Regin Jacobsen, CEO i Bakkafrost på Havbrukskonferansen 22. november 2011 på Radisson Blu Scandinavia i Oslo.

1. EFFECTS FROM INTEGRATION IN THE VALUE CHAIN
CEO Regin Jacobsen
Oslo November 22nd 2011

2. DISCLAIMER
 This presentation includes statements regarding future  No representation or warranty (expressed or implied) is
results, which are subject to risks and uncertainties. made as to, and no reliance should be placed on, the
Consequently, actual results may differ significantly from fairness, accuracy or completeness of the information
the results indicated or implied in these statements. contained herein. Accordingly, none of the Company,
or any of its principal shareholders or subsidiary
undertakings or any of such person‟s officers or
employees or advisors accept any liability whatsoever
arising directly or indirectly from the use of this
document.
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 2

3. AGENDA
 Effects from integration in the
value chain
 Summary of Q3 2011
 Financial Highlights
 Segment Information
 Outlook
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 3

4. FAROE ISLANDS
 18 islands – 1,400 km2
 48,565 inhabitants (1. Feb 2011)
 Self-governing part of the Kingdom of Denmark
 Part of the Danish monetary union
 Key sectors (% of wage earners, 2009)
 Service/public admin.: ~37%
 Private service: ~33%
 Fishing industry: ~17%
 GDP: DKK 11.784 bn (2009)
 GDP/capita: DKK 242,220 (EU: 175,530) (2009)
 Total export of products (2010):
 4,360 mill DKK,
 whereof farmed fish accounts for 34%
 Corporate Tax: 18%
 Farming Licence Tax 2011: 2.5%
Source: Hagstova Føroya
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 4

5. FAROE ISLANDS
– EXCELLENT CONDITIONS FOR COST EFFECTIVE FARMING
 Faroese fjords provide separation between locations Average Seawater Temperatures 2003-2009
GEOGRAPHY
 Improves biological control and area management ºC Faroe Islands Norway (Trøndelag)
16
14
 Stable seawater temperatures throughout the year
12
WATER between 6-12 degrees Celsius
10
 Excellent water quality and circulation conditions 8
6
LOCATION
 Efficient distribution to both the European- and US 4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
markets
Source: Company material, Havforskningsinstituttet
 Biological sustainability setting the biomass target Average Seawater Temperatures 2011
BIOMASS
per license ºC
Sea Temperature Faroe Islands °C 18m depth
Source: Fiskaaling
11,0
10,5
10,0
9,5
9,0
8,5
8,0
7,5
7,0
6,5
6,0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average 2003-2010 2011 2010
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 5

6. BAKKAFROST’S VALUE CHAIN AFTER INTEGRATION OF HAVSBRÚN
 Integration is carries out as planned
 Start to see benefits from the acquisition of Havsbrún
 Diversification of cash flow streams
 Optimization of group cash management and financing
 Reduced costs of biomass
 Increased VAP capacity from Q1 2012 with minimum investments
Havsbrún
Bakkafrost
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 6

7. SUMMARY EFFECTS FROM VALUE CHAIN
• Diversification with spot sale, VAP contracts and fish meal, -oil and –feed gives stabile
cash flow
• Feed and VAP Segment contributed with good margins in the third quarter
• Prevent sub optimization with cost centers
• Hatcheries – high quality smolts, low cost, available smolts on time
• Feed – high quality, low/competitive cost, high service
• Fish farms – reduced production periods, synchronized fallowing of zones,
utilisation of capacity
• Harvest plants – maximizing capacity utilization, high quality operation, low cost
• VAP – raw material availability, long term contracts, flexible operation
• Sales – optimizing total income for the company, diversified marked strategy
• Full traceability from finish product to feed, fishmeal, fish oil, egg etc.
• Capacity in each part of the value chain trimmed to fit with remaining part
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 7

