Seaborn Sustainability Report

Sustainability Report 2022

CEO Reflections

Seaborn acknowledges the urgent need to integrate sustainability initiatives within our business operations. Considerations of sustainability has already become an integral part of our strategy. We are committed to promote a responsible and sustainable value chain, to deliver healthy and safe food, to contribute to a better climate and environment, and to grow people and build culture.

We truly believe that our commitment to improve sustainability, in all aspects of our value chain, is a key enabler to convince our customers to perceive us as a responsible supplier of seafood. For instance, less carbon dioxide emission per kilogram of seafood is one of the main challenges, and we have already reduced this problem significantly in recent years.

In the longer run we will seek to adopt generic innovative technology and business models, to further accelerate the transition to a sustainable state.

Seaborn has for several years been operating in accordance with all relevant standards within our line of business. We are constantly encouraging our partners to reach for the new standards within the seafood industry as well.

We are convinced that joint efforts within the seafood industry will create the needed level of sustainability improvement, and in time. We are sure that Seaborn will continue to contribute considerable through our dynamic and continuous improvement approach.

Dag Aksnes

About Us

Seaborn was established in 2001 by a number of small and medium-sized family-owned companies with a long-standing tradition of fish farming passed down through generations. Our farmers take pride in their local identity and the values they bring to their respective districts in Norway.

Seaborn is headquartered in Bergen, with a sales office in Sweden and sales representatives in the US. In record time, Seaborn has become one of the largest companies in the Norwegian farming sector, exporting to over 60 countries.

As a sales organization, Seaborn holds a unique position as a crucial link between the market and the producers, thanks to our professional and dynamic team available round-the-clock. We believe in our product and the people involved in the process.

The fish farms we source from stretch along the western coast of Norway all the way up to the Lofoten Islands.

Seaborn is a company with a clear vision: to be the fish farmers' own sales company. This means that we operate as a link between Norwegian fish farmers and the global market, providing a platform for these farmers to sell their high-quality products. Our focus is on providingthe best possible serviceto our customers andtoexceedtheir expectations. Trustmustbeearned by our farmers, suppliers, and customers. This is why we put our energy into taking effective action and finding innovative solutions that keep us at the forefront of the industry.

Our People

Seaborn recognizes that our success is largely due to the dedication and hard work of our employees. We are proud to have a balanced gender ratio of 50/50, which we believe is crucial to create a fair and inclusive work environment. Seaborn values the unique perspectives and experiences that individuals from diverse backgrounds bring to the table and believe that this diversity helps us better understand and serve our customers around the world.

Seaborn's commitment to maintaining a safe and respectfulworkplaceforallemployeeshasresulted in no reported issues related to discrimination, harassment, or employee mistreatment since start-up. This demonstrates our dedication to upholding ethical practices throughout our operations. Additionally, we prioritize the wellbeing of our employees by fostering a healthy and secure work environment. This approach leads to higher productivity, reduced absence and ultimately improves business results. In 2022, our lowrateofsickleave, only2.1%,servesasevidence of our commitment to employee well-being.

Our Products

Norwegian salmon

Our Norwegian Salmon is the original Norwegian salmon, Salmon Salar, which belongs to the North Atlantic salmon stocks. Since the Ice Age, the fish have migrated to the Atlantic Ocean from their breeding grounds in Norwegian rivers. These rivers are cold all year because of the inflow of water from the glaciers and melting snow.

Over thousands of years in a challenging climate, the salmon has evolved robust genes that are well adapted to our ice-cold water. Farmed salmon has been developed from genetic material from Norway’s best salmon rivers. We know that contentment is the basis for growth and quality. Therefore, our fish farmers ensure that the fish have plenty of space in their marine cages and receive the best feed on the market.

Norwegian Fjord Trout

The success story of Norwegian fish farming started with the Fjord Trout (Oncorhynchus mykiss). This species thrives extremely well in the Norwegian fjords where the rivers swellwithwaterfromtheglaciers andmeltingsnow. This ensures a lower salt content and excellent growing conditions for trout. The experience gained from farming Norwegian Fjord Trout laid the foundations for the technology that made farming of Norwegian Salmon possible ten years later.

Norwegian Fjord Trout's premium quality and taste makes it a highly preferred ingredient among both professional chefs and home cooks. Its meat is tender, rich in flavour, and boasts a beautiful white marbling and bright red hue, elevating any dining experience.

