FEBRUARY 2018 AUCTION REPORT

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Feb 26, 2018 New Interest in Wild Fur Wild fur opened NAFA s February auction with a higher percentage of goods being sold than some might have expected. In most instances, prices were also firm to advancing over last year s levels. NAFA s promotional workshops for buyers, which were held in China in the fall of 2017 and earlier this year, have obviously yielded results. More first-time buyers from China competed in today s sale and more companies sampled the goods. Beavers sold 93%, nearly all to new buyers. Muskrats sold 94%, with only the best goods unsold. A stricter selling policy resulted in a 66% sale of Raccoon, again, mainly to new customers. All better sections had good interest. Wild mink sold 90% at advancing price levels. The sale continues tomorrow with Demi Male and Females, and Coyotes. The top lot of Raccoon was purchased by Yves Salomon of Paris, France for $63.00. RESULTS FOR FRESH SUNDRY OWNER GOODS ONLY Beaver Otter 91 Eastern 10.46 41.00 35,486 94 Western 12.15 30.00 90 Section III 10.39 14.00 4,138 85 Overall 31.58 69.00 18-02-26

Wild Mink Muskrat Raccoon Wild Grey Fox Wild Red Fox 16,215 100 Section I 11.38 22.00 315,190 94 3.22 7.00 31 W/NOR 21.59 63.00 149,045 79 W/NC 12.43 31.00 46 E/NC 8.14 15.00 100 CDN 8.14 20.00 8,314 60 Section I 23.11 28.00 43 Heavy 24.90 43.00 31,029 42 Semi-Hvy 25.24 41.00 35 Central 16.96 22.00 18-02-26

Feb 27, 2018 Coyotes Advance More than 20% NAFA s offering of 74,000 Coyotes wrapped up today s sale and as expected, sold 100% at prices that advanced more than 20% overall under strong competition from Hong Kong, China and Europe. Semi-heavy sections of Coyotes saw even further advances of over 30%. The need for Coyotes in the fashion trade has strengthened considerably. The top lot of Coyote was purchased by Rebellato Graziano S.A.S. of Italy for $610.00. RESULTS FOR FRESH SUNDRY OWNER GOODS ONLY 100 Heavy 105.96 610.00 Coyote 100 Semi 57.21 104.00 73,558 100 Eastern 40.57 122.00 100 Section III 19.72 65.00 18-02-27

Feb 28, 2018 Better Quality Mink Gets Strong Support from Korea Silverblue males sold 71% at mostly firm levels. Korea dominated the sale of better quality, short nap Silverblue females, which in total sold 83%. Blue Iris and Sapphire mink achieved high clearances under strong competition, with Korea again dominating the purchase of the better-quality goods, at firm to advancing prices. Prices for Violet and Lavender mink held firm, but buying was primarily directed towards the better-quality goods. Lynx sold 70% with better qualities and colors unsold. NAFA s February/March sale continues tomorrow with the sale of White and Pearl mink as well as Lynx Cat. The top lot of Violet Mink Male was purchased by The Gorski Group Collection and Produced by Zimbal Mink for $230.00 The top lot of Violet Mink Female was purchased by The Gorski Group Collection and Produced by Zimbal Mink for $230.00 Lynx OFFERED SALES % AVERAGE TOP PRICE 3,724 70% $63.53 $220.00 18-02-28

MARCH 2018 Mar 1, 2018 Short Nap White Mink Achieve Slight Advances In an auction room that was very active and full throughout the day, the sale of both White and Pearl male and female mink achieved high clearances. Prices were firm on most regular goods. However, short nap White mink increased modestly over recent levels. Today s biggest buyer was Hong Kong/China with Korea, again, strongly supporting better qualities. Lynx Cats sold 75% of the fresh goods with better qualities and colors achieving strong price advances over 2017. The average for Western Lynx Cats was $378.99 with a top price of $2,400.00. The mink sale continues tomorrow with NAFA s renowned collection of Mahogany mink as well as ranch fox and Can/Am Sable. The top lot of White Mink Male was purchased by Hurwitz Exports, Ltd, for MELE 1880, of Napoli, Italia. Produced by Sandy Bay M.R. for $240.00 The top lot of White Mink Female was purchased by Tryfon Ditsios, DTS SA for EUROPA FURS, of Kazakhstan. Produced by Sandy Bay M.R. for $230.00 The top lot of Lynx Cat was purchased by John Kaltsiadis for Nevris Furs of Kastoria, Greece for $2,400.00 18-03-01

MARCH 2018 Mar 2, 2018 Premiums Paid for Better Mahoganies In today s sale of Mahogany mink, better quality short nap goods achieved strong advances over recent international levels. This was especially true for Mahogany females. However, longer nap Mahogany females met with resistance. Most other Mahoganies sold at values that were firm to recent levels with NAFA holding the line on prices. China, pushed by Korea, was the biggest buyer of Mahogany mink. Sable sold 100% at very strong prices with Korea and China dominating. Better quality, fresh Silver Foxes sold 65% with a top of $155. The top lot of Mahogany Mink Female was purchased by Stuart Bewley of Polar Furs for Haining Zhongyue Furs Clothing Co., Ltd., Brand Louisky, of Haining, China. Produced by Ball Bros. for $200.00 The top lot of Can-Am Sable was purchased by KC Fur of China for $188.00 The top lot of Silver Fox was purchased by Peter Papadimitriou for Globecraft Inc. of Toronto, Canada for $155.00 RESULTS FOR FRESH SUNDRY OWNER GOODS ONLY Can-Am Sable Ranch Fox HVY I XXXL $121.93 $188.00 100% XXL $122.83 $140.00 XL $97.19 $67.00 LGE $49.27 $67.00 OVERALL $87.79 $188.00 65,121 SEMI-HVY I XXXL $88.19 $100.00 100% XXL $75.05 $90.00 XL $56.74 $63.00 LGE $36.65 $40.00 OVERALL $57.58 $100.00 9,226 65% Silver $58.50 $155.00 42% Blue $31.29 $58.00 77% Red $84.76 $106.00 18-03-02

MARCH 2018 Mar 3, 2018 Over 1.1 Million Black Mink Sold at Premium Prices Today, representatives from all corners of the global fur trade, once again, came to NAFA to bid on a historic offering of the world s best quality Black mink. The result was a spirited auction that, in the end, sold over 1.1 million Black mink at premium prices. This sale demonstrates the inherent value of the world s two most famous labels, Black NAFA and Blackglama, coming together under one banner. In fact, the trade also celebrated this union with the Top Lots selling for: Black males - $2,000 and Black females - $2,050. All of this was accomplished in spite of what can only be considered to be difficult market conditions. Greece strongly competed for Black males, while Korea was the primary buyer of Black females. China was the key supporter of the Blacks throughout the entire catalogue. Fishers sold 90% with China and Greece competing for the females while the males were sold primarily to Greece and Turkey. The off-colors saw limited demand. NAFA s March sale concludes tomorrow with the sale of Pastel and Polar mink. The top lot of Black NAFA Male was purchased by Aifeimi Fur, of Tong'erpu, China. Produced by Zimbal Mink for $2,000.00 The top lot of Black NAFA Female was purchased by Harbin Guifuren Fur Square, of Harbin, China. Produced by Zimbal Mink for $2,050.00 The top lot of Fisher was purchased by Antonios Ntisios for Due Fratelli of Kastoria, Greece for $112.00 OFFERED SALES % Size AVERAGE TOP PRICE SM $49.23 $112.00 Fisher 7,033 91% MED $32.76 $47.00 LGE $46.01 $76.00 OVERALL $45.96 18-03-03