8. HAVSBRÚN

9. HAVSBRÚN - STRONG POSITION WITHIN FISH MEAL AND OIL
Capacity Faroe Islands surrounded by several main fish resources
 Production capacities:
Summercapelin
 2,400 tonnes fish/day to meal and oil
 600 tonnes salmon feed per day
 Storage capacities:
 Raw material tanks: 4 x 1200 tons Wintercapelin
Atlanto-Scandic Herring
 Fish meal storage: 20,000 tons
 Fish oil tanks: 10,000 tons
FAROE ISLANDS
 Local raw materials
 Saving transportation
Blue Whiting
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 9

10. UNIQUE MARKET DIFFERENTIATION
Raw materials essential part of feed composition
 Traceability
 Unique traceability, fishing area, boats,
species, freshness, process control
 Raw materials
 Control on important raw materials essential
to optimize feed- and end product quality
 Unique market differentiation
 Trust worthy relationship with customers
 Taste of the product
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 10

11. UNIQUE MARKET DIFFERENTIATION
Fish feed essential part of market differentiation
 Feed control
 Selection and differentiation of specific raw materials
 Flexibility in special feed types, functional feed and
performance
 Feed security
 Statement of fishery
 ICES regulations
 Responsible fishery and sourcing
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 11

12. MODERN FISH FEED FACTORY
LOCATED CLOSE TO THE FARMING SITES
Capacity and production Fish feed factory
 Production capacities: Main Fish Farming Area
 600 tonnes salmon feed per day*
 High percentage of marine ingredients
~25km
 Fresh feed for direct transport to Meal, Oil & Feed
factory
customer
 Expected production 2011:
 80,000 tonnes salmon feed
 Logistics:
 Main fish farming areas within a
distance of 25 km
FUGLAFJØRÐUR
 Local customers Bakkafrost fishfarm A-57 in the foreground and Havsbrún
fish-meal and feed factory in the background
 Saving transportation
*100.000 tonnes a year
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 12

13. EXTENSIVE KNOWLEDGE AND EXPERIENCE
Knowledge with VAP production and market since 1995
 VAP important part of value chain
 Identified VAP to be important part of our value chain
since early nineties
 Steadily increased sales
 Steady customer base
 Increasing number of products
 Increasing capacity
 High and stable quality
 Strategic choice
 VAP is a strategic diversification
of our sales
 Long term strategy, stabilizes production, marketing,
revenues, cash flows etc
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 13

14. EXCLUSIVE SALMON FROM THE FAROE ISLANDS
High quality salmon exclusively produced with local feed
 Exclusivity
 Salmon from the Faroe Islands is a unique
product
 Rarity / Scarcity
 Salmon from the Faroe Islands is a scarcity. Our
production has limited possibility for growth
 Heritage / History
 The history of salmon from the Faroe Islands is
unique
 Contributing factors:
 High quality
 Small “exotic” country of origin
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 14

15. BAKKAFROST
– THE LARGEST FISH FARMING COMPANY IN THE FAROE ISLANDS
 Largest salmon farming company in the Faroe Islands
~75km
 ~80 % of harvest volumes (Q3 2011)
 ~57 % of farming licenses (01.07.2011)
 Havsbrún included in P&L from 1st July 2011
 Produced a total of 9,243 gwt in Q3 2011 (4,048 tonnes gwt in Q3 2010)
 Feed sale of 30 thousand tonnes in Q3 2011
 Revenues DKK 369 million in Q3 2011 (Q3 2010 DKK 178 million)
~110km
 Operational EBIT DKK 70 million in Q3 2011 (Q3 2010 of DKK 47 million)
 All segments positive margins
Fish farms
Hatcheries
Slaughteries
VAP
HQ
Meal, Oil & Feed
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 15

16. SUMMARY Q3 2011
• On track with organisational changes on sales- and financial division
• Feed and VAP Segment contributed with good margins in the period
• Equity increased DKK 125 million due to badwill in connection with the
acquisition of Havsbrún
• Operational EBIT DKK 70 million (DKK 47 million in Q3 2010)
• Signed a Term Sheet with our bank syndicate on DKK 1,100 million after end
of Q3 2011
• High supply pressure on salmon market in the period
• Prices dropped more than 10 NOK/kg in average in the period
• Viking – good biology, but higher unit costs than Bakkafrost Farming in the
period
• 80% of existing VAP capacity in 2012 contracted. Open “new” VAP factory in
Q1 2012
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 16

