TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
PEOPLE - COD - NATURE

                            TR ANSFORMI NG THE FUTU RE OF NORT H ATLAN TIC COD

            www.norcod.no                                                        Game Changing Cod
TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
IT’S A REAL GAME CHANGER

                        SEASON DEPENDENCY IS
                        NO LONGER AN ISSUE...
                        WE’VE RIPPED UP THE RULE BOOK
                        AND FOR THE FIRST TIME YOU CAN BENEFIT FROM:
PEOPLE - COD - NATURE

                                                   01
                                                   A guaranteed supply of
                                                   top-quality North Atlantic
                                                   Cod all year round

                                                   02
                                                   Available in fixed volumes
                                                   and delivered within 48 hours
                                                   for unparrelled freshness          CO2 FOOTPRINT                         THE FUTURE

                                                   03                                 Sustainable practices are key for
                                                                                      providing food to an ever-growing
                                                                                                                            Only 2% of the world’s food
                                                                                                                            source derives from our ocean,
                                                                                      population. Since aquaculture has     by investing in Cod farming we
                                                   At stable prices – contracts at    a very low carbon footprint it’s a    can protect our ocean and ensure
                                                   fixed prices for longer periods    great eco-friendly protein choice.    the planet has enough food.

                                                   04
                                                   9% higher fillet yield on farmed
                                                   compared to wild-caught Cod
                                                                                      HEALTH                                ANIMAL WELFARE

                                                   05                                 Cod is a brilliant healthy addition
                                                                                      to the diet due to its incredibly
                                                                                                                            The welfare of our fish is of
                                                                                                                            uppermost importance. We take
                                                                                      lean and protein rich nature.         considerable pride in looking after
                                                   With the added peace of mind
                                                                                      In fact 96% of the calories in        our Cod, keeping the highest
                                                   that it’s sustainable on an
                                                                                      Cod are from the protein content.     standards possible to ensure
                                                   entire new level
                                                                                                                            a healthy and happy Cod.

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
PIONEERING NORWEGIAN COD FARM

                        A WINDOW OF OPPORTUNITY

                                                        HARVEST VOLUMES
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                                                            2021              2022            2023             2024            2025

                                                            6500t
                                                                            10,000t
                                                                                            12,500t
                                                                                                              24,000t
                                                                                                                              25,000t

                                                        NATURAL COD                       AVAILABLE 2021                    STEADY SUPPLY
                                                        As the first company we           Our first Cod will be available   Initial surveys has indicated
                                                        are able to farm North Atlantic   in Q2 2021 and by 2025 we         strong demand for a steady
                                                        Cod viably on a commercial        will be harvesting over to        supply of high quality
                                                        scale - through natural           25,000 tons                       Atlantic Cod
                                                        and sustainable Cod
                                                        farming techniques

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
THE OPPORTUNITY IS HUGE

                                                                               THE COMMERCIAL
                                                                               OPPORTUNITY
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                                                                                55%
                                                                               55% of consumers               Consumers want
                                                                                                                                              12%
                                                                                                                                               Consumption has
                                                                                would like to eat           really fresh fish from       increased by 12% in the in
                                                                                 more seafood                their local counter          last year, contrasting with
                                                                                                                                            a fall in red meat sales

                                                                                70%                                                           36%
                                                                                70% of seafood               Over a third of them             36% shoppers
                                                                                consumers think            believe it’s the retailers’          actively buy
                                                                           ‘sustainability is important’   responsibility to source         sustainable seafood
                                                                                                             sustainable seafood

                                                                                                                                           GROWING MARKETS
                                                                                                                                           As an example, the UK seafood market
                                                                                                                                           alone was worth a total of circa £8.7bn
                                                                                                                                           in 2019 and growing:

                                                                                                                                           UK retail in home: £3.85bn (+0.6%)
                                                                                                                                           Out of home: £4.82bn (+3.4%)
                                                                                                                                           Source: Seafish
                        WE BELIEVE FARMED ATLANTIC COD CAN SIGNIFICANTLY
                                HELP MAXIMIZE SALES OF FRESH COD                                                                           Cod is by far the most popular white fish
                                                                                                                                           in Britain and 9/10 of Cod are imported.
                                                                                                                                           Source: The Fish Society

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
PEOPLE - COD - NATURE

                        IT’S A REAL GAME CHANGER

                        THE TIME FOR
                        COD FARMING                 STABLE DELIVERY              BUY WITH CONFIDENCE             MEETING DEMAND

                        IS NOW!
                                                    With growing consumer           So you can buy with           We can help meet that
                                                    demand you want year-           confidence, knowing          demand with high quality
                                                    round, stable deliveries      that your customers will      farmed fish produced to a
                                                   of fresh, sustainable fish.    be delighted and you’re        large scale, allowing you
                                                                                 meeting their expectations        to fill the gap between
                                                                                 of quality & sustainability.       supply and demand.

