Appendix 1: Firm & Industry Data

NORWAY ROYAL SALMON Appendix 1.1: Diverse Information RegionRegion North (NRS Q4 North 2016 Report) – Troms Two new sites in a new area approved Lubben and Korsnes Improve possibilities for split of each generation to reduce biological risks Improve growth possibilities

New hatchery – NRS Settefisk Purchased land in Karlsøy municipality, Troms Planned production capacity of 10 million smolts

NORWAY ROYAL SALMON Construction starts when necessary approvals have been given, Region South estimated within 1,5 to 2 years Region South (NRS Q4 2016 Report) Provide NRS with predictable planningOperates with in theregards Haugesund to smolts area, both in Rogaland and Hordaland county

Region South holds a total of 6 licenses Owned 100 % through NRS Feøy AS 8 One single MAB Zone Enables smoother and better utilization of MAB

Harvesting at Espevær Laks

35 02 Position of salmon 2.8 Supply of farmed and wild salmonids Wild & Farmed Salmon, historical annual supply (Marine Harvest, 2017)

2 400 Wild Farmed 2 200 2 000 1 800 1 600 1 400 1 200 1 000 800 Thousand Thousand tonnes GWE 600 400 200 - 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

The general supply of seafood in the world is shifting more towards aquaculture as the supply from wild catch is stagnating in several regions and for many important species. Wild catch of salmonids is varying04 between 700Salmon 000 and 1 000 Supply000 tonnes GWE, whereas farmed salmonids are increasing. The first year the total supply of salmonids was dominated by farmed, was in 1999. Since then, the share of farmed salmonids4.3 Fewhas increasedcoastlines and hasfeasible become thefor dominant salmon source.farming Global salmon farming locations (Marine Harvest, 2017) The total supply of all farmed salmonids exceeded 2 million tonnes (GWE) in 2016. The same year, the total catch volume of wild salmonids was about one third of farmed, with chum, pink and sockeye being the most common species.

About 20% of total wild catch of salmon has been imported frozen by China (from the US, Russia and Japan), and later been re-exported as frozen fillets.

Source: Kontali Analyse

15 Salmon Farming Industry Handbook 2017

The main coastal areas adopted for salmon farming are depicted on the above map. The coastlines are within certain latitude bands on the Northern and Southern Hemisphere. A key condition is a temperature range between north of zero and 18-20oC. The optimal temperature range for salmon is between 8 and 14oC.

Salmon farming also requires a certain current in order to exchange the water. The current must however be below a certain level to allow the fish to move freely around in the sites. Such conditions are typically found in waters protected by archipelagos and fjord. This condition is prohibitive for several coastlines.

Certain biological parameters are also required to allow efficient production. The biological conditions vary significantly within the adopted areas and are prohibitive for certain other areas.

Political willingness to allow for salmon farming and to regulate the industry is also required. Licence systems have been adopted in all areas where salmon farming is carried out.

26 Salmon Farming Industry Handbook 2017

Appendix 2: Financial Statement Analysis

Appendix 2.1: Competitors Marine Harvest ASA: Marine Harvest (MHG) is a seafood company that offers farmed salmon and other seafood product to the worldwide market. It was founded in 1992 and is headquartered in Bergen. MHG operates in three different business areas: feed, farming, and sales & marketing. The farming operations takes place in Norway, Canada, Chile, Scotland, Ireland, and the Faroe Islands. Today, it is the largest aquaculture company in the world. MHG has approx. 12 700 employees worldwide and reported earnings of 32.54 billion NOK in 2016.

Salmar ASA: Salmar is engaged in seafood farming, processing, and trading of all kinds of fish and seafood. Salmar operates in the fish farming and sales & processing segments. The farming takes place in different locations in Norway. The company was founded in 1991 and is headquartered in Kverva. The company has approx. 1300 employees and reported earnings of 8.96 billion NOK in 2016.

Lerøy Seafood ASA: Lerøy Seafood operates in the following areas: farming, value-added processing, and sales and distribution. The farming segment refers to the production, harvesting, and filleting of salmon and trout. The value-added segment refers to the processing of salmon and other species. Lerøy was founded in 1995, is headquartered in Bergen, has approx. 3800 employees and posted earnings of 17.22 billion NOK in 2016.

Grieg Seafood ASA: Grieg Seafood is engaged in farming of salmon and trout in different locations in Norway, Canada, and the United Kingdom. Grieg was founded in 1992 and is headquartered in Bergen. The company has approx. 660 employees and reported earnings of 6.55 billion NOK in 2016.

P/F Bakkafrost: Bakkafrost is the largest salmon-farming company on the Faroe Islands, but is listed on the Oslo Stock Exchange. The company is providing salmon to the fresh market, smokehouses, and processors of ready meals. Bakkafrost is engaged in the following segments: salmon farming, sales & marketing, and production of fish oil & feed. The company was founded in 1968, and is headquartered on the Faroe Islands. Bakkafrost has 800 employees and reported earnings of 3.86 billion NOK in 2016.

Scottish Salmon Company PLC: The Scottish Salmon Company is a small fish-farming company, mainly engaged in farming of salmon. The company exports Scottish salmon to the local and international market. It was founded in 2009 and is headquartered in Scotland, although it is listed on Oslo Stock Exchange. In 2016, the company reported earnings of 1.25 billion NOK.

Austevoll Seafood ASA: Austevoll as an integrated pelagic seafood company and operates through subsidiaries and associated companies. The operations takes place mainly in Norway, Chile, Faroe Islands, and Peru. The company is operating in the following areas: fishmeal/oil/feed, human consumption, production, and sales and distribution. The human consumption segment refers to canned products like sardines, mussels, salmon, and tuna fish. Austevoll was founded in 1981 and is headquartered in Storebø. The company has approx. 4700 employees and reported earnings of 18.91 billion NOK in 2016.

Appendix 2.2: Historical Key Figures

Key$Figure: ROA Year 2012 2013 2014 2015 2016 NRS 1,79% 16,23% 10,94% 8,40% 30,01% Marine5Harvest5ASA 1,90% 8,82% 2,65% 3,67% 12,00% Salmar5ASA 6,70% 20,39% 11,89% 10,47% 21,65% Lerøy5Seafood5ASA 4,14% 13,50% 7,34% 7,65% 15,70% Grieg5Seafood5ASA F3,57% 9,95% 2,79% F0,12% 18,62% P/F5Bakkafrost 11,55% 20,74% 19,68% 21,95% 28,67% Scottish5Salmon5Company5PLC F2,48% 2,06% 7,59% 0,26% 5,09% Austevoll5Seafood5ASA 2,29% 3,50% 2,48% 2,92% 5,41%

Industry5Benchmark: 2,93% 11,28% 7,77% 6,69% 15,31%

Key$Figure: Current$Ratio YearKey$Figure: 2012ROE 2013 2014 2015 2016 NRSYear 20121,54 20131,94 20141,94 20152,34 20162,19 Marine5Harvest5ASANRS 5,81%2,92 48,80%3,23 28,84%3,22 22,26%3,35 63,18%3,03 Salmar5ASAMarine4Harvest4ASA 3,91%2,08 18,00%4,24 6,03%3,05 8,62%2,89 27,27%2,29 Lerøy5Seafood5ASASalmar4ASA 18,98%2,51 47,39%2,74 24,34%3,12 21,58%2,54 44,90%2,90 Grieg5Seafood5ASALerøy4Seafood4ASA 9,09%1,81 28,72%2,24 15,07%2,04 15,58%2,34 31,57%2,49 P/F5BakkafrostGrieg4Seafood4ASA F9,19%0,32 24,62%4,75 6,59%5,51 F0,30%4,74 44,15%7,22 Scottish5Salmon5Company5PLCP/F4Bakkafrost 24,58%2,71 40,24%3,05 34,71%2,76 34,89%3,78 43,69%3,43 Austevoll5Seafood5ASAScottish4Salmon4Company4PLC F4,74%2,79 4,38%2,90 16,12%2,57 0,50%2,58 9,42%2,64 Austevoll4Seafood4ASA 6,34% 9,93% 7,10% 8,32% 17,99% Industry5Benchmark: 2,16 3,31 3,18 3,17 3,43 Industry4Benchmark: 7,00% 24,75% 15,71% 12,74% 31,28% Key$Figure: D/E$Ratio YearKey$Figure: Quick$Ratio2012 2013 2014 2015 2016 NRSYearKey$Figure: 20121,88ROIC 20131,14 20141,13 20151,12 20160,84 Marine5Harvest5ASANRSYear 20121,700,52 20131,170,75 20140,621,19 20150,981,17 20160,831,32 Salmar5ASAMarine4Harvest4ASANRS 1,28%1,980,64 13,83%1,150,68 9,06%0,801,07 9,76%0,811,07 21,82%0,831,03 Lerøy5Seafood5ASASalmar4ASAMarine4Harvest4ASA 3,76%1,210,46 14,85%1,051,41 6,06%0,691,09 5,99%0,631,09 19,25%0,310,99 Grieg5Seafood5ASALerøy4Seafood4ASASalmar4ASA 4,43%1,690,98 13,64%1,310,95 16,40%1,191,40 12,98%0,901,68 26,20%1,181,15 P/F5BakkafrostGrieg4Seafood4ASALerøy4Seafood4ASA 5,28%1,040,37 16,12%0,870,34 9,06%0,520,68 9,56%0,730,52 20,54%0,810,53 Scottish5Salmon5Company5PLCP/F4BakkafrostGrieg4Seafood4ASA F3,80%1,030,75 12,34%1,231,22 4,21%1,591,04 1,51%0,730,88 24,19%1,330,84 Austevoll5Seafood5ASAScottish4Salmon4Company4PLCP/F4Bakkafrost 12,86%1,370,55 21,46%1,470,40 22,00%0,541,32 25,01%0,781,35 32,78%0,530,92 Austevoll4Seafood4ASAScottish4Salmon4Company4PLC 0,00%1,12 2,61%0,90 7,51%1,07 2,04%1,04 0,43%1,10 Industry5Benchmark:Austevoll4Seafood4ASA 2,80%1,43 7,45%1,18 6,38%1,11 5,55%1,11 8,39%0,97 Industry4Benchmark: 0,70 0,84 0,91 0,80 0,87 Industry4Benchmark: Raw5data5collected5from5Bloomberg5Terminal3,62% 12,64% 10,23% 8,95% 18,83%

Key$Figure: Interest$Coverage$Ratio YearKey$Figure: Equity$Ratio2012 2013 2014 2015 2016 NRSYear 20120,83 20138,05 20148,65 20159,38 40,402016 Marine4Harvest4ASANRS 33,792,42 39,716,93 36,516,40 38,806,92 19,1954,24 Salmar4ASAMarine4Harvest4ASA 49,832,02 48,387,52 15,1539,76 14,3645,15 20,9543,00 Lerøy4Seafood4ASASalmar4ASA 37,125,79 19,8747,56 11,7650,14 12,4247,04 21,7049,16 Grieg4Seafood4ASALerøy4Seafood4ASA 45,14F2,02 48,596,21 48,882,27 49,340,59 15,1950,00 P/F4BakkafrostGrieg4Seafood4ASA 16,7337,18 23,4243,32 27,6041,52 37,4537,18 63,8446,54 Scottish4Salmon4Company4PLCP/F4Bakkafrost 49,120,33 53,512,02 53,595,55 65,822,05 65,500,42 Austevoll4Seafood4ASAScottish4Salmon4Company4PLC 49,292,56 44,936,86 49,057,02 53,265,80 11,0054,65 Austevoll4Seafood4ASA 36,20 34,50 35,26 35,03 26,42 Industry4Benchmark: 3,98 10,40 10,82 11,37 21,76 Industry4Benchmark: 43,41 45,83 45,46 47,55 47,90 Key$Figure: ROA Year 2012 2013 2014 2015 2016 NRS 1,79% 16,23% 10,94% 8,40% 30,01% Marine5Harvest5ASA 1,90% 8,82% 2,65% 3,67% 12,00% Salmar5ASA 6,70% 20,39% 11,89% 10,47% 21,65% Lerøy5Seafood5ASA 4,14% 13,50% 7,34% 7,65% 15,70% Grieg5Seafood5ASA F3,57% 9,95% 2,79% F0,12% 18,62% P/F5Bakkafrost 11,55% 20,74% 19,68% 21,95% 28,67% Scottish5Salmon5Company5PLC F2,48% 2,06% 7,59% 0,26% 5,09% Austevoll5Seafood5ASA 2,29% 3,50% 2,48% 2,92% 5,41%

Industry5Benchmark: 2,93% 11,28% 7,77% 6,69% 15,31%

Key$Figure: Current$Ratio Key$Figure:Year 2012ROE 2013 2014 2015 2016 YearNRS 20121,54 20131,94 20141,94 20152,34 20162,19 NRSMarine5Harvest5ASA 5,81%2,92 48,80%3,23 28,84%3,22 22,26%3,35 63,18%3,03 Marine4Harvest4ASASalmar5ASA 3,91%2,08 18,00%4,24 6,03%3,05 8,62%2,89 27,27%2,29 Salmar4ASALerøy5Seafood5ASA 18,98%2,51 47,39%2,74 24,34%3,12 21,58%2,54 44,90%2,90 Lerøy4Seafood4ASAGrieg5Seafood5ASA 9,09%1,81 28,72%2,24 15,07%2,04 15,58%2,34 31,57%2,49 Grieg4Seafood4ASAP/F5Bakkafrost F9,19%0,32 24,62%4,75 6,59%5,51 F0,30%4,74 44,15%7,22 P/F4BakkafrostScottish5Salmon5Company5PLC 24,58%2,71 40,24%3,05 34,71%2,76 34,89%3,78 43,69%3,43 Scottish4Salmon4Company4PLCAustevoll5Seafood5ASA F4,74%2,79 4,38%2,90 16,12%2,57 0,50%2,58 9,42%2,64 Austevoll4Seafood4ASA 6,34% 9,93% 7,10% 8,32% 17,99% Industry5Benchmark: 2,16 3,31 3,18 3,17 3,43 Industry4Benchmark: 7,00% 24,75% 15,71% 12,74% 31,28%

Key$Figure: D/E$Ratio Key$Figure:Year Quick$Ratio2012 2013 2014 2015 2016 Key$Figure:YearNRS 20121,88ROIC 20131,14 20141,13 20151,12 20160,84 YearNRSMarine5Harvest5ASA 20121,700,52 20131,170,75 20141,190,62 20151,170,98 20161,320,83 NRSMarine4Harvest4ASASalmar5ASA 1,28%1,980,64 13,83%1,150,68 9,06%1,070,80 9,76%1,070,81 21,82%1,030,83 Marine4Harvest4ASASalmar4ASALerøy5Seafood5ASA 3,76%1,210,46 14,85%1,051,41 6,06%1,090,69 5,99%1,090,63 19,25%0,990,31 Salmar4ASALerøy4Seafood4ASAGrieg5Seafood5ASA 4,43%1,690,98 13,64%1,310,95 16,40%1,401,19 12,98%1,680,90 26,20%1,151,18 Lerøy4Seafood4ASAGrieg4Seafood4ASAP/F5Bakkafrost 5,28%1,040,37 16,12%0,870,34 9,06%0,680,52 9,56%0,520,73 20,54%0,530,81 Grieg4Seafood4ASAP/F4BakkafrostScottish5Salmon5Company5PLC F3,80%1,030,75 12,34%1,231,22 4,21%1,041,59 1,51%0,880,73 24,19%0,841,33 P/F4BakkafrostScottish4Salmon4Company4PLCAustevoll5Seafood5ASA 12,86%1,370,55 21,46%1,470,40 22,00%1,320,54 25,01%1,350,78 32,78%0,920,53 Scottish4Salmon4Company4PLCAustevoll4Seafood4ASA 0,00%1,12 2,61%0,90 7,51%1,07 2,04%1,04 0,43%1,10 Austevoll4Seafood4ASAIndustry5Benchmark: 2,80%1,43 7,45%1,18 6,38%1,11 5,55%1,11 8,39%0,97 Industry4Benchmark: 0,70 0,84 0,91 0,80 0,87 Industry4Benchmark: Raw5data5collected5from5Bloomberg5Terminal3,62% 12,64% 10,23% 8,95% 18,83%

Key$Figure: Interest$Coverage$Ratio Key$Figure:Year Equity$Ratio2012 2013 2014 2015 2016 YearNRS 20120,83 20138,05 20148,65 20159,38 40,402016 NRSMarine4Harvest4ASA 33,792,42 39,716,93 36,516,40 38,806,92 54,2419,19 Marine4Harvest4ASASalmar4ASA 49,832,02 48,387,52 39,7615,15 45,1514,36 43,0020,95 Salmar4ASALerøy4Seafood4ASA 37,125,79 47,5619,87 50,1411,76 47,0412,42 49,1621,70 Lerøy4Seafood4ASAGrieg4Seafood4ASA 45,14F2,02 48,596,21 48,882,27 49,340,59 50,0015,19 Grieg4Seafood4ASAP/F4Bakkafrost 37,1816,73 43,3223,42 41,5227,60 37,1837,45 46,5463,84 P/F4BakkafrostScottish4Salmon4Company4PLC 49,120,33 53,512,02 53,595,55 65,822,05 65,500,42 Scottish4Salmon4Company4PLCAustevoll4Seafood4ASA 49,292,56 44,936,86 49,057,02 53,265,80 54,6511,00 Austevoll4Seafood4ASA 36,20 34,50 35,26 35,03 26,42 Industry4Benchmark: 3,98 10,40 10,82 11,37 21,76 Industry4Benchmark: 43,41 45,83 45,46 47,55 47,90

Industry5Benchmark: 2,93% 11,28% 7,77% 6,69% 15,31%

Key$Figure: Current$Ratio Key$Figure: Key$Figure:Year ROA 2012ROE 2013 2014 2015 2016 Year YearNRS 2012 2013 2014 20121,54 2015 20131,94 2016 20141,94 20152,34 20162,19 NRS NRSMarine5Harvest5ASA1,79% 16,23% 10,94%5,81%2,92 8,40%48,80%3,2330,01%28,84%3,22 22,26%3,35 63,18%3,03 Marine5Harvest5ASA Marine4Harvest4ASASalmar5ASA1,90% 8,82% 2,65%3,91%2,08 3,67%18,00%4,2412,00%6,03%3,05 8,62%2,89 27,27%2,29 Salmar5ASA Salmar4ASALerøy5Seafood5ASA6,70% 20,39% 11,89%18,98%2,5110,47%47,39%2,7421,65%24,34%3,12 21,58%2,54 44,90%2,90 Lerøy5Seafood5ASA Lerøy4Seafood4ASAGrieg5Seafood5ASA4,14% 13,50% 7,34%9,09%1,81 7,65%28,72%2,2415,70%15,07%2,04 15,58%2,34 31,57%2,49 Grieg5Seafood5ASA Grieg4Seafood4ASAP/F5BakkafrostF3,57% 9,95% 2,79%F9,19%0,32 F0,12%24,62%4,7518,62%6,59%5,51 F0,30%4,74 44,15%7,22 P/F5Bakkafrost P/F4BakkafrostScottish5Salmon5Company5PLC11,55% 20,74% 19,68%24,58%2,7121,95%40,24%3,0528,67%34,71%2,76 34,89%3,78 43,69%3,43 Scottish5Salmon5Company5PLC Scottish4Salmon4Company4PLCAustevoll5Seafood5ASAF2,48% 2,06% 7,59%F4,74%2,79 0,26%4,38%2,90 5,09%16,12%2,57 0,50%2,58 9,42%2,64 Austevoll5Seafood5ASA Austevoll4Seafood4ASA2,29% 3,50% 2,48%6,34% 2,92%9,93% 5,41%7,10% 8,32% 17,99% Industry5Benchmark: 2,16 3,31 3,18 3,17 3,43 Industry5Benchmark: Industry4Benchmark:2,93% 11,28% 7,77%7,00% 6,69%24,75%15,31%15,71% 12,74% 31,28%

Key$Figure: D/E$Ratio Key$Figure: Key$Figure:Year Current$Ratio Quick$Ratio2012 2013 2014 2015 2016 Year YearNRS 2012 2013 2014 20121,88 2015 20131,14 2016 20141,13 20151,12 20160,84 NRS NRSMarine5Harvest5ASA1,54 1,94 1,94 0,521,70 2,34 0,751,17 2,19 0,621,19 0,981,17 0,831,32 Marine5Harvest5ASA Marine4Harvest4ASASalmar5ASA2,92 3,23 3,22 0,641,98 3,35 0,681,15 3,03 0,801,07 0,811,07 0,831,03 Salmar5ASA Salmar4ASALerøy5Seafood5ASA2,08 4,24 3,05 0,461,21 2,89 1,411,05 2,29 0,691,09 0,631,09 0,310,99 Lerøy5Seafood5ASA Lerøy4Seafood4ASAGrieg5Seafood5ASA2,51 2,74 3,12 0,981,69 2,54 0,951,31 2,90 1,191,40 0,901,68 1,181,15 Grieg5Seafood5ASA Grieg4Seafood4ASAP/F5Bakkafrost1,81 2,24 2,04 0,371,04 2,34 0,340,87 2,49 0,520,68 0,730,52 0,810,53 P/F5Bakkafrost P/F4BakkafrostScottish5Salmon5Company5PLC0,32 4,75 5,51 0,751,03 4,74 1,221,23 7,22 1,591,04 0,730,88 1,330,84 Scottish5Salmon5Company5PLC Scottish4Salmon4Company4PLCAustevoll5Seafood5ASA2,71 3,05 2,76 0,551,37 3,78 0,401,47 3,43 0,541,32 0,781,35 0,530,92 Austevoll5Seafood5ASA Austevoll4Seafood4ASA2,79 2,90 2,57 1,12 2,58 0,90 2,64 1,07 1,04 1,10 Industry5Benchmark: 1,43 1,18 1,11 1,11 0,97 Industry5Benchmark: Industry4Benchmark:2,16 3,31 3,18 0,70 3,17 0,84 3,43 0,91 0,80 0,87 Raw5data5collected5from5Bloomberg5Terminal

Key$Figure: Key$Figure:D/E$Ratio Interest$Coverage$Ratio Year Year 2012 2013 2014 2012 2015 2013 2016 2014 2015 2016 NRS NRS 1,88 1,14 1,13 0,83 1,12 8,05 0,84 8,65 9,38 40,40 Marine5Harvest5ASA Marine4Harvest4ASA1,70 1,17 1,19 2,42 1,17 6,93 1,32 6,40 6,92 19,19 Salmar5ASA Salmar4ASA1,98 1,15 1,07 2,02 1,07 7,52 1,0315,15 14,36 20,95 Lerøy5Seafood5ASA Lerøy4Seafood4ASA1,21 1,05 1,09 5,79 1,0919,87 0,9911,76 12,42 21,70 Grieg5Seafood5ASA Grieg4Seafood4ASA1,69 1,31 1,40 F2,02 1,68 6,21 1,15 2,27 0,59 15,19 P/F5Bakkafrost P/F4Bakkafrost1,04 0,87 0,6816,73 0,5223,42 0,5327,60 37,45 63,84 Scottish5Salmon5Company5PLC Scottish4Salmon4Company4PLC1,03 1,23 1,04 0,33 0,88 2,02 0,84 5,55 2,05 0,42 Austevoll5Seafood5ASA Austevoll4Seafood4ASA1,37 1,47 1,32 2,56 1,35 6,86 0,92 7,02 5,80 11,00

Industry5Benchmark: Industry4Benchmark:1,43 1,18 1,11 3,98 1,1110,40 0,9710,82 11,37 21,76 Raw5data5collected5from5Bloomberg5Terminal

Appendix 2.3: Key Figures – Formulas

�� + �� (1 − �� ) �� = ��

�� = ��

�� − �� = ��

�� = ��

��ℎ + �� + �� = ��

�� = ��

� �� = � ��

�� (��) �� = ��

Appendix 3: Discounted Cash Flow Model

Appendix 3.1: Complete Discounted Cash Flow Model Appendix 3.1.1: Cost of Capital Components

Raw&data&collected&from&Bloomberg&Terminal Norway&Royal&Salmon&ASA Company(Name Industry Orkla Austevoll&Seafood&ASA Grieg&Seafood&ASA P/F&Bakkafrost Scottish&Salmon&Company&PLC Lerøy&Seafood&ASA Marine&Harvest&ASA Salmar&ASA Company(Name No.&Of&Firms: Tax&Rate Sub&Sector: Industry: Output&cells Input&cells Levered(Beta Levered(Beta Food&Producers Consumer&Goods 0,56 0,59 0,57 0,44 0,87 0,02 0,93 0,71 0,70 0,45 24% 8 D/E(Ratio D/E(Ratio 0,96085 0,8436 0,6611 0,9218 1,1487 0,5266 0,8352 0,9999 1,3259 1,0341 Unlevered(Beta Unlevered(Beta 0,34 0,34 0,38 0,26 0,47 0,02 0,57 0,40 0,35 0,25 Cost&of&capital: Market&value&of&firm: Market&value&of&equity: Current&share&price&(NOK): Shares&outstanding: Book&value&of&debt: Cost&of&debt: Cost&of&equity: Beta: Market&risk&premium: Risk7free&rate: 7&606&185&802 7&254&769&802 351&416&000 43&572&191 166,50 1,61% 4,66% 4,67% 4,71% 5,59% 0,56

Appendix 3.1.2: Forecasting of Revenues and Expenses

Depreciation)as)%)of)PP&E PP&E)as)%)of)revenues) 54year4averages: Property,)plant)&)equipment In)the)model,)I)assume)that)this)ratio)will)remain)constant)through)the)period. Income)frome)associates)was)in)average)12.73%)of)operational)EBIT)between)2012J2016)and)experienced)very)little)fluctuations. EBIT Income)from)associates Operational)EBIT Depreciation Operating)expenses Other)operating)costs Salaries Cost)of)goods)sold %)Change)in)revenues Operating)revenues)(NOK) Price)(NOK/kg) Volume)sold Harvested)volume (NOK41000) Year 3)522)664 3)230)927 4)224)340 2016 417)496 876)628 640)613 136)269 155)468 17,13% 10,10% 71)865 61)063 66)808 26)800 63,13 %1

Appendix 3.1.3: Forecasting of Working Capital

Year Average Year 2027 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2016 2015 2014 2013 2012 Revenues (NOK%1000) Revenues (NOK%1000) 8%228%953 7%759%503 7%113%589 6%521%442 6%725%910 6%936%788 6%359%359 5%554%995 4%852%372 4%855%146 4%869%301 4%224%340 4%224%430 3%210%548 2%599%799 2%603%712 1%744%266 Noncash.current.assets Noncash.current.assets 3%929%595 3%705%417 3%396%972 3%114%202 3%211%842 3%312%544 3%036%802 2%652%692 2%317%167 2%318%491 2%325%251 2%029%844 2%029%844 1%471%685 1%445%248 1%033%525 865%019 Current.liabilities Current.liabilities 2%156%340 2%033%324 1%864%067 1%708%899 1%762%478 1%817%737 1%666%426 1%455%648 1%271%531 1%272%258 1%275%967 956%416 956%416 714%400 775%293 617%580 568%444 Noncash.WC Noncash.current.assets As%%%of%Revenues 1%773%254 1%672%093 1%532%905 1%405%303 1%449%364 1%494%806 1%370%376 1%197%044 1%045%636 1%046%234 1%049%284 1%073%428 48% 48% 46% 56% 40% 50% Current.liabilities 26% 23% 22% 30% 24% 33%

May$23rd$2017 Year 0 1 2 3 4 5 6 7 8 9 10 (NOK$1000) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Revenues 4(869(301 4(855(146 4(852(372 5(554(995 6(359(359 6(936(788 6(725(910 6(521(442 7(113(589 7(759(503 8(228(953 Operating(expenses :4(058(562 :4(046(764 :4(044(452 :4(630(088 :5(376(838 :5(865(054 :5(686(757 :5(513(879 :6(014(540 :6(560(660 :6(957(580 Depreciation :84(245 :84(000 :83(952 :114(188 :130(723 :142(593 :138(258 :134(055 :146(227 :159(504 :169(154 EBIT 818(976 816(595 816(129 913(923 960(232 1(047(421 1(015(579 984(706 1(074(117 1(171(647 1(242(531 Tax :196(554 :195(983 :195(871 :219(341 :230(456 :251(381 :243(739 :236(329 :257(788 :281(195 :298(208 EBIT((1:t) 622(422 620(612 620(258 694(581 729(776 796(040 771(840 748(376 816(329 890(452 944(324 Reinvestment :357(486 :356(446 :356(243 :398(930 :419(144 :457(202 :443(304 :429(827 :468(855 :511(427 :542(369 FCFF 264(936 264(166 264(015 295(651 310(632 338(837 328(537 318(549 347(473 379(024 401(955

NPV 2(774(298 Cost(of(capital 4,66% Terminal)value: Tax 24,00% Growth'stable'period 1% WACC'stable'period 4,66% Reinvestment(rate 57,43% Terminal'value 10'980'724 Output Value$NOK PV(Terminal(value 6(963(070(744 PV(FCFF 2(774(297(686 Reinvestment)needs: Value(of(operating(assets 9(737(368(430 Capex 121(420(000 Terminal)value

