----

----

----

| Clause          |                                         | Page   |
|-----------------|----------------------------------------------|--------|
|            |                                         |   |
| 1.              | DEFINITIONS      AND INTERPRETATION          | 2      |
| 2.              | THE      FACILITY                            | 4      |
| 3.              | Purpose                                      | 5      |
| 4.              | Conditions      of Utilisation               | 5      |
| 5.              | Utilisation      – (Draw down request) | 6      |
| 6.              | Repayment                                    | 7      |
| 7.              | Prepayment                                   | 7      |
| 8.              | Interest                                     | 8      |
| 9.              | Interest      Periods                        | 9      |
| 10.             | TAXES                                        | 9      |
| 11.             | Increased      costs                         | 10     |
| 12.             | Other      indemnities                       | 10     |
| 13.             | Mitigation      by the Lender                | 11     |
| 14.             | Costs      and expenses                      | 11     |
| 15.             | Guarantee      and indemnity                 | 11     |
| 16.             | Representations      AND WARRANTIES          | 12     |
| 17.             | Information      undertakings                | 13     |
| 18.             | NEGATIVE      undertakings                   | 15     |
| 19.             | Events      of Default                       | 18     |
| 20.             | ASSIGNMENTS      AND SUBSTITUTION            | 20     |
| 21.             | Changes      to the Borrower                 | 20     |
| 22.             | Conduct      of business by the Lender       | 21     |
| 23.             | Payment      mechanics                       | 21     |
| 24.             | Set-off                                      | 22     |
| 25.             | Notices                                      | 22     |
| 26.             | Calculations      and certificates           | 23     |
| 27.             | Partial      invalidity                      | 23     |
| 28.             | Remedies      and waivers                    | 23     |
| 29.             | Counterparts                                 | 23     |
| 30.             | Governing      law                           | 24     |
| 31.             | Enforcement                                  | 24     |
| SCHEDULE      1 | 26                                           |
| SCHEDULE      2 | 30                                           |
| SCHEDULE      3 | 31                                           |

----

|   | (1) | Umami Sustainable Seafood      Inc.  (the      “Borrower” or “Umami”);      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (2) | Atlantis Group hf. a      company formed under the laws of the republic of Iceland, registration no.      700805-1580, registered address at Stórhofda 15, 110 Reykjavik,      Iceland  (the      "Lender"). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | DEFINITIONS      AND INTERPRETATION |
|----|-------------------------------------|

| 1.1 | Definitions |
|-----|-------------|

----

----

| 1.2 | Construction |
|-----|--------------|

|   | (a) | A      provision of law is a reference to that provision as amended or      re-enacted; |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (b) | A      clause on a Schedule is a reference to a clause or a schedule to this      Agreement unless expressly set forthotherwise; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      reference to a person or entity includes its permitted successors,      transferees and assigns; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (d) | Words      importing the singular shall include the plural and vice      versa. |
|--------|-----|---------------------------------------------------------------------------------|

| 2. | THE      FACILITY |
|----|-------------------|

|   | (a) | a      loan facility in the aggregate amount of USD 9,900,000,  nine million      and nine hundred USD  (the "Term A Loan Facility"      and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | PURPOSE |
|----|---------|

| 4. | CONDITIONS      OF UTILISATION |
|----|--------------------------------|

| 4.1 | Initial      conditions precedent |
|-----|-----------------------------------|

|   | a) | The      Borrower acknowledges that this Credit Facility is extended to him by the      Lender on the basis of current relations between the parties, i.e. that      the Lender is holding more than 50% of the shares of the Borrower and is      further handling the sale of his products according to a separate      Agreement thereof. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | It      is understood by the parties that the Borrower is to seek a full financing      of his operation and investments with other means than by a line of credit      extended by Lender. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | The      Borrower may not deliver an Utilisation Request unless the Lender has      received  or waived  its right to  receive |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | Security      in the form of pledge of biomass, shares in the Borrowers subsidiaries or      offixed      assets, all subject to acceptance by theLender. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Weekly      cash flow or monthly statement for the Borrower for all of his Tuna      farming operations. |
|--------|------|----------------------------------------------------------------------------------------------------------|

|   | (iii) | Monthly      estimate of inventory |
|--------|-------|------------------------------------|

|  | (iv) | Update      on new debts or encumbrances of the Borrower in the aggregated sum of      USDone      million, entered into after the date of signing of this      Agreement. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Further      conditions precedent |
|-----|-----------------------------------|

|   | (a) | each      representation in Clause 16 (Representations and      Warranties) is true and accurate or has been waived by the Lender;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no      Default is Continuing or would result from the proposed    Loan. |
|--------|-----|--------------------------------------------------------------------------|

| 4.3 | Conditions      Subsequent |
|-----|----------------------------|

|   | (a) | If      any of the condition precedent items referred to in Art. 4.1.c are      expressly waived by the Lender, such conditions shall become conditions      subsequent under this clause 4.3 and the Borrower will within 2 months      deliver to the Lender in form and substance satisfactory to the Lender      such documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4. | Lenders      Acknowledgement. |
|------|-------------------------------|

