September 2018

COMPANY PRESENTATION

1

INTRODUCTION

2

• We bring together technology and biology

to deliver innovative products that support

aquaculture producers throughout the

growth cycle

• We focus on improving yield, quality and

profitability for our customers through

health, genetics and advanced nutrition

BENCHMARK’S MISSION

3

A GLOBAL AQUACULTURE PL ATFORM

SERVING ALL MA JOR MARKETS AND SPECIES

4

We combine technology and fundamental

biology to create products that deliver

key advantages to aquaculture producers

• Founded in 2000

• Built organically and through strategic acquisitions

• Listed on AIM since 2013 (GBP 328m1 Mcap)

1 As of 5-September-2018; 2 LTM 1H 2018

Group Revenue

£147m2

Customers

1,435in 70 countries

1,000+ employees

TechnologyGenetic tools

Vaccine technology

platform

Molecules

Probiotics

BiologyIn depth knowledge

of fish, disease and

parasite biology

A LEADER IN AQUACULTURE GENETICS,

ADVANCED NUTRITION AND HEALTH

5

Salmon

Shrimp

Tilapia

#1globally

#4globally

#1globally

#1globallySea Bream/Sea Bass

Ongoing

R&D

Ongoing

R&D

Ongoing

R&D

Market positions are management’s estimates

Newly

entered

market

21% 58% 11%

: #1 in sea lice

treatment

Newly

entered

market

% 2017 revenue

Genetics Advanced Nutrition Animal Health

Health treatmentsEarly-stage feed productsBreeding programmes

and egg/fry production

Egg/fry

production

Genetic

services

#1globally

#1globally

#1globally

#5globally

Newly

entered

market

ESTABLISHED TRACK RECORD OF

GROWTH AND DIVERSIFICATION

6

21 %

58 %11 %

10 %

Note that fiscal year ending 30-SeptemberAdjusted EBITDA is earnings before interest, tax, depreciation, amortisation, exceptional items and acquisition related expenditure

Increasing profitability

Strong revenue growth

R&D - Investing for growth

Diversified revenue base (2017)

28 35 44

109

140 147

0

20

40

60

80

100

120

140

160

2013 2014 2015 2016 2017 1H 2018LTM

GBPm

Revenue

Advanced

Nutrition

Genetics

Animal

Health

Knowledge

Services

72

-6

9 1013

-10

-5

0

5

10

15

2013 2014 2015 2016 2017 1H 2018LTM

GBPmAdjusted EBITDA

13

7

1315 15

0

5

10

15

20

2013 2014 2015 2016 2017 1H 2018LTM

GBPm Expensed Capitalised

0

5

10

15

20%R&D % of total revenue

BENCHMARK PATENT

PORTFOLIO

7

Total patents

221

Patent Families

37

Status

33% granted67% pending

Patent coverage of key product revenues

50%50%

28%

72%

28%

72%

Patent Families

Animal Health GeneticsAdvanced Nutrition

One or more patent

No patent

0

5

10

15

20

25

30

35

Animal Health Advanced Nutrition Genetics

MARKET – EXPOSURE TO ATTRACTIVE LONG-TERM GLOBAL MEGA TRENDS

8

AQUACULTURE WILL BE KEY IN SERVING THE

STRONG PROTEIN DEMAND GROWTH

9

Source: United Nations, OECD-FAO Agricultural Outlook 2017-2026

50%

7.6

2017

84%

2050E

9.8

202

404

2017 2050E

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

20051990 2026E201020001995 2015 2020E

Forecast

0.4% CAGR

Upper or middle class

Growing, wealthier population driving protein demand As volumes from wild catch have stagnated,

seafood supply growth relies on aquaculture

Mt live weight

+6%

+2%-2%

0%

2006 2026E2016

Global protein consumption per capita (kg per year)

Fish expected to grow faster than other protein sources

Wild catch

Aquaculture

Protein demand (m tonnes)World population (bn people)

+29%+100%

AQUACULTURE L AGS MOST L AND BASED

ANIMAL PROTEIN PRODUCTION

10

% production modernised by sector

Source: USDA, FAOSTAT

Benchmark’s products aim to drive sustainable industrialisation

ATL ANTIC SALMON HAS LED

INDUSTRIALISATION WITHIN AQUACULTURE

11

Source: Marine Harvest, Salmon Farming Industry Handbook (2017)