: DCF Model and: DCF Output Model Cash 69(257(000 Depreciation 61(063(000 Calculated)terminal)value 10)980)723)855 Net(Debt(outstanding :646(813(000 Change(in(Noncash(WC 317(259(000 WACC) 4,66% 3.1.4

Minority(interests :16(706(000 Value(of(equity 9(143(106(430 EBIT((1At) 657(471(000 Years 10 Shares(outstanding 43(572(191 Value(per(share(NOK 209,84 Reinvestment(Rate( 57,43% PV)of)terminal)value 6)963)070)744

Appendix Appendix 3.2: Regression Global Supply & Change in Price 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Global&supply&growth&YOY 15% 22% 12% 10% &7% &4% 6% 7% 8% 5% 8% 2% 3% 5% 1% 5% Change&in&average&price&FCA&Oslo &10% &17% &21% &11% &25% 50% 42% 35% 12% 23% 23% &4% &5% &3% 1% 7%

Change&in&average&Nasdaq&price& & 10% & 5% & & & & & 50% 40% 30% 20% 10% 10% 20% 30% 40% 50% 60% 0% 0% Global&supply&change 5% 10% R²&=&0,67854 15% 20% 25%

Appendix 3.3: Cost of Capital

Beta In the capital asset pricing model, the beta of an investment is the risk that the investment adds to the portfolio. In this valuation, the bottom-up beta-approach is used. The approach breaks down betas into their business risk and financial leverage. The bottom-up beta can be estimated in four steps:

1. We need to identify the business, or businesses that the firm operates in. In this valuation, the firm is operating in the salmon-farming industry only. 2. We estimate the average unlevered betas of other publicly traded firms that are in the same industry as the one we are valuing. In order to do so we need to calculate, or collect, levered betas of each firm. In this valuation, the levered betas of comparable firms were collected from the Bloomberg Terminal. In the terminal, you can choose the period and frequency that your beta should be estimated in. When deciding which firms that should be used as comparable firms, it is important to not be too narrow in the definition. The more firms in the sample, the less risk for errors in the estimation. We should therefore define comparable firms more broadly, both in terms of what business they are in and in which country they are operating in. The basic recommendation is to use 6-12 firms in the sample. Given this recommendation, Orkla was included in the sample in this valuation since it is operating in a similar industry. 3. If the firm operates in several businesses, we take the weighted average of the unlevered betas by using the proportion of firm value derived from each business as the weights. The weighted average is called the bottom- up unlevered beta. Since NRS only is operating in one business, we can skip this step and instead use the average unlevered beta from the firms in the sample. 4. Finally, we put the average unlevered beta into the formula for the levered beta together with the corporate tax rate and the firm’s D/E ratio. The estimated levered beta is the bottom-up beta.

Three reasons why bottom-up betas are better than regression betas: - Bottom-up betas are more precise. Since we are using an average of several regression betas, the standard errors are more precise. - Bottom-up betas reflect current business mix. If a firm changes its business mix, that is, if it enters a new business, it is better reflected in the bottom-up betas since we are weighting the different businesses. A regression beta is focused on the history and is thus reflecting past business mixes. - Bottom-up betas consider changes in D/E ratios. If a firm changes its D/E ratio, it is easy to adjust the bottom-up beta to reflect the new ratio. In contrast, a regression beta is reflecting historical debt to equity choices.

In summary, bottom-up betas seem to reflect the current risk of the firm better than what historical regression betas do.

Unlevered beta:

� � = � 1 + (1 − �)( ) �

Levered beta: � � = � (1 + 1 − � ) �

This summary of the estimation of bottom-up betas is based on several works by professor Damodaran at NYU Stern School of Business (2001, 2010, & 2016), and course material from Nanyang Technological University (2016).

Appendix 4:

Relative Valuation Appendix 4.1: P/E

EPS8=8Earnings8per8share8=8Net8income/Shares8outstanding NRS8calculated8based8on8annual8report Multiples8collected8from8the8Bloomberg8Terminal Median Orkla Austevoll8Seafood8ASA Scottish8Salmon8Company8PLC P/F8Bakkafrost Grieg8Seafood8ASA Lerøy8Seafood8ASA Salmar8ASA Marine8Harvest8ASA NRS Firm Price/Earnings$(TTM) May$23rd$2017 P/E 10,27 10,16 24,63 10,38 11,65 9,89 7,89 9,44 7,34 20 Price 166,50 EPS 22,68 Value8per8share8NOK Shares8outstanding Value8of8equity Net8profit Multiple P/E$(TTM) 10831884028510 1800487138000 4385728191 236,81 10,27

Appendix 4.2: P/B

Book8value8per8share8=8Shareholders8equity8V8preferred8stock/Shares8outstanding NRS8calculated8based8on8annual8report Multiples8collected8from8the8Bloomberg8Terminal Median Orkla Austevoll8Seafood8ASA Scottish8Salmon8Company8PLC P/F8Bakkafrost Grieg8Seafood8ASA Lerøy8Seafood8ASA Salmar8ASA Marine8Harvest8ASA NRS Firm Price/Book$(TTM) May$23rd$2017 P/B 2,43 2,47 1,83 2,24 3,29 2,39 2,20 3,69 3,38 3,54 Price 166,50 Book$value$per$share 46,98 Value8per8share8NOK Shares8outstanding Value8of8equity Book8value8of8equity Multiple P/B$TTM 2804780178000 4897482518310 4385728191 114,16 2,43

Appendix 4.3: EV/EBITDA

EBITDA(=(Net(profit(+(interest(+(taxes(+(depreciation(+(amortization NRS(calculated(based(on(annual(report Multiples(collected(from(the(Bloomberg(Terminal Median Orkla Austevoll(Seafood(ASA Scottish(Salmon(Company(PLC P/F(Bakkafrost Grieg(Seafood(ASA Lerøy(Seafood(ASA Salmar(ASA Marine(Harvest(ASA NRS Firm Enterprise$Value/EBITDA$(TTM) May$23rd$2017 EV/EBITDA 17,34 27,78 7,82 7,62 8,02 5,99 7,11 8,94 7,26 6,07 EV 7(581(345(802 EBITDA 1(249(753(000 Value(per(share(NOK Shares(outstanding Value(of(equity NonMoperating(assets Minority(interests Debt EBITDA Multiple EV/EBITDA$TTM 9(588(190(460 1(249(753(000 547(898(000 716(070(000 43(572(191 16(706(000 220,05 7,82

