IFPC Annual Meeting Magnus Gustafsson PresidentCEO Icelandic USA

IFPC Annual Meeting Magnus Gustafsson President/CEO Icelandic® USA, Inc.

Icelandic ® Acquisition of Ocean to Ocean - US is third in the world in seafood consumption World Wide Seafood Consumption Ranking United States # 3 China # 1 Japan # 2 - US consumer willing to pay more for quality, convenience and consistency

Most Respected Seafood Brand – Distributor Management and Sales 2002 - ID Magazine Leadership Poll of Distributor Management won 9 years in a row…Distributor Sales for 11 years running.

Icelandic’s Distribution Channels Consumer 284 Million Consumers-2001 Food Sales $857 Billion Food away from home Food at home Source: NMFS-2001 Bureau of the Census

Icelandic’s Distribution Channels Channel Foodservice $468 B 874, 000 Foodservice Units Consumer 284 mil. consumers Food Sales $857 Billion Food away from home Retail $389 B 155, 000 Retail Units Food at home Source: 2001 Bureau of Census

Icelandic’s Distribution Channels Foodservice Channel 60% of all Seafood Sales

Icelandic’s Distribution Channels Retail Channel 40% of all Seafood Sales Share of Volume Seafood in Supermarkets Deli 2% Warehouse clubs 3, 000 Canned 23% 7% Other 110, 000 3% 90% Freezer 12% Supermarkets 42, 000 155, 000 outlets Service Counter 64%

Icelandic’s Distribution Channels Distributors $160 Billion in Sales 1, 472 Foodservice distributors of frozen seafood Channel Foodservice $468 B 874, 000 foodservice units Retail $389 B 155, 000 Retail units Consumer 284 mil. consumers Food sales $857 billion

Icelandic’s Distribution Channels Channel Foodservice $468 B 874, 000 foodservice units Direct Sales Brokers Distributors 1, 472 Foodservice distributors of frozen seafood 44 companies Direct Sales Retail $389 B 155, 000 Retail units Consumer 284 mil. Consumers Food sales $857 billion

Icelandic’s Distribution Channels Manufacturer Sales and Service Wholesale Distribution Channel Foodservice $468 B 874, 000 foodservice units Direct Sales Brokers Distributors 1, 472 Foodservice distributors of frozen seafood 44 companies Direct Sales Retail $380 B 155, 000 Retail units Consumer 284 mil. Consumers Food sales $857 billion

Icelandic’s Distribution Channels Manufacturer Direct Sales and Service Wholesale Distribution Producers Channel Foodservice $468 B 874, 000 Foodservice Units Brokers Distributors I. F. P. C. Other prod. 1, 472 Foodservice distributors of frozen seafood 44 companies Direct Sales Retail $389 B 155, 000 Retail Units Consumer 284 Mil. Consumers Food Sales $857 Billion

Seafood Consumption in the US (1, 000 tonn) - in metric tons 1990 2001 % Change 247 437 +77% Tuna 416 373 -10% Salmon 82 260 +217% AK-Pollock 143 156 +9% Catfish 79 148 +87% Cod 155 72 -54% Clams 69 60 -13% Crabs (cakes) 33 57 +73% Flatfish 64 50 -12% Shrimps Tilapia 0 45 ++++ Scallops 34 35 +3% Haddock 20 20 n/c All Other 344 191 -44% 1686 1904 +13% Total (Source: NMFS)

What is Icelandic(1, 000 tonn) ® Offering? 1990 2001 % Change 247 437 +77% Tuna 416 373 -10% Salmon 82 260 +217% AK-Pollock 143 156 +9% Catfish 79 148 +87% Cod 155 72 -54% 69 60 -13% 33 57 +73% 64 50 -12% Shrimps Clams Crabs (cakes) (in metric tons) =Icelandic® Offers Flatfish Tilapia 0 45 ++++ Scallops 34 35 +3% Haddock 20 20 n/c All Other 344 191 -44% 1686 1904 +13% Total (Source: NMFS)

Shrimp is in Strong Demand United States Apparent Consumption of Shrimp 1990 -2001 Thousands of metric tons-Heads-off Weight 000’s metric tons

Icelandic® Acquisition of Ocean to Ocean • In Chain Restaurants, Shrimp is a High Volume Item. # Servings For: Shrimp in 2002 1. 3 billion* vs. Fried Fish in 2002. 6 billion* * Source: CREST

Icelandic® Acquisition of Ocean to Ocean • Breaded/Fried Shrimp is #1 Seafood Item in Most Segments: - Family Dining - Quick Service Restaurants - Schools - Colleges

Grow Icelandic® Via Acquisition - Sales to jump from $180 million to $ 320 million - Icelandic® moves up to # 11 largest US Seafood Company from # 25

Why Ocean to Ocean? • Why Ocean to Ocean? • Good Investment-Financially Sound • Shrimp Will Strengthen Our Broker Sales • Increase Offerings to Chain Accounts • Stronger Product Development • Enhance Global Resourcing • Ocean to Sell Icelandic® USA Products in Retail

Why Ocean to Ocean? Conclusion: The acquisition of Ocean to Ocean is an excellent opportunity to grow Icelandic’s profitable business!