) As of December 31, 2011, Mainstream Chile S.A. has the following contingencies:
x Labor lawsuit entitled “Guenchur against Mainstream Chile S.A., Journal 4912-2009,
for ThUS$145. A favorable outcome for the Company is expected.
x Labor lawsuit, Journal I-111-2010 for ThUS$13. A favorable outcome for the
Company is expected.
x Three legal proceedings for a breach to the Fishing Law with potential fines that may
range between 50 Monthly Tax Units (ThUS$4) and 3,000 Monthly Tax Units
(ThUS$244) each. A favorable outcome or minor impact from an adverse outcome is
expected.
In Management and legal advisors’ opinion, provisions included in note 14 adequately cover
the risk of these contingencies.
26
(22) Market Situation
After a few years of sanitary crisis due to the infectious salmon anemia (ISA virus) in the southern
area of Chile, during 2010 and 2011, the salmon industry showed signs of recovery due to the
implementation of sanitary actions and better productive practices implemented by the authority and
by salmon industries. The effects of this recovery result in an increase in production, a decrease in
fish mortality and an increase in the supply in 2011, resulting in price drops during the second half
of 2011, particularly for Atlantic salmon.
The subsidiary’s sales for 2011 (49,220 tons) were higher than those recorded in 2010 (37,326
tons), which places it second among Chilean exporters of salmon and trout.
(23) Subsequent Events
Between January 1, 2012 and up to the date of issuance of these consolidated financial statements,
there have been no subsequent events that could significantly affect the amounts presented in the
consolidated financial statements or the economic and financial position of the Company and its
subsidiaries.
27
EWOS CHILE ALIMENTOS LTDA. AND
SUBSIDIARIES
Consolidated Financial Statements as of December 31, 2010 and
2009 and for the years then ended

CONTENTS
ThUS$: Amounts expressed in thousands of US dollars


Note 2010 2009

Assets ThUS$ ThUS$
Current assets:
Cash 5,643 9,482
Trade accounts receivable (net) (4) 104,253 64,053
Other receivables (9) 1,904 865
Due from related companies (15) 959 56
Inventories (5) 113,916 93,429
Recoverable taxes (13) 7,769 10,952
Property, plant and equipment:

Land (7) 5,451 4,950
Construction and infrastructure 88,270 86,789
Gross property, plant and equipment (7) 221,178 209,121
Net property, plant and equipment 91,870 91,968
Other assets:
Investment sin other companies 27 27
Goodwill (8) 84,956 93,247
Negative goodwill (less) (8) (346) (377)
Intangible assets (net) (10) 18,386 11,706
Other 743 405
Total assets 473,875 409,452
2

Note 2010 2009

Liabilities and Partners’ Equity ThUS$ ThUS$
Bank borrowings (11) 4,002 4,512
Current portion of long-term bank borrowings (11) 267 155
Accounts payable (12) 80,048 55,806
Due to related companies (15) 604 1,124
Accruals (14) 7,593 5,911
Withholdings 1,599 1,480
Other current liabilities 496 1,813
Deferred income taxes (13) 724 1,003
Bank borrowings (11) 210,000 199,000
Other payables 6,209 2,465
Minority interest (19) 27 24
Partners’ equity:
Paid-in capital (16) 17,000 17,000
Net income (loss) 30,124 (26,864)
Total partners’ equity (16) 156,349 126,225
Total liabilities and partners’ equity 473,875 409,452
3

for the years ended December 31, 2010 and 2009
Note 2010 2009

Operating Income ThUS$ ThUS$
Net sales 459,714 463,457


Operating loss 49,755 (9,926)
Non-operating income

Other non-operating income (18) 2,291 1,120
Interest expense (3,733) (5,835)
Other non-operating expenses (18) (183) (6,094)
Foreign currency exchange difference (1,197) (935)
Non-operating loss (10,649) (19,520)
Loss before income taxes 39,106 (29,446)

Current and deferred income taxes (13) (8,979) 2,578
Consolidated loss 30,127 (26,868)
Minority interest (3) 4
Net income (loss) 30,124 (26,864)
4

Note 2010 2009

ThUS$ ThUS$

Net income (loss) 30,124 (26,864)
Gain on sale of property, plant and equipment (22) (64)
Adjustments to reconcile net income to net cash provided by

operating activities:
Depreciation of property, plant and equipment (7) 17,312 18,296
Amortization (10) 481 448
Exchange difference 829 935
Allowance for doubtful accounts 1,250 4,500
Deferred income taxes (13) 77 880
Amortization of goodwill (8) 8,291 8,291
Amortization of negative goodwill (8) (31) (31)
Unrealized loss 2,554 (2,184)
Biomass write-off - 4,459
Other debits to net income that do not represent cash flows 970 387
(Increases) decreases in operating assets:

Trade accounts receivable (42,753) 59,882
Due from related companies (1,740) 2,148
Inventories (23,141) 94,703
Other current assets 1,559 (809)

Accounts payable 19,852 (117,823)
Income taxes 767 (1,435)
Due to related companies 317 (3,064)
Value added tax and other taxes paid (341) 3,059
Other current liabilities 292 - 817
Loss (gain) from minority interest 3 (4)
5
Consolidated Statements of Cash Flows, Continued

2010 2009
ThUS$ ThUS$

Bank borrowings 33,000 11,500
Repayment of loans from related companies - (12,176)
Net cash flows provided by (used in) financing activities 10,423 (27,056)

Sale of property, plant and equipment 90 191
Acquisition of property, plant and equipment (18,111) (6,653)
Long-term investments (2,375) -
Other investment disbursements - (782)
Net cash flows for the year 8,676 25,077

Cash and cash equivalents at the beginning of the year 36,383 11,306
Cash and cash equivalents at the end of the year 45,059 36,383
6

The Company was incorporated via public deed dated April 17, 2000, certified by Mr. Raúl Perry
Pefaur, notary public from the twenty first Notary of Santiago, Chile.
On September 3, 2004, the Company modified its corporate name to Ewos Chile Limitada.
Subsequently, on October 25, 2007, the Company modified its corporate name to Ewos Chile
Alimentos Ltda. (hereinafter “the parent Company”)
The Company’s line of business is the processing, concentration, preservation and manufacturing
of food, either for human or animal consumption, as well as its purchase and sale, delivery, import
and export, with the ability to install for this purpose the plants and facilities required to carry out
its line of business. Currently, the Company’s main activity is the manufacture and sale of fish
food.
The Subsidiary Mainstream Chile S.A. was formally incorporated through the division of
assets, liabilities and stockholders' equity assigned to this company were transferred. The line of
business of the Company, since the division, is the extraction, cultivation, breeding and sale of all
types of living beings, plants or animals, that live in the water and in general, all activities directly
related to the cultivation of fisheries and lacustrine and marine species.
(a) General
These consolidated financial statements have been prepared in accordance with accounting
7

(b) Basis of Consolidation
These consolidated financial statements have been prepared in conformity with the standards
included in Technical Bulletin No.72 issued by the Colegio de Contadores de Chile A.G.
Companies included in consolidation are as follows:
Direct Indirect
Subsidiary Ownership Ownership
2010 2009 2010 2009
% % % %
Mainstream Chile S.A. 99.99 99.99 - -

Salmones Mainstream S.A. - - 99.99 99.99
Aquacultivos S.A. - - 99.90 99.90
Congelados y Conservas Fitz Roy S.A. - - 99.99 99.99
Sociedad Agrícola y Pesquera Chillehue S.A. - - 99.99 99.99
Salmones Andes S.A. - - 99.99 99.99
Salmones Llanquihue S.A. - - 99.96 99.96
Gentec S.A. - - 99.91 99.91
For purposes of consolidation, the amounts and effects of transactions between the parent
company and its subsidiaries and between subsidiaries have been eliminated from the financial
statements. In general, the line of business of subsidiaries with indirect ownership is to manage
marine concessions, located in the regions de Los Lagos, Los Rios and Aysén, Chile.
(c) Functional Currency
The operating income and costs of the Parent Company and its subsidiary Mainstream Chile
S.A. are denominated mainly in U.S. dollars. Therefore, it has been determined that this
currency shall be the functional currency to record transactions and value assets, liabilities and
equity.
The Chilean Internal Revenue Service has authorized the Company and subsidiaries the record
its operations in U.S. dollars; accordingly, the accounting records required by legal regulations
are shown in that currency.
8

(d) Accounting Period
These consolidated financial statements are for the years January 1 and December 31, 2010 and
2009.
(e) Marketable Securities
Marketable securities are investments in mutual fund deposits and are stated at the redemption
value of the deposits at each year end.
(f) Allowance for Doubtful Accounts
The Parent Company establishes allowances to cover possibly uncollectible accounts receivable
at each year end and assesses the recovery risk. Such allowances are estimated based on a
conservative valuation of the most likely result and are stated as a reduction of the related
accounts receivable.
(g) Inventories
The Company has determined the production cost of finished products under the absorption
costing method, which includes direct and indirect costs. The Company states its inventories
using the average costing method.
The subsidiary Mainstream Chile S.A. fish inventories are presented at value of the
accumulated cost in the growth period including indirect costs associated with the production
process.
Raw materials, materials and other supplies are valued at acquisition cost.
The resulting carrying amounts do not exceed their realizable values. The Company and
subsidiaries does not recognize any allowance for obsolescence as it has no goods in such a
condition.
(h) Derivatives
The Company recorded forward contracts that covered exchange rate risks and were recorded
at the fair value as of the closing of the year.
The variation in these contracts is recognized in the net income for the year in which the option
is exercised, as required by Technical Bulletin No.57 issued by the Colegio de Contadores de
Chile A.G. for hedging contracts. As of December 31, 2010, the Company does not record
forward exchange contracts.
9

(i) Property, Plant and Equipment and Depreciation
Property, plant and equipment are valued at acquisition cost at each year-end.
Depreciation of property, plant and equipment is calculated using the straight line method
based on the estimated useful life of the assets.
Property, plant and equipment purchased under financial lease agreements the subsidiary are
recorded at the current value of the contract, which is established by discounting the
installment value and the purchase option at the implicit interest rate included in the
respective contract. As long as the purchase option is not exercised, these assets do not
legally belong to the subsidiary and cannot freely dispose of them. The obligation for this
concept is included in short-term and long-term liabilities, net of deferred interest.
The depreciation for these assets is calculated based on the same criteria applicable to property,
plant and equipment.
(j) Goodwill and Negative Goodwill
The goodwill and negative goodwill include differences between the amount paid and the
equity value determined at the date of acquisition of shares in companies. These goodwill and
negative goodwill amounts are amortized over a maximum period of 20 years, which
corresponds to the estimated term of return of these investments.
(k) Current and Deferred Income Taxes
The Parent Company and its subsidiaries have recorded its first category income tax expenses in
accordance with current tax legislation.
In conformity with Technical Bulletin No. 60 of the Colegio de Contadores de Chile A.G., at the
end of each year, companies recognize deferred taxes assets or liabilities for the future estimate
tax effects related to the temporary differences between the financial statement carrying value and
tax basis of assets and liabilities. Also, they recognize a deferred tax asset for the future tax benefit
of tax losses. Deferred tax assets and liabilities are determined based on the tax legislation
applicable in the year that deferred tax assets and liabilities are recovered or settled. The effects of
future changes in tax legislation or tax rates are recognized in deferred taxes starting on the date of
publication of the law approving such changes. If necessary, the amount related to deferred tax
assets is reduced by the amount of any tax benefit which is not expected to be recovered.
On July 31, 2010, Law No.20.455 was published which considers a transitional change in the first
category income tax rate, which up to that date was 17%. In 2011, the income tax rate will
increase to 20%, it will be 18.5% in 2012 and in 2013 it will return to 17%.
10

(l) Intangible assets
In conformity with Technical Bulletin No. 55 of the Colegio de Contadores de Chile A.G.
marine concessions and freshwater concessions are stated at acquisition cost and amortized
over a maximum period of 40 years.
(m) Accrued Vacations
In conformity with Technical Bulletin No.47 issued by the Colegio de Contadores de Chile
A.G., the Company and subsidiaries recognizes the cost of personnel vacations on an accrual
basis at the end of each year.
(n) Severance Indemnity
The parent company and its subsidiaries do not have any agreement for severance indemnity
with employees. Therefore, no provision has been accrued.
(o) Statement of Cash Flows
For purposes of preparing the statement of cash flows, the Company and subsidiaries been
considered cash in bank and on hand, and investments in marketable securities negotiated at
a maximum term of 90 days from the date of investments and with no risk of capital loss, to
be cash and cash in conformity with Technical Bulletin No.50 of the Colegio de Contadores
de Chile A.G.
as defined from investing or financing activities. Note that the operating concept used in this
statement is broader than the one used in the statement of income.
(p) Revenue Recognition
Net sales are recognized on an accrual basis when products are delivered and the risks and
rewards related to ownership have been transferred in conformity with Technical Bulletin
N0.70 issued by the Colegio de Contadores de Chile A.G.
The sales price of fish food and frozen salmon are determined based on the conditions existing
in the market and are stated net of the related taxes, price discounts and other factors directly
involved in their determination.
11

(q) Research and Development Expenses
In conformity with Technical Bulletin No.28 issued by the Colegio de Contadores de Chile
A.G., research and development expenses are charged to the net income for the year in which
they are incurred; in addition, the revenue from research and development activities are
recorded in the year they are actually received.
(r) Use of Estimates
consolidated financial statements in conformity with accounting principles generally
accepted in Chile. The main estimates performed relate to deferred income taxes, allowance
for doubtful accounts, amortization of intangible assets, useful life of property, plant and
equipment. Actual results could differ from those estimates.
12

Investments in marketable securities are stated in conformity with Note 2(e), and are comprised of
the following:

Redemption Amount
Bank Mutual fund Currency date Deposits Deposit value ThUS$
BCI BCI Dólar Cash Serie Alfa US$ 14.02.2011 14,9559 120,3603 1.800
BCI Dólar Cash Serie Alfa US$ 21.02.2011 29,0803 120,3603 3.500
BCI Rendimiento Serie Alfa $ 17.01.2011 3,0424 32.889,6183 214
BCI Rendimiento Serie Alfa $ 24.01.2011 2,6578 32.889,6183 187
BCI Express $ 03.01.2011 18,0156 10.672,1798 411
BCI Express $ 24.01.2011 17,6326 10.672,1798 402
BCI Express $ 17.01.2011 18,1224 10.672,1798 413
BCI Express $ 10.01.2011 17,4773 10.672,1798 399
BCI Express $ 17.01.2011 8,9175 10.672,1798 203
BCI Express $ 24.01.2011 17,6243 10.672,1798 402
BCI Express $ 03.01.2011 18,3226 10.672,1798 418
BCI Express $ 01.02.2011 10,3102 10.672,1798 235
BCI Express $ 03.01.2011 3,7513 10.672,1798 86
BCI Express $ 10.01.2011 18,2175 10.672,1798 415
Santander Money Market Dólar US$ 2.460,3700 609,6600 1.500
DnB NOR Overnight Funds US$ - - - 3.002
BBVA Liquidez Dólar-Serie E US$ 03.01.2011 0,8371 1.194,6866 1.000

Liquidez Dólar-Serie E US$ 27.01.2011 0,8372 1.194,6866 1.000
Liquidez Dólar-Serie E US$ 08.01.2011 796,6100 1.194,6800 951
Total 39.416
13

(3) Marketable Securities, Continued
Redemption Amount
Bank Mutual fund Currency date Deposits Deposit value ThUS$
BCI BCI Dólar Cash Serie Alfa US$ 04.01.2010 10,3375 119,70 1.238
BCI Express $ 04.01.2010 9,4156 10.499,25 195
BCI Express $ 04.01.2010 19,2057 10.499,25 398
BCI Express $ 04.01.2010 18,0995 10.499,25 375
BCI Express $ 05.01.2010 74,7482 10.499,25 1.548
BCI Express $ 07.01.2010 23,8124 10.499,25 493
BCI Express $ 04.01.2010 9,4935 10.499,25 197
BCI Express $ 07.01.2010 19,0563 10.499,25 395
BCI Express $ 15.01.2010 9,5281 10.499,25 197
BCI Express $ 08.01.2010 18,9075 10.499,25 391
BCI Express $ 04.01.2010 9,5081 10.499,25 197
BCI Express $ 15.01.2010 10,5081 10.499,25 218
BCI Express $ 22.01.2010 19,3341 10.499,25 400
BCI Express $ 22.01.2010 14,2888 10.499,25 296
Dep. Efectivo Serie Alfa $ 22.01.2010 0,2961 496.507,87 290
BBVA Liquidez Dólar-Serie E US$ 04.01.2010 3,7652 1.182,25 4.451
Total 26.901
(4) Trade Accounts Receivable
Trade accounts receivable are stated net of allowances determined in conformity with Note 2(f), are
comprised of the following:
2010 2009
ThUS$ ThUS$
Domestic clients 88,182 61,963
Foreign clients 26,988 11,757
Less:
Allowance for doubtful accounts (10,917) (9,667)
Total 104,253 64,053
14

(5) Inventories
The inventories are stated in conformity with Note 2(g) and are comprised of the following:
2010 2009
ThUS$ ThUS$
Salmon and trout 70,387 47,604
Raw materials 19,643 14,268
Fish food 3,498 3,834
Raw materials and materials in transit 4,211 3,222
Assets destined to research and development 1,372 -
Other 31 34
Total 113,916 93,429
(6) Derivatives
As of December 31, 2010, the Company does not record forward exchange contracts. As of December
31, 2009, the forward exchange contracts are of the following:
Type of
contract Maturity date Currency Balance Effect
ThUS$
Forward January 29, 2010 Nok 32 Loss

Forward January 8, 2010 Euro 5 Loss
Forward January 8, 2010 Swiss Franc 5 Loss
42
15

(a) Property, plant and equipment stated as described in Note 2(i), are detailed as follows:
2010 2009
ThUS$ ThUS$
Total land 5,451 4,950
Construction and infrastructure
Rafts 46,376 47,351
Total construction and infrastructure 88,270 86,789
Machinery and equipment

Vehicles and ships 1,835 1,729
Total machinery and equipment 99,167 96,762
Other property, plant and equipment

Other 9,546 4,973
Total other property, plant and equipment 28,290 20,620
Gross property, plant and equipment 221,178 209,121

(b) The net debt to income due to depreciation for the year calculated as described in note 2(i)
and amounted to ThUS$17,312 in 2010 (ThUS$18,296 in 2009).
16

The subsidiary Mainstream Chile S.A. records rafts and nets acquired under financing lease
agreements which are included in other property, plant and equipment, as follows:
2010 2009
ThUS$ ThUS$
Land 220 220
Furniture and facilities 80 125
Gross assets under financing lease agreements
11,552 10,816
Net assets under financing lease agreements 9,012 8,699
(8) Goodwill and Negative Equity
(a) The goodwill generated from the acquisition of investments in companies indicated in the
note 2(b) has been amortized in accordance with note 2(j) and is detailed as follows:
Goodwill Amortization
2010 2009 2010 2009
Company:
Mainstream Chile S.A. 11,747 12,995 (1,248) (1,248)
Subsidiary:
Mainstream Salmones y Alimentos S.A. 59,574 65,582 (6,008) (6,008)
Salmones Andes S.A. 9,594 10,283 (689) (689)
Sociedad Agrícola y Pesquera Chillehue S.A. 3,056 3,274 (218) (218)
Congelados y Conservas Fitz Roy S.A. 555 608 (53) (53)
Aqucultivos S.A. 394 458 (64) (64)
Salmones Mainstream S.A. 36 47 (11) (11)
Total 84,956 93,247 (8,291) (8,291)
17

(8) Goodwill and Negative Equity, Continued
(b) The negative goodwill generated by Mainstream Chile S.A. in the acquisition of investments in
companies indicated in the note 2(b) has been amortized in conformity with note 2(j) and is as
follows:
Negative goodwill Amortization

2010 2009 2010 2009
Salmones Llanquihue S.A. 205 225 20 20

Gentec S.A. 141 152 11 11
Total 346 377 31 31
(9) Other Receivables, short and long-term
This caption is comprised of the following:
2010 2009
Short-term ThUS$ ThUS$
Cultivos Marinos Chiloé S.A. 500 -
Insurance receivable by parent company (see note 18) 792 -
Incentives labor 313 324
Personnel current account 173 110
Other receivables 126 431
Total 1,904 865
Long-term
Cultivos Marinos Chiloé S.A. 2,500 5,000
Total 2,500 5,000
18

Intangible assets correspond to marine and freshwater concessions, related to salmon cultivation
activities of the subsidiary Mainstream Chile S.A. The summary of these rights for each company
is as follows:
Accumulated
Intangible assets amortization Net
2010 2009 2010 2009 2010 2009
MUS$ MUS$ MUS$ MUS$ MUS$ MUS$
Salmones Mainstream S.A. 1,146 1,590 (205) (213) 941 1,377
Aquacultivos S.A. 600 600 (96) (81) 504 519
Salmones Andes S.A. 140 140 (21) (18) 119 122
Sociedad Agrícola y
Pesquera Chillehue S.A. 15 15 (2) (2) 13 13
Totales 22,351 15,190 (3,965) (3,484) 18,386 11,706
The debit to net income for amortization of concessions, as described in Note 2(l), amounts to
ThUS$481 as of December 31, 2010 (ThUS$448 in 2009).

