The European Fish Price Report, based on information supplied by Issue 07/2014 industry correspondents, aims to provide guidance on broad price trends. July 2014 Price information is indicative and should be used only for forecasting medium- and long-term trends. FAO is not responsible for any errors or omissions.

INDEX FOR PRICES LATEST TRENDS Groundfish 10 OECD-FAO Agricultural Outlook 2014 Flatfish 11 OECD and FAO have just released the twentieth edition of the Tuna 11 Agricultural Outlook, which provides market projections up to 2023 for major agricultural commodities, biofuels and fish across 41 Small Pelagics 12 countries and 12 regions. The report forecasts that world fishery production will be driven primarily by gains in aquaculture in developing countries. Sustained high costs combined with firm Cephalopods 12 demand will keep fish prices well above their historical averages, holding back consumption growth in the coming decade. Production Crustaceans 13 growth will come mainly from developing countries in Asia and Latin America. Bivalves 14 For more info: www.oecd.org/site/oecd-faoagriculturaloutlook

Salmon 14 GROUNDFISH

Trout 15 The International Council for the Exploration of the Sea (ICES) has released advice for the sustainable harvest of several Freshwater fish 15 commercial fish stocks in the Celtic Sea, the North Sea, the Bay of Biscay and Iberian waters. The advice relates to stocks of cod, Non Traditional herring, hake, sole, and plaice, which are among the main sources Species 15 of seafood on European dinner tables. The release also includes advice for mixed fisheries considerations in the North Sea, Seabass-Seabream- Skagerrak, and Eastern English Channel fisheries. The mixed Meagre 16 fisheries approach takes into account that several types of fish get caught Cod - In Poland (FOB, origin: Baltic Sea) with the same fishing gear. In Fresh gutted particular, ICES recommended drastic EUR/kg cuts for Iberian hake. 2.5 2.3 2.0 Saithe is out of season and stocks 1.8 are at a very low level, keeping prices 1.5 1.56 1.3 high. 1.0 11 12 13 13 11 12 12 13 14 13 11 12 14 12 13 14 12 13 14 ------Jul Barents sea cod prices are now Jul Jul Jul Jan Jan Jan Mar Mar Mar Sep Sep Sep Nov Nov Nov May reported to be stable after they May May started increasing again in March this year. At the moment, the market is putting pressure on prices of small- Surimi - In France, origin: Spain size fillets because of a lack of fish. Stick 250 gr/pc EUR/kg On the European market, the market for wet-salted cod fillets from 2.8 frozen raw material (Gadus 2.5 Macrocephalus) is stable. 2.3 2.40 Consumption of wet-salted cod fillets from fresh raw material (Gadus 2.0 09 10 11 12 13 09 12 13 14 10 11 10 11 12 13 14 ------Morhua) in Italy and Spain is low but - - - - - Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar is expected to increase again in Nov Nov Nov Nov Nov September as is usual for the season.

The Norwegian Seafood Council Haddock - H&G, origin: Norway reports that “a fantastic winter H&G - < 800 gr/pc fishing season has resulted in record NOK/kg exports of cod during the first six 23.00 21.00 months of the year. The value of 19.00 17.00 exports of Norwegian cod, including 15.00 clipfish, salted fish and dry fish, 13.00 16.00 11.00 during the first six months of the 9.00 7.00 year totalled NOK 5.82 billion. This is 5.00 11 12 13 11 12 13 12 13 14 11 12 13 14 12 13 14 13 12 14 ------an increase of NOK 582 million (20%) - - - Jul Jul Jul Jul Jan Jan Jan Mar Mar Mar Sep Sep Sep Nov Nov Nov compared with the first half of 2013.” May May May

The present Russian market for groundfish is reported to be dynamic Monkfish - IQF tails, skinless, 20% glazing - IWP with growing catches and active in Spain, origin: Namibia demand. Cod and haddock catches 250-500 EUR/kg 500-1000 are following opposite trends: the

TAC for haddock has been reduced by 12.50 10 400 tonnes, and catches have 11.00 9.50 decreased substantially compared 8.00 8.00 with last year, while cod catches have 6.50 6.75 been very good, reaching 249 100 5.00 3.50 09 10 11 12 13 09 10 11 12 13 14 tonnes by the end of June (35 300 10 11 12 13 14 ------

tonnes more compared with last Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar year). Demand for both species is Nov Nov Nov Nov Nov high in Murmansk. Freshly frozen

2 cod, which is supplied to the local wholesale market, is being sold rapidly, and sellers are experiencing a lack of frozen headed and gutted cod (1-2 kg/pc) and (2-3 kg/pc). Prices are on an upward trend and range from RUB 90 to 95/kg (EUR 1.93 to 2.03/kg). There are also rather short supplies of haddock on the Murmansk wholesale market since nearly all the volumes of freshly frozen gutted haddock (500-1000 gr/pc) are sold out. Prices range from RUB 118 to 125/kg (EUR 2.53 to 2.68/kg) and are expected to increase further.

Latest figures from the Russian Fisheries Monitoring Centre indicate that total catches this year amounted to 2.4 million tonnes. In the Far Eastern fishing basin, season “A” Alaska pollack catches have been particularly good this year with 1.4 million tonnes landed (33 300 tonnes more compared with the same period last year). Far Eastern Alaska pollack catches are mainly exported to East Asia (more particularly China) for processing. According to www.fishnet.ru, this month on the Vladivostok wholesale market the price of Alaska pollack >25cm is stable and ranging from RUB 48 to 49/kg (EUR 1.03-1.05/kg). Demand is reported to be quiet. On the Moscow wholesale market, Alaska pollack is currently at its lowest price level (RUB 58/kg (EUR 1.24/kg)), but an increase is expected since the fishery is between seasons and there is presently no fishing activity. During the summer, the Alaska pollack price is expected to reach RUB 64/kg (EUR 1.37/kg).

FLATFISH

Despite the ongoing fishing season, Turbot (farmed) - In Spain, origin: Spain Spanish turbot prices have

Fresh - whole, cultured 0.5-1kg/pc EUR/kg increased thanks to good sales in 2-3 kg/pc June and to lower growth rates for 16.0 larger turbot (because of an 14.0 increase in sea water 12.0 temperatures). Large-size turbot 10.0 8.0 7.95 prices may continue to increase in 6.0 5.85 the coming weeks due both to the 4.0 seasonal demand boost and the 09 10 11 12 13 09 10 11 12 13 14 12 14 10 11 13 ------possibility of a further slowdown in Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar Nov Nov Nov Nov Nov growth rates resulting in a limited supply of larger fish.

TUNA

Fishing in the Western and Tuna - Pacific Ocean Skipjack Bangkok CFR Skipjack Ecuador, ex-v essel Central Pacific has dropped USD/kg because of a combination of bad weather conditions and days of 3.00 restricted access to Kiribati fishing 2.50 grounds under the Vessel Day 2.00 1.78 Scheme. Meanwhile, the four-month 1.50 1.65 WCPFC FAD closure began on 1 1.00 July. As a result, the skipjack price 0.50 in Bangkok continues to increase 11 12 13 14 10 11 12 13 14 10 11 11 12 12 13 13 14 ------sharply, ranging from USD 1 750 to Jul Jul Jul Jul Jul Oct Apr Oct Apr Oct Apr Oct Apr Jan Jan Jan Jan 1 780/tonne CFR.

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Catching in the Eastern Pacific is moderate to good. Weather Tuna - Indian/Atlantic Oceans Skipjack, Seychelles, FOB conditions associated with the El Yellowfin, Seychelles, FOB EUR/kg Skipjack, Abidjan ex-vess el Niño phenomenon have improved, Yellowfin, Abidjan, > 10 kg, ex-vessel resulting in stable catches. The two- 3.00 month IATTC ‘veda’ closure will start 2.50 2.30 2.20 on 29 July. Half of the Eastern Pacific 2.00 fleet is expected to remain in port 1.50 1.35 during this period. The skipjack price 1.00 1.30 has increased to USD 1 650/tonne 0.50 12 11 13 14 11 10 12 13 14 10 11 11 12 12 13 13 14 ------and the yellowfin price to USD ------Jul Jul Jul Jul Jul Oct Apr Oct Apr Oct Apr Oct Apr Jan 2 400/tonne ex vessel Manta. Jan Jan Jan

Fishing in the Indian Ocean continues to be poor even though it Tuna - Spanish canneries has shown a slight improvement Yellowfin > 10 kg, Spain CFR over the last month. Most of the fish EUR/kg Skipjack main sizes, Spain CFR landed are yellowfin and bigeye, meaning that local canneries are 3.00 2.45 very short on skipjack inventories. 2.50 2.00 The skipjack price has increased to 1.50 1.35 EUR 1 350/tonne FOB Mahe while 1.00 the yellowfin price has increased to 0.50 11 12 13 14 10 11 12 13 14 EUR 2 300/tonne. 10 11 11 12 12 13 13 14 ------

Jul Jul Jul Jul Jul Oct Apr Oct Apr Oct Apr Oct Apr Jan Jan Jan Jan Vessels in the Atlantic Ocean also continue to report slow catching while local canneries are still low on raw material. Skipjack and yellowfin Tuna - Loins Skipjack - frozen cooked loins, single cleaned, Spain/Italy DDP prices have risen to EUR USD/kg Yellowfin - frozen cooked loins, double cleaned, Italy DDP 1 300/tonne and EUR 2 200/tonne ex vessel Abidjan, respectively. 10.00 9.00 8.00 8.30 As supply from both the Indian 7.00 6.00 6.10 Ocean and the Atlantic Ocean 5.00 4.00 remains poor, both skipjack and 3.00 yellowfin prices on the European 2.00 11 12 13 14 10 11 12 13 14 10 11 13 13 11 12 12 14 ------markets have increased to EUR ------Jul Jul Jul Jul Jul Oct Apr Oct Apr Apr Oct Oct Apr 1 350/tonne and EUR 2 450/tonne Jan Jan Jan Jan CFR Spain respectively. The market price for cooked, double cleaned yellowfin loins has increased to USD 8 300/tonne DDP Italy.

SMALL PELAGICS

Anchovy fishing in Peru has been hit by the El Niño phenomenon, with total catches so far coming to only 1.47 million tonnes against the 2.53 million tonne quota. The first anchovy season quota is therefore impossible to meet, with only 58% having been fished so far and only a few days left. There is still uncertainty about the El Niño forecasted for the second half of this year, but seawater temperatures are now coming down to normal. It seems that European buyers for fishmeal (of which anchovy is the key ingredient) are out of the market at present, probably waiting for prices to come down.

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The Holtermann report indicates that the Danish sand eel fishery is now coming to an end with total landings standing at 200 186 tonnes. Also some sprat landings were reported which is somewhat unusual as this fishery typically starts up only in August/September. The Icelandic mackerel fishery has not yet picked up as the fleet reports only scattered observations and a challenging fishery. Total landings for this season are at 12 906 tonnes against the Icelandic 134 784 tonne quota. Landings so far are mainly for freezing/human consumption. There are currently no active sellers. The Norwegian Ministry of Fisheries recently announced (for the 2nd time since 2004) the start of the traditional “summer fishery” for Icelandic capelin. As of 11 July, 16 234 tonnes had been reported landed by 18 vessels. The preliminary TAC for Icelandic capelin was set at 225 000 tonnes, corresponding to 50% (precautionary approach) of the predicted TAC which will be finally confirmed or adjusted only after the traditional autumn/winter surveys later this year/early 2015. Norwegian total fish feed sales this year remain well ahead of last year: 569 926 tonnes compared with 456 962 tonnes in 2013 (25% increase).

According to the Norwegian Seafood Council, the value of Norwegian pelagic fish exports during the first six months of 2014 totalled NOK 2.6 billion, up 1% compared with the first half of 2013. Herring exports decreased by 10% compared with last year, while mackerel exports were up by 41%.

On the Vladivostok wholesale market, Pacific herring prices have been stable and demand rather weak. Pacific herring prices for size 200-300 gr/pc ranged from RUB 15 to 18/kg (EUR 0.32 to 0.39/kg) (from warehouse), while Pacific herring prices for size >300 gr/pc are in the range of RUB 21 to 23/kg (EUR 0.45 to 0.49/kg) (from warehouse). On the wholesale market in Moscow, Pacific herring from the spring catch (May) is the cheapest species. The price currently stands at around RUB 25-26/kg (EUR 0.54-0.56/kg), but demand is weakening.

