Investor Presentaiton

British Columbia's Fading First Mover Advantages • . • Low cost, low carbon intensity hydro Aquaculture trained workforce a major factor for global competitors is the lack of qualified workforce Feed mills, fish processing and supporting industries all present and at scale Leading feed research expertise for alternative diets at DFO and Taplow Fish health and veterinary science professionals trained and present Land-based salmon farm equipment and service suppliers already at scale due to land-based brood stock and stocking facilities AKVA and ScaleAQ . Perfect temperate coastal locations with ideal ground and ocean water temperatures support low cost operation Multiple brood stocks and genetic strains available and raised in farms Steelhead, Atlantic salmon, Artic Char and Coho and Sockeye • Workforce training at VIU and UBC already in place Close to US market with low distribution costs As with many industries the value of these first mover advantages becomes diminished as "industry 7 clusters" form in other locations

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