NASF 2015 Program

MARCH 3–5, 2015 BERGEN, NORWAY PROGRAM

Welcome to the 10th Jubilee

NORTH ATLANTIC SEAFOOD FORUM 2015 The world’s largest seafood business conference

FINAL PROGRAMME

NASF CONFERENCE IS HELD IN BERGEN – THE WORLD MARINE CAPITAL

Main Sponsors

Organisers

In cooperation with

nor-seafood.com

NORTH ATLANTIC SEAFOOD FORUM 3-5 MARCH 2015 Dear Delegates

WELCOME TO THE 10TH JUBILEE NASF – DEDICATED TO THE GLOBAL SEAFOOD INDUSTRY The main theme for the 10th Jubilee NASF conference in 2015 is “Global Seafood trade and market access – Seafood in a new geopolitical role”. We’ll explore seafood’s new geopolitical role – highlighting the ever increasing importance of our industry in an expanding world food trade. Seafood products are among the most widely traded commodities in the world, totalling some USD 125 billion per year.

Following the success of the 9th NASF; we have become one of the most important meeting places for anyone involved in seafood. This year, we have an outstanding program, featuring more than 90 speakers in 8 seminars over 3 days, delivering real value to our delegates. By attending NASF you will get insights into vital developments forming the future of the industry. The quality of our speakers are well defined in our NASF slogan “Be inspired by the Best!“.

We welcome back for the 2nd time, 3 important Industry Leaders adressing “The View from the Bridge”. We also continue our industry trade seminars on the Salmon, White Fish, and Pelagic sectors, along with the MSC supported Sustainability Seminar. Another initiative is the Young Fish Leadership Seminar, involving recruitment issues and networking. Pareto securities continues their large investor and capital markets seminar involving the major stock listed seafood company CEOs presenting their outlook.

The NASF arena has become a big place for developing business – we say simply: “Come and do business where business is”.

We are proud to announce a new industry initiative – “UK at NASF 2015”. Together with UK’s Seafish in Grimsby, we’ve organized the 2nd national industry delegation to attend our arena. Some 60 UK industry delegates from 40 companies, representing £ 6,3 billion in annual turnover and the imports of £ 2,75 billon of seafood per year are here. See more details of this UK Industry Delegation on page 19.

Our enlarged program is the result of interaction with leading industry companies, partners, and stakeholders.

We thank them for their strategic guidance and help to set the right agenda, maintaining NASF as a true world class event. On behalf of North Atlantic Seafood Forum, Marlife, Pareto, FAO, our co-organisers and our distinguished sponsors, we welcome you to the 10th North Atlantic Seafood Forum.

Yours very truly

Jørgen J Lund, Managing Director, North Atlantic Seafood Forum AS

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NASF 2015

CONTENTS

Welcome, Jørgen J. Lund, Managing Director, North Atlantic Seafood Forum AS

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Table of contents

3

Welcome, Paul Williams, CEO, Seafish, UK

4

Welcome, Arni Mathiesen, Assistant Director General, FAO, Rome

5

Welcome, Guus Pastoor, Chairman, European Seafood Federation (AIPCE), Brussels

6

Overview of NASF Seafood Business ARENA

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NASF Programme 2015

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NASF 2015 Conference exhibition

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NASF Social Events

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North Atlantic Seafood Forum International Team

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NASF Young Fish Leadership Seminar

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NASF 2015 Sponsors

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NASF in partnership with Norway’s Aqua Nor and Nor-Fishing exhibitions

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“UK at 10th NASF 2015” Delegation – overview of companies

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Invitation to UK Delegation’s Cocktail Reception March 4th at 7 PM

26

Welcome back to 11th NASF 2016, March 1-3 2016 (week 10)

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NASF Programme per February 24th 2015 The programme has been compiled with the maximum care and attention.

Nevertheless the organiser cannot be held responsible for any errors or omissions that may be present in the programme itself.

NASF 2015

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Grimsby, UK 19 February 2015

Dear Delegates Welcome to the 10th North Atlantic Seafood Forum (NASF) here in Bergen. Seafish is delighted to be a part of the 10th anniversary celebrations along with the rest of the UK delegation, which has always been a big supporter of the event. Over the past 10 years, the conference has grown to become the largest seafood business event in the world tackling the challenges of sustainability, food security and ever changing policy and regulation. It has provided an excellent platform to share knowledge and experience and many successful business relationships have been formed along the way. Long may we continue to be inspired.

The 10th NASF conference provides an opportunity once again for the seafood industry to talk about global progress in sustainability and learn from each other on best practice in marketing and communicating this to the wider world. For us in the UK, it is a chance to showcase and share with you the successes of the UK seafood industry which plays a crucial part in our global supply chain.

I would also like to take this opportunity to invite you to a UK reception at the end of day one, which Seafish is co-hosting, As well as celebrating 10 years of NASF, we will be sharing information about the World Seafood Congress, which takes place in Grimsby in September 2015. We hope you will join us to meet with colleagues and friends, old and new to find out about this upcoming event.

I wish you a pleasant stay in Bergen, Yours truly

Paul Williams CEO Seafish

supporting the seafood industry for a sustainable, profitable future www.seafish.org

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NASF 2015

NASF 2015

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NASF 2015

WELCOME TO 10TH NORTH ATLANTIC SEAFOOD FORUM MARCH 3-5 2015 THE WORLD’S LARGEST SEAFOOD BUSINESS CONFERENCE The North Atlantic Seafood Forum is the world’s largest seafood business conference, and a leading executive meeting place for the seafood industry. In Bergen, March 3-5 2015, around 600 delegates from more than 35 countries and 300 companies will attend NASF. NASF is a broad annual industry event covering all major facets of the seafood sectors. NASF focuses on the key network between cutting edge innovation, technology, research, policy, finance, trade and commercialisation. The 10th conference in 2015 is an exellent opportunity to meet and interact with the leading world seafood operators, and other key players, along with financial institutions from the world’s largest seafood capital market, all in the same venue. Around 90 speakers will present papers in 8 seminars over 3 days.

THIS IS NORTH ATLANTIC SEAFOOD FORUM (NASF) • Get insights into vital developments forming the future of the Industry • Hear the latest in innovative and commercial developments • Learn about the industry’s political and legislative direction • Understand the financial and economic issues affecting the market • Connect with leading seafood companies in the world

Innovation

finance

policy

The NASF conference will provide new and invaluable insights and give you the fast-track to the global seafood markets.

• A pre-conference - sets focus on Marine innovations and Solutions and business development • Opening session - “The View from the Bridge”; learn from politicians, industry captains and leading seafood companies • Parallel sessions - for the latest update on industry challenges, supply and market outlook, prices, innovation and business, and sustainability issues • Corporate Finance Seminar - meet 15 of the world’s leading stocklisted seafood firms, investors and financiers • Major industry arena - for developing business and commercial opportunities

NASF

sustainability

supply markets & pricing

NASF Business Platform

3 DAYS FULL OF EVENTS TUESDAY

WEDNESDAY

THURSDAY

3 March

4 March

5 March

16.00 NASF Young Fish Leadership Seminar

THE CONFERENCE

SOCIAL EVENTS Conference Speakers VIP Dinner, King Haakon hall

19.00 UK Cocktail Reception Exhibition hall

Pelagic Industry Executive meeting

20.00 City of Bergen, Mayor’s reception

20.00 Conference Dinner Radisson Royal Bryggen Hotel

White Fish Industry Executive meeting

THE CONFERENCE will provide you with new and invaluable insights into world seafood markets and premium seafood companies together with innovative solutions.

SOCIAL EVENTS The NASF meeting place consists of many different arenas for meeting the delegates in an unstressed atmosphere.

Take part in the NASF social programme and use these networking opportunities.

NASF 2015

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Day 1 & 2 PROGRAMME 2015 DAY 1 MARCH 4th, 2015 09.00 Opening • Conference Chair, Guus Pastoor, AIPCE, Brussels.

Main 10th NASF Conference Theme: Global Seafood trade and market access - Seafood in a new geopolitical role.

09.05 Greetings from City of Bergen, the World Marine Capital. Trude Drevland, Mayor Bergen.

09.10 Europe as market and partner. Ingvild NĂŚss Stub, Deputy Minister EU/EEA Affairs, <X]Xbcah ^U 5^aTXV] 0UUPXab Norway.

09.30 Seafood trade and market access â&#x20AC;&#x201C; seen from EU. Stefaan Depypere, Director of International AďŹ&#x20AC; airs and Markets, European Commission, Brussels.

09.50 New emerging trade agreements/TTIP â&#x20AC;&#x201C; a new environment for global seafood trade? John Connelly, CEO, National Fisheries Institute, USA and Torben Foss, Director, PwC Seafood Centre, Norway.

10.40 CoďŹ&#x20AC;ee Break and networking.

11.00 120 years of Global Ocean Marine Research â&#x20AC;&#x201C; a Foundation for successful Fisheries and Aquaculture developments. Tore Nepstad, CEO, Institute of Marine Research, Norway.

11.20 Status and Outlook for cold water prawns.

Simon Jarding, Director, Royal Greenland, and Chair International Cold Water Prawn Forum (ICWPF).

2. Global Seafood Industry Captains â&#x20AC;&#x153;The View from the Bridgeâ&#x20AC;?

11.40 Oceana Group, South Africa and Namibia â&#x20AC;&#x201C; Francois Kuttel, CEO. 12.00 Marine Harvest Group, Norway â&#x20AC;&#x201C; Ole Eirik Lerøy, Chairman.

12.20 Findus Group and Youngâ&#x20AC;&#x2122;s Seafood, UK â&#x20AC;&#x201C; James Hill, CEO. 12.40 10th NASF Jubilee Conference Photo â&#x20AC;&#x153;Shootâ&#x20AC;?

- from NASF stage.

13.00 Lunch and networking at Conference hotel.

10.20 Outlook for world seafood trade to 2030.

Arni Mathiesen, Assistant Director General, FAO, Rome.

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3 GLOBAL SALMON SUPPLY, MARKETS AND PRICES â&#x20AC;&#x201C; session 1

14.00 Opening . Jan Trollvik, Norway Seafood Council, Norway. Co-chair: Henning Lund, Pareto Securities, Norway.

14.05 Salmon Market and Price Outlook .

Lars Liabø, Chairman, Kontali, Norway.

14.25 Salmon Supply and Market Outlook. Jose Ramon GutiĂŠrrez, Chairman, MultiExport, Chile.

14.45 Helge Moen, CEO, Kverva, Norway.

15.05 Seafood sector Stock Market Outlook .

Henning Lund, Pareto Securities, Norway.

15.25 Q&A. 15.30 CoďŹ&#x20AC;ee Break and networking.

16.00 Sustainable salmon proďŹ tability. Bjørn Haugland, Chief Sustainability Officer; DnV GL, Norway.

16.20 EU seafood consumer trends and outlook.

Will seafood demand continue to grow â&#x20AC;&#x201C; despite high prices? Jean Jacques Vandenheede, The Nielsen Company, UK. 17.00 Salmon markets in Russia after the 2014 embargo â&#x20AC;&#x201C; whatâ&#x20AC;&#x2122;s next? Borge Prytz Larsen, Director, Severnaya Compania, Russia.

17.20 The drivers behind the signiďŹ cant escalating salmon farming costs. Kjell Bjordal, Consultant, Norway.

17.40 2015 NASF Market Novelty. Jann Molnes, Fund Manager, Holberg Fondene, Norway.

17.50 Panel Debate and Q&A - Moderated by Chairs.

18.15 End of Day One seminars.

19.00 United Kingdom and SeaFish @ 10th NASF cocktail party reception. At Conference Hotel Foyer Exhibition.

20.00 NASF Conference Dinner & Networking Reception at hotel.

Sustainability; Globus SB Warenhaus, Germany.

14.10 Keynote Address: Sustainability Update: Strategic considerations on how to address Sustainability in competitive markets? Univ.-Prof.

Dr. Markus Mau; Director Institute for Innovative Strategies, University of West-Hungary, Hungary.

14.30 SESSION ONE â&#x20AC;&#x201C; Seafood sustainability

14.30 Seafood Sustainability, Food Security and Nutrition from a global perspective. 3a EXRc^aXP 2W^\^ 4R^]^\Xbc 50> 8cP[h 14.45 What does Sustainability mean? Rupert Howes, CEO Marine Stewardship Council (MSC), UK. 15.00 The sustainability transition started 25 years ago, are we on track? Gerard van Balsfoort, President; Pelagic freezer trawler association, the Netherlands.

15.15 IdentiďŹ cation of challenges and improvements for sustainable seafood supply.

Oyvind Fylling-Jensen, CEO NOFIMA, Norway.

15.30 CoďŹ&#x20AC;ee Break and networking.

15.50 SESSION TWO â&#x20AC;&#x201C; Fisheries and aquaculture supply: Challenges and opportunities.

15.50 The role of credible private standards in incentivizing a global transition to sustainable Production and consumption. Tom Pickerell, Technical Director, SeaFish, UK. 16.05 The Aquaculture feed dialogues â&#x20AC;&#x201C; the role of credible standards for sustainable feed. Chris Ninnes, Managing Director, ASC, the Netherlands.

16.25 Sustainable ďŹ sheries in Iceland: part of a long tradition, market opportunities with sustainable approaches. BrynjĂłlfur EyjĂłlfsson, Marketing Manager, HB Grandi, Iceland.

16.40 SESSION THREE â&#x20AC;&#x201C; Markets and Marketing.

16.40 Food integrity, how does it work? Mike Mitchell, Youngâ&#x20AC;&#x2122;s/Findus Group, UK.

4 NASF/MSC SUSTAINABILITY & COMMUNICATIONS SEMINAR â&#x20AC;&#x201C; session 2

16.55 Sustainable procurement in Germany, how does it work in practice? Juergen Pauly, Globus, Germany.

14.00 Opening Remarks - Seminar Chair; Prof. Dr. Horst Lang; Director Quality and

17.10 Market-based Measures to Promote Sustainable Seafood Trade. Dr. Victoria Chomo, NASF 2015

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Economist, FAO, Italy.

11.35 Outlook for white fish markets.

17.25 SESSION FOUR - How to communicate the right thing. Panelists: Mike Mitchell, Juergen Pauly, Victoria Chomo and Rupert Howes. Moderator: Chair Dr. Horst Lang.

11.35 UK retail markets – Paul Geary, Senior Buying Manager – Fish, ASDA, UK.

18.15 Closing Remarks – Seminar Chair Prof. Dr. Horst Lang.

18.15 Seminar Close.

19.00 United Kingdom and SeaFish @ 10th NASF cocktail party reception. At Conference Hotel Foyer Exhibition.

20.00 NASF Conference Dinner & Networking Reception at hotel.

DAY 2 MARCH 5th, 2015

11.55 European demand for white fish products.

Jean-Louis Meuric, Consultant, France.

12.10 White fish market consolidation and brand developments – lessons learned from the global salmon Industry? Ludo Aldelhof, Sales Director retail fresh EU, Marine Harvest Consumer Products, Belgium.

12.25 China online sales – The E-Commerce revolution – Linming Gao; Managing Partner, Everfish, China.

12.45 Proposed new Norway fisheries regime (Tveteraas Commission 2014) - Impact on Norway white fish. Geir Ove Ystmark, CEO, Norway Seafood Federation, Norway.

5 GLOBAL WHITE FISH SUMMIT 09.00 Opening by Chair: Torunn Halhjem, International Sales Director, Trident Seafoods, USA. 09.05 Global white fish supply, market and price outlook - Ragnar Nystoel, CEO, Kontali, Norway.

09.20 Outlook for white fish supplies.

09.20 North Atlantic white fish supply - Webjorn Barstad, CEO, Havfisk Norway.

09.35 Russian Alaska Pollock & Cod Supply and Markets – Ivan Osadchiy, Director Russian Fishing Company, Russia.

09.50 U.S-Alaska pollock supply – Allen Kimball, Executive Vice-President, Global Sales, Trident Seafoods, USA. 10.10 World hake supply and exports – Felix Ratheb, CEO, Sea Harvest, South Africa.

13.00 Panel Debate and Q&A Moderated by Drew Cherry, Intrafish Media, USA & seminar chair Torunn Halhjem.

13:30 Lunch and networking at Conference hotel.

1630 – 2300 2nd NASF White Fish Top Executive Gathering. Private Industry Top – Executive session and dinner. By invitation only. Organized by: Norway Seafoods, Nergaard Group, Havfisk and NASF. 6 PELAGIC INDUSTRY SUMMIT 09.00 Opening remaks. Sean O. Donoghue, CEO, Killybegs Fishermen’s Organization, Ireland.

09.10 Outlook for global pelagic supplies, markets and pricing. Gunn Strandheim, Kontali, Norway.

09.30 Outlook for Northern Atlantic Pelagic Quotas and Supplies. Otto Gregussen, CEO, Norway Sales Organization for Pelagic Fish, Norway.

10.30 Coffee Break and networking.

10.55 Outlook for farmed white fish supplies.

10.55 Tilapia – Magdalena Lamprecht Wallhoff, Vice President Sales, Regal Springs, USA.

09.50 Outlook for Southern African pelagic sector – Dave Russell, Consultant, Namibia.

10.15 Q&A. 10.30 Coffee Break and networking.

11.15 Seabream and Seabass – Dr. Hayri Deniz, Projects Manager, Kilic, Turkey.

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NASF 2015

11.00 A banker’s perspective of the Peruvian pelagics industry, impact of El Nino and evolution

of the sector. Gorjan Nikolik, Associate Director, Rabobank, The Netherlands.

11.20 Market outlook for fish meal and fish oil; pricing and market trends. Dr. Enrico Bachis, Chief Analyst, IFFO, UK. 11.40 Outlook for global fish feed supply. Ian Carr, Marketing Director, EWOS Group, Norway.

12.00 European markets – major importer.

12.30 Panel discussion - Q&A: Global pelagic supply/demand/pricing. Moderator: Seminar Chair Sean O Donoghue.

13.30 Lunch and networking.

16.30 – 22.00 3rd Pelagic Industry Top Executive Gathering. Private Industry Top – Executive session and dinner. By invitation only. Organized by: Norway`s Sales Organization for Pelagic Fish and NASF. 7 NASF PARETO CORPORATE SEAFOOD FINANCE SEMINAR 09.00 – 15.00 Corporate finance seminar with 20 mins presentations from CEOs and/or CFOs. Each session will have 10 minutes Q&A. 12 of the world`s leading stock-listed seafood companies.

1:1 meetings with CEO/CFOs for major investors – organized by Pareto Securities. Followed by a corporate finance luncheon with major investors and fund managers.

Participating Listed Seafood Companies: 09.00 – 09.30 Multiexport - How has the operational recovery in Multiexport been possible?

- Anders Lyon, CEO 09.30 – 09.55 The Scottish Salmon Company - The Scottish EBIT/kg challenge - Craig Anderson, CEO 09.55 – 10.25 Lerøy Seafood Group - Salmon vs chicken category and future potential - Henning Beltestad, CEO 10.25 – 10.45 Coffee 10.45 – 11.15 Salmar - Growth potential within exisiting licenses in Norway - Leif Inge Nordhammer, CEO 11.15 – 11.40 Norway Royal Salmon - Why triploid salmon works - Charles Høstlund, CEO 11.40 – 12.00 Norway Seafoods - TBA - Thomas Farstad, CEO 12.00 – 13.00 Lunch 13.00 – 13.30 Bakkafrost - The value of a strict sanitary regime - Regin Jacobsen, CEO 13.30 – 14.00 Austevoll Seafood - Will there be enough fishmeal and fishoil? - Arne Møgster, CEO 14.00 – 14.15 Coffee 14.15 – 14.35 AKVA Group - Drivers and trends in technology development in the salmon industry Trond Wiliksen, CEO 14.35 – 15.00 Grieg Seafood - How solid is the basis for future growth in salmon farming - Per Grieg Jr. 15.00 – 15.30 Marine Harvest - MHG in 2020 some thoughts - Alf Helge Aarskog, CEO

Thank you from the Seafood industry to Baader: Baader’s investment in research and development has continuously provided the industry with cutting-edge technology solutions which have improved the industry production lines’ efficiency and profitability. This enables companies to provide their customers with great products at competitive prices. The industry views Baader’s inputs as one of the keys to their business development, as they take their business forward.

Thank you from Baader to the seafood processing community for 96 years of mutually beneficial cooperation and partnerships.

NASF 2015

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10th NASF 2015 FOYER EXHIBITION ARENA

Radisson Blu Royal Hotell, Bryggen BERGEN

KONTALI COFFEE

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7

THOMMESSEN

8 MSD/MERCK 9

INFOR

FOYER NOR-FISHING

5

DNVGL

4

10 KINCANNON REED 11 PWC 12 AON COFFEE

UK/SEAFISH/HUMBER 3 SEAFOOD CLUSTER

2

PARETO SECURITIES

UK PAVILION 13

14

STEINSVIK GROUP

1 BERGEN & THE SEAFOOD INNOVATION CLUSTER

15 INTRAFISH

SOCIAL EVENTS City of Bergen Speaker’s VIP Reception March 3th

The NASF meeting place consists of different arenas for meeting the delegates in an unstressed atmosphere. Take part in the social programme and use the networking opportunities in addition to the conference coffee-breaks and lunches.

TUESDAY 3 MARCH

Haakon’s Hall is a medieval stone hall located inside Bergenhus Fortress. The hall was constructed in the middle of the 13th century, during the reign of King Håkon Håkonsson (1217–1263). In medieval times, it was the largest building of the royal palace in Bergen, then the capital of Norway. It is the largest secular medieval building in Norway.

City of Bergen, Speaker’s VIP Reception By invitation only.

Haakon’s Hall, conference badges required.

