PAN Share price Revenues

PAN Share price Revenues 7000 90,00 6000 5000 4000 80,00 70,00 60,00 50,00 3000 2000 1000 40,00 30,00 20,00 10,00 0 Dec 95 Dec 96 Dec 97 Dec 98 Dec 99 Dec 00 0,00

Pan Fish Growth Aquaculture has grown by 10-15% annually the last decade Pan Fish has grown more than 100% annually since IPO in 1995 In just 5 years, Pan Fish has gone from 1 to 11% of the world s atlantic salmon market and from 0 to 0,61% of the world s total fish supply

Pan Fish Innovation Leading innovator within the global seafood sector: Salmon Marine species Pelagic species Rapid pay back on successful investments 1995-2001 Unmatched investment return in the stock market

Investment success Pan Fish second largest integrated salmon company in the world Pan Pelagic has achieved comparabel size within pelagic sector globally Pan Marine, set to grow at a strong pace over the next 2-5 years

Global seafood consumption

Global Seafood Consumption 35 30 Supply/Capita kg 25 20 15 10 5 0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 Developing Countries World Former USSR Developed ex. Former USSR Source: FAO, Worldbank, Kontali Analyse AS.

Global Seafood Supply Million tonnes 250 200 150 100 50 9 8 7 6 5 4 3 2 1 Billion people The World population will grow from today s 6,1 billion to appr. 8,1 billion in 2030. Aquaculture supply must increase from 30 mill. tonnes today to 120 mill. tonnes in 2030. 0 1970197519801985199019952000200520102015202020252030 0 Catch for fishmeal Catch for human consum. Aquaculture Population Source: FAO, Kontali Analyse AS

Market value (at 1998 prices) Mill. USD 1990 % 1998 % 2005E % 2010E Fish Farming 69 000 8,3 % 131 145 8,0 % 224 760 8,0 % 330 245 Freshwater Fishes 24 743 9,0 % 49 343 8,0 % 84 563 8,0 % 124 250 Diadromous Fishes 10 878 4,0 % 14 768 10,0 % 28 778 8,0 % 42 283 Wild Catch 186 830 1,3 % 207 500 1,0 % 222 468 0,0 % 222 468 Total 255 830 3,6 % 338 645 4,0 % 447 228 4,4 % 552 713

Utilisation of seafood 1993 1994 1995 1996 1997 1998 Source: FAO Fresh 25,3 % 25,8 % 29,5 % 32,2 % 35,1 % 36,1 % Frozen 24,8 % 23,6 % 23,3 % 22,8 % 22,2 % 22,9 % Canned 12,2 % 11,1 % 10,9 % 10,3 % 9,2 % 9,6 % Cured 9,8 % 9,8 % 10,0 % 9,6 % 10,0 % 11,0 % Meal/oil 26,1 % 27,9 % 24,7 % 23,5 % 22,0 % 18,4 % Various 2,0 % 2,0 % 2,0 % 2,0 % 2,0 % 2,0 % Total 100,0 % 100,0 % 100,0 % 100,0 % 100,0 % 100,0 %

12 10 8 6 4 2 0 Fishmeal - Supply and Demand 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: FAO, IFOMA, Oilworld, Kontali Analyse AS. 700 600 500 400 300 200 100 0 Mill. tonn US$/tonn cif Hamburg 64-65% Aquaculture Pig Poultry Price of fishmeal Production of fishmeal

Fish Oil Supply and Demand 2000 1800 1600 1400 1200 1000 800 600 400 200 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1000 tonn 800 700 600 500 400 300 200 100 US$/tonn N.W. Europe 0 Fishoil needed in Aquaculture Price of fishoil Production of fishoil Source: FAO, IFOMA, Oilworld, Kontali Analyse AS.