Icelandic Salmon

From the cold, pure waters of the fjords in Eastern and Western Iceland comes natural Icelandic salmon. In a remote environment our farmers keep it simple: no GMOs, no antibiotics, no hormones, and no mammalian or avian proteins. Just excellent salmon from an untouched place reared by Icelandic farmers who have fish in their DNA.

The Icelandic salmon is harvested and processed by a local facility to ensure optimal freshness due to Super Chilling technology, which chills the salmon down below the freezing point of water within an hour. Although the temperature of the salmon is below waters freezing point, it remains fresh and unfrozen. This process prevents rigor mortis and has the potential to extend the salmon’s shelf life. Additionally, the entire production cycle, from egg to harvesting and packing, is fully vertically integrated, ensuring complete traceability throughout the process.

Organic salmon and fjord trout

Our organic fish is produced with a technology, passion and care that ensure the fish welfare and health. We are proud to adhere to the rigorous standards set by EU organic regulations, ensuring that our salmon and trout meets the highest organic certification requirements. To maintain the integrity of our practices, the entire value chain, spanning from broodstock to export, undergoes regular inspections by the certification body, Debio.

Main criteria for Seaborn Organic

• Maximum density is 1% fish in the pen (10kg/m3).

• Our trout and salmon are fed with certified feed containing large amounts of raw, marinematerials made from fish off-cuts that derives from sustainable fisheries.

• The nets are not treated with copper.

• Panaferd is a natural colorant in the feed for pigmation.

• No hormones.

• No antibiotics.

• High content of marine oil makes organic salmon and trout from Seaborn a good source of the fatty acids EPA and DHA.

a

Tombre Fiskeanlegg AS, a familyowned business, has been a pioneering force in aquaculture since its inception in 1971. With over 50 years of history, they deliver seafood that meets the highest standards of taste and nutrition, focusing on production of fish under natural, local, and ideal conditions.

Steinvik Fiskefarm AS was originally involved in traditional agriculture, but in the early 1980s a new generation of farmers recognized the potential of fish farming and seized the opportunity. From 1986 fish farming has been carried out in Steinvika, and after their first year of production, Steinvik Fiskefarm became a prominent name in the industry.

Osland Havbruk AS has since 1963 developed and preserved Norway’s oldest trout broodstock, as well as tailoring the optimal growth conditions for fish roe and smolt. 60 years of innovation and gene-development results in a delicious, high-quality fish for the end-consumer.

Value added products (VAP)

We believe in full transparency. That is why our VAP are sourced exclusively from our trusted fish farmers. The products can be traced back to their origin, providing assurance that they have been carefully handled, while maintaining the highest standards of quality. Most of our VAP products are produced in Norway by Inka AS. With their expertise each fillet undergoes careful processing, resulting in a truly exceptional product.

Inka AS

Inka is a family-owned business that specializes in the processing of salmon and trout. They place great importance on delivering high-quality and safe food to their customers and are dedicated to upholding sustainability principles. Their production process is designed to utilize every part of the fish to its fullest extent.

Seaborn takes pride in partnering with farmers who specialize in producing organic fish

Quality and food safety

Seaborn is committed to ensure the highest standard of food safety for our customers. We understand our customers' expectations of quality and take great care to closely follow up on their requirements, and ensure that every aspect is met throughout the entire process, from production to delivery. All seafood supplied from Seaborn is produced in accordance with the principles and standards provided by Codex Alimentarius. Most of our suppliers are also GFSI certified (for instance BRC, FSSC). We have a quality system that describes all of our routines and processes, supplier approvals and risk assessments. We work continuously with improvements to constantly deliver the best quality to our customers.

Our value chain

We recognize the value of a strong value chain. Our commitment to quality and sustainability begins with our partnerships with Norwegian fish farms and extends through every step of the production process. From the pristine waters of the fjords to the world-class processing facilities, we work tirelessly to ensure that every product we sell meets the highest standards of quality and environmental responsibility.

Responsible Business

Seaborn focus on contributing to the global agenda towards a sustainable future. We will strive to become as sustainable and transparent as possible for a seafood value chain. To achieve this, we must be the driving force backwards to our producers and forward to our customers.