As of December 31, 2010
Average annual Current Long

Bank Currency interest Current portion term
% ThUS$ ThUS$ ThUS$
Santander US$ 2,24 4,002 - -
Danske Bank (*) US$ 1,16 - 267 177,000
Dnb Nor Bank ASA Chile US$ 1,83 - - 33,000
Totales 4,002 267 210,000
As of December 31, 2009
Average annual Current Long

Bank Currency interest Current portion term
% ThUS$ ThUS$ ThUS$
Santander US$ 2,24 4,512 - -
Danske Bank (*) US$ 1,58 - 155 194,000
Dnb Nor Bank ASA Chile US$ 2,04 - - 5,000
Totales 4,512 155 199,000
19

(11) Bank Borrowings, Continued
(*) On August 4, 2010, the parent, Cermaq ASA and the Norwegian Banks DNB Nor Bank ASA,
Danske Bank A/S and Nordea Bank Norge ASA agreed to change, restructure and unify the loan
contract from 2000 by means of a new instrument named “Unified and Modified Credit
Contract”. In this negotiation process, the mentioned banks approved (i) a revolving credit line
of MUS$200,000 valid for five years and payable upon maturity, and (ii) a revolving credit line
of NOK1,500 million valid for five years and payable upon maturity. As of December 31, 2010
and 2009, the amount used in the credit line in US dollars is of ThUS$177 y ThUS$194,
respectively.
In the same instrument, the parties agreed that the parent Company and subsidiary must grant a
joint and several guarantee in favor of the creditor banks, in relation to all the obligations
resulting from the contract and any subsequent amendments.
(12) Accounts Payable
The accounts payable are comprised of the following:
2010 2009
ThUS$ ThUS$
Domestic accounts payable 67,835 50,757
Foreign accounts payable 12,213 5,049
Total 80,048 55,806
(a) The recoverable taxes are as follows:
2010 2009
ThUS$ ThUS$
Provision for income taxes (8,804) (2,003)

Monthly provisional pay and credit Sence 4,236 2,135
Credits for new investments and Ley Austral 4,824 3,783
Special provisional payment for absorbed income 5,591 5,591
Other 230 152
Total recoverable income taxes 6,077 9,658
Value Added Tax fiscal credit 1,692 1,294
20

(b) Effect of income taxes on consolidated results:
2010 2009
ThUS$ ThUS$
Current tax expense (8,804) (2,003)

Difference in provision for income tax (98) (130)
Special provisional payments for absorbed income - 5,591
Effect of deferred income taxes for the year (77) (880)
Income tax (expense) revenue (8,979) 2,578
(c) Deferred income taxes
The deferred income taxes determined in conformity with the criteria described in note 2(k)
are detailed as follows:
2010 2009 2010 2009
Assets
Client write-offs 2,183 1,643 - -

Obligation under financing lease agreements - - 352 446
Other accruals 775 504 - -
Disposals of raw materials 636 91 - -
Deferred assets 3,967 2,506 352 446
Liabilities
Indirect expenses (4,680) (3,414) - -

Property, plant and equipment, net - - (5,711) (5,449)
Other temporary differences (11) (95) - -
Deferred liability (4,691) (3,509) (5,711) (5,449)
Net recorded liability (724) (1,003) (5,359) (5,003)
21

(14) Accruals
2010 2009
ThUS$ ThUS$
Provision for personnel costs 859 587
Negotiation clause with clients 362 362
Contract manufacturing, freights 3,815 2,029
Legal fees 256 976
Other 434 379
Total 7,593 5,911
(15) Balances and Transactions with Related Parties
(a) The balances receivable from and payable to related companies are as follows:
2010 2009
ThUS$ ThUS$
Due from, short-term:
Ewos Innovation AS 834 20
Mainstream Canada Ltd. 41 15
Ewos AS - 1
Cermaq ASA 84 20
Total 959 56
2010 2009
ThUS$ ThUS$
Due to, short-term:

Ewos Innovation AS 13 806
Ewos Norway AS 5 -
Cermaq ASA 579 318
Mainstream Norway AS 7 -
Total 604 1,124
22

(15) Balances and Transactions with Related Parties, Continued
(b) Transactions
Debit (credit) to net

Company Transaction Relationship Amount income
2010 2009 2010 2009
Ewos Innovation AS Research R&D Indirect 1,460 720 (1,460) (720)

Recovery of expenses 17 397 17 (397)
Ewos Norway AS Recovery of expenses Indirect 18 5 (18) (5)
Cermaq ASA Recovery of expenses Indirect 2,345 1,733 (2,345) (1,733)
Current account - 131 - -
Pay loans - (12,000) - -
Mainstream Canada Ltd. Recovery of expenses Indirect 361 301 361 301
Mainstream Scotland Ltd. Recovery of expenses Indirect - 26 - 26
Mainstream Norway AS Recovery of expenses Indirect 18 70 18 70
(16) Partners’ Equity
(a) Changes in partners’ equity accounts during the years ended December 31, 2010 and 2009,
were as follows:
Paid-in Other Retained (Loss) net

capital reserves earnings income Total
ThUS$ MUS$ MUS$ MUS$ MUS$
Transfers of prior year results - - (55,766) 55,766 -
Translation adjustment - 293 - - 293
Net loss - - - (26,864) (26,864)
Balances as of December 31, 2009 17,000 (2,654) 138,743 (26,864) 126,225

Transfer of prior year results - - (26,864) 26,864 -
Translation adjustment - - - 30,124 30,124
Net income
(b) The balance of Other Reserves corresponds to adjustments made in U.S. dollars for valuation
of investments maintained in the subsidiaries of Mainstream Chile S.A., which until 2009
accounted for their operations in Chilean pesos. As from January 1, 2010 the subsidiaries of
Mainstream Chile S.A. present their accounting records in U.S. dollars.
23

(17) Payments to the Board of Directors
During 2010 and 2009, there ware no payments to the Board of Directors.
(18) Other Income and Expenses Non-operating
The balance of these items is composed of the following:
2010 2009
Other income ThUS$ ThUS$
Earthquake indemnities and damages, net (*) 585 -

Reversal of provision for lower collection of registration 493 -
Other 872 703
Total 2,291 1,120
2010 2009
Other expenses ThUS$ ThUS$
Biomass write offs (fish mortality) - 4,459

Sinister loss - 387
Fines and interest 30 66
Other 153 1,182
Total 183 6,094
(*) Damages in property, plant and equipment and inventories as a result of the earthquake
occurred on February 27, 2010 amounted to ThUS$1,374. Payments received from
insurance companies were ThUS$1,959. As of December 31, 2010, the Company had
received ThUS$1,167 recording a pending balance ThUS$792 within other receivables (see
note 9).
24

(19) Minority Interest
The equity of the subsidiaries owned by third parties is as follows:
Minoritary interest Equity of subsidiary Minority interest

2010 2009 2010 2009 2010 2009
% % ThUS$ ThUS$ ThUS$ ThUS$
Mainstream Chile S.A. 0.01136 0.01136 231,092 211,882 27 24

Total 231,092 211,882 27 24
(20) Concessions
The concessions valued in conformity with the criterion described in note 2(l) that owns the
subsidiary are detailed as follows:
2010 2009
Sea concessions 53 53
Lake licenses 4 4
River licenses 7 5
In 2007, the subsidiary Mainstream Chile S.A. entered into promise to purchase agreements to
acquire six aquaculture concessions from sea and fresh water in Los Lagos and Aysén regions. As
of December 31, 2010, the promised purchases have not been materialized.
Additionally, Management is applying for some licenses in the region of Magallanes, so that in the
future the Company can expand its operations in that area.
(21) Commitments and Contingencies
The following are the direct and indirect commitments entered into by the Parent Company and its
subsidiaries as of December 31, 2010 and 2009:
(a) The Company provided guarantees of ThUS$665 to secure subsidies received from CORFO
destined to the research of new diets to control and prevent salmon sicknesses.
(b) Aqualsmolt Ltda. has committed with Mainstream Chile S.A. to comply with the purchase
agreement of Piscicultura Confluencia entered into on May 31, 2010. The selling company
(Aquasmolt Ltda.) commits to comply with environmental law (sectorial environmental permits)
and current labor law necessary for an adequate fish farming operation within a six-month period
from the date of the commitment.
25

(21) Commitments and Contingencies, Continued
(c) In 2010, a financing lease agreement for the facilities and goods that comprise Proyecto
Piscicultura Collín was entered into. The purchase option is understood to be under condition
precedent for the purchase agreed upon at the same date, for which the compliance of certain
copulative covenants for the use and full delivery of goods by the seller.
(d) The Subsidiary Mainstream Chile S.A., a of December 31, 2010, commitments are detailed
as follows:
- Action under labor law “Miranda against Mainstream Chile S.A., Rol 4934-2009.
Unfavorable second appeal sentence for the amount of ThUS$61.
- Action under labor law “Guenchur against Mainstream Chile S.A., Rol 4912-2009, for
the amount of ThUS$160. A favorable outcome for the Company is expected.
- Labor fine, RIT I-111-2010 for the amount of 110UTM (ThUS$9). A favorable or minor
impact adverse outcome is expected.
- Five proceeding for infringement of Fishing Law with potential fines that may range
between 50UTM (ThUS$4) and 3,000UTM (ThUS$244) each. A favorable or minor
impact adverse outcome is expected.
In Management and legal advisors’ opinion, allowances included in note 14 adequately cover the
risk of these contingencies.
(22) Market Situation
After a few years of sanitary crisis due to the infectious salmon anemia (ISA virus) in the south area
of Chile, during 2010 the salmon industry showed signs of recovery due to the implementation of
sanitary actions and better productive practices implemented by the authority and by salmon
industries. The effects of this recovery result in an increase in density and a steady demand in main
markets (Japan and United States).
The subsidiary Company’s production volume for 2010 (38,452 tons) was less than that of 2009
(47,108 tons) as in that year there was a harvest speed up to mitigate the effects of ISA virus and
implement sanitary actions proposed by the Chilean Government. Lower production volumes were
compensated by a significant increase of prices observed during the second quarter of 2010. The
expectations for the industry and the subsidiary in the forthcoming years are favorable.
26

Between December 31, 2010 and up to the issuance of these consolidated financial statements
(January 21, 2011), there have been no subsequent events that could significantly affect the amounts
presented in the financial statements consolidated or the economic and financial position of the
Company and its subsidiaries.
27
MAINSTREAM CHILE S.A. AND
SUBSIDIARIES
Consolidated Financial Statements as of
December 31, 2011 and 2010 and for the years then ended

MAINSTREAM CHILE S.A. AND SUBSIDIARIES
CONTENTS
ThUS$: Amounts expressed in thousands of United States


Assets Note 2011 2010

ThUS$ ThUS$
Current Assets:
Cash 3,231 2,491
Trade accounts receivable (4) 37,968 32,047
Other receivables 1,915 569
Due from related companies (6) 421 124
Inventories (5) 114,575 95,961
Recoverable taxes (13) - 10,091
Property, Plant and Equipment:
Land (7) 5,172 4,198
Buildings and infrastructure 76,432 67,338
Accumulated depreciation (7) (70,212) (63,546)
Other assets:
Investments in other companies 12 22
Goodwill (net) (8) 66,166 73,209
Negative goodwill (net) (8) (315) (346)
Trade accounts receivable 2,368 -
Due from related companies (6) 20,016 20,016
Intangible assets (net) (9) 14,661 18,386
Other - 57
Total assets 357,152 316,784
2

Liabilities and Stockholders’ Equity Note 2011 2010

ThUS$ ThUS$
Current installments of long-term debt (10) 163 4,090
Leasing liabilities (11) 2,138 576
Due to related companies (6) 20,968 1,290
Other payables 10 22
Accrued expenses (12) 6,401 5,627
Withholdings 718 617
Income taxes payable (13) 1,734 -
Long-term debt, excluding current installments (10) - 44,000
Leasing liabilities (11) 6,480 1,316
Due to related companies (6) 353 350
Stockholders’ equity:
Paid-in capital (14) 154,719 154,719
Net income 54,134 19,210
Total stockholders’ equity 285,226 231,092
Total liabilities and stockholders’ equity 357,152 316,784
3

years ended December 31, 2011 and 2010
Note 2011 2010

ThUS$ ThUS$
Operating income:
Net sales 286,763 192,999
Operating income 75,403 34,120
Non-operating income:
Other non-operating income (15) 843 523
Interest expense (753) (1,314)
Other non-operating expenses (4) (137)
Foreign currency exchange difference 598 (710)
Non-operating loss (6,128) (8,521)
Income before income taxes 69,275 25,599
Income taxes (13) (15,141) (6,389)
Net income 54,134 19,210
4

years ended December 31, 2011 and 2010
2011 2010
ThUS$ ThUS$
Net income 54,134 19,210
Proceeds from sale of property, plant and equipment (18) (3)
Adjustments to reconcile net income to net cash from operating
activities:
Depreciation 10,271 11,363
Foreign currency exchange difference (598) 710
Deferred income taxes 1,625 1,653
(Increase) decrease in operating assets:
Trade accounts receivable and other receivables (10,086) (16,907)
Due from related companies (297) (73)
Inventories (18,614) (16,969)
Other current assets 57 (16)
Due to related companies 19,681 836
Other 2,609 1,430
Proceeds from bank borrowings 20,800 33,000
Payments of loans to related companies - (19,742)
Net cash flows (used in) provided by financing activities (48,000) 7,786
Sale of property, plant and equipment 662 57
Investment in property, plant and equipment (23,426) (15,658)
Investment in fresh water concessions (3,719) (2,375)
Net increase in cash and cash equivalents 10,244 6,386
Cash and cash equivalents at beginning of year 7,944 1,558
Cash and cash equivalents at end of year 18,188 7,944

5

Mainstream Chile S.A. (the “Company”) was formally incorporated through the division of
assets, liabilities and stockholders' equity assigned to this company were transferred.
The line of business of the Company and its subsidiaries, since the division, is the extraction,
and in general, all activities directly related to the cultivation of fisheries and lacustrine and marine
species.
(a) General
The accompanying financial statements have been prepared in accordance with accounting
These financial statements are provided as a free translation from the Spanish language
original, which is the official and binding version. Such translation has been made solely for
the convenience of non-Spanish readers.
(b) Functional Currency
The Company’s operating income and expenses are denominated mostly in US dollars and
accordingly such currency has been defined as functional currency to record transactions and
measure assets, liabilities and profit or losses.
The Chilean Internal Revenue Service has authorized Mainstream Chile S.A. to record its
operations in U.S. dollars; consequently, as most of its operations are carried out in dollars,
its accounting records required by legal regulations are shown in this currency.
Assets and liabilities denominated in Chilean pesos, existing as of December 31, 2011 and
2010, have been translated into U.S. dollars at the current exchange rate at transaction date,
and they are Ch$519.29 and Ch$468.01 per US$1.00, respectively.
6

(c) Marketable Securities
Marketable securities correspond to investments in fixed-income short-term mutual funds,

with no risk of capital loss, expressed at the value of deposits as of December 31, 2011.
(d) Basis of Consolidation

The consolidated financial statements have been prepared under the line by line method of
assets, liabilities, results and cash flows of the parent and subsidiaries. The effects of
significant transactions between the subsidiaries, and between these and the Company have
been eliminated. As of December 31, 2011 and 2010, the Company did not present minority
interest in liabilities or in the statement of income since they amount to less than ThUS$1.
Companies included in the consolidation as of December 31, 2011 and 2010, and their
ownership percentages are as follows:
2011 2010
Subsidiary % %
Salmones Mainstream S.A. 99.9999 99.9999
Aquacultivos S.A. 99.9000 99.9000
Congelados y Conservas Fitz Roy S.A. 99.9906 99.9906
Salmones Andes S.A. 99.9999 99.9999
Sociedad Agrícola y Pesquera Chillehue S.A. - 99.9999
Salmones Llanquihue S.A. - 99.9583
Gentec S.A. - 99.9090
As of the closing date of 2011, the Company made the decision of merging with and
absorbing the subsidiaries, Sociedad Agrícola y Pesquera Chillehue S.A., Salmones
Llanquihue S.A. y Gentec S.A. acquiring the total amount of the shares and rights on these
companies.
(e) Allowance for Doubtful Accounts

The Company assesses the recoverability of accounts receivable and records allowances in
order to cover the risk of the portfolio not being collectable at the end of each year. The
recoverability of these allowances is estimated on a conservative valuation basis, and they are
presented writing down the accounts receivable.
As of December 31, 2011 and 2010, no allowance has been accrued as all accounts receivable
are deemed to be collectible.
7

(f) Inventories
As of each year-end fish inventories are presented at value of the accumulated cost in the
growth period including indirect costs associated with the production process.
Finished products are stated at production cost using the absorption costing method, which
includes direct and indirect costs. The valuation method used is average cost, which does not
exceed its net realization value. There is no risk of obsolescence due to its high turnover.
Inventories of raw materials, materials and other supplies are valued at acquisition cost.
(g) Property, Plant and Equipment and Depreciation

Property, plant and equipment are stated at acquisition or construction cost.
Depreciation of property, plant and equipment has been calculated using the straight-line
method, considering the remaining useful lives of the assets.
Property, plant and equipment purchased under financial lease agreements are recorded at the
current value of the contract, which is established by discounting the installment value and
the purchase option at the implicit interest rate included in the respective contract. As long as
the purchase option is not exercised, these assets do not legally belong to the Company and
cannot freely dispose of them. The obligation for this concept is included in short-term and
long-term liabilities, net of deferred interest.
The depreciation of assets under financing lease agreements is determined using the same
criteria applicable to other property, plant and equipment.
(h) Goodwill and Negative Goodwill

Goodwill and Negative Goodwill include the differences between the amount paid for the
acquisition of the shares in the subsidiaries described in note 2(d) and their value under the
equity method at the date of acquisition. Goodwill and negative goodwill are amortized over
a maximum period of 20 years, which is the estimated recovery term for such investments.
8

(i) Current Income Taxes and Deferred Income Taxes

Income taxes are determined in accordance with current tax regulations in Chile.
In conformity with Technical Bulletin No. 60 of the Colegio de Contadores de Chile A.G., at the
end of each year, companies recognize deferred taxes assets or liabilities for the future estimate
tax effects related to the temporary differences between the financial statement carrying value and
tax basis of assets and liabilities. Also, they recognize a deferred tax asset for the future tax
benefit of tax losses. Deferred tax assets and liabilities are determined based on the tax legislation
applicable in the year that deferred tax assets and liabilities are recovered or settled. The effects of
future changes in tax legislation or tax rates are recognized in deferred taxes starting on the date of
publication of the law approving such changes. If necessary, the amount related to deferred tax
assets is reduced by the amount of any tax benefit which is not expected to be recovered.
Law No.20.455 established a transitory increase of the income tax rate for the following
years:
Year Rate
%
2011 20.0
2012 18.5
2013 and thereafter 17.0
Rates above were used to calculate deferred taxes.
(j) Intangible Assets
In conformity with Technical Bulletin No. 55 of the Colegio de Contadores de Chile A.G. marine
concessions and freshwater concessions are stated at acquisition cost and amortized over a
maximum period of 40 years.
(k) Accrued Vacations
In conformity with Technical Bulletin No.47 y No.48 issued by the Colegio de Contadores de
Chile A.G., the Company recognizes the cost of personnel vacations on an accrual basis at the end
of each year.
9

(l) Research and Development Expenses
Research and development expenses paid to Ewos Innovation AS. are recorded as a debit to
net income in the year in which they are incurred. Likewise, income associated with such
activities are recorded reducing the costs in the year in which they are effectively received, in
accordance with Technical Bulletin No.28 issued by the Colegio de Contadores de Chile
A.G.
(m) Statement of Cash Flows
For purposes of preparing the statement of cash flows, the Company considers cash in bank
and on hand, and investments in marketable securities negotiated at a maximum term of 90
days from the date of investments and with no risk of capital loss, to be cash and cash in
conformity with Technical Bulletin No.50 of the Colegio de Contadores de Chile A.G.
as defined from investing or financing activities. Note that the operating concept used in this
statement is broader than the one used in the statements of income.
(n) Revenue Recognition
The Company recognizes revenue from sales on an accrual basis when products are delivered
physically, and when associated risks have been transferred to such customers, in conformity
with Technical Bulletin No.70 issued by the Colegio de Contadores de Chile A.G.
The sale price of salmon is determined by the conditions existing in target markets and
revenue is presented net of taxes.
(o) Use of Estimates
financial statements in conformity with accounting principles generally accepted in Chile.
Actual results could differ from those estimates.
10

Balances are composed of investments in mutual funds valued in conformity with the criterion
described in Note 2(c) and as of December 31, 2011 and 2010, are detailed as follows:
2011
Bank Investment Deposits Deposit value Amount
US$ ThUS$
2011
Mutual fund deposit - Money Market,
Larrain Vial U.S. dollar 997.0621 1,003.5927 1,001
Mutual fund deposit – Series E
BBVA Liquidity, U.S. dollar 2,718.361 1,203.4311 3,271
DnB NOR Overnight Funds - - 10,685
Total 14,957
2010
Bank Investment Deposits Deposit value Amount
US$ ThUS$
2010
Mutual fund deposit - Money Market,
Santander U.S. dollar 2,460.37 609.66 1,500
Mutual fund deposit – Series E
BBVA Liquidity, U.S. dollar 796.61 1,194.68 951
DnB NOR Overnight Funds - - 3,002
Total 5,453
(4) Trade Accounts Receivable
2011 2010
ThUS$ ThUS$
Foreign clients 33,552 26,988
Domestic clients 4,416 5,059
Total 37,968 32,047
11

(5) Inventories
Inventories are as follows:
2011 2010
ThUS$ ThUS$
Breeding of salmon and trout 95,454 75,205
Fish food 2,463 2,726
Raw materials and goods in transit 2,073 3,256
Total 114,575 95,961
(6) Balances and Transactions with Related Companies
(a) Balances due to and from related companies are as follows:
Due from Due to

2011 Short term Long term Short term Long term
Ewos Chile Alimentos Ltda.(*) 33 20,016 20,017 353
Cermaq ASA 339 - 951 -
Mainstream Canada Ltd. 49 - - -
Total 421 20,016 20,968 353
Due from Due to

2010 Short term Long term Short term Long term
Ewos Chile Alimentos Ltda.(*) - 20,016 905 350
Cermaq ASA 83 - 365 -
Mainstream Canada Ltd. 41 - - -
Mainstream Norway - - 7 -
Ewos Innovation AS - - 13 -
Total 124 20,016 1,290 350
(*) Long-term intercompany balances are negotiated in writing, but have no maturity or include the payment
of interest.
12

(6) Balances and Transactions with Related Companies, Continued
(b) Transactions with related companies during 2011 and 2010 are detailed as follows:
(Debit) credit to net

Amount income
Relationship Transaction 2011 2010 2011 2010
Ewos Innovation AS Indirect Research expenses - 150 - (150)
Cermaq ASA Indirect Recovery of expenses 1,784 1,407 (1,784) (1,407)
Parent
Ewos Chile Alimentos Ltda. Company Food purchase 100,837 76,274 - -
Recovery of expenses 79 70 79 70
Lab analysis 502 454 (422) (382)
Fish purchase 1,444 456 (1,213) (383)
Fish sale 236 73 11 37
Payment of loans - (19,742) - -
Mainstream Canada Ltda. Indirect Recovery of expenses 206 361 206 361
Mainstream Norway AS Indirect Recovery of expenses - 18 - 18
13

(a) Property, plant and equipment are composed of the following:
2011 2010
ThUS$ ThUS$
Land 5,172 4,198
Buildings and infrastructure:
Rafts 49,522 46,376
Total 76,432 67,338
Machinery and equipment:
Vehicles and vessels 988 947
Total 33,250 27,940
Other property, plant and equipment:
Improvements in progress 13,590 8,553
Total 34,997 21,697
(b) As of December 31, 2011, the net debit to net income arising from depreciation as of was
calculated as described in Note 2(g) and amounted to ThUS$10,271 (ThUS$11,363 as of
December 31, 2010).
Property, plant and equipment acquired under financial lease and leasebacks agreements are
included within Other property, plant and equipment according to the criteria described in Note
2(g) and are composed of the following:
14


(c) Assets under financing lease agreements, Continued
2011 2010
ThUS$ MUS$
Land 1,322 220
Machinery and equipment 45 -
Furniture and supplies 2,000 80
Total assets under financing lease agreements 19,407 11,552
Less: Accumulated depreciation (3,304) (2,540)
Total assets under financing lease agreements 16,103 9,012
(8) Goodwill and Negative Goodwill
(a) The goodwill generated from the acquisition of investments in companies indicated in Note
2(d) has been amortized in accordance with the criterion described in Note 2(h), as follows:
Goodwill Amortization Accumulated
(net) expense amortization
2011 2010 2011 2010 2011 2010
MUS$ MUS$ MUS$ MUS$ MUS$ MUS$
Mainstream Salmones y Alimentos S.A. 53,566 59,574 (6,008) (6,008) (66,512) (60,504)
Salmones Andes S.A. 8,905 9,594 (689) (689) (4,985) (4,296)
Sociedad Agrícola y Pesquera Chillehue (1,528) (1,310)
S.A. (*) 2,838 3,056 (218) (218)
Congelados y Conservas Fitz Roy S.A. 502 555 (53) (53) (555) (502)
Aquacultivos Ltda. 330 394 (64) (64) (959) (895)
Salmones Mainstream S.A. 25 36 (11) (11) (184) (173)
Total 66,166 73,209 (7,043) (7,043) (74,723) (67,680)
(b) The negative goodwill generated from the acquisition of investments in companies indicated in
Note 2(d) has been amortized in accordance with the criterion described Note 2(h), as follows:
Negative goodwill Amortization Accumulated
(net) expense amortization
2011 2010 2011 2010 2011 2010
Salmones Llanquihue S.A. (*) 185 205 20 20 222 202
Gentec S.A. (*) 130 141 11 11 93 82
Total 315 346 31 31 315 284
(*) On November 10, 2011, the Parent Company acquired all the shares of these subsidiaries resulting in the merger and
absorption of such subsidiaries. The Company’s Management assessed the goodwill and negative goodwill related to
these subsidiaries and concluded that they will generate future economic benefits attributable to the goodwill of assets
acquired at the date in which the business combination occurred.
15


Intangible assets correspond mainly to marine concessions and, to a lesser extent, to freshwater
concessions, related to salmon breeding activities. The summary of these rights for each company is
as follows:
Accumulated
Intangible assets amortization Net
2011 2010 2011 2010 2011 2010
Salmones Mainstream S.A. 819 1,146 (206) (205) 613 941
Aquacultivos S.A. 600 600 (111) (96) 489 504
Salmones Andes S.A. - 140 - (21) - 119
Sociedad Agrícola y Pesquera Chillehue S.A. - 15 - (2) - 13
Total 19,155 22,380 (4,494) (3,994) 14,661 18,386
Debit to net income for amortization of concessions, determined in accordance with the criterion
described in Note 2(j), amounted to ThUS$462 in 2011 (ThUS$481 in 2010), and is classified under
Costs of goods sold in the Statement of Income.