----

| 5. | UTILISATION      – (DRAW DOWN REQUEST) |
|----|----------------------------------------------|

| 5.1 | Delivery      and process of an UtilisationRequest |
|-----|----------------------------------------------------|

|   | (a) | The      Borrower may utilise the Facility by delivery to the Lender of a duly      completed Utilisation Request in the format provided for as Schedule      3.  Such request shall be submitted to the Lender no less than 10      banking days prior to the requested payoutdate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Lender retains his undisputable right to decide whether he regards the      conditions for a utilisation request is met and is not to be held liable      in any way, should he decide to decline such an  request. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In      case the Lender declines to facilitate a utilisation request, he shall      give a notice thereof to the Borrower no later than 24 hours prior to the      requested date of execution. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Completion      of an Utilisation Request |
|-----|-------------------------------------------|

|   | (a) | The      Utilisation Request is irrevocable and will not be regarded as having been      duly completed unless: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (i) | the      proposed Utilisation Date is a Business Day within the Availability      Period; |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (ii) | the      currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);      and |
|--------|------|--------------------------------------------------------------------------------------------------------|

|   | (iii) | the      proposed Interest Period complies with Clause 9 (Interest      Periods). |
|--------|-------|-----------------------------------------------------------------------------------|

|   | (iv) | unless      the payment instruction is given to a bank account held by the      Lender. |
|--------|------|-----------------------------------------------------------------------------------------|

| 5.3 | Currency      and amount |
|-----|--------------------------|

|   | (a) | The      currency specified in a Utilisation Request must be  USD. |
|--------|-----|--------------------------------------------------------------------|

|   | (b) | The      amount of the proposed Loan must be an amount which is not more than the      Available Facility. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

| 5.4 | Note |
|-----|------|

|   | (a) | the      Note is intended to evidence its indebtedness under this      Agreement; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (b) | the      Note is issued subject to the terms of this Agreement which will in all      circumstances override any provision of the Note which is inconsistent      with any provision of this Agreement (as the case may  be); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | all      payments under this Agreement (whether of principal, interest or      otherwise) will be taken to be payments under the  Note; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      Note signed by the Borrower shall be deemed to have been issued by and on      behalf of the Borrower from time totime; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | upon      the making of the first Loan to the Borrower under this Agreement, the      Lender shall be entitled to the Note in accordance with this      Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.5 | Utilisation      Request |
|-----|--------------------------|

|   | (a) | The      first Utilisation Request by the Borrower shall be accompanied by a Note      corresponding to the initial amount of Loan requested under facility      A.  If the Borrower fails to complete the Note then it irrevocably      authorises the Lender to complete and sign a Note in the appropriate      amount on its behalf. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If,      for any reason, a Utilisation is not made following the receipt by the      Lender of a Utilisation Request, the Lender shall return the Note to the      Borrower as soon as reasonablypracticable. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Notes      for additional draw downs shall be issued pursuant Clause 5.4.  Note      corresponding to loan granted under Facility B shall be issued on the date      of signing of the Debt Assumption Agreement to be entered into on as a      integrated part of the Borrower’s  Acquisition of  Target      Company |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | REPAYMENT |
|----|-----------|

| 6.1 | Repayment      of Loans |
|-----|-------------------------|

|   | (a) | This      Loan Facility Agreement is valid until December 31st        2010 which is the final repaymentday. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Borrower commits himself to utilise any cash that it will raise after the      signing of this agreement, may it be by borrowing or from the proceeds      from sale of shares of the Borrower under the terms of the offering, to      pay the outstanding debt under this Credit facility to the      Lender. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | For      the avoidance of doubt, any amounts then outstanding under the terms of      this Agreement shall be repaid on the Final Repayment  Date. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Re-borrowing |
|-----|--------------|

| 7. | PREPAYMENT |
|----|------------|

| 7.1 | Illegality |
|-----|------------|

|   | (a) | the      Lender shall promptly notify the Borrower upon becoming aware of that      event whereupon the Facility will be immediately cancelled;      and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Borrower shall repay the Loans on the last day of the Interest Period for      each Loan occurring after the Lender has notified the Borrower or, if      earlier, the date specified by the Lender in the notice delivered to the      Borrower (being no earlier than the last day of any applicable grace      period permitted by law) together with accrued interest to the date of      actual payment and all other sums due toit. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | Change      of control – asset sale - listing |
|-----|-----------------------------------------------------|

|   | (a) | If      any person or group of persons acting in concert gains control over the      Borrower or if all or any material part of the business or assets of a      Group company are disposed of in a tradesale; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Borrower shall promptly notify the Lender upon becoming aware of that      event; |
|--------|-----|--------------------------------------------------------------------------------------------|

----

|   | (ii) | the      Lender shall not be obliged to fund an Utilisation;  and |
|--------|------|-------------------------------------------------------------------|

|   | (iii) | the      Lender may, by not less than 2 days prior notice to the Borrower, cancel      the Facility and declare all outstanding Loans, together with accrued      interest, immediately due and payable, whereupon the Facility will be      cancelled and all such outstanding amounts will become immediately due and      payable. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | For      the purpose of sub-clause (a) above "control"      means: |
|--------|-----|--------------------------------------------------------------------|

|   | (i) | the      power (whether by way of ownership of shares, proxy, contract, agency or      otherwise) to: |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | 1. | cast,      or control the casting of, more than one-half of the maximum number of      votes that might be cast at a general meeting of a Group Company;      or |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | appoint      or remove all, or the majority, of the directors or other equivalent      officers of a Group Company; or |
|--------|----|------------------------------------------------------------------------------------------------------------------------|

