Future innovation needs in fishmeal - a feed manufacturer perspective. Einar Wathne, CEO, EWOS Group, Norway

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1 Future innovation needs in fishmeal - a feed manufacturer perspective Einar Wathne, CEO, EWOS Group, Norway

2 TOGETHER WE WILL CREATE A leading, world-class fish and shrimp nutrition capability A global player with proximity to core ingredients ensuring best supply to fish farmers Footprint in the world s most critical aquaculture markets Depth in R&D, technology and manufacturing expertise High focus on creating success for our customers and employees Strong values-driven culture Commitment to sustainability WHAT CARGILL SAW IN EWOS A strong and well routed innovation culture Our high technology processes and products Our world class R&D 5

3 Outline

4 Standards are oportunities not threats 4

5 In a world overloaded with information, informed consumers rely on certifications FOOD SAFETY BIODIVERSITY ENVIRON- MENTALLY FRIENDLY SOCIALLY RESPONSIBLE Healthy food and no contaminants Crops or stocks are managed with focus on biodiversity impact Harvest and processing are conducted with focus on impact on our environment We operate with respect for the society AND CONSUMERS ARE WILLING TO PAY FOR THIS 5

6 GSI SHOWING INDUSTRY LEADERSHIP COVER 50% OF GLOBAL SALMON PRODUCTION AND HAVE CHOSEN TO SUPPORT THE ASC ROUTE, AND AIM FOR 100 % CERTIFIED FARMS BY

7 ASC forecasts strong growth in certified farms Projected Certified Salmon Farms Certified unit is a farm site which makes it difficult to estimate volume, but: Assuming a typical farm produces 2,500T/yr wfe salmon 2015: 150kT (6% of 2.7mT) 2018: 625kT (21% of 3mT) 2020: 1.25mT (38% of 3.3mT) So far in 2015 (July) 47 sites already certified, 52 under assessment ASC say that their projection (2014) already looks on the low side Source: Aquaculture Stewardship Council 7

8 Farmers adoption rate of ASC salmon standard is uncertain but solid! Base Case High Case EWOS estimated market penetration for ASC certified salmon sites (% of global feed) 35% 50% 60% 45% 70% 60% Demand for ASC compliant salmon feed : - Already 140kT in >250kT in >1mT by % 30% 10% 4% 20% 7% 11% Assuming: - Global feed demand growth at 4.1% CAGR GSI claims 100% adoption by 2020 (covering about ½ of the industry) Other players are also on the ASC journey, despite not being members of GSI Key industry players communicate a strong commitment to certification through their public reporting Broad geographical spread, although some sites/regions will find it harder to attain certification than others: non-medicinal sea lice and disease control strategies, alternatives to copper-based antifouling/best net cleaning strategies; and quicker and robust methods for benthic monitoring etc 8

9 What does this mean for demand of certified marine ingredients for salmon feed? CERTIFIED FISHMEAL CERTIFIED FISHOIL EWOS estimated market demand ( 000 Tonnes) Base Case High Case 683 Base Case High Case The chart assumes 20% inclusion in the feed The chart assumes 11% inclusion in the feed DOES IFFO MEMBERS SEE THIS OPORTUNITY? 9

10 Availability of ASC compliant FM & FO These simulations demonstrate how much of the FM & FO used by EWOS in 2014 would have been ASC compliant based on 2015 MSC certification status and 2015 FishSource scores. They also show how much this change if Anchoveta in Peru and Chile, or Blue Whiting in Europe, became ASC compliant. 10

11 We see five possibilities for meeting the growing demand for ASC feed with marine ingredients MSC Certified Fisheries The present challenge is that few of the large pelagic fisheries used for fish meal and fish oil are MSC certified Trimmings and Byproducts ASC FishSource Criteria IFFO RS v2.0 All trimmings/fish by-products from fish for human consumption are approved as long as the fish is not IUU or listed as Critically Endangered or Endangered on the IUCN Red list. Anchoveta in Peru central/north, Anchoveta Peru south, Anchoveta Chile north, and Blue Whiting, Capelin and Baltic sprat in Europe all are presently not ASC compliant. There is now an opportunity if the IFFO RS Standard v2 is upgraded to meet the ASC requirements through the ISEAL Code of Practice. Low marine ASC feed Utilize our competence to make ASC feeds with novel ingredients avoiding fish meal and oil 11

12 Innovate to profitability 12

13 INNOVATION IS TO CREATE DEMAND DEMAND In animal production you need to understand what the target animal need ANIMAL MODELS Despite all kind of analytical instruments and technologies available, only the animal itself can give the right answer EWOS INVEST IN ANIMAL MODELS EWOS FISH HEALTH CENTER VALUE CAPTURE EWOS has done bold investments in animal models since the early -60-ies At the moment we have under construction a 1 MUSD Fish Health Center in Chile in order to work with feed and fish health. In order to understand and improve the value of feed ingredients, there are no way to avoid extensive use of animal models 13

