Seafood-Proposed “redrawing” of the Production Areas (13  28)-06/29/2026

Research evidence excerpt

Seafood-Proposed “redrawing” of the Production Areas (13  28)-06/29/2026

45 sites in Nordhordland reduced

estimated delousing by ~60%.

Our analysis further suggested that the proposed quota system could reduce Norwegian harvest volumes by ~12%, with more than 30%

drawdown in Western Norway. More narrow regulations could likely lower the 12% harvest volume reduction nationally, although it’s hard

to quantify for as long as the nal acceptable level of emissions are missing per the newly proposed regulatory zones. Either way, we still

believe that the West coast of Norway (PA 2-4) will see the toughest cuts because these are the areas that have the most sites within 10 km

of a wild salmon migration route. The relative winners will therefore still be the one’s with the highest Northern Norway exposure (SALM).

Production area 2 is proposed to be largely “as is”, meaning the risk for GSF remains equally large as to our initial calculations.

Illustration of newly proposed regulatory zones

For disclosures on relevant de nitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors. This material is considered by Pareto Securities to qualify as an acceptable minor non-monetary bene t according to Directive

2014/65/EU Article 24 (7)(8) and Commission Delegated Directive 2017/593.

Pareto Securities © 2026 1