Changes in global seafood trade

12 000 000 Development in catch USSR-area 1984-1998 10 000 000 Metric tonnes 8 000 000 6 000 000 4 000 000 2 000 000 0 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Other Herrings, sardines, anchovies Salmons, trouts, smelts Cods, hakes, haddocks Jacks, mullets, sauries Mackerels, snoeks, cutlassfishes

Development in consumption of fish and seafood in USSR-area 1976-1998 7 6 5 4 3 2 1 0 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 Source:FAO, Modified: Kontali Analyse Million tonnes (Prod.weight)

Catch in East - Europe 1984-1998 1 200 000 1 000 000 Others Jacks, m ullets, sauries Metric tonnes 800 000 600 000 400 000 200 000 Flounders, halibuts, soles Carps, barbels and other cyprinids Miscellaneous freshwater fishes 0 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Herrings, s ardines, anchovies Cods, hakes, haddocks

1996 1998 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 Consumption in East-Europe 1978 1980 1982 1984 1986 1988 1990 1992 1994 1976 Million tonnes (Prod.weight)

1998 Import value to East-Europe and USSR-area 800 000 700 000 600 000 500 000 400 000 300 000 200 000 0 100 000 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 Eastern Europe USSR Thousand US$

Herring fillet export price and quantity 1000 tonnes NOK/kg 140 Quantity Export price 12 120 10 100 8 80 6 60 40 4 20 2 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 0

Demand for aquaculture production

Aquaculture Production Metric tonnes 4 0 000 000 3 6 000 000 3 2 000 000 2 8 000 000 2 4 000 000 2 0 000 000 1 6 000 000 1 2 000 000 8 000 000 4 000 000 Pelagic marine fish Molluscs (excl.cephalopods) Misc ellaneous aquatic anima ls Marine fish nei Demersal marine fish Cr us taceans Freshw ater and diadromous fish Aquatic plants - 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

Value Aquaculture, Northern Europe (Ex.farm) 1 400 1 200 1 000 800 600 400 Million US$ 200 0 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Salmons, trouts, smelts Others

Value Aquaculture, EU (Ex.farm) 3 000 Others Million US$ 2 500 2 000 1 500 1 000 500 0 1984 1986 1988 1990 1992 1994 1996 1998 Clams, cockles, arkshells Oysters Mussels Redfishes, basses, congers Salmons, trouts, smelts

Value Aquaculture, China (Ex.farm) Others Millioner US$ 25 000 20 000 15 000 10 000 5 000 0 River eels Tilapias and other cichlids Scallops, pectens Freshwater crustaceans Shrimps, prawns Miscellaneous freshwater fishes Clams, cockles, arkshells Oysters 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Carps, barbels and other cyprinids

Value Aquaculture, East & Southeast Asia (Ex.farm) Others Million US$ 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Flounders, halibuts, soles Freshwater crustaceans Tilapias and other cichlids Miscellaneous diadromous fishes Miscellaneous freshwater fishes Carps, barbels and other cyprinids Shrimps, prawns

Sales Atlantic Salmon

Supply of Atlantic salmon World wide 1997-2000 (Tonnes WFE) 1997 1998. 1999. 2000 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q Norway 316 200 342 500 86 200 95 600 100 400 128 500 88 800 99 400 100 700 129 700 UK 99 600 111 000 25 600 33 500 31 200 33 400 25 200 28 100 29 400 39 300 Ireland 15 000 16 800 3 000 5 200 5 300 5 300 3 300 5 500 5 600 5 600 Faroe Islands 20 500 19 200 6 900 7 700 8 700 12 600 7 400 5 000 7 000 11 300 Total Europe 451 300 489 500 121 700 142 000 145 600 179 800 124 700 138 000 142 700 185 900 Change from previous year 8 % 13 % 30 % 21 % 19 % 2 % -3 % -2 % 3 % Canada 53 500 58 800 17 000 17 700 15 800 16 700 16 700 18 900 16 600 16 100 Change from previous year 10 % 20 % -5 % 15 % 37 % -2 % 7 % 5 % -4 % Chile 96 650 107 000 27 200 22 200 25 500 27 500 29 400 34 000 40 000 46 700 Change from previous year 11 % 18 % -10 % -2 % -17 % 8 % 53 % 57 % 70 % Other 30 250 33 300 9 800 6 900 8 400 10 800 10 200 7 300 8 600 10 500 Total WW 631 700 688 600 175 700 188 800 195 300 234 800 181 000 198 200 207 900 259 200 Change from previous year 9 % 14 % 18 % 16 % 14 % 3 % 5 % 6 % 10 % Source: Kontali Analyse AS

