Dear Sir or Madame,first of all I would like to thank You for the opportunity of allowing me to introduce You COOPAM.

COO.P.A.M. - soc. cooperativa is a cooperative of fish farmers totally committed in high quality production of sea bass and bream.

All our fish farming facilities are located in Orbetello, South Tuscany, considered to be the birthplace of modern mediterranean aquaculture. Indeed, since the seventies, under the impulse of a local entrepreneur that had a passion for the sea and for fishing traditions, a new breeding system was developed for the first time in order to farm salt-water fish.

All farms are set in a natural and unpolluted environment, surrounded by national and WWF parks.The water used in land-based farms is entirely drawn through artesian wells; it is consistently pure and clear, with a constant temperature throughout the year of between 20° and 25°C. The sea site is located in the shoreline in front of Porto Ercole - Monte Argentario (GR). Here the sea water is constantly clean thanks to the current and the distance from the closest commercial harbours and from industrial factories.

Since the very beginning, the mission of Orbetello farmers has been the one of a premium product with the taste and features of wild sea fish. At the same time, they focused on food safety and controls able to guarantee the highest quality for the consumer.These policies allowed Orbetello’s farmed fish product to become, in few years, the Italian leader with a widely recognised reputation and appreciation.

In 1998, the key companies in Orbetello established COOPAM and in 1999 they signed the “MEMORANDUM OF UNDERSTANDING”, which regulates each step of production and marketing process.

Today, with a yearly production of c. 2000 tons, our group can be considered a small-medium player in the sector, although we are in Italy a player of reference. The Group consists of different entities that operate within the same rules, objectives and production environment (including feed and water).

The fish feed we use is entirely GMO FREE and it is produced with the most reliable fish oil and flour on the market coming from South Ame-rica.

Feed, water and finished product are monitored on a regular basis by a matrix of analysis and controls.

The constant research for an eco-sustainable feed is a priority for our group, as well as the constant monitoring and studies to preserve our environmentally friendly profile in compliance with domestic and Eu rules and ISO 14000 standards.In February of 2013 all the fishes distributed by COOPAM has been certified by Friend of the Sea ©(see: http://www.friendofthesea.org/cer-tified-products-search.asp?CAT_ID=&STCAT_ID=&RIV_ID=386&MET_ID=&MER_ID=&TIP_ID=&comando=Search )

Given all the above, I believe that COOPAM can be an ideal partner for Your company in the same way it is partner today with leading Italian groups.

Our prices are not influenced by market trends but by production costs, which mostly depend on first quality raw materials that we use. Our strategy is not one of price and we know that our products are not the cheapest, but our objective is one of an unique and guaranteed pro-duct with outstanding characteristics, constant in time. We are able to guarantee and provide to our partner the product on a regular basis that covers the yearly needs at a stable price, independently from market variances.

If You will find these pages of Your interest, please do not hesitate to contact us.Thank You for Your attention

Christian Guidi,Chief Executive Officer - COO.P.A.M. soc.cooperativa

INDEX

Introduction 1.0

The Group 2.0

Species information 3.0

Husbandry Practice & Feed Regime 4.0

Environmental Impact 5.0

Harvest Protocol & stunning method 6.0

Processing Facility 7.0

Distribution Network and Timings 8.0

Species Development Opportunities 9.0

Introduction

The Ansedonia hill rises along the South-eastern coast of Orbetello lagoon. At its top you can find the ruins of ancient Roman city

of COSA. The main fish farms of COOPAM group are located at the foot of the hill.

Over 2000 years ago, thanks to flowing artesian warm and salty water and some rich brackish fishing lagoons, Romans develo-

ped here some rudimentary method of fish farming. The sea, but mainly the Orbetello lagoon (with a surface of 2700 ha), continuo-

usly provided high quality fish that needed to be live stocked in ponds before being sent fresh to Rome.

Since then and throughout the centuries, the fish of Orbetello has always had a key role in supplying first quality fish in Italy to the

canteens of the aristocracy up to the pope.

COOPAM Group philosophy has deep roots in this ancient culture and tradition. Its fish production still benefits from the same

fossil, salty and warm water aquifers, as well as from the same natural and unpolluted environment.

One of the fish farm, founding member of COOPAM, is located on the same area where an ancient Romans fishing valley, just

close to the ancient harbour, and it takes the name of ancient Romans town: COSA

The group

COO.P.A.M. soc. cooperativa is a fish farmers’ cooperative established in 1998 with the aim of qualifying, promoting and trading

fish farmed by associates and partner companies.