This caption is composed of the following:
2011 2010
Short Long Short Long
Bank Currency Rate term Term term Term
% ThUS$ ThUS$ ThUS$ ThUS$
1.2 +
DnB Nor Bank ASA Chile US$ LIBOR 163 - - 33,000
Santander US$ 2.24 - - 4,002 -
Dansk Bank (*) US$ 1.83 - - 88 11,000
Total 163 - 4,090 44,000
Loans with DnB Nor Bank ASA Chile and Santander are part of the indebtedness of ThUS$150,000
allowed to the Company in Chile by the Parent Company.
(*) On August 4, 2010, the Parent, Cermaq ASA and the Norwegian banks, DNB Nor Bank ASA, Danske Bank A/S
and Nordea Bank Norge ASA agreed to change, restructure and unify the loan contract from 2000 by means of a
new instrument named “Unified and Modified Credit Contract”. In this negotiation process, these banks approved
(i) a revolving credit facility of ThUS$200,000 for five years and payable upon maturity and (ii) a revolving credit
facility of NOK1,500 million for five years and payable upon maturity. As of December 31, 2011, the Company
paid the entire balance of the revolving credit facility. As of December 31, 2010, the amount used of the revolving
credit facility amountsThUS$11.000.
Through this same document, the parties agreed that the Company must grant a joint and several guarantee in
favor of the creditor bank for all the obligations resulting from the contract and any subsequent amendments.
16

(11) Obligations under Financing Lease Agreements

Obligations under financing lease agreements according to their maturities are detailed as follows:
Bank Operation 2011 2010
Short-term Long-term Short-term Long-term
BCI Financing lease agreement 217 - 425 -
Estado Financing lease agreement 264 1,420 263 1.663
Bice Financing lease agreement 1,039 1,904 - -
BBVA Financing lease agreement 932 3,805 - -
Santander Financing lease agreement 10 8 11 19
Deferred interest (324) (657) (123) (366)
Principal owed 2,138 6,480 576 1,316
(12) Accrued Expenses

This caption is composed of the following:
2011 2010
Concept ThUS$ ThUS$
Employee allowances and other benefits 1,530 48
Outsourced manufacturing services and freight expenses 2,061 3,815
Other 1,311 434
Total 6,401 5,627

(a) Recoverable taxes are as follows:
2011 2010
ThUS$ ThUS$
Income tax payable (13,759) (4,638)
Credit for provisional payments related to absorbed earnings - 5,591
Monthly provisional income tax payments and training expenses 6,156 2,058
Bonus for investment in PP&E and “Austral Act” 2,603 4,784
Value-added tax credit 3,128 2,109
Other 138 187
Total (payable) recoverable taxes (1,734) 10,091
17

(b) Deferred income taxes determined in conformity with the criteria described in 2(i) are
2011 2010 2011 2010
Temporary differences
Difference in property, plant and equipment - - (5,335) (2,110)
Obligations under financing lease agreements - - 1,501 352
Capitalized indirect expenses (5,704) (4,680) - -
Other temporary differences 184 205 1,444 -
Total deferred income tax liabilities (5,243) (4,249) (2,390) (1,758)
(c) The effect of current and deferred income taxes on net income is as follows:
2011 2010
ThUS$ ThUS$
Current income tax (13,759) (4,638)
Difference in prior year income tax 244 (98)
Effect of deferred income taxes for the year (1,626) (1,653)
Income tax expense (15,141) (6,389)
(14) Stockholders’ Equity
(a) Changes in stockholders’ equity accounts during 2011 and 2010 are as follows:
Paid-in Other Retained

capital reserves earnings Net income Total
ThUS$ ThUS$ ThUS$ ThUS$ ThUS$
Transfer to net income - - (30,431) 30,431 -
Net income - - - 19,210 19,210
Balances as of January 1, 2011 154,719 (2,653) 59,816 19,210 231,092
Transfer to net income - - 19,210 (19,210) -
Net income - - - 54,134 54,134
18

(14) Stockholders’ Equity, Continued
(b) The balance of Other reserves corresponds to adjustments made in United States dollars for
valuation of investments maintained in the subsidiaries, Salmones Llanquihue S.A.,
Congelados y Conservas Fitz Roy S.A., Gentec S.A., Salmones Andes S.A. and Sociedad
Agrícola y Pesquera Chillehue S.A., which until 2009 accounted for their operations in
Chilean pesos. Starting from January 1, 2010, the subsidiaries of Mainstream Chile S.A.
present their accounting records in U.S. dollars.
(c) As of December 31, 2011 and 2010, the distribution of shares is as follows:
Shareholder No. of Ownership

Shares %
Ewos Chile Alimentos Ltda. 2,499,727 99.98864
Ricardo Bertens Concha 133 0.00532
Juan Callao Cortez 75 0.00300
Inversiones Nantes Ltda. 20 0.00080
Pedro Correa Domínguez 12 0.00048
Santander S.A. Corredores de Bolsa 12 0.00048
Banchile Corredores de Bolsa S.A. 8 0.00032
Larraín Vial S.A. Corredores de Bolsa 6 0.00024
Consorcio Corredores de Bolsa S.A. 5 0.00020
Wilfried Kramer Schumacher 4 0.00016
Zinnia Busch Flores 3 0.00012
Ewos Canada Ltd. 1 0.00004
Alvaro Costa Benítez 1 0.00004
Other shareholders 4 0.00016
Total 2,500,011 100.00000
(15) Other Non-operating Income and Expenses
As of December 31, 2011 and 2010, this caption is composed of the following:
2011 2010
ThUS$ ThUS$

Other 784 510
Total 843 523
19

(16) Concessions
The Company’s concessions valued in conformity with the criterion described in Note 2(j) are
2011 2010
Aquiculture sea concessions 63 53
Aquiculture lake concessions 4 4
Water rights (river) 8 7
Additionally, Management is applying for certain licenses in the Magallanes Region to extend the
Company’s operations.
(17) Contingencies and Commitments
The Company secured its loans and loans of the Parent Company, Ewos Chile Alimentos Ltda.,
included within the syndicated loan led by Dansk Bank, as described in Note 10.
As of December 31, 2011, contingencies are detailed as follows:
x Labor lawsuit entitled “Guenchur against Mainstream Chile S.A., Journal 4912-2009, for
ThUS$145. A favorable outcome for the Company is expected.
x Labor lawsuit, Journal: M-09-2010/O-29-2011/P-10-2010/O-33-2011/O-40-2011, for a total

amount of ThUS$13. A favorable outcome is expected.
x Three legal proceedings for infringement of the Fishing Law which expose the Company to
potential fines ranging between 50 Monthly Tax Units and 3,000 Monthly Tax Units each. A
favorable outcome or unfavorable outcome with a minor impact is expected.
In the Company’s Management’s and legal advisors’ opinion, the accruals included in Note 12
above properly cover the risks arising from these contingencies.
20

(18) Market Condition
After a few years of sanitary crisis due to the infectious salmon anemia (ISA virus) in the Southern
area of Chile, during 2010 and 2011 the salmon industry showed significant signs of recovery due
to the implementation of sanitary actions and better productive practices implemented by the
authority and salmon producing companies. The effects of this recovery result in an increase in
production and a decrease in fish mortality, as well as an increase in supply during 2011 giving rise
to drops in prices in the second half of 2011, mainly for Atlantic salmon.
The Company’s sales during 2011 (49,220 tons) were higher than those recorded in 2010 (37,326
tons), ranking second within the Chilean exporters of Salmon and Trout.
Between January 1, 2012 and up to the issuance of these consolidated financial statements, there
have been no subsequent events that could significantly affect the amounts presented in the
consolidated financial statements or the Company’s economic and financial position.
21
Farmed Atlantic Salmon
Monthly Update
on
Production, Supply and Market Development
Produced for:
August 1st, 2012
Systemizing the World of Aquaculture and Fisheries

Table of contents:
Page:
1. Global Overview
Total Salmonids 3
Atlantic Salmon - Harvest 4
Atlantic Salmon - Supply 6
2. Market Prices
Europe 7
USA 10
Japan 12
3. Market Development
All Markets 13
EU 14
USA 15
Japan 16
Russia 17
Other Markets 18
4. Production Update
Norway 19
Chile 20
UK 21
Faroe Islands 22
Canada / USA 23
Ireland / Other Countries 24
5. Market Distribution
Norway 25
Chile 27
UK 29
Faroe Islands 31
Canada 33
6. Feed Consumption
Atlantic Salmon 35
Coho / Large Trout 36
Global Overview - Salmon
Harvest of Farmed Salmon / Large Trout & Catch of Wild Salmon

In thousand tonnes wfe
Split by Country
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E
Farmed Salmon/Trout
Norway 315 349 389 461 471 477 521 579 601 633 656 799 827 937 1 000 1 060 1 213 1 211
Chile 199 248 259 229 342 487 485 494 575 617 620 642 697 492 448 578 743 757
Canada 44 55 70 78 89 112 126 109 107 126 125 116 125 120 123 115 129 116
UK 79 95 105 119 122 134 143 162 152 122 129 137 139 147 144 157 155 155
Others 122 126 129 155 155 174 172 174 155 139 137 151 173 200 197 201 212 226
Total Farmed 758 873 953 1 041 1 180 1 384 1 446 1 518 1 589 1 636 1 667 1 847 1 960 1 895 1 911 2 110 2 452 2 467
Wild Caught Salmon

USA 398 296 327 411 329 363 283 362 363 407 331 430 322 338 373 361 299
Canada 33 43 30 17 19 25 33 38 19 27 24 20 3 19 38 23 20
Japan 319 305 237 204 195 225 238 279 261 239 227 220 173 213 170 142 154
Russia 162 223 233 233 216 222 156 232 254 259 276 349 260 540 327 505 275
Others
Total Wild Caught 912 867 827 865 758 834 710 911 896 933 858 1 019 758 1 109 907 1 031 748
Total Salmon & Trout 1 670 1 739 1 780 1 906 1 938 2 218 2 156 2 429 2 485 2 569 2 525 2 865 2 718 3 005 2 818 3 141 3 200
Harvest of Farmed Salmon / Trout & Catch of Wild Salmon

Split by Specie
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E
Farmed Salmon/Trout
Atlantic Salmon 541 621 682 788 875 989 1 059 1 145 1 208 1 252 1 272 1 398 1 493 1 467 1 446 1 620 1 924 1 980
Large Trout 122 153 166 148 180 229 245 232 242 236 254 306 329 298 307 316 346 342
Coho 81 85 88 90 108 142 119 118 113 121 123 127 125 116 142 156 165 128
Chinook 15 14 17 15 18 24 24 23 27 27 19 16 14 15 16 17 17 17
Total Farmed 759 873 953 1 041 1 180 1 384 1 446 1 518 1 589 1 636 1 667 1 847 1 960 1 895 1 911 2 110 2 452 2 467
Wild Caught Salmon

Sockeye 188 130 79 130 125 109 98 111 143 139 143 159 133 140 176 151 140
Coho 29 13 19 13 18 20 19 16 21 16 16 16 20 15 19 16 18
Chinook 10 14 10 14 9 9 6 7 9 7 7 6 4 4 5 6 3
Chum 391 361 330 301 303 317 308 360 344 306 353 317 292 349 309 269 283
Pink 294 349 389 410 304 379 278 417 381 463 339 521 310 601 399 590 304
Total Wild Caught 912 867 827 867 758 834 710 911 896 932 857 1 018 758 1 109 907 1 031 748
Total Salmon & Trout 1 671 1 739 1 780 1 908 1 938 2 218 2 156 2 429 2 485 2 568 2 524 2 865 2 718 3 005 2 818 3 141 3 200
Total Salmon Supply - In thousand tonnes wfe

3 500
Wild Caught Salmon Farmed Salmon/Trout
3 000
Total Salmon & Trout
2 500
2 000
1 500
1 000
500
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E
Global Overview - Atlantic Salmon
Harvest Quantity - World Wide

Per Country - In thousand tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

Norway 723 741 2% 856 15 % 945 10 % 1 006 6% 1 138 13 % 1 144 1%
Chile 356 404 13 % 239 -41 % 130 -46 % 221 71 % 375 70 % 427 14 %
UK 135 137 1% 145 6% 142 -2 % 155 9% 153 -1 % 152 -1 %
Canada 110 119 8% 115 -3 % 118 2% 110 -7 % 124 12 % 111 -10 %
Faroe Isl. 19 37 92 % 47 28 % 42 -11 % 56 35 % 60 6% 65 9%
Ireland 15 11 -25 % 15 30 % 18 20 % 16 -10 % 17 3% 17 3%
USA 12 17 38 % 16 -4 % 18 10 % 18 2% 19 4% 19 2%
Australia 24 26 8% 32 25 % 33 2% 36 9% 37 1% 37 1%
Others 4 2 -38 % 2 -29 % 1 -18 % 2 50 % 3 52 % 7 109 %
Total 1 398 1 493 7% 1 467 -2 % 1 446 -1 % 1 620 12 % 1 924 19 % 1 980 3%

Per Month - In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 104 700 116 150 11 % 127 000 9% 109 600 -14 % 108 200 -1 % 136 200 26 % 144 800 6%
February 100 800 111 750 11 % 113 800 2% 107 400 -6 % 103 850 -3 % 141 200 36 % 143 850 2%
March 121 300 113 850 -6 % 127 800 12 % 122 200 -4 % 121 750 0% 168 900 39 % 166 450 -1 %
April 103 800 112 650 9% 118 700 5% 103 600 -13 % 111 450 8% 143 000 28 % 150 600 5%
May 113 750 124 100 9% 109 100 -12 % 110 000 1% 119 950 9% 158 200 32 % 159 200 1%
June 118 050 118 900 1% 110 500 -7 % 119 000 8% 128 900 8% 165 300 28 % 164 800 0%
July 108 450 119 400 10 % 110 700 -7 % 115 000 4% 133 100 16 % 156 900 18 % 157 400 0%
August 112 350 117 800 5% 112 900 -4 % 110 900 -2 % 133 700 21 % 147 900 11 % 152 600 3%
September 112 250 126 750 13 % 124 800 -2 % 127 700 2% 155 100 21 % 166 500 7% 173 900 4%
October 131 750 135 550 3% 135 100 0% 136 850 1% 161 600 18 % 176 950 9% 188 300 6%
November 139 000 144 550 4% 134 900 -7 % 141 550 5% 170 200 20 % 180 750 6% 189 400 5%
December 132 300 151 350 14 % 142 400 -6 % 142 200 0% 172 200 21 % 182 600 6% 188 700 3%
Total 1 398 500 1 492 800 7% 1 467 700 -2 % 1 446 000 -1 % 1 620 000 12 % 1 924 400 19 % 1 980 000 3%

Per Quarter - In thousand tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

Q-1 327 342 5% 369 8% 339 -8 % 334 -2 % 446 34 % 455 2%
Q-2 336 356 6% 338 -5 % 333 -2 % 360 8% 467 29 % 475 2%
First Half 662 697 5% 707 1% 672 -5 % 694 3% 913 32 % 930 2%
Q-3 333 364 9% 348 -4 % 354 1% 422 19 % 471 12 % 484 3%
Q-4 403 431 7% 412 -4 % 421 2% 504 20 % 540 7% 566 5%
Second Half 736 795 8% 761 -4 % 774 2% 926 20 % 1 012 9% 1 050 4%
Total 1 399 1 493 7% 1 468 -2 % 1 446 -1 % 1 620 12 % 1 924 19 % 1 980 3%
Harvest Quantity
Split by Region
2007 2008 2009 2010 2011E 2012E 2013E

Europe 892 926 4% 1 063 15 % 1 146 8% 1 233 8% 1 367 11 % 1 379 1%
North-/South America 478 539 13 % 371 -31 % 266 -28 % 349 32 % 517 48 % 558 8%
Other 28 28 1% 34 21 % 34 1% 38 11 % 40 4% 44 10 %
Total 1 398 1 493 7% 1 467 -2 % 1 446 -1 % 1 620 12 % 1 924 19 % 1 980 3%
* Europe - Norway, UK, Faroe Islands and Ireland

* North-/South America - Canada, USA & Chile
* Other - Australia, Iceland
Harvest Quantity
Split by Region
1 600
1 400
1 200
1000 tonnes wfe
1 000
800
600
400
200
0
2006 2007 2008 2009 2010 2011E 2012E
Europe North-/South America Other
Harvest Quantity
Per Quarter
600 566
Q-1 Q-2 Q-3 Q-4 540
504
500 467471 475484
446 455
422
400 360
1000 tonnes wfe
334
300
200
100
0
2006 2007 2008 2009 2010 2011E 2012E 2013E
Supply Development - Adjusted for Changes Frozen Inventory

Split by Region
2007 2008 2009 2010 2011E 2012E 2013E
Europe 892 926 4% 1 064 15 % 1 146 8% 1 232 7% 1 367 11 % 1 379 1%
North-/South America 474 514 8% 408 -21 % 265 -35 % 347 31 % 518 49 % 558 8%
Other 28 28 1% 34 21 % 34 1% 38 11 % 40 4% 44 10 %
Total 1 393 1 468 5% 1 506 3% 1 446 -4 % 1 616 12 % 1 924 19 % 1 981 3%
Supply Development
Split by Main Market
2007 2008 2009 2010 2011E 2012E 2013E

EU 704 737 5% 766 4% 737 -4 % 782 6% 887 13 % 916 3%
USA 307 294 -4 % 281 -5 % 257 -9 % 288 12 % 351 22 % 355 1%
Japan 45 47 5% 40 -15 % 34 -16 % 46 35 % 66 44 % 59 -10 %
Russia 73 75 3% 78 5% 100 27 % 124 24 % 160 29 % 163 2%
Other Markets 264 314 19 % 340 8% 318 -6 % 377 18 % 463 23 % 488 5%
Total 1 393 1 467 5% 1 505 3% 1 446 -4 % 1 616 12 % 1 926 19 % 1 980 3%
Supply Development
Split by Main Market
1 000
EU USA Japan Russia Other
900
800
1000 tonnes wfe
700
600
500
400
300
200
100
0
2006 2007 2008 2009 2010 2011E 2012E
Market Prices - Atlantic Salmon
Europe
Norway
Average weighted NSL / FHL / NOS-Price (FCA Oslo)
NOK / Kilo
48,00
2009 2010 2011 2012
44,00
40,00
36,00
32,00
28,00
24,00
20,00
16,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Norway
Accumulated - average weighted NSL / FHL / NOS- price (FCA Oslo)
NOK / Kilo
42,00
40,00
38,00
36,00
34,00
32,00
30,00
28,00
26,00
24,00
2009 2010 2011 2012
22,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: NSL / FHL / NOS

Europe
France
Wholesale price, Norwegian fresh salmon, 4-5 kilo, Rungis - Paris
EUR / Kilo
7,50
7,00 2009 2010 2011 2012
6,50
6,00
5,50
5,00
4,50
4,00
3,50
3,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: SNM
Wholesale price, Norwegian fresh salmon, 3-4 kilo, Rungis - Paris
EUR / Kilo
7,50
7,00 2009 2010 2011 2012
6,50
6,00
5,50
5,00
4,50
4,00
3,50
3,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: SNM
Wholesale price, Scottish fresh salmon, 2-3 kilo, Rungis - Paris

EUR / Kilo
8,00
7,50 2009 2010 2011 2012
7,00
6,50
6,00
5,50
5,00
4,50
4,00
3,50
3,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: SNM
Europe
Spain
Wholesale price, Fresh Atlantic salmon, Mercabarna - Barcelona
EUR / Kilo
7,00
6,50
6,00
5,50
5,00
4,50
4,00
3,50
3,00 2009 2010 2011 2012
2,50
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: Mercabarna
France
Retail prices, Fresh salmon - Collection from 150 Supermarkets in France
EUR / Kilo
10,00
9,50
9,00
8,50
8,00
7,50
7,00
6,50 2009 2010 2011 2012

6,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: SNM
Retail prices, Fresh salmon fillets - Collection from 150 Supermarkets in France
EUR / Kilo
17,00
2009 2010 2011 2012
16,00
15,00
14,00
13,00
12,00
11,00
10,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: SNM
USA
Wholesale price, 8-10 Lb Fresh Atlantic salmon, Fulton - New York

USD / Lb
4,90
2009
4,60
2010
4,30
2011
4,00
2012
3,70
3,40
3,10
2,80
2,50
2,20
1,90
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: NMFS
Wholesale price, 10-12 Lb Fresh Atlantic salmon, Fulton - New York

USD / Lb
5,00
2009
4,70
2010
4,40
2011
4,10
2012
3,80
3,50
3,20
2,90
2,60
2,30
2,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: NMFS
USA
Fresh Atlantic salmon, 8 - 10 Lbs, Fob North East

USD / Lb
4,70
2009 2010 2011 2012
4,40
4,10
3,80
3,50
3,20
2,90
2,60
2,30
2,00
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: Urner Barry
Fresh Atlantic salmon, 8 - 10 Lbs, Fob Seattle
USD / Lb
4,00
2009 2010 2011 2012
3,75
3,50
3,25
3,00
2,75
2,50
2,25
2,00
1,75
1,50
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: Urner Barry
Fresh Chilean Atlantic salmon fillets, 2-3 Lb, Delivered FOB Miami
USD / Lb
6,20
5,80
5,40
5,00
4,60
4,20
3,80
3,40
3,00
2009 2010 2011 2012
2,60
2,20
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
Source: Urner Barry
Japan
Wholesale price, Fresh Norwegian salmon, 3-4 kg, Tsukiji - Tokyo
JPY / Kilo
1 300
1 250 2009 2010 2011 2012
1 200
1 150
1 100
1 050
1 000
950
900
850
800
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52
Week
ALL MARKETS - Market development
Total Supply of Atlantic Salmon