Import of fresh fillets Atlantic salmon 1995-2000E (Tonnes) 60 000 USA EU 50 000 40 000 30 000 20 000 10 000 0 1995 1996 1997 1998 1999 2000E Source: Kontali Analyse AS

Production Atlantic Salmon

Trends 1996-2000 Atlantic salmon Increase of supply (tonnes round weight) 1 050 000 900 000 750 000 600 000 450 000 300 000 150 000 0 Price trend (to Norwegian fish farmers) 30,00 28,00 26,00 24,00 22,00 546 000 627 000 694 000 796 000 855 000 1 040 000 1996 1997 1998 1999 2000 2001E 23,09 23,62 25,01 25,23 29,28 Cost of production NOK / kg delivered for harvesting, gutted fish 24,00 22,00 20,00 18,00 16,00 14,00 12,00 10,00 23,17 23,02 22,63 21,7 19,07 1996 1997 1998 1999 2000 Margin Norway NOK / kg Estimated Atlantic salmon per kg gutted fish 10,50 9,00 7,50 6,00 4,50 3,00 1,50 0,00 0 0,60 2,68 3,87 10,21 1996 1997 1998 1999 2000 20,00 1996 1997 1998 1999 2000

Salmon Farming in Norway, the Faeroes, Scotland, USA and Canada

Sales of salmon - Pan Fish Tonnes live weight 1995 1997 1999 2 000 2001E 2002E Own production North America 2 900 5 300 12 000 20 000 30 000 40 000 Norway 1 650 4 200 20 000 20 000 28 000 31 000 Scotland 3 200 10 000 11 000 12 000 12 000 Faroe Islands 5 000 15 000 27 000 35 000 TOTAL 4 550 12 700 47 000 66 000 97 000 118 000 External production America (incl. Chile) 1 000 4 000 10 000 18 000 20 000 Norway 5 000 10 000 15 000 20 000 20 000 Britain incl. the Faroes 2 000 4 000 12 000 12 000 12 000 TOTAL - 8 000 18 000 37 000 50 000 52 000 SUM TOTAL 4 550 20 700 65 000 103 000 147 000 170 000 Market share 1 % 3 % 8 % 12 % 16 %

Production capacity - Pan Fish Country *Norwegian licence equivalents Smolt Licences Salmon Licences* Capacity Tonnes supplied Norway (incl trout) 13 31 30,000 Scotland 0 18 12,000 The Faroes 6 68 45,000 USA 2 22 15,000 Canada 3 68 45,000 Total 24 207 147,000

Pan Pelagic ASA Ålesund, Norway Holding Fishing vessels Yearly catch 180.000 tonnes Processing plants Yearly prod. 240.000 tonnes for consumption Processing plants Yearly prod. 320.000 tonnes for fishmeal and fish oil 49,0% M/S Havbas Global Fish AS, holding 100% Welcon Pelagic AS 66% 49,0% 20,4% 49,9% M/S Østerbris M/S Krùnan M/S Sørfold 100% 100% 100% Global Man. AS, man. Global Fish Int. AS, sale Global Aalesund AS, prod. 100% 100% Måløy Sildoljefabrikk Deknepollen Måløy Sildoljefabrikk Ulvesund 49,0% M/S Ordinat 100% Global Liavaag AS, prod. 48% Vadsø Sildoljefabrikk 49,0% M/S Vesterveg 100% Global Herøy AS, prod. 49,0% M/S Senior 100% Global Florø AS, prod. 34% Sea Grain AS 49,0% M/S Kvannøy 100% Pelagic Partners AS, sale 49,0% M/S Magnarson 47,72% Sir Fish AS, prod. 49% M/S Kamøyfisk Vikomar AS, prod. 100% 49,0% 49% M/S Robin Hood M/S Barsund Welcon Pelagic AS Måløy Seafood AS, prod. 66%