17. MARKET

18. MARKET
 Salmon price dropped during Q3 Spot prices on fresh salmon [NOK/kg HOG]
50,00
 Global salmon supply increased on all markets in
45,00
third quarter, per month:
15-18% increase in EU 40,00
18-22% increased in USA 35,00
26-44% increased in Japan 30,00
25-30% increase on other markets
25,00
Total increase in volumes sold globally:15-20% *)
20,00
15,00
 Increased sales is driven by:
10,00
Campaigns„ and promotions. Demand will rise as 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49
price reduction reaches consumers 2009 2008 2007 2011 2010
*) Kontali Analyse
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 18

19. MARKET
 Sales challenging due to high supply in 3Q Sales, divided on markets in Q3 [by Value]
 Bakkafrost sales increased from DKK 178 million in USA
25 %
Q3 2010 to DKK 369 million in Q3 2011
(207% increase)
 VAP share 39%
 31% of sales to US and Far East in 3Q Far East
6%
West
Europe East
63 % Europe
6%
Sales split by product
60%
40%
% of turnover
20%
0%
2009 2010 Q1 Q2 Q3
VAP By-products Gutted h-on
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 19

20. FINANCIAL HIGHLIGHTS

21. FINANCIAL HIGHLIGHTS
Q3 Q3 YTD YTD
 All segments contribute with positive (DKKm) 2011 2010 2011 2010
results Operating revenues 369.3 177.7 923.9 567.7
Operational EBITDA 92.6 57.8 333.6 187.6
Operational EBIT 70.0 47.4 289.2 156.4
 Increased revenue and operational EBIT
Profit for the period 159.9 66.1 237.8 144.9
 Strong EBITDA and EBIT margins
 Profit for the period affected by badwill of DKK Operational EBITDA margin 25.1% 32.5% 36.1% 33.0%
125m Operational EBIT margin 19.0% 26.7% 31.3% 27.5%
 Satisfying EBIT/Kg (Farming/VAP) of NOK 6.08 in a Operational EBIT/Kg (Farming and VAP ) (NOK) 6.08 12.49 12.55 11.09
challenging quarter EBITDA margin (Fish meal, oil and feed) 14.4% - 14.4% -
 Strong EBITDA margin in Fish meal, oil and feed
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 21

22. KEY FINANCIALS, GROUP
 Satisfying cash flow from operations (DKKm) Q3 2011 Q3 2010
 Total assets increased by 202% Cash flow from operations 56 -18
 NIBD increased to finance the purchase of Total assets 2,395 1,184*
Havsbrún and has a negative impact on Equity
ratio NIBD 853 70*
 New termsheet signed – will secure long term Equity ratio 41% 76%*
financing of the Bakkafrost Group
 Undrawn loan facility of DKK 247 mill
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 22

23. SEGMENT
INFORMATION
Klaksvík is the second largest town of the Faroe Islands. The town
is located on Borðoy, which is one of the northernmost islands.
The first settlement at Klaksvík dates back to Viking times, but it was not
before the 20th century that the district merged to form a large, modern
Faroese town that became the cultural and commercial centre for the Northern
Isles and the Faroe Islands as a whole. Klaksvik is located between two inlets
lying back to back. It has an important harbour with fishing industry and a
modern fishing fleet. With the opening of the sub sea tunnel, the
Norðoyatunnilin in April 2006, Klaksvík is physically linked with the mainland of
the Faroe Islands and can now be considered one of its key ports.