14 Fish Trial Labs in EWOS 150 raw materials screened pr year 140 tanks, 6 wk duration 100 raw materials in digestibility trial 24 tanks, 2 wk duration Other labs Benchmarking trials Growth/nutrition/functional feed trials Sea lice challenge trials 14

15 Sea Cage Trials Two R&D concessions (each MAB 780 tons) Two sites Gråttnes: 12 Polar circle 70 m Oltesvik: 4 steel cages (24m x 24m) Stocking 180 smolt/yr and harvesting tons/yr Full scale field trials with customers 15

16 Dirdal in a glance - Facility overview Fish Trial Labs FW Fish Labs (260 tanks) Hatchery C 0.55m: tanks C 1.0 m: 24 tanks FW/SW Fish Labs (96 tanks) C 1.0 m: tanks C 1.5 m: tanks SW Fish Labs (84 tanks) C 1.0 m: 16 (sea lice lab) C 2.0 m: tanks Laboratory Technological analyses Chemical analyses Pilot Plant Buildings Storage/workshop Storage raw materials (RM) Storage RM and equipment PP Admin building (offices, meeting rooms and canteen) Storage Tanks (fish) FW: C 1.5 m; 17 tanks SW/FW: C 5.0 m; 7 tanks FW: C 7.0 m; 20 tanks (not in use ) Water Infrastructure and Treatment Ground water (6 wells): l/min (capacity l/min) River water (1 pump): Heat exchange against well water (capacity l/min) Seawater from 90 m depth (3 pumps): 4000 l/min (capacity l/min), Bernoulli filter (200 µm), UV filter ( mj/cm 2 ) Total Area m 2 16

17 Fish meals relative growth spread: Growth differences can be large Feed A Huge quality differences that may not be obvious from specs alone. 400 fishmeals have been screened. Reference Feed

18 South American fish meals generally show poorer performance

19 Small fish and large fish response to nutripack and fishmeal level Growth relative to 40% FM in dry mix Relative growth index small fish without NP small fish with NP large fish without NP large fish with NP Fishmeal in dry mix DEMONSTRATING THAT WE HAVE A GOOD MODEL WITH SMALL FISH TO MIMMICK THE WORLD OF THE BIGGER ONES

20 There are value potential for the entire value chain 20

21 WHAT IS THE VALUE OF HIGH PERFORMING FEEDS? RISK REDUCTION HIGHER TURNOVER, ASSET EFFICIENCY ADAPTATION TO REGULATORY REGIMES BETTER HEALTH MANGEMENT Shorter cycle in the water, less mortality Fixed cost to be spread over more tonnage Optimisation of output within max biomass regulations Easier to manage separation of generations 21

22 What if Norwegian farmers can leverage their productivity potential? The best farmers are producing more than 1600T HOG per licence and the average was 1082T per licence in 2013 If only half of this gap is closed (1300T/licence), productivity increases by some 20% The knock on effect for feed demand in Norway is significant And feed is a big part of the solution 22

23 Customer validation trials demonstrate real value created in the water Real case study: Norwegian customer site, Spring 2014 OPAL110 Vs RAPID Incremental Customer Costs: Extra feed price and volume Extra harvesting cost Customer Benefits: Bigger harvest weight 22% higher growth coefficient and ca. 0.2 points lower FCR on RAPID Increased MAB productivity Shorter time to harvest Higher utilisation of fixed assets Cost / Benefit at Salmon Price = 42NOK/kg Vs Standard Feed (NOKm/1mill fish) TOTAL BENEFIT Incremental FEED cost Incremental OTHER cost 3.3 TOTAL COST CUSTOMER ROI (Percent) CUSTOMER ROI (Multiple) 115% 2.15x 23 23

24 BRINGING THIS ALL TOGETHER... WE HAVE A LONG HISTORY OF INNOVATING OUR WAY THROUGH THE CHALLENGES THIS EXCITING INDUSTRY BRINGS! AND WE WILL NEED EVEN DEEPER VALUE CHAIN COOPERATION TO REALISE OUR FULL POTENTIAL IN FUTURE COMPLEXITY IS AN OPPORTUNITY FOR THE INNOVATIVE PLAYER, NOT A THREAT 24

25 My advice to fish meal and oil producers You sit on very valuable nutrient packages, influencing the entire value chain Move away from all-catch driven strategies Listen to the consumers, they are the final decision makers In between you and the consumers, there are retailers, fish farmers and feed producers, listen to them as well It may increase complexity, but will pay off Stop selling fish meal on protein content Fish and shrimp perform according to feed and ingredient quality Start using animal models to test the real value of your fish meal Certifications have come to remain Collaborate deeply with your best customers THIS WILL BE THE WAY TO MORE BETTER RESOURCE MANANGEMENT, HIGHER VALUE CREATION AND BETTER PROFITABILITY 25

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