|   | 3. | give      directions with respect to the operating and financial policies of the      Group Company, which the directors or other equivalent officers of a Group      Company are obliged to comply with;or |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      holding of more than one-half of the issued share capital of a Group      Company (excluding any part of that issued share capital that carries no      right to participate beyond a specified amount in a distribution of either      profits or capital). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | For      the purpose of sub-clause (a) above "acting in concert"      means, a group of persons who, pursuant to an agreement or understanding      (whether formal or informal), actively co-operate, through the acquisition      by any of them, either directly or indirectly, of shares in a Group      Company, to obtain or consolidate control of a Group    Company. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | Voluntary      prepayment of Loans |
|-----|------------------------------------|

|   | (a) | The      Borrower may prepay all or only part of the Loan on any Business Day      if: |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (i) | it      has given to the Lender not less than 2 Business Days' irrevocable notice      of the date of  the prepayment;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | it      pays the Break Costs and all appropriate breakage cost under Clause 12.1      (Miscellaneous      indemnities); and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      amount prepaid is at least USD 50,000 and, if greater, an integral      multiple of USD 50,000. |
|--------|-------|----------------------------------------------------------------------------------------------------------|

|   | (b) | Any      prepayment shall be made with accrued interest on the amount prepaid and      any other sums then due and payable to the Lender under this      Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      notice of prepayment once given is irrevocable and the Borrower shall be      bound, to the extent this Agreement permits, to prepay in accordance with      that notice. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4 | Restrictions |
|-----|--------------|

| 8. | INTEREST |
|----|----------|

| 8.1 | Calculation      of interest |
|-----|------------------------------|

----

| 8.2 | Payment      of interest |
|-----|--------------------------|

| 8.3 | Default      interest |
|-----|-----------------------|

| 9. | INTEREST      PERIODS |
|----|-----------------------|

| 9.1 | Interest      Periods |
|-----|-----------------------|

|   | (a) | Each      Interest Period (except the first one) shall be of one month      duration. |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (b) | The      first Interest Period shall commence on the date the Utilization      Date Loan and end on the last day of each  month. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | Non-Business      Days |
|-----|------------------------|

| 10. | TAXES |
|-----|-------|

|   | (a) | without      set-off or counterclaim; and |
|--------|-----|-------------------------------------------|

|   | (b) | free      and clear of and without deduction for or on account of any taxes unless      the Borrower are compelled by law to make payment subject to such      taxes. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11. | INCREASED      COSTS |
|-----|----------------------|

| 11.1 | Increased      Costs |
|------|----------------------|

|   | (a) | Subject      to Clause 11.3(Exceptions), the      Borrower shall within three Business Days of a demand by the Lender, pay      the Lender the amount of any reasonable increased cost incurred by it or      any of its affiliated entities as a resultof: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      introduction of or any change in (or in the interpretation or application      of) any law or regulation with which it is customary for, or expected of,      banks generally (operating in the Relevant Interbank Market) to comply;      or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | compliance      with any law or regulation made after the date of this      Agreement; |
|--------|------|----------------------------------------------------------------------------------------|

| 11.2 | Increased      Cost claims |
|------|----------------------------|

| 11.3 | Exceptions |
|------|------------|

| 12. | OTHER      INDEMNITIES |
|-----|------------------------|

| 12.1 | Miscellaneous      indemnities |
|------|--------------------------------|

|   | (a) | The      Borrower shall indemnify on demand the Lender against any funding or other      costs, loss, expense or liability sustained by the Lender (including on      its termination of any hedging instrument) as a consequence      of:  (a) the occurrence or continuance of any Default or (b) its      taking any steps under Clause 13.1 (Mitigation). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Borrower shall promptly indemnify the Lender against any cost, loss or      liability incurred by them as a resultof: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | its      investigating any event which it reasonably believes to be a Default;      or |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (ii) | acting      or relying on any notice which it believes to be genuine, correct and      authorised. |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | (iii) | decline      of a Utilisation request. |
|--------|-------|----------------------------------------|

|   | (iv) | decline      of a request to extend the validity of the Credit Facility Loan Agreement      cc. Clause 6.2 |
|--------|------|------------------------------------------------------------------------------------------------------------|

----

| 12.2 | Financing      Indemnity |
|------|--------------------------|

| 13. | MITIGATION      BY THE LENDER |
|-----|-------------------------------|

| 13.1 | Mitigation |
|------|------------|

| 13.2 | Limitation      of liability |
|------|------------------------------|

| 14. | COSTS      AND EXPENSES |
|-----|-------------------------|

| 14.1 | Transaction      expenses |
|------|---------------------------|

|   | - | this      Agreement and any other document referred to in this Agreement;      and |
|--------|---|------------------------------------------------------------------------------------|

|   | - | any      other Finance Document executed after the date of this      Agreement. |
|--------|---|---------------------------------------------------------------------------------|

| 14.2 | Enforcement      Costs |
|------|------------------------|

| 15. | GUARANTEE      AND INDEMNITY |
|-----|------------------------------|

| 15.1 | Guarantee      and indemnity |
|------|------------------------------|

|   | (a) | guarantees      to the Lender punctual performance by the Borrower of all the Borrower's      obligations under the FinanceDocuments; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | indemnifies      the Lender immediately on demand against any cost, loss or liability      suffered by the Lender if any obligation guaranteed by it is or becomes      unenforceable, invalid or illegal. The amount of the cost, loss or      liability shall be equal to the amount which the Lender would otherwise      have been entitled to recover. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.2 | Appropriations |
|------|----------------|

