CAQ HOLDINGS LIMITED — AGM Information 2011

Nov 29, 2011

CELL AQUACULTURE LIMITED - AGM PRESENTATION 2011

ASX CODE CAQ

www.cellaqua.com

CAQ Annual General Meeting 2011 - Overview

• Strong focus in 2011 on further commercialising "Hatch to Dispatch" business model.
• Commencement and achievement of progressive revenue growth.
• A number of exciting new projects brought to fruition throughout the year.
• A number of new opportunities under development Update. $\bullet$
• Company's funding strategy had to recently be reassessed.
• Projects and opportunities now prioritised to generate strongest cash flows and returns from minimal capital outlay - move towards profitability.
• Global financial environment still turbulent, however continued pressures on natural $\bullet$ fish stocks offer an exciting Growth Outlook for the Company.

Cell Aqua Foods Pty Ltd

• Continued development of wholly owned subsidiary company: Cell Aqua Foods (CAF).
• Eco-Star™
• Providores Kitchen
• Providing a 'ready made market' for all fish produced by CAQ.
• Developing strong trading relationships.
• Rationalisation of Sales and Distribution process.
• . New Product Development.

Like you caught it yourself

• Expanding distribution of CAF's premium Eco-Star^TM product range.
• Recent approval to supply National Supermarket Chain starting with Western Australia.
• Significant further revenue growth anticipated.
• Limitless potential to supply Global Target Markets.

'Chef-Inspired' Eco-Star^™ Barramundi Meal Range

• . Unique retail range of 'value added' Eco-Star™ Barramundi Products.
• Smoked Australian Barramundi Pate
• Premium 'Ready-to-Cook' Barramundi Fillets
• . Key attributes revolve around 'Quality and Convenient' cooking at home.
• Further new unique Eco-Star^TM products to be released early in 2012.

New Release Premium Gourmet Saltwater Barramundi Fillets

Taste the Difference in these Convenient, Gourmet 'ready to cook' meals

The finest EcoStar™ Salt water Barramunci fillets have a mile buttery flavour and a succulent delicate fexture.

FonStar in Saltwater Barramund, fillets retain their moisture throughout the entire cooking process and when cooked, the flesh is firm, white, moist and a little flakey

EcoStar¹⁰ Saltwater Barramund is sourced only from environmentally responsible and sustainabl sources.

Available in 3 deficious 'Chef inspired' variaties

Fresh Provisions - Mount Lawley
77 Walcott St., Mt Lawley ISA - Masman Part Cm: Wellington 5t & Marming 5t Position Fark Fresh Provisions - Bicton: Sups IGA - Nedlands:
152 Stirling Hwy, Nedlan 58 Damina Hvy km Petra S.I Farmer Jacks - Schiau ISA - Castain Stirting sways Shapping Control Cor Florence Rd & Stirting Hw 01 Rokeby Rc, Sublacc Macdionario belos Wholefonds & Fraceries Suna IGA - Wernisia emont Quarter

23 St Guentin Ave, Claremont ISA - Dita Reach Brighton Fd Fresh Food Market 111 Brighton Pd. Scorpersuch Kilpa Crt, City Beach Fresh Provisions - Cla

Available from the following stores

syview Shopping Centre, 333

Stirling Hey Claremon .
Your simple 'ready to cook' gourmet EcoStar^ne Saltwater Barramundi experience awaits

Promotion of Eco-Star™ Products

• Limited promotion to date due to lack of product and funding.
• Demand for Eco-Star^TM Products expected to rise during summer months.
• Aggressive marketing campaign planned to increase Product and Brand awareness.
• Promotion and Marketing Budget required.

Supply Catering & Food Service Industry

• Significant opportunities for CAF in Catering and Food Service Hotels, Restaurants & Catering.
• · Supply Western Australia's (WA) Booming Mining industry.
• Creating another high yielding expanding market for the company.

Exciting Future Ahead!!!

• CAQ's ability to develop a 'Reliable and Consistent' supply of Premium Quality Barramundi from its various production farms creates a significant competitive advantage in this rapidly growing market.

Further information on the Eco-Star range and a complete list of stores can be viewed at: www.ecostarfoods.com.au

TRG Cell Project - Terengganu, Malaysia

• Project previously established a successful 100+ tonne per annum Premium Species production facility.
• Project stalled due to lack of funding.
• Following extensive ongoing negotiations, Joint Venture project with Terengganu State Government (TRG Cell) now resurrected.
• Terengganu Govt now reallocated its shareholding into the State's primary investment arm.