24. FARMING – HARVEST VOLUME
 Harvested volume: [tonnes gwt] Q3 2011 Q3 2010 YTD 2011 2010 2009
 Increases 228% from 4,048 in Q3 2010 to West 582 915 3,022 7,792 11,970
9,243 in Q3 2011
North 4,879 3,133 15,991 13,834 18,680
 Forecast 2011: 38 kt gwt
Viking 1,720 1,720*
 Forecast 2012: 46 – 49 kt gwt
 Smolt transfer YTD 2011 6.5 million pieces, Faroe 2,062 2,062*
expected to reach 10 million pieces smolt in Farming
2011 Total 9,243 4,048 22,795** 21,626 30,650
* Viking and Faroe Farming included from July 1st 2011
** Excluding 2,067 tonnes harvested by Viking and Faroe Farming in H1 2011
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 24

25. FARMING – MARGIN DEVELOPMENT
 The operational EBIT/kg in Q3 2011 was 6.08 for Operational EBIT/kg [NOK]
Farming and VAP segment compared to 16.11 NOK/kg
in Q2 2011
 Reduced selling price accounted for -10.89 NOK/kg
 45% sold in September
 Higher downgrade in Q3 than in Q2 accounted for -0.66
NOK/kg
 More matured fish
 Higher costs accounted for -1.98 NOK/kg
 Viking Seafood:
 Due to low capacity utilization, extended smolt release window , high
finance costs and other costs ~ 5 NOK/kg
 Faroe Farming:
 Higher costs due to smaller farming sites, lower capacity utilization
 Good biological performance
 Improved margin from VAP accounted for +3.75
NOK/kg
 VAP contributed positively
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 25

26. FARMING – OPERATIONAL PERFORMANCE
 The farming segment was impacted by:
(NOK) Q3 2011
 Higher production costs in the farming
Faroe
division Farming: Bakkafrost Viking
Farming
 Viking Seafood Operational EBIT/kg gwt 3.52 2.69 -1.81
 High costs due to extended smolt
release window, high finance and Harvested volumes 1000 [gwt] 5,461 2,062 1,720
other costs in A71
Bakkafrost
 Excellent biological performance Viking Farming A11
A71
 Site empty by end of Q3
 Faroe Farming
(DKKm) Q3 2011 Q3 2010
 Higher production costs
 Good biological performance Operating revenues 231 159
Fish farms
 Bakkafrost Farming Harvest in Q3 2011 Operational EBIT 21 59
 Downgrade of matured fish in
Operational EBIT margin 9.0% 37.1%
Aug/Sep in A11
 Revenues increased from DKK 159
million in Q3 2010 to DKK 230 million in
Q3 2011
 Margin reduced from 37,1% in Q3 2010
to 9,0% in Q3 2011
Faroe
Farming
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 26

27. SEGMENTS VAP
 Operational EBIT margin 29% in Q3 2011 compared (DKKm) Q3 2011 Q3 2010
to -10% in Q3 2010
Operating revenues 112 108
 Increased VAP capacity available from Q1 2012
Operational EBIT 33 -11
 80% of VAP capacity 2012 committed on fixed contracts
Operational EBIT margin 29% -10%
 Contracts honoured by customers
Sales per month
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 27

28. SEGMENT FISH MEAL, OIL AND FEED
 First quarter reported in Meal, Oil and Feed
Bakkafrost accounts.
Includes only Q3 in the P/L
 Sales increased 43 percent Q3 YTD***
YTD 2011 compared with 2010 (DKKm) 2011 2011 2010* 2009*
(61 kt)
Operating revenues** 277 541 576.6 491.5
 Raw material situation
expected to be volatile EBITDA 39,8 66.9 159.4 72.1
 Quotas of blue whiting will EBITDA Margin 14.4% 12.4% 27.6% 14.7%
increase from 40 kt in 2011 to
Sale of feed (tonnes) 30,404 60,819 60,250 68,107
400 kt in 2012
 Estimated sale of fish feed in
2011: 80 kt
Havsbrún feed silo system
* FO GAAP
** Including sale to Bakkafrost 76% of feed volumes
*** Only Q3 included in P&L for Bakkafrost
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 28

29. OUTLOOK
 The salmon price at current level is boosting demand both on existing and new markets
 Increase harvested volumes for Bakkafrost to between 46,000* tonnes and 49,000* tonnes in
2012
 80% of current VAP capacity committed for 2012
 Increased VAP production by opening second VAP factory with marginal investments
 Feed sales estimated to 80,000 tonnes in 2011
 The acquisition of Havsbrún gives Bakkafrost:
 higher growth potential
 a better position as a high quality Atlantic Salmon producer with full control and
responsibility from salmon feed production to final salmon product
 Lower cost price of biomass, as internal margin on feed is eliminated from costs on biomass
* Including Faroe Farming
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 29