20.00 - 22.00

WEDNESDAY 4 MARCH UK Delegation Cocktail Reception Cocktails in the NASF Exhibition Area, 19.00-20.00 NASF Conference Delegate Buffet Dinner The reception at the Conference hotel opens at 20.00 and lasts until 24.00. Buffet food and drinks will be served. For registered conference delegates only.

Invitation cards and conference badges required.

THURSDAY 5 MARCH Pelagic Industry Executive Meeting By invitation only.

Hosted by the Norwegian Fishermen’s Sales Organization for pelagic fish and NASF 16.00-23.00 White Fish Industry Executive Meeting By invitation only.

Hosted by Nergaard, Havfisk and Norway Seafoods and NASF 16.00-23.00

NASF 2015

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INTERNATIONAL TEAM NORTH ATLANTIC SEAFOOD FORUM NASF is proud to present our International Team. These Representatives are all highly skilled consultants with a long background in the international seafood industry. As a group they represent a unique competence and market expertise network. We wish them every success with their NASF marketing endeavours.

Jonathan Banks – NASF Retail Relations Director During his 30+ years in the Fast Moving Consumer Goods industry, Jonathan has held senior sales and marketing positions in multinational manufacturers and a retailer. In 2010 he left Nielsen, the world’s largest market research group, where for the previous 7 years he was their European Business Insight Director. Jonathan specialises in tracking and predicting consumer behaviour and trends. By turning data into actionable insights, he helps manufacturers and retailers formulate winning strategies and tactics.

Tel: +44 (0)7764 635379 / E-mail: jonathan@jonathanbanks-associates.co.uk Alexander Wever – Representative for Germany, Austria and Switzerland Alexander covers the German markets along with Austria and Switzerland. He has experience as Category and Division Manager at Globus Hyper Market Chain and Metro Cash&Carry Germany. He now runs his own business – AWF, Alexander Wever Fisch Consulting. Alexander is also Member of the Bremen Fish International Fair consulting committee since 2003.

Tel: + 49 2381 3058647 / E-mail: alexander.wever@aw-fisch.de

Simon Dwyer – Representative for United Kingdom Simon has worked closely with the seafood sector on a global basis and in particular, with the physical movement aspects within the supply chain, for over 20 years. Simon is based in Grimsby, UK. He is a member of the Humber Seafood Institute Board and Chairman of their Trade Corridor Group. Simon is a shareholder and Managing Director of Seafox Management Consultants Ltd. Tel: + 44 7866501894 / E-mail: simon@seafox.no / Twitter: @simondwyer1 / www.seafox.no

Paul van der Heijden – Representatives for the Netherlands and Belgium Paul is a solution provider with a strong emphasis on sustainable- & system innovation. The technologies focus on reducing total costs of ownership while improving performance compared to conventional systems.

MatureDevelopment BV, Voorburg, the Netherlands.

Tel: +31 858 78 67 72 / E-mail: info@maturedevelopment.com

David Russell – Representative for Namibia, Angola and South Africa Born in Kenya, David has a MSc. in Natural Resource Management from the University of Canterbury in New Zealand.

Since 2000 he has operated as a fishing industry consultant, primarily in Namibia and other SADC region countries.

He has 25 years’ experience in the fishing industry, with experience in areas such as: fisheries marketing, processing, and value chain analysis.

Tel: + 264 81 233 57 48 / E-mail: davelin@iway.na

Tomasz Kulikowski – Representative for Poland and Baltic States Tomasz is editor-in-chief of the “Fish Industry Magazine”, the leading seafood magazine in Poland. He specialises in analysis of the fish market, consumer preferences, and advises on fish consumption and international trade statistics for national associations and international organizations. He is also Chairman of the Fish Market Development Association in Gdynia. With the appointment of the Minister of Agriculture and Rural Development, he is a member of the board of the Polish Fish Promotion Fund.

Tel: +48 501 623 816 / E-mail: mprfish@gmail.com 14

NASF 2015

Steinar Engeset – Representative for Canada Steinar is an educated mechanical engineer from Sweden. He served in the Norwegian Air Force before starting a career in the shipping/fishing business and has been a part of developing both vessels and companies in the marine industry. From 1977-1987 he developed the Northern Shrimp industry and from 1987 to present has been a part owner in fishing companies. He has developed projects in sectors from the cruise industry, the fishing industry and offshore oil. Steinar held the Honorary Consul position in Nova Scotia for Norway from 1989 to 2013.

Tel: 902 468 7100 / E-mail: sengeset@nfsl.ca Jens Henrik Møller – Representative for Denmark, Sweden, Faro Island and Greenland Jens has worked in the seafood and food industry for more than 25 years. In GEMBA Jens advises customers within the seafood and maritime sector. GEMBA Seafood Consulting is today involved in innovation, sustainability, strategic development, and market analyses within the seafood and maritime sectors. Economic analysis and strategic development of ports have also been one of the major competencies of the consultancy. Jens is also the secretary of The International Cold Water Prawn Forum (ICWPF).

Tel: +45 4079 1011 / E-mail: jm@gemba.dk / www.gembaconsulting.dk Kristjan Th. Davidsson – Representative for Iceland Kristjan has a Master in Fisheries Science and a Fishing Captains degree. His professional experience ranges from Sales Manager of Seafood & Seafood Processing Technology to Management; Executive as CEO of Export, Fishing & Processing Companies and Non-Executive as Board Member/Chairman of fish farming, fishing, processing, exporting, technology, software, supplements & finance industry companies in Europe and S-America. He is CEO of his own investment & consulting company.

Tel: +354 - 618 8272 & 562 8272 / E-mail: kristjan@davidsson.is / www.davidsson.is Jean-Noël Calon – Representative for France Jean-Noël is a versatile professional with a +30 year professional experience in projects management, communications, public relations and economic development both in France and North America. In charge in Boulogne sur mer of France’s number one seafood cluster and on the biggest hubs in Northern Europe, he also belongs to NGO Blue Fish and is a militant of sustainable fishing in a sustainable environment.

Tel: 33 624 601796 / E-mail: jeannoelcalon@hotmail.com

WORLD SEAFOOD CONGRESS

5 -9

SEPTEMBER 2015 UPSKILLING FOR A SUSTAINABLE FUTURE SKILLS

SUSTAINABILIT Y

INSPECTION

wsc2015.com Visit the World Seafood Congress 2015 website to: • Register for the World Seafood Congress • Become a sponsor – bespoke packages available • View the Call for Papers

www.wsc2015.com

Grimsby Institute, Nuns Corner, Grimsby, NE Lincolnshire DN34 5BQ HOSTED BY

PLATINUM SPONSOR

MEDIA SPONSOR

ASSOCIATE BODY

@world_seafood www.seafish.org HOSTING VENUE

NASF 2015

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NASF YOUNG

karlsens.no Photo: Shutterstock

Photo: Marine Harvest

Photo: Johan Wildhagen / Norges Sjømatråd

Photo: David Zadig / www,brb.no

The North Atlantic Seafood Forum is the world’s largest seafood business conference, and a leading executive meeting place for the seafood industry.

The event takes place in Bergen March 3-5 2015.

YoungFish is proud to invite you to the 1st NASF YOUNG event and get insights into vital developments forming the future of the industry.

Program: • • • • •

Top Executive Speakers from the Seafood industry Roundtable discussion on key industry topics The Seafood Innovation MSc/PhD Scholarship Nomination of 20 NASF conference tickets Sushi and after drinks

Meeting moderators: Kristine Gramstad, Marine Harvest Øyvind Haram, FHL

Tuesday March 3rd. 4-8 pm. @Radisson Blu Royal Hotel, Bryggen More information about event and free tickets to NASF at: YoungFish YoungFish

Associated members :

NORTH ATLANTIC SEAFOOD FORUM MAIN SPONSORS 2015 The NASF organisors and conference partners wish to thank our distinguished main sponsors for their support.

Their interest and backing of the NASF conference is an indispensible incentive for the new organisers to further develop this unique NASF arena as a leading business meeting place for executives in the global seafood industry.

Main Sponsors

COME AND DO BUSINESS WHERE THE BUSINESS IS!

NASF 2015

17

NASF IN PARTNERSHIP WITH AQUA NOR AND NOR-FISHING EXHIBITIONS NASF is an international partner with Norway’s two major aquaculture and fisheries exhibitions Aqua Nor is the world’s largest aquaculture technology exhibition, featuring about 500 exhibitors from about 30 countries and 17.500 visitors from over 60 countries. The exhibition is held every other year in Trondheim, Norway. The next Aqua Nor will be held 18-21 August 2015.

Nor-Fishing is one of the world’s leading fisheries technology exhibitions and has been held every other year for over 50 years. The exhibition features over 450 exhibitors from 25 countries and about 15.000 visitors from over 50 countries. The next exhibition will be held 16-19 August 2016.

For more information, visit our web site www.nor-fishing.no or contact: • Mr. Ola Eriksen, Managing Director, Tel. +47 9220 3415, e-mail: ola@trondheimspektrum.no • Mrs. Kari Steinsbø, Project Manager, Tel. +47 7356 8540, e-mail: kari@nor-fishing.no • Mr. Erik Hempel, Communications Director, Tel. +47 9084 1124, e-mail: erik.hempel@hempelco.com

18

NASF 2015

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4 7 ͞ Ɛ Ă ƋƵĂůŝĨŝĞĚ ŚĞĨ ǁŚŽ ŚĂƐ ŽǀĞƌ ϯϬ LJĞĂƌƐ ŽĨ ĞdžƉĞƌŝĞŶĐĞ ŝŶ &ŝƐŚ ĂŶĚ ^ĞĂĨŽŽĚ͕ / ƌĞƉƌĞƐĞŶƚ DΘ: ^ĞĂĨŽŽĚ ŽŶ ƐƵƐƚĂŝŶĂďŝůŝƚLJ ŝƐƐƵĞƐ ƚŚĂƚ ĞŶƐƵƌĞƐ ŽƵƌ ƉĂƐƐŝŽŶ ĂŶĚ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ƌĞƐƉŽŶƐŝďůĞ ƐŽƵƌĐŝŶŐ ŝƐ ŵĂŝŶƚĂŝŶĞĚ͘ E ^& ŝƐ Ă ŐƌĞĂƚ ƉůĂĐĞ ƚŽ ŵĞĞƚ ǁŝƚŚ /ŶĚƵƐƚƌLJ͕ 'ŽǀĞƌŶŵĞŶƚƐ ĂŶĚ E'K͛Ɛ ƚŽ ŝĚĞŶƚŝĨLJ ƚŚĞ ĚƌŝǀĞƌƐ ĨŽƌ ĐŽŶƐŝƐƚĞŶƚ ĂĚǀĂŶĐĞŵĞŶƚ ŽĨ ƐĂĨĞ ƐƵƐƚĂŝŶĂďůĞ ĨŝƐŚŝŶŐ ĂŶĚ ĐŽŶŶĞĐƚŝŶŐ ƚŚĞ &ŽŽĚ ^ĞƌǀŝĐĞ /ŶĚƵƐƚƌLJ͘͟

