PRESIDENT OF THE FEDERATED STATES OF MICRONESIA VISITS SAN PEDRO

Local Tuna Companies to Support Growth of Tuna Industry in the Federated States of Micronesia

For release on opening of market on Monday, April 30, 2001

The president of the Federated States of Micronesia visited San Pedro, California to meet with two prominent tuna boat owners. He was accompanied by Sebastian Anefal Secretary of the Department of Economic Affairs and Carl Apis Deputy Assisttant Secretary of Asian Affairs.

President Leo A. Falcam discussed the importance of the

Edmund Gann, President Falcam and Renato Curto

tuna industry in the Federated States of Micronesia with Renato Curto and Edmund Gann,chief executives of TriMarine International and Caribbean Marine. Both companies have super seiners that are flagged and operated in the Federated States of Micronesia. TriMarine's Cape of Good Hope and Caribbean Marine's Bold Venture recently commenced fishing operations in the Western Pacific under FSM flag. These sister vessels are two of the largest tuna purse seiners in the world.

"TriMarine and Caribbean Marine are welcome to domesticate their purse seiners in the Federated States of Micronesia.

Micronesian flag, 2400 ton capacity purse seiner Cape of Good Hope

shown leaving Vigo, Spain after refit and renovation for fishing in the Western Pacific.

Their vessels are among the most technologically advanced tuna purse seiners in the world. We are proud that these vessels fly the Federated States of Micronesia flag and they are using local management and Micronesian crews," said President Falcam.

Tuna is an important natural resource for the FSM. The Exclusive Economic Zone of the country covers over one million square miles of ocean. Last month the capital state of FSM Pohnpei was chosen to be the headquarters of the newly established Tuna Commission.

Left to right: Carl Apis, Edmund Gann, President Falcam, Sebastian Anefal, and Renato Curto

This commission, established and authorized by the treaty signed by a majority of the world's leading tuna countries, will manage access and harvesting of tuna in the Western and Central Pacific.

President Falcam expressed his optimism that the Tuna Commission will be able to limit access to tuna fishing and thereby provide for prudent management of tuna stocks, making sure that tuna is a sustainable fishery for the benefit of future generations.

Background on Tri Marine

TriMarine is a premier independent strategic supplier of raw material to the global tuna industry. Its activities include fishing, trading, processing and marketing primarily of tuna and tuna products. TriMarine was formed in Singapore in 1972. Since then the company has grown to be one of the largest tuna trading company in the world. Its subsidiary companies, own or otherwise control processing plants, fishing assets and operations and representative offices located strategically around the world.

Background on Caribbean Marine

Caribbean Marine is the tuna vessel management company owned and controlled by Edmund Gann. Mr. Gann is legendary in the tuna world. During his career he has owned and operated more than 50 tuna fishing vessels. Currently, he is operating 6 super seiners. Edmund Gann partnered with TriMarine and Thai Union in the acquisition of Chicken of the Sea in 1998.