Since early '80, the fish farms of the Orbetello area have been a point of reference in the Italian aquaculture panorama. The cha-

racteristics of the water used in fish farming, as well as the shared technologies applied in the process, had determined the birth

of a unique production pole featured by a coordinated process planning and by the common management of supplies and trade.

At the same time, they have allowed the market recognition of the quality of fishes farmed in Orbetello that lead to identify 'Orbetel-

lo' as 'quality product'.

Therefore, the incorporation of COOPAM by the key companies in the Orbetello area allowed, through the definition of the “ME-

MORANDUM OF UNDERSTANDING”, the consolidation of a leading position already held on the market and the entrance on the

main distribution channels.

COOPAM Group has a production capacity of 2000 tons. fishes per year, farmed by four different production sites where perma-

nently operate 68 employees.

The Group

The process plant has a surface of over 900 sq.m. It consists in three temperature-controlled processing rooms, cold stores,

offices and services.

Seabasses, seabreams, and meagres farmed in the associated and partner plants, are daily delivered to the processing plant few

minutes after harvesting. Here fish is selected, packed, marked, chilled and prepared for distribution. From birth to packaging, each

fish is identified, followed and controlled by technical staff and qualified organizations. Each production site is submitted to detailed

procedures and controls supervised by the Quality Department.

This modus operandi enabled the qualification of COOPAM products and unaided brand awareness. As a result, turnover is incre-

ased from 3,200,000 euro in 2000 up to 12,500,000 euro in the last two years, with 1400 tons. of fish product only traded by

COOPAM, equal to 65% of the total product farmed in the Orbetello area. COOPAM export is about 3.2% of the global turnover.

The key companies of the group:

Cosa soc. agricola a .r.l., established in 1976, owns a fish farm representing the core business of the company. The farm consi-

sts of 53 ponds of about 600 m3 each for intensive farming of precious species and 15 ponds of nursery over an area of about

13 Ha. Water intake is performed through 11 artesian wells drilled at a distance of about 300 m. from coast line; the global resour-

ce is equal to 600 l/s of water with 28-37‰ salinity in range of 22-24 °C.

The Group

Ittima Società Agricola Ittica Maremmana, owns a fish farm built in 1985 according to a project and start up by Cosa soc. agri-

cola. The plant, extending on 11 Ha surface, consists of 47 ponds of about 500 m3 each for intensive farming and 25 ponds wor-

king as nursery. Water intake is performed through artesian wells, drilled in the sandy soil deep down to reach the limestone stra-

tum; water resource is about 550 l/s with 37‰ of salinity and temperature in range of 19-22 °C.

Il Vigneto soc. agricola, established in 1975, owns a fish farm in Ansedonia and from 1988 a sea site of 36 Ha. in the shoreline

in front of Porto Ercole - Monte Argentario (GR). The land-based farm consists of 42 ponds of about 500 m3 each for intensive

farming of precious species and 8 ponds for nursery over an area of 18 Ha. The total water requirement, equal to about 560 l/s

is performed through 14 artesian wells drilled in the site area at about 2000 m. from the coastline, which provide water with

20-34‰ salinity and temperature in range of 20-23 °C. In the sea site are installed 2 offshore submerged cages of 2000 m3 each

and a submergible cage of 1200 m3.

The fish production of the group is mainly focused on two species: Sea Bass (Dicentrarchus labrax - ISO 3-alpha SBS) and Sea

Bream (Sparus aurata - ISO 3-alpha SBG); however, substantial resources have always been invested in search of alternative spe-

cies able to satisfy production and market requirements. In the past few years such a research resulted in a significant production

of Meagre (Argyrosomus regius - ISO 3-alpha MGR).

The sales of fishes farmed by COOPAM associated companies follow two main channels: the transfer to COOPAM and the direct

sales to traditional wholesalers operating all around Italy.

COO.P.A.M. soc.coop. a rl Cooperativa Produttori Acquacoltori Maremmani

Year of incorporation :

Type of activity :

Employees :

Warehouse :

Possibility of development :

1998

Processing plant of fish products ( IT 1896 CE).

11

900 m2

Enlargement to an area of 1600 m2 owned by the associates

COSA soc.agricola

Year of incorporation :

Type of activity :

Employees :

Surface :

No. of ponds :

No. of ponds for growing :

Water resource :

Production forecast for 2010

1976

Fish farming

20

13 Ha

53

15

600 l/sec. well water with 28-370/00 salinity and temperature 22-24 °C

900 tons

Bass: 550 tons - Bream: 350 tons

Il Vigneto soc.agricola a rl

Year of incorporation :

Type of activity :

Employees :

Surface :

No. of ponds :

No. of ponds for growing :

Water resource :

Production forecast for 2010

1975

Fish farming

21

18 Ha. land based - 36 Ha. sea based

42

8

2 of 2000 m3 each + 1 of 1200 m3

550 tons.