Appendix 5: Scenarios & Simulations

Appendix 5.1: Monte Carlo Simulation – Results Simulation*no. Share*Price Simulation*no. Share*Price Simulation*no. Share*Price !!!!! 245,75 !!!!! 245,75 !!!!! 245,75 1 202,53 43 187,94 85 239,23 1 233,51 1 233,51 1 233,51 2 196,68 44 193,58 86 168,92 2 231,76 2 231,76 2 231,76 3 192,69 45 162,27 87 221,81 3 208,90 3 208,90 3 208,90 4 195,84 46 182,12 88 221,58 4 233,09 4 233,09 4 233,09 5 193,51 47 351,34 89 301,56 5 320,28 5 320,28 5 320,28 6 6 254,13261,98 48 6 171,76261,98 90 6 195,57261,98 49 219,48 91 212,21 7 7 107,96275,26 7 275,26 7 275,26 50 262,60 92 327,76 8 8 75,57285,26 8 285,26 8 285,26 51 229,04 93 189,67 9 9 147,39143,87 9 143,87 9 143,87 52 220,16 94 374,23 10 10 198,25169,37 10 169,37 10 169,37 11 11 197,94209,56 53 11 279,73209,56 95 11 171,86209,56 12 12 337,64145,66 54 12 212,28145,66 96 12 170,60145,66 13 13 147,96173,64 55 13 284,69173,64 97 13 285,35173,64 14 14 203,94190,26 56 14 216,00190,26 98 14 66,53190,26 15 15 351,51119,02 57 15 193,79119,02 99 15 340,95119,02 16 16 368,5099,39 58 16 225,5399,39 100 16 295,1299,39 17 17 304,47207,74 59 17 152,64207,74 101 17 119,37207,74 18 18 264,97160,60 60 18 178,14160,60 102 18 117,75160,60 19 19 248,04215,83 61 19 122,30215,83 103 19 286,71215,83 20 20 238,04272,59 62 20 366,88272,59 104 20 206,49272,59 21 21 190,75158,52 63 21 286,23158,52 105 21 137,99158,52 22 22 130,33257,82 64 22 195,99257,82 106 22 264,24257,82 23 23 189,57171,32 65 23 129,09171,32 107 23 311,58171,32 24 24 201,43164,26 66 24 281,60164,26 108 24 256,43164,26 25 25 176,75316,77 67 25 233,66316,77 109 25 208,08316,77 26 26 243,64182,97 68 26 298,20182,97 110 26 198,98182,97 27 27 441,04258,36 69 27 189,14258,36 111 27 195,14258,36 28 28 63,13161,12 70 28 149,91161,12 112 28 186,23161,12 29 29 109,4297,23 71 29 103,6097,23 113 29 249,2997,23 30 30 360,26224,26 72 30 117,15224,26 114 30 360,66224,26 31 31 273,6692,04 73 31 183,1392,04 115 31 482,4592,04 32 351,14 32 144,66 74 32 187,05351,14 116 32 157,40351,14 33 123,20 33 337,82 75 33 211,69123,20 117 33 291,40123,20 34 207,50 34 301,17 76 34 461,47207,50 118 34 148,01207,50 35 311,91 35 547,14 77 35 236,91311,91 119 35 136,66311,91 36 207,10 36 171,25 78 36 136,11207,10 120 36 275,84207,10 37 287,40 37 353,96 79 37 218,32287,40 121 37 197,51287,40 38 367,52 38 157,61 80 38 138,36367,52 122 38 187,82367,52 39 186,52 39 228,89 81 39 150,13186,52 123 39 187,38186,52 40 197,11 82 40 186,20197,11 124 40 36,04197,11 40 41 192,23265,22 83 41 299,76265,22 125 41 194,09265,22 41 42 129,61323,45 42 323,45 42 323,45 42 43 174,85167,25 84 138,98 126 106,00 43 167,25 43 167,25 Simulation*no. Share*Price Simulation*no. Share*Price Simulation*no. Share*Price !!!!!127 216,04245,75 !!!!!170 80,59245,75 !!!!!213 197,98245,75 128 1 267,63233,51 171 1 312,02233,51 214 1 86,82233,51 129 2 225,39231,76 172 2 213,48231,76 215 2 216,98231,76 130 3 175,04208,90 173 3 240,95208,90 216 3 107,33208,90 131 4 197,54233,09 174 4 191,25233,09 217 4 183,31233,09 132 5 116,23320,28 175 5 267,34320,28 218 5 216,47320,28 6 261,98 176 6 306,45261,98 219 6 203,00261,98 133 7 177,52275,26 7 275,26 220 7 206,48275,26 134 8 355,97285,26 177 8 235,68285,26 8 285,26 135 9 361,10143,87 178 9 103,73143,87 221 9 193,07143,87 136 10 118,95169,37 179 10 164,25169,37 222 10 166,19169,37 137 11 160,40209,56 180 11 175,65209,56 223 11 219,57209,56 138 12 208,24145,66 181 12 176,67145,66 224 12 153,16145,66 139 13 108,43173,64 182 13 160,49173,64 225 13 178,13173,64 140 14 129,26190,26 183 14 150,50190,26 226 14 425,80190,26 141 15 183,04119,02 184 15 309,09119,02 227 15 248,50119,02 142 16 108,7199,39 185 16 178,5999,39 228 16 255,6899,39 143 17 234,32207,74 186 17 217,30207,74 229 17 109,82207,74 144 18 241,93160,60 187 18 274,43160,60 230 18 378,41160,60 145 19 147,65215,83 188 19 211,97215,83 231 19 335,10215,83 146 20 170,69272,59 189 20 147,57272,59 232 20 229,60272,59 147 21 262,37158,52 190 21 193,12158,52 233 21 291,69158,52 148 22 208,57257,82 191 22 150,91257,82 234 22 222,58257,82 149 23 210,95171,32 192 23 160,88171,32 235 23 192,35171,32 150 24 154,39164,26 193 24 283,22164,26 236 24 150,86164,26 151 25 285,57316,77 194 25 201,01316,77 237 25 112,98316,77 26 182,97 26 182,97 26 182,97 152 159,58 195 159,50 238 207,99 27 258,36 27 258,36 27 258,36 153 183,49 196 144,46 239 161,15 28 161,12 28 161,12 28 161,12 154 370,28 197 185,17 240 217,67 29 97,23 29 97,23 29 97,23 155 350,35 198 307,71 241 377,52 30 224,26 30 224,26 30 224,26 156 172,40 199 225,35 242 263,92 31 92,04 31 92,04 31 92,04 157 209,33 200 140,17 243 495,90 32 351,14 32 351,14 32 351,14 158 175,65 201 225,20 244 171,46 33 123,20 33 123,20 33 123,20 159 210,39 202 157,11 245 193,16 34 207,50 34 207,50 34 207,50 160 234,43 203 219,23 246 232,57 35 311,91 35 311,91 35 311,91 204 177,56 247 210,66 161 36 321,10207,10 36 207,10 36 207,10 205 121,03 248 224,65 162 37 203,16287,40 37 287,40 37 287,40 206 210,67 249 224,25 163 38 566,79367,52 38 367,52 38 367,52 207 179,31 250 274,77 164 39 152,76186,52 39 186,52 39 186,52 208 277,31 251 163,48 165 40 133,90197,11 40 197,11 40 197,11 209 147,69 252 189,22 166 41 172,03265,22 41 265,22 41 265,22 167 42 156,45323,45 210 42 250,19323,45 253 42 91,77323,45 168 43 162,88167,25 211 43 161,67167,25 254 43 180,85167,25 169 204,09 212 235,80 255 276,51

Simulation*no. Share*Price Simulation*no. Share*Price Simulation*no. Share*Price !!!!!256 229,43245,75 !!!!!300 328,72245,75 !!!!!344 163,27245,75 257 1 314,40233,51 301 1 144,76233,51 345 1 191,68233,51 258 2 224,38231,76 302 2 241,73231,76 346 2 165,26231,76 259 3 212,20208,90 303 3 134,01208,90 347 3 289,27208,90 260 4 300,30233,09 304 4 252,72233,09 348 4 180,93233,09 261 5 136,32320,28 305 5 332,38320,28 349 5 215,62320,28 262 6 252,42261,98 306 6 99,38261,98 350 6 290,80261,98 263 7 188,49275,26 307 7 186,17275,26 351 7 231,23275,26 264 8 259,57285,26 308 8 98,54285,26 352 8 269,48285,26 265 9 139,10143,87 309 9 129,39143,87 353 9 143,88143,87 266 10 104,44169,37 310 10 177,01169,37 354 10 152,67169,37 267 11 327,83209,56 311 11 109,03209,56 355 11 344,99209,56 268 12 149,46145,66 312 12 282,43145,66 356 12 171,91145,66 269 13 111,51173,64 313 13 193,09173,64 357 13 205,36173,64 270 14 195,45190,26 314 14 147,32190,26 358 14 228,53190,26 271 15 204,02119,02 315 15 278,23119,02 359 15 244,74119,02 272 16 465,4299,39 316 16 281,2699,39 360 16 420,3499,39 273 17 202,00207,74 317 17 147,21207,74 361 17 195,25207,74 274 18 182,52160,60 318 18 135,37160,60 362 18 263,98160,60 275 19 270,09215,83 319 19 204,12215,83 363 19 209,14215,83 276 20 167,62272,59 320 20 208,10272,59 364 20 189,99272,59 277 21 212,05158,52 321 21 357,47158,52 365 21 217,46158,52 278 22 276,48257,82 322 22 256,46257,82 366 22 128,23257,82 279 23 154,04171,32 323 23 241,57171,32 367 23 171,16171,32 280 24 143,87164,26 324 24 195,40164,26 368 24 222,33164,26 281 25 141,21316,77 325 25 93,27316,77 369 25 194,05316,77 282 26 268,94182,97 326 26 294,03182,97 370 26 189,61182,97 283 27 172,30258,36 327 27 167,95258,36 371 27 241,89258,36 284 28 163,29161,12 328 28 140,14161,12 372 28 233,56161,12 285 29 275,4497,23 329 29 114,0697,23 373 29 409,6997,23 286 30 237,58224,26 330 30 209,12224,26 374 30 202,54224,26 287 31 185,9992,04 331 31 145,9992,04 375 31 134,4992,04 288 32 298,82351,14 332 32 190,81351,14 376 32 187,51351,14 289 33 196,51123,20 333 33 209,07123,20 377 33 211,39123,20 34 207,50 34 207,50 34 207,50 290 245,65 334 169,60 378 149,43 35 311,91 35 311,91 35 311,91 291 177,46 335 193,66 379 112,20 36 207,10 36 207,10 36 207,10 292 303,69 336 181,40 380 282,58 37 287,40 37 287,40 37 287,40 293 100,45 337 77,92 381 262,57 38 367,52 38 367,52 38 367,52 294 159,33 338 158,90 382 229,33 39 186,52 39 186,52 39 186,52 295 189,75 339 139,97 383 262,46 40 197,11 40 197,11 40 197,11 296 176,40 340 160,17 384 222,58 41 265,22 41 265,22 41 265,22 297 174,70 341 287,96 385 161,11 42 323,45 42 323,45 42 323,45 298 165,45 342 152,88 386 216,99 43 167,25 43 167,25 43 167,25 299 242,25 343 195,49 387 193,68 Simulation*no. Share*Price Simulation*no. Share*Price Simulation*no. Share*Price !!!!!388 211,65245,75 !!!!!432 167,39245,75 !!!!!476 265,70245,75 389 1 269,85233,51 433 1 143,68233,51 477 1 181,94233,51 390 2 154,59231,76 434 2 248,83231,76 478 2 231,91231,76 391 3 223,22208,90 435 3 220,85208,90 479 3 326,35208,90 392 4 202,21233,09 436 4 254,99233,09 480 4 170,11233,09 393 5 65,24320,28 437 5 196,22320,28 481 5 196,89320,28 394 6 209,99261,98 438 6 207,16261,98 482 6 257,03261,98 395 7 252,77275,26 439 7 128,07275,26 483 7 259,76275,26 396 8 215,36285,26 440 8 256,21285,26 484 8 348,45285,26 397 9 132,32143,87 441 9 243,74143,87 485 9 224,92143,87 398 10 196,18169,37 442 10 137,19169,37 486 10 198,16169,37 399 11 300,06209,56 443 11 414,19209,56 487 11 245,61209,56 400 12 190,44145,66 444 12 248,23145,66 488 12 224,65145,66 401 13 219,75173,64 445 13 184,86173,64 489 13 257,28173,64 402 14 153,68190,26 446 14 646,93190,26 490 14 224,74190,26 403 15 243,76119,02 447 15 145,40119,02 491 15 182,78119,02 404 16 173,2899,39 448 16 204,4499,39 492 16 174,1899,39 405 17 187,25207,74 449 17 217,14207,74 493 17 184,75207,74 406 18 234,76160,60 450 18 65,61160,60 494 18 270,97160,60 407 19 211,77215,83 451 19 325,63215,83 495 19 106,42215,83 408 20 416,79272,59 452 20 168,52272,59 496 20 143,72272,59 409 21 304,54158,52 453 21 325,45158,52 497 21 72,34158,52 410 22 174,30257,82 454 22 277,25257,82 498 22 280,31257,82 411 23 176,42171,32 455 23 257,77171,32 499 23 193,40171,32 412 24 230,23164,26 456 24 184,25164,26 500 24 144,02164,26 413 25 219,43316,77 457 25 225,61316,77 501 25 285,23316,77 414 26 221,82182,97 458 26 240,41182,97 502 26 119,42182,97 415 27 162,20258,36 459 27 286,89258,36 503 27 174,59258,36 416 28 240,86161,12 460 28 227,59161,12 504 28 271,38161,12 417 29 311,1997,23 461 29 174,2297,23 505 29 216,6497,23 418 30 242,04224,26 462 30 224,23224,26 506 30 125,34224,26 419 31 251,8792,04 463 31 230,8892,04 507 31 311,6692,04 420 32 138,31351,14 464 32 158,43351,14 508 32 243,03351,14 421 33 156,10123,20 465 33 266,33123,20 509 33 66,21123,20 422 34 183,01207,50 466 34 185,46207,50 510 34 133,28207,50 423 35 246,10311,91 467 35 507,90311,91 511 35 130,77311,91 424 36 284,66207,10 468 36 205,37207,10 512 36 320,57207,10 425 37 175,32287,40 469 37 367,97287,40 513 37 236,24287,40 426 38 323,91367,52 470 38 149,35367,52 514 38 156,93367,52 427 39 116,10186,52 471 39 111,36186,52 515 39 195,07186,52 428 40 267,45197,11 472 40 182,18197,11 516 40 218,31197,11 429 41 220,29265,22 473 41 231,19265,22 517 41 97,55265,22 430 42 158,01323,45 474 42 89,78323,45 518 42 96,08323,45 431 43 138,31167,25 475 43 261,87167,25 519 43 155,23167,25 Simulation*no. Share*Price Simulation*no. Share*Price Simulation*no. Share*Price !!!!!520 120,30245,75 !!!!!564 230,19245,75 !!!!!608 257,08245,75 521 1 151,17233,51 565 1 129,16233,51 609 1 198,06233,51 522 2 264,40231,76 566 2 60,50231,76 610 2 116,66231,76 523 3 198,54208,90 567 3 226,89208,90 611 3 128,50208,90 524 4 260,94233,09 568 4 278,32233,09 612 4 179,43233,09 525 5 131,84320,28 569 5 73,25320,28 613 5 240,06320,28 526 6 244,09261,98 570 6 356,94261,98 614 6 119,72261,98 527 7 227,40275,26 571 7 191,15275,26 615 7 149,59275,26 528 8 219,95285,26 572 8 140,53285,26 616 8 134,10285,26 529 9 272,78143,87 573 9 213,48143,87 617 9 112,76143,87 530 10 206,15169,37 574 10 206,79169,37 618 10 251,44169,37 531 11 204,88209,56 575 11 274,50209,56 619 11 195,36209,56 532 12 271,22145,66 576 12 180,62145,66 620 12 305,10145,66 533 13 272,14173,64 577 13 275,47173,64 621 13 227,25173,64 534 14 169,95190,26 578 14 146,42190,26 622 14 306,05190,26 535 15 290,54119,02 579 15 264,92119,02 623 15 306,34119,02 536 16 427,7799,39 580 16 337,0599,39 624 16 192,3999,39 537 17 170,83207,74 581 17 168,76207,74 625 17 218,18207,74 538 18 272,40160,60 582 18 202,68160,60 626 18 269,54160,60 539 19 141,92215,83 583 19 305,88215,83 627 19 122,68215,83 540 20 206,99272,59 584 20 199,92272,59 628 20 186,19272,59 541 21 377,72158,52 585 21 116,70158,52 629 21 211,69158,52 542 22 184,70257,82 586 22 259,74257,82 630 22 146,67257,82 543 23 228,56171,32 587 23 178,10171,32 631 23 174,68171,32 544 24 268,54164,26 588 24 168,37164,26 632 24 315,29164,26 545 25 232,96316,77 589 25 231,16316,77 633 25 393,77316,77 546 26 271,87182,97 590 26 163,01182,97 634 26 288,40182,97 547 27 232,79258,36 591 27 346,37258,36 635 27 181,84258,36 548 28 272,36161,12 592 28 167,94161,12 636 28 136,06161,12 549 29 210,5397,23 593 29 47,43 97,23 637 29 69,81 97,23 550 30 153,47224,26 594 30 231,66224,26 638 30 170,44224,26 551 31 153,3292,04 595 31 247,0692,04 639 31 181,7392,04 552 32 205,16351,14 596 32 119,63351,14 640 32 236,04351,14 553 33 156,54123,20 597 33 96,22123,20 641 33 126,81123,20 554 34 285,81207,50 598 34 170,22207,50 642 34 139,59207,50 555 35 322,96311,91 599 35 96,15311,91 643 35 117,42311,91 556 36 184,76207,10 600 36 158,35207,10 644 36 325,75207,10 557 37 167,95287,40 601 37 283,38287,40 645 37 156,01287,40 558 38 204,00367,52 602 38 126,24367,52 646 38 226,02367,52 559 39 309,53186,52 603 39 216,89186,52 647 39 302,32186,52 560 40 181,40197,11 604 40 192,64197,11 648 40 125,64197,11 561 41 388,43265,22 605 41 244,51265,22 649 41 289,13265,22 562 42 256,96323,45 606 42 293,88323,45 650 42 161,61323,45 563 43 245,83167,25 607 43 302,91167,25 651 43 288,42167,25 Simulation*no. Share*Price Simulation*no. Share*Price Simulation*no. Share*Price !!!!!652 190,68245,75 !!!!!696 172,96245,75 !!!!!740 144,58245,75 653 1 193,02233,51 697 1 382,00233,51 741 1 181,61233,51 654 2 249,92231,76 698 2 196,59231,76 742 2 306,71231,76 655 3 197,11208,90 699 3 266,59208,90 743 3 187,81208,90 656 4 253,25233,09 700 4 168,51233,09 744 4 154,81233,09 657 5 305,66320,28 701 5 202,67320,28 745 5 139,99320,28 658 6 188,83261,98 702 6 184,93261,98 746 6 246,46261,98 659 7 138,88275,26 703 7 282,01275,26 747 7 190,25275,26 660 8 129,63285,26 704 8 200,59285,26 748 8 229,55285,26 661 9 264,43143,87 705 9 426,02143,87 749 9 278,34143,87 662 10 266,13169,37 706 10 382,13169,37 750 10 86,77169,37 663 11 170,50209,56 707 11 198,69209,56 751 11 259,40209,56 664 12 179,40145,66 708 12 338,67145,66 752 12 156,82145,66 665 13 172,69173,64 709 13 281,55173,64 753 13 181,28173,64 666 14 251,00190,26 710 14 133,37190,26 754 14 137,76190,26 667 15 192,09119,02 711 15 248,99119,02 755 15 286,38119,02 668 16 223,0699,39 712 16 295,4099,39 756 16 297,9999,39 669 17 180,97207,74 713 17 184,94207,74 757 17 209,60207,74 670 18 207,57160,60 714 18 158,24160,60 758 18 235,41160,60 671 19 223,28215,83 715 19 198,52215,83 759 19 275,91215,83 672 20 220,31272,59 716 20 297,36272,59 760 20 128,32272,59 673 21 239,77158,52 717 21 224,47158,52 761 21 236,46158,52 674 22 233,99257,82 718 22 267,13257,82 762 22 141,42257,82 675 23 226,82171,32 719 23 283,40171,32 763 23 202,54171,32 676 24 266,77164,26 720 24 273,09164,26 764 24 184,31164,26 677 25 92,27316,77 721 25 183,02316,77 765 25 317,07316,77 678 26 149,36182,97 722 26 195,34182,97 766 26 155,45182,97 679 27 175,47258,36 723 27 177,39258,36 767 27 153,84258,36 680 28 259,55161,12 724 28 279,49161,12 768 28 187,44161,12 681 29 220,8797,23 725 29 249,6697,23 769 29 168,0297,23 682 30 176,94224,26 726 30 281,82224,26 770 30 365,85224,26 683 31 219,8292,04 727 31 145,2692,04 771 31 359,4992,04 684 32 231,01351,14 728 32 90,90351,14 772 32 360,49351,14 685 33 225,02123,20 729 33 197,62123,20 773 33 216,28123,20 686 34 292,39207,50 730 34 183,13207,50 774 34 164,84207,50 687 35 178,17311,91 731 35 314,68311,91 775 35 210,83311,91 688 36 268,02207,10 732 36 163,93207,10 776 36 155,26207,10 689 37 114,10287,40 733 37 222,88287,40 777 37 160,99287,40 690 38 282,73367,52 734 38 282,75367,52 778 38 349,15367,52 691 39 186,48186,52 735 39 219,39186,52 779 39 291,19186,52 692 40 104,06197,11 736 40 144,92197,11 780 40 192,57197,11 693 41 128,02265,22 737 41 252,18265,22 781 41 193,67265,22 694 42 200,56323,45 738 42 150,45323,45 782 42 227,80323,45 695 43 331,29167,25 739 43 268,62167,25 783 43 132,24167,25 Simulation*no. Share*Price Simulation*no. Share*Price Simulation*no. Share*Price !!!!!784 255,11245,75 !!!!!828 455,29245,75 !!!!!872 179,69245,75 785 1 232,63233,51 829 1 275,05233,51 873 1 319,57233,51 786 2 239,60231,76 830 2 309,64231,76 874 2 258,76231,76 787 3 457,82208,90 831 3 89,63208,90 875 3 277,21208,90 788 4 290,30233,09 832 4 160,82233,09 876 4 252,68233,09 789 5 252,39320,28 833 5 194,25320,28 877 5 176,90320,28 790 6 311,09261,98 834 6 161,73261,98 878 6 183,75261,98 791 7 188,91275,26 835 7 309,22275,26 879 7 233,06275,26 792 8 341,86285,26 836 8 184,08285,26 880 8 316,72285,26 793 9 275,53143,87 837 9 210,73143,87 881 9 193,04143,87 794 10 174,31169,37 838 10 184,65169,37 882 10 177,39169,37 795 11 227,86209,56 839 11 201,88209,56 883 11 243,29209,56 796 12 207,34145,66 840 12 172,67145,66 884 12 188,38145,66 797 13 136,42173,64 841 13 268,91173,64 885 13 154,57173,64 798 14 178,17190,26 842 14 263,11190,26 886 14 211,17190,26 799 15 322,85119,02 843 15 85,10119,02 887 15 114,18119,02 800 16 239,6299,39 844 16 246,1599,39 888 16 229,2499,39 801 17 169,68207,74 845 17 397,03207,74 889 17 336,38207,74 802 18 191,10160,60 846 18 182,95160,60 890 18 345,75160,60 803 19 289,22215,83 847 19 224,99215,83 891 19 353,33215,83 804 20 196,28272,59 848 20 206,91272,59 892 20 166,71272,59 805 21 416,85158,52 849 21 243,01158,52 893 21 176,20158,52 806 22 186,25257,82 850 22 250,75257,82 894 22 193,72257,82 807 23 247,81171,32 851 23 317,49171,32 895 23 216,30171,32 808 24 151,02164,26 852 24 128,40164,26 896 24 248,08164,26 809 25 113,66316,77 853 25 272,19316,77 897 25 231,61316,77 810 26 135,35182,97 854 26 200,22182,97 898 26 237,98182,97 811 27 167,19258,36 855 27 158,92258,36 899 27 306,58258,36 812 28 218,71161,12 856 28 333,09161,12 900 28 293,53161,12 813 29 115,5097,23 857 29 241,2397,23 901 29 192,5097,23 814 30 186,36224,26 858 30 250,48224,26 902 30 165,78224,26 815 31 161,4492,04 859 31 184,8792,04 903 31 196,5292,04 816 32 292,31351,14 860 32 233,86351,14 904 32 153,04351,14 817 33 511,22123,20 861 33 182,29123,20 905 33 202,10123,20 818 34 238,74207,50 862 34 187,64207,50 906 34 373,83207,50 819 35 189,52311,91 863 35 112,66311,91 907 35 149,96311,91 820 36 250,19207,10 864 36 166,89207,10 908 36 109,38207,10 821 37 237,81287,40 865 37 305,19287,40 909 37 140,10287,40 822 38 193,18367,52 866 38 275,90367,52 910 38 189,61367,52 823 39 96,98186,52 867 39 303,61186,52 911 39 336,23186,52 824 40 311,43197,11 868 40 255,41197,11 912 40 224,19197,11 825 41 193,18265,22 869 41 219,08265,22 913 41 227,42265,22 826 42 103,43323,45 870 42 254,57323,45 914 42 239,51323,45 827 43 252,59167,25 871 43 226,16167,25 915 43 154,61167,25 Simulation*no. Share*Price Simulation*no. Share*Price Simulation*no. Share*Price !!!!!916 192,83245,75 !!!!!945 271,61245,75 !!!!!974 168,10245,75 917 1 208,09233,51 946 1 263,17233,51 975 1 156,96233,51 918 2 267,44231,76 947 2 255,47231,76 976 2 239,20231,76 919 3 228,11208,90 948 3 97,76208,90 977 3 226,45208,90 920 4 131,68233,09 949 4 245,58233,09 978 4 237,60233,09 921 5 183,67320,28 950 5 219,76320,28 979 5 264,30320,28 922 6 156,49261,98 951 6 417,21261,98 980 6 81,99261,98 923 7 158,93275,26 952 7 181,14275,26 981 7 176,59275,26 924 8 198,99285,26 953 8 154,73285,26 982 8 240,08285,26 925 9 326,26143,87 954 9 195,98143,87 983 9 247,92143,87 926 10 237,69169,37 955 10 203,51169,37 984 10 175,61169,37 927 11 232,88209,56 956 11 183,88209,56 985 11 146,96209,56 928 12 271,53145,66 957 12 232,27145,66 986 12 223,86145,66 929 13 371,77173,64 958 13 217,89173,64 987 13 263,43173,64 930 14 175,48190,26 959 14 164,07190,26 988 14 244,85190,26 931 15 303,21119,02 960 15 159,87119,02 989 15 186,67119,02 932 16 274,6799,39 961 16 174,1399,39 990 16 360,5699,39 933 17 218,90207,74 962 17 160,37207,74 991 17 146,48207,74 934 18 277,57160,60 963 18 310,65160,60 992 18 304,10160,60 935 19 251,88215,83 964 19 178,99215,83 993 19 307,05215,83 936 20 220,18272,59 965 20 115,41272,59 994 20 241,74272,59 937 21 129,67158,52 966 21 245,20158,52 995 21 300,71158,52 938 22 173,04257,82 967 22 165,59257,82 996 22 117,38257,82 939 23 216,04171,32 968 23 249,10171,32 997 23 251,91171,32 940 24 236,85164,26 969 24 295,50164,26 998 24 232,41164,26 941 25 216,63316,77 970 25 309,43316,77 999 25 225,67316,77 26 182,97 26 182,97 26 182,97 942 187,65 971 240,75 1000 219,94 27 258,36 27 258,36 27 258,36 943 391,78 972 124,19 28 161,12 28 161,12 28 161,12 944 198,37 973 130,26 29 97,23 29 97,23 29 97,23 30 224,26 30 224,26 30 224,26 31 92,04 31 92,04 31 92,04 32 351,14 32 351,14 32 351,14 33 123,20 33 123,20 33 123,20 34 207,50 34 207,50 34 207,50 35 311,91 35 311,91 35 311,91 36 207,10 36 207,10 36 207,10 37 287,40 37 287,40 37 287,40 38 367,52 38 367,52 38 367,52 39 186,52 39 186,52 39 186,52 40 197,11 40 197,11 40 197,11 41 265,22 41 265,22 41 265,22 42 323,45 42 323,45 42 323,45 43 167,25 43 167,25 43 167,25 Monte Carlo Histogram 140