|   | (a) | refrain      from applying or enforcing any other moneys, security or rights held or      received by the Lender (or any trustee or agent on its behalf) in respect      of those amounts, or apply and enforce the same in such manner and order      as it sees fit (whether against those amounts or    otherwise). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | REPRESENTATIONS      AND WARRANTIES |
|-----|-------------------------------------|

| 16.1 | Representations      and Warranties |
|------|-------------------------------------|

|   | (a) | Status: (in case of the      Borrower) each Group Company is a US Corporation or a limited liability      company duly incorporated, validly existing and registered under the      applicable laws in its jurisdiction and has the power and all necessary      governmental and other material consents, approvals, licences and      authorities in any applicable jurisdiction to own its assets and carry on      its business as it is beingconducted; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Powers and authority: it      has the power to enter into and perform the Finance Documents and the      transaction contemplated hereby and has taken all necessary action to      authorize the entry into and performance of the Finance Documents and the      transaction contemplated hereby; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Obligation Binding: the      Finance Documents constitute a legal, valid and binding obligation of it      enforceable in accordance with its terms. The Finance Documents are in      proper form to make it admissible in evidence for bringing an action on      the same in such courts. Without limiting the generality of the above,      each Security Document to which it is a party to creates the security      which the Security Document purports to create and those security      interests are valid effective; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Non-conflict with      laws:       The entry into and performance of the Finance Documents and the      transactions contemplated hereby do not and will not conflict with (i) any      law or regulation or any official or judicial order or treaty in any      relevant jurisdiction or (ii) any agreement or document to which the      Borrower are party to or which is binding upon or any of its assets, nor      result in the creation or imposition of any Encumbrance on any of its      assets pursuant to the provisions of any such agreement or      document; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No Default: No Default has      occurred which might have a material adverse change on its business or      financial condition; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Consents:  All      authorizations, approvals, consents, licenses, exemptions, filings,      registrations, notarizations and other matters, official or otherwise,      required or advisable in connection with the entry into performance,      validity and enforceability of the Finance Documents and the transactions      contemplated hereby have been obtained or effected and are in full force      and effect; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | No filings      required:  It is not necessary to ensure the legality,      validity, enforceability or admissibility in evidence of the Finance      Documents that it be filed, recorded or enrolled with any governmental      authority or agency in Iceland, USA or Croatia or that any stamp,      registration or similar tax be paid on or in relation to this Agreement in      Iceland, USA or Croatia; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Pari Passu Ranking:      Under the laws of Iceland in force at the date hereof, the claims      of the Lender under this Loan will rank at least pari passu with the      claims of all its unsecured creditors to the extend it may not be covered      with a security provided herein; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Full Disclosure: All      information supplied by the Borrower in connection with this Loan is true,      complete and accurate and it is not aware of any facts or circumstances      that have not been disclosed to the Lender and which might, if disclosed,      adversely affect the decision of a person considering whether or not to      provide finance to the Borrower; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | No      Event of Default is Continuing or is reasonably likely to result from the      execution of, or the performance of any transaction contemplated by the      Finance Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | in      respect of those Finance Documents subject to the law in respect of a      particular jurisdiction (other than Icelandic law), the choice of that law      as the governing law of those Finance Documents will be recognised and      enforced in the relevant jurisdiction of those Finance Documents and any      judgment obtained in the jurisdiction of such law will be recognised and      enforced in the relevant jurisdiction of those Finance      Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | notwithstanding      the foregoing, in respect of those Finance Documents expressed to be      governed by Icelandic law the choice of Icelandic law as the governing law      of those Finance Documents will be recognised and enforced in all relevant      jurisdictions and any judgment obtained in relation to a Finance Document      subject to Icelandic law will be recognised and enforced in all relevant      jurisdictions; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | Repetition |
|------|------------|

| 17. | INFORMATION      UNDERTAKINGS |
|-----|-------------------------------|

|   | (a) | Borrowers information.  The Lender      is fully knowledgeable of all current processes at Kali Tuna and is      satisfied with the level and quality of information he has been receiving      thereof.  He does not request any additional processes to be put      in place at Kali Tuna but retains his right to have the same information      thereof updated in line with the current schedule.  Other      paragraphs of this Clause 17 shall in the case of Kali Tuna be construed      in coherence to this acceptance of current  procedures. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | General: Furnish the      Lender with a copy from time to time with reasonable promptness of such      financial and other information as to itself as the Lender may reasonably      request. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Budget: Deliver to the      Lender up on request and then not later than 30 days before the start of      each financial year of the Lender, an itemized consolidated budget for the      Group as a whole for the next financial year in the format approved by the      Lender containing : |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | capital      expenditure; |
|--------|-----|---------------------------|

|   | (ii) | trading      and revenue forecast prepared on a month by month  basis; |
|--------|------|------------------------------------------------------------------------|

|   | (iii) | proposed      disposals where the forecast consideration exceeds on a month by month      basis; |
|--------|-------|--------------------------------------------------------------------------------------------------|

|   | (iv) | a      statement on revenue and cash flow and a balance sheet as it is forecasted      to be at the end of the financialyear; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      principal assumptions underlying the budget;and |
|--------|-----|----------------------------------------------------------|

|   | (d) | Accounts: Deliver to the      Lender up on request |
|--------|-----|----------------------------------------------------|