30. Thank you!
P/F Bakkafrost · Bakkavegur 9 · FO-625 Glyvrar
Faroe Islands · www.bakkafrost.com
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 30

31. TRANSFER OF SMOLTS IN 2011 LOWER THAN 2010
 Smolt transfer 6.5 million YTD, whereof 0.8 released Smolt Transfer (million)
in Faroe Farming. Total transfer expected to reach
10 million for 2011
12
 Biomass 30.09.2011 vs 30.09.2010:
Number of fish: 27% higher -10%
Average size: 40% higher 10
 10% lowersmolt transfer in 2011 compared with 2010
8
Havsbrún
6
West
North
4
2
0
2010 2011 2012
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 31

32. APPENDIX
Kunoyarnes
Bakkafrosts fishfarm A-12

33. GROUP
FINANCIALS

34. PLANNED INVESTMENTS IN 2011 FOR BAKKAFROST AND HAVSBRÚN
 Investments in PPE is estimated to be 80* million DKK in Investments in PPE [Mio DKK]
2011, which is DKK 10 million higher than 2010
140
 The investments are made in: 120
 Hatchery division 100
80
 Farming division
60
 Harvesting division and 40
 VAP division 20
0
 Havsbrún (incl. Viking & Faroe Farming) investments in 2008 2009 2010 2011E 2012E
PPE in 2011 expected to be in the level of 40 mill DKK
Increased biomass [Mio DKK]
 Biomass is expected to grow 20 million DKK in 2012
200
150
100
* Including investments in the second VAP factory
50
0
-50
2008 2009 2010 2011E 2012E
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 34

35. CASH FLOW – FOR Q3 2011
Q3 Q3 YTD YTD
(DKKm) 2011 2010 2011 2010
 Satisfying cash flow from operations Cash flow from operations 55.6 -17.7 323.2 151.2
Cash flow from investments
-657.6 -10.4 -696.4 -50.5
Cash flow from financing 643.8 21.7 410.4 -117.8
 CF from investments reflect payment of Havsbrún
and investments in PPE of DKK 30 mill Net change in cash 41.9 -6.4 37.3 -17.0
Cash at the end of the period 46.4 18.6 46.4 18.6
 Investments financed by increased debt and sale of
Havsbrún‟s share in Bakkafrost
 Undrawn loan facility of DKK 247 mill (according to
the new loan agreement)
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 35

36. OVERVIEW OF FINANCING 2011–2016
 Secured long term financing of the Group
 NIBD end Q3 2011: DKK 853 million
 Term sheet signed totalling DKK 1,100 million
 Will replace all interest bearing debt in the new group
 Instalment loan of DKK 500 million,
repayable over 5 years (DKK 25 million/quarter*)
 Revolving credit facility of DKK 600 million due in 5
years
 Covenants
 NIBD/ EBITDA max 3.5 over 12 months
 Equity ration of min: 35%
 From end 2012 37.5%
 From end 2013 40.0%
*First payment at the end of Q1 2012
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 36