Other aquaculture species expected to follow

Tilapia

Other freshwater fishCarps

Mussels, Clams

Other marine fish

Shrimp

Atlanticsalmon

HighLow Level of industrialisation

Le

ve

l o

f ri

sk

Atlantic salmon

industrialisation journey

1980’s-90’s

Today

Ongoing developments

• High degree of automation

• High innovation pace throughout value chain

• Large and growing service industry

• Well-established and advanced use of genetics

ILLUSTRATIVE

Low

High

500

1 050

300

250

R E S O LV I N G B I O L O G I C A L C H A L L E N G E S I S K E Y T O G R O W T H

12

Benchmark has a unique multidisciplinary approach to address disease

1 Rabobank; 2 Norwegian Fish Health Report; 3 Rozas & Enriques (2014); 4 Fish Vet Group; 5 Doan et al 2016; 6 Andreoni & Magnani, 2014

Shrimp Salmon Tilapia Other marine fish

Share of production

lost to diseases

per year

~40%

Disease costs to the

Asian shrimp sector –

last 7 years

USD 20bn

• Improved genetics are best start for disease resistance

• Specialist feed to promote growth and immunity

• New vaccines for prevention

• Targeted treatments to manage disease outbreaks

Key

biological

challenges

Sea lice1

PD2

Total

SRS3

Annual costs – selected

diseases (USDm)

Mortality4

Up to 20%

Annual loss due to

streptococcosis

USD 1bn

Nodavirus mortality5

Up to 100%

Pasteurella mortality

(juvenile fish)6

Up to 90%

Vibrio bacteria mortality

10%

Benchmark

solutions

13

THREE BUSINESS AREAS WITH STRONG MARKET POSITIONS AND HIGH ENTRY BARRIERS

THREE CORE DIVISIONS WITH ATTRACTIVE

GROWTH AND MARGIN PROSPECTS

Note: share of Group revenue and EBITDA margin based on fiscal year 2017

Advanced Nutrition Genetics Animal Health

Phillipe Léger

Head of Advanced Nutrition

39 years’ experience

Jan-Emil Johannessen

Head of Benchmark Genetics

30+ years’ experience

John Marshall

Head of Animal Health

20 years’ experience

Of group revenue58% Of group revenue21% Of group revenue11%

Employees486 Employees158 Employees206

614 Customers 316 Customers 426 Customers

14 Sites 8 Sites 10 Sites

Adj. EBITDA margin21% Adj. EBITDA margin19% Adj. EBITDA marginn.m.

22 Products in pipeline 18 Products in pipeline 41 Products in pipeline

Production of algae

products for feed

Advanced early-stage

feed and diet solutions

for shrimp and fish

• Salmon eggs and

fingerlings

• Lumpfish

• Tilapia fingerlings

and juveniles

• Shrimp breeding

• Genetics services

• Vaccines

• Medicines

• Biocides parasiticides

• Veterinary health

services

• Diagnostics 14

STRONG PROSPECTS FOR CONTINUED GROWTH

15

£2.2m

• Artemia replacement diet

• Probiotics and innovative products for nursery segment

• Selective expansion into grow-out segment

Top priority – Replacement products to fill supply deficit

Artemia availability per shrimp to halve by 2030

• Benchmark has

developed a highly

successful replacement

product

• Sales tripled over the

last 6 years

-

0,50

1,00

1,50

2,00

2,50

3,00

-

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

198

5

199

0

199

5

200

0

200

5

201

0

201

5

202

0

202

5

203

0

Kg

Art

em

ia /

to

n S

hri

mp

Kg

Art

em

ia —

10

00

kg

Shri

mp

Year

Artemia Ton Shrimp Ktonkg Artemia/ton Shrimp Poly. (Artemia Ton)Poly. (Shrimp Kton) Poly. (kg Artemia/ton Shrimp)

Estimated

peak sales

Investment

to date

Development

commenced2015

£30m

Hatchery Nursery Grow-out

Advanced Nutrition Genetics Animal Health

£60m

SHRIMP: A L ARGE AND UNDERPENETRATED

MARKET FOR GENETICS

16

Significant expansion potential for Benchmark’s SPR shrimp

Estimated

peak sales

Estimated

market size$500m• $20bn lost due to diseases over the last 7 years

• AHPND (formerly known as EMS) and White Spot Virus (WSV)

• Shrimp farmers globally seeking robust shrimp adapted to local conditions

Large untapped potential for Benchmark’s SPR shrimp

• Benchmark’s SPR shrimp breeding programme acquired in 2016, is the first of its kind

with 20+ years of development history

• SPR provides resistance to infection regardless of sanitary status, an advantage over

the traditional Specific Pathogen Free (SPF), in which stocks are free from, but not

resistant to pathogens

Top Priority — Specific Pathogen Resistant (SPR) Shrimp

Genetic penetration Benchmark’s strategy

Continue to develop high performing strains

Leverage commercial experience in salmon and existing strong

presence in shrimp hatcheries through advanced nutrition

Adapt genetics to local markets

1

2

3Shrimp

~90%

Salmon

~30%

Advanced Nutrition Genetics Animal Health

Huge disease cost in Asian Shrimp production

NEW TREATMENT - 100% EFFICACY AGAINST

SEA LICE

17

• Benchmark’s new generation

sea lice treatment

• Used in conjunction with

CleanTreat, a fully contained

purification system

• No detectible medicine

discharged, superior safety

profile and excellent fish welfare

Milestones and roll-out

Treatment Efficacy Welfare Environment

BMK new sea

lice treatment 100% ✔ None

Pyretheroids Low ✔ Long

Azamethiphos Moderate ✔ Short

Avamectin Low ✔✔ Long

H202 Moderate / Low ✘✘ Short

Fresh water Declining ✘ None

Mechanical Moderate ✘✘✘ None

Sea lice treatments – BMK treatment clear superiority

▪ Field trials in Norway

▪ Great interest from producers to participate in trial extension

▪ Obtaining approvals for field trials in other markets

▪ Exploring CleanTreatopportunities

▪ Field trials: UK, Ireland , Faroe Islands, Canada and Chile

▪ Anticipated marketing approval in place

2018

2019

2020

▪ CleanTreat – proof of concept2016

▪ Sea lice treatment – proof of concept2014

▪ Programme launch2009£45m

estimated

peak sales

Advanced Nutrition Genetics Animal Health

>17,500

tonnes

treated

SUMMARY AND WAY FORWARD

18

LEVERAGING STRONG MARKET POSITION WITH

ATTRACTIVE OPPORTUNITIES IN ALL SEGMENTS

1 Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, exceptional items and acquisition related expenditure

• #1 market position in Salmon

• Recently increased in-house

capacity for growth (Salten and

Chile JV)

• SPR shrimp in pre-marketing trials

in Asia

Principal opportunities:

• Penetrate Asian shrimp market with

SPR genetics

• Market share growth in Chile through

JV

• Develop superior Tilapia strain

Margin:

• Current 19% Adj. EBITDA1 % margin

• Mid to long term mid-twenties

• Market leading position gained

through 35 years of innovation

• Proprietary Artemia supply enables

protected and strategic position

• Technological leadership through

continuous innovation

Principal opportunities:

• Develop Artemia replacement

products

• Start penetrating grow-out segment

• Develop feed probiotics, booster feeds

and feed treatment products

Margin:

• Current 21% Adj. EBITDA1 % margin

• Mid to long term mid-twenties

• Commercial trials underway with

new generation sea lice

treatment

• Innovative technology platforms

supporting pipeline with

significant potential

Principal opportunities:

• New generation sea lice

treatment roll-out

• Marine fish portfolio

• Salmon vaccines portfolio

Margin:

• Currently EBITDA negative

• Long term margin develops

through breakeven to mid-twenties

NUTRITION GENETICS HEALTH

19

• Exposed to attractive long-term global megatrends

• Supplying mission critical solutions for growth in aquaculture

• Strong market position with high entry barriers

• Return focused R&D strategy

• Experienced management team

• Positioned for strong and profitable growth based on current market position and a potent product pipeline

• Evident new growth opportunities to be exploited

INVESTMENT HIGHLIGHTS

20