Q2 2020 Results Presentation

ISI ICELAND SEAFOOD Q2 2020 Results Presentation to Investors and Analysts OMOS 100 DE BACALAO DE ISLANDIA SOLO BACALAO Y SAL ISLANDIA LOMOS 300+ DE BACALAO DE ISLANDIA ULTRACONGELADOS-AL PUNTO DE SAL-SIN ESPINAS-PRIMERA CONGELACION 2010--was SAGOUR COMMONTO DE SAL-Sonotago me BACALAO DE ISLANDIA GAMA PROFESIONAL ALTA COCINA VENTRESCAS DE BACALAO DE ISLANDIA 52 VENTRESCAS DE BACA BACALAO DE ISLANDIA 2ke ESPINAS PRIMERA CONGELACIÓN ISLANDIA LOMOS 2000 DE BACALAO DE ISLANDIA SIN ILADOS AL PUNTO DE SALE OLACA ULTRACONSTANTINORA 0 . . IS Iberica in strong position to manage operation through the Covid19 situation Benefits of merger in Spain evident during Covid19 pandemic All production of IS Iberica in a single location from February 2020, Optimisation of distribution and logistics on track, Ecomsa in Malaga focused on local distribution in Andalusia after restructuring in Q1, Headcount of IS Iberica (excluding production staff) reduced by 17 from March 2019 or by 20%, The merged entity in a good position to manage operation through the Covid19 situation and create value post pandemic, Significant cost synergies have been created, but disruption due to Covid19, such as higher stock and lower production, have had delaying effect. • • • Significant steps taken to integrate Elba operation with IS Iberica Joint management team with IS Iberica management taking over operational and financial management, Purchasing, sales and logistics being integrated with IS Iberica operation. Production capabilities of Elba effectively managed during period of Covid19, Further opportunities being actioned to leverage production and marketing capabilities in the near future. Investment in increased efficiency of Achernar being completed Investment in increased capacity finalized before year end 2019. Coldstore capacity of 800MT up and running in Q3 2020. This will improve margins and reduce costs both for shrimp and squid, Price reduction of Argentinian shrimp has had significant impact on margins in 1H 2020 JV project of squid went well with three landings in 1H 2020, which generated good margins, Outlook for coming Rawson season, starting in Q4 is good. Raw material prices for shrimp have come down and benefits from the investment will reduce costs and improve efficiency. 60

View entire presentation