CEPHALOPODS

In South Africa, the three-month Squid - In Italy, origin: South Africa closed season for the squid EUR/kg Squid - Whole, FAS, size M fishery is now over. Catches 7.60 started at the beginning of this 8.00 7.00 month at low levels. Prices are 6.00 difficult to estimate at present but 5.00 it is anticipated that they will 4.00 increase in coming weeks as a 3.00 consequence of moderate 09 10 11 12 13 09 10 11 12 13 14 10 11 12 13 14 ------catches. Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar Nov Nov Nov Nov Nov

CRUSTACEANS

The Canadian lobster spring season finished on 30 June. The slow start in May was followed by abundant fishing at the beginning of June, but prices remained stable throughout the season.

The seasonal price drop for European-caught crustaceans has continued thanks to clement weather conditions and good landings.

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Crab (Cancer pagurus), origin: France European Lobster, in Europe, origin Ireland

400-600 - 600-800 kg/pc EUR/kg EUR/kg 400-600/600-800 gr/pc

5.00 30.00 4.50 4.00 25.00 3.50 3.00 20.00 2.50 2.00 15.00 1.50 2.10 14.00 1.00 10.00 13 09 10 11 12 10 09 11 12 13 09 10 11 12 13 14 12 09 10 11 13 14 10 11 12 13 14 12 10 11 13 14 ------Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov

Shrimp

The market for vannamei is Whiteleg shrimp - Penaeus vannamei unsteady. Although shrimp buying Head-on, shell-on, for EMP, origin: Ecuador (fob) markets have started to 40-50 pc/kg reactivate, demand is still USD/kg reported to be sluggish.

Nevertheless, prices have 11.00 9.50 increased again over the last few 8.35 weeks because of supply 8.00 6.50 concerns. 5.00 3.50 13 09 10 11 12 09 10 11 12 14 13 11 10 12 13 14 ------In Central America, the first - Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar Nov vannamei crop is coming to an Nov Nov Nov Nov end and the price level will depend on supply from Ecuador, Viet Nam and India. European buyers will soon start to build stocks for the Christmas season because products of the second annual crop will not arrive at destination on time for the end-of-year festive period.

In Indonesia, because of low shrimp supply and the Ramadan period - when demand is very high - packers have to compete with the local market for raw material, pushing prices up.

According to the Financial Express Black Tiger - In Europe, origin: Bangladesh “Shrimp production in Bangladesh Bangladesh BT, HL USD/kg 16/20, c&f has set a new record by applying semi intensive and improved

17.0 16.50 intensive culture system under a 15.0 pilot project of the Bangladesh 13.0 Frozen Food Exporters 11.0 Association.” This project focuses 9.0 on improving traditional methods 7.0 used for Black tiger farming. 09 12 10 11 13 09 10 11 12 13 14 10 12 13 11 14 ------During the first quarter of 2014, Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar Nov Nov Nov Nov Nov Bangladesh exported 6 600 tonnes of shrimp to the European market, which represents a decrease compared with the volume exported in previous years (- 17% on 2013). However, Bangladesh remains one of the major suppliers to the EU (8th position) and this project may help the country to become more competitive in the future compared with other Asian shrimp producing countries.

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INFOFISH indicates that import demand for shrimp from India has finally revived in Europe, although shrimp processors are facing raw material shortages. The ex-farm price of vannamei shrimp has started to rise again as farmers are not harvesting. Due to the delay in the arrival of the monsoon season, when conditions are more favourable to grow shrimp to bigger sizes, farmers are holding out on harvesting so that sales to packers may be made at higher prices than the current levels. Although some large processors have started to buy at higher prices, smaller processors have stopped procurement. Last year, Indian shrimp exports to Europe rose considerably, supported by increased production of vannamei.

In Argentina, as is normal for the Argentina Red Shrimp - Pleoticus muelleri season, Pleoticus muelleri > 10-20 pc/kg Head-on, shell-on, In Spain, origin: Argentina > 20-30 fishing remains good (total > 30-40 > 40-60 catches are estimated at 5 000 > 60-80 EUR/kg tonnes/day) with mainly large- size shrimp (mostly 20/30 gr/pc). 10.75 8.40 Demand from Asian markets is 9.25 8.00 presently not very high and 7.75 7.60 6.25 7.10 buyers are reluctant to purchase 4.75 large quantities because of the 3.25 12 13 13 14 12 13 14 14 13 13 14 12 13 ------uncertainty regarding future price - - Jul Jul Jul Jan Jan Mar Mar Nov Nov Sep Sep trends. Prices are down at origin May May as a result of the imbalance in supply and demand. On the European market, the Argentina red shrimp shortage is preventing prices from decreasing and a small increase is even being observed for sizes in short supply such as 10-20 gr/pc and 20-30 gr/pc. However, the first significant quantities of Pleoticus muelleri from Argentina national jurisdiction waters should reach the European market (and more particularly Spain) during the current month, with an expected decrease in prices.

BIVALVES

French Bouchot mussels are again Mussel Bouchot - origin: France - Source Insee present on the French market and EUR/kg Monthly average consumer the bottom Barfleur mussel season prices in metropolitan France started on 15 June. Consequently 6.00 there is now a predominance of 5.50 French mussels on the market with 5.00 4.50 some remaining Irish rope mussels. 4.56 Dutch bottom mussels are no 4.00 3.50 longer available. The French 3.00 09 10 11 12 13 14 10 11 12 13 14 National Institutes of Statistics 09 10 11 12 13 ------and Economic Studies (Insee) Oct Oct Oct Oct Oct Jun Jun Jun Jun Jun Jun Feb Feb Feb Feb Feb indicates that the monthly average consumer prices in metropolitan Oyster - Crassostrea gigas, origin: France - Source Insee France for Bouchot mussels were at EUR 4.57/kg in June, corresponding EUR/dozen Monthly average consumer prices in metropolitan France - to a 3% decrease compared with Medium-caliber cupped oysters 11.00 May 2014 prices but to an 8% na increase over June 2013 prices. 10.00 9.00 8.00 Oyster prices remain at a high level. 7.00 6.00 5.00 08 09 10 11 12 13 08 09 10 11 12 13 14 11 12 13 09 10 14 ------Oct Oct Oct Oct Oct Oct Jun Jun Jun Jun Jun Jun Jun Feb Feb Feb Feb Feb Feb

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SALMON

After dropping below NOK 40/kg (fresh whole farmed Atlantics, NASDAQ) in late May for the first time since November, Norwegian salmon prices kept falling. Increased supply, boosted by good water temperatures accelerating growth rates in the pens, pushed prices down to the low NOK 30s by late June. In particular, prices for larger sizes were driven down by increased availability. In early July, however, the situation is reversing itself, as the shift toward the next harvest generation sees supply temporarily reduced. Prices are climbing once again, with market forecasts suggesting NOK 40 is achievable by the end of the year, despite the expected 7-8% growth in global farmed Atlantic supply in 2014. Indeed, the market’s predictions, as reflected in forward prices, are indicative of the underlying confidence in continuing demand growth. This belief in the still untapped potential of the global market was recently echoed by the Norwegian Seafood Council (NSC), who pointed to increased worldwide awareness of the nutritional benefits of salmon as an important factor ensuring the industry’s continued expansion. In June, the NSC reported total salmon exports of NOK 3.3 billion, 14% more than June last year. In volume terms, the increase was 22%, for a total of 84 000 tonnes exported. These figures contributed to a record first half of 2014 for Norway, with the total value of NOK 21.5 billion the highest ever figure. The EU, Asian and US markets are currently being targeted by Norwegian exporters, at the expense of Eastern Europe and notably Russia.

TROUT

The high price of salmon is reportedly prompting some consumers to turn to other species such as trout, particularly in Russia. Norway, the major trout producer in Europe, exported 22% more trout in value terms in the first half of 2014 compared with the first half of 2013. The total figure came to NOK 1.2 billion, with 182 million exported in June. Demand is still very strong, and prices are substantially higher so far this year (Jan-May) compared with the same period last year, in particular for frozen and fillets.

FRESHWATER FISH

Prices for farmed freshwater fish are generally on a downward trend.

Tilapia prices have decreased substantially (earlier than expected because of a drop in demand) and it seems that they may already be very close to their minimum level. Some Chinese farmers may harvest earlier than expected.

Fresh Nile perch prices are reported to be at a very low level. Carp - Fresh - in Europe, origin: Hungary Carp - whole - live Carp - Fresh, whole, gutted, head-on Captures have drastically Carp - Slices, fresh on ice HUF/kg Carp - Fillets, fresh on ice decreased and almost all products go to the fresh market, with a 1400 1262 consequent increase in frozen 1200 1156 prices (mainly requested by the 1000 Japanese market for large sizes). 800 771

600 628 In Hungary, no substantial 400 09 10 11 12 13 09 10 11 12 13 14

10 11 12 13 14 changes have been observed on ------the freshwater market, which is Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar Nov Nov Nov Nov Nov currently stagnating.

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Pangasius prices are around USD 10 cents down.

SEABASS/SEABREAM/MEAGRE

After stabilizing in late March following a steep rise early in Seabass and Seabream - In Italy, origin: Greece

2014, prices for seabass and Seabass fresh whole 300-450 gr/pc EUR/kg seabeam were trending up again Seabream fresh whole 300-450 gr/pc over the last two weeks of June, 6.5 but during July some weakness 6.0 5.5 5.25 appeared due to slowing demand 5.0 4.5 4.85 in the large metropolitan cities of 4.0 Europe. 3.5 3.0 09 10 11 12 13 12 09 10 11 13 14 10 11 12 13 14 ------Greek producers are welcoming - - - - - Jul Jul Jul Jul Jul Jul Mar Mar Mar Mar Mar Nov a return to profitability on the Nov Nov Nov Nov back of the improved price situation, and approximately flat Meagre - In Italy, origin: Egypt production growth is expected to 1000-2000 gr/pc fresh whole see the firm prices continue. 2000-4000 EUR/kg However, it is currently only the Turkish industry that is growing 10.0 9.0 rather than surviving, with 8.0 lower-priced Turkish fish 7.0 6.68 increasingly favoured by 6.0 6.30 5.0 importers in both established 4.0 12 13 13 14 12 13 14 13 14 13 14 and emerging markets. In 12 13 ------

particular, the market for larger- Jul Jul Jul Jan Jan Mar Mar Nov Nov Sep Sep sized (>400-600gr/pc) fish, May May traditionally dominated by Greek producers, is expected to be increasingly targeted by Turkish farmers as their harvesting schedules are adjusted to make up the shortfall in supply.

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Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area GROUNDFISH July 2014

Cod/Cabillaud, Morue/ Fresh gutted 1.07 1.46 - Poland FOB Baltic Sea Bacalao IQF portion, single frozen 100-150 gr/pc 5.80 7.91 = Italy CIF Iceland Gadus morhua Fresh - fillet 100-200 gr/pc 4.54 6.19 + CPT Denmark 200-400 5.92 8.07 + Fresh - Whole 1-2 kg/pc 4.61 6.29 - 2-4 5.05 6.89 + Fillet - IQF - light salted 2.13 2.90 * Spain CFR China double frozen, 20% glaze Fillet 4-8 oz 4.83 6.59 + CIF Spain 8-16 4.60 6.27 + (origin: Barent 16-32 4.50 6.14 + Sea) H&G 1-3 kg/pc 2.20 3.00 = FOB Russia Fillet - wet salted - 1st quality 700-1000 gr/pc 7.70 10.50 + Italy DDP Iceland produced from fresh raw material Stockfish 700 gr/pc 18.00 24.54 + Norway Gadus macrocephalus Fillet - wet salted - 1st quality 400-700 gr/pc 6.65 9.07 = CIP Denmark produced from frozen raw material Hake/Merlu/Merluza Minced block 1.58 2.15 = Namibia FOB Namibia Merluccius capensis for Spanish market Fillet - skin-on, plate, 2-4 oz/pc 3.75 5.11 = Spain DDP landfrozen 4-6 4.20 5.73 = 6-8 4.35 5.93 = 8-12 4.50 6.14 = IQF portion, trapeze 90-110 gr/pc 5.60 7.64 = Italy CIF Merluccius gayi H&G 1.17 1.60 Europe CFR Peru Merluccius productus Fillet, PBO 2.31 3.15 = Spain CIF USA Minced block 1.36 1.85 = Hoki - Grenadier/ Fillet block 2.53 3.45 = New Zealand Grenadier/Merluza Industrial block 3.15 4.29 Europe CIF Macruronus novaezelandiae Alaska pollack/Lieu Industrial block single frozen 2.45 3.34 USA de l'Alaska/Colín Industrial block double frozen 2.30 3.14 China de Alaska Fillet, IQF 2-4 oz 2.40 3.27 Theragra chalcogramma Surimi (Alaska pollack) Stick - Paprika 250 gr/pc 2.40 3.27 - France CFR Spain Saithe/Lieu noir/ Fillet - interleaved 200-400 gr/pc 3.89 5.30 Europe CIF Faroe Islands Carbonero (Pollock, Coley) Pollachius virens Fillet - skinless, PBI, interleaved 16-35 oz 4.25 5.79 + Spain DDP Iceland Monkfish/Baudroie/ Fresh - Tail 0.3-0.5 kg/pc 7.78 10.61 + Italy CPT UK Rape 0.5-1 10.14 13.83 + Lophius spp. 1-2 10.30 14.04 + > 2 11.05 15.07 + Fresh - whole 0.5-1 kg/pc 4.98 6.79 + FCA France 1-2 5.33 7.27 + Tails, skin-off, IWP 100-250 gr/pc 5.75 7.84 = Spain DDP Namibia 250-500 6.75 9.20 = 500-1000 8.00 10.91 = > 1000 8.75 11.93 = Haddock/Eglefin/Eglofino H&G < 0.8 kg/pc NOK 16.00 1.91 2.60 - Sweden FCA Norway Melanogrammus aeglefinus Ling/Lingue franche/ Fillet - wet salted 1-1.5 kg/pc 4.90 6.68 + Italy DDP Faeroe Islands Maruca Produced from fresh raw material Molva molva high quality

10 Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area FLATFISH July 2014

Turbot/Rodaballo Fresh - whole 0.5-1 kg/pc 5.85 7.98 = Spain CIF Spain Psetta maxima cultured 1-2 6.00 8.18 - 2-3 7.95 10.84 + 3-4 11.40 15.54 + Fresh - whole 0.5-1 kg/pc 9.70 13.23 Netherlands wild 1-2 12.70 17.32 2-3 14.70 20.04 3-4 15.70 21.41 4-6 17.70 24.13 > 6 18.70 25.50 Fresh - whole 0.8-1 kg/pc 5.20 7.09 - Italy CPT Spain 1.5-2 6.00 8.18 = 1-1.5 5.27 7.19 - 2-2.5 7.20 9.82 = 0.5-1 kg/pc 9.24 12.60 - FCA Netherlands 0.7-1 10.23 13.95 - 1-2 11.30 15.41 - > 3 13.13 17.90 + Sole/Sole/ Fresh - whole < 170 gr/pc 11.30 15.41 Spain CIF Lenguado wild 160-220 12.20 16.63 Solea vulgaris 210-300 13.70 18.68 300-350 15.70 21.41 400-600 25.70 35.04 600-800 30.70 41.86 800-1000 29.70 40.49 Fresh - whole No. 2 11.63 15.86 Italy CIF No. 3 10.28 14.02 No. 4 8.75 11.93 Fresh - gutted No. 2 16.08 21.92 - FCA No. 3 10.50 14.32 - No. 4 9.28 12.65 - No. 5 na European plaice/ Fresh - whole 150-300 gr/pc No quotations Spain CIF Plie d'Europe/ 300-400 Solla europea 400-600 Pleuronectes platessa IQF, white skin-on, 25% glaze No. 2 3.95 5.39 = Netherlands FOB IQF skin-off, 25% glaze 4.10 5.59 - for Italian market European Flounder/ Fresh - whole 1.49 2.03 + Italy CPT Denmark Flet d'Europe/ Platija europea Platichthys flesus Fresh - whole na - FCA Netherlands TUNAS/BILLFISHES July 2014

Tuna/Thon/Atún Skipjack - whole main size 1.31 1.78 + Bangkok CFR Western/Central Thunnus spp. Pacific Ocean Skipjack - whole 1.65 1.65 + Ecuador Eastern Tropical Yellowfin - whole 2.40 2.40 + ex-vessel Pacific Ocean Skipjack - whole main size 1.35 1.84 + Seychelles Indian Ocean Yellowfin - whole 2.30 3.14 + FOB Skipjack - whole 1.30 1.77 + Abidjan Atlantic Ocean Yellowfin - whole > 10 kg 2.20 3.00 + ex-vessel

11 Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area TUNAS/BILLFISHES (Cont.) July 2014

Tuna/Thon/Atún Skipjack - whole 1.8-3.4 kg/pc 1.35 1.84 + Spanish Various origins Thunnus spp. Yellowfin - whole > 10 kg 2.45 3.34 + Canneries CFR Skipjack - cooked & cleaned single cleaned 4.47 6.10 - Italy DDP Solomon Islands loins - vacuum packed Yellowfin - cooked & cleaned double cleaned 6.09 8.30 + Ghana/Mauri- loins - vacuum packed tius/Solomon Is. Yellowfin - whole > 10 kg 2.40 3.27 = Spain DAT Atlantic Ocean 3-10 kg 1.75 2.39 = Skipjack - whole 1.8 kg 1.35 1.84 = Bigeye - whole > 10 kg 2.10 2.86 * Indian Ocean Yellowfin - frozen loins 5.40 7.36 = DDP Skipjack - frozen loins 4.40 6.00 Bigeye - frozen loins 4.70 6.41 = Skipjack - pre-cooked loins 4.11 5.60 + Europe CFR Ecuador Yellowfin - pre-cooked loins single cleaning 5.13 7.00 + double cleaning 5.87 8.00 + Swordfish/Espadon/ Seafrozen 30-50 kg/pc 5.20 7.22 * Spain FOT Spain Pez espada 50-70 5.00 6.94 * Xiphias gladius SMALL PELAGICS July 2014