Corporate structure Pan Marine ASA Pan Marine ASA Ålesund, Norway Holding Wholly owned subsidiary of Pan Fish ASA 92% Norway Marine Culture AS Tjeldbergodden, Norway Farmed Turbot, Halibut fry 100% 40% Davik Fiskeoppdrett AS Fjørtoft, Norway No activity 100% Norwegian Halibut AS Rørvik, Norway Halibut fry, Cod fry Dønna Marine Holding AS Dønna, Norway Farmed Halibut 92% 100% Dønna Marin Settefisk AS Dønna, Norway Farmed small halibut Brønnøy Marine Farm AS Dønna, Norway Farmed Halibut 100% 49% 15% 44% Pan Marine Norge AS Aukra, Norway Whitefish fillets and sales/logistics 49% Br. Sandøy AS Bud, Norway Whitefish Arctic Uni AS Ballstad, Norway Dev. project Sea urchin roe Hitramat og Delikatesse AS Hitra, Norway Crab Multi Sea AS Tromsø, Norway Crab 51% 51% 51% 51% T.C. Trading Inc. Vancouver, Canada Sourcing for Asia T.C. Trading Rep. office Taip ei, Taiwan Marketing Taiwan Aviair Transport Inc. Vancouver, Canada Air freight forwarding Pan Fish Sales (H.K.) Ltd. Hong Kong, China Distribution centre Pan Fish Shanghai Ltd. Shanghai, China Distribution centre 100% Vandve Kveite AS Dønna, Norway Farmed Halibut 81% Starfish, Inc. Seattle, USA Frozen seafood - retail 51% Aquabiologi AS Harøy, Norway Farmed Cod

Pan Marine ASA Farming Norway Harvested Volume Tons 16000 14000 12000 10000 8000 6000 4000 2000 Cod Turbot Halibut 0 2001 2002 2003 2004 2005 2006 2007 Year

Pan Marine ASA Farming Norway Revenues (Mill. NOK) 800 700 600 500 400 300 200 100 Cod (25 NOK/kg) Turbot (75 NOK/kg) Halibut (80 NOK/kg) 0 2001 2002 2003 2004 2005 2006 2007 Year

Pan Marine ASA Revenues 2500 (Mill. NOK) 2000 1500 1000 500 Sales & Distribution Farming Abroad Farming Norway 0 2001 2002 2003 2004 2005 2006 2007 Year

Financial performance

Income statement Mill. NOK 1.Q. 2001 1.Q 2000 31.12.2000 Sales revenues 1 502,5 717,6 4 742,5 Operating expenses 1 302,6 579,9 3 828,3 Depreciation 57,3 26,7 181,2 Operating profit 142,6 111,0 733,0 Income from associates 16,2 0,9 8,6 Net fin. income/expenses 137,6 123,3 1,6 Net financial items 153,8 124,2 10,2 Extraordinary items - - - Income before tax and min. 296,4 235,2 743,2

Balance sheet Mill. NOK At 31.03.2001 At 31.03.2000 Licences 871,5 677,7 Goodwill 67,2 51,1 Buildings, machine ry, etc. 1 405,2 702,4 Investm. in assoc./shares/receiv. 177,7 80,2 Total fixed asets 2 521,6 1 511,4 Inventories 1 471,5 1 022,1 Account receiva ble s 1 119,5 650,3 Liquid a sse ts 154,6 97,6 Total current assets 2 745,6 1 770,0 Total assets 5 267,2 3 281,4 Total equity 765,1 563,1 Convertible loan 16,0 199,2 Long-term liabilitie s 3 237,2 1 135,2 Current liabilities 1 149,3 1 365,6 Total liabilities 4 402,5 2 700,0 Minority intere sts 99,6 18,3 Total equity and liabilities 5 267,2 3 281,4 Net interest-bearing liabilities 3 017,0 1 813,0

