Investor Presentaiton

ISI ICELAND SEAFOOD Q2 2020 Results Presentation to Investors and Analysts Outlook for 2020 As expected, the results in Q2 were significantly impacted by the pandemic. Sales have gradually recovered in Q3, in line with previous expectations, Outlook from May was based on the view that sales would be on track with original pre-pandemic outlook in Q4 2020, Covid19 instances remains high in key markets and several restrictions are still in place to control the situation. Likely that full recovery of sales will be delayed especially in S- Europe, Increased costs due to higher inventory levels and segregation of labour during the pandemic. Price developments likely to impact margins negatively, Due to these reasons upper end of the outlook range is now reduced by €1m, current outlook range for 2020 Normalised PBT is €6.0m - €8.0m, Strong performance of VA N-Europe division and improved balance between retail and foodservice will help managing the situation. Upper end of outlook range reduced by €1m due to the ongoing uncertainty on Covid19 development Uncertainty Covid19 is causing a significant uncertainty on the Group sales and profitability during this year, Group results are also influenced by other external factors such as: i. Fishing and quota changes as well as price development and our ability to pass on price changes in key markets ii. Changes in underlying global economic conditions, currency rates, import duty rates, competition and consumer behaviors all generate uncertainty iii. Among these uncertainties are Brexit, USA related tariffs and political uncertainty in Argentina • • Focus and growth Actions have been taken to secure funding and liquidity of the Group in the current situation. Risk management controls have been tightened with focus on key assets i.e. inventories and receivables, Focus on projects to drive synergies and organic growth within our value-added activities, At the same time the Group is acting on certain external growth opportunities and further opportunities are being explored. Full year Normalised PBT* (m's) 3,5 3,3 2,9 1,7 1,3 1,0 0,8 *Normalised PBT represents Profits before tax before allowing for significant items and discontinued operations 11,3 10,8 8,0 7,4 6,0 2011 2012 2013 2014 2015 2016 2017 2018 2018P 2019 2020 16

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