Promoting a responsible and sustainable value chain

Thinking sustainablyatevery stageisnecessaryto ensure long-term value creation. Seaborn holds a crucial position as a link between seafood producers and customers. This gives us the opportunity to drive and catalyze the focus on sustainability at every level of the value chain.

AMBITION: We aim to influence our customers and suppliers towards a more sustainable seafood value chain through collaboration and clear requirements in our agreements with them

Contributing to a better climate and environment

By focusing on the choice of transportation and packaging, we can reduce the impact our products have on climate and the environment. At the same time, we have the opportunity to influence our partners to make choices that reduce the total carbon footprint of the value chain.

AMBITION: Wehaveestablished abaseline, 2022, and will annually reduce our CO2 footprint until 2030.

Delivering healthy and safe food

As a seafood supplier, Seaborn provides customers worldwidewithhealthyfood. Thefood we deliver must be safe to consume, making it crucial for us to consider the fish's health and well-being in production.

AMBITION: Seaborn aims to deliver healthy and safe products certified according to recognized standards. By 2024, 80% of purchased fish should be certified with ASC or other environmental standards.

Building people and culture

Our people define who we are as a company. It is our collective responsibility to develop ourselves, acquire new (sustainability) knowledge, and influence other stakeholders in the value chain to do the same.

AMBITION: We will elevate the internal level of expertise, and every employee will be a strong advocate for sustainable choices and solutions

Materiality

During 2022 we conducted a materiality assessment to map sustainability topics of great importance to Seaborn and our key stakeholders. Identifying areas where we have the greatest impact is essential for our further work withsustainability. Inthisprocesstherelevantmaterialsustainabilitytopicshavebeenrecognizedandprioritized basedonaqualitativeassessmentconductedbytheprojectgroup,internalinputfromworkshops,andinterviews with key stakeholders. This ensures a holistic approach to sustainability. The sustainability topics used in the assessment were part of an extensive gross list of industry relevant sustainability topics, based on recognized standards such as GRI (Global Reporting Initiative, a recognized framework for sustainability reporting) and industry experience. The results are presented in Figure 1, which depicts the relevant material sustainability topics categorized by level of priority. Level 1 drivers will be the core in our sustainability work, followed by the level 2 and 3 drivers.

Figure 1. Seaborn’s materiality balance scorecard.

Seaborn’s 2030 targets

*VAP (Value Added Product), HOG (Head-on-Gutted)

Social Sustainability

Seaborn has a long tradition of focusing on human rights and decent working conditions, which is well anchored in our procedures and guidelines. The adoption of the new Norwegian Transparency Act fortifies the pre-existing notion – that our corporate entity is responsible for safeguarding human rights, both within and beyond our value chain. Seaborn works actively to achieve the UN's sustainability target 8.7- Take immediate and effective measurestoeradicateforcedlabour,endmodernslavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 end child labour in all its forms. In addition to having carried out a due diligence assessment in accordance with OECDs guidelines for responsible business, we have also drawn up ethical guidelines (Code of Conduct) based on the 10 basic principles for social responsibility published bytheUnitedNations(The10 principles oftheUNGlobal Compact, UN Global Compact). The ethical guidelines describe what we expect and require of our employees, directors, and officers, as well as hired consultants acting on behalf of Seaborn. The guidelines are presented on page 15, and all employees have confirmed that they have been read understood and accepted.

To ensure that our ethical vision isalso adhered toby our suppliers, Seaborn has created a separate code of conduct that is distributed to all our suppliers, see page 15 About 95% of all suppliers of fish and transport have accepted these ethical guidelines. Protocols for endorsing novel suppliers have been defined and adapted. These include an inventory of criteria to assess the risks associated with the supplier’s activities and the prerequisite that our ethical standards are comprehended and assented to. The checklist with associated documentation must be fulfilled prior to integrating a supplier into our value chain

our fish farmers and processors are certified under GlobalG.A.P (Good Agricultural Practices), GRASP (GlobalG.A.P Risk assessment on Social practice), ASC (Aquaculture Stewardship Council) or DEBIO (organic salmon and trout) ensuring that our subcontractors also comply with human rights. Seaborn works to ensure that the number of certified fish suppliers moves towards 100%, and when assessing new suppliers, preference is given to those who are already certified. This also applies our VAP (Value Added Products) suppliers, where the majority are located in Norway, but also in Iceland, Poland, the Netherlands, and Spain