• New Board and strong pro-active partner now in place for project to be redeveloped.

• First stage funding of RM 1.6 million (approx \$520,000) now received to fund production from current facility.

• Goodwill payment of RM500,000 (approx \$165,000) received by CAQ against $\bullet$ outstanding monies owed.
• Discussions now advancing to further develop the project to original agreed production $\bullet$ capacity of 500+ tonnes per annum.
• Product 'Buy-Back' agreement by CAQ for all produce. $\bullet$
• Further Malaysian opportunities under advanced negotiation. $\bullet$

Singapore, Now Malaysian Venture

• CAQ been working for some time to establish a production facility in Singapore. $\bullet$
• Suitable site could not be found in Singapore after extensive searching Suitable site $\bullet$ now found in Malaysia.
• Stage 1 production now under development. $\bullet$
• CAQ to earn equity via nominal capital investment in the project. $\bullet$
• Key objective for CAQ to secure further Premium Barramundi supply via 'Buy-Back' $\bullet$ arrangement - Distribution via Cell Aqua Foods Pty Ltd.

Thailand Project

• Outstanding production site secured near Phuket, Thailand, with all necessary infrastructure and services now in place.
• Stage 1 'Retro-fit' complete and now in production of Australian Barramundi.
• Stage 2 involves development of purpose built 'Cell' production facility.
• Stage 2 construction works well advanced, however had to be slowed in-line with access to funding.
• Option secured over adjoining site.

• Full development of both sites (funds $\bullet$ permitting) could ultimately be developed to approx 1,000 tonnes per annum production.
• Production site offers CAQ excellent long term development potential.
• Bolstering of Premium Barramundi $\bullet$ inventories to capitalise on current market opportunities.

South African Project

• CAQ been working for some time to establish JV with a substantial South African consortium.
• A number of key Industrial Development Zones (IDZ's) targeted. $\bullet$
• Significant progress recently made with two IDZ's now selected.
• Facilities to be established in 500 tonne modules with output of 2,000+ tonnes for $\bullet$ each IDZ targeted.
• Shareholders Agreement now successfully negotiated and ready for signing once financing is concluded.

• Financing to be provided via Equity $\bullet$ contribution from JV partners, Debt financing and Govt grants & Incentives.
• CAQ to hold 40% equity, SA partners to $\bullet$ hold 40% and balance allocated to local empowerment.
• CAQ have option to 'Buy-Back' all produce $\bullet$ from first 500 tonne module to significantly bolster Barramundi inventories to capitalise on current market opportunities.
• JV to then jointly market all $\bullet$ produce beyond initial 500 tonne facility.

Hatchery Update

• Hatchery progress outstanding throughout the year.
• Achievement of consistent on-going supply of high quality juvenile Australian Barramundi.
• Hatchery in fifth year of continuous operation.
• Facility stands as one of the worlds leading Barramundi hatcheries.
• Extensive work advanced in area of selective breeding.
• Strong Hatchery confidently provides the 'engine room' for the company's development and profitability.

Funding & Entitlement Issue

• Company's funding strategy had to be recently revised.
• Preference for no debt until profitable.
• Entitlement Issue commenced on 1 for 4 basis @ \$0.04 per share to raise approx \$2.1 million.
• Funding will clear all company debt and $\bullet$ provide a better financing scenario.
• Funding will enable development of key outlined revenue generating initiatives.
• Shortfall option allows existing shareholders to apply for more shares than their entitlement, if desired.

RB Milestone Group, New York - Analyst Coverage 'Cell Aquaculture is Considerably Undervalued'

• New York based RB Milestone Group recently initiated analyst coverage on CAQ.
• Comprehensive 27 page report concluded the following: $\overline{c}$

'At the current share price, we find CAQ to be an attractive investment opportunity with strong upside and limited downside risk'.

'As such we initiate coverage at a target price of \$0.25 per share'.

'Aquaculture is Growing Strongly - Fish supply from traditional fishing is dwindling, putting significant pressure on traditional fisheries. The macro-economic factors definitely favour the aquaculture industry with growth intensifying even further as aquaculture gradually replaces fishing.

'Superior Technology' - CAQ's hatchery and grow-out facilities are superior to other such systems in the industry.

'At it's current market capitalisation, CAQ appears considerably undervalued.

ASX CODE: CAQ