120

100

60 FREQUENCY

0 30 50 70 90 110 130 150 170 190 210 230 250 270 290 310 330 350 370 390 410 430 450 470 490 Fler SHARE PRICE IN NOK

Statistic'Output Average'Price 214,80 Median'Price 209,15 Max'Price 535,04 Min'Price 46,81 Standard'Deviation 73,23

Variable Formula WACC NORM.INV(RAND();0,0466;0,005) Reinvestment rate NORM.INV(RAND();0,5743;0,1) Growth rate stable period NORM.INV(RAND();0,01;0,005) CAGR Revenues NORM.INV(RAND();0,069;0,005) Expenses in % of revenues NORM.INV(RAND();0,83;0,01)

This is the procedure of performing a Monte Carlo simulation in excel:

1. First you decide which variables of the model you would like to simulate. In this case I was interested in the variables presented in the table above. Then you apply the formula, also described in the table above, to each of the variable. When typing the formula RAND() in a cell, you will get a number equally likely to assume any value between 0 and 1. This means that in approx. 25% of the simulations, the value should be less than or equal to 0.25 etc. (Winston, 2016). I applied the base case value of each variable, and a discretionary standard deviation based on the sensitivity analysis. It can be argued whether the standard deviations are correct or not, but you have to make some simplifications when using excel. 2. You run the simulation as many time as you wish. I performed 1000 simulations, which means that in every simulation, a random value was drawn to each of the affected variables. 3. You will get a long table (1000 cells in excel) with possible outcomes. To simplify the interpretation of the results, I inserted them in a histogram where I put the share price on the x-axis and the frequency on the y-axis. The frequency illustrates how many times a specific value were simulated in the MC-simulation. You are free to choose the interval on the x-axis. In my simulation, I had the share price increasing by 20 NOK per step on the axis.

Appendix 5.2: Scenarios

Base%Case Alternative%Scenario Best%Case Worst%Case Variables Awarded'new'licenses Yes No Yes No Harvesting'capacity 56'700 45'000 56'700 45'000 Capacity'utilization'2027 95% 100% 100% 90% Cost'of'capital'2017C2027 4,66% 4,66% 4,16% 7,66% CAGR'in'revenues'2017C2027 6,90% 3,17% 9,40% 2,90% Reinvestment'rate 57,43% 57,43% 47,43% 67,43% Cost'of'capital'stable'period 4,66% 4,66% 4,16% 7,66% Growth'in'stable'period 1% 1% 2% C2% Value'per'share'NOK 209,84 178,07 595,31 52,59

Appendix 6: Financial Data

All data in appendix 6 is obtained from NRS annual report 2016 and processed in excel. Appendix 6.1:

Income'Statement

(NOK%1000) FY'2016 FY'2015

Operating'revenues 4'224'340 3'210'548 Cost%of%goods%sold 3%230%927 113%268 Salaries 155%468 113%268 Depreciation 61%063 53%697 Other%operating%costs 136%269 134%618

Operational'EBIT 640'613 201'894 Fair%value%adjustments 164%151 24%416 Income%from%associates 71%865 22%754 EBIT 876'628 249'065

Gain/loss%on%financial%assets 311%650 45%200 Other%net%financial%items K15%857 K24%184 EBT 1'172'421 270'081 Tax K167%707 K32%498

Net'profit 1'004'713 237'582

Earnings%per%share%(NOK) 22,72 5,28 Earnings%per%share%K%diluted 22,72 5,28

Appendix 6.2:

Balance'Sheet

(NOK%1000) 31.12.2016 31.12.2015 Assets Intangible'assets Licenses 648%887 648%887 Total'intangible'assets 648'887 648'887