|   | (i) | audited      annual accounts within one month of the same being prepared and in any      event not later than 90 days after the end of the period to which such      statements relate. Such accounts shall provide explanations of any      material changes against the budget supplied under clause 20 (b) for that      financial year; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | management      accounts of the Group for each month and cumulative management accounts of      the Group for each month from the beginning of each financial year      accounts within 14 days after the end of the period to which such      statements relate. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | consolidated      quarterly financial statements for the Group for the period ending every      three months, within 45 days after the end of the period to which such      statements relate, in a form consistent with the management accounts and      also to include: |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Other      information. Such other information concerning the business or      financial condition of the Group (or any part of it), including but not      limited to information of any litigation or administrative proceedings      current, pending or threatened against any Group Company, any Default, any      changes or proposed or possible changes in the markets in which the Group      operates which may have material effect on its  business. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | "Know your customer"      checks: If: |
|--------|-----|---------------------------------------|

|   | (i) | the      introduction of or any change in (or in the interpretation, administration      or application of) any law or regulation made after the date of this      Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      change in the status of an Obligor or the composition of the shareholders      of an Obligor after the date of this Agreement;  or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      proposed assignment by the Lender of any of its rights under this      Agreement, obliges the Lender to comply with "know your customer" or      similar identification procedures in circumstances where the necessary      information is not already available to it, each Obligor shall promptly      upon the request of the Lender supply, or procure the supply of, such      documentation and other evidence as is reasonably requested by the Lender      (for itself or, in the case of the event described in paragraph (iii)      above, on behalf of any prospective new Lender) in order for the Lender      or, in the case of the event described in paragraph (iii) above, any      prospective new Lender to carry out and be satisfied it has complied with      all necessary "know your customer" or other similar checks under all      applicable laws and regulations pursuant to the transactions contemplated      in this Agreement. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | NEGATIVE      UNDERTAKINGS |
|-----|----------------------------|

|   | (a) | Authorisations: Promptly      obtain, maintain and comply with the terms of any authorization required      under any law or regulation to enable it to perform its obligations under,      or for the validity, enforceability or admissibility in evidence of the      Finance Documents; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Security: |
|--------|-----|-----------|

|   | (i) | take      whatever steps and execute whatever documents the Lender may reasonably      require in order to give effect to the Security  Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | grant      such further security in favour of the Lender as may be required by the      Lender at any time, and which the relevant Group Company can legally      grant, from time to time and all such further security will secure the      obligations of each Group Company under the Finance Documents;      and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | take      all actions necessary to, in every sense maintain, preserve, protect and      defend the security interest granted under the Security Documents so long      as the security is not already being used for some other      obligation; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Ranking of Liabilities:      Ensure that its liabilities under the Finance Documents will      constitute its direct and unconditional obligations and rank in priority      to all its other present and future indebtedness (except for indebtedness      ranking equally or entitled to priority by operation of  law |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Insurance |
|--------|-----|-----------|

|   | (i) | Maintain      at all times, with insurance companies of good financial standing      acceptable to the Lender acting reasonably, such policies of insurance in      relation to its business and assets against such risks as are normally      insured by prudent companies carrying on similar business and against such      other risks as the Lender may from time to time require (including cover      for public, product, environmental, terrorism and third party liability),      to the full replacement value of such assets for the time being on the      basis of a declared value with a reasonable inflation      provision; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | Comply      with the terms of all insurance policies, including any stipulations or      restrictions as to use or operation of any asset, and for the avoidance of      doubt, observe every safety regulation as recorded and set out in the      policies and/or schedules relating thereto, and shall not do or permit      anything which may make any insurance policy void or    voidable; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | If      any default shall at any time be made by any Group Company in effecting or      maintaining such insurance or in producing any such evidence to the Lender      promptly or depositing any policy with the Lender, the Lender may take out      or renew such insurances in such sums as the Lender may think expedient      and all money expended by the Lender under this provision shall be      recoverable by the Lender under the this  Agreement; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Procure      that the Group Companies shall, if so required by the Lender, use their      reasonable endeavours to cause the policies of insurance maintained by      them as required by this clause to be forthwith amended to include clauses      in form satisfactory to the Lender to ensure that the policies shall not      be voidable by the insurers as a result of any misrepresentation,      non-disclosure of material facts or breach of warranty provided that in      each case there shall have been no fraud or willful deceit on the part of      the insured Group Company; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Maintenance of licences:      Protect and maintain (and take no action which could foreseeably imperil      the continuation of) the licences and statutory authorisations, consents,      approvals, intellectual property, trade names, franchises and contracts      (the "Authorisations") which are material and necessary      for the conduct and continuation of its business substantially as      presently conducted and procure that all material conditions attaching to      the Authorisations are complied with and that the Group's business is      carried on within the terms of the  Authorisations; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Access: On at least two      day's notice being given to the Borrower by the Lender (except in the case      of emergency), permit representatives of the Lenders or its advisers to      have access to and inspect the property, assets, books and records of any      Group Company during normal business hours at the risk and the cost of      that Group Company; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Environmental Matters:      Comply with all Environmental Laws and obtain, maintain and comply with      any Environmental Permit where, in either case, failure to do so is to      result in liability and/or costs in excess of two hundred and fifty      thousand USD 250,000 or in the closure of any site or suspension of any of      its operations or business; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Compliance with laws:      Comply in all respects with all laws and regulations to which it is      subject, non-compliance with which would have a Material Adverse      Effect; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Taxes: Pay all Taxes due      and payable by it within applicable time limits without incurring      penalties; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

