Investor Presentaiton

ISI ICELAND SEAFOOD Q1 2020 Results Presentation to Investors and Analysts Sales impacted by bad weather in Iceland and Covid19 outbreak > VA S-Europe > VA N-Europe > Sales & Distribution € m's Sales Net margin Normalised EBITDA Normalised PBT* Normalised PBT down on same period down €0.3m from last year Q1 2020 Q1 2019 Sales in Q1 €16.2m 39.9 56.1 1.7 2.3 • 0.3 0.7 0.3 0.6 * Normalised PBT represents Profits before tax before allowing for significant items and discontinued operations. • • Bad weather in Iceland in the beginning of the year impacted both supply and logistics in the period, Pelagic sales from Iceland €4m down on same time last year, which was exceptionally strong, Lower demand for frozen products in both USA and France during the period, Divisional sales dropped to c.a. 40% of normal level from Mid March due to Covid19 impacts. 2019 Net margin €0.6m down on prior year due to lower sales, Overhead costs in Q1 2020 have reduced by €0.2m from same period last year due to lower activity. FX impact from weaker ISK has also helped, Various actions taken to mitigate impact of Covid19 and reduce costs. 12

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