Gulf of Mexico=High ProductivityGulf of Mexico=High Productivity• Platforms function as artificial reefsPlatforms function as artificial reefs• Estimated 10,000 to 30,000 fish on larger platforms & Estimated 10,000 to 30,000 fish on larger platforms &

same species as grown in cagessame species as grown in cages• Over 1,000 species of native fishOver 1,000 species of native fish• Gulf of Mexico is the US’s most productive ocean Gulf of Mexico is the US’s most productive ocean • Gulf of Mexico water contains high populations of Gulf of Mexico water contains high populations of

plankton and bacteria that will act like nutrient spongesplankton and bacteria that will act like nutrient sponges• Excellent circulation and water & wind-driven currentsExcellent circulation and water & wind-driven currents• Warm water temperatures and high sunlight levelsWarm water temperatures and high sunlight levels

FL/ALFL/ALSiteSite

Market, Market, MarketMarket, Market, Market

FlorAbama Site SpecificationsFlorAbama Site Specifications

•Feeding Barge- Akva Feeder Barge 50 X 50 ftFeeding Barge- Akva Feeder Barge 50 X 50 ft•Distance to Shore- 9 miDistance to Shore- 9 mi•Water depth- 85 ftWater depth- 85 ft•Permitted Site- 7.5 to 27.5 acres in phasesPermitted Site- 7.5 to 27.5 acres in phases

Processing FacilitiesProcessing FacilitiesBayou La BatreBayou La Batre

Fish Feed PlantFish Feed Plant

9 mi9 mi

27.5 acre Site27.5 acre Site

Fish Meal PlantsFish Meal Plants

HoustonHouston

ACOE permitted- FlorAbama ProjectSite is 27.5 acres; (48) 30 m diameter production cages and (8) 15 m diameter nursery cages

surrounding a 30 X 50 m platform/feeder barge per modification from USACOE March, 2008.

Current15 m

Nursery Cage

30 m Production

Cage

Platformor

FeederBarge

AquaFence

Florida/Alabama Site - 9 miles offshore-Florida/Alabama Site - 9 miles offshore-approx 85 ft water-highly oxygenated w/ approx 85 ft water-highly oxygenated w/

great currents for fishgreat currents for fish

Platforms on the horizonPlatforms on the horizon

22ndnd-Jackup -Jackup Feeder PlatformFeeder Platform

11stst-AKVA Feeder Barge-AKVA Feeder Barge

AKVA Feeder BargeAKVA Feeder Barge

FlorAbama Shoreside HatcheryFlorAbama Shoreside Hatchery

• 20,000,000 Fry/yr capacity- 25,000 ft20,000,000 Fry/yr capacity- 25,000 ft22

• Laboratory & Office- 7,000 ftLaboratory & Office- 7,000 ft22

1 2 3 4 5 6 70

20

40

60

80

100

120

140

US$

in M

illio

ns

YEARS

FLORABAMA- GROSS REVENUE AND NET PROFIT AFTER TAXES

NET PROFIT GROSS REVENUE

6 cages16 cages

36 cages

46 cages

66 cages

52 cages

76 cages

Original Capital Investment $16.6M

$96 Million

$99 Million

$33 Million

FLORABAMA-ACCUMULATED NET PROFIT AFTER TAXES

$182M

$131M

$86M

$52M

$2M

$23M

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

US$

in M

illio

ns

Original Capital Investment $16.6 M

76 Cages

$118M

$151M

52 Cages$85M

Summary Financial Projections

US$millions Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Sales $0.0 $18.5 $44.6 $83.3 $101.1 $127.2 $144.2Growth 0% 214% 142% 87% 21% 26% 13%

Gross Margin ($1.8) $13.1 $33.8 $63.6 $75.6 $94.8 $106.3Margin 0% 71% 76% 76% 75% 75% 74%

EBITDA ($3.8) $8.8 $26.2 $51.7 $61.7 $78.1 $87.7Margin 0% 48% 59% 62% 61% 61% 61%

EBIT ($4.4) $8.1 $25.4 $50.8 $60.7 $76.9 $86.7Margin 0% 44% 57% 61% 60% 60% 60%

Net Income ($5.3) $7.3 $20.7 $29.2 $35.0 $44.6 $50.6

Operating Cash Flow * ($3.8) $8.8 $24.9 $36.1 $42.9 $54.1 $60.5

Capital Expenditure $13.0 $2.7 $2.0 $1.0 $1.0 $1.0 $1.0

* Before Financing And Interest

FlorAbama- Summary Financial Projections

FlorAbama-Equity &/or Debt Capital FlorAbama-Equity &/or Debt Capital Needs: Needs: $16,680,000$16,680,000

Capital Expenditures ($9.7M):Capital Expenditures ($9.7M):Pre-production CostsPre-production Costs $0.9M$0.9MOffshore Site DevelopmentOffshore Site Development $2.2M$2.2MShoreside FacilityShoreside Facility $3.7M$3.7MEquipmentEquipment $2.9M$2.9M

Working Capital ($6.9M):Working Capital ($6.9M):PersonnelPersonnel $2.4M$2.4MFingerlingsFingerlings $1.5M$1.5MFeedFeed $2.2M$2.2MInsuranceInsurance $0.5M$0.5MOther OperationsOther Operations $0.3M$0.3M

FlorAbama Sea FarmingFlorAbama Sea Farming

Project HighlightsProject Highlights

1.1. Gulf of Mexico is Highest in marine species & productivityGulf of Mexico is Highest in marine species & productivity2.2. Species Diversification with fast growing Native FinfishSpecies Diversification with fast growing Native Finfish3.3. Superiority of the permitted 27.5 acre FL/AL siteSuperiority of the permitted 27.5 acre FL/AL site4.4. Proximity to large USA & Gulf States Markets Proximity to large USA & Gulf States Markets • 81% of total US seafood consumption are imports81% of total US seafood consumption are imports• US $10.9 Billion + Plus Seafood Trade DeficitUS $10.9 Billion + Plus Seafood Trade Deficit

Birth of a Billion $ dollar market-driven industryBirth of a Billion $ dollar market-driven industry