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
ABOUT OUR SITES                                                                                JOINT OPERATIONS WITH NAMDAL SETTEFISK

                        FROM THE COLD                                                                                                        HEADQUARTERS

                                                                                                                         SKOGSØYA & PÅLSKJÄRA FARMS

                        CLEAR WATERS OF                                                                                  JAMNUNGEN FARMS

                        THE NORWEGIAN FJORDS
PEOPLE - COD - NATURE

                        We supply North Atlantic    The only difference is that
                        Cod grown in prime fish     we are able to harvest
                        farming conditions in the   and process our Cod
                        same environment as the     within hours, to keep it
                        wild-caught Cod.            completely fresh.

                                                                                  Our three locations are located to have optimal conditions for Cod to thrive:

                                                                                  01     Excellent
                                                                                         average water             02      Good current
                                                                                                                           and water flow           03       Ideal depth

                                                                                         temperatures                      conditions

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
HOW WE FARM

                        A NATURAL PROCESS FROM EGG TO FISH
PEOPLE - COD - NATURE

                             STAGE 1

                                                                                  STAGE 3

                                                                                                                                         STAGE 5

                                                                                                                                                                                                STAGE 7
                                       BROOKSTOCK                                           LARVAE / ROE                                           SEA PHASE                                              LOGISTICS
                                       The Cod are held at the                              Live feed of larvae has to                             The Cod are transferred to                             Through already established
                                       facilities until maturity.                           start within a week                                    sea facilities where it will                           infrastructure & logistic solutions
                                       Continuing selection to                                                                                     grow to 5kg (time varies                               the product is shipped to
                                       produce the best individuals                         They can be moved to                                   by sea temperature)                                    selected markets
                                                                                            growth-phase after 0.5
                                       Currently at 6th generation                          grams, but is usually held
                                                                                            to 1-2 grams

                                                                   ROE                                                  GROWTH                                                  HARVEST                                                PLATE
                                                                   Females produce large                                Fry are moved to larger                                 On land the fish are                                   The fish will reach
                                                                   amounts of eggs which                                tanks where they will grow                              processed, iced and packed                             the end-consumer through
                                                                   hatch within 14 days                                 upto 60g-70g prior to                                   ready to be distributed                                selected partners.
                                                         STAGE 2

                                                                                                              STAGE 4

                                                                                                                                                                      STAGE 6

                                                                                                                                                                                                                             STAGE 8
                                                                                                                        transferring to sea phase

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
NORCOD QUALITY

                        HIGH QUALITY COD                                                    FEEDBACK FROM THE PILOT BATCH
                        Our farmed Cod have been optimised through natural selection        The farmed Cod on the left is very white when cooked and has
                        from each generation - meaning that the advantages of our Cod       firmer meat compared to its wild-caught counterpart.
                        have been generated 100% naturally.
PEOPLE - COD - NATURE

                                                                                                                                     CO
                                                                                                                                       OK
                                                                                                                                         ED
                                                                                                                                         W
                                                                                                                                          IL
                                                                                                                      OD                      C

                                                                                                                                            D-
                                                                                                                  D C                          AU
                                                                                                   COOKED FARME                                     GH
                                                                                                                                                         TC
                                                                                                                                                              OD

                        6% smaller head 8% higher       The texture      Minimal skin and   Farmed Cod is a white and           The meat when fresh                The yield from whole
                        on farmed       headed &        of the farmed    meat damage on     even looking fish. The skin         was very firm and had              round to fillet was 9%
                                        gutted yield    Cod is even      the farmed         is clean and without bruises        a sweet taste                      higher on the farmed
                                        on farmed       firmer and has                                                                                             Cod vs the wild-caught*
                                                        a great clean
                                                        and slightly
                                                        sweet taste

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
PROCESS

                        WE WILL PROCESS THE FOLLOWING CUTS                                                                   HEAD & SKELETON
                                                                                                                                               LIVER   STOMACH & ROE

                                                                                                                                                              SKIN & TAIL

                                                                                                                             INNER ORGANS

                                                                                         Through our partnership with
                                                                                         Sirena Group, we are able to
                                                                                         coordinate the production and
PEOPLE - COD - NATURE

                                                                                         marketing efforts from
                                                                                         day one.