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E
January 104 700 116 700 11 % 122 100 5% 109 600 -10 % 108 700 -1 % 136 600 26 % 145 100 6%
February 99 800 111 200 11 % 111 300 0% 107 300 -4 % 104 000 -3 % 140 600 35 % 144 000 2%
March 121 200 113 500 -6 % 128 800 13 % 123 200 -4 % 121 700 -1 % 167 400 38 % 166 400 -1 %
April 103 300 113 200 10 % 121 700 8% 104 000 -15 % 111 600 7% 142 100 27 % 150 600 6%
May 111 700 123 600 11 % 115 600 -6 % 110 400 -4 % 120 400 9% 157 700 31 % 159 200 1%
June 115 900 118 200 2% 119 000 1% 119 300 0% 129 200 8% 164 400 27 % 164 800 0%
First Half 656 600 696 400 6% 718 500 3% 673 800 -6 % 695 600 3% 908 800 31 % 930 100 2%
July 108 500 119 900 11 % 119 300 -1 % 115 000 -4 % 132 600 15 % 157 700 19 % 157 300 0%
August 114 400 116 800 2% 119 700 2% 110 700 -8 % 131 800 19 % 149 600 14 % 152 600 2%
September 111 800 127 700 14 % 130 100 2% 127 100 -2 % 156 400 23 % 167 500 7% 173 900 4%
October 131 700 132 900 1% 137 500 3% 136 900 0% 158 700 16 % 177 600 12 % 188 300 6%
November 138 200 132 700 -4 % 136 700 3% 140 700 3% 168 700 20 % 181 900 8% 189 400 4%
December 131 700 140 500 7% 143 100 2% 141 300 -1 % 172 600 22 % 182 900 6% 188 600 3%
Second Half 736 300 770 500 5% 786 400 2% 771 700 -2 % 920 800 19 % 1 017 200 10 % 1 050 100 3%
Total 1 392 900 1 466 900 5% 1 504 900 3% 1 445 500 -4 % 1 616 400 12 % 1 926 000 19 % 1 980 200 3%
Each Markets Share of total

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

EU 704 300 736 600 5% 765 900 4% 737 000 -4 % 781 900 6% 886 700 13 % 915 500 3%
USA 307 200 294 400 -4 % 281 000 -5 % 257 100 -9 % 288 400 12 % 350 900 22 % 355 100 1%
Japan 44 800 47 000 5% 39 900 -15 % 33 700 -16 % 45 500 35 % 65 600 44 % 58 800 -10 %
Russia 72 600 74 700 3% 78 400 5% 99 500 27 % 123 800 24 % 159 900 29 % 163 000 2%
Other Markets 264 000 314 200 19 % 339 700 8% 318 200 -6 % 376 800 18 % 462 900 23 % 487 800 5%
Total 1 392 900 1 466 900 5% 1 504 900 3% 1 445 500 -4 % 1 616 400 12 % 1 926 000 19 % 1 980 200 3%
Each Markets Share of total

In Percentage
2007 2008 2009 2010 2011 2012E 2013E

EU 51 % 50 % 51 % 51 % 48 % 46 % 46 %
USA 22 % 20 % 19 % 18 % 18 % 18 % 18 %
Japan 3% 3% 3% 2% 3% 3% 3%
Russia 5% 5% 5% 7% 8% 8% 8%
Other Markets 19 % 21 % 23 % 22 % 23 % 24 % 25 %
Total 100 % 100 % 100 % 100 % 100 % 100 % 100 %
2007 2011E
19 %
23 % EU
USA
5%
51 % 48 %
Japan
3% 8%
Russia
3%
22 % Other Markets
18 %
EU - Market development
Supply of Atlantic Salmon

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

January 49 100 57 300 17 % 58 600 2% 54 600 -7 % 51 500 -6 % 61 700 20 % 58 200 -6 %
February 46 000 55 500 21 % 53 000 -5 % 52 200 -2 % 49 000 -6 % 61 700 26 % 60 000 -3 %
March 60 000 57 200 -5 % 60 200 5% 62 200 3% 58 000 -7 % 80 700 39 % 75 900 -6 %
April 48 200 55 500 15 % 58 300 5% 53 700 -8 % 56 500 5% 61 400 9% 65 300 6%
May 56 600 62 900 11 % 59 400 -6 % 56 300 -5 % 61 200 9% 74 000 21 % 74 700 1%
June 60 400 59 600 -1 % 59 500 0% 60 100 1% 65 400 9% 79 700 22 % 80 300 1%
First Half 320 300 348 000 9% 349 000 0% 339 100 -3 % 341 600 1% 419 200 23 % 414 400 -1 %
July 53 500 57 400 7% 61 800 8% 59 300 -4 % 63 100 6% 72 900 16 % 73 700 1%
August 56 700 59 000 4% 62 200 5% 55 600 -11 % 62 200 12 % 67 800 9% 71 300 5%
September 61 100 62 900 3% 68 900 10 % 66 100 -4 % 75 500 14 % 77 600 3% 82 400 6%
October 67 400 69 300 3% 75 100 8% 71 300 -5 % 75 300 6% 82 900 10 % 91 700 11 %
November 75 800 69 500 -8 % 73 400 6% 70 800 -4 % 80 800 14 % 82 100 2% 90 800 11 %
December 69 500 70 500 1% 75 500 7% 74 800 -1 % 83 400 11 % 84 200 1% 91 200 8%
Second Half 384 000 388 600 1% 416 900 7% 397 900 -5 % 440 300 11 % 467 500 6% 501 100 7%
Total 704 300 736 600 5% 765 900 4% 737 000 -4 % 781 900 6% 886 700 13 % 915 500 3%
Supply of Atlantic Salmon to the EU

Per Producing- / Exporting country
In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

Norway 506 800 532 100 5 % 591 700 11 % 615 300 4% 648 400 5% 725 600 12 % 722 900 0%
UK 112 800 115 700 3 % 110 200 -5 % 97 600 -11 % 92 700 -5 % 99 700 8% 109 000 9%
Faroe Islands 13 100 29 900 128 % 30 000 0% 26 300 -12 % 29 900 14 % 36 200 21 % 40 600 12 %
Ireland 15 200 11 300 -26 % 14 600 29 % 17 100 17 % 15 600 -9 % 16 100 3% 16 500 2%
Chile 67 800 67 100 -1 % 39 800 -41 % 10 600 -73 % 17 200 62 % 30 300 76 % 46 600 54 %
Others 800 400 -50 % 700 75 % 400 -43 % 2 500 525 % 400 -84 % 600 50 %
Re-exports -12 200 -19 900 63 % -20 900 5 % -30 300 45 % -24 400 -19 % -21 600 -11 % -20 700 -4 %
Total 704 300 736 600 5 % 766 100 4 % 737 000 -4 % 781 900 6% 886 700 13 % 915 500 3%
Market Shares
2007 2008 2009 2010 2 011 2012E 2013E

Norway 72 % 72 % 77 % 83 % 83 % 82 % 79 %
UK 16 % 16 % 14 % 13 % 12 % 11 % 12 %
Faroe Islands 2% 4% 4% 4% 4% 4% 4%
Ireland 2% 2% 2% 2% 2% 2% 2%
Chile 10 % 9% 5% 1% 2% 3% 5%
Others 0% 0% 0% 0% 0% 0% 0%
Re-exports -2 % -3 % -3 % -4 % -3 % -2 % -2 %
Total 100 % 100 % 100 % 100 % 100 % 100 % 100 %
Market Shares - EU
90 %
80 %
70 %
60 %
50 %
Norway UK Faroe Islands Ireland Chile
40 %
30 %
20 %
10 %
0%
1996 1998 2000 2002 2004 2006 2008 2010 2012E
USA - Market development

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

January 25 500 26 800 5% 26 500 -1 % 22 200 -16 % 20 500 -8 % 24 200 18 % 28 900 19 %
February 24 800 24 000 -3 % 23 100 -4 % 21 100 -9 % 19 200 -9 % 25 700 34 % 27 700 8%
March 28 900 24 200 -16 % 28 800 19 % 22 600 -22 % 22 700 0% 28 500 26 % 28 900 1%
April 26 300 25 400 -3 % 26 100 3% 19 400 -26 % 21 300 10 % 29 600 39 % 32 700 10 %
May 26 600 25 100 -6 % 22 800 -9 % 22 400 -2 % 23 000 3% 30 900 34 % 28 100 -9 %
June 27 400 24 400 -11 % 21 700 -11 % 23 100 6% 23 600 2% 27 900 18 % 26 900 -4 %
First Half 159 500 149 900 -6 % 149 000 -1 % 130 800 -12 % 130 300 0% 166 800 28 % 173 200 4%
July 24 900 24 300 -2 % 23 200 -5 % 20 400 -12 % 25 300 24 % 28 900 14 % 27 600 -4 %
August 26 700 23 500 -12 % 22 600 -4 % 20 600 -9 % 25 400 23 % 28 000 10 % 28 800 3%
September 21 400 24 500 14 % 22 000 -10 % 20 700 -6 % 27 800 34 % 30 800 11 % 30 400 -1 %
October 28 300 22 100 -22 % 22 500 2% 23 300 4% 27 900 20 % 31 500 13 % 31 400 0%
November 24 000 24 600 2% 20 200 -18 % 20 500 1% 25 800 26 % 32 300 25 % 32 000 -1 %
December 22 400 25 500 14 % 21 500 -16 % 20 800 -3 % 25 900 25 % 32 600 26 % 31 700 -3 %
Second Half 147 700 144 500 -2 % 132 000 -9 % 126 300 -4 % 158 100 25 % 184 100 16 % 181 900 -1 %
Total 307 200 294 400 -4 % 281 000 -5 % 257 100 -9 % 288 400 12 % 350 900 22 % 355 100 1%
Supply of Atlantic Salmon to the USA

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

Chile 187 500 174 200 -7 % 107 100 -39 % 53 200 -50 % 99 100 86 % 173 400 75 % 188 300 9%
Canada 80 100 86 300 8% 81 100 -6 % 87 600 8% 80 400 -8 % 94 400 17 % 81 900 -13 %
USA 7 100 4 500 -37 % 8 800 96 % 6 900 -22 % 13 200 91 % 9 200 -30 % 10 200 11 %
Norway 14 300 9 600 -33 % 40 300 320 % 53 800 33 % 28 700 -47 % 27 000 -6 % 26 500 -2 %
UK 15 700 15 700 0% 26 500 69 % 34 700 31 % 46 400 34 % 33 800 -27 % 32 300 -4 %
Faroe Islands 1 600 2 700 69 % 11 200 315 % 10 000 -11 % 16 700 67 % 10 400 -38 % 11 800 13 %
Others 800 1 500 88 % 6 100 307 % 10 900 79 % 4 000 -63 % 2 500 -38 % 4 000 60 %
Total 307 100 294 500 -4 % 281 100 -5 % 257 100 -9 % 288 500 12 % 350 700 22 % 355 000 1%
Market Shares - USA

2007 2008 2009 2010 2011 2012E 2013E

Chile 61 % 59 % 38 % 21 % 34 % 49 % 53 %
Canada 26 % 29 % 29 % 34 % 28 % 27 % 23 %
USA 2% 2% 3% 3% 5% 3% 3%
Norway 5% 3% 14 % 21 % 10 % 8% 7%
UK 5% 5% 9% 13 % 16 % 10 % 9%
Faroe Islands 1% 1% 4% 4% 6% 3% 3%
Others 0% 1% 2% 4% 1% 1% 1%
Total 100 % 100 % 100 % 100 % 100 % 100 % 100 %
Market Shares - USA

80 %
Chile Canada USA Norway UK
70 %
60 %
50 %
40 %
30 %
20 %
10 %
0%
1996 1998 2000 2002 2004 2006 2008 2010 2012E
Japan - Market development

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

January 4 000 3 900 -3 % 4 000 3% 2 300 -43 % 3 000 30 % 4 500 50 % 4 700 4%
February 3 700 3 600 -3 % 3 600 0% 2 600 -28 % 3 000 15 % 4 800 60 % 4 500 -6 %
March 4 700 3 500 -26 % 4 300 23 % 3 700 -14 % 3 400 -8 % 5 500 62 % 5 400 -2 %
April 4 000 3 800 -5 % 3 900 3% 2 100 -46 % 2 900 38 % 5 700 97 % 5 700 0%
May 3 600 3 400 -6 % 3 000 -12 % 2 600 -13 % 2 900 12 % 5 000 72 % 4 800 -4 %
June 3 400 3 000 -12 % 2 800 -7 % 2 600 -7 % 2 900 12 % 6 000 107 % 4 700 -22 %
First Half 23 400 21 200 -9 % 21 600 2% 15 900 -26 % 18 100 14 % 31 500 74 % 29 800 -5 %
July 3 200 3 900 22 % 2 500 -36 % 2 300 -8 % 2 900 26 % 5 700 97 % 5 000 -12 %
August 3 500 3 400 -3 % 2 500 -26 % 2 500 0% 3 600 44 % 5 100 42 % 4 600 -10 %
September 3 200 3 500 9% 2 800 -20 % 2 500 -11 % 4 200 68 % 5 300 26 % 4 400 -17 %
October 3 500 5 100 46 % 3 200 -37 % 3 000 -6 % 4 300 43 % 5 800 35 % 4 900 -16 %
November 3 800 4 300 13 % 3 300 -23 % 3 300 0% 5 000 52 % 5 900 18 % 5 000 -15 %
December 4 200 5 600 33 % 4 000 -29 % 4 200 5% 7 400 76 % 6 300 -15 % 5 100 -19 %
Second Half 21 400 25 800 21 % 18 300 -29 % 17 800 -3 % 27 400 54 % 34 100 24 % 29 000 -15 %
Total 44 800 47 000 5% 39 900 -15 % 33 700 -16 % 45 500 35 % 65 600 44 % 58 800 -10 %
Supply of Atlantic Salmon to Japan

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

Norway 28 600 24 400 -15 % 28 900 18 % 27 700 -4 % 34 000 23 % 42 500 25 % 38 700 -9 %
Chile 10 000 14 500 45 % 7 000 -52 % 1 200 -83 % 5 800 383 % 17 000 193 % 14 600 -14 %
UK 500 400 -20 % 500 25 % 600 20 % 900 50 % 1 000 11 % 1 000 0%
Canada 1 600 2 700 69 % 1 100 -59 % 1 100 0% 1 000 -9 % 1 400 40 % 1 100 -21 %
Australia 1 400 1 200 -14 % 1 300 8% 1 500 15 % 1 900 27 % 1 900 0% 0 -100 %
Others 2 500 3 600 44 % 1 300 -64 % 1 700 31 % 1 900 12 % 1 700 -11 % 3 400 100 %
Total 44 600 46 800 5% 40 100 -14 % 33 800 -16 % 45 500 35 % 65 500 44 % 58 800 -10 %
Market Shares - Japan

2007 2008 2009 2010 2011 2012E 2013E

Norway 64 % 52 % 72 % 82 % 75 % 65 % 66 %
Chile 22 % 31 % 17 % 4% 13 % 26 % 25 %
UK 1% 1% 1% 2% 2% 2% 2%
Canada 4% 6% 3% 3% 2% 2% 2%
Australia 3% 3% 3% 4% 4% 3% 0%
Others 6% 8% 3% 5% 4% 3% 6%
Total 100 % 100 % 100 % 100 % 100 % 100 % 100 %
Market Shares - Japan

90 %
80 %
70 %
60 %
50 %
Norway Chile All Others
40 %
30 %
20 %
10 %
0%
1996 1998 2000 2002 2004 2006 2008 2010 2012E
Russia - Market development

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

January 5 100 4 200 -18 % 6 300 50 % 6 300 0% 7 500 19 % 12 200 63 % 11 500 -6 %
February 4 900 5 700 16 % 3 700 -35 % 6 800 84 % 6 800 0% 12 700 87 % 11 600 -9 %
March 5 700 5 100 -11 % 5 800 14 % 7 900 36 % 8 700 10 % 14 500 67 % 13 700 -6 %
April 4 900 5 700 16 % 6 100 7% 7 800 28 % 6 700 -14 % 12 600 88 % 10 900 -13 %
May 5 100 5 900 16 % 4 300 -27 % 5 700 33 % 7 500 32 % 11 100 48 % 11 100 0%
June 4 200 6 000 43 % 6 100 2% 7 900 30 % 7 900 0% 12 800 62 % 13 000 2%
First Half 29 900 32 600 9% 32 300 -1 % 42 400 31 % 45 100 6% 75 900 68 % 71 800 -5 %

July 5 000 6 000 20 % 7 000 17 % 7 500 7% 9 200 23 % 12 600 37 % 12 900 2%
August 4 800 4 800 0% 6 600 38 % 6 700 2% 9 900 48 % 11 500 16 % 12 100 5%
September 5 400 6 400 19 % 6 500 2% 9 900 52 % 12 600 27 % 13 500 7% 15 000 11 %
October 7 500 7 400 -1 % 7 600 3% 10 100 33 % 13 200 31 % 13 900 5% 16 500 19 %
November 9 900 8 100 -18 % 7 900 -2 % 11 800 49 % 17 300 47 % 16 200 -6 % 17 400 7%
December 10 100 9 400 -7 % 10 500 12 % 11 100 6% 16 500 49 % 16 300 -1 % 17 300 6%
Second Half 42 700 42 100 -1 % 46 100 10 % 57 100 24 % 78 700 38 % 84 000 7% 91 200 9%

Total 72 600 74 700 3% 78 400 5% 99 500 27 % 123 800 24 % 159 900 29 % 163 000 2%
Supply of Atlantic Salmon to Russia

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

Norway 60 400 62 400 3% 69 600 12 % 93 500 34 % 115 400 23 % 145 700 26 % 146 000 0%
Denmark 3 300 4 400 33 % 1 300 -70 % 2 300 77 % 1 600 -30 % 1 100 -31 % 1 500 36 %
UK 3 400 200 -94 % 1 300 550 % 2 500 92 % 2 100 -16 % 3 300 57 % 2 100 -36 %
Faroe Islands 1 800 1 600 -11 % 1 100 -31 % 200 -82 % 2 500 ##### 4 400 76 % 4 600 5%
Chile 3 200 6 000 88 % 5 000 -17 % 800 -84 % 1 000 25 % 3 300 230 % 3 900 18 %
Others 500 100 -80 % 100 0% 200 100 % 1 200 500 % 2 100 75 % 4 900 133 %
Total 72 600 74 700 3% 78 400 5% 99 500 27 % 123 800 24 % 159 900 29 % 163 000 2%
Market Shares - Russia

2007 2008 2009 2010 2011 2012E 2013E
Norway 83 % 84 % 89 % 94 % 93 % 91 % 90 %
Denmark 5% 6% 2% 2% 1% 1% 1%
UK 5% 0% 2% 3% 2% 2% 1%
Faroe Islands 2% 2% 1% 0% 2% 3% 3%
Chile 4% 8% 6% 1% 1% 2% 2%
Others 1% 0% 0% 0% 1% 1% 3%
Total 100 % 100 % 100 % 100 % 100 % 100 % 100 %
Market Shares - Russia

100 %
90 %
80 %
70 %
60 %
Norway Denmark UK Chile All Others
50 %
40 %
30 %
20 %
10 %
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E
Other Markets* - Market development
* Other markets = all markets, except EU, Japan, Russia and USA

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

January 21 000 24 500 17 % 26 700 9% 24 200 -9 % 26 200 8% 34 000 30 % 41 800 23 %
February 20 400 22 400 10 % 27 900 25 % 24 600 -12 % 26 000 6% 35 700 37 % 40 200 13 %
March 21 900 23 500 7% 29 700 26 % 26 800 -10 % 28 900 8% 38 200 32 % 42 500 11 %
April 19 900 22 800 15 % 27 300 20 % 21 000 -23 % 24 200 15 % 32 800 36 % 36 000 10 %
May 19 800 26 300 33 % 26 100 -1 % 23 400 -10 % 25 800 10 % 36 700 42 % 40 500 10 %
June 20 500 25 200 23 % 28 900 15 % 25 600 -11 % 29 400 15 % 38 000 29 % 39 900 5%
First Half 123 500 144 700 17 % 166 600 15 % 145 600 -13 % 160 500 10 % 215 400 34 % 240 900 12 %
July 21 900 28 300 29 % 24 800 -12 % 25 500 3% 32 100 26 % 37 600 17 % 38 100 1%
August 22 700 26 100 15 % 25 800 -1 % 25 300 -2 % 30 700 21 % 37 200 21 % 35 800 -4 %
September 20 700 30 400 47 % 29 900 -2 % 27 900 -7 % 36 300 30 % 40 300 11 % 41 700 3%
October 25 000 29 000 16 % 29 100 0% 29 200 0% 38 000 30 % 43 500 14 % 43 800 1%
November 24 700 26 200 6% 31 900 22 % 34 300 8% 39 800 16 % 45 400 14 % 44 200 -3 %
December 25 500 29 500 16 % 31 600 7% 30 400 -4 % 39 400 30 % 43 500 10 % 43 300 0%
Second Half 140 500 169 500 21 % 173 100 2% 172 600 0% 216 300 25 % 247 500 14 % 246 900 0%
Total 264 000 314 200 19 % 339 700 8% 318 200 -6 % 376 800 18 % 462 900 23 % 487 800 5%
Supply of Atlantic Salmon to Other Markets

In tonnes wfe
2007 2008 2009 2010 2011 2012E 2013E

Norway 112 400 111 700 -1 % 125 800 13 % 153 700 22 % 177 400 15 % 198 300 12 % 210 300 6%
Chile 83 300 116 400 40 % 117 000 1% 63 400 -46 % 95 100 50 % 151 200 59 % 173 900 15 %
Canada 27 700 29 200 5% 33 100 13 % 29 300 -11 % 28 600 -2 % 27 700 -3 % 27 900 1%
UK 2 400 4 300 79 % 6 200 44 % 6 400 3% 12 600 97 % 15 400 22 % 8 100 -47 %
Faroe Island 2 000 3 000 50 % 4 900 63 % 4 800 -2 % 7 200 50 % 7 900 10 % 7 100 -10 %
Australia 22 300 24 600 10 % 30 900 26 % 31 300 1% 33 900 8% 34 700 2% 35 100 1%
Others 13 900 25 000 80 % 21 800 -13 % 29 300 34 % 22 000 -25 % 27 700 26 % 25 400 -8 %
Total 264 000 314 200 19 % 339 700 8% 318 200 -6 % 376 800 18 % 462 900 23 % 487 800 5%
Market Shares - Other Markets

2007 2008 2009 2010 2011 2012E 2013E

Norway 43 % 36 % 37 % 48 % 47 % 43 % 43 %
Chile 32 % 37 % 34 % 20 % 25 % 33 % 36 %
Canada 10 % 9% 10 % 9% 8% 6% 6%
UK 1% 1% 2% 2% 3% 3% 2%
Faroe Island 1% 1% 1% 2% 2% 2% 1%
Australia 8% 8% 9% 10 % 9% 7% 7%
Others 5% 8% 6% 9% 6% 6% 5%
Total 100 % 100 % 100 % 100 % 100 % 100 % 100 %
Market Shares - Other Markets

60 %
Norway Chile Canada Australia All Others
50 %
40 %
30 %
20 %
10 %
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E
NORWAY - Production Update
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 49 600 54 100 9% 60 200 11 % 67 600 12 % 67 800 0% 81 000 19 % 76 500 -6 %
February 49 900 59 300 19 % 54 300 -8 % 67 300 24 % 65 100 -3 % 82 800 27 % 78 200 -6 %
March 64 700 58 400 -10 % 66 800 14 % 82 500 24 % 78 400 -5 % 104 900 34 % 100 000 -5 %
April 50 200 56 900 13 % 66 700 17 % 65 600 -2 % 68 500 4% 82 800 21 % 81 000 -2 %
May 60 800 63 300 4% 64 500 2% 70 700 10 % 74 000 5% 94 000 27 % 93 100 -1 %
June 65 100 60 300 -7 % 64 900 8% 80 400 24 % 80 800 0% 104 100 29 % 102 800 -1 %
July 54 300 56 300 4% 66 100 17 % 76 200 15 % 78 500 3% 93 100 19 % 93 000 0%
August 54 300 54 300 0% 68 200 26 % 70 000 3% 79 700 14 % 84 800 6% 85 800 1%
September 60 400 60 800 1% 78 700 29 % 85 000 8% 95 700 13 % 97 000 1% 102 400 6%
October 67 600 71 000 5% 86 300 22 % 90 900 5% 100 100 10 % 105 000 5% 112 700 7%
November 76 900 72 300 -6 % 85 600 18 % 93 600 9% 106 800 14 % 104 700 -2 % 110 200 5%
December 69 500 74 000 6% 93 400 26 % 94 800 1% 110 200 16 % 103 600 -6 % 108 200 4%
Total 723 300 741 000 2% 855 700 15 % 944 600 10 % 1 005 600 6% 1 137 800 13 % 1 143 900 1%
Per Quarter
2007 2008 2009 2010 2011E 2012E 2013E

Q1 164 200 171 800 5% 181 300 6% 217 400 20 % 211 300 -3 % 268 700 27 % 254 700 -5 %
Q2 176 100 180 500 2% 196 100 9% 216 700 11 % 223 300 3% 280 900 26 % 276 900 -1 %
| Q3 169 000 171 400 1% 213 000 24 % 231 200 9% 253 900 10 % 274 900 8% 281 200 2%
Q4 214 000 217 300 2% 265 300 22 % 279 300 5% 317 100 14 % 313 300 -1 % 331 100 6%
Smolt Release
In 1000 pcs.
2007 2008 2009 2010 2011E 2012E 2013E

S1+S2 115 000 130 000 13 % 131 000 1% 139 000 6% 153 500 10 % 152 000 -1 % 155 000 2%
S0 92 000 100 000 9% 106 000 6% 117 000 10 % 127 000 9% 129 500 2% 130 000 0%
Total Release 207 000 230 000 11 % 237 000 3% 256 000 8% 280 500 10 % 281 500 0% 285 000 1%
Key production parameters
2007 2008 2009 2010 2011E 2012E 2013E

Feed Consumption 976 100 1 028 900 5 % 1 202 100 17 % 1 234 800 3 % 1 370 400 11 % 1 491 900 9 % 1 449 100 -3 %
Losses (Tonnes wfe) 55 400 56 500 2% 72 100 28 % 67 000 -7 % 70 600 5% 83 900 19 % 80 700 -4 %
BFCR - per kilo live 1,14 1,16 2% 1,14 -2 % 1,15 1% 1,15 0% 1,13 -2 % 1,14 1%
EFCR - per kilo wfe 1,30 1,33 2% 1,31 -1 % 1,32 1% 1,31 -1 % 1,30 -1 % 1,31 1%
Biomass Ultimo 466 200 517 200 11 % 598 400 16 % 607 000 1% 668 900 10 % 708 200 6% 692 600 -2 %
Biomass Development (In tonnes WFE)
740 000
700 000
660 000
620 000
580 000
540 000
500 000
2010
460 000
2011
420 000
2012
380 000
2012 Estimate Primo 2012
340 000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CHILE - Production Update
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 32 900 34 900 6% 39 200 12 % 13 400 -66 % 12 100 -10 % 22 300 84 % 36 900 65 %
February 28 500 26 500 -7 % 31 300 18 % 11 400 -64 % 10 700 -6 % 24 100 125 % 36 000 49 %
March 32 400 27 800 -14 % 32 000 15 % 8 700 -73 % 14 200 63 % 27 900 96 % 37 200 33 %
April 28 800 29 300 2% 22 000 -25 % 10 600 -52 % 12 900 22 % 26 800 108 % 38 800 45 %
May 26 500 31 600 19 % 15 200 -52 % 12 700 -16 % 15 300 20 % 29 800 95 % 31 900 7%
June 27 000 30 400 13 % 15 300 -50 % 10 300 -33 % 16 400 59 % 29 000 77 % 29 000 0%
July 29 100 35 300 21 % 14 600 -59 % 8 900 -39 % 21 400 140 % 31 300 46 % 31 000 -1 %
August 32 200 34 200 6% 15 000 -56 % 9 400 -37 % 22 000 134 % 30 600 39 % 31 500 3%
September 24 200 35 700 48 % 13 300 -63 % 9 300 -30 % 24 500 163 % 35 200 44 % 35 000 -1 %
October 34 400 32 900 -4 % 13 500 -59 % 11 700 -13 % 24 400 109 % 37 400 53 % 37 900 1%
November 30 000 40 800 36 % 13 900 -66 % 11 900 -14 % 24 600 107 % 39 400 60 % 40 500 3%
December 30 400 44 100 45 % 13 800 -69 % 11 300 -18 % 22 500 99 % 40 800 81 % 41 600 2%
Total 356 400 403 500 13 % 239 100 -41 % 129 600 -46 % 221 000 71 % 374 600 70 % 427 200 14 %
Per Quarter
2007 2008 2009 2010 2011E 2012E 2013E

Q1 93 800 89 200 -5 % 102 500 15 % 33 500 -67 % 37 000 10 % 74 300 101 % 110 100 48 %
Q2 82 300 91 300 11 % 52 500 -42 % 33 600 -36 % 44 600 33 % 85 600 92 % 99 700 16 %
Q3 85 500 105 200 23 % 42 900 -59 % 27 600 -36 % 67 900 146 % 97 100 43 % 97 500 0%
Q4 94 800 117 800 24 % 41 200 -65 % 34 900 -15 % 71 500 105 % 117 600 64 % 120 000 2%
Smolt Release
In 1000 pcs.
2007 2008 2009 2010 2011E 2012E 2013E

S1+S2 84 000 74 000 -12 % 9 000 -88 % 27 000 200 % 41 000 52 % 56 000 37 % 58 000 4%
S0 101 000 59 000 -42 % 24 000 -59 % 46 000 92 % 76 000 65 % 74 000 -3 % 82 000 11 %
Total Release 185 000 133 000 -28 % 33 000 -75 % 73 000 121 % 117 000 60 % 130 000 11 % 140 000 8%
2007 2008 2009 2010 2011E 2012E 2013E

Feed Consumption 644 600 600 300 -7 % 232 900 -61 % 233 700 0% 436 800 87 % 645 800 48 % 625 900 -3 %
Losses (Tonnes wfe) 96 100 109 300 14 % 36 400 -67 % 12 100 -67 % 21 600 79 % 40 800 89 % 50 600 24 %
BFCR - per kilo live 1,35 1,35 0% 1,29 -4 % 1,25 -3 % 1,29 3% 1,34 3% 1,26 -6 %
EFCR - per kilo wfe 1,79 1,93 8% 1,83 -5 % 1,42 -23 % 1,46 3% 1,56 7% 1,50 -4 %
Biomass Ultimo 250 200 169 000 -32 % 60 200 -64 % 102 400 70 % 194 900 90 % 249 600 28 % 257 000 3%
Biomass Development (In tonnes WFE)

320 000
2010 2011 2012 2012 Estimate Primo 2012
280 000
240 000
200 000
160 000
120 000
80 000
40 000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
UK - Production Update
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 9 100 11 400 25 % 9 900 -13 % 11 000 11 % 11 800 7% 12 300 4% 10 200 -17 %
February 8 600 10 200 19 % 10 000 -2 % 11 800 18 % 11 500 -3 % 11 900 3% 10 800 -9 %
March 9 000 10 800 20 % 10 100 -6 % 11 800 17 % 10 000 -15 % 12 000 20 % 10 400 -13 %
April 10 200 10 400 2% 10 500 1% 10 300 -2 % 11 900 16 % 12 000 1% 10 400 -13 %
May 10 100 9 900 -2 % 10 400 5% 10 600 2% 12 300 16 % 12 500 2% 12 700 2%
June 9 900 10 500 6% 11 300 8% 10 900 -4 % 13 200 21 % 11 400 -14 % 11 800 4%
July 10 800 10 500 -3 % 12 300 17 % 11 200 -9 % 13 900 24 % 14 000 1% 11 600 -17 %
August 11 500 11 900 3% 12 500 5% 11 700 -6 % 12 600 8% 13 100 4% 13 600 4%
September 12 100 11 900 -2 % 13 200 11 % 12 500 -5 % 12 900 3% 13 500 5% 14 100 4%
October 13 400 12 000 -10 % 15 100 26 % 13 200 -13 % 14 900 13 % 12 700 -15 % 15 400 21 %
November 15 000 12 900 -14 % 14 700 14 % 13 800 -6 % 14 800 7% 13 600 -8 % 16 200 19 %
December 15 200 14 000 -8 % 14 800 6% 13 000 -12 % 14 900 15 % 14 300 -4 % 15 300 7%
Total 134 900 136 400 1% 144 800 6% 141 800 -2 % 154 700 9% 153 300 -1 % 152 400 -1 %
Per Quarter
2007 2008 2009 2010 2011E 2012E 2013E

Q1 26 700 32 400 21 % 30 000 -7 % 34 600 15 % 33 300 -4 % 36 200 9% 31 400 -13 %
Q2 30 200 30 800 2% 32 200 5% 31 800 -1 % 37 400 18 % 35 900 -4 % 34 900 -3 %
Q3 34 400 34 300 0% 38 000 11 % 35 400 -7 % 39 400 11 % 40 600 3% 39 300 -3 %
Q4 43 600 38 900 -11 % 44 600 15 % 40 000 -10 % 44 600 12 % 40 600 -9 % 46 900 16 %
Smolt Release
In 1000 pcs.
2007 2008 2009 2010 2011E 2012E 2013E

S1+S2 34 000 34 000 0% 32 000 -6 % 34 000 6% 33 000 -3 % 34 000 3% 34 000 0%
S0 11 000 11 000 0% 10 000 -9 % 12 000 20 % 12 000 0% 12 000 0% 14 000 17 %
Total Release 45 000 45 000 0% 42 000 -7 % 46 000 10 % 45 000 -2 % 46 000 2% 48 000 4%
2007 2008 2009 2010 2011E 2012E 2013E

Feed Consumption 211 100 201 200 -5 % 207 400 3% 207 300 0% 218 500 5% 213 800 -2 % 217 100 2%
Losses (Tonnes wfe) 19 200 22 100 15 % 21 600 -2 % 18 400 -15 % 20 500 11 % 18 900 -8 % 20 300 7%
BFCR - per kilo live weight 1,21 1,20 -1 % 1,20 0% 1,20 0% 1,20 0% 1,20 0% 1,20 0%
EFCR - per kilo wfe 1,50 1,48 -1 % 1,44 -2 % 1,46 1% 1,45 -1 % 1,46 1% 1,45 0%
Biomass Ultimo 87 300 88 100 1% 86 600 -2 % 91 900 6% 90 600 -1 % 88 300 -3 % 88 500 0%
FAROE ISLANDS - Production Update
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 900 1 900 111 % 2 500 32 % 2 800 12 % 2 500 -11 % 4 900 96 % 4 800 -2 %
February 1 700 2 500 47 % 4 200 68 % 2 600 -38 % 2 900 12 % 5 400 86 % 3 200 -41 %
March 2 000 2 900 45 % 4 200 45 % 2 100 -50 % 4 700 124 % 7 100 51 % 3 100 -56 %
April 1 200 2 100 75 % 4 100 95 % 2 700 -34 % 4 200 56 % 5 300 26 % 4 500 -15 %
May 1 900 4 400 132 % 3 700 -16 % 2 500 -32 % 4 700 88 % 6 100 30 % 5 100 -16 %
June 1 600 3 600 125 % 3 400 -6 % 3 600 6% 5 000 39 % 4 500 -10 % 5 800 29 %
July 400 3 200 700 % 3 300 3% 3 100 -6 % 4 400 42 % 3 600 -18 % 5 600 56 %
August 900 2 300 156 % 2 300 0% 3 300 43 % 3 900 18 % 3 600 -8 % 5 800 61 %
September 2 000 3 100 55 % 4 800 55 % 4 400 -8 % 5 900 34 % 4 500 -24 % 7 100 58 %
October 2 400 4 100 71 % 5 800 41 % 4 400 -24 % 5 700 30 % 4 700 -18 % 6 900 47 %
November 2 400 4 100 71 % 5 100 24 % 5 000 -2 % 6 400 28 % 5 000 -22 % 6 800 36 %
December 1 700 2 700 59 % 3 700 37 % 5 300 43 % 6 000 13 % 5 200 -13 % 6 600 27 %
Total 19 100 36 900 93 % 47 100 28 % 41 800 -11 % 56 300 35 % 59 900 6% 65 300 9%
Per Quarter
2007 2008 2009 2010 2011E 2012E 2013E

Q1 4 600 7 300 59 % 10 900 49 % 7 500 -31 % 10 100 35 % 17 400 72 % 11 100 -36 %
Q2 4 700 10 100 115 % 11 200 11 % 8 800 -21 % 13 900 58 % 15 900 14 % 15 400 -3 %
Q3 3 300 8 600 161 % 10 400 21 % 10 800 4% 14 200 31 % 11 700 -18 % 18 500 58 %
Q4 6 500 10 900 68 % 14 600 34 % 14 700 1% 18 100 23 % 14 900 -18 % 20 300 36 %
Smolt Release
In 1000 pcs.
2007 2008 2009 2010 2011E 2012E 2013E

S1+S2 4 650 4 500 -3 % 5 600 24 % 7 000 25 % 4 900 -30 % 9 000 84 % 9 000 0%
S0 2 850 2 500 -12 % 5 200 108 % 7 500 44 % 7 200 -4 % 6 000 -17 % 6 000 0%
Total Release 7 500 7 000 -7 % 10 800 54 % 14 500 34 % 12 100 -17 % 15 000 24 % 15 000 0%
2007 2008 2009 2010 2011E 2012E 2013E

Feed Consumption 35 600 45 800 29 % 51 300 12 % 57 800 13 % 82 500 43 % 77 500 -6 % 88 900 15 %
Losses (Tonnes wfe) 700 1 200 71 % 1 000 -17 % 1 100 10 % 1 500 36 % 1 900 27 % 2 900 53 %
BFCR - per kilo live weight 1,11 1,10 -1 % 1,08 -2 % 1,09 1% 1,14 5% 1,16 2% 1,12 -4 %
EFCR - per kilo wfe 1,19 1,22 2% 1,21 -1 % 1,19 -1 % 1,24 5% 1,26 1% 1,24 -1 %
Biomass Ultimo 22 800 24 100 6% 20 400 -15 % 28 200 38 % 39 200 39 % 41 900 7% 49 100 17 %
CANADA
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 8 000 9 200 15 % 9 300 1% 8 800 -5 % 7 600 -14 % 9 000 18 % 9 100 1%
February 7 900 9 000 14 % 8 900 -1 % 8 800 -1 % 7 300 -17 % 9 600 32 % 8 800 -8 %
March 8 600 9 400 9% 9 400 0% 11 000 17 % 8 300 -25 % 10 500 27 % 9 200 -12 %
April 9 800 10 500 7% 10 600 1% 9 200 -13 % 8 300 -10 % 10 600 28 % 9 900 -7 %
May 10 400 10 800 4% 10 500 -3 % 8 300 -21 % 8 400 1% 10 500 25 % 10 500 0%
June 10 400 9 900 -5 % 10 000 1% 8 200 -18 % 8 200 0% 10 600 29 % 9 500 -10 %
July 9 900 9 100 -8 % 9 100 0% 10 200 12 % 9 600 -6 % 9 700 1% 9 800 1%
August 9 300 9 900 6% 9 200 -7 % 10 800 17 % 9 800 -9 % 10 000 2% 9 200 -8 %
September 9 000 10 200 13 % 9 500 -7 % 10 800 14 % 10 100 -6 % 10 200 1% 8 400 -18 %
October 8 600 10 000 16 % 9 100 -9 % 10 600 16 % 10 200 -4 % 10 600 4% 8 500 -20 %
November 8 500 10 200 20 % 9 500 -7 % 10 700 13 % 10 700 0% 10 900 2% 8 500 -22 %
December 9 100 10 300 13 % 10 300 0% 10 600 3% 11 500 8% 11 400 -1 % 9 600 -16 %
Total 109 500 118 500 8% 115 400 -3 % 118 000 2% 110 000 -7 % 123 600 12 % 111 000 -10 %
Per Quarter
2007 2008 2 009 2010 2011E 2012E 2013E

Q1 24 500 27 600 13 % 27 600 0% 28 600 4% 23 200 -19 % 29 100 25 % 27 100 -7 %
Q2 30 600 31 200 2% 31 100 0% 25 700 -17 % 24 900 -3 % 31 700 27 % 29 900 -6 %
Q3 28 200 29 200 4% 27 800 -5 % 31 800 14 % 29 500 -7 % 29 900 1% 27 400 -8 %
Q4 26 200 30 500 16 % 28 900 -5 % 31 900 10 % 32 400 2% 32 900 2% 26 600 -19 %
Split on Region
2007 2008 2009 2010 2011E 2012E 2013E

East Coast 35 500 37 500 6% 38 500 3% 42 000 9% 32 500 -23 % 40 000 23 % 41 000 2%
West Coast 74 000 81 000 9% 76 900 -5 % 76 000 -1 % 77 500 2% 83 600 8% 70 000 -16 %
USA
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 900 1 700 89 % 1 600 -6 % 1 700 6% 1 500 -12 % 1 400 -7 % 1 900 36 %
February 900 1 500 67 % 1 300 -13 % 1 500 15 % 1 500 0% 2 300 53 % 1 700 -26 %
March 900 1 400 56 % 1 200 -14 % 1 500 25 % 1 400 -7 % 1 700 21 % 1 700 0%
April 900 1 000 11 % 1 200 20 % 1 300 8% 1 400 8% 1 600 14 % 1 500 -6 %
May 1 000 1 200 20 % 1 100 -8 % 1 300 18 % 1 500 15 % 1 600 7% 1 400 -13 %
June 900 1 300 44 % 2 000 54 % 1 700 -15 % 1 500 -12 % 1 800 20 % 1 400 -22 %
July 900 2 100 133 % 1 800 -14 % 1 700 -6 % 1 500 -12 % 1 300 -13 % 1 600 23 %
August 900 2 000 122 % 1 800 -10 % 1 800 0% 1 500 -17 % 1 400 -7 % 1 700 21 %
September 900 1 600 78 % 1 300 -19 % 1 600 23 % 1 600 0% 1 400 -13 % 1 700 21 %
October 1 000 1 300 30 % 1 000 -23 % 1 300 30 % 1 700 31 % 1 400 -18 % 1 500 7%
November 1 300 1 000 -23 % 1 100 10 % 1 300 18 % 1 600 23 % 1 600 0% 1 600 0%
December 1 800 900 -50 % 1 000 11 % 1 300 30 % 1 600 23 % 1 500 -6 % 1 600 7%
Total 12 300 17 000 38 % 16 400 -4 % 18 000 10 % 18 300 2% 19 000 4% 19 300 2%
Per Quarter
2007 2008 2009 2010 2011E 2012E 2013E

Q1 2 700 4 600 70 % 4 100 -11 % 4 700 15 % 4 400 -6 % 5 400 23 % 5 300 -2 %
Q2 2 800 3 500 25 % 4 300 23 % 4 300 0% 4 400 2% 5 000 14 % 4 300 -14 %
Q3 2 700 5 700 111 % 4 900 -14 % 5 100 4% 4 600 -10 % 4 100 -11 % 5 000 22 %
Q4 4 100 3 200 -22 % 3 100 -3 % 3 900 26 % 4 900 26 % 4 500 -8 % 4 700 4%
Split on Region
2007 2008 2009 2010 2011E 2012E 2013E

East Coast 5 300 10 500 98 % 9 900 -6 % 11 000 11 % 11 000 0% 11 400 4% 11 000 -4 %
West Coast 7 000 6 500 -7 % 6 500 0% 7 000 8% 7 300 4% 7 600 4% 8 300 9%
North America - Smolt Release - In million pcs.

