Ann: NZK 1H18 Half Year Results Announcement, page-10

The growth potential is pretty compelling eventhough it is probably too early to call it a "story". The demand for salmon, including atlantic variety, in general is growing very strongly year on year and yet farm leases are getting increasingly scarce. There is no ambiguity in the demand for the produce. The only thing limiting NZK at the moment is the capacity for expansion but that should be taken care off as soon as they move to the higher flow sites. The SP got ahead of itself a little bit and thus the pullback but long term the company looks good. What is great about NZK is the brand and the inherent differentiating factor that sets it apart from other salmon producer in general. The solid and stable pricings, solid demand growth in addition to expansion in production capacity would make for a great story indeed.