Operating revenues Pan Marine Pan Pelagic Sales Processing Farming North America Farming Scotland Farming Norw./Faroes Group 0,0 200,0 400,0 600,0 800,0 1 000,0 1 200,0 1 400,0 1 600,0 1Q01 1Q00

Operating profit Pan Marine Pan Pelagic Sales Processing Farming North America Farming Scotland Farming Norw./Faroes Group -20,0 0,0 20,0 40,0 60,0 80,0 100,0 120,0 140,0 160,0 1Q01 1Q00

Sales by region 15 % 10 % Norway Europe USA Asia 33 % 42 %

Marketshare - Fresh Salmon USA Japan Europe 0 % 5 % 10 % 15 % 20 % 25 %

Fish Farming - Group 1.Q. 2001 1.Q. 2000 At 31.12.00 Tonnes, round weight Sales 17 749 12 475 64 200 Production 18 831 12 314 74 000 NOKm: Sales revenues 428,1 377,7 2 116,7 Operating profit 72,8 120,4 680,5 Operating margin 17,0 % 31,9 % 32,1 % NOK/kg round weight Sales price 17,75 24,84 23,42 Cost of production 14,17 15,80 15,69 Operating margin 3,58 9,04 7,73

Fish Farming Norway and the Faroes 1.Q. 2001 1.Q. 2000 At 31.12.00 Tonnes, round weight Sales 9 908 4 700 33 600 Production 8 025 4 600 37 100 NOKm: Sales 231,1 136,3 1 123,8 Operating profit 59,4 55,5 452,6 Operating margin 25,7 % 40,7 % 40,3 % NOK/kg round weight Sales price 16,45 22,25 20,98 Cost of production 11,77 13,05 13,65 Operating margin 4,68 9,20 7,33

Fish Farming - Scotland 1.Q. 2001 1.Q. 2000 At 31.12.00 Tonnes, round weight Sales 2 239 2 400 10 600 Production 2 982 2 200 11 100 NOKm: Sales revenues 57,7 72,1 338,1 Operating profit 5,4 12,3 53,2 Operating margin 9,3 % 17,1 % 15,7 % GBP/kg round weight Sales price 1,51 1,85 1,88 Cost of production 1,31 1,43 1,44 Operating margin 0,20 0,42 0,44

Fish Farming - North-America 1.Q. 2001 1.Q. 2000 At 31.12.00 Tonnes, round weight Sales 5 603 5 375 20 000 Production 7 824 5 514 25 800 NOKm: Sales 139,4 169,3 654,7 Operating profit 8,1 52,6 174,7 Operating margin 5,8 % 31,1 % 26,7 % CAD/kg round weight Sales price 3,32 4,80 4,50 Cost of production 2,97 3,13 2,91 Operating margin 0,35 1,67 1,59

Processing - Sales Mill. NOK 1.Q. 2001 1.Q. 2000 At 31.12.00 Processing Sales revenues 344,1 172,5 1 057,0 Operating profit 26,1-10,8 3,1 Operating margin 7,6 % -6,3 % 0,3 % Sales Sales revenues 517,7 574,6 2 350,6 Operating profit 4,0 6,0 24,4 Operating margin 0,8 % 1,0 % 1,0 %

Pelagic - Marine Mill. NOK 1.Q. 2001 At 31.12.00 Pelagic Sales revenues 530,5 828,9 Operating profit 47,1 52,3 Operating margin 8,9 % 6,3 % Marine Sales revenues 74,0 293,1 Operating profit (4,7) (9,7) Operating margin -6,4 % -3,3 %