MURRAY COD AUSTRALIA LIMITED — Investor Presentation 2020

Jun 4, 2020

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Murray Cod Australia Ltd

ASX:MCA

5 June 2020

Presentation at Market Eye’s virtual conference series

Murray Cod Australia Limited (ASX: MCA; Murray Cod Australia or the Company ) advises that Chairman, Ross Anderson, will be presenting at Market Eye’s Virtual Conference on “Business responding to changing consumer needs” to be held on Tuesday, 9 June 2020.

A copy of the presentation is following.

The conference will be split into two sessions, with each session featuring presentations from CEOs of three small-cap companies that have responded to changing consumer needs. Potential investors will have the opportunity to listen to the CEO presentations and ask Q&A in a virtual environment.

Virtual conference details

Theme ‘Business responding to changing consumer needs’ Time / date Session 1: 10:30am-11:45am AEST, Tuesday, 9 June 2020 Session 2: 2:00pm-3:15pm AEST, Tuesday, 9 June 2020 *Murray Cod Australia is presenting at 2:45PM Registration Attendance is free. Please pre-register for: Session 1 Session 2

This release has been approved by Ross Anderson, Chairman.

For more information contact: Ross Anderson Murray Cod Australia +61 269 625 470

Murray Cod Australia Ltd ABN 74 928 625 Level 1, 153 Yambil Street Griffith NSW Australia 2680

Ph +61 269 625 470 www.aquna.com

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ASX Code: MCA
Murray Cod Australia Ltd
LIFE TASTES BETTER OUR WAY
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MCA - INVESTMENT PROPOSITION

Luxury Product:

High Growth:

Green &

H ighly sought after as a table fish by consumers and chefs.

Production capacity 40 tonnes pa in 2017 now over 1000 tonnes. Aiming for 10,000 tonnes by 2030.

sustainable: Grown in natural habitat, strong synergies with irrigated agriculture, and low environmental footprint.

Price premium: Higher wholesale prices paid for Murray cod HOG equivalent ($24kg/kg).

Value creation:

G rowing demand, high profit margin and high barriers to entry.

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• HOG is generally referred to in the salmon industry meaning “head on gutted” fish. We sell whole fish including the gut at around $20 per kg

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A UNIQUE OPPORTUNITY – LAND BASED AQUACULTURE

Climate change, global population pressure on oceans and declining wild fish stocks.

Global demand for protein – especially for high quality fish protein.

Innovation via existing local infrastructure and a rare premium native fish.

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• One of the world’s largest freshwater fish.

WHAT IS AQUNA COD

• Historically it was a premium table fish.

• It has a creamy white flesh with firm texture and mild taste (similar to Soon Hock).

• In 1880’s highly profitable commercial fisheries sprang up in the Murray-Darling Basin and Australia consumed estimated >500 tonnes per annum.

• By 1950’s wild catch was down to 311 tonnes and declined to less than 30 tonnes by late 1960’s and it became forgotten by Australian metropolitan consumers.

• Currently listed a vulnerable species and commercial fishing of the species is prohibited in Australia.

• Current growth in demand for our farmed cod is outstripping growth in supply.

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WE HAVE 2 DISTINCT DIFFERENCES AS A LISTED AQUACULTURE COMPANY

1. Land-based

production model

1. Aquna Cod is a luxury product – not a commodity

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LAND BASED PRODUCTION

• No bad weather issues.

Land Based Model reduces costs and risk considerably

• No seals or sharks.

• Easy access on land vehicles and by foot.

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• Very low water usage.

• Risk issues are usually limited to one pond.

• Fresh water does not rust our equipment as rapidly as salt water.

• Rising ocean temperatures not an issue.

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GLOBAL LUXURY FOOD BRAND Life Tastes Better Our Way

We believe the best product comes from the best approach. We want to make an impact on peoples plates and their wider lives by inspiring a better way to deliