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Investor Presentation September 2017 Russian Aquaculture Company Presentation August 2020 Company at a Glance 1 3 . The largest Russian producer of farmed salmon . Market Cap (MOEX: AQUA) ~ 250 mln USD1 and trout Listed on Moscow Stock Exchange 14% market share in Russia . 1,2x Net debt/EBITDA as of 31.12.2019 The only supplier of ultra-fresh salmonids in Russia 2 4 . Fully integrated value chain . 16,9 ktonnes HOG volume of fish harvest2 Core: Smolt facilities, Farming sites, Processing, Sales . 456 employees Infrastructure: Feed and live fish carriers, service vessels, delicing . 35 available sites with harvest capacity up to 50 ktonnes live fish system, repair facilities, fish health expertise Key Group financials 3, USD mln Geography of production Fish farms and facilities 3 Smolt facilities in Revenue 2016-19 Operating EBITDA in Murmansk and Karelia CAGR 54% 2016-19 CAGR 52% Norway 41% 41% 136 39% 30% 86 51 53 50 37 32 35 37 15 15 HQ: 6 Moscow 2016 2017 2018 2019 Revenue Operating EBITDA Net profit EBITDA Margin, % 1. As of 05.08.2020 2. Data for 2019. Head-On-Gutted = Live fish multiplied by coefficient: 86% for salmon, 84% for sea trout and 82,33% for lake trout; 3. IFRS Operating EBITDA does not account for revaluation of biological assets 2 Business model (1/2) Core cycle of Aquaculture Salmon Production Marketable Primary Smolt facilities Sales fish grow-out processing Incubation of eggs (external Fish farming in cages Primary processing: Sales through distributors supplier) and farming of smolt to to an average weight of slaughter, gutting and and direct to retailers, 100-170 g. 4.5-5.5 kg packaging outsourced logistics 2 facilities in Norway: 21 sites in Murmansk region Processing plants in Direct contracts with – Villa Smolt AS (each with production capacity of Murmansk (JV) and Karelia leading retailers and 5-11 ktonnes* of live fish) and – Olden (owned) processors 14 sites in Karelia Oppdrettsanlegg AS Ability to increase capacities Effective outsourcing of 7 operational sites in Murmansk Accumulated global without heavy CAPEX logistic services and 4 in Karelia experience of smolt 84 tonnes/day average Urgent delivery to farming Continuous search for new capacity consumers (2-3 days to attractive sites Capacity - 6 mln pcs of 200 tonnes/day peak cities of Central region of smolt 50 ktonnes potential harvest capacity Russia) volume** * The maximum allowed biomass has no limitations imposed by Government bodies. Maximum capacity is only defined by technological and biological safety factors **Live Fish 3 Business model (2/2) Infrastructure of farmed salmon production Service vessels Feed carrier fleet Wellboats (Catamarans, passenger vessels, workboats) - 7 catamarans for set up of farming equipment - 5 passenger vessels for transportation of personnel - Workboats for service operations on farms 2 feed carriers 2 live fish carriers with capacity: with monthly capacity - up to 105 tonnes and 50 tonnes up to 6 ktonnes of feed of whole fish equivalent Delicing system (FLS, 4 lines) Repair department Service department - Service and repair of farming equipment - Set up of farming equipment - Workboats manufacturing - Net cleaning and service facilities Diving department Biological department 4 Investment Highlights 1. Leader in Aquaculture of Salmonids in Russia, positive global industry trends . Largest Russian player in the aquaculture sector with 14% market share. Russian market – one of the largest markets for fish consumption in the world with potential for growth. Global consumption of Atlantic salmon has risen by more than 3X over the past 20 years, share of aquaculture in the overall volume exceeds 70%. Growth in global prices for salmonids given increasing demand. Limited supply due to lack of available on-growing sea sites in leading producing countries. 2. Unique location of production assets . Location – one of the few areas left vacant and available for salmon production in the world. And the only area for Atlantic salmon production in Russia. High barriers to entry due to limited number of new licenses. Potential increase of capacity by 2.5x by 2025 from current 20 ktonnes/year1. Short distance to end consumers creates unique conditions for delivery of high-margin chilled fish. 3. Well-designed and operating production technology . Global standards of fish farming at all business stages: smolt and marketable fish farming, processing and service. Diversification of biological assets. Farming of different species (salmon and trout) with separation of site clusters. Rich experience in managing biological risks and coping with sea site challenges. 4. Achievement of operating and financial efficiency . 39% Operating EBITDA Margin. Global EBIT/kg leader as of 2019 among public salmon producers (EBIT/kg – EUR 2,6). Zero income tax2 and loan interest subsidies under agriculture producer state support system 5. Well balanced long-term growth strategy . Building vertically integrated production to reduce operational risks and increase profitability. Focus on biological security and stocking of 6+ mln smolts each year. Active expansion of Murmansk region operations while maintaining stable production in Karelia. Source: MOWI Salmon Industry Handbook 2019, OECD-FAO Agricultural Outlook 2019-2028, Fishpool.eu 1. Live fish equivalent 2. In accordance with part 1.3 of article 284 of the Russian Tax Code, a 0% rate is set for agriculture producers and aquaculture organizations on a perpetual basis. 5 Leader in salmonids farming in Russia 1. Higher consumption of salmonids with simultaneous growth in the company’s market share Outlook for salmon market in Russia (HOG ktonnes), company’s share on the Russian market (%) Russian salmonids Total Russian fish 27% 250 2018-2019 market volume** 2019 market volume*** ~ 750 mln 8.7 bln 200 USD USD 150 136 14% 130 108 113 84 100 86 80 10% 5% 5% 50 3% 1% 4 9 16 35 4 1 5 0 2014 2015 2016 2017 2018 2019 2025Е RA* Imports to Russia Total market RA market share 2. No substantial competition in Russia guarantees domination in ultra-fresh salmon and trout production 3. Opportunities of diversification: export sales and production of value-added products * Russian Aquaculture Sales Volume of salmon and sea trout, Head-On-Gutted ** Company estimate *** According to Strategy of Russian Fishing industry development until 2030 (The Government order № 2798-p dd 26.11.2019) 6 Strong Market positions Unique location Developed technology Financial efficiency Growth Strategy Growth of Global Salmonids Market Fish becomes the main source of animal protein for human … with great potential for farmed fish consumption… Structure of annual consumption of fish and meat per capita globally in 2019, kg Growth in global consumption of fish (production – for aquaculture) and meat in natural terms per capita between 2019-2028, % 3% 14% Fish Fish 3,1% 33% Poultry Aquaculture fish 10,7% 64kg/year Pig meat Sheep meat 4,0% 24% Beef and Veal Poultry 3,5% Beef and Veal 1,0% 26% Sheep meat Pig meat 0,3% High share of aquaculture in global production of salmonids… … amid growth in global prices Global production of salmonids, ktonnes Dynamic of global prices of salmonids, EUR/kg +70% 3,42 6,8 3,13 3,28 6,5 6,3 2,97 2,94 2,86 3,03 6,0 2,74 26% 2,45 2,54 28% 5,1 4,8 2,16 2,25 26% 28% 27% 4,7 4,7 28% 33% 27% 4,1 36% 3,5 3,6 31% 42% 36% 3,2 72% 74% 72% 67% 74% 72% 73% 73% 69% 58% 64% 64% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Aquaculture Harvest Итого Source: OECD-FAO Agricultural Outlook 2019-2028, FishPool, MOWI Salmon Industry Handbook 2020 7 Strong Market positions Unique location Developed technology Financial efficiency Growth Strategy Russian Aquaculture in Global Market Company efficiency is on par with global industry High market cap growth potential, P/E* across industry leaders, EBIT/kg 12M 2019, EUR R_AQUA_Murmansk 2,6 Trailing P/E (2019) Bakkafrost 2,6 31,7 х Mowi Ireland 2,5 SalMar Central Norway 2,3 Grieg Rogaland 2,3 24,9 х 24,7 х 24,6 х Leroy Aurora 2,2 NRS North 2,0 18,9 х 18,4 х SalMar Northern Norway 2,0 Grieg BC (Finnmark) 1,8 Mowi Norway 1,7 Leroy Midt 1,5 8,8 х Mowi Scotland 1,4 Mowi Faroes 1,3 5,4 х Norskott Havbruk 1,1 Arnarlax 1,0 Mowi Chile 1,0 Multiexport 0,8 Bakkafrost Grieg MOWI Norway Leroy Sal Mar Salmones Russian Leroy Sjotroll 0,7 Seafood AS Royal Camanchaca Aquaculture Grieg BC (BC Canada) 0,5 Salmon NRS South 0,1 Mowi Canada 0,1 2018 global market harvest volume, Live fish Equivalent**, ktonnes 417 192 188 180 158 116 83 82 59 56 50 20 Mowi Cermaq New Lerøy Salmar Cooke Grieg Multiexport Australis Salmones Bakkafrost Russian Aquachile Seafood Aquaculture Seafood foods seafood Blumar Aquaculture 2019 * www.marketscreener.com, as of 05.02.2020 ** Kontali report, October 2019 8 Strong Market positions Unique location Developed technology Financial efficiency Growth Strategy Unique Location of Production Assets Public link for sites visualization: Geography of Atlantic salmon farming https://www.google.com/maps/d/viewer?ll=69.32126029477915%2C33.56314660195312&z =9&mid=1lPZ_AuRhaE8dhqi0UYOSXqlIrNU Object of Vessel type Route Minimum distance between transportation Cluster 2 clusters – 15 km 2 Live-fish Route 1. Barents sea sites - 25+km Marketable fish carriers Murmansk processing facilities 15+km 15+km 2 Feed carriers Fish Feed Route 2. Norway – Murmansk Cluster 1 15+km . Global growth of salmon production Cluster 3 is limited by water areas with suitable environmental conditions Cluster 4 Route 2 Cluster 5 . Murmansk Region is the only territory in Russia suitable Route 1 for Atlantic salmon farming where most of suitable fish sites are controlled Smolt Primary by the Company facilities Fish farms and processing facility Russian Far East lacks in Norway facilities in suitable salmon Murmansk and farming sites Karelia protected from extreme wind and wave exposures The Barents Sea is an Saint- environmentally Petersburg pristine area and native habitat for Atlantic salmon Current .
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