2007 2008 2009 2010 2011E 2012E 2013E
East Coast 14 16 13 % 16 3% 15,7 -4 % 16 3% 17 6% 18 6%
West Coast 27 25 -5 % 26 0% 27 6% 25 -7 % 24 -6 % 25 6%
Total Smolt Release 41 41 1% 42 1% 43 2% 41 -4 % 41 -1 % 43 6%
IRELAND
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 900 1 000 11 % 800 -20 % 1 300 63 % 1 200 -8 % 1 400 17 % 1 200 -14 %
February 1 100 700 -36 % 900 29 % 1 300 44 % 1 200 -8 % 1 400 17 % 1 200 -14 %
March 1 100 900 -18 % 1 000 11 % 1 500 50 % 1 200 -20 % 1 400 17 % 1 300 -7 %
April 700 500 -29 % 1 000 100 % 1 400 40 % 1 100 -21 % 1 100 0% 1 400 27 %
May 900 800 -11 % 1 300 63 % 1 400 8% 1 100 -21 % 1 000 -9 % 1 400 40 %
June 1 200 1 100 -8 % 1 300 18 % 1 400 8% 1 200 -14 % 1 200 0% 1 400 17 %
July 1 100 1 000 -9 % 1 300 30 % 1 400 8% 1 300 -7 % 1 200 -8 % 1 500 25 %
August 1 100 1 200 9% 1 400 17 % 1 400 0% 1 300 -7 % 1 300 0% 1 500 15 %
September 1 500 1 100 -27 % 1 400 27 % 1 500 7% 1 400 -7 % 1 500 7% 1 500 0%
October 1 800 1 300 -28 % 1 500 15 % 1 700 13 % 1 500 -12 % 1 600 7% 1 500 -6 %
November 2 300 400 -83 % 1 500 275 % 1 800 20 % 1 700 -6 % 1 700 0% 1 500 -12 %
December 1 600 1 400 -13 % 1 400 0% 1 700 21 % 1 800 6% 1 700 -6 % 1 600 -6 %
Total 15 300 11 400 -25 % 14 800 30 % 17 800 20 % 16 000 -10 % 14 500 -9 % 17 000 17 %
Per Quarter
2007 2008 2009 2010 2011E 2012E 2013E

Q1 3 100 2 600 -16 % 2 700 4% 4 100 52 % 3 600 -12 % 4 200 17 % 3 700 -12 %
Q2 2 800 2 400 -14 % 3 600 50 % 4 200 17 % 3 400 -19 % 3 300 -3 % 4 200 27 %
Q3 3 700 3 300 -11 % 4 100 24 % 4 300 5% 4 000 -7 % 4 000 0% 4 500 13 %
Q4 5 700 3 100 -46 % 4 400 42 % 5 200 18 % 5 000 -4 % 5 000 0% 4 600 -8 %
Smolt Release - In 1000 pcs.
2007 2008 2009 2010 2011E 2012E 2013E

Total Smolt Release 4 500 5 000 11 % 5 000 0% 5 000 0% 5 000 0% 5 000 0% 5 500 10 %
AUSTRALIA
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

January 2 100 1 800 -14 % 3 300 83 % 2 900 -12 % 3 600 24 % 3 700 3% 3 800 3%
February 1 900 1 900 0% 2 700 42 % 2 600 -4 % 3 500 35 % 3 500 0% 3 600 3%
March 2 300 2 100 -9 % 2 900 38 % 3 000 3% 3 400 13 % 3 200 -6 % 3 200 0%
April 1 700 1 800 6% 2 400 33 % 2 400 0% 3 000 25 % 2 600 -13 % 2 600 0%
May 1 800 1 900 6% 2 200 16 % 2 400 9% 2 500 4% 2 500 0% 2 500 0%
June 1 600 1 600 0% 2 200 38 % 2 400 9% 2 400 0% 2 500 4% 2 500 0%
July 1 600 1 700 6% 2 100 24 % 2 200 5% 2 300 5% 2 500 9% 2 600 4%
August 1 800 1 800 0% 2 300 28 % 2 400 4% 2 700 13 % 2 800 4% 2 800 0%
September 1 800 2 100 17 % 2 400 14 % 2 500 4% 2 800 12 % 2 900 4% 3 000 3%
October 2 200 2 700 23 % 2 600 -4 % 2 900 12 % 2 900 0% 3 200 10 % 3 200 0%
November 2 300 2 600 13 % 3 300 27 % 3 300 0% 3 400 3% 3 500 3% 3 500 0%
December 2 700 3 700 37 % 3 800 3% 4 000 5% 3 500 -13 % 3 600 3% 3 700 3%
Total 23 800 25 700 8% 32 200 25 % 33 000 2% 36 000 9% 36 500 1% 37 000 1%
Per Quarter
2007 2008 2 009 2010 2011E 2012E 2013E

Q1 6 300 5 800 -8 % 8 900 53 % 8 500 -4 % 10 500 24 % 10 400 -1 % 10 600 2%
Q2 5 100 5 300 4% 6 800 28 % 7 200 6% 7 900 10 % 7 600 -4 % 7 600 0%
Q3 5 200 5 600 8% 6 800 21 % 7 100 4% 7 800 10 % 8 200 5% 8 400 2%
Q4 7 200 9 000 25 % 9 700 8% 10 200 5% 9 800 -4 % 10 300 5% 10 400 1%
OTHER COUNTRIES
Harvest Quantity
In tonnes wfe
2007 2008 2009 2010 2011E 2012E 2013E

Iceland 1 500 1 000 -33 % 500 -50 % 0 -100 % 0 200 700 250 %
Others 2 400 1 400 -42 % 1 200 -14 % 1 400 17 % 2 100 50 % 3 000 43 % 6 000 100 %
Total 3 900 2 400 -38 % 1 700 -29 % 1 400 -18 % 2 100 50 % 3 200 52 % 6 700 109 %
NORWAY - Market distribution
Supply / Exports - Split on Markets

In tonnes wfe
% of % of % of % of % of % of Change
Supply Harvest Domestic EU USA Japan Russia Other
Supply Supply Supply Supply Supply Supply Inventory
2001 413 400 411 400 17 700 4% 280 000 68 % 12 000 3% 46 000 11 % 15 300 4% 42 300 10 % -2 000
2002 443 700 443 900 18 900 4% 300 300 68 % 14 500 3% 42 000 9% 22 000 5% 46 000 10 % 200
2003 508 300 508 400 20 300 4% 360 400 71 % 16 400 3% 35 600 7% 28 900 6% 46 600 9% 100
2004 537 500 537 000 21 000 4% 383 600 71 % 10 200 2% 36 200 7% 39 800 7% 46 700 9% -500
2005 573 300 573 600 21 500 4% 411 800 72 % 9 000 2% 30 500 5% 56 000 10 % 44 600 8% 300
2006 598 000 598 500 22 900 4% 440 800 74 % 11 000 2% 27 100 5% 36 900 6% 59 200 10 % 500
2007 722 600 723 300 25 400 4% 506 800 70 % 14 300 2% 28 600 4% 60 400 8% 87 000 12 % 700
2008 740 300 741 000 27 400 4% 532 100 72 % 9 600 1% 24 400 3% 62 400 8% 84 300 11 % 700
2009 856 200 855 700 28 300 3% 591 700 69 % 40 300 5% 28 900 3% 69 600 8% 97 500 11 % -500
2010 944 100 944 600 30 200 3% 615 300 65 % 53 800 6% 27 700 3% 93 500 10 % 123 500 13 % 500
2011 1 003 900 1 005 600 32 600 3% 648 400 65 % 28 700 3% 34 000 3% 115 400 11 % 144 800 14 % 1 700
2012E 1 139 100 1 137 800 34 500 3% 725 600 64 % 27 000 2% 42 500 4% 145 700 13 % 163 800 14 % -1 300
2013E 1 144 400 1 143 900 36 500 3% 722 900 63 % 26 500 2% 38 700 3% 146 000 13 % 173 800 15 % -500
Percentage Change - Year over Year

2004 6% 6% 3% 6% -38 % 2% 38 % 0%
2005 7% 7% 2% 7% -12 % -16 % 41 % -4 %
2006 4% 4% 7% 7% 22 % -11 % -34 % 33 %
2007 21 % 21 % 11 % 15 % 30 % 6% 64 % 47 %
2008 2% 2% 8% 5% -33 % -15 % 3% -3 %
2009 16 % 15 % 3% 11 % 320 % 18 % 12 % 16 %
2010 10 % 10 % 7% 4% 33 % -4 % 34 % 27 %
2011 6% 6% 8% 5% -47 % 23 % 23 % 17 %
2012E 13 % 13 % 6% 12 % -6 % 25 % 26 % 13 %
2013E 0% 1% 6% 0% -2 % -9 % 0% 6%
Share of Supply - Split on markets
2004 2007 2012E
Domestic Domestic
EU Domestic
EU
USA EU
USA
JP USA
JP
Russia JP
Russia
Other Russia
Other
Other
Export growth - Per main Market

In tonnes wfe
EU
USA
800 000 60 000
700 000
50 000
600 000
500 000 40 000
400 000 30 000

300 000
20 000
200 000
10 000
100 000
0 0
2002 2003 2004 2005 2006 2007 2008 2009E 2010 2011 2012E 2002 2003 2004 2005 2006 2007 2008 2009E 2010 2011 2012E
NORWAY - Market distribution
Harvest Quantity - Split on Markets

In tonnes wfe
% of % of % of % of % of % of
2010 Supply Harvest Domestic EU USA Japan Russia Other
Supply Supply Supply Supply Supply Supply
January 67 600 67 600 2 200 3% 44 800 66 % 4 100 6% 2 000 3% 6 000 9% 8 500 13 %
February 67 100 67 300 2 000 3% 42 200 63 % 4 500 7% 2 200 3% 6 500 10 % 9 700 14 %
March 82 600 82 500 2 200 3% 53 900 65 % 5 300 6% 3 100 4% 7 700 9% 10 400 13 %
April 65 700 65 600 2 200 3% 44 600 68 % 3 500 5% 1 700 3% 6 800 10 % 6 900 11 %
May 70 700 70 700 2 300 3% 47 400 67 % 4 800 7% 2 200 3% 5 300 7% 8 700 12 %
June 80 500 80 400 2 400 3% 52 000 65 % 5 900 7% 2 100 3% 7 400 9% 10 800 13 %
July 76 300 76 200 2 400 3% 49 200 64 % 4 900 6% 1 900 2% 7 100 9% 10 800 14 %
August 70 000 70 000 2 500 4% 45 000 64 % 4 300 6% 2 100 3% 6 500 9% 9 600 14 %
September 84 900 85 000 2 700 3% 55 100 65 % 4 600 5% 2 000 2% 9 400 11 % 11 100 13 %
October 90 700 90 900 2 900 3% 60 000 66 % 4 800 5% 2 300 3% 9 500 10 % 11 300 12 %
November 93 400 93 600 3 000 3% 59 100 63 % 3 700 4% 2 800 3% 10 700 11 % 14 000 15 %
December 94 700 94 800 3 400 4% 62 100 66 % 3 500 4% 3 400 4% 10 600 11 % 11 600 12 %
Total 944 200 944 600 30 200 3% 615 400 65 % 53 900 6% 27 800 3% 93 500 10 % 123 400 13 %
January 67 800 67 800 2 400 4% 42 800 63 % 2 800 4% 2 300 3% 7 300 11 % 10 200 15 %
February 65 100 65 100 2 300 4% 41 700 64 % 2 500 4% 2 300 4% 6 300 10 % 9 900 15 %
March 78 400 78 400 2 400 3% 50 500 64 % 2 600 3% 2 700 3% 8 300 11 % 11 800 15 %
April 68 500 68 500 2 500 4% 47 100 69 % 2 000 3% 2 300 3% 6 200 9% 8 400 12 %
May 74 000 74 000 2 500 3% 50 700 69 % 2 100 3% 2 400 3% 6 700 9% 9 700 13 %
June 80 800 80 800 2 600 3% 53 400 66 % 2 600 3% 2 400 3% 7 200 9% 12 600 16 %
July 77 900 78 500 2 700 3% 48 900 63 % 2 100 3% 2 400 3% 8 500 11 % 13 300 17 %
August 79 700 79 700 2 700 3% 50 900 64 % 2 100 3% 2 800 4% 9 600 12 % 11 600 15 %
September 95 700 95 700 2 800 3% 62 400 65 % 2 600 3% 2 900 3% 11 900 12 % 13 100 14 %
October 98 200 100 100 3 000 3% 63 100 64 % 3 000 3% 3 200 3% 12 100 12 % 13 800 14 %
November 106 600 106 800 3 100 3% 67 300 63 % 2 000 2% 3 400 3% 15 800 15 % 15 000 14 %
December 111 300 110 200 3 600 3% 69 700 63 % 2 300 2% 4 900 4% 15 600 14 % 15 300 14 %
Total 1 004 000 1 005 600 32 600 3% 648 500 65 % 28 700 3% 34 000 3% 115 500 12 % 144 700 14 %
2012E Supply Harvest Domestic EU USA Japan Russia Other
January 81 300 81 000 2 500 3% 48 900 60 % 2 000 2% 3 300 4% 11 100 14 % 13 400 16 %
February 82 500 82 800 2 500 3% 49 900 60 % 2 000 2% 3 100 4% 11 600 14 % 13 400 16 %
March 104 600 104 900 2 600 2% 68 400 65 % 2 000 2% 3 800 4% 13 300 13 % 14 600 14 %
April 83 100 82 800 2 600 3% 51 300 62 % 2 100 3% 3 900 5% 11 500 14 % 11 700 14 %
May 94 000 94 000 2 800 3% 62 600 67 % 2 100 2% 3 300 4% 9 800 10 % 13 300 14 %
June 104 500 104 100 2 900 3% 68 100 65 % 3 000 3% 3 300 3% 11 600 11 % 15 500 15 %
July 93 400 93 100 3 000 3% 58 400 63 % 2 300 2% 3 400 4% 11 600 12 % 14 700 16 %
August 85 000 84 800 2 600 3% 53 600 63 % 2 000 2% 3 100 4% 10 600 12 % 13 100 15 %
September 97 200 97 000 2 800 3% 62 100 64 % 2 200 2% 3 500 4% 12 300 13 % 14 300 15 %
October 105 000 105 000 3 200 3% 68 000 65 % 2 400 2% 3 800 4% 12 600 12 % 15 000 14 %
November 104 900 104 700 3 200 3% 67 000 64 % 2 300 2% 3 800 4% 14 700 14 % 13 900 13 %
December 103 600 103 600 3 800 4% 67 300 65 % 2 500 2% 4 100 4% 15 000 14 % 10 900 11 %
Total 1 139 100 1 137 800 34 500 3% 725 600 64 % 26 900 2% 42 400 4% 145 700 13 % 163 800 14 %
January 76 800 76 500 2 800 4% 45 100 59 % 1 700 2% 3 100 4% 10 300 13 % 13 800 18 %
February 78 400 78 200 2 900 4% 47 100 60 % 1 600 2% 2 900 4% 10 600 14 % 13 300 17 %
March 100 000 100 000 3 500 4% 64 000 64 % 1 900 2% 3 600 4% 12 600 13 % 14 400 14 %
April 81 000 81 000 2 500 3% 51 800 64 % 2 100 3% 3 800 5% 9 700 12 % 11 100 14 %
May 93 100 93 100 2 800 3% 59 100 63 % 2 000 2% 3 300 4% 9 800 11 % 16 100 17 %
June 102 800 102 800 2 900 3% 65 800 64 % 3 000 3% 3 300 3% 11 500 11 % 16 300 16 %
July 93 000 93 000 3 000 3% 58 300 63 % 2 300 2% 3 400 4% 11 600 12 % 14 400 15 %
August 85 800 85 800 2 600 3% 54 200 63 % 2 000 2% 3 100 4% 10 700 12 % 13 200 15 %
September 102 400 102 400 2 900 3% 64 500 63 % 2 300 2% 2 900 3% 13 300 13 % 16 500 16 %
October 112 700 112 700 3 200 3% 71 600 64 % 2 600 2% 3 200 3% 14 700 13 % 17 400 15 %
November 110 200 110 200 3 400 3% 71 100 65 % 2 400 2% 3 100 3% 15 500 14 % 14 700 13 %
December 108 200 108 200 4 000 4% 70 300 65 % 2 600 2% 3 000 3% 15 700 15 % 12 600 12 %
Total 1 144 400 1 143 900 36 500 3% 722 900 63 % 26 500 2% 38 700 3% 146 000 13 % 173 800 15 %
CHILE - Market distribution

In tonnes wfe
Do- % of % of % of % of % of % of Other ex % of Change
Supply Harvest EU USA Japan Russia Brazil
mestic Supply Supply Supply Supply Supply Supply Brazil Supply Inventory
2001 238 200 244 800 10 600 4% 33 800 14 % 143 000 60 % 15 900 7% 0 0% 12 400 5% 22 500 9% 6 600
2002 278 300 268 300 11 400 4% 34 800 13 % 176 300 63 % 17 800 6% 900 0% 16 000 6% 21 100 8% -10 000
2003 272 800 280 800 11 600 4% 23 900 9% 195 400 72 % 8 000 3% 1 100 0% 13 300 5% 19 600 7% 8 000
2004 341 300 346 200 12 600 4% 42 200 12 % 207 900 61 % 23 500 7% 2 400 1% 17 500 5% 35 200 10 % 4 900
2005 394 700 385 200 12 600 3% 84 000 21 % 202 900 51 % 23 400 6% 5 900 1% 17 800 5% 48 100 12 % -9 500
2006 369 000 369 500 12 900 3% 80 700 22 % 184 100 50 % 16 900 5% 5 600 2% 19 700 5% 49 100 13 % 500
2007 351 700 356 400 13 500 4% 67 800 19 % 187 500 53 % 10 000 3% 3 200 1% 26 100 7% 43 700 12 % 4 700
2008 378 200 403 500 12 300 3% 67 100 18 % 174 200 46 % 14 500 4% 6 000 2% 44 500 12 % 59 600 16 % 25 300
2009 275 900 239 100 8 100 3% 39 800 14 % 107 100 39 % 7 000 3% 5 000 2% 49 800 18 % 59 100 21 % -36 800
2010 129 200 129 600 4 900 4% 10 600 8% 53 200 41 % 1 200 1% 800 1% 34 300 27 % 24 200 19 % 400
2011 218 200 221 000 10 700 5% 17 200 8% 99 100 45 % 5 800 3% 1 000 0% 43 000 20 % 41 300 19 % 2 800
2012E 375 100 374 600 15 200 4% 30 300 8% 173 400 46 % 17 000 5% 3 300 1% 66 100 18 % 69 900 19 % -500
2013E 427 300 427 300 18 200 4% 46 600 11 % 188 300 44 % 14 600 3% 3 900 1% 68 000 16 % 87 700 21 % 0
Supply Harvest Domestic EU USA Japan Russia Brazil Other ex

Brazil
2004 25 % 23 % 9% 77 % 6% 194 % 118 % 32 % 80 %

2005 16 % 11 % 0% 99 % -2 % 0% 146 % 2% 37 %
2006 -7 % -4 % 2% -4 % -9 % -28 % -5 % 11 % 2%
2007 -5 % -4 % 5% -16 % 2% -41 % -43 % 32 % -11 %
2008 8% 13 % -9 % -1 % -7 % 45 % 88 % 70 % 36 %
2009 -27 % -41 % -34 % -41 % -39 % -52 % -17 % 12 % -1 %
2010 -53 % -46 % -40 % -73 % -50 % -83 % -84 % -31 % -59 %
2011 69 % 71 % 118 % 62 % 86 % 383 % 25 % 25 % 71 %
2012E 72 % 70 % 42 % 76 % 75 % 193 % 230 % 54 % 69 %
2013E 14 % 14 % 20 % 54 % 9% -14 % 18 % 3% 25 %
2004 2007 2012E

Domestic Domestic Domestic
EU EU EU
USA USA
USA
JP JP
JP
Russia Russia
Russia
Brazil Brazil
Brazil
Other ex Brazil Other ex Brazil

Other ex Brazil

In tonnes wfe
USA EU
250 000 100 000
200 000 80 000
150 000 60 000
100 000 40 000
50 000 20 000
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
CHILE - Market distribution

In tonnes wfe
% of % of % of % of % of % of Other ex % of
2010 Supply Harvest Domestic EU USA Japan Russia Brasil
Supply Supply Supply Supply Supply Supply Brasil Supply
January 13 500 13 400 500 4% 1 200 9% 5 100 38 % 0 0% 100 1% 3 700 27 % 2 900 21 %
February 11 200 11 400 300 3% 700 6% 4 300 38 % 0 0% 100 1% 3 500 31 % 2 200 20 %
March 8 600 8 700 300 3% 200 2% 3 200 37 % 0 0% 0 0% 3 100 36 % 1 700 20 %
April 10 500 10 600 200 2% 500 5% 4 400 42 % 100 1% 0 0% 3 500 33 % 1 700 16 %
May 12 600 12 700 200 2% 1 000 8% 5 900 47 % 100 1% 100 1% 3 100 25 % 2 200 17 %
June 10 200 10 300 200 2% 1 000 10 % 4 700 46 % 0 0% 100 1% 2 200 22 % 2 000 20 %
July 8 900 8 900 200 2% 900 10 % 3 500 39 % 0 0% 0 0% 2 500 28 % 1 800 20 %
August 9 500 9 400 500 5% 800 8% 4 000 42 % 0 0% 100 1% 2 100 22 % 2 000 21 %
September 9 500 9 300 600 6% 1 000 11 % 3 700 39 % 200 2% 100 1% 2 200 23 % 1 800 19 %
October 11 900 11 700 500 4% 1 000 8% 4 900 41 % 300 3% 0 0% 3 000 25 % 2 100 18 %
November 11 800 11 900 700 6% 1 100 9% 5 000 42 % 100 1% 200 2% 2 900 25 % 1 800 15 %
December 10 900 11 300 700 6% 1 200 11 % 4 500 41 % 200 2% 0 0% 2 500 23 % 1 700 16 %
Total 129 100 129 600 4 900 4% 10 600 8% 53 200 41 % 1 000 1% 800 1% 34 300 27 % 23 900 19 %
2011 Supply Harvest Domestic EU USA Japan Russia Brasil
January 12 000 12 100 700 6% 800 7% 5 500 46 % 300 3% 100 1% 2 900 24 % 1 800 15 %
February 10 500 10 700 600 6% 900 9% 4 300 41 % 300 3% 0 0% 2 100 20 % 2 300 22 %
March 14 200 14 200 700 5% 600 4% 7 200 51 % 100 1% 0 0% 3 300 23 % 2 300 16 %
April 12 700 12 900 600 5% 600 5% 6 100 48 % 100 1% 0 0% 3 100 24 % 2 100 17 %
May 15 400 15 300 800 5% 1 100 7% 7 800 51 % 0 0% 0 0% 2 700 18 % 2 900 19 %
June 16 400 16 400 900 5% 2 000 12 % 8 000 49 % 0 0% 0 0% 2 400 15 % 3 000 18 %
July 21 500 21 400 800 4% 2 600 12 % 10 400 48 % 200 1% 0 0% 3 800 18 % 3 600 17 %
August 20 400 22 000 1 100 5% 1 700 8% 9 200 45 % 400 2% 0 0% 4 100 20 % 3 900 19 %
September 25 600 24 500 1 000 4% 2 400 9% 11 100 43 % 800 3% 0 0% 4 400 17 % 5 800 23 %
October 24 000 24 400 1 200 5% 1 600 7% 10 600 44 % 700 3% 400 2% 4 100 17 % 5 400 23 %
November 23 300 24 600 1 200 5% 1 600 7% 10 200 44 % 1 000 4% 300 1% 4 600 20 % 4 500 19 %
December 22 200 22 500 1 100 5% 1 300 6% 8 500 38 % 1 900 9% 200 1% 5 500 25 % 3 700 17 %
Total 218 200 221 000 10 700 5% 17 200 8% 98 900 45 % 5 800 3% 1 000 0% 43 000 20 % 41 300 19 %
2012E Supply Harvest Domestic EU USA Japan Russia Brasil
January 22 300 22 300 1 200 5% 1 800 8% 10 800 48 % 600 3% 200 1% 4 000 18 % 3 700 17 %
February 23 900 24 100 1 100 5% 1 500 6% 11 700 49 % 1 100 5% 300 1% 4 700 20 % 3 500 15 %
March 26 500 27 900 1 300 5% 1 400 5% 12 600 48 % 1 200 5% 100 0% 6 800 26 % 3 200 12 %
April 25 700 26 800 1 300 5% 1 500 6% 13 000 51 % 1 300 5% 100 0% 5 200 20 % 3 300 13 %
May 29 500 29 800 1 100 4% 1 900 6% 15 000 51 % 1 200 4% 0 0% 6 400 22 % 3 800 13 %
June 27 700 29 000 1 200 4% 1 900 7% 13 100 47 % 2 100 8% 200 1% 4 600 17 % 4 500 16 %
July 31 800 31 300 1 100 3% 3 100 10 % 14 400 45 % 1 900 6% 200 1% 5 000 16 % 6 100 19 %
August 32 100 30 600 1 200 4% 3 100 10 % 14 400 45 % 1 500 5% 200 1% 5 100 16 % 6 600 21 %
September 36 000 35 200 1 300 4% 3 500 10 % 16 500 46 % 1 400 4% 400 1% 5 500 15 % 7 400 21 %
October 37 900 37 400 1 300 3% 3 700 10 % 16 800 44 % 1 500 4% 400 1% 5 900 16 % 8 300 22 %
November 40 400 39 400 1 600 4% 3 200 8% 17 700 44 % 1 600 4% 600 1% 6 500 16 % 9 200 23 %
December 41 300 40 800 1 500 4% 3 700 9% 17 500 42 % 1 600 4% 400 1% 6 500 16 % 10 100 24 %
Total 375 100 374 600 15 200 4% 30 300 8% 173 500 46 % 17 000 5% 3 100 1% 66 200 18 % 69 700 19 %
2013E Supply Harvest Domestic EU USA Japan Russia Brasil
January 36 900 36 900 1 500 4% 3 700 10 % 15 900 43 % 1 100 3% 300 1% 5 500 15 % 8 900 24 %
February 36 000 36 000 1 500 4% 3 600 10 % 16 200 45 % 1 100 3% 400 1% 5 600 16 % 7 600 21 %
March 37 200 37 200 1 600 4% 3 700 10 % 16 000 43 % 1 300 3% 300 1% 5 500 15 % 8 800 24 %
April 38 800 38 800 1 600 4% 3 500 9% 17 500 45 % 1 400 4% 200 1% 6 000 15 % 8 600 22 %
May 31 900 31 900 1 300 4% 3 800 12 % 13 400 42 % 1 100 3% 200 1% 5 500 17 % 6 600 21 %
June 29 000 29 000 1 200 4% 2 900 10 % 12 500 43 % 1 000 3% 300 1% 5 200 18 % 5 900 20 %
July 31 000 31 000 1 200 4% 3 700 12 % 13 300 43 % 1 100 4% 300 1% 5 300 17 % 6 100 20 %
August 31 500 31 500 1 300 4% 3 800 12 % 14 800 47 % 1 100 3% 300 1% 5 500 17 % 4 700 15 %
September 35 000 35 000 1 600 5% 3 500 10 % 16 400 47 % 1 200 3% 400 1% 5 700 16 % 6 200 18 %
October 37 900 37 900 1 700 4% 4 500 12 % 17 000 45 % 1 300 3% 400 1% 6 000 16 % 7 000 18 %
November 40 500 40 500 1 800 4% 4 900 12 % 17 400 43 % 1 400 3% 400 1% 6 200 15 % 8 400 21 %
December 41 600 41 600 1 900 5% 5 000 12 % 17 900 43 % 1 500 4% 400 1% 6 000 14 % 8 900 21 %
Total 427 300 427 300 18 200 4% 46 600 11 % 188 300 44 % 14 600 3% 3 900 1% 68 000 16 % 87 700 21 %
UK - Market distribution