Our suppliers of whole fish (fish farmers and processors) are located in Norway and Iceland, where legislation requires that human rights are protected. Over 70% of

Several of our transport suppliers are subject to taxation in Norway and are therefore required to comply with the Norwegian Transparency Act. These arethereforeconsideredtohavealowerriskofhuman rights violations, compared to transport suppliers that are not subject to taxation in Norway. All transport suppliers have provided confirmation of their compliance with our ethical guidelines. Seaborn have implemented a routine for annual audits, specifically focusing on compliance with the general application regulations (Allmenngjøringsforskriften). This will essentially affect all our transport suppliers, however, foreignsuppliersandsupplierswithsubcontractorswill be prioritized. For all the transport suppliers we work with, we distribute a supplier form that contains a number of requirements such as complying with rules on driving and rest period according to national and international transport legislation, ensure safety ofthe products and correct temperature for the products under transport.Wehaveensuredthat wehaveaccess to, or receive, necessary documentation during audits, or else when needed. To further ensure that our products are transported safely on Norwegian roads, Seaborn will demand that each packing site we receive fish from is a member of “Trygg Trailer”, a project organized by Statens Vegvesen which focus on safe transportation.

To ensure responsible operations and transparency in our value chain we encourage all our suppliers to become members of SEDEX (Supplier Ethical Data Exchange) and develop their own sustainability strategy that includes accessible information about their social sustainability goals. During 2023 a questionnaire will be distributed to our suppliers, with the aim of obtaining information about their sustainability measures. This questionnaire will be in accordance with the United Nations Principles on Business and Human Rights (Principles 7, 8, and 9).

Seaborn is not subject to reporting requirements under the antimoney laundering and sanctions regulations, pursuant to Section 4 oftheAnti-MoneyLaunderingAct(Hvitvaskingsloven§4).However, we conduct trade with a large number of foreign customers in a broad spectrum of countries, where some customers have their place of business in countries with higher risk of money laundering and corruption. It is of high importance to ensure that we have a conscious relationship with our customers, as well as an awareness of the corruption and money laundering risks affiliated with the funds they manage as a business.

Duetoour customer portfolio, wehaveassesseditasmoderaterisk for a breach of human rights principle number 10- Businesses should work against corruption in all its forms, including extortion and bribery. Therefore, we have decided to implement several customer measures to actively prevent such breaches. One of the measures is to revise our customer verification procedure so that it also includes obtaining a company certificate and verifying the ownership structure. This will be particularly important for our cash customers and costumers located in high-risk countries. We will also work to ensure that at all of our customers sign our framework agreements that are based on the 10 principles for social responsibility define by the UN. With such measures, we will eventually be able to achieve low risk for corruption, which is in line with our focus on promoting a responsible and sustainable value chain.

Seaborn supports the Dale Oen Experience Foundation

When World Champion Alexander Dale Oen died in 2012, his brother Robin, and his wife Vibeke, decided to realize the dream they both had: Create an arena where children and adolescents can experience mastery and discover strengths. The Dale Oen Academy offers a different school year for adolescents who for various reasons do not manage to follow the traditional school path. Since 2012 the Dale Oen Foundation has given over 100 000 children and adolescents the change to push personal boundaries and discover new strengths.

Seaborn supports the Dale Oen Experience Foundation by donations.

Environmental Sustainability

Environmental sustainability is a very important topic. In a report published in 2023, the Norwegian Environment Agency advised the consumers to decrease their consumption of red meat. Seaborn is determined to make a positive impact by offering a protein source that carries a lower climate footprint compared to red meat. Weknowthatthechoices wemakenotonlyaffect us, but the entire globe. Therefore, it is important for Seaborn to concretize our sustainability work, so that we can introduce effective measures that contribute to a more sustainable future. Seaborn supports all of the UN's sustainability goals, but to guide our environmental sustainability work, we have selected four targets that we will focus on.

Since we are an international sales company, our environmental impact is largely influenced by the suppliers we choose for fish farming, production, and transport. Hence, one of the most relevant sustainability targets for us is 12.6- Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability. By working to influence our value chain, we can indirectly reduce greenhouse gas emissions, whichisa level 1 driver in our materiality assessment. We are striving to find greener and more sustainable transportation solutions. Test drives with electric trucks have been conducted and we choose to collaborate with carriers who share our vision and push towards the use of renewable energy sources.