Bass: 210 tons - Bream: 320 tons - Meagre: 20 tons

ITTIMA soc. agricola ittica Maremmana

Year of incorporation :

Type of activity :

Employees :

Surface :

No. of ponds :

No. of ponds for growing :

Water resource :

Production forecast for 2010

1985

Fish farming

16

11 Ha

47

25

500 l/sec. well water with 360/00 salinity and temperature 19-22 °C

550 tons

Bass: 420 tons – Bream: 80 tons

Seabream (Gilthead bream)

Species information

Body oval and rather compressed. Head profile regularly curved. Eye small. Mouth low, slightly oblique. Lips thick. Colour silvery

grey; a large black blotch at origin of lateral line extending on upper margin of opercle that it is edged below by a reddish area; a

golden frontal band between eyes edged by two dark areas (not well defined in young individuals); dark longitudinal lines often

present on sides of body; a dark band on dorsal fin; fork and tips of caudal fin edged with black. White meat, lean, firm, juicy,

fine-grained and fine flavoured, is peculiar of Gilthead bream and it is appreciated in the whole Mediterranean area.

Scientific name

Family

English

Spanish

French

German

Sizes

Preparation

Packaging

Sparus auratus

Sparidae FAO 3Alpha Code: SBG

Seabream

Dorada

Dorade

Goldbrasse

from 400 gr up to 1,5 kg

fresh whole, fillets

chilled in variable weight polystyrene boxes

Seabass (european seabass)

Species information

Body rather elongate. Scales small. Caudal fin moderately forked. According to the environmental condition, body colour tends

toward silvery grey/blue or golden green, dark and deep on the back, light on the sides. Belly sometimes tinged with yellow.

Seabass were cultured in Mediterranean coastal lagoons and tidal reservoirs since the Greek and Roman times. Due the well-k-

nown quality of its white and light meat, it was the first marine non-salmonid specie to be commercially cultured in Europe and

today it is the most important fish widely cultured in the Mediterranean areas.

Scientific name

Family

English

Spanish

French

German

Sizes

Preparation

Packaging

Dicentrarchus labrax

Moronidae FAO 3Alpha Code: BSS

Seabass

Lubina

Bar

Gemeiner seebarsch

from 400 gr up to 1,5 kg

fresh whole, fillets

chilled in variable weight polystyrene boxes

MeagreSpecies information

Relatively big head with elongated body. Mouth in terminal position without barbils. Eyes quite small. Body colour silver-grey, with

bronze traits dorsally. Fin base reddish brown and mouth cavity yellow-gold.

Light-grey lean meat, fairly firm in texture, with evident reddish brown lateral line typical of pelagic fishes.

Meagre meat quality is considered particularly healthy, due to its very high content of polyunsaturated fatty acids.

Scientific name

Family

English

Spanish

French

German

Sizes

Preparation

Packaging

Argyrosomus regius

Sciaenidae FAO 3Alpha Code: MGR

Meagre

Corbina

Maigre

Adlerfish

from 600 gr up to 4 kg

fresh whole, fillets, slices

chilled in variable weight polystyrene boxes

Husbandry Practice & Feed RegimesPreamble: In 1999, the companies of COOPAM group signed the “MEMORANDUM OF UNDERSTANDING FOR THE PRODUCTION AND MARKETING OF FISH PRODUCT IDENTIFIED AND MARKED AS ‘PESCE ITALIANO DI ORBETELLO’ (ORBETELLO ITALIAN FISH)”. The memo-randum regulates each step of production and marketing process.

COOPAM and the associated companies are audited by Italian National Sanitary service via USL n° 9 of Tuscany Region (Vets) several times throu-ghout the year. Moreover, once a year, the group is audited by Esselunga and others grocery store chains.

1. Supply 1.1 Juvenile Fish Purchase: an extract from our Memorandum:“fry shall be provided by specialized companies of proven experience. Suppliers shall provide products of high quality standards as well as infrastructure and production methods with high health & safety levels. Associated companies and partners shall be selected to provide fry among those who offer a guarantee on the use of prevention systems against chemical, biological and nuclear pollution risk.

Production technical staff or the relevant staff in charge shall visit the suppliers’ hatcheries on a regular basis to personally check health and production conditions and approve the technology they apply. Each lot delivered to the facility shall be accompanied by a relevant veterinary certificate of health & safety conditions. The supplier shall present all documentation to guarantee the quality of the product and the complian-ce of the lot, as well as all traceability information from the date of birth of the fry to the date of arrival at the hatchery. The hatchery shall issue a certificate showing the features of any fish feed used and of the water in which this is delivered.