Mackerel/Maquereau/ Fresh - whole 2.25 3.07 + Italy CPT Spain Caballa Whole 200-400 gr/pc 1.20 1.64 * Netherlands FOB UK Scomber scombrus 300-500 1.40 1.91 - for Eastern Europe Herring/Hareng/Arenque Fresh - fillet 2.51 3.42 - Italy CPT Denmark Clupeidae Fresh - whole 70-100 gr/pc 0.37 0.50 = Poland FOB Baltic Sprat/Sprat/Espadín 0.18 0.24 - Sprattus sprattus Sardine/Sardine/ Fresh - whole 1.05 1.43 + Italy CPT Croatia Sardina 1.03 1.40 * Italy Sardina pilchardus CEPHALOPODS July 2014

Squid/Encornet/Calamar Frozen - whole S (< 18 cm) 7.50 10.23 + Italy CIF South Africa Loligo spp. M (18-25) 7.60 10.36 + L (25-30) 7.80 10.63 + XL (>30) 7.80 10.63 + Block FAS 9-12 cm 2.20 3.00 + Spain CIF Falkland Islands 12-14 2.50 3.41 = (Malvinas) 14-16 3.70 5.04 + Dosidicus gigas Fillet - clean, pack in block A 0.88 1.20 Europe CFR Peru and bulk bag 0.88 1.20 Chile Tentacles - bailarina cut, pack A 1.28 1.75 Peru in block and bulk bag 1.17 1.60 Chile Raw wings - skin-on, pack A 0.77 1.05 Peru in block and bulk bag 0.81 1.10 Chile Octopus/Poulpe/Pulpo Whole T1 9.50 12.95 = Spain DDP Morocco Octopus vulgaris T2 9.00 12.27 = T3 8.50 11.59 = T4 8.00 10.91 = T5 7.50 10.23 = T6 7.00 9.54 = T7 6.50 8.86 = T8 6.00 8.18 = T9 5.50 7.50 =

12 Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area CEPHALOPODS (cont.) July 2014

Octopus/Poulpe/Pulpo Whole - FAS, no glaze T1 8.40 11.45 Morocco FOB Morocco Octopus vulgaris T2 7.93 10.81 for Spanish mkt T3 6.98 9.52 T4 6.73 9.18 T5 6.53 8.90 Sushi slice 7 gr/pc 9.35 12.75 + Europe CFR Indonesia 100% net weight 9 9.28 12.65 + Boiled cut 5.10 6.95 + Flower type 1-2 gr/pc 2.75 3.75 + 90% net weight > 2 3.04 4.15 + Cuttlefish/Seiche/ Whole, cleaned, IQF < 5 No quotations Germany CFR India Sepia 20% glaze < 10 Sepia spp. 11-20 CRUSTACEANS July 2014

Whiteleg shrimp/ PD, chemical treatment 31-40 pc/lb 9.79 13.35 + Europe CFR Indonesia Crevette pattes 100% net weight 41-50 9.24 12.60 + blanches/Camarón treated with non-phosphate 51-60 8.51 11.60 + patiblanco 61-70 8.29 11.30 + Penaeus vannamei 71-90 7.81 10.65 + 91-120 7.33 10.00 + Head-on, shell-on 30-40 pc/kg 9.50 12.95 = Central 40-50 8.70 11.86 = America 50-60 7.60 10.36 = 60-70 6.85 9.34 = 70-80 6.60 9.00 = 80-100 6.50 8.86 = 100-120 5.70 7.77 = Head-on, shell-on 30-40 pc/kg 7.11 9.70 + South/Central Ecuador 40-50 6.12 8.35 + America FOB 50-60 5.76 7.85 + for European main 60-70 5.21 7.10 + ports 70-80 5.06 6.90 + PUD, tail-off, IQF 21-25 pc/lb 6.97 9.50 Germany CFR India 80% net weight 26-30 6.53 8.90 31-35 5.87 8.00 Argentine red shrimp/ Head-on, shell-on > 10-20 pc/kg 8.40 11.45 + Spain EXW Argentina Salicoque rouge/ > 20-30 8.00 10.91 = d'Argentine/Camarón > 30-40 7.60 10.36 = langostín argentino > 40-60 7.10 9.68 - Pleoticus muelleri FAS 10-20 pc/kg 7.60 10.36 - CIF 20-30 7.20 9.82 - 30-40 6.90 9.41 - 40-60 6.50 8.86 = Black tiger/Crevette Headless 16-20 pc/kg 12.10 16.50 + Europe CFR Bangladesh tigrée/Camarón tigre 20% glaze, IQF 21-25 10.27 14.00 =

Headless, shell-on 8-12 pc/kg 10.85 14.80 Viet Nam FOB Viet Nam 30% glaze 13-15 10.12 13.80 (for European mkt) 16-20 8.98 12.25 21-30 7.74 10.55 31-40 6.82 9.30 41-50 6.09 8.30

13 Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area CRUSTACEANS (Cont.) July 2014

Black tiger/Crevette PD 8-12 pc/kg 11.88 16.20 Viet Nam FOB Viet Nam tigrée/Camarón tigre 30% glaze 13-15 11.07 15.10 (for European mkt) 16-20 9.86 13.45 21-30 8.25 11.25 31-40 7.59 10.35 41-50 6.60 9.00 Norway lobster/ Fresh - Whole 21-30 pc/kg 11.45 15.61 Spain DDP Netherlands Langoustine/Cigala 4X1.5 kg 16-20 13.20 18.00 Nephrops norvegicus 10-15 15.70 21.41 8-12 17.70 24.13 6-9 19.70 26.86 4-7 24.20 32.99 Whole 00 11.85 16.16 CIF Scotland 0 10.20 13.91 1 9.15 12.48 2 8.15 11.11 3 7.15 9.75 4 5.85 7.98 European lobster/ Live - bulk 400-600 gr/pc 14.00 19.09 - France delivered Ireland Homard européen/ 600-800 14.00 19.09 - to French vivier Bogavante companies Homarus gammarus American lobster/ Frozen whole cooked See cover page Europe CIF Canada Homard américain/ popsicle (canners) < 450 gr/pc CAN 16.00 11.01 15.01 = Bogavante americano (markets) > 400 CAN 17.00 11.69 15.95 = Homarus americanus 300 gr/pc France DDP Edible crab/Tourteau/ Live 400-600 gr/pc 2.10 2.86 - Delivered Ireland Buey de mar 600-800 2.10 2.86 - live to French Cancer pagurus vivier companies BIVALVES July 2014