----

|   | (j) | Intellectual Property |
|--------|-----|----------------------------|

|   | (i) | preserve      and maintain the subsistence and validity of its intellectual property      necessary for the business of the relevant Group  member; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | use      reasonable endeavours to prevent any infringement in any material respect      of its intellectual property; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | (iii) | make      registrations and pay all registration fees and taxes necessary to      maintain its intellectual property in full force and effect and record its      interest in that intellectualproperty; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | not      use or permit its intellectual property to be used in a way or take any      step or omit to take any step in respect of that intellectual property      which may materially and adversely affect the existence or value of the      intellectual property or imperil the right of any member of the group to      use such property; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | not      discontinue the use of any of its intellectual  property; |
|--------|-----|--------------------------------------------------------------------|

|   | (k) | Pensions |
|--------|-----|----------|

|   | (i) | ensure      that all pension schemes operated by or maintained for the benefit of the      Group Companies and/or its employees are fully funded and that no action      or omission is taken by any Group Company in relation to such a pension      scheme which has or is reasonably likely to have materially adverse      affect. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Parent shall ensure that no Group Company establishes any defined benefit      occupational pension scheme. |
|--------|------|----------------------------------------------------------------------------------------------------------------------|

|   | (iii) | The      Parent shall deliver to the Lender at such times as those reports are      prepared in order to comply with the then current statutory or auditing      requirements (as applicable either to the trustees of any relevant schemes      or to a Parent), actuarial reports in relation to all pension scheme      mentioned in (a) above; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | Senior Management Service      contracts: ensure that the senior management of each Group Company      continues to be employed for that Group Company and agreements with such      parties are not terminated without the Lender’s  consent. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | Default – Litigation:      promptly, upon becoming aware of the same, notify the Lender of      : |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (i) | any      Default; |
|--------|-----|-------------------|

|   | (ii) | any      litigation, arbitration or administration proceeding commenced against any      member of the Group; which if adversely determined involves a potential      liability of any member of the Group exceeding USD [50,000] (fifty      thousand US dollars; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      Encumbrance attaching to any of the assets of any member of the Group,      which has not been declared in budget or by other  means; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | Status: remain US      corporations or limited liability corporations, duly incorporated and      validly existing under the laws of its jurisdiction of incorporation and      to maintain its power to sue, to own its assets and carry on its business      as it is being conducted; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | Material Contracts:      comply at all times with all MaterialContracts; |
|--------|-----|--------------------------------------------------------------------------|

----

|   | (p) | Preservation of assets:      maintain in good working order and condition (ordinary wear and tear      excepted) all of its assets necessary or desirable in the conduct of its      business; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | No discontiniouation of current      processes:  The Borrower accepts to maintain all current      processes at Kali Tuna in regard of Budgeting, financial planning and      preparation and delivery of any information on the finances or the      operation of the Company. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | EVENTS      OF DEFAULT |
|-----|------------------------|

| 19.1 | Events      of default |
|------|------------------------|

|   | (a) | Non-payment: Failure by a      Borrower to pay promptly and for value on the due date any sum whatsoever      due for payment by a Borrower to the Lender under the Finance Documents      provided the failure shall only constitute an Event of Default if such      failure to pay continue unremedied for 3 (three) Business Days after a      notice thereof has been given by the Lender to a Borrower;    or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Breach of certain      obligations:  If the Borrower      fails to comply with any of its obligations according to the Finance      Documents and such breach if capable of remedy continues unremedied for 5      (five) Business Days after receipt of a notice thereof from the Lender;      or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Cross default: failure by any      Group Company to make payment when due of any obligation (other than in      respect of the Finance Documents) exceeding USD 500,000 (five hundred      thousand US dollars) (or its equivalence in other currencies); or default      by any Group Company, in the performance of any agreement under which any      such obligation is created if the effect of such default is to cause such      obligation to become due, or to permit the holder or holders of such      obligation to declare such obligation due prior to its normal maturity;      or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Cessation: the cessation by      the Borrower of its operations or the sale or other disposition of all or      a substantial portion of its assets, or a decision by the Borrower to      cease its operations or to sell or otherwise dispose of all or a      substantial portion of its assets;or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Unlawfulness: at any time it is      unlawful for an Obligor to perform any of its obligations under any      Finance Document or Transaction Document or if any Security Document is      not or ceases to be legal, valid and binding on any Group Company or does      not create the security it purports to create or becomes      unenforceable; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Legal process: any      judgment or order made against a Group Company is not stayed or complied      with within fourteen days or a creditor attaches or takes possession of,      or a distress, execution, sequestration or other process is levied or      enforced upon or against, any of the undertakings, assets, rights or      revenues of a Group Company and is not discharged within fourteen days,      unless in each case the same is being contested in good faith by      appropriate proceedings; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | Insolvency;      compositions: any Group Company      stops or suspends payment of any of its indebtedness or is unable or      admits inability to pay any of its indebtedness as it falls due or      commences negotiations with one or more of its creditors with a view to      the general readjustment or rescheduling of its indebtedness or proposes      or enters into any composition or other arrangement for the benefit of its      creditors generally or any class of creditors or proceedings are commenced      in relation to any Group Company under any law, regulation or procedure      relating to reconstruction or readjustment of its indebtedness so long as      such insolvency is not caused by Lender’s inability to fund under this      agreement; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Bankruptcy or insolvency      proceedings:  any Group Company takes any action or any      legal proceedings are started or other steps taken for (i) any Group      Company to be adjudicated or found bankrupt or insolvent, (ii) the      winding-up or dissolution of any Group Company or (iii) the appointment of      a liquidator, administrator, trustee, receiver or similar officer of any      Group Company or the whole or any part of their respective undertaking,      assets, rights or revenues; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Change of ownership or control      of Borrower or any Group Company: if any person or group of persons      acting in concert gains control of the Borrower or any Group Company (for      the purposes hereof "control" shall have the same meaning as in clause      7.2.(b); or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Material adverse      change:  any event or series of events occurs which, in      the reasonable opinion of the Lender, might have a material adverse effect      on the condition, operations, assets, liabilities and prospects of a      Borrower or a Group Company or on the ability of a Borrower or a Group      Company to comply with its obligations under the Financial      Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Analogous Effect: Any      event occurs which, under the law of any relevant jurisdiction, has an      analogous or equivalent effect to any of the events mentioned in this      clause19.1. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | Audit qualification: The      auditors of any Group Company qualify their report to any audited accounts      of the relevant Group Company; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | Rescission: (i) any      party to the Transaction Documents rescinds or purports to rescind all or      part of that document where to do so would, in the Lender's opinion, have      a Material Adverse Effect; or (ii) any liquidator or other person takes      action to reverse or overturn the effect of a Transaction Document and the      Lender is advised that such action has a material prospect of success and      in the Lender's opinion such action would have a Material Adverse      Effect; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | Litigation: Any      litigation, arbitration, administrative, governmental, regulatory or other      investigations, proceedings or disputes are commenced or threatened in      relation to the Transaction Documents or transaction contemplated in the      Transaction Documents or against any member of the Group or its assets      which has or is reasonably likely to have a Material Adverse      Effect; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | Fishing Licences: if at      any time it is foreseeable that a fishing license of a Fishing Vessel is      withdrawn by the appropriate Croatian authorities or if at any time a      Fishing Vessel looses its fishing license or it becomes illegal for a      Fishing Vessel to fish in accordance with Croatian  laws. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.2 | Acceleration |
|------|--------------|