                                                                                         This enables us to tailor our
                                                                                         production to meet the needs of
                                                                                         the customers and markets to
                                                                                         deliver exactly the desired cuts.
                                                                                                                              98% OF THE COD IS TO BE USED
                         Whole fish will be delivered as   Further processed goods can                                          FOR HUMAN CONSUMPTION
                         HOG & H&G in styro foam boxes     be delivered according to
                         or wooden crates.                 specific requests.
                                                                                                                                                          HEAD & SKELETON
                                                                                                                                                          Bones & head are suited for drying or
                                                                                                                                                          can be used for natural fish stock or
                                                                                         BELLY                                                            used as collagen

                                                                                         LOIN
                                                                                                                                                          LIVER
                                                                                                           PORTION                                        Canned products, smoked liver and liver
                                                                                                                                                          paté can be made from Cod liver
                                                                                                           TAIL
                                                                                                                                                          SKIN & TAIL
                                                                                                                                                          Cod tail and skin can be transformed
                                                                                                                                                          to collagen

                                                                                                                                                          ROE & STOMACH
                                                                                                                                                          Often sold as simply roe and stomach

                                                                                                                                                          INNER ORGANS
                                                                                                                                                          Cosmetics or medical products can be
                                                                                                                                                          made from enzymes from inner organs

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TRANSFORMING THE FUTURE OF NORTH ATLANTIC COD - www.norcod.no
DISTRIBUTIONS

                        SALES & DISTRIBUTION                                                  GLOBAL SUPPLY
                        BY SIRENA GROUP
                                                                                              COD MARKET APPROACH
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                                                                                              Customization to         Long term and       Professional logistic
                                                                                               ensure optimal       trusted partnerships      department to
                                                                                                  solutions                                 ensure consistent
                                                                                               for customers                               and optimal delivery

                        SIRENA GROUP IN BRIEF

                        Deals solely     One of the        35 years’       An international
                        in sustainable   world’s largest   of experience   brand known for
                        seafood          suppliers of                      marketeering the
                                         North Atlantic                    most exclusive
                                         seafood                           seafood

                        GROUP COMPANIES

                                                                                                MAIN DISTRIBUTION
                                                                                                MAIN SUPPLY

                                                                                                OFFICE LOCATIONS

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DELIVERY & FRESHNESS

                        DELIVERED IN 48-72 HOURS
                        Norcod has a logistical setup     Customers in southern Europe
                        that enables the delivery         will be able to receive it within
                        of our Cod to European            3-4 days. This will ensure that
                        customers in northern, eastern    the Cod is much fresher upon
PEOPLE - COD - NATURE

                        and western Europe within 2       arrival then what is currently
                        days from it leaving the water.   possible in most instances.

                                                                                              FOOD SECURITY FOR CUSTOMERS AND CONSUMERS

                                                                                              The real benefits of Cod Farming      Consumers are looking for
                                                                                              allows Norcod to provide stable       food security and comfort in
                                                                                              production, alongside consistent      knowing their food has been
                                                                                              delivery options. This is something   safely produced. Norcod is able
                                                                                              which can only be achieved from       to offer a fully transparent and
                                                                                              farmed Cod.                           ethical production.

                                                             DELIVERY WITHIN 48 HOURS
                                                             DELIVERY WITHIN 72 HOURS

                                                             NORCOD HEADQUARTERS
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OUR RESPONSIBILITY

                        SUSTAINABILITY
                        OUR PRODUCTION HAS A VERY
                        LOW ENVIRONMENTAL IMPACT

                                No antibiotics are used
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                                Our feed has high marine content

                                All feed ingredients are sustainable.

                                We have a fish utilization up to 98%

                                We have hybrid vessels that use
                                electricity instead of diesel.

                                The Cod, feed and waste has minimal
                                contamination and impact on its
                                local environment

                        FARMED COD MEETS 5 OF THE UN’S 17 SUSTAINABLE DEVELOPMENT GOALS                            (SDGS)

                        ZERO HUNGER                             GOOD HEALTH & WELL BEING                    RESPONSIBLE CONSUMPTION                 LIFE BELOW WATER                  PARTNERSHIPS FOR GOALS

                        Cod farming is an incredibly            Cod as a food source has numerous           Cod from the Norwegian- and Barents     Sustainably produced.             Norcod is precisely a cooperation
                        sustainable production method ─         health benefits.                            seas is rated as “green fish ─ eat                                        between several industries /
                        limited impact on scarce resources of                                               with a good conscience” by WWFs         Offering an alternative to wild   companies and countries (Havland,
                        the planet.                             Cod is a fantastic source of high quality   seafood guide2.                         caught seafood.                   Mørkvedbugten, Ecomarine, Norcod,
                                                                protein containing every amino acid and                                                                               and Sirena Group)
                        Successful Cod farming can be           is easily digestible.                       With a FCR of 1.1, farmed Cod is
                        scaled up ─ to supply an increasing                                                 among the most efficient food sources
                        body of people.                         Lean fish e.g. Cod, has among the lowest    in terms of required input factors.
                                                                quantity of persistent organic pollutant.
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OUR FEED