Should the supplier be the same providing the fry and farming them, the supplier shall comply with the system in use to irrevocably guarantee the traceability of the product. All fry shall be subject to endemic diseases vaccination.

COO.P.A.M. reserves the right to approve or reject suppliers providing fry to be used in the product COO.P.A.M. itself markets. “

FeedSkretting (world leader fish feeding company) produces for COOPAM farms a customised formula feed using exclusively fish meals,

fish oil and GMO Free soy and corn. Fish meal arrives mostly from South America, where the quality of meals is superior in regard

to PCB and Dioxin. The control on PCB and Dioxin on our fishes shows extremely low values (Hundreds of analysis).

Protein is around 45% and oil between 17% (in winter) and 21% in summer. Conversion rate for the size of 300-450 gr. is about

1:1,6 (we need 1,6 kg feed to produce 1 kg. fish). We use about 0,4/0,5 kg fish meal to produce 1 kg fish

Fish Feed Purchase: an extract from our Memorandum:

“Selecting of fish feed shall be deemed as a crucial step in the production process. It has to be carried out entirely by specialized

companies, who shall be required to produce high quality standards' guarantee for both health and nutritional conditions. Fish feed

suppliers shall produce certificates on the nature and the origin of the raw materials used for the product and on checks performed

on intermediate and finished products, as per dispositions in Annex 1 to this document.

Each type of feed used in the hatchery for the product marketed by COO.P.A.M. shall be explicitly authorized by the Quality Office

of the latter. Such office shall proceed to issue an authorization as per Annex 2, according to the results of the required analyses

and the adopted quality criteria.

In case of failure to comply with the dispositions as per Annex 1, COO.P.A.M. shall have the right to suspend and therefore perma-

nently terminate, the collection of fish produced with such feed.”

Environmental Impact

an extract from our Memorandum:

On-shore Facilities: fish shall be farmed in tanks made or coated with suitable materials fit to ensure the handling is correct, the envi-

ronment is healthy and fit for use with products intended for human consumption.

In each tanks the right amount of water shall be delivered according to the size and density of the fish. The shape of the tanks shall

be such to allow a comfortable use i.e. it shall allow to perform an accurate assessment of the fish, shall make it easy for it to be trea-

ted, shall be easy to clean and disinfect.

Tanks shall be checked several times a day to assess fish health conditions, their food need and all that is required to keep animals

healthy and to prevent unnecessary stressful events to affect them.

Tanks shall be handled by experienced and fully trained staff, able to decide whether the fish is healthy or not, to identify any beha-

vioural shift and to check the environment is suitable for the fish health.

Facilities shall be checked on a 24-hour basis, in order to allow quick repair of the equipment and guarantee the stable levels of

farmed fish quality of life (oxygenators, pumps, feed dispensers, etc…).

Off-shore Facilities: the location of sea cages shall be such to ensure the hatchery is delivered the proper clean water flow. Accor-

ding to the selected location, the facility shall be made of materials able to minimize stress-related conditions due to marine meteo-

rological phenomena, sudden variations of environmental conditions or possible pollution risks and emergencies. Fish shall be con-

stantly monitored directly by diving technical staff or via other monitoring methods.

Harvest Protocol & Stunning Methods

Before the first selling each batch of fish, i.e. a pond or a cage, is analyzed through 40 and more parameters (nutritional, chemical,

bacteriological). The transfer of fish in COOPAM processing plant is allowed only after validation of analysis results.

Harvesting is done by hand using circular nets in ponds or cages. The captured fish is lifted up manually or by a mechanical

system and immediately put into a mixture of water and ice (at 0°C). The difference between 19-24 °C and 0 °C is optimal to kill

the fish without causing any suffer in less than 4 minutes and it drops down its body temperature preserving its quality. This slau-

ghtering method, working perfectly in warm water, has not the same efficiency in cold temperature waters (as for trout and

salmon). COOPAM participated in several studies in cooperation with Florence University on slaughtering methods. Temperature

stunning is considered to be the less traumatic, not just for the fish itself (considering stress analysis) but also regarding the main-

tenance of meat quality.

Recently, speaking about fish Welfare, European Council gave to European Food Safety Authority (EFSA) the task to determine

the best way to slaughter bass and bream. A final decision has not yet being taken.

Processing plant is just 5 km from the farthest land based fish farm. Starting from harvesting, the fish is selected, tagged, packed,

chilled and stocked in cold stores in less than 40 minutes. The maximum required time from harvest to packing ready for ship-

ment is 2 hours.