37. GROUP PROFIT AND LOSS
Q3 Q3 YTD YTD
 Havsbrún included in the P&L from (DKKm) 2011 2010 2011 2010
Q3 2011
Operating revenues 369.3 177.7 923.9 567.7
 Revenue increased by 208%, due to Operational EBITDA 92.6 57.8 333.6 187.6
inclusion of Havsbrún and increased Operational EBIT 70.0 47.4 289.2 156.4
harvest Fair value adj. -14.6 12.4 -131.9 40.4
Impairment of bio ass
 Operating EBIT increased by 48% -0.7 0 -0.7 0
Onerous contr. 0 22.9 2.9 -0.9
 All fair value adjustments on biomass Listing costs 0 -0.1 0 -12.8
reversed Income from associate -1.8 0 0 0
 No onerous contracts Acquisition costs -13.9 0 -15.0 0
Badwill 124.6 0 124.6 0
 Result positive impacted by badwill of EBIT 163.7 82.5 267.4 183.1
DKK 125 mill
Financial items -3.5 -1.9 -7.1 -6.5
EBT 160.2 80.7 260.3 176.7
Taxes -0.3 -14.5 -22.5 -31.8
Profit for the period 159.9 66.1 337.8 144.9
Operational EBITDA margin 25.1% 32.5% 36.1% 33.0%
Operational EBIT margin 19.0% 26.7% 31.3% 27,5%
Operational EBIT/Kg (Farming and VAP ) (NOK) 6.08 12.49 12.55 11.09
EBITDA margin (Fish meal, oil and feed) 14.4% - 14.4% -
*Opartational EBITDA and EBIT adjuste for Fair value adjustment of biomass, onerous contracts, income/loss
from associate, acqusition costs and badwill
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 37

38. BALANCE SHEET – AS PER 30TH SEPT 2011
(DKKm) 30.09.2011 31.12.2010
 Increas in figures reflecting the acqusition of Intangible assets 370.0 136.2
Havsbrún Property, plant and equipment 824.1 356.4
Financial assets 34.6 26.0
 Value of new licences of DKK 234 mill included
Long term receivables 0.7 0.7
 PPE of Havsbrún fair value adjusted by DKK 298 Biological assets 611.3 482.1
Inventory 247.8 28.5
 Increase in inventory mainly related to fish meal, Receivables 260.3 145.5
oil and feed
Cash and cash equivalents 46.4 9.1
 NIBD DKK 852,7 million Total Assets 2,395.1 1,184.7
 Equity ratio 41%
Equity 975.3 902.3
 Long- and short term interest bearing debt profile Deferred tax 321.3 120.0
do not reflect new loan agreement, as it was siged Long term interest bearing debt 349.6 37.4
after the end of the quarter.
Short term interest bearing debt 549.5 42.0
 Followint the new Term Sheet only DKK 75 mill Account payables 199.5 83.0
are short term. Total Equity and liabilities 2,395.1 1,184.7
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 38

39. BADWILL
(DKKm) 1st July 2011
Payment:
 Acquisition of Havsbrún and non-
controlling interests in Viking Seafood Cash 627
Havsbrún‟s shares in Bakkafrost 350
 Badwill identified 977
Total Payment
 Value of Havsbrún‟s shares in
Bakkafrost decreased between
Total net identifiable assets 1,101
agreement made and approval of
final agreement and change of control Badwill 125
 Fair value identified on farming
licenses
 Fair value identified on PPE
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 39

40. LARGEST SHAREHOLDERS
20 largest shareholder Share price development since listing [NOK]
SALMAR ASA
NOR 24,80
Jacobsen Hans BAKKA (OSL)
FRO 9,40
Jacobsen Jóhan Regin
FRO 9,19
TF ILØGUR P/F
FRO 4,15
P/F Rundingur
FRO 4,07
JPMORGAN CHASE BANK
GBR 3,50
NOK
NORDEA BANK DENMARK A/S
DNK 3,29
DANSKE BANK A/S
DNK 2,55
P/F Føroya Livstrygging
FRO 2,08
STATE STREET BANK AND TRUST
USA 2,07
SP/F Kerið FRO 2,04
JPMBLSA GBR 1,83
2011
Holberg Norge
NOR 1,62
Morgan Stanley & Co GBR 1,54
UBS (LUXEMBOURG) S.A. LUX 1,15
JPMORGAN CHASE BANK GBR 1,14
Holberg Norden NOR 1,11
P/F Hvalnes FRO 0,98
Nordea Nordic Fund GBR 0,94 Subscribe Oslo Stock Exchange Releases from BAKKA by e-mail on:
Pimco GL Invs/EQS Pathfind USA 0,92 http://bakka.com/default.asp?menu=246
TOTAL SHARE 20 LARGEST SHAREHOLDERS 78,34%
As per October 28h 2011
BAKKAFROST / Oslo Salmon Summit 22nd November 2011 Page 40