4

͞dŚŝƐ ǁŝůů ďĞ ŽƵƌ ĨŝƌƐƚ ƚŝŵĞ Ăƚ E ^& ĂŶĚ ǁĞ͛ƌĞ ůŽŽŬŝŶŐ ĨŽƌǁĂƌĚ ƚŽ ŵĞĞƚŝŶŐ ŽƵƌ ŝŶĚƵƐƚƌLJ ƉĞĞƌƐ ĞƐƉĞĐŝĂůůLJ͕ ĨƌŽŵ ƚŚĞ ^ĂůŵŽŶ ƐĞĐƚŽƌ͘ tĞ͛ƌĞ ƉĂƌƚŝĐƵůĂƌůLJ ůŽŽŬŝŶŐ ĨŽƌǁĂƌĚ ƚŽ ŽƵƌ ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ƚŚĞ WĂƌĞƚŽ ŽƌƉŽƌĂƚĞ ^ĞĂĨŽŽĚ &ŝŶĂŶĐĞ ^ĞŵŝŶĂƌ ŽŶ dŚƵƌƐĚĂLJ ϱƚŚ DĂƌĐŚ͘͟

4 0 ͞zŽƵŶŐ͛Ɛ ^ĞĂĨŽŽĚ ŚĂǀĞ ďĞĞŶ ŝŶǀŽůǀĞĚ ǁŝƚŚ E ^& ĨŽƌ ƐĞǀĞƌĂů LJĞĂƌƐ ĂŶĚ ŚĂǀĞ ďĞĞŶ ƉƌŽƵĚ ƚŽ ŚĂǀĞ ƐƵƉƉŽƌƚĞĚ ƚŚĞ ĐŽŶĨĞƌĞŶĐĞ ƚŚƌŽƵŐŚ ƐƉŽŶƐŽƌƐŚŝƉ ĂŶĚ ƉƌŽǀŝĚŝŶŐ ƐƉĞĂŬĞƌƐ ƌĂŶŐŝŶŐ ĨƌŽŵ ŽƵƌ K͛Ɛ ƚŽ dĞĐŚŶŝĐĂů ŝƌĞĐƚŽƌƐ͘ ŽŶŐƌĂƚƵůĂƚŝŽŶƐ ƚŽ E ^& ŽŶ ĐĞůĞďƌĂƚŝŶŐ ƚŚĞ ŵŝůĞƐƚŽŶĞ ŽĨ ϭϬ LJĞĂƌƐ ĂŶĚ ǁĞ ůŽŽŬ ĨŽƌǁĂƌĚ ƚŽ ŵĞĞƚŝŶŐ ĞǀĞƌLJŽŶĞ ŝŶ ĞƌŐĞŶ͘͟

3 ͞ ƐĚĂ͛Ɛ ŝŶǀŽůǀĞŵĞŶƚ ǁŝƚŚ E ^& ϮϬϭϱ ǁŝƚŚ ŽƵƌ ƉĂƌƚŶĞƌ͕ zŽƵŶŐ͛Ɛ ^ĞĂĨŽŽĚ͕ ŝƐ ŽŶĞ ǁŚŝĐŚ ǁĞ͛ƌĞ ůŽŽŬŝŶŐ ĨŽƌǁĂƌĚ ƚŽ͘ E ^& ŚĂƐ Ă ŐƌĞĂƚ ƌĞƉƵƚĂƚŝŽŶ ĨŽƌ ŚŽƐƚŝŶŐ Ă ůĞĂĚŝŶŐ ĞdžĞĐƵƚŝǀĞ ƐĞĂĨŽŽĚ ĐŽŶĨĞƌĞŶĐĞ͘ Ɛ Ă ŵĂũŽƌ h< ƌĞƚĂŝůĞƌ ŝƚ ŝƐ ŝŵƉŽƌƚĂŶƚ ĨŽƌ ƵƐ ƚŽ ĂĐƚŝǀĞůLJ ƉĂƌƚŝĐŝƉĂƚĞ ŝŶ E ^& ĂŶĚ ƐŚĂƌĞ ŽƵƌ ƐĞĂĨŽŽĚ ǀŝƐŝŽŶ Ăƚ ƚŚĞ 'ůŽďĂů tŚŝƚĞ &ŝƐŚ ^Ƶŵŵŝƚ͘͟

2

2

2 4 /E h^dZz hd,KZ/dz ^ĞĂĨŝƐŚ /ŶĚƵƐƚƌLJ ƵƚŚŽƌŝƚLJ ŝƐ Ă EŽŶͲ ĞƉĂƌƚŵĞŶƚĂů WƵďůŝĐ ŽĚLJ ;E W Ϳ ƐĞƚ ƵƉ ďLJ ƚŚĞ &ŝƐŚĞƌŝĞƐ Đƚ ϭϵϴϭ ƚŽ ŝŵƉƌŽǀĞ ĞĨĨŝĐŝĞŶĐLJ ĂŶĚ ƌĂŝƐĞ ƐƚĂŶĚĂƌĚƐ ĂĐƌŽƐƐ ƚŚĞ ƐĞĂĨŽŽĚ ŝŶĚƵƐƚƌLJ͘ dŚĞLJ ĂƌĞ ĨƵŶĚĞĚ ďLJ Ă ůĞǀLJ ŽŶ ƚŚĞ ĨŝƌƐƚ ƐĂůĞ ŽĨ ƐĞĂĨŽŽĚ ƉƌŽĚƵĐƚƐ ŝŶ ƚŚĞ h<͕ ŝŶĐůƵĚŝŶŐ ŝŵƉŽƌƚĞĚ ƐĞĂĨŽŽĚ͘ dŚĞŝƌ ƉƵƌƉŽƐĞ ŝƐ ƚŽ ƐĞĐƵƌĞ Ă ƐƵƐƚĂŝŶĂďůĞ ĂŶĚ ƉƌŽĨŝƚĂďůĞ ĨƵƚƵƌĞ ĨŽƌ ƚŚĞ h< ƐĞĂĨŽŽĚ ŝŶĚƵƐƚƌLJ͘ dŚĞŝƌ ƌĞŵŝƚ ŝŶĐůƵĚĞƐ ĞǀĞƌLJƚŚŝŶŐ Ͳ ĂŶĚ ĞǀĞƌLJŽŶĞ Ͳ ĨƌŽŵ ĨŝƐŚĞƌŵĞŶ ĂŶĚ ƉƌŽĐĞƐƐĞƌƐ ƚŚƌŽƵŐŚ ƚŽ ŝŵƉŽƌƚĞƌƐ͕ ƌĞƚĂŝůĞƌƐ ĂŶĚ ĨŽŽĚ ƐĞƌǀŝĐĞ ƉƌŽǀŝĚĞƌƐ͘ Ɛ ĂŶ ŽƌŐĂŶŝƐĂƚŝŽŶ͕ ƚŚĞLJ ĂůƐŽ ƚĂŬĞ Ă ŐƌĞĂƚ ŝŶƚĞƌĞƐƚ ŝŶ ƚŚĞ ĐŽŶƐƵŵĞƌ͗ ƚŚĞ ƉĞŽƉůĞ ǁŚŽ ďƵLJ ĂŶĚ ĞĂƚ ƐĞĂĨŽŽĚ͘ DĂŝŶƚĂŝŶŝŶŐ Ă ǁĞůůͲƌĞŐƵůĂƚĞĚ ƐĞĂĨŽŽĚ ŝŶĚƵƐƚƌLJ͕ ǁŚŝĐŚ ĚĞůŝǀĞƌƐ ŚŝŐŚ ƋƵĂůŝƚLJ͕ ƐĂĨĞ͕ ƐƵƐƚĂŝŶĂďůĞ ƐĞĂĨŽŽĚ ƚŽ h< ĐŽŶƐƵŵĞƌƐ ŝƐ ŽŶĞ ŽĨ ƚŚĞŝƌ ŚŝŐŚĞƐƚ ƉƌŝŽƌŝƚŝĞƐ͘ ^ĞĂĨŝƐŚ /ŶĚƵƐƚƌLJ ƵƚŚŽƌŝƚLJ ĂƌĞ ƚŚĞ ŽƌŐĂŶŝƐĞƌƐ ŽĨ ƚŚŝƐ LJĞĂƌ͛Ɛ tŽƌůĚ ^ĞĂĨŽŽĚ ŽŶŐƌĞƐƐ ŚŽƐƚĞĚ ŝŶ 'ƌŝŵƐďLJ ĨƌŽŵ ϱ ƚŽ ϵ ^ĞƉƚĞŵďĞƌ͘ t^ ŐŽĂů ŝƐ ƚŽ ďƵŝůĚ ĂŶĚ ĞŶŚĂŶĐĞ ƉĂƌƚŶĞƌƐŚŝƉƐ ďĞƚǁĞĞŶ / &/ ŵĞŵďĞƌƐ ĂŶĚ Ăůů ƐĞĂĨŽŽĚ ƉƌŽĨĞƐƐŝŽŶĂůƐ ĂŶĚ ƐƉĞĐŝĂůŝƐƚƐ ƚŽ ďĞŶĞĨŝƚ ŐůŽďĂů ƐĞĂĨŽŽĚ ƚƌĂĚĞ͘ /ƚ ĂůƐŽ ĂŝŵƐ ƚŽ ƉƌŽĨŝůĞ ŝŶŶŽǀĂƚŝŽŶ ŝŶ ƐĞĂĨŽŽĚ ĂŶĚ ƉƌŽǀŝĚĞ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ĨŽƌ ŵĂdžŝŵƵŵ ƉĂƌƚŝĐŝƉĂƚŝŽŶ ďLJ Ăůů ĞĐŽŶŽŵŝĞƐ ŝŶǀŽůǀĞĚ ŝŶ ƐĞĂĨŽŽĚ ƚƌĂĚĞ ʹ ŝŶĐůƵĚŝŶŐ ĚĞǀĞůŽƉĞĚ ĂŶĚ ĚĞǀĞůŽƉŝŶŐ ĞĐŽŶŽŵŝĞƐ͘ dŚŝƐ ŝƐ ĂĐĐŽŵƉůŝƐŚĞĚ ďLJ ǀĂƌŝŽƵƐ ŵĞĂŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŝŶƚĞƌŶĂƚŝŽŶĂů ĞǀĞŶƚʹ ĞdžƉĞƌƚ ƉĂŶĞůƐ͕ ĚĞďĂƚĞƐ͕ ǁŽƌŬƐŚŽƉƐ ĂŶĚ ĨŽƌŵĂů ƉƌĞƐĞŶƚĂƚŝŽŶƐ͘