|   | (a) | declare      any unborrowed amount to be cancelled after which the Facility shall be      reduced to zero; and/or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (b) | declare      the Loans to be immediately due and payable together with all interest,      fees and other amounts payable under this Agreement after which such sums      shall become due without further demand or other notice of any kind, all      of which are expressly waived by the Borrowers;  and/or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | exercise      and/or enforce all or any of its rights under and pursuant to the Security      Documents in such manner as it seesfit. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| 20. | ASSIGNMENTS      AND SUBSTITUTION |
|-----|-----------------------------------|

| 20.1 | Successors |
|------|------------|

| 20.2 | Assignments      by the Borrower |
|------|----------------------------------|

| 20.3 | Assignments      by the Lender |
|------|--------------------------------|

| 20.4 | Sub-participations |
|------|--------------------|

| 21. | CHANGES      TO THE BORROWER |
|-----|------------------------------|

| 21.1 | Assignments      and transfers by Borrower |
|------|--------------------------------------------|

----

| 22. | CONDUCT      OF BUSINESS BY THE LENDER |
|-----|----------------------------------------|

|   | (a) | interfere      with the right of the Lender to arrange its affairs (tax or otherwise) in      whatever manner it thinks fit; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | oblige      the Lender to investigate or claim any credit, relief, remission or      repayment available to it or the extent, order and manner of any claim;      or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | oblige      the Lender to disclose any information relating to its affairs (tax or      otherwise) or any computations in respect of  Tax. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | PAYMENT      MECHANICS |
|-----|------------------------|

| 23.1 | Partial      payments |
|------|-----------------------|

|   | (a) | first, in or towards      payment pro rata of any unpaid fees, costs and expenses of the      Lender; |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (b) | secondly, in or towards      payment pro rata of any accrued interest or commission due but unpaid      under this Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | thirdly, in or towards      payment pro rata of any principal due but unpaid under this      Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

| 23.2 | No      set-off by Borrower |
|------|-----------------------------|

| 23.3 | Business      Days |
|------|--------------------|

|   | (a) | Any      payment which is due to be made on a day that is not a Business Day shall      be made on the next Business Day in the same calendar month (if there is      one) or the preceding Business Day (if there is  not). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | During      any extension of the due date for payment of any principal or Unpaid Sum      under this Agreement interest is payable on the principal or Unpaid Sum at      the rate payable on the original duedate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.4 | Currency      of account |
|------|--------------------------|

|   | (a) | Subject      to sub-clauses (b) and (c) below, USD is the currency of account and      payment for any sum due from the Borrrower under this      Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      payment in respect of costs, expenses or Taxes shall be made in the      currency in which the costs, expenses or Taxes are    incurred. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any      amount expressed to be payable in a currency other than USD shall be paid      in that other currency. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

----

| 24. | SET-OFF |
|-----|---------|

|   | (a) | The      Lender may set off any matured or contingent obligation owed to it by the      Borrower under this Agreement against any matured or contingent obligation      owed by the Lender to that Borrower regardless of the place of payment,      booking branch or currency of either obligation. If the obligations are in      different currencies, the Lender may convert either obligation at a market      rate of exchange in its usual course of business for the purpose of the      set-off.  No security interest is created by this      Clause. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25. | NOTICES |
|-----|---------|

| 25.1 | Communications      in writing |
|------|--------------------------------|

| 25.2 | Addresses |
|------|-----------|

|   | (a) | in      the case of the Borrowers, that identified with its name      below; |
|--------|-----|------------------------------------------------------------------------------|

|   | (b) | in      the case of any other Obligor, that notified in writing to the Lender;      and |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (c) | in      the case of the Lender, that identified with its name    below, |
|--------|-----|-------------------------------------------------------------------------|

