Investor Presentaiton

Keep LIFO because... APC Statement LIFO not used in other fisheries Ignores adjacency & inshore Doesn't recognize 2007 -licenses became permanent Doesn't recognize investment by inshore Ignores viability of inshore, disproportionate impact etc. Ignores mobility of traditional fleet and access to other zones Fact Irrelevant it is a core component of this fishery, provides clear exit rules and was agreed to by all False - access and largest share provided based on adjacency Mifflin 1997 Irrelevant - FFAW agreed in 1997 share could go to zero based on TAC, everyone knew the exit rules False - LIFO defined the risk for all participants and everyone made investments based on the clear rules. False - addressed by Mifflin in 1997, new entrants got 90% of the increase False - recognizes historic dependence on SFA 6 and protects economic viability TA NOVA SCOTI

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