Oyster/Huître/Ostra Live No. 3 5.00 6.77 = France prod. price Ireland/France Crassostrea gigas Mussel/Moule/Mejillón Live - Bottom mussel 2.10 2.86 - wholesale France Mytilus edulis 1.90 2.59 = Netherlands Mytilus galloprovincialis Live - Rope 60-80 pc/kg 2.00 2.73 = France wholesale Spain Mytilus chilensis IQF - shell-off, 7% glaze 200-300 pc/kg 4.00 5.45 + Italy CIF Chile Scallop/Coquille Saint- meat, roe-on, IQF, 100% 30-40 gr/pc na Peru FOB Peru Jacques/Vieira net weight, 10 kg bag (for EU market) Argopecten purpuratus Razor shell/Couteau/ IQF 10-12 cm 3.55 4.84 Spain CIF Netherlands Navajas - Solenidae SALMON July 2014

Atlantic salmon/ Fresh - head-on, gutted 1-2 kg/pc 5.05 6.89 - Romania/Bulgaria Saumon de l'Atlantique/ 4-5 5.40 7.36 - DDP Salmón del Atlántico 6-7 5.45 7.43 - for Eastern Europe Salmo salar Fresh - Whole - Ordinary 2-3 kg/pc 3.74 5.10 - Italy FCA 3-4 4.30 5.86 - 4-5 4.39 5.99 - Fresh - Whole - Superior 2-3 kg/pc 3.92 5.34 - 3-4 4.48 6.11 - 4-5 4.57 6.23 - 5-6 4.57 6.23 - IQF portion 100-150 gr/pc 10.90 14.86 = CIF Denmark

14 Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area

TROUT July 2014

Trout/Truite/Trucha Whole, gutted, fresh on ice 0.25-0.4 kg/pc HUF 1402 4.52 6.16 + Hungary ex-farm Hungary Salmo spp. Fillet - farmed 200-400 gr/pc 7.30 9.95 Italy ex-farm Italy Live - farmed 500-700 gr/pc 3.00 4.09 Rainbow trout/ Live - farmed 250-400 gr/pc 2.50 3.41 Truite arc-en-ciel/ Gutted 3.80 5.18 Trucha arco iris Oncorhynchus mykiss FRESHWATER FISH July 2014

North African catfish/ Fresh - whole, gutted, head-on 0.7-1.6 kg/pc No quotations Hungary Hungary Poisson-chat nord- Fresh head-off 0.5-1.2 kg/pc EX-FARM africain/Pez-gato Fresh on ice - fillets, skinless Clarias gariepinus Fresh on ice - slices Carp/Carpe/Carpa Live 1.2-5 kg/pc HUF 628 2.02 2.76 - Cyprinus spp. Fresh, whole, gutted, head-on 0.8-4.5 kg/pc HUF 771 2.48 3.39 = Fresh, whole, gutted, head-off 0.7-4.5 kg/pc HUF 1051 3.39 4.61 + Fresh on ice - slices HUF 1156 3.72 5.08 + Fresh on ice - fillets HUF 1262 4.07 5.54 + Bighead carp/Carpe à Fresh gutted, head-off 0.8-3.5 kg/pc No quotations grosse tête/Carpa Fresh on ice - slices capezona Fresh on ice - fillets Aristichthys nobilis Live 1-5.5 kg/pc HUF 420 1.35 1.84 = Grass carp/ Live 1.5-4 kg/pc No quotations Carpe herbivore/ Carpa china Ctenopharyngodon idellus Crucian Carp/ Live 0.45-0.9 kg/pc HUF 385 1.24 1.69 - Carassin/Carpín Carassius carassius Wels/Silure glane/Siluro 0.8-4 kg/pc HUF 1542 4.97 6.77 + Silurus glanis Nile perch/Perche du Fillet 300-500 gr/pc 5.35 7.29 Spain DDP Uganda/ Nil/Perca del Nilo 500-1000 5.35 7.29 Tanzania Lates niloticus 200-400 gr/pc 6.75 9.20 + EU CFR Tanzania 400-700 6.75 9.20 + Fillet - skinless, PBI, IWP 500-1000 gr/pc 5.02 6.85 + Spain CFR Nile Tialpia/Tilapia du Fillet - skinless, IQF, PBO 5-7 oz 3.48 4.75 - China Nil/Tilapia del Nilo non-treated, 10% glaze Oreochromis niloticus Gutted and scaled 300-500 gr/pc na Europe CFR 10% glaze, IWP 500-800 Panga Fillet - thawed 3.11 4.24 - Italy CPT Viet Nam Pangasius spp. Fillet, IQF, white - 20% glaze 120-170-220 1.58 2.15 - Spain CFR Fillet, 100% net weight gr/pc 1.94 2.65 * IQF Fillet, 100% net weight 1.91 2.60 * Interleaved NON-TRADITIONAL SPECIES July 2014

Sturgeon/Esturgeon/ Frozen - Whole 1.5-2 kg/pc 5.00 6.82 = France CIF France Esturione Gutted 5-7 kg/pc 7.00 9.54 = Acipenseridae Fillets 200-300 gr/pc 11.00 15.00 = 800-1000 11.00 15.00 = A.baeri Caviar (Aquitaine) metal boxes 1 500 2 045 =

15 Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area SEABASS/SEABREAM/MEAGRE July 2014