In tonnes wfe
Harvest Domestic EU USA Japan Russia Other
Harvest Harvest Harvest Harvest Harvest Harvest
2001 131 600 65 800 50 % 56 900 43 % 6 500 5% 1 100 1% 0 0% 1 100 1%
2002 140 100 80 600 58 % 50 100 36 % 7 000 5% 1 100 1% 0 0% 1 200 1%
2003 160 800 74 400 46 % 63 900 40 % 16 400 10 % 3 100 2% 0 0% 3 200 2%
2004 149 800 75 600 50 % 58 700 39 % 11 100 7% 1 800 1% 100 0% 2 700 2%
2005 119 700 61 100 51 % 48 200 40 % 6 200 5% 1 200 1% 1 200 1% 1 700 1%
2006 127 500 66 500 52 % 44 600 35 % 9 500 7% 1 000 1% 4 000 3% 2 100 2%
2007 134 900 63 700 47 % 49 100 36 % 15 700 12 % 500 0% 3 400 3% 2 400 2%
2008 136 400 67 500 49 % 48 200 35 % 15 700 12 % 400 0% 200 0% 4 300 3%
2009 144 800 59 300 41 % 50 900 35 % 26 500 18 % 500 0% 1 300 1% 6 200 4%
2010 141 800 48 100 34 % 49 500 35 % 34 700 24 % 600 0% 2 500 2% 6 400 5%
2011E 154 700 38 800 25 % 53 900 35 % 46 400 30 % 900 1% 2 100 1% 12 600 8%
2012E 153 300 44 900 29 % 54 800 36 % 33 800 22 % 1 000 1% 3 300 2% 15 400 10 %
2013E 152 500 53 400 35 % 55 600 36 % 32 300 21 % 1 000 1% 2 100 1% 8 100 5%
2004 -7 % 2% -8 % -32 % -42 % -16 %

2005 -20 % -19 % -18 % -44 % -33 % 1100 % -37 %
2006 7% 9% -7 % 53 % -17 % 233 % 24 %
2007 6% -4 % 10 % 65 % -50 % -15 % 14 %
2008 1% 6% -2 % 0% -20 % -94 % 79 %
2009 6% -12 % 6% 69 % 25 % 550 % 44 %
2010 -2 % -19 % -3 % 31 % 20 % 92 % 3%
2011E 9% -19 % 9% 34 % 50 % -16 % 97 %
2012E -1 % 16 % 2% -27 % 11 % 57 % 22 %
2013E -1 % 19 % 1% -4 % 0% -36 % -47 %
2004 2007 2012E

Other EU Other EU Other EU
USA USA USA
JP JP JP
Russia Russia Russia
Other Other Other

In tonnes wfe
Other EU USA
70 000
50 000
60 000
40 000
50 000
40 000 30 000
30 000
20 000
20 000
10 000 10 000
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
UK - Market distribution

In tonnes wfe
2010 Harvest Domestic EU USA Japan Russia Other
January 11 000 5 700 52 % 2 500 23 % 2 200 20 % 100 1% 100 1% 400 4%
February 11 800 5 500 47 % 3 300 28 % 2 300 19 % 0 0% 100 1% 600 5%
March 11 800 4 500 38 % 3 600 31 % 2 800 24 % 100 1% 100 1% 800 7%
April 10 300 3 800 37 % 3 500 34 % 1 800 17 % 0 0% 700 7% 500 5%
May 10 600 3 200 30 % 3 300 31 % 3 300 31 % 0 0% 200 2% 500 5%
June 10 900 2 900 27 % 3 100 28 % 4 000 37 % 0 0% 400 4% 400 4%
July 11 200 4 400 39 % 3 700 33 % 2 600 23 % 0 0% 0 0% 400 4%
August 11 700 4 300 37 % 4 400 38 % 2 500 21 % 0 0% 0 0% 400 3%
September 12 500 4 000 32 % 4 400 35 % 3 400 27 % 0 0% 0 0% 600 5%
October 13 200 2 900 22 % 6 000 45 % 3 500 27 % 0 0% 100 1% 600 5%
November 13 800 2 900 21 % 6 700 49 % 3 200 23 % 100 1% 400 3% 600 4%
December 13 000 4 000 31 % 5 000 38 % 3 200 25 % 0 0% 100 1% 700 5%
Total 141 800 48 100 34 % 49 500 35 % 34 800 25 % 300 0% 2 200 2% 6 500 5%
2011E Harvest Domestic EU USA Japan Russia Other
January 11 800 2 200 19 % 4 900 42 % 4 000 34 % 0 0% 0 0% 600 5%
February 11 500 2 100 18 % 3 100 27 % 4 700 41 % 100 1% 300 3% 1 200 10 %
March 10 000 1 400 14 % 4 100 41 % 3 300 33 % 100 1% 100 1% 1 000 10 %
April 11 900 3 100 26 % 3 800 32 % 3 800 32 % 100 1% 100 1% 900 8%
May 12 300 2 900 24 % 4 200 34 % 4 200 34 % 100 1% 100 1% 800 7%
June 13 200 3 400 26 % 4 600 35 % 4 000 30 % 100 1% 100 1% 1 000 8%
July 13 900 4 900 35 % 4 300 31 % 3 300 24 % 100 1% 300 2% 1 100 8%
August 12 600 4 100 33 % 4 200 33 % 3 300 26 % 100 1% 100 1% 800 6%
September 12 900 3 300 26 % 4 800 37 % 3 700 29 % 100 1% 0 0% 1 000 8%
October 14 900 3 300 22 % 5 300 36 % 4 500 30 % 100 1% 300 2% 1 400 9%
November 14 800 3 800 26 % 5 400 36 % 3 800 26 % 100 1% 400 3% 1 400 9%
December 14 900 4 300 29 % 5 200 35 % 3 800 26 % 100 1% 200 1% 1 400 9%
Total 154 700 38 800 25 % 53 900 35 % 46 400 30 % 1 100 1% 2 000 1% 12 600 8%
January 12 300 3 300 27 % 4 800 39 % 2 300 19 % 100 1% 300 2% 1 500 12 %
February 11 900 4 200 35 % 3 400 29 % 2 400 20 % 100 1% 400 3% 1 500 13 %
March 12 000 2 500 21 % 4 900 41 % 2 400 20 % 100 1% 200 2% 1 900 16 %
April 12 000 1 900 16 % 4 100 34 % 3 900 33 % 100 1% 400 3% 1 600 13 %
May 12 500 2 200 18 % 4 500 36 % 3 700 30 % 100 1% 500 4% 1 500 12 %
June 11 400 3 500 31 % 4 100 36 % 2 400 21 % 100 1% 300 3% 1 000 9%
July 14 000 4 600 33 % 4 800 34 % 3 300 24 % 100 1% 300 2% 900 6%
August 13 100 4 600 35 % 4 700 36 % 2 600 20 % 100 1% 100 1% 1 000 8%
September 13 500 5 000 37 % 4 700 35 % 2 600 19 % 100 1% 200 1% 900 7%
October 12 700 3 800 30 % 4 800 38 % 2 500 20 % 100 1% 200 2% 1 300 10 %
November 13 600 4 400 32 % 4 900 36 % 2 900 21 % 100 1% 200 1% 1 100 8%
December 14 300 4 900 34 % 5 300 37 % 2 900 20 % 100 1% 100 1% 1 000 7%
Total 153 300 44 900 29 % 55 000 36 % 33 900 22 % 1 200 1% 3 200 2% 15 200 10 %
January 10 200 2 700 26 % 3 800 37 % 1 900 19 % 100 1% 200 2% 1 500 15 %
February 10 800 3 800 35 % 4 000 37 % 2 100 19 % 100 1% 100 1% 700 6%
March 10 400 3 400 33 % 3 700 36 % 2 100 20 % 100 1% 200 2% 900 9%
April 10 400 3 800 37 % 3 700 36 % 3 400 33 % 100 1% 200 2% -800 -8 %
May 12 700 4 600 36 % 4 600 36 % 3 700 29 % 100 1% 100 1% -400 -3 %
June 11 800 4 400 37 % 4 100 35 % 2 500 21 % 100 1% 200 2% 500 4%
July 11 600 4 100 35 % 4 100 35 % 2 700 23 % 100 1% 100 1% 500 4%
August 13 600 4 800 35 % 4 900 36 % 2 700 20 % 100 1% 100 1% 1 000 7%
September 14 100 5 200 37 % 4 900 35 % 2 700 19 % 100 1% 100 1% 1 100 8%
October 15 400 5 100 33 % 6 300 41 % 3 000 19 % 100 1% 300 2% 600 4%
November 16 200 5 200 32 % 5 800 36 % 3 500 22 % 100 1% 300 2% 1 300 8%
December 15 300 6 300 41 % 5 700 37 % 2 000 13 % 100 1% 200 1% 1 000 7%
Total 152 500 53 400 35 % 55 600 36 % 32 300 21 % 1 200 1% 2 100 1% 7 900 5%
FAROE - Market distribution

In tonnes wfe
2001 41 000 41 000 100 0% 38 500 94 % 800 2% 200 0% 0 0% 1 400 3%
2002 42 200 42 100 200 0% 37 600 89 % 1 200 3% 900 2% 300 1% 2 100 5%
2003 47 000 47 100 200 0% 41 900 89 % 2 700 6% 1 200 3% 200 0% 1 000 2%
2004 36 800 36 800 200 1% 32 800 89 % 1 100 3% 1 200 3% 600 2% 900 2%
2005 19 200 17 200 200 1% 16 100 84 % 900 5% 1 000 5% 300 2% 700 4%
2006 12 700 11 900 200 2% 9 700 76 % 300 2% 300 2% 600 5% 1 600 13 %
2007 19 400 19 100 300 2% 13 100 68 % 1 600 8% 600 3% 1 800 9% 2 000 10 %
2008 38 000 36 900 300 1% 29 900 79 % 2 700 7% 500 1% 1 600 4% 3 000 8%
2009 48 100 47 100 300 1% 30 000 62 % 11 200 23 % 600 1% 1 100 2% 4 900 10 %
2010 42 400 41 800 300 1% 26 300 62 % 10 000 24 % 700 2% 200 0% 4 800 11 %
2011 57 200 56 300 300 1% 29 900 52 % 16 700 29 % 600 1% 2 500 4% 7 200 13 %
2012E 60 000 59 900 300 1% 36 200 60 % 10 400 17 % 700 1% 4 400 7% 7 900 13 %
2013E 65 300 65 300 300 0% 40 600 62 % 11 800 18 % 900 1% 4 600 7% 7 100 11 %
2004 -22 % -22 % 0% -22 % -59 % 0% 200 % -10 %

2005 -48 % -53 % 0% -51 % -18 % -17 % -50 % -22 %
2006 -34 % -31 % 0% -40 % -67 % -70 % 100 % 129 %
2007 53 % 61 % 50 % 35 % 433 % 100 % 200 % 25 %
2008 96 % 93 % 0% 128 % 69 % -17 % -11 % 50 %
2009 27 % 28 % 0% 0% 315 % 20 % -31 % 63 %
2010 -12 % -11 % 0% -12 % -11 % 17 % -82 % -2 %
2011 35 % 35 % 0% 14 % 67 % -14 % 1150 % 50 %
2012E 5% 6% 0% 21 % -38 % 17 % 76 % 10 %
2013E 9% 9% 0% 12 % 13 % 29 % 5% -10 %
2004 2007 2012E
Domestic
Domestic Domestic
EU
EU EU
USA
USA USA
JP
JP JP
Russia
Russia Other Russia
Other Other

In tonnes wfe
EU USA
45 000 20 000
37 500
15 000
30 000
22 500 10 000
15 000
5 000
7 500
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
FAROE - Market distribution

In tonnes wfe
January 2 840 2 800 20 1 600 56 % 840 30 % 60 2% 30 1% 290 10 %

February 2 870 2 600 20 1 710 60 % 740 26 % 0 0% 0 0% 390 14 %
March 3 040 2 100 20 1 610 53 % 720 24 % 60 2% 0 0% 610 20 %
April 3 240 2 700 20 2 170 67 % 830 26 % 80 2% 0 0% 140 4%
May 3 160 2 500 20 2 190 69 % 660 21 % 70 2% 0 0% 220 7%
June 3 920 3 600 20 2 150 55 % 1 020 26 % 230 6% 0 0% 500 13 %
July 2 990 3 100 20 2 100 70 % 490 16 % 90 3% 0 0% 280 9%
August 3 070 3 300 20 1 910 62 % 840 27 % 20 1% 30 1% 250 8%
September 3 700 4 400 20 2 650 72 % 560 15 % 30 1% 20 1% 420 11 %
October 4 320 4 400 20 2 540 59 % 1 270 29 % 0 0% 0 0% 480 11 %
November 4 290 5 000 20 2 550 59 % 930 22 % 20 0% 110 3% 660 15 %
December 4 940 5 300 30 3 140 64 % 1 150 23 % 20 0% 20 0% 580 12 %
Total 42 380 41 800 250 1% 26 320 62 % 10 050 24 % 680 2% 210 0% 4 820 11 %
January 3 200 2 500 20 1 870 58 % 850 27 % 50 2% 0 0% 410 13 %

February 3 320 2 900 20 1 930 58 % 740 22 % 30 1% 0 0% 610 18 %
March 4 820 4 700 20 2 580 54 % 1 580 33 % 60 1% 0 0% 570 12 %
April 4 520 4 200 20 2 650 59 % 1 470 33 % 50 1% 0 0% 330 7%
May 5 080 4 700 20 2 670 53 % 1 680 33 % 80 2% 200 4% 430 8%
June 5 200 5 000 20 2 600 50 % 1 700 33 % 80 2% 210 4% 590 11 %
July 4 450 4 400 20 2 250 51 % 1 250 28 % 0 0% 260 6% 660 15 %
August 3 380 3 900 20 1 630 48 % 1 130 33 % 0 0% 100 3% 480 14 %
September 5 980 5 900 30 3 030 51 % 1 920 32 % 40 1% 350 6% 610 10 %
October 5 200 5 700 30 2 440 47 % 1 640 32 % 20 0% 290 6% 780 15 %
November 6 340 6 400 30 3 080 49 % 1 510 24 % 50 1% 640 10 % 1 040 16 %
December 5 690 6 000 30 3 140 55 % 1 200 21 % 110 2% 470 8% 750 13 %
Total 57 180 56 300 280 0% 29 870 52 % 16 670 29 % 570 1% 2 520 4% 7 260 13 %
January 4 900 4 900 30 3 170 65 % 530 11 % 80 2% 340 7% 740 15 %

February 5 350 5 400 30 3 050 57 % 950 18 % 120 2% 280 5% 930 17 %
March 7 110 7 100 30 4 230 59 % 1 030 14 % 70 1% 780 11 % 980 14 %
April 5 350 5 300 30 2 870 54 % 1 130 21 % 90 2% 420 8% 810 15 %
May 6 140 6 100 30 3 770 61 % 770 13 % 60 1% 450 7% 1 060 17 %
June 4 500 4 500 20 2 800 62 % 800 18 % 70 2% 320 7% 490 11 %
July 3 600 3 600 20 2 200 61 % 700 19 % 40 1% 250 7% 390 11 %
August 3 600 3 600 20 2 300 64 % 600 17 % 40 1% 250 7% 390 11 %
September 4 500 4 500 20 2 600 58 % 1 000 22 % 30 1% 270 6% 580 13 %
October 4 700 4 700 20 2 900 62 % 1 000 21 % 20 0% 280 6% 480 10 %
November 5 000 5 000 30 3 100 62 % 1 000 20 % 40 1% 350 7% 490 10 %
December 5 200 5 200 30 3 200 62 % 900 17 % 90 2% 410 8% 570 11 %
Total 59 950 59 900 310 1% 36 190 60 % 10 410 17 % 750 1% 4 400 7% 7 910 13 %
January 4 800 4 800 30 3 100 65 % 500 10 % 100 2% 300 6% 770 16 %

February 3 200 3 200 20 1 800 56 % 600 19 % 100 3% 200 6% 480 15 %
March 3 100 3 100 10 1 800 58 % 400 13 % 0 0% 300 10 % 590 19 %
April 4 500 4 500 30 2 400 53 % 1 000 22 % 100 2% 400 9% 580 13 %
May 5 100 5 100 30 3 100 61 % 600 12 % 100 2% 400 8% 880 17 %
June 5 800 5 800 30 3 600 62 % 1 000 17 % 100 2% 400 7% 670 12 %
July 5 600 5 600 30 3 400 61 % 1 100 20 % 100 2% 400 7% 570 10 %
August 5 800 5 800 30 3 800 66 % 1 000 17 % 100 2% 400 7% 470 8%
September 7 100 7 100 40 4 600 65 % 1 600 23 % 0 0% 400 6% 460 6%
October 6 900 6 900 40 4 500 65 % 1 500 22 % 0 0% 400 6% 470 7%
November 6 800 6 800 30 4 400 65 % 1 400 21 % 100 1% 500 7% 370 5%
December 6 600 6 600 30 4 100 62 % 1 100 17 % 100 2% 500 8% 770 12 %
Total 65 300 65 300 350 1% 40 600 62 % 11 800 18 % 900 1% 4 600 7% 7 080 11 %
CANADA - Market distribution

In tonnes wfe
2001 99 300 22 400 23 % 100 0% 73 900 74 % 1 000 1% 0 0% 1 700 2%
2002 112 000 23 900 21 % 400 0% 85 400 76 % 1 300 1% 0 0% 1 000 1%
2003 92 000 23 000 25 % 600 1% 64 800 70 % 1 500 2% 0 0% 2 100 2%
2004 89 000 22 500 25 % 200 0% 62 200 70 % 1 700 2% 0 0% 2 400 3%
2005 107 500 21 100 20 % 100 0% 78 900 73 % 3 200 3% 0 0% 4 200 4%
2006 115 000 22 300 19 % 100 0% 86 000 75 % 3 300 3% 0 0% 3 300 3%
2007 109 500 26 600 24 % 100 0% 80 100 73 % 1 600 1% 0 0% 1 100 1%
2008 118 500 27 400 23 % 100 0% 86 300 73 % 2 700 2% 0 0% 1 800 2%
2009 115 400 32 500 28 % 100 0% 81 100 70 % 1 100 1% 0 0% 600 1%
2010 118 000 28 400 24 % 100 0% 87 600 74 % 1 100 1% 0 0% 900 1%
2011E 110 000 27 700 25 % 100 0% 80 400 73 % 1 000 1% 0 0% 900 1%
2012E 123 600 26 700 22 % 100 0% 94 400 76 % 1 400 1% 0 0% 1 000 1%
2013E 111 000 26 700 24 % 100 0% 81 900 74 % 1 100 1% 0 0% 1 200 1%
2004 -3 % -2 % -4 % 13 % 14 %
2005 21 % -6 % 27 % 88 % 75 %
2006 7% 6% 9% 3% -21 %
2007 -5 % 19 % -7 % -52 % -67 %
2008 8% 3% 8% 69 % 64 %
2009 -3 % 19 % -6 % -59 % -67 %
2010 2% -13 % 8% 0% 50 %
2011E -7 % -2 % -8 % -9 % 0%
2012E 12 % -4 % 17 % 40 % 11 %
2013E -10 % 0% -13 % -21 % 20 %
2004 2007 2012E

EU EU EU
USA USA USA
JP JP JP
Other Other Other

In tonnes wfe
USA Japan
105 000 3 500
90 000 3 000
75 000 2 500
60 000 2 000
45 000 1 500
30 000 1 000
15 000 500
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E
CANADA - Market distribution

In tonnes wfe
2010 Harvest Domestic EU USA Japan Russia Other
January 8 800 900 10 % 0 0% 7 800 89 % 100 1% 0 0% 0 0%

February 8 800 1 200 14 % 0 0% 7 400 84 % 100 1% 0 0% 0 0%
March 11 000 2 100 19 % 0 0% 8 800 80 % 100 1% 0 0% 0 0%
April 9 200 1 400 15 % 0 0% 7 700 84 % 100 1% 0 0% 100 1%
May 8 300 1 700 20 % 0 0% 6 500 78 % 100 1% 0 0% 0 0%
June 8 200 1 800 22 % 0 0% 6 300 77 % 100 1% 0 0% 0 0%
July 10 200 2 500 25 % 0 0% 7 500 74 % 100 1% 0 0% 200 2%
August 10 800 2 800 26 % 0 0% 7 600 70 % 200 2% 0 0% 200 2%
September 10 800 4 000 37 % 0 0% 6 600 61 % 100 1% 0 0% 100 1%
October 10 600 3 300 31 % 0 0% 7 100 67 % 100 1% 0 0% 100 1%
November 10 700 4 000 37 % 0 0% 6 600 62 % 100 1% 0 0% 100 1%
December 10 600 2 700 25 % 0 0% 7 800 74 % 100 1% 0 0% 0 0%
Total 118 000 28 400 24 % 0 0% 87 700 74 % 1 300 1% 0 0% 800 1%
January 7 600 1 000 13 % 0 0% 6 600 87 % 100 1% 0 0% 0 0%