Our approach to sustainability is grounded in a deeprespectforthenaturalresourcesthatsustain us. We believe that responsible sourcing and

production practices not only benefit the environment but also strengthen our relationships with our customers and suppliers. As previously mentioned, over 70% of our fish farms and processors are certified either through GlobalG.A.P, ASC or Debio. These certifications demonstrate a working focus on minimizing the environmental impact of aquacultural farming. Even with such certifications, Seaborn wants to further influence our suppliers, either by setting requirements for their value chain or highlight aspects in their production. One example is soy productionusedinfishfeed,whichhasasignificant environmental impact. Almost all soy sold to Norway is certified, which guarantees that the soy is not genetically modified or contributes to deforestation and habitat destruction. In 2022, we analysed our fish farming suppliers to map the environmental impact of the type of feed used. This gave us a unique insight into which suppliers are linked to feed producers with a lower environmental impact and will make it easier for us to influence relevant suppliers. To ensure transparency in our value chain, we provide our customers with certificates showing details of which suppliers have provided, for example, vaccinesandfeed.Byinfluencingourvaluechainto focus on environmental sustainability, we are not only working towards target 12.6, but also contributing to target 12.2- By 2030, achieve the sustainable management and efficient use of natural resources. Achieving this goal also means that Seaborn must contribute to reducing the use of fossil fuels. This means that transport routes by road freight must be optimised to reduce distance,

lower fuel consumption, utilize the transportation capacity, minimize time spent in congested areas and avoid high-traffic periods. We also aim to transition our transportation modes, which now rely on air transport, to incorporate more environmentally friendly options, such as utilizing sea transport. Maritime transportation offers several advantages, including lower carbon emissions per tonne-kilometre compared to air transportation. This transition involves a careful evaluation of our supply chain logistics in order to identify opportunities for integrating maritime transportation where feasible. We seek to increase the volume of frozen product and VAP sold. Frozen products are shipped by maritime means, which support our desired transportation transition. Transporting VAP allows for more efficient use of transportation resources as it offers the advantage of transporting a larger volume of edible product, compared to whole fish, within the same space.

Since we sell physical products that go out to consumers, we are therefore also responsible for how the product is used, especially with regards to packaging. That is why we also focus on target 12.5- By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse. Seaborn is a proud user of “I’m Green” plastic for our packaging. This is a

renewable bio-based plastic made of sugarcane. While growing, sugarcane removes CO2 from the atmosphere, and ifrecycling andreusingthe ecofriendly plastic material is a possibility, the carbon will remain captured. However, due to the need for an additional plastic coating, the packaging is no longer recyclable. Even so, the production of “I’m Green” plastic have a lower impact on the environment compared to standardoil-basedplastic,withoutcompromising the quality, and is therefore an important element in our sustainability strategy. Nevertheless, we will work to make our packaging fully recyclable, so that we are able to utilize the full potential of “I'm Green” plastics Havinghigh-qualitypackagingwhensellingedible products is essential to avoid unnecessary food waste. This reflects target 12.3- By 2030, halve per capita global food waste at the retail and consumer levels and reduce food losses along production and supply chains, including postharvest losses. This target is also met by our VAP suppliers,whofocus onreducingfoodwaste, and redirect by-products to companies such as Biomega, to use in the production of salmon oil and pet food. This is both environmentally and economically beneficial.

Our Climate Impact

Together with local environmental experts, Emisoft, Seaborn have prepared a climate impact report that focuses on our GHG emissions.

GHG123-emission software

With Emisoft as our system provider, we utilize their GHG123 software to calculate our GHG emissions GHG123 is a detailed and transparent climate accounting system in accordance with the GHG-protocol. The system enables full flexibility for time periods, organizational structure, and traceability in data. Users can enter activity data or utilize pre-calculated CO2equivalent results, enhancing convenience and accuracy in emissions tracking.

2021 was our first year of reporting on GHG emission. While the report was an important first step towards raising awareness on our climate impact, we acknowledged that we needed to enhance our data collection and analysis capabilities. This year, we broadened our scope and encountered various challenges related to data collection. By working actively with these challenges, we, along with our suppliers, discovered new ways to gather data with greater transparency. As a result, we have gained unique insights into our value chain and identified our biggest emission sources. Based on this effort, we have established a baseline that will be the starting point for attaining our reduction objectives.