Seabass/Bar, Fresh - whole 200-300 gr/pc 4.10 5.59 = Greece FOB Greece Loup/Lubina farmed 300-450 5.05 6.89 - Dicentrarchus labrax 400-600 5.30 7.23 - 600-800 6.85 9.34 - 800-1000 9.15 12.48 - > 1000 10.40 14.18 - 200-300 gr/pc 4.30 5.86 = Italy CIF 300-450 5.25 7.16 - 450-600 5.50 7.50 - 600-800 7.05 9.61 - 800-1000 9.35 12.75 - > 1000 10.60 14.45 - 200-300 gr/pc 4.35 5.93 = France CIF 300-450 5.30 7.23 - 450-600 5.55 7.57 - 600-800 7.10 9.68 - 800-1000 9.40 12.82 - > 1000 10.65 14.52 - 200-300 gr/pc 4.34 5.92 = Spain CIF 300-450 5.29 7.21 - 450-600 5.54 7.55 - 600-800 7.09 9.67 - 800-1000 9.39 12.80 - > 1000 10.64 14.51 - 200-300 gr/pc 4.37 5.96 = Germany CIF 300-450 5.32 7.25 - 450-600 5.57 7.59 - 600-800 7.12 9.71 - 800-1000 9.42 12.84 - > 1000 10.67 14.55 - 200-300 gr/pc 4.35 5.93 = Portugal CIF 300-450 5.30 7.23 - 450-600 5.55 7.57 - 600-800 7.10 9.68 - 800-1000 9.40 12.82 - > 1000 10.65 14.52 - 200-300 gr/pc 4.53 6.18 = UK CIF 300-450 5.48 7.47 - 450-600 5.73 7.81 - 600-800 7.28 9.93 - 800-1000 9.58 13.06 - > 1000 10.83 14.77 - Fresh - whole 200-300 gr/pc 4.50 6.14 = Greece EXW farmed 300-400 5.10 6.95 - for Eastern Europe 400-600 5.30 7.23 - 600-800 7.20 9.82 - 800-1000 11.00 15.00 = > 1000 12.60 17.18 = Fresh - whole - wild 600-800 9.17 12.50 - Italy CPT Egypt Mediterranean 800-1000 9.17 12.50 - 1000-2000 9.99 13.62 - > 2000 8.13 11.08 -

16 Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area SEABASS/SEABREAM/MEAGRE (cont.) July 2014

Gilthead seabream/ Fresh - whole 200-300 gr/pc 4.25 5.79 - Greece FOB Greece Dorade royale/Dorada farmed 300-450 4.65 6.34 - Sparus aurata 450-600 4.75 6.48 - 600-800 5.60 7.64 - 800-1000 6.90 9.41 - > 1000 8.15 11.11 - 200-300 gr/pc 4.45 6.07 - Italy CIF 300-450 4.85 6.61 - 450-600 4.95 6.75 - 600-800 5.80 7.91 - 800-1000 7.10 9.68 - > 1000 8.35 11.38 - 200-300 gr/pc 4.50 6.14 - France CIF 300-450 4.90 6.68 - 450-600 5.00 6.82 - 600-800 5.85 7.98 - 800-1000 7.15 9.75 - > 1000 8.40 11.45 - 200-300 gr/pc 4.49 6.12 - Spain CIF 300-450 4.89 6.67 - 450-600 4.99 6.80 - 600-800 5.84 7.96 - 800-1000 7.14 9.73 - > 1000 8.39 11.44 - 200-300 gr/pc 4.52 6.16 - Germany CIF 300-450 4.92 6.71 - 450-600 5.02 6.84 - 600-800 5.87 8.00 - 800-1000 7.17 9.78 - > 1000 8.42 11.48 - 200-300 gr/pc 4.50 6.14 - Portugal CIF 300-450 4.90 6.68 - 450-600 5.00 6.82 - 600-800 5.85 7.98 - 800-1000 7.15 9.75 - > 1000 8.40 11.45 - 200-300 gr/pc 4.68 6.38 - UK CIF 300-450 5.08 6.93 - 450-600 5.18 7.06 - 600-800 6.03 8.22 - 800-1000 7.33 9.99 - > 1000 8.58 11.70 - 200-300 gr/pc 4.80 6.54 = Greece EXW 300-400 4.70 6.41 - for Eastern Europe 400-600 4.70 6.41 - 600-800 5.10 6.95 - 800-1000 6.80 9.27 = > 1000 na Fresh - whole - wild 800-1000 gr/pc 15.04 20.51 + Italy FCA Morocco Atlantic 1000-2000 16.63 22.67 + > 2000 14.45 19.70 +

17 Fish Species Price per kg Reference Product Form Grading Origin Trade Name As stated EUR USD & Area SEABASS/SEABREAM/MEAGRE (cont.) July 2014

Gilthead seabream/ Fresh - whole 600-800 gr/pc 9.70 13.23 - Italy CPT Egypt Dorade royale/Dorada farmed 800-1000 9.69 13.21 + Sparus aurata 1000-2000 10.00 13.63 = Meagre/Maigre Fresh - Whole - wild 800-1000 gr/pc 6.42 8.75 - commun/Corvina 1000-2000 6.30 8.59 - Argyrosomus regius 2000-4000 6.68 9.11 - 5000-10000 8.00 10.91 + farmed 800-1000 gr/pc 4.90 6.68 + FCA Greece 1000-2000 5.00 6.82 = 1000-2000 gr/pc 6.00 8.18 = CIF > 2000 7.50 10.23 = > 3000 8.50 11.59 =

18 The European Fish Price Report is a monthly GLOBEFISH publication, prepared by Karine Boisset, Felix Dent and Audun Lem

It can be ordered from the FISH INFONetwork:

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PRICE REFERENCE (INCOTERMS 2010) SYMBOLS EXW ex works Price increased in original currency since FCA free carrier last report FAS free alongside ship - Price decreased in original currency since FOB free on board last report CFR cost and freight = Updated but unchanged price CIF cost, insurance and freight * New insertion CPT carriage paid to Not updated since last issue CIP carriage and insurance paid to DDP delivered duty paid DAT (new) delivered at terminal DAP (new) delivered at place CURRENCY RATES (DAF, DES, DEQ and DDU have been cancelled) USD EUR PRODUCT FORM Canada CAD 1.07 1.45 IQF individually quick frozen Hungary HUF 227.74 310.35 IWP individually wrapped pack Norway NOK 6.16 8.40 PBI pinbone in USA USD 1.36 PBO pinbone off EU EUR 0.73 C&P cooked and peeled Denmark DKK 5.47 7.46 H&G headed and gutted FAS frozen at sea Exchange Rates: 01/07/14 PD peeled and deveined PUD peeled, undeveined

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