February 7 300 1 500 21 % 0 0% 5 700 78 % 100 1% 0 0% 0 0%
March 8 300 900 11 % 0 0% 7 300 88 % 100 1% 0 0% 100 1%
April 8 300 1 500 18 % 0 0% 6 600 80 % 100 1% 0 0% 100 1%
May 8 400 2 300 27 % 0 0% 5 900 70 % 100 1% 0 0% 100 1%
June 8 200 2 400 29 % 0 0% 5 700 70 % 100 1% 0 0% 100 1%
July 9 600 2 700 28 % 0 0% 6 700 70 % 100 1% 0 0% 100 1%
August 9 800 1 700 17 % 0 0% 7 900 81 % 100 1% 0 0% 200 2%
September 10 100 3 100 31 % 0 0% 6 800 67 % 100 1% 0 0% 100 1%
October 10 200 3 800 37 % 0 0% 6 300 62 % 100 1% 0 0% 0 0%
November 10 700 3 900 36 % 0 0% 6 600 62 % 100 1% 0 0% 0 0%
December 11 500 2 900 25 % 0 0% 8 400 73 % 100 1% 0 0% 0 0%
Total 110 000 27 700 25 % 0 0% 80 500 73 % 1 200 1% 0 0% 800 1%
January 9 000 1 500 17 % 0 0% 7 400 82 % 100 1% 0 0% 0 0%
February 9 600 1 200 13 % 0 0% 8 200 85 % 100 1% 0 0% 0 0%
March 10 500 1 000 10 % 0 0% 9 300 89 % 100 1% 0 0% 0 0%
April 10 600 1 600 15 % 0 0% 8 700 82 % 200 2% 0 0% 100 1%
May 10 500 1 200 11 % 0 0% 8 900 85 % 200 2% 0 0% 100 1%
June 10 600 2 500 24 % 0 0% 7 800 74 % 100 1% 0 0% 200 2%
July 9 700 2 200 23 % 0 0% 7 300 75 % 100 1% 0 0% 100 1%
August 10 000 2 600 26 % 0 0% 7 200 72 % 100 1% 0 0% 100 1%
September 10 200 2 700 26 % 0 0% 7 300 72 % 100 1% 0 0% 100 1%
October 10 600 2 900 27 % 0 0% 7 600 72 % 100 1% 0 0% 0 0%
November 10 900 3 600 33 % 0 0% 7 100 65 % 100 1% 0 0% 100 1%
December 11 400 3 700 32 % 0 0% 7 500 66 % 100 1% 0 0% 100 1%
Total 123 600 26 700 22 % 0 0% 94 300 76 % 1 400 1% 0 0% 900 1%
January 9 100 1 800 20 % 0 0% 7 100 78 % 100 1% 0 0% 100 1%

February 8 800 1 900 22 % 0 0% 6 600 75 % 100 1% 0 0% 200 2%
March 9 200 1 800 20 % 0 0% 7 200 78 % 100 1% 0 0% 100 1%
April 9 900 2 000 20 % 0 0% 7 700 78 % 200 2% 0 0% 100 1%
May 10 500 2 400 23 % 0 0% 7 800 74 % 100 1% 0 0% 200 2%
June 9 500 2 200 23 % 0 0% 7 000 74 % 100 1% 0 0% 200 2%
July 9 800 2 600 27 % 0 0% 7 000 71 % 100 1% 0 0% 100 1%
August 9 200 2 300 25 % 0 0% 6 800 74 % 100 1% 0 0% 0 0%
September 8 400 2 300 27 % 0 0% 6 000 71 % 100 1% 0 0% 0 0%
October 8 500 2 400 28 % 0 0% 6 000 71 % 100 1% 0 0% 0 0%
November 8 500 2 300 27 % 0 0% 6 000 71 % 100 1% 0 0% 100 1%
December 9 600 2 700 28 % 0 0% 6 700 70 % 100 1% 0 0% 100 1%
Total 111 000 26 700 24 % 0 0% 81 900 74 % 1 300 1% 0 0% 1 200 1%
Feed Consumption - Salmonids (Ongrowing)
Estimated Feed Consumption - Per Specie, per Region, per month
Based on monthly feed-sales / KA Production models
Total - Atlantic Salmon, Large Trout & Coho/Chinook

Per Selected Countries - Regions
2007 2008 2009 2010 2011E 2012E 2013E
Norway 1 083 000 1 136 700 5% 1 302 500 15 % 1 307 400 0% 1 460 700 12 % 1 591 100 9% 1 536 200 -3 %
Chile 1 082 400 1 018 200 -6 % 594 000 -42 % 692 600 17 % 975 900 41 % 1 213 300 24 % 1 090 600 -10 %
UK 211 300 201 300 -5 % 207 400 3% 207 500 0% 218 500 5% 213 700 -2 % 217 200 2%
North America 201 400 193 800 -4 % 191 500 -1 % 206 100 8% 205 900 0% 201 600 -2 % 202 500 0%
Faroe Islands 45 600 57 300 26 % 57 900 1% 59 400 3% 82 500 39 % 77 600 -6 % 88 800 14 %
Total 2 623 700 2 607 300 -1 % 2 353 300 -10 % 2 473 000 5% 2 943 500 19 % 3 297 300 12 % 3 135 300 -5 %
Atlantic Salmon
Norway 2007 2008 2009 2010 2011E 2012E 2013E
January 58 800 54 600 -7 % 60 700 11 % 61 500 1% 64 500 5% 92 300 43 % 79 700 -14 %
February 45 200 46 300 2% 48 500 5% 49 900 3% 49 900 0% 78 000 56 % 65 500 -16 %
March 48 200 48 500 1% 45 300 -7 % 54 700 21 % 54 600 0% 79 400 45 % 67 400 -15 %
April 55 800 50 100 -10 % 55 900 12 % 55 500 -1 % 55 800 1% 78 800 41 % 70 400 -11 %
May 65 700 64 500 -2 % 74 300 15 % 79 100 6% 90 800 15 % 91 000 0% 96 200 6%
June 77 200 81 500 6% 103 200 27 % 105 700 2% 109 200 3% 117 000 7% 117 000 0%
July 114 200 110 300 -3 % 140 400 27 % 139 200 -1 % 151 400 9% 163 800 8% 161 400 -1 %
August 130 600 126 900 -3 % 156 100 23 % 167 300 7% 186 800 12 % 202 100 8% 200 400 -1 %
September 116 000 135 600 17 % 152 600 13 % 162 500 6% 195 300 20 % 187 500 -4 % 193 600 3%
October 116 600 128 700 10 % 143 100 11 % 147 500 3% 164 200 11 % 164 800 0% 163 900 -1 %
November 84 700 98 200 16 % 122 800 25 % 122 100 -1 % 138 300 13 % 131 400 -5 % 131 500 0%
December 63 300 83 600 32 % 99 300 19 % 89 700 -10 % 109 700 22 % 105 800 -4 % 101 900 -4 %
Total 976 300 1 028 800 5% 1 202 200 17 % 1 234 700 3% 1 370 500 11 % 1 491 900 9% 1 448 900 -3 %
UK 2007 2008 2009 2010 2011E 2012E 2013E

January 13 200 11 100 -16 % 12 400 12 % 11 400 -8 % 13 500 18 % 12 500 -7 % 12 500 0%
February 11 100 10 200 -8 % 10 400 2% 10 000 -4 % 11 900 19 % 11 000 -8 % 11 000 0%
March 12 000 11 300 -6 % 11 700 4% 12 500 7% 15 000 20 % 13 100 -13 % 12 700 -3 %
April 13 400 13 300 -1 % 14 300 8% 13 900 -3 % 14 400 4% 16 100 12 % 14 400 -11 %
May 16 500 15 100 -8 % 14 500 -4 % 14 300 -1 % 17 300 21 % 15 800 -9 % 17 100 8%
June 17 200 16 800 -2 % 19 100 14 % 18 100 -5 % 18 900 4% 18 200 -4 % 19 600 8%
July 24 500 20 900 -15 % 22 500 8% 20 900 -7 % 21 100 1% 21 500 2% 22 700 6%
August 25 200 22 100 -12 % 22 000 0% 24 500 11 % 26 800 9% 24 600 -8 % 25 200 2%
September 23 500 26 200 11 % 23 900 -9 % 22 600 -5 % 25 400 12 % 23 900 -6 % 25 000 5%
October 21 000 22 800 9% 21 700 -5 % 22 300 3% 23 500 5% 22 500 -4 % 22 900 2%
November 19 100 15 300 -20 % 18 600 22 % 18 700 1% 16 700 -11 % 18 300 10 % 18 000 -2 %
December 14 600 16 200 11 % 16 300 1% 18 300 12 % 14 000 -23 % 16 200 16 % 16 100 -1 %
Total 211 300 201 300 -5 % 207 400 3% 207 500 0% 218 500 5% 213 700 -2 % 217 200 2%
Faroe Island 2007 2008 2009 2010 2011E 2012E 2013E

January 1 300 2 200 69 % 3 100 41 % 2 600 -16 % 3 900 50 % 4 600 18 % 4 100 -11 %
February 1 100 2 100 91 % 2 900 38 % 2 300 -21 % 4 000 74 % 4 600 15 % 4 100 -11 %
March 1 600 2 800 75 % 3 400 21 % 2 900 -15 % 5 200 79 % 5 400 4% 5 600 4%
April 1 400 3 000 114 % 3 600 20 % 3 600 0% 4 600 28 % 5 900 28 % 5 900 0%
May 2 100 3 900 86 % 3 700 -5 % 4 100 11 % 5 600 37 % 5 400 -4 % 6 800 26 %
June 2 000 4 400 120 % 4 600 5% 4 900 7% 7 000 43 % 5 900 -16 % 8 300 41 %
July 4 000 5 100 28 % 6 000 18 % 5 200 -13 % 8 200 58 % 7 600 -7 % 9 600 26 %
August 5 700 5 200 -9 % 5 500 6% 7 300 33 % 10 300 41 % 8 900 -14 % 10 800 21 %
September 5 000 5 700 14 % 5 600 -2 % 7 700 38 % 11 500 49 % 9 200 -20 % 10 800 17 %
October 5 000 4 900 -2 % 5 000 2% 6 900 38 % 10 000 45 % 8 200 -18 % 9 600 17 %
November 3 900 3 700 -5 % 4 200 14 % 6 000 43 % 7 300 22 % 6 700 -8 % 7 800 16 %
December 2 600 2 700 4% 3 700 37 % 4 200 14 % 4 900 17 % 5 200 6% 5 400 4%
Total 35 700 45 700 28 % 51 300 12 % 57 700 12 % 82 500 43 % 77 600 -6 % 88 800 14 %
Chile 2007 2008 2009 2010 2011E 2012E 2013E

January 62 200 64 600 4% 36 200 -44 % 21 000 -42 % 29 900 42 % 55 500 86 % 61 500 11 %
February 59 400 61 100 3% 29 900 -51 % 22 100 -26 % 33 900 53 % 61 600 82 % 59 200 -4 %
March 69 800 61 000 -13 % 25 100 -59 % 23 700 -6 % 42 700 80 % 68 800 61 % 58 400 -15 %
April 62 600 62 600 0% 22 300 -64 % 21 400 -4 % 37 100 73 % 61 700 66 % 55 000 -11 %
May 58 600 58 200 -1 % 18 800 -68 % 16 700 -11 % 32 800 96 % 57 000 74 % 52 500 -8 %
June 44 600 46 100 3% 14 400 -69 % 15 900 10 % 31 700 99 % 50 700 60 % 47 700 -6 %
July 46 300 43 600 -6 % 12 800 -71 % 16 500 29 % 33 500 103 % 48 800 46 % 47 000 -4 %
August 46 300 42 600 -8 % 12 400 -71 % 17 500 41 % 37 000 111 % 46 700 26 % 47 700 2%
September 44 800 43 700 -2 % 15 100 -65 % 19 500 29 % 37 800 94 % 49 500 31 % 49 600 0%
October 46 800 42 200 -10 % 15 900 -62 % 20 100 26 % 37 700 88 % 50 100 33 % 48 500 -3 %
November 50 200 38 800 -23 % 15 500 -60 % 19 500 26 % 39 900 105 % 48 200 21 % 48 400 0%
December 53 100 35 600 -33 % 14 500 -59 % 19 800 37 % 42 700 116 % 47 000 10 % 50 300 7%
Total 644 700 600 100 -7 % 232 900 -61 % 233 700 0% 436 700 87 % 645 600 48 % 625 800 -3 %
North America 2007 2008 2009 2010 2011E 2012E 2013E

January 12 100 11 200 -7 % 10 500 -6 % 11 200 7% 11 800 5% 12 700 8% 12 200 -4 %
February 11 700 11 600 -1 % 10 300 -11 % 12 700 23 % 10 000 -21 % 12 400 24 % 11 700 -6 %
March 13 500 12 600 -7 % 11 000 -13 % 12 700 15 % 12 000 -6 % 14 600 22 % 12 400 -15 %
April 14 500 14 400 -1 % 12 900 -10 % 17 700 37 % 14 300 -19 % 13 600 -5 % 12 700 -7 %
May 17 100 17 700 4% 16 300 -8 % 18 300 12 % 16 100 -12 % 20 000 24 % 15 100 -25 %
June 16 500 16 500 0% 18 200 10 % 20 300 12 % 18 000 -11 % 17 300 -4 % 17 300 0%
July 19 900 17 300 -13 % 19 000 10 % 21 200 12 % 17 800 -16 % 19 100 7% 19 300 1%
August 18 700 17 300 -7 % 19 600 13 % 19 500 -1 % 21 100 8% 20 800 -1 % 22 100 6%
September 18 000 19 300 7% 17 900 -7 % 18 700 4% 21 900 17 % 19 100 -13 % 20 700 8%
October 20 700 20 800 0% 20 700 0% 17 300 -16 % 22 400 29 % 17 300 -23 % 19 500 13 %
November 18 600 13 800 -26 % 15 700 14 % 17 100 9% 19 400 13 % 15 000 -23 % 17 700 18 %
December 13 100 13 500 3% 13 900 3% 13 900 0% 15 200 9% 13 800 -9 % 15 900 15 %
Total 194 400 186 000 -4 % 186 000 0% 200 600 8% 200 000 0% 195 700 -2 % 196 600 0%
Feed Consumption - Salmonids (Ongrowing)
Estimated Feed Consumption - Per Specie, per Region, per month
Based on monthly feed-sales / KA Production models
Large Trout
Norway 2007 2008 2009 2010 2011E 2012E 2013E

January 5 500 6 400 16 % 6 800 6% 4 800 -29 % 4 100 -15 % 6 600 61 % 5 100 -23 %
February 5 100 5 900 16 % 6 100 3% 4 100 -33 % 3 800 -7 % 5 900 55 % 4 600 -22 %
March 5 100 5 700 12 % 5 700 0% 4 000 -30 % 3 800 -5 % 5 600 47 % 4 300 -23 %
April 6 300 5 200 -17 % 5 900 13 % 3 800 -36 % 3 900 3% 5 600 44 % 4 600 -18 %
May 8 100 7 200 -11 % 7 800 8% 5 700 -27 % 7 000 23 % 8 000 14 % 6 500 -19 %
June 10 600 9 700 -8 % 9 700 0% 6 700 -31 % 8 400 25 % 9 500 13 % 8 100 -15 %
July 11 800 11 100 -6 % 10 400 -6 % 7 600 -27 % 10 100 33 % 10 500 4% 9 800 -7 %
August 12 500 12 300 -2 % 11 000 -11 % 8 700 -21 % 11 400 31 % 11 900 4% 10 900 -8 %
September 12 500 12 800 2% 11 700 -9 % 8 700 -26 % 11 200 29 % 11 000 -2 % 10 400 -5 %
October 11 400 12 200 7% 9 700 -20 % 7 600 -22 % 9 800 29 % 9 500 -3 % 9 200 -3 %
November 9 800 9 900 1% 8 400 -15 % 6 200 -26 % 8 800 42 % 8 300 -6 % 7 700 -7 %
December 8 000 9 500 19 % 7 100 -25 % 4 800 -32 % 7 900 65 % 6 800 -14 % 6 100 -10 %
Total 106 700 107 900 1% 100 300 -7 % 72 700 -28 % 90 200 24 % 99 200 10 % 87 300 -12 %
Chile 2007 2008 2009 2010 2011E 2012E 2013E

January 22 600 24 200 7% 20 300 -16 % 20 500 1% 27 700 35 % 28 700 4% 27 900 -3 %
February 19 400 22 100 14 % 17 300 -22 % 23 400 35 % 25 300 8% 28 200 11 % 25 200 -11 %
March 19 600 21 100 8% 14 700 -30 % 26 000 77 % 27 500 6% 31 700 15 % 24 000 -24 %
April 17 200 18 900 10 % 16 100 -15 % 21 800 35 % 23 700 9% 26 600 12 % 20 900 -21 %
May 17 000 20 600 21 % 15 200 -26 % 20 000 32 % 23 200 16 % 26 300 13 % 21 000 -20 %
June 16 300 20 900 28 % 14 800 -29 % 19 900 34 % 23 300 17 % 24 000 3% 20 600 -14 %
July 16 900 20 700 22 % 14 700 -29 % 22 200 51 % 22 900 3% 23 000 0% 20 500 -11 %
August 18 900 22 000 16 % 14 100 -36 % 20 900 48 % 24 900 19 % 23 500 -6 % 21 500 -9 %
September 19 500 22 800 17 % 17 000 -25 % 23 300 37 % 25 400 9% 25 200 -1 % 24 000 -5 %
October 25 600 24 000 -6 % 20 600 -14 % 25 400 23 % 27 000 6% 28 200 4% 26 100 -7 %
November 27 400 25 600 -7 % 21 000 -18 % 24 100 15 % 31 100 29 % 29 600 -5 % 28 500 -4 %
December 30 100 26 200 -13 % 21 900 -16 % 24 700 13 % 32 600 32 % 31 500 -3 % 29 000 -8 %
Total 250 500 269 100 7% 207 700 -23 % 272 200 31 % 314 600 16 % 326 500 4% 289 200 -11 %
Faroe Island 2007 2008 2009 2010 2011E 2012E 2013E

January 500 700 40 % 500 -29 % 150 -70 % 0 0 0
February 600 700 17 % 500 -29 % 140 -72 % 0 0 0
March 600 700 17 % 600 -14 % 180 -70 % 0 0 0
April 600 600 0% 600 0% 210 -65 % 0 0 0
May 700 1 000 43 % 600 -40 % 250 -58 % 0 0 0
June 800 1 000 25 % 700 -30 % 270 -61 % 0 0 0
July 1 000 1 400 40 % 800 -43 % 230 -71 % 0 0 0
August 1 100 1 700 55 % 800 -53 % 170 -79 % 0 0 0
September 1 200 1 400 17 % 600 -57 % 100 -83 % 0 0 0
October 1 100 1 000 -9 % 400 -60 % 10 -98 % 0 0 0
November 900 800 -11 % 300 -63 % 0 0 0 0
December 800 600 -25 % 200 -67 % 0 0 0 0
Total 9 900 11 600 17 % 6 600 -43 % 1 710 -74 % 0 0 0
Coho
Chile 2007 2008 2009 2010 2011E 2012E 2013E
January 7 500 8 900 19 % 5 500 -38 % 9 800 78 % 10 200 4% 13 700 34 % 10 400 -24 %
February 6 100 6 800 11 % 4 300 -37 % 6 800 58 % 5 500 -19 % 7 300 33 % 5 300 -27 %
March 9 200 8 200 -11 % 5 400 -34 % 8 300 54 % 8 500 2% 8 500 0% 5 100 -40 %
April 12 000 10 600 -12 % 9 500 -10 % 9 600 1% 11 600 21 % 12 400 7% 7 100 -43 %
May 12 700 12 000 -6 % 11 900 -1 % 11 000 -8 % 17 900 63 % 19 800 11 % 9 200 -54 %
June 11 400 10 800 -5 % 13 500 25 % 13 500 0% 19 100 41 % 18 700 -2 % 10 900 -42 %
July 13 800 12 100 -12 % 13 800 14 % 15 700 14 % 18 400 17 % 20 300 10 % 13 200 -35 %
August 18 600 15 400 -17 % 15 100 -2 % 19 100 26 % 23 600 24 % 27 100 15 % 17 700 -35 %
September 22 000 18 700 -15 % 20 400 9% 24 100 18 % 27 000 12 % 28 400 5% 22 400 -21 %
October 25 000 18 700 -25 % 22 200 19 % 26 600 20 % 31 700 19 % 31 600 0% 26 600 -16 %
November 28 600 16 200 -43 % 17 200 6% 24 400 42 % 30 000 23 % 30 400 1% 27 000 -11 %
December 20 300 10 600 -48 % 14 600 38 % 17 800 22 % 21 100 19 % 23 000 9% 20 700 -10 %
Total 187 200 149 000 -20 % 153 400 3% 186 700 22 % 224 600 20 % 241 200 7% 175 600 -27 %

2013-01-21 - Registreringsdokumnet - Cermaq - Endelig Utkast Med Vedlegg

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2013-01-21 - Registreringsdokumnet - Cermaq - Endelig Utkast Med Vedlegg

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Cermaq ASA – 11.

Prepared according to Commission Regulation (EC) No 809/2004 - Annex IX

1. Risk factors ...................................................................................................................4

Raw material risks

Interest rate risk

Other price risk

Oslo, 11.01 2013

The Company / Issuer - Cermaq ASA

EWOS Innovation - EWOS Innovation AS and any or all of its subsidiaries, as

GMO - Genetically modified organisms

Group / Cermaq - Cermaq ASA with subsidiaries

IFFO - International Fishmeal and Fish Oil Organisation

Mainstream - Mainstream companies, i.e. all fish farming activities being

Mainstream Canada - Mainstream Canada, a division of EWOS Canada Ltd. and

Mainstream Chile - Mainstream Chile S.A and any or all of its

Mainstream Norway - Mainstream Norway AS and any or all of its subsidiaries, as

R&D - Research and development

SRS - Piscirckettsia salmonis is an obligate intracellular parasitic

4. Third part information and forward looking statements

KPMG AS contact information: Sørkedalsveien 6, 0306 Oslo, Norway.

KPMG AS is member of The Norwegian Institute of Public Accountants.

Ernst & Young is member of The Norwegian Institute of Public Accountants.

6. Information about the issuer and the guarantors

2011 - EWOS crosses the 1 million tonnes production limit

2011 - Cermaq sells its shares in the non-core business Hordafôr

2011 - Cermaq joins UN Global Compact and Transparency International Norway

2010 - Cermaq sells out of fish farming activities in Scotland

2004 – EWOS acquires 34% of Follalaks by converting receivables into shares.

2000 - Cermaq executes a share issue of NOK 1 500 million

1999 - The Norwegian state sells 20 % of the shares in the Company

Mainstream Norway AS is a Norwegian Limited Liability Company incorporated on 15 August 1991

Fish feed - an advanced pellet

Fish feed production

 The raw materials are mixed,

Feed in many sizes and with diverse functions

Content of fish feed

Engaging in the supplier chain

Efficient use of bi-products

Fresh water production

Salmon starts its life in fresh water

The parents are called brood fish

Sorting and vaccination

Smolt - ready for the sea

Smolt raising facilities and the environment

Sea water production

Smoltification - adaptation to salt water

The salmon reaches slaughter size after 12 – 18 months in the sea.

Care of the fish

Fallow periods and inspection of farm sites

Processing and sales

Anaesthetising/stunning before slaughtering

From fish to fillet

Sales and distribution

NON CORE BUSINESS

Cermaq’s holds 72.5 percent of the shares in the company.

8. Administrative, management and supervisory bodies

Chair of the board - Bård Mikkelsen

Deputy chair of the board - Rebekka Glasser Herlofsen

Director - Åse Aulie Michelet

Director - Jan Erik Korssjøen

Director - Helge Midttun

Employee elected director - Jan Helge Førde

Employee elected director - Reidun Karlsen

Employee elected director - Ted Andreas Mollan