Property,'plant,'and'equipment Land,%buildings,%and%other%real%estate 19%579 12%866 Machinery%and%equipment 182%110 168%641 Boats%and%floating%assets 197%285 163%698 Fixtures,%office%equipment,%etc 18%521 12%724 Total'property,'plant,'and'equipment 417'496 357'948

Non'current'financial'assets Investments%in%associates 531%504 169%991 AvailableNforNsale%financial%assets 395 395 Other%longNterm%receivables 16%000 20%000 Total'nonIcurrent'financial'assets 547'898 190'385

Total'nonIcurrent'assets 1'614'281 1'197'221

Current'assets Inventories 101%635 40%630 Biological%assets 1%205%399 829%928 Total'inventory 1'307'035 870'559

Receivables Accounts%receivables 478%214 500%689 Other%shortNterm%receivables 244%596 100%438 Total'shortIterm'receivables 722'810 601'126

Cash%and%cash%equivalents 69%257 210%339

Total'current'assets 2'099'101 1'673'024

Total'assets 3'713'382 2'870'245

Equity Share%capital Treasury%shares 43%572 43%572

Retained%earnings N98 N71 Total'equity'attributable'to'owners'of'the'parent'company 2'013'983 1'113'788 Balance'Sheet

(NOK%1000) 31.12.2016 31.12.2015 Assets Intangible'assets Licenses 648%887 648%887 Total'intangible'assets 648'887 648'887

Total'nonIcurrent'assets 1'614'281 1'197'221

Current'assets Inventories 101%635 40%630 Biological%assets 1%205%399 829%928 Total'inventory 1'307'035 870'559

Receivables Accounts%receivables 478%214 500%689 Other%shortNterm%receivables 244%596 100%438 Total'shortIterm'receivables 722'810 601'126

Cash%and%cash%equivalents 69%257 210%339

Total'current'assets 2'099'101 1'673'024

Total'assets 3'713'382 2'870'245

Equity Share%capital Treasury%shares 43%572 43%572 Retained%earnings N98 N71 Total'equity'attributable'to'owners'of'the'parent'company 2'013'983 1'113'788

NonNcontrolling%interests 33%034 72%730 Total'equity 2'047'017 1'186'519 NonIcurrent'liabilities Pension%liabilities 11%383 12%480 Deferred%tax%liabilities 394%786 303%485 NonNcurrent%interest%bearing%debt 303%781 653%361 Total'nonIcurrent'liabilities 709'950 969'326

Current'liabilities Current%interest%bearing%debt 47%635 46%519 Accounts%payables 646%515 530%430 Tax%payable 79%350 3%180 Other%current%liabilities 182%916 134%271 Total'current'liabilities 956'416 714'400

Total'liabilities 1'666'366 1'683'726 Total'equity'and'liabilities 3'713'382 2'870'245

Appendix 6.3:

Statement'of'Cash'Flow

(NOK%1000) 2016 2015

Operational'EBIT Adjusted%for: Taxes%paid 93%180 92%031 Depreciation 61%063 53%697 Gains%(9)%/%Losses%(+)%on%sale%of%fixed%assets 10 91 Sharebased%payment 910%703 91%249 Pension%costs%with%no%cash%effect 92%887 78 Change%in%inventories/biological%assets 9242%359 924%423 Change%in%accounts%receivables%and%accounts%payables 138%560 25%101 Change%in%other%current%assets%and%other%liabilities 47%185 87%130 Net'cash'flow'from'operating'activities 628'302 340'196

Cash'flow'from'investing'activities Proceeds%from%sale%of%property,%plant,%and%equipment 813 157 Payments%for%purchase%of%property,%plan,%and%equipment 9121%423 9122%750 Payments%for%purchase%of%licenses 0 990%000 Payments%for%aquisition%of%associated%company 9269%487 0 Proceeds%from%realisation%of%current%financial%assets%(TRS) 164%916 127%999 Proceeds%from%investments%in%no9current%financial%assets 8%871 0 Payments%for%investments%in%non9current%financial%assets 0 94%641 Payments%for%aquisition%of%minority%interest 970%000 0 Change%in%loans%to%associates%and%others 4%000 918%200 Net'cash'flow'from'investing'activitites E282'311 E107'435

Cash'flow'from'financing'activities Receipts%from%new%non9current%debt 52%212 185%259 Non9current%debt%repayment 9400%674 943%681 Net%change%in%bank%overdraft 0 9142%576 Sale%of%treasury%shares 91%567 92%589 Net%interest%payments 916%270 923%976 Dividend%payments 9111%773 965%353 Net'cash'flow'from'financing'activities E478'073 E92'916

Net%increase%(+)%/%reduction%(9)%in%cash%and%cash%equivalents 9132%082 139%845 Cash%and%cash%equivalents%as%of%1%January 201%339 61%494 Cash'and'cash'equivalents'as'of'31'December 69'257 201'339

Appendix 7: Literature Matrix

Metod Dyrnes Wayne(Winston Koller,( Council Vaulation(Standards( International( Damodaran Valuation,( The(Dark(Side(of( 2011 Forretningsjus(II,( Moderne( Sverre(Dyrnes,( Damodaran Theory(&(Practice,( Corporate(Finance( Kaldestad(&(Møller selskaper, for(å(verdsette( teknikker( og(praktiske( teoretiske(modeller( Verdivurdering:( Damodaran(2012 Valuation,( Investment( Valuation Investopedia Models Titel(&(författare Litteratur(Bachelor(NRS Residual(Income Monte(Carlo(simulering Verdibegrep beta levered(beta,(unlevered( Estimating(FCFF,(FCFE,( premiums(etc. estimating((growth,(risk( Earnings(multiples,( DCF,(FCFF,(DCF,( Monte(Carlo(simulering Fokus Teori Teori Teori Teori Teori excel beräkningar/modelleringar, Egna( Typ(av(information https://wwwPidunnPno.ezproxy.library.bi.no/file/pdf/49362347/art10.pdf montePcarloPsimulationPusingPexcel.asp http://www.investopedia.com/articles/investing/093015/createP http://www.investopedia.com/terms/m/montecarlosimulation.asp Länk https://wwwPdawsoneraPcom.ezproxy.library.bi.no/ readonline/9781118206577 https://www.ivsc.org

(&(Staunton,(2017,( Dimson,(Marsh PWC Blume Norges(Bank Norges(Bank Barney Porter Gjønnes(&(Tangenes Torger(Reve,(2009 Other E24.no WSJ Ilaks Ilaks Dagens(Næringsliv, Research,(2016 Institute(of(Marine WHO Veterinærinstitutet Fish(Pool Fiskeridirektoratet Kontali(Analyse Industry(News Nyeng,(2004( (&(Thornhill(2016 Saunders,(Lewis, Ulleberg,(2002 Christofferen(&(Tufte Johannessen,( administrativa(Fag,( ØkonomiskP for Forskningsmetode( Credit(Suisse Market(risk(premium Adjusted(beta RiskPfree(rate Ränta,(Inflation(etc. RBV Competition Konkurransekraft Russian(sanction( Recommendations Development(license Sea(lice NRS(+(Aker(license oppdrettlaks Risikovurdering,(norsk Antibiotics( Fiskhelserapporten(2016 Priser utvecklingstillåteleser Ansökningar(om( Induktiv/deduktiv Primary/secondary(data Induktiv/deduktiv Teori News Forskning Data pdf pdf pdf http://www.norgesPbank.no/en/Statistics/InterestPrates/GovernmentPbondsPmonthly/ pdf http://journals.sagepub.com/doi/pdf/10.1177/014920639101700108 http://faculty.bcitbusiness.ca/KevinW/4800/porter79.pdf https://ebookcentralPproquestPcom.ezproxy.library.bi.no/lib/bilibrary/detail.action?docID=1783585 pdf PsanksjonerPmotPrusslandPkomPsomPlynPfraPklarPhimmel/23762783 http://e24.no/naeringsliv/russland/mandagPerPdetPtoPaarPmed http://quotes.wsj.com/NO/XOSL/NRS/researchPratings http://ilaks.no/nrsakerPogPmarinePharvestPsmultringPkanPfaPutviklingskonsesjoner/ http://ilaks.no/allePvetPlakselusPgirPtapPminstPenPhalvPmilliardPdollarPtroligPforferdeligPmyePmerPennPdet/ https://www.dn.no/nyheter/2017/02/27/1004/Fiske/norwayProyalPsalmonPprosjektPhengerPiPtynnPtrad pdf http://www.who.int/features/2015/antibioticsPnorway/en/ PDF http://fishpool.eu http://ilaks.no/urovekkendePhoyPdodelighetPpaPlaksPiPoppdrett/ /Saertillatelser/Utviklingstillatelser/SoekerePantallPogPbiomasse http://www.fiskeridir.no/Akvakultur/TildelingPogPtillatelser http://www.sv.ntnu.no/ped/hans.petter.ulleberg/vitenskaph99.htm http://www.kontali.no/?div_id=76&pag_id=78

Analysis,(2012 Financial(Statement( Petersen(&(Plenborg, Deloitte Regnskapsanalyse Eklund(&(Knutsen Accounting(Analysis SSB NRK Dagens(Næringsliv, Lovdata OECD Strategy Fundamentals(of( Whittington,( Johnson,(Scholes World(bank Statistik Laks(til(havs Laks(til(havs Export(fees https://www.iasplus.com/en/standards/ifrs/ifrs13 ssb.no https://www.nrk.no/nordland/xl/dissePprosjektenePkanPrevolusjonerePoppdrettsnaeringaP1.12753301 http://www.dn.no/nyheter/2014/03/05/Havbruk/klarPmedPlakseanleggPtilPhavs https://lovdata.no/dokument/SF/forskrift/1991P03P22P157?q=eksport%20laks pdf https://wwwPdawsoneraPcom.ezproxy.library.bi.no/readonline/9780273724179 pdf