For Immediate Release

FIRST NATIONS FINANCE AUTHORITY (FNFA) CONGRATULATES MI’KMAQ FIRST NATIONS COALITION FOR LANDMARK CLEARWATER PURCHASE

$250 million dollar loan from FNFA helps make Clearwater deal a reality

Westbank, British Columbia (November 10, 2020) The intended purchase of the Canadian
Fishing Licenses which involves a 50 per cent equity share of Clearwater Seafoods by the
Mi’kmaq First Nations Coalition is an historic step forward for the Indigenous economy,
according to the First Nations Finance Authority (FNFA).

“This landmark deal which was made possible by a $250 million loan from FNFA shows the
collective purchasing power of First Nations when they stand together,” said Ernie Daniels,
President and CEO of the FNFA. “It demonstrates we are stronger when we work together in
building the Indigenous economy.”

FNFA has approved a $250 million loan to the Mi’kmaq First Nations Coalition to purchase
Clearwater’s Canadian offshore fishing licenses. Under the announced agreement, the First
Nations will receive contractual revenues on a quarterly basis from Clearwater which will have
a significant impact by creating revenue and boosting their economies.

The Coalition is comprised of communities from across Nova Scotia and Newfoundland:
Membertou, Waycobah, Potlotek, Paqtnkek, Pictou Landing, Sipekne’katik, and Miawpukek.

“This is a major step forward for our community providing us with own source revenue and job
opportunities,” said Chief Misel Joe of Miawpukek First Nation. “We look forward to working
with our First Nation and non-Indigenous partners to ensure a sustainable and viable seafood
industry.”

Since its creation in 2005 by an Act of Parliament, the FNFA has financed almost $1 billion in
loans to 112 First Nations that have been certified through the First Nations Financial
Management Board. This has created over ten thousand jobs in the past five years alone and
supported economic development projects and construction of critical infrastructure such as
schools, community centres, water treatment and health facilities.

202 – 3500 Carrington Road
Westbank, B.C. Canada V4T 3C1
Head Office: 250.768.5253
Toll Free: 1.866.575.3632
Fax: 250.768.5258
www.fnfa.ca

“We are proud to play our part in putting together this historic agreement and we applaud the
leadership of the First Nations that have become partners in the deal, “said Wasauksing First
Nation Chief Warren Tabobondung who Chairs the FNFA board. “It is an example of what we
can achieve when we work together. There will be many more such projects as we begin to
address the infrastructure gap and generate revenues that will create jobs and economic
opportunities for Indigenous peoples.”

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About the First Nations Finance Authority (FNFA)

The FNFA is a not-for-profit First Nation institution that plays a crucial role in the social and
economic development of First Nations across Canada by providing qualifying First Nations
with access to the capital markets at competitive rates. Established by the federal First Nations
Fiscal Management Act in 2005, FNFA is by First Nations, for First Nations. The FNFA will
continue to expand and diversify, looking to strengthen its credit rating and increase the
financial benefits to its growing membership.

For more information Contact:
Leanne Hunter, FNFA Senior Advisor
Telephone: 613.853.2612
Email: lhunter@fnfa.ca