2

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4 0 zŽƵŶŐ͛Ɛ ^ĞĂĨŽŽĚ >ŝŵŝƚĞĚ ŝƐ ƉĂƌƚ ŽĨ ƚŚĞ &ŝŶĚƵƐ 'ƌŽƵƉ͕ ŽŶĞ ŽĨ ƵƌŽƉĞ͛Ɛ ůĂƌŐĞƐƚ ĨƌŽnjĞŶ ĨŽŽĚ ĂŶĚ ƐĞĂĨŽŽĚ ĐŽŵƉĂŶŝĞƐ͘ /ƚ ŝƐ ƚŚĞ ůĞĂĚŝŶŐ h< ĨŝƐŚ ĂŶĚ ƐĞĂĨŽŽĚ ƉƌŽĐĞƐƐŽƌ͕ ƉƌŽǀŝĚŝŶŐ ĨƌŽnjĞŶ ĂŶĚ ĐŚŝůůĞĚ͕ ďƌĂŶĚĞĚ ĂŶĚ ƌĞƚĂŝůĞƌ ďƌĂŶĚĞĚ ĨŝƐŚ ĂŶĚ ƐĞĂĨŽŽĚ ĚŝƐŚĞƐ͕ ĨŽŽĚƐĞƌǀŝĐĞ ƉƌŽĚƵĐƚƐ ĂŶĚ ƉƌŽĚƵĐƚƐ ĨŽƌ ĞdžƉŽƌƚ͘ tŝƚŚ Ă ƚĞĂŵ ŽĨ ŽǀĞƌ ϯ͕ϬϬϬ ƉĞŽƉůĞ ĂĐƌŽƐƐ ƚŚĞ h<͕ ƚŚĞLJ ǁŽƌŬ ŝŶ ůŽŶŐͲƚĞƌŵ ƉĂƌƚŶĞƌƐŚŝƉƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐ͘ hƐŝŶŐ ŵŽƌĞ ƚŚĂŶ ϯϬ ƐƉĞĐŝĞƐ͕ ƐŽƵƌĐĞĚ ĨƌŽŵ ϱ ĐŽŶƚŝŶĞŶƚƐ͕ ƚŚĞŝƌ ƚĞĂŵ ƉƌĞƉĂƌĞƐ ŽǀĞƌ ϯϬϬ ŵŝůůŝŽŶ ƐĞĂĨŽŽĚ ĚŝƐŚĞƐ ĨŽƌ ƚŚĞ h< ĐŽŶƐƵŵĞƌ ĞǀĞƌLJ LJĞĂƌ͘ zŽƵŶŐ͛Ɛ ǁĂƐ ĨŽƵŶĚĞĚ ŝŶ ϭϴϬϱ͘ ƵŝůĚŝŶŐ ŽŶ ƚŚĂƚ ŚĞƌŝƚĂŐĞ͕ ƚŚĞLJ ƐƚƌŝǀĞ ƚŽ ĐŽŵďŝŶĞ ĞdžƉĞƌƚŝƐĞ ŝŶ ĨŝƐŚ ǁŝƚŚ ŐƌĞĂƚ ĐŽŶƐƵŵĞƌ ĂŶĚ ƐŚŽƉƉĞƌ ŝŶƐŝŐŚƚ ďĂƐĞĚ ŝŶŶŽǀĂƚŝŽŶ͘ ^ƵƉƉůLJŝŶŐ ŵĂŶLJ ŽĨ ƚŚĞ ŵĂũŽƌ ƌĞƚĂŝůĞƌƐ͕ ƚŚĞLJ ĂƌĞ ƉĂƐƐŝŽŶĂƚĞ ĂďŽƵƚ ĨŝƐŚ ĂŶĚ ĞdžĐĞůůĞŶƚ ĨŽŽĚ ǀĂůƵĞƐ ʹ ĨƌŽŵ ƋƵĂůŝƚLJ ƚŽ ƚĞĐŚŶŝĐĂů ĂďŝůŝƚLJ͕ ĂŶĚ ĨƌŽŵ ƚĂƐƚĞ ƚŽ ƐƵƐƚĂŝŶĂďŝůŝƚLJ͘ dŚĞŝƌ ƚĞĂŵƐ ĐƌĞĂƚĞ ŽǀĞƌ Ϯ͕ϬϬϬ ĚŝĨĨĞƌĞŶƚ ƉƌŽĚƵĐƚƐ ŝŶĐůƵĚŝŶŐ ƐŵŽŬĞĚ ƐĂůŵŽŶ͕ ďƌĞĂĚĞĚ ƐĐĂŵƉŝ͕ ĨŝƐŚ ƉŝĞƐ͕ ďĂƚƚĞƌĞĚ ĨŝƐŚ ĂŶĚ ĨŝůůĞƚƐ͘ WƌŽƚĞĐƚŝŶŐ ŽƵƌ ƐĞĂƐ ĂŶĚ ŝŶƐƉŝƌŝŶŐ ƉĞŽƉůĞ ƚŽ ĞĂƚ ƌĞƐƉŽŶƐŝďůLJ ƐŽƵƌĐĞĚ ĨŝƐŚ ĂƌĞ ƉĂƌƚ ŽĨ ƚŚĞ ƐĂŵĞ ƐƚŽƌLJ ʹ Ă ƐƚŽƌLJ ƚŚĂƚ zŽƵŶŐ͛Ɛ ŚĂƐ ďĞĞŶ ƉĂƌƚ ŽĨ ĨŽƌ ŽǀĞƌ ϮϬϬ LJĞĂƌƐ͘ dŚĞLJ ďĞůŝĞǀĞ ƚŚĂƚ ƐƵĐĐĞƐƐ ŝƐ ĂďŽƵƚ ĚŽŝŶŐ ƚŚĞ ƌŝŐŚƚ ƚŚŝŶŐ ŶŽǁ͕ ĂŶĚ ĨŽƌ ŐĞŶĞƌĂƚŝŽŶƐ ƚŽ ĐŽŵĞ͕ ŝƚ ŝƐ ǁŚLJ ƚŚĞLJ ŚĂǀĞ ŵĂĚĞ &ŝƐŚ ĨŽƌ >ŝĨĞ ƚŚĞŝƌ ĐŽƌƉŽƌĂƚĞ ͚ƋƵĂůŝƚLJ ŵĂƌŬ͛ ĨŽƌ ƌĞƐƉŽŶƐŝďůĞ ŵĂŶĂŐĞŵĞŶƚ͘

2 4

dŚĞ &ŝŶĚƵƐ 'ƌŽƵƉ ŝƐ ŽŶĞ ŽĨ ƵƌŽƉĞ͛Ɛ ůĂƌŐĞƐƚ ĨƌŽnjĞŶ ĨŽŽĚ ĂŶĚ ƐĞĂĨŽŽĚ ĐŽŵƉĂŶŝĞƐ ǁŝƚŚ ůĞĂĚŝŶŐ ďƌĂŶĚƐ͕ ϲ͕ϬϬϬ ĞŵƉůŽLJĞĞƐ ĂŶĚ ŽǀĞƌ άϭ ďŝůůŝŽŶ ƚƵƌŶŽǀĞƌ͘ KƉĞƌĂƚŝŽŶĂůůLJ ĚĞĐĞŶƚƌĂůŝƐĞĚ ŝŶƚŽ ϯ ƌĞŐŝŽŶĂů ĐůƵƐƚĞƌƐ͕ &ŝŶĚƵƐ 'ƌŽƵƉ ŝƐ ƚŚĞ ƉĂƌĞŶƚ ĐŽŵƉĂŶLJ ŽĨ &ŝŶĚƵƐ EŽƌĚŝĐƐ͕ zŽƵŶŐ͛Ɛ ^ĞĂĨŽŽĚ >ƚĚ ŝŶ ƚŚĞ h< ĂŶĚ &ŝŶĚƵƐ ŝŶ ^ŽƵƚŚĞƌŶ ƵƌŽƉĞ͘ dŚĞ &ŝŶĚƵƐ 'ƌŽƵƉ ďƌŝŶŐƐ ƚŽŐĞƚŚĞƌ Ă ƚŽƉ ĨƌŽnjĞŶ ĨŽŽĚ ďƵƐŝŶĞƐƐ ŝŶ ƚŚĞ EŽƌĚŝĐƐ͕ Ă ůĞĂĚŝŶŐ ĨƌŽnjĞŶ Θ ĐŚŝůůĞĚ ƐĞĂĨŽŽĚ ĐŽŵƉĂŶLJ ŝŶ ƚŚĞ h< Θ Ă ĨĂƐƚ ŐƌŽǁŝŶŐ ĨƌŽnjĞŶ ĨŽŽĚ ďƵƐŝŶĞƐƐ ŝŶ &ƌĂŶĐĞ͘ /Ŷ ƚŚĞ EŽƌĚŝĐƐ͕ &ŝŶĚƵƐ ŝƐ ĂŶ ŝĐŽŶŝĐ ďƌĂŶĚ ĚĞůŝǀĞƌŝŶŐ ƉƌĞŵŝƵŵ ĨƌŽnjĞŶ ĨŽŽĚ ĂĐƌŽƐƐ Ăůů ŵĂũŽƌ ĐĂƚĞŐŽƌŝĞƐ ŽĨ ĨŝƐŚ͕ ǀĞŐĞƚĂďůĞƐ͕ ŵĞĂůƐ ĂŶĚ ďĂŬĞƌLJ͘ /Ŷ ƚŚĞ h< zŽƵŶŐ͛Ɛ ^ĞĂĨŽŽĚ >ŝŵŝƚĞĚ ŚĂƐ Ă ŵĂƌŬĞƚ ůĞĂĚŝŶŐ ƉŽƐŝƚŝŽŶ ŝŶ ďƌĂŶĚĞĚ ƐĞĂĨŽŽĚ ƚŚƌŽƵŐŚ ƚŚĞ zŽƵŶŐ͛Ɛ ďƌĂŶĚ ĂŶĚ ƐƵƉƉůŝĞƐ ŵŽƐƚ ŽĨ ƚŚĞ ŵĂũŽƌ h< ƌĞƚĂŝůĞƌƐ ǁŝƚŚ ƉƌŝǀĂƚĞ ůĂďĞů ĐŚŝůůĞĚ ƐĞĂĨŽŽĚ͘ /Ŷ ^ŽƵƚŚĞƌŶ ƵƌŽƉĞ͕ &ŝŶĚƵƐ ŝƐ ƚŚĞ ŵĂƌŬĞƚ ůĞĂĚĞƌ ŝŶ ĨƌŽnjĞŶ ĨŽŽĚ ŝŶ &ƌĂŶĐĞ ĂŶĚ ƚŚĞ ŵĂƌŬĞƚ ůĞĂĚĞƌ ŝŶ ĨƌŽnjĞŶ ǀĞŐĞƚĂďůĞƐ ŝŶ ^ƉĂŝŶ͘ ZĞƐƉŽŶƐŝďůLJ ƐĞƌǀŝŶŐ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ĐŽŶƐƵŵĞƌƐ͕ &ŝŶĚƵƐ 'ƌŽƵƉ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ůĞĚ ƚŚĞ ǁĂLJ ǁŝƚŚ ĂǁĂƌĚ ǁŝŶŶŝŶŐ ƉƌŽŐƌĂŵŵĞƐ ŽŶ Ă ƌĂŶŐĞ ŽĨ ŝƐƐƵĞƐ ʹ ĨƌŽŵ ƌĞƐƉŽŶƐŝďůĞ ĨŝƐŚ ƐŽƵƌĐŝŶŐ ƚŽ ǀĞŐĞƚĂďůĞ ŐƌŽǁŝŶŐ͕ ĂŶĚ ĨƌŽŵ ƚŚĞŝƌ ĞŶǀŝƌŽŶŵĞŶƚĂů ĨŽŽƚƉƌŝŶƚ ƚŽ ƉƌŽŵŽƚŝŶŐ Ă ŚĞĂůƚŚLJ ĚŝĞƚ͘