Harvest Protocol & Stunning Methods

extract from our Memorandum:

“The harvest shall always be carried out with the suitable equipment, depending on the nature of the farming facilities, and using

methods which are the most suitable for the physical and qualitative characteristics of the farmed fish. Suitable preventive measures

shall be implemented to minimize any stress-related effect that would affect the regular development of post-mortem procedures

against the muscles of the animal and therefore compromising quality, texture, storage life of the flesh and commercial issues. The-

refore, the feeding should be totally suspended. The duration of such procedure shall be planned and adjusted to the size of the

fish, its age, the level of feeding over the last period and the environmental temperature. Nevertheless, the duration shall never be

less than 24 hours, namely the time required to fully empty the digestive system of the fish.”

Processing Facility

The processing premises have been rebuilt in 2004 using top building materials; currently, they are maintained in outstanding

status. Due to the processing chain and the product turnover, cold storage and processing rooms are emptied daily, enabling

optimal cleaning and disinfection procedures.

Usually chilled whole fish production chain starts at 8 AM and ends with deliveries at 4 PM. Chilled processed products chain

starts at 11 AM and ends at 4 PM with deliveries. Therefore, the storage time is very short.

Personnel always wear PPE complying with CE hygienical and healthy rules appropriately to the time and place in which the work

is being carried out. Hygiene of Personnel, plant and equipment is excellent.

There are written procedures of wich workers are duly informed: no visitor can access the working area during processing ope-

rations without Manager permission and PPE clothing.

Each processing room has a closed window that allows the visitor to observe various areas of the plant without entering in wor-

king areas.

A new customized traceability software and a new network system have been developed in order to trace fish from pond or cage

up to the final consumer, via box identification and data processing.

Processing Facility

In the same time the traceability is very consistent due to the straightforward process chain - FIFO - (there is no ingredients addi-

tion or mixing of different products)

A quality system based on the ISO 9001 scheme and a full and complete HACCP are adopted.

In addiction to the whole chilled fish, COOPAM processing plant is fully equipped with modern machineries for several prepara-

tions. Seabasses, seabreams and meagres can be scaled, gutted, beheaded, filleted, sliced, prepared in ground meat or “carpac-

cio”.

Even if COOPAM products maintain the highest freshness for several days thanks to feed quality, strong muscle fibre and the very

short time elapsed from harvest to cold storage, a customized Modified Atmosphere packaging (MAP) can be applied to extend

the shelf life of products.

Labelling of boxes and packaging can be customized according to client's request.

Distribution Network and timing

Orders for whole chilled fish are accepted until 6:00 PM of the day preceding shipping. For other preparations orders shall be

received until 8:00 AM of the day preceding shipping.

An order confirmation follows each accepted order; in case of any unavailability, COOPAM production Office informs immediately

the client and it proposes alternatives.

Except if otherwise specifically agreed, whole chilled fish is harvested and prepared during the morning of shipping day. Other

preparations normally require to anticipate the fish harvest by one day due to processing time.

Fish harvesting, as well as preparation and shipment of products, is carried out 6 days a week from Monday to Saturday.

Delivery:

at COOPAM warehouse: after 1:00 PM

by carrier (truck): COOPAM outsources logistic and distribution to a network of specialized carriers operating 6 days a week. Do-

mestic deliveries are normally carried on not later than 6:00 AM of the day after shipping. Deliveries within EU normally require

not more than 24h.

by plane: Orbetello is conveniently located only 1.5 hour by truck from Rome airport. Flying time depend on your location.

Species Development Opportunities

Current global production of COOPAM group is quite satisfactory and currently there is not any plan to increase the production

in land based farms as there is still a very strong potential of production in open sea cages. In 2012 Cosa applied to the local

government for a new licence for a new farm in open sea.

Nowadays, the production of bass is higher than the bream’s production (62% against 38%), but it is possible to change this ratio.

About 15 years ago some farms of the group started up breeding “meagre” (Argyrosomus Regius), a really interesting fish in

marine aquaculture. In the last 8 years COOPAM traded around 100 tons per year of meagres with sizes in range of 1 - 10 kg.

COOPAM farms are also currently involved with Tuscany Region in a project concerning the production of the sole fish (Solea

Solea and Solea Senegalensis).

Thank You

Singapore

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New YorkMonaco

Honk Kong

COO.P.A.M. - soc. cooperativaS.S.1 Aurelia Km 135 - 58011 Capalbio (GR) - ITALY

email coopam@coopam.it - qualita@coopam.itphone +39 0564 893142

fax +39 0564 893158