Table of Contents Executive Summary 2 Market value 2 Market value forecast 2 Market volume 2 Market volume forecast 2 Category segmentation 2 Geography segmentation 2 Market rivalry 2 Market Overview 7 Market definition 7 Market analysis 7 Market Data 9 Market value 9 Market volume 10 Market Segmentation 11 Category segmentation 11 Geography segmentation 12 Market Outlook 13 Market value forecast 13 Market volume forecast 14 Five Forces Analysis 15 Summary 15 Buyer power 17 Supplier power 19 New entrants 21 Threat of substitutes 23 Degree of rivalry 24 Leading Companies 25 Cermaq Group AS 25 Grieg Seafood ASA 26 Leroy Seafood Group ASA 29 Marine Harvest ASA 32 Macroeconomic Indicators 35 Country data 35 Methodology 37 Industry associations 38 Related MarketLine research 38 Appendix 39 About MarketLine 39

List of Tables Table 1: Norway aquaculture industry value: $ million, 2013-17(e) Table 2: Norway aquaculture industry volume: thousand tonnes, 2013-17(e) Table 3: Norway aquaculture industry category segmentation: $ million, 2017(e) Table 4: Norway aquaculture industry geography segmentation: $ million, 2017(e) Table 5: Norway aquaculture industry value forecast: $ million, 2017-22 Table 6: Norway aquaculture industry volume forecast: thousand tonnes, 2017-22 Table 7: Cermaq Group AS: key facts Table 8: Grieg Seafood ASA: key facts Table 9: Grieg Seafood ASA: key financials ($) Table 10: Grieg Seafood ASA: key financials (NOK) Table 11: Grieg Seafood ASA: key financial ratios Table 12: Leroy Seafood Group ASA: key facts Table 13: Leroy Seafood Group ASA: key financials ($) Table 14: Leroy Seafood Group ASA: key financials (NOK) Table 15: Leroy Seafood Group ASA: key financial ratios Table 16: Marine Harvest ASA: key facts Table 17: Marine Harvest ASA: key financials ($) Table 18: Marine Harvest ASA: key financials (€) Table 19: Marine Harvest ASA: key financial ratios Table 20: Norway size of population (million), 2013-17 Table 21: Norway gdp (constant 2005 prices, $ billion), 2013-17 Table 22: Norway gdp (current prices, $ billion), 2013-17 Table 23: Norway inflation, 2013-17 Table 24: Norway consumer price index (absolute), 2013-17 Table 25: Norway exchange rate, 2013-17 List of Figures Figure 1: Norway aquaculture industry value: $ million, 2013-17(e) Figure 2: Norway aquaculture industry volume: thousand tonnes, 2013-17(e) Figure 3: Norway aquaculture industry category segmentation: % share, by value, 2017(e) Figure 4: Norway aquaculture industry geography segmentation: % share, by value, 2017(e) Figure 5: Norway aquaculture industry value forecast: $ million, 2017-22 Figure 6: Norway aquaculture industry volume forecast: thousand tonnes, 2017-22 Figure 7: Forces driving competition in the aquaculture industry in Norway, 2017 Figure 8: Drivers of buyer power in the aquaculture industry in Norway, 2017 Figure 9: Drivers of supplier power in the aquaculture industry in Norway, 2017 Figure 10: Factors influencing the likelihood of new entrants in the aquaculture industry in Norway, 2017 Figure 11: Factors influencing the threat of substitutes in the aquaculture industry in Norway, 2017 Figure 12: Drivers of degree of rivalry in the aquaculture industry in Norway, 2017 Figure 13: Grieg Seafood ASA: revenues & profitability Figure 14: Grieg Seafood ASA: assets & liabilities Figure 15: Leroy Seafood Group ASA: revenues & profitability Figure 16: Leroy Seafood Group ASA: assets & liabilities Figure 17: Marine Harvest ASA: revenues & profitability Figure 18: Marine Harvest ASA: assets & liabilities

Cermaq Group AS Grieg Seafood ASA Leroy Seafood Group ASA Marine Harvest ASA