                        BALANCING FISH
                        HEALTH & WELFARE
                        To meet the specific nutritional   of highly digestible marine
PEOPLE - COD - NATURE

                        requirement of farmed Atlantic     proteins and lipids. This ensures
                        Cod whilst balancing fish health   well-balanced growth and fish
                        and welfare with operational       welfare, using raw materials
                        performance in the most            which are natural and easily
                        sustainable way possible,          digested by the fish.
                        the feeds contain high levels

                                                                                               INGREDIENTS

                                                                                               • Protein: 48-56% - thereof marine origin: 80-90%
                                                                                               • Fat: 18-22% - thereof marine origin: 100%
                                                                                               • Raw materials of marine origin (% of dry matter):
                                                                                                 65-70%thereof sustainably fished:100%

                                                                                               To ensure sustainability,         and fish oil are not classified
                                                                                               raw materials are sourced         as endangered species
                                                                                               exclusively from well-            and come from healthy fish
                                                                                               documented sources. Marine        stocks. Certifications ensuring
                                                                                               raw materials are sourced         sustainability are e.g. MSC/
                                                                                               from ICES regulated fisheries,    ISEAL or IFFO-RS. All soy-
                                                                                               ensuring avoidance of             based raw materials are from
                                                                                               overfishing and strains on        certified non-GMO farms
                                                                                               wild fish stocks. Wild-captured   in Europe.
                                                                                               fish used to produce fishmeal

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WILD-CAUGHT VS FARMED

                        FARMED COD
                        NUTRITIONAL FACTS                                                                                                   UK Retailer Wild-Caught
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                                                                                                                   Norcod Farmed Cod           Atlantic Cod Fillets
                        Cod is a great source of protein,                                                         Fillets Skinless Boneless    Skinless Boneless
                        omega-3, vitamin A, vitamin B12,                                                               Analytical Results      Analytical Results
                        selenium and iodine. Making it a
                        healthy and delicious choice due                              Energy Kcal                           75                       56
                        to its lean flaky white meat and
                        light flavour. It is recommended                              Energy KJ                             315                      239
                        to eat fish 2-3 times per week.                               Fat                                  0.56
Q&A

                        TYPICALLY ASKED
                        QUESTIONS
PEOPLE - COD - NATURE

                        What is the difference          Is farmed Cod natural?
                        between wild-caught and         Yes farmed Cod is completely
                        farmed Cod?                     natural without any GMO’s,
                        Farmed cod is now on            furthermore; the Cod lives in
                        the sixth generation, and       its natural habitat.
                        the breeding program has
                        resulted in a smaller head
                        and larger yield than for the   Is farmed Cod healthy?
                        wild cod. In addition farmed    Yes farmed Cod is very
                        cod does not put pressure       healthy and lives its life in
                        on the wild population.         clean northern Norwegian
                                                        waters. It is a fish full of
                                                        beneficial nutrients.
                        What is in the Cod feed?
                        The Cod feed is based
                                                        How is farmed Cod best
                        on high quality feed with
                                                        consumed?
                        a high marine based
                        content. All the feed is        Farmed Cod is a great tasting
                        from sustainable produce.       fish and versatile fish that can
                                                        be grilled, baked, cooked, fried,
                                                        cured, salted, and much more.
                        Is farmed Cod sustainable?      It’s a fish that works just as
                        Yes! Farmed Cod is highly       well in fine dining restaurants
                        sustainable with a feed         or for simple home cooking
                        ratio of 1.1 and a very low     rustic recipes.
                        environmental footprint.

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PEOPLE - COD - NATURE

                        SUSTAINABLE FARMING
                                                                GLOBAL G.A.P                                      ASC                                        ORGANIC
                        CERTIFICATIONS                          Norcod has received green                         ASC certification is pending               Working towards having part of
                        Norcod is working to become certified   light from Global G.A.P to                        full cycle production                      the production Organic certified
                        to the highest standard.                become certified
                                                                Visit Website: https://www.globalgap.org/uk_en/   Visit Website: https://www.asc-aqua.org/   Visit Website: https://www.bioagricert.org/en/

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SALES ENQUIRIES

                        GET IN TOUCH
                                                                                       COMMERCIAL DIRECTOR
                                                                                       OF NORCOD & SIRENA GROUP

                                                                                       Christian Riber
                                                                                       cr@sirenagroup.com
PEOPLE - COD - NATURE

                                                                                       +45 4546 0565

                                                                                       MANAGING DIRECTOR
                                                                                       OF MARIS SEAFOODS

                                                                                       Steven Tilston
                                                                                       st@mariseafoods.co.uk
                                                                                       +44 7710 088 606

                                          CONTACT CHRISTIAN RIBER
                                          CONTACT STEVEN TILSTON
                                                                    MORE INFO FOR SIRENA GROUP
                                                                    Visit: sirenagroup.com

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