Investor Presentaiton

ISI ICELAND SEAFOOD Q2 2020 Results Presentation to Investors and Analysts Covid19 causing a temporary shift in seafood consumption from foodservice to retail VA S-Europe VA N-Europe Sales & Distribution • • Lion's share of sales to the HORECA sector which was significantly impacted by restrictions implemented in March to May, Strong recovery with easing of restrictions in June, both in Italy and Spain. July sales 96% of sales same time last year and August sales close to par with prior year, Margins from stock purchased prior to the pandemic affected by price reduction. This especially applied to Argentinean shrimp and other shellfish species, Outlook remains uncertain, but gradual recovery and current trend give positive sign. • Over 80% of the divisional sales is to the retail sector, which saw a significant growth during the pandemic. 20% of sales are to the foodservice sector which reduced considerably in the period, Production for retail up and running during restrictions with food production defined as essential. Reduction in raw material prices have helped the divisional profitability, • • Foodservice sales in UK recovering with schools starting and canteens and cafe's opening, Strong outlook for 2H of the year, with new listings into UK retail starting and foodservice sales recovering. • • • • After significant reduction in sales during April and May, the division has seen a strong recovery in the last three months, Fresh fish sales to continental Europe and US have remained strong during the period, Frozen at Sea sales declined significantly in April and May with restrictions implemented in key markets such as UK, Divisional profits helped by 14% devaluation of ISK against EUR from year beginning to end of June, Outlook for 2H of the year relatively strong, with new quota year starting in Iceland and Q4 being a key sales period for Groundfish and Pelagic. 7

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