| Borrower:                           |   | Lender:                                     |   |
|-------------------------------------|--------|---------------------------------------------|--------|
| Umami      Sustainable Seafood Inc. |   | Atlantis      Group hf.                     |   |
| 405      Lexington Ave, Suite 2640  |   | Attn:      Óli Valur Steindórsson |   |
| New      York, NY 10174             |   | Storhofda      15                           |   |
|                                |   | 110      Reykjavik                          |   |
|                                |   | Iceland                                     |   |

| 25.3 | Delivery |
|------|----------|

|   | (a) | Any      communication or document made or delivered by one person to another under      or in connection with this Agreement will only be    effective: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if      by way of facsimile, at the time the facsimile transmission report (or      other appropriate evidence) confirming transmission is received by the      sender; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      by way of letter, when it has been left at the relevant address or, if      posted, at noon on the second Business Day (in the case of an inland      address) or the fifth Business Day (in the case of an overseas address)      following the day of posting, |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Any      communication or document to be made or delivered to the Lender will be      effective only when actually received by the Lender and then only if it is      expressly marked for the attention of the department or officer identified      with the Lender's signature below (or any substitute department or officer      as the Lender shall specify for thispurpose). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26. | CALCULATIONS      AND CERTIFICATES |
|-----|------------------------------------|

| 26.1 | Accounts |
|------|----------|

| 26.2 | Certificates      and Determinations |
|------|--------------------------------------|

| 26.3 | Day      count convention |
|------|---------------------------|

| 27. | PARTIAL      INVALIDITY |
|-----|-------------------------|

| 28. | REMEDIES      AND WAIVERS |
|-----|---------------------------|

| 28.1 | Amendments      and waivers |
|------|-----------------------------|

| 29. | COUNTERPARTS |
|-----|--------------|

----

| 30. | GOVERNING      LAW |
|-----|--------------------|

| 31. | ENFORCEMENT |
|-----|-------------|

| 31.1 | Jurisdiction |
|------|--------------|

|   | (a) | waives      any objection it may have to the laying of venue of any such proceedings      in any of the said courts and any claim it may have that any such      proceedings have been brought in an inconvenient forum or are being      brought before another court; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | consents      to the service of process out of any of the said courts in any such      proceedings by the airmailing of copies, postage prepaid, to the Borrower      at its said address such service to be effective on the receipt at that      address; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | agrees      that nothing herein shall affect the right to serve process in any other      manner permitted by law, or to bring proceedings before any other courts      of competent jurisdiction; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | agrees      that the submission to the jurisdiction of the courts referred to above      shall not (and shall not be construed so as to) limit the right of the      Lender to take proceedings against the Borrower in any other court of      competent jurisdiction nor shall the taking of proceedings in any one or      more jurisdictions preclude the taking of proceedings in any other      jurisdiction (whether concurrently or not) if and to the extent permitted      by applicable law. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| (1) | Atlantis Group Ltd, ,  an      Icelandic Corporation with its principal place of business at Storhofda      15, 110, Reykjavík, Iceland, CPR nr. 700805-1580 (“the Lender”)  and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Umami Sustainable Seafood      Inc., a Nevada corporation having its offices at 405 Lexington Ave,      Suite 2640, New York, NY 10174 (“the      Debtor”) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | I. | Debt      assumption – |
|--------|----|------------------------------|

----

|  | II        | Remuniation      - repayment |
|--|----------------|------------------------------|

|  | IV. | REPRESENTATIONS      BY the Debtor, here referred to as the“company” |
|--|-----|----------------------------------------------------------------------------------|

|  | V. | MISCELLANEOUS |
|--|----|---------------|

----

----

| Umami      Sustainable Seafood Inc. |
|-------------------------------------|
|                                |
| By:                       |     |
|                                |   |
| Atlantis      Group Ltd             |
|                                |
| By:                                 |     |

----

| 1. | We      refer to the Agreement.  This is a Utilisation      Request.  Terms defined in the Agreement have the same meaning      in this Utilisation Request unless given a different meaning in this      Utilisation Request. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We      wish to borrow a Loan on the followingterms: |
|----|------------------------------------------------------|

| Proposed      Utilisation Date: | [        ]      (or, if that is not a Business Day, the next Business  Day) |
|---------------------------------|---------------------------------------------------------------------------------------------------------------------|
| Currency      of Loan:          | USD:                                                                                                                |
| Amount:                         | [     ]      or, if less, the AvailableFacility                                            |

| 3. | We      confirm that each condition specified in Clause 4.2 (Further conditions      precedent) is satisfied on the date of this Utilisation      Request. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | This      Utilisation Request is irrevocable. |
|----|-----------------------------------------------|

----

| 1. | it      is indebted to each Lender for such amounts in respect of principal due to      it from time to time in accordance with the Facility      Agreement; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | amounts      outstanding are payable in accordance with the Facility Agreement and bear      interest under the debenture (including default interest under clause      [8.3] of the Facility Agreement) at the rate, and are payable as, set out      in the Facility Agreement, the provisions of which to the extent      necessary, are taken to be incorporated by reference in this      debenture; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | all      payments under this debenture must be made at the time and place and in      the amount, currency and manner provided in the Facility Agreement;      and |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | this      Note is a Finance Document and may not be amended or varied without the      consent of the Lender. |
|----|---------------------------------------------------------------------------------------------------------------|

| 5. | this      Note shall be governed by Icelandiclaw. |
|----|---------------------------------------------------|

----