Why is this important?

External

IPCC AR6 Synthesis Report: “Continued greenhouse gas emissions will lead to increasing global warming, with the best estimate of reaching 1.5°C in the near term in considered scenarios and modelled pathways. Every increment of global warming will intensify multiple and concurrent hazards (high confidence). Deep, rapid, and sustained reductions in greenhouse gas emissions would lead to a discernible slowdown in global warming within around two decades, and also to discernible changes in atmospheric composition within a few years».

Internal

Sustainability has emerged as a prominent topic, especially among the younger generation.InorderforSeaborntogetthebest and most competent employees, it is important to show that we have a clear sustainability strategy. In this way, we become an attractive company for our employees, and weworktowardssomethingwearepassionate about – a more sustainable production of seafood.

The calculation of Seaborn’s climatefootprintisbased on the framework specified in the GHG-protocol. This is the most commonly used and standardised methodology for calculating climate impact. In 2022 we started the comprehensive process of collecting quality data from our suppliers, focusing on Scope 3 where we have most of our emissions through our value chain, see Figure 2. A task force was appointed with a goal to analyse our supply chain and create guidelines that defines how to request, collect, and utilize required data. Figure 3 depicts greenhouse gas emissions per GHG Scope and category.

Seaborn does not have any direct emissions in scope 1. This is because our operations do not involve activities that generate greenhouse gas emissions through the burning of fossil fuels or other direct sources. Indirect emissions from purchased energy are based on electricity consumption at our office premises and calculated using location-based method.

We have successfully reduced emissions from purchased goods and services since 2021. This reduction is primarily attributed to a decrease in the quantity of fish purchased, 22% less purchased fish compared to 2021, and usage of new emission factors. In 2022, SINTEF conducted an update on the standard CO2e emission factor for salmon feed, farming, and harvest. This update resulted in a reduction

Figure 2. Greenhouse gas emissions per Scope. The unit is tCO2e

Figure 3. Greenhouse gas emissions per Scope and category for 2021 and 2022 The unit is tCO2e.

from 5.3kg CO2e/kg edible salmon to 4.85kg CO2e/kg edible salmon This revised emission factor contributes to significantly lower CO2e emissions from our fish suppliers in 2022. Also, approximately 20% of our purchased fish comes from fish farmers in the Salmon Group, where the emission factor is significantly lower than the standard factor from SINTEF. This is due to Salmon Groups commitment to sustainability. Using different factors for Salmon Group members and non-members was new this year.……

Transportation emissions have significantly decreased in 2022 - a decrease of 40% compared to 2021. This improvement is due to the adoption of emissions calculations provided by our software supplier Maritech. By utilizing more accurate calculations, we can better measure, and thus reduce, our transportation-related emissions. Maritech provides a comprehensive overview of emissions associated with the different transportation modes we use. By utilizing this tool, we can assess how different choices in transportation will directly affect CO2e emissions

Figure 4 depicts amount of sold fish per mode of transportation compared to amount of CO2e emission per transportation mode. Despite the relatively small quantity of fish transported by air, the environmental impact of these flights is strikingly high due to thecarbon-intensive nature of aviation. This graph underscores the need to explorealternativetransportationmethodsthatcan reduce the carbon footprint associated with fish transportation, ensuring a more sustainable and environmentally approach in the future.

Maritech is a leading supplier of seafood software. They have developed a software designed to simplify environmental reporting related to transportation data. The solution is based on automatic data flow from our trading system and provides adetailedoverviewofemissions, bothon individual and aggregated level, based on the route, country, type of vehicles, distance, and other parameters.

Maritech AS

Tonnes of CO2e per mode of transportation (tCO2e)

Kg of sold fish per mode of transportation (%)

Figure 4. Weight of sold fish per mode of transportation (top) and CO2e emissions per mode of transportation (bottom).

We have expanded our emission tracking to include waste generated in operations, business travel, employee commuting, and upstream leased assets. We account for waste generated solely from our offices, while business travel encompasses flights and hotel stays. Moreover, we aim to incorporate other travel types, such as train, to ensure a holistic approach. Emissions from upstream leased assets include the energy consumed in our leased storage facilities.

All Scope 3 categories are listed in the table below. Some categories are not relevant for Seaborn, while others have been omitted this year due to insufficient data availability. We aim to enhance our climateaccountingefforts, andintheend, toinclude all relevant categories.

Includes

Purchased fish from all suppliers and IT equipment

Not relevant

Calculated from energy consumption

Transport from all suppliers

Waste from office operations

Flights performed by all employees and hotel stay

Travel habits survey conducted and reported

Energy from storage

Not relevant

Not included this year

Not included this year

Not included this year

Not relevant

Not relevant

Not relevant

Salmon Group AS

The Salmon Group is a collective of fish farmers who share a common vision for sustainable aquaculture practices. Salmon Group places great importance on sustainable feed practices as a key component of responsible aquaculture.

Salmon Group’s feed recipe includes a higher-than-average share of marine ingredients, and is continually developed further to include novel, more sustainable ingredients. Sustainability and the fish’s health and wellbeing are the top priorities when including or excluding ingredients in the recipe, always adhering to the principles of “fish, people, globe” – meaning that all the decisions shall be beneficial, and not have detrimental effects, for the fish, the people who eat our fish, or our globe.

We have chosen 2022 as our baseline year for comparing emissions. This decision was made due to significant improvements in data quality and the inclusion of relevant Scope 3 categories that provide a more comprehensive overview of our environmental impact. Our 2022 climate impact can be seen in Table 1

Table 1. Seaborn’s 2022 carbon accounting.

Methodology

In this section, we provide insights into Seaborn's methodologyfor measuringandtrackingourenvironmental impact.

Scope 3, category 1 - Fish Suppliers

Our biggest emission source in 2022 was the purchase of fish. We have almost 100 different fish suppliers, which resulted in almost 100 000 tonnes of purchased fish. As part of our ongoing effort to reduce emissions, we have undertaken a comprehensive assessment of all our fish suppliers and categorised them based on their affiliation with Salmon Group. Salmon Group represents a network of fish farmers who share our vision for sustainability and adhere to stringent environmental standards. During 2022, we transitioned from using general standard CO2e emission data to more specific calculations. We collected specific CO2e emissions data from our fish suppliers, particularly from those within the Salmon Group. These data reveal lower emissions compared to standard estimates and was used to calculate the CO2 emissions from the almost 20% of purchased fish that originated from Salmon Group.

Scope 3 category 4 - Transport suppliers

We have over 30 transport suppliers, and it ischallenging to obtain good quality data from all of them. During the first part of 2022 we requested data from our largest transport suppliers. The received data was imprecise and challenging to quality check. Since transportation is a major source of GHG emission, it was important for us to adopt a method that interpreted data in a simple but quality-assured way. That is why we decided to use Maritech. By leveraging their expertise, we have shifted our focus from data gathering to in-depth analysis. This shift allows us to allocate more time and resources towards analysing the information at hand, resulting in improved decision-making processes.

Calculations and emission factors

All equations and calculations in GHG123 are quality assured together with the associated emissions factors and relevant data types.

To calculate the climate impact of our activity, recognizedandtraceablefactorsetshavebeenused:

• Factors for market-based method and locationbased method Scope 2 are taken from NVE (National Product Declaration) (2022)

• Factors for calculating emissions from traveling, waste and IT purchase are taken from DEFRA (2022).

Industry-specific factors for the seafood industry are taken from SINTEF (2022). Calculations and factors for transport are provided by Maritech.

References

DEFRA (2022), «Greenhouse gas reporting: conversion factors 2021»

https://www.gov.uk/government/publications/gree nhouse-gas-reporting-conversion-factors-2021

NVE (2021),

https://www.nve.no/energi/virkemidler/opprinnels esgarantier-og-varedeklarasjon-forstromleverandorer/varedeklarasjon-forstromleverandorer/

NVE (2021)

https://www.nve.no/energi/energisystem/kraftprod uksjon/hvor-kommer-strommen-fra/

SINTEF (2022), «Greenhouse gas emissions of Norwegian salmon products»

https://sintef.brage.unit.no/sintefxmlui/bitstream/handle/11250/3044084/Rapport_k limafotavtrykk.pdf?sequence=1&isAllowed=y