4

WƌŽƵĚ ƚŽ ďĞ Ă ^ĐŽƚƚŝƐŚ ĐŽŵƉĂŶLJ ĂŶĚ ĨŽƌƚƵŶĂƚĞ ƚŽ ǁŽƌŬ ĂůŽŶŐ ^ĐŽƚůĂŶĚ͛Ɛ ĚƌĂŵĂƚŝĐ tĞƐƚ ŽĂƐƚ͕ ǁŚŝůƐƚ ƉůĂLJŝŶŐ ĂŶ ŝŵƉŽƌƚĂŶƚ ƌŽůĞ ŝŶ Ă ůĂƌŐĞ ŶƵŵďĞƌ ŽĨ ^ĐŽƚůĂŶĚ͛Ɛ ůŽĐĂů ĐŽŵŵƵŶŝƚŝĞƐ͘ dŚĞLJ ǁŽƌŬ ĐůŽƐĞůLJ ǁŝƚŚŝŶ ƚŚĞƐĞ ĐŽŵŵƵŶŝƚŝĞƐ͕ ǁŚŝĐŚ ĂƌĞ ǀŝƚĂů ƚŽ ƚŚĞ ƐƵĐĐĞƐƐ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ͘ KƉĞƌĂƚŝŶŐ ĨƌŽŵ ĂďŽƵƚ ϲϬ ůŽĐĂƚŝŽŶƐ͕ ƚŚĞLJ ĞŵƉůŽLJ ŽǀĞƌ ϰϴϬ ƉĞŽƉůĞ ĂĐƌŽƐƐ ŵĂŶLJ ĚŝƐĐŝƉůŝŶĞƐ͘ dŚĞ ĞĐŽŶŽŵŝĐ ŝŵƉĂĐƚ ƚŚĞLJ ŚĂǀĞ ŽŶ ƌĞŵŽƚĞ ĐŽŵŵƵŶŝƚŝĞƐ ŝŶ ^ĐŽƚůĂŶĚ ŝƐ ǀĞƌLJ ŝŵƉŽƌƚĂŶƚ͖ ĨƌŽŵ ƚŚĞ ŝƐůĂŶĚĞƌƐ ǁŽƌŬŝŶŐ ŽŶ ƚŚĞ ĨĂƌŵƐ͕ ƚŽ ƚŚĞŝƌ ŝŶǀŽůǀĞŵĞŶƚ ŝŶ ůŽĐĂů ƐĐŚŽŽůƐ ƉƌŽũĞĐƚƐ͕ ƚƌĂŝŶŝŶŐ ĂŶĚ ĂƉƉƌĞŶƚŝĐĞƐŚŝƉƐ͕ ĂŶĚ ƐƉŽŶƐŽƌƐŚŝƉ͕ ƚŚĞLJ ĂƌĞ ƉƌŽƵĚ ƚŽ ďĞ ƉĂƌƚ ŽĨ ƌƵƌĂů ůŝĨĞ ŝŶ ^ĐŽƚůĂŶĚ͕ ĂŶĚ ĂĐƚŝǀĞůLJ ĞŶĐŽƵƌĂŐĞ ƐƵƐƚĂŝŶĂďůĞ ĚĞǀĞůŽƉŵĞŶƚ͘ tŚĞƌĞǀĞƌ ƉŽƐƐŝďůĞ͕ ƚŚĞLJ Ăŝŵ ƚŽ ƐŽƵƌĐĞ ůŽĐĂůůLJ ƚŽ ďĞŶĞĨŝƚ ƚŚĞ ĐŽŵŵƵŶŝƚŝĞƐ ŝŶ ǁŚŝĐŚ ƚŚĞŝƌ ƐƚĂĨĨ ůŝǀĞ ĂŶĚ ǁŽƌŬ͘

dŚĞLJ ĂĚŚĞƌĞ ƚŽ Ă ƐƚƌŝĐƚ ŝŶĚƵƐƚƌLJ ĐŽĚĞ ŽĨ ďĞƐƚ ƉƌĂĐƚŝĐĞ ŵĂŝŶƚĂŝŶ ŚŝŐŚ ƐƚĂŶĚĂƌĚƐ ƚŚƌŽƵŐŚŽƵƚ ďƵƐŝŶĞƐƐ͕ Ăƚ Ăůů ƚŝŵĞƐ͘ 'ŽŽĚ ŚƵƐďĂŶĚƌLJ ĂŶĚ ĨĂƌŵŝŶŐ ŵĞƚŚŽĚƐ ĞŶƐƵƌĞ ƚŚĞ ďĞƐƚ ǁĞůĨĂƌĞ ŽĨ ƚŚĞŝƌ ĨŝƐŚ͘ dŚĞ ƌĞƐƵůƚ ŝƐ ƉƌĞŵŝƵŵ ƋƵĂůŝƚLJ ĂŶĚ ŐƌĞĂƚ ƚĂƐƚŝŶŐ ƐĂůŵŽŶ͘ tŽƌŬŝŶŐ ŝŶ Ă ŶĂƚƵƌĂů ĞŶǀŝƌŽŶŵĞŶƚ͕ ŝŶ Ă ĐƵůƚƵƌĞ ŽĨ ĐŽŶƚŝŶƵŽƵƐ ŝŵƉƌŽǀĞŵĞŶƚ͕ ĞŶƐƵƌĞƐ ƚŚĂƚ ƚŚĞŝƌ ƚĞĂŵ ŝƐ ƉĞƌĨĞĐƚůLJ ƉůĂĐĞĚ ƚŽ ƌĞǀŝĞǁ ĂŶĚ ŝŵƉƌŽǀĞ ƚĞĐŚŶŝƋƵĞƐ ĂŶĚ ƉƌŽĐĞƐƐĞƐ ƐŽ ƚŚĂƚ ƚŚĞLJ ĂůǁĂLJƐ ĚĞůŝǀĞƌ Ă ĨŝƌƐƚ ĐůĂƐƐ ƐĞƌǀŝĐĞ ƚŽ ƚŚĞŝƌ ĐƵƐƚŽŵĞƌƐ͘

4

tŝƚŚ ϯϬн LJĞĂƌƐ ŝŶ ƚŚĞ &ĂƐƚ DŽǀŝŶŐ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚƵƐƚƌLJ͕ :ŽŶĂƚŚĂŶ ŚĂƐ ŚĞůĚ ƐĞŶŝŽƌ ƐĂůĞƐ ĂŶĚ ŵĂƌŬĞƚŝŶŐ ƉŽƐŝƚŝŽŶƐ ŝŶ ŵƵůƚŝŶĂƚŝŽŶĂů ŵĂŶƵĨĂĐƚƵƌĞƌƐ ĂŶĚ Ă ƌĞƚĂŝůĞƌ͘ ,Ğ ƌĞĐĞŶƚůLJ ůĞĨƚ EŝĞůƐĞŶ͕ ƚŚĞ ǁŽƌůĚ͛Ɛ ůĂƌŐĞƐƚ ŵĂƌŬĞƚ ƌĞƐĞĂƌĐŚ ŐƌŽƵƉ͖ ǁŚĞƌĞ ĨŽƌ ƚŚĞ ůĂƐƚ ϳ LJĞĂƌƐ ŚĞ ǁĂƐ ƚŚĞŝƌ ƵƌŽƉĞĂŶ ƵƐŝŶĞƐƐ /ŶƐŝŐŚƚ ŝƌĞĐƚŽƌ͘ :ŽŶĂƚŚĂŶ ƐƉĞĐŝĂůŝƐĞƐ ŝŶ ƚƌĂĐŬŝŶŐ ĂŶĚ ƉƌĞĚŝĐƚŝŶŐ ĐŽŶƐƵŵĞƌ ďĞŚĂǀŝŽƵƌ ĂŶĚ ƚƌĞŶĚƐ͕ ƚŽ ŚĞůƉ ŵĂŶƵĨĂĐƚƵƌĞƌƐ ĂŶĚ ƌĞƚĂŝůĞƌƐ ĨŽƌŵƵůĂƚĞ ǁŝŶŶŝŶŐ ƐƚƌĂƚĞŐŝĞƐ͘ ǁŝĚĞůLJ ƌĞĐŽŐŶŝnjĞĚ ĨŝŐƵƌĞ ŝŶ ƌŝƚŝƐŚ ĂŶĚ ŝŶƚĞƌŶĂƚŝŽŶĂů ŵĞĚŝĂ͕ ĂƐ ǁĞůů ĂƐ ďĞŝŶŐ Ă ƉƌŽŵŝŶĞŶƚ ƐƉĞĂŬĞƌ ĂŶĚ ŵŽĚĞƌĂƚŽƌ Ăƚ ŬĞLJ ŝŶĚƵƐƚƌLJ ĞǀĞŶƚƐ ĂƌŽƵŶĚ ƚŚĞ ǁŽƌůĚ͘

4 ^ĞĂĨŽdž ŝƐ ƚŚĞ h< ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĨŽƌ E ^& ĂŶĚ ǁĂƐ ĐƌĞĂƚĞĚ ŝŶ ϮϬϭϬ ĂƐ Ă ƉĂƌƚŶĞƌƐŚŝƉ ďĞƚǁĞĞŶ Ă ůĞĂĚŝŶŐ EŽƌǁĞŐŝĂŶ ůŽŐŝƐƚŝĐƐ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚ ĐŽŵƉĂŶLJ ^ĞĂĨƌŽŶƚ ^ ďĂƐĞĚ ŝŶ <ƌŝƐƚŝĂŶƐĂŶĚ͘ dŚĞ Ăŝŵ ŽĨ ƚŚĞ ďƵƐŝŶĞƐƐ ŝƐ ƚŽ ďƌŝŶŐ ƐƉĞĐŝĂůŝƐƚ ĞdžƉĞƌƚŝƐĞ ĂŶĚ ƉƌŽĨĞƐƐŝŽŶĂůŝƐŵ ŝŶ ƉƌŽǀŝĚŝŶŐ ŽƌŐĂŶŝƐĂƚŝŽŶƐ ǁŝƚŚ ĨƵŶĚŝŶŐ ĂŶĚ ďƵƐŝŶĞƐƐ ƐƵƉƉŽƌƚ͘ ), - ,0# - #( &/ 9 • --#(! ( .#)( & H /( #(! ( !, (.- ), 1# , (! ) ),! (#- .#)(- ( - .),- • ,#0#(! )-.- )/. ) ." *"3-# & ')0 ' (. ) !)) - 1#."#( ." -/**&3 " #( • /-#( -- !,)1." -/**),.

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4 7 DΘ: ^ĞĂĨŽŽĚ ŐƌĞǁ ŽƌŐĂŶŝĐĂůůLJ ƚŽ ďĞĐŽŵĞ ƚŚĞ h<ΖƐ ůĂƌŐĞƐƚ ŝŶĚĞƉĞŶĚĞŶƚ ƐĞĂĨŽŽĚ ƐƵƉƉůŝĞƌ ďLJ ƚŚĞ ϭϵϵϬƐ͕ ĂŶĚ ŝƐ ŶŽǁ Ă ŵĞŵďĞƌ ŽĨ ƵƌŽƉĞΖƐ ůĂƌŐĞƐƚ ĨŽŽĚƐĞƌǀŝĐĞ ďƵƐŝŶĞƐƐ͕ ƚŚĞ ƌĂŬĞƐ 'ƌŽƵƉ͘ dŚĞLJ ŽĨĨĞƌ ƚŚĞ ůĂƌŐĞƐƚ ƌĂŶŐĞ ŽĨ ĨƌĞƐŚ ĂŶĚ ĨƌŽnjĞŶ ĨŝƐŚ Θ ƐĞĂĨŽŽĚ͕ Ă ďĞƐƉŽŬĞ ĨŝůůĞƚŝŶŐ ƐĞƌǀŝĐĞ ĂŶĚ ƵŶƌŝǀĂůůĞĚ ĞdžƉĞƌƚ ĂĚǀŝĐĞ͕ ǁŚŝĐŚ ŝƐ ǁŚLJ ƚŚĞLJ ĂƌĞ ƚŚĞ ĐŚĞĨ͛Ɛ ĨŝƌƐƚ ĐŚŽŝĐĞ͘ dŚĞ ĐŽŵďŝŶĂƚŝŽŶ ŽĨ ƚŚĞŝƌ ůŽĐĂů ďƌĂŶĐŚĞƐ ĂŶĚ ƚŚĞ h<ΖƐ ůĂƌŐĞƐƚ ƌĂŶŐĞ ŽĨ ĨƌĞƐŚ͕ ĨƌŽnjĞŶ ĂŶĚ ĐŚŝůůĞĚ ƐĞĂĨŽŽĚ ƉƌŽĚƵĐƚƐ ĞŶĂďůĞƐ ƚŚĞŵ ƚŽ ŽĨĨĞƌ ĨŝƌƐƚ ĐůĂƐƐ ůŽĐĂů ƐĞƌǀŝĐĞ ƚŽ ŽǀĞƌ ϭϮ͕ϬϬϬ ĐŚĞĨƐ ŶĂƚŝŽŶǁŝĚĞ Ͳ ǁŚĂƚĞǀĞƌ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚ͘ dŚĞŝƌ ǀĂƌŝĞĚ ĐƵƐƚŽŵĞƌ ďĂƐĞ ŝŶĐůƵĚĞƐ ƌĞƐƚĂƵƌĂŶƚƐ͕ ŚŽƚĞůƐ͕ ƉƵďƐ͕ ĐŽŶƚƌĂĐƚ ĐĂƚĞƌĞƌƐ͕ ĞĚƵĐĂƚŝŽŶ ĂŶĚ ƋƵŝĐŬ ƐĞƌǀŝĐĞ ƌĞƐƚĂƵƌĂŶƚƐ ĂƐ ǁĞůů ĂƐ ƐƵƉƉůLJŝŶŐ ĨŝƐŚŵŽŶŐĞƌƐ ĂŶĚ ŽƚŚĞƌ ǁŚŽůĞƐĂůĞƌƐ͘

2 2

4 ^ ǁĂƐ ĨŽƌŵĞĚ ǁŚĞŶ ƚǁŽ ƐĞƉĂƌĂƚĞ ĐŽŵƉĂŶŝĞƐ͕ ƐƐŽĐŝĂƚĞĚ ĂŝƌŝĞƐ ĂŶĚ ƚŚĞ ƐƋƵŝƚŚ ďƌŽƚŚĞƌƐ͛ ƐƵƉĞƌŵĂƌŬĞƚ ĐŚĂŝŶ YƵĞĞŶ͛Ɛ͕ ĐĂŵĞ ƚŽŐĞƚŚĞƌ ŝŶ ϭϵϲϱ͘ ^ ^ƚŽƌĞƐ >ƚĚ ǁĂƐ ĐƌĞĂƚĞĚ͕ Ă ƐƵƉĞƌŵĂƌŬĞƚ ĐŽŵŵŝƚƚĞĚ ƚŽ ŽĨĨĞƌŝŶŐ ŝƚƐ ĐƵƐƚŽŵĞƌƐ ͚ƉĞƌŵĂŶĞŶƚůLJ ůŽǁ ƉƌŝĐĞƐ͛͘ /Ŷ :ƵŶĞ ϭϵϵϵ͕ ŶŽǁ Ă ƐƵĐĐĞƐƐĨƵů ĐŽŵƉĂŶLJ ŽŶĐĞ ŵŽƌĞ͕ ^ ǁĂƐ ĂĐƋƵŝƌĞĚ ďLJ tĂůͲDĂƌƚ ^ƚŽƌĞƐ /ŶĐ͕͘ ĂŶĚ ďĞĐĂŵĞ ƉĂƌƚ ŽĨ ƚŚĞ ǁŽƌůĚ͛Ɛ ďŝŐŐĞƐƚ ĂŶĚ ďĞƐƚ ƌĞƚĂŝůĞƌ͘ ^ŝŶĐĞ ƚŚĞŶ͕ ^ ŚĂƐ ďĞĐŽŵĞ ƌŝƚĂŝŶ͛Ɛ ƐĞĐŽŶĚ ůĂƌŐĞƐƚ ƐƵƉĞƌŵĂƌŬĞƚ ǁŝƚŚ ŽǀĞƌ ϯϱϬ ƐƚŽƌĞƐ ĂŶĚ ŽǀĞƌ ϭϲϬ͕ϬϬϬ ĐŽůůĞĂŐƵĞƐ͘ dŚĞŝƌ ĐŽŵŵŝƚŵĞŶƚƐ ƚŽ ǀĂůƵĞ͕ ƋƵĂůŝƚLJ͕ ĐŽůůĞĂŐƵĞƐ ĂŶĚ ƉƵƚƚŝŶŐ ĐƵƐƚŽŵĞƌƐ ĨŝƌƐƚ ƌĞŵĂŝŶ ƚŚĞ ĞŶŐŝŶĞ ƚŚĂƚ ĚƌŝǀĞƐ ƚŚĞŝƌ ďƵƐŝŶĞƐƐ͕ ĂŶĚ ǁŝƚŚ ƚŚĞ ďĂĐŬŝŶŐ ŽĨ tĂůΎDĂƌƚ ƚŚĞLJ ƉůĂŶ ƚŽ ĐŽŶƚŝŶƵĞ ĚĞůŝǀĞƌŝŶŐ ĨŽƌ ĐƵƐƚŽŵĞƌƐ͘

4

/ŶǀĞƐƚ E > ŝƐ ƚŚĞ ŝŶǁĂƌĚ ŝŶǀĞƐƚŵĞŶƚ ŽƌŐĂŶŝƐĂƚŝŽŶ ĨŽƌ EŽƌƚŚ ĂƐƚ >ŝŶĐŽůŶƐŚŝƌĞ ŽƵŶĐŝů ďĂƐĞĚ ŝŶ 'ƌŝŵƐďLJ ĂŶĚ ŚĂƐ ŽŶĞ ŽĨ ƚŚĞ ůĂƌŐĞƐƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ĨŽŽĚ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ ŝŶŶŽǀĂƚŝŽŶ͕ ƐƚŽƌĂŐĞ ĂŶĚ ĚŝƐƚƌŝďƵƚŝŽŶ ŝŶ ƵƌŽƉĞ͘ Ɛ ͚ ƵƌŽƉĞ͛Ɛ &ŽŽĚ dŽǁŶ͛ ǁĞ ĂƌĞ ƚŚĞ ĐĞŶƚƌĞ ŽĨ ƚŚĞ h<͛Ɛ ƐĞĂĨŽŽĚ ŝŶĚƵƐƚƌLJ ĂŶĚ ǁĞ ŚĂǀĞ ĂƌŽƵŶĚ ϱϬϬ ĨŽŽĚͲƌĞůĂƚĞĚ ĐŽŵƉĂŶŝĞƐ͕ Ă ĨƵůůLJ ŵŽĚĞƌŶŝƐĞĚ &ŝƐŚ DĂƌŬĞƚ͕ ƚŚĞ ůĂƌŐĞƐƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶ ŽĨ ĐŽůĚ ƐƚŽƌĂŐĞ ĨĂĐŝůŝƚŝĞƐ ŝŶ ƵƌŽƉĞ ĂŶĚ ƉƌŽǀĞŶ ƐƵƉƉůLJ ĐŚĂŝŶ ŽĨ ƐƉĞĐŝĂůŝƐƚ ĨŽŽĚ ƐĞĐƚŽƌ ƐĞƌǀŝĐĞ ĐŽŵƉĂŶŝĞƐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ǁĞ ĞdžĐĞů ŝŶ ůĞĂĚĞƌƐŚŝƉ ŝŶ ŝŶŶŽǀĂƚŝŽŶ ĨŽŽĚ ƚĞĐŚŶŽůŽŐLJ ĂŶĚ ƌĞƐĞĂƌĐŚ ĂƐ ǁĞůů ĂƐ ŚŽƐƚŝŶŐ Ă ƌĞĂĚLJ ĂŶĚ ĂďůĞ ǁŽƌŬĨŽƌĐĞ ǁŝƚŚ Ă ƐƚƌŽŶŐ ĨŽŽĚ ĐƵůƚƵƌĞ ƚŚĂƚ ŝŶĐůƵĚĞƐ ƵƌŽƉĞĂŶ W'/ ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ 'ƌŝŵƐďLJ dƌĂĚŝƚŝŽŶĂůůLJ ^ŵŽŬĞĚ &ŝƐŚ͘ DĂũŽƌ ƐĞĂĨŽŽĚ ĐŽŵƉĂŶŝĞƐ ďĂƐĞĚ ŝŶ EŽƌƚŚ ĂƐƚ >ŝŶĐŽůŶƐŚŝƌĞ ŝŶĐůƵĚĞ zŽƵŶŐΖƐ ʹ ƵƌŽƉĞ͛Ɛ ůĞĂĚŝŶŐ ƐĞĂĨŽŽĚ Ĩŝƌŵ ŚĂƐ ƚŚƌĞĞ ůŽĐĂů ƉƌŽĚƵĐƚŝŽŶ ƐŝƚĞƐ ĂŶĚ ŝƐ ŚĞĂĚƋƵĂƌƚĞƌĞĚ ŝŶ 'ƌŝŵƐďLJ͘ DŽƌƌŝƐŽŶƐ Ͳ ŚŽƐĞ 'ƌŝŵƐďLJ ĂƐ ƚŚĞ ůŽĐĂƚŝŽŶ ĨŽƌ ƚŚĞŝƌ ŶĞǁ ĨŝƐŚ ƉƌŽĐĞƐƐŝŶŐ ĨĂĐŝůŝƚLJ ĂŶĚ /ĐĞůĂŶĚŝĐ ^ĞĂĐŚŝůů Ͳ DĂũŽƌ /ĐĞůĂŶĚŝĐ ŽǁŶĞĚ ĨƌŽnjĞŶ ĂŶĚ ĐŚŝůůĞĚ ƐĞĂĨŽŽĚ ƐƵƉƉůŝĞƌ͕ ŚŽŵĞ ƚŽ ŽŶĞ ŽĨ ƚŚĞ h<ΖƐ ĨĂƐƚĞƐƚ ŐƌŽǁŝŶŐ ĨŽŽĚ ďƌĂŶĚƐ Ͳ ^ĂƵĐLJ &ŝƐŚ Ž Ă h< Η ŽŽů ƌĂŶĚ͘

4 "% %%&% 7 <ŝŶĐĂŶŶŽŶ Θ ZĞĞĚ ŝƐ ƚŚĞ ǁŽƌůĚΖƐ ůĞĂĚŝŶŐ ƌĞƚĂŝŶĞĚ ĞdžĞĐƵƚŝǀĞ ƐĞĂƌĐŚ Ĩŝƌŵ ŝŶ ĨŽŽĚ ĂŶĚ ĂŐƌŝďƵƐŝŶĞƐƐ͕ ĂŶĚ ƐĞƌǀĞƐ ŽƌŐĂŶŝnjĂƚŝŽŶƐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ŵĞƌŝĐĂƐ͕ ƵƌŽƉĞ͕ ƐŝĂ WĂĐŝĨŝĐ͕ ĨƌŝĐĂ͕ ĂŶĚ ƚŚĞ DŝĚĚůĞ ĂƐƚ͘ dŚĞŝƌ ĐůŝĞŶƚƐ ŝŶ ĂƋƵĂĐƵůƚƵƌĞ ĂŶĚ ƐĞĂĨŽŽĚ ĨŝŶĚ ƚŚĂƚ ƚŚŝƐ ĨŽĐƵƐ ŝƐ Ă ŬĞLJ ƚŽ <ŝŶĐĂŶŶŽŶ Θ ZĞĞĚ͛Ɛ ƐƵĐĐĞƐƐ ŝŶ ĨŝŶĚŝŶŐ ƚŚĞ ŚŝŐŚͲƉĞƌĨŽƌŵŝŶŐ ůĞĂĚĞƌƐ ƚŚĞLJ ŶĞĞĚ͘ <ŝŶĐĂŶŶŽŶ Θ ZĞĞĚ͛Ɛ ƵŶĚĞƌƐƚĂŶĚŝŶŐ ŽĨ ƚŚĞŝƌ ĐůŝĞŶƚƐ͛ ŵŝƐƐŝŽŶƐ͕ ƐƚĂŬĞŚŽůĚĞƌƐ͕ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ĞŶǀŝƌŽŶŵĞŶƚƐ ƐƚƌĞĂŵůŝŶĞƐ ƚŚĞ ƐĞĂƌĐŚ ƉƌŽĐĞƐƐ ĂŶĚ ĞŶĂďůĞƐ ƚŚĞŵ ƚŽ ƉƌĞƐĞŶƚ ĐůŝĞŶƚ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ŝŶ Ă ĐŽŵƉĞůůŝŶŐ ǁĂLJ ƚŽ ƉƌŽŵŝƐŝŶŐ ĐĂŶĚŝĚĂƚĞƐ͕ ĂƐ ǁĞůů ĂƐ ďĞƚƚĞƌ ĂƐƐĞƐƐ ƚŚĞŝƌ Ĩŝƚ ǁŝƚŚ ƚŚĞ ŽƌŐĂŶŝnjĂƚŝŽŶ͘ <ŝŶĐĂŶŶŽŶ Θ ZĞĞĚ ŝƐ ĂůƐŽ ƵŶŝƋƵĞ ŝŶ ƚŚĂƚ ƚŚĞŝƌ ƌĞĐƌƵŝƚĞƌƐ ĂƌĞ ĨŽƌŵĞƌ KƐ ĂŶĚ ƐĞŶŝŽƌ ĞdžĞĐƵƚŝǀĞƐ ĨƌŽŵ ƚŚĞ ƐĞĐƚŽƌƐ ƚŚĞLJ ƐĞƌǀĞ͘ dŚĞ Ĩŝƌŵ ŽƉĞƌĂƚĞƐ ĨƌŽŵ ůŽĐĂƚŝŽŶƐ ĂƌŽƵŶĚ ƚŚĞ ǁŽƌůĚ ĂŶĚ ŝƚƐ ĨŽĐƵƐ ŝƐ ŽŶ ƚŚĞ ƌĞĐƌƵŝƚŵĞŶƚ ŽĨ ƐĞŶŝŽƌ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ďŽĂƌĚ ůĞǀĞů ƌŽůĞƐ͘

4 && ("$) . 7 +$ ( ^ĞĂĨŽŽĚ 'ƌŝŵƐďLJ Θ ,ƵŵďĞƌ ŝƐ ƚŚĞ h<͛Ɛ ůĂƌŐĞƐƚ ƐĞĂĨŽŽĚ ĐůƵƐƚĞƌ ŽƌŐĂŶŝnjĂƚŝŽŶ ŚŽƐƚĞĚ ŝŶ 'ƌŝŵƐďLJ ďLJ ƚŚĞ &ŝƐŚ DĞƌĐŚĂŶƚƐ ƐƐŽĐŝĂƚŝŽŶ͘ 'ƌŝŵƐďLJ Θ ,ƵŵďĞƌ ƌĞƉƌĞƐĞŶƚƐ ŝŶ ƚŚĞ ƌĞŐŝŽŶ ŽĨ άϮ͘ϱ ďŝůůŽŶ ŽĨ ƐĞĂĨŽŽĚ ƐĂůĞƐ ƚŚƌŽƵŐŚ ŝƚƐ ƉƌŽĐĞƐƐŝŶŐ ĂĐƚŝǀŝƚLJ͕ ƚƌĂĚŝŶŐ͕ ĞdžƉŽƌƚŝŶŐ ĂŶĚ ǁŚŽůĞƐĂůĞ Θ ƌĞƚĂŝů ĞŶŐĂŐĞŵĞŶƚ͘ dŚĞ ĐůƵƐƚĞƌ ďŽĂƌĚ ǁŽƌŬƐ ǁŝƚŚ ŝŶĚƵƐƚƌLJ ǁŝƚŚŝŶ ƚŚĞ ƌĞŐŝŽŶ ĨŽĐƵƐŝŶŐ ŽŶ ǀĂƌŝŽƵƐ ƚŽƵĐŚͲƉŽŝŶƚƐ ǁŝƚŚŝŶ ƚŚĞ ĚĂLJ ƚŽ ĚĂLJ ĂĐƚŝǀŝƚLJ ƚŚĂƚ ŝŶĐůƵĚĞƐ ĂŵŽŶŐƐƚ ŽƚŚĞƌ ƚŚŝŶŐƐ͕ ƉŽůŝĐLJ͕ ůĞŐŝƐůĂƚŝŽŶ͕ ƚƌĂĚĞ͕ ůŽŐŝƐƚŝĐƐ͕ ĞdžƉŽƌƚŝŶŐ͕ ƉĂĐŬĂŐŝŶŐ͕ ƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ƐŬŝůůƐ͘ 'ƌŝŵƐďLJ Θ ,ƵŵďĞƌ ŝƐ ƐLJŶŽŶLJŵŽƵƐ ǁŝƚŚ ǁŚŝƚĞ ĨŝƐŚ ĂŶĚ ƐĂůŵŽŶ ƉƌŽĐĞƐƐŝŶŐ ĨŽƌ Ăůů ƚŚĞ h<͛Ɛ ŵĂũŽƌ ƌĞƚĂŝůĞƌƐ ĂŶĚ ƐĞƌǀŝĐĞƐ ŽǀĞƌ ϲϬй ŽĨ ƚŚĞ h<͛Ɛ ĐŚŝůůĞĚ ĂŶĚ ĨƌŽnjĞŶ ƐĞĂĨŽŽĚ͘ dŚĞ ƌĞĂĐŚ ŽĨ ƚŚŝƐ ĐůƵƐƚĞƌ ŝƐ ϰϬ ŵŝůůŝŽŶ ĐŽŶƐƵŵĞƌƐ ǁŝƚŚŝŶ Ă ϰͲŚŽƵƌ ĚƌŝǀĞ ŽĨ ƚŚĞ ƌĞŐŝŽŶ͘

COME AND DO BUSINESS WHERE THE BUSINESS IS 11th North Atlantic Seafood Forum, Bergen Norway, 1-3 March 2016

World seafood trade and investments – major expansion ahead Seafood products are among the most widely traded commodities in the world totalling USD 125 billion annually.

By 2022 FAO forecasts global seafood demand to expand by 20 million tons supplied mainly from fish farming, requiring massive investments of around USD 100 billion. This opens up huge opportunities for private sector projects and funding.

NASF is the world’s largest seafood business conference and a leading meeting place for top-executives. Get insights into vital trends and developments forming the future of the industry…. Meet key global decision makers from industry, capital markets and policy sectors.

11 years of Inspiring the Industry North Atlantic Seafood Forum (NASF), Bergen Norway, 1-3 March 2016 www.nor-seafood.com NASF CONFERENCE IS HELD IN BERGEN – THE WORLD MARINE CAPITAL

Main Sponsors

Organisers

In cooperation with

nor-seafood.com

COME AND DO BUSINESS WHERE THE BUSINESS IS!

NORTH ATLANTIC SEAFOOD FORUM ENJOY LIFE AT THE RADISSON BLU ROYAL HOTEL BRYGGEN, BERGEN

NASF CONFERENCE VENUE: RADISSON BLU ROYAL HOTEL BRYGGEN, BERGEN Contact information: Address: Bryggen 5, Bergen, Norway Phone: +47 555 43 000 www.radissonblu.com

WELCOME BACK TO 11TH NASF 2016 1-3 MARCH

www.nor-seafood.com BACKED BY THE SEAFOOD INDUSTRY To secure strategic guidance as well as to strengthen North Atlantic Seafood Forum’s international image and reputation as a world-class event, we have established good collaboration with and gained support from the industry’s key organisations and top companies. These include: The Norwegian Seafood Council, Norwegian Seafood Federation, the Norwegian Fishermen’s Sales Organisation for Pelagic Fish, the Norwegian Fishing Boat Owner’s Association, the Norwegian Institute of Marine Research, PWC, SINTEF, Kontali, Marlife, MSC, EU Fish Processors Association (AIPCE), KFO, FFV and a number of leading international seafood companies.

Organisers: Pareto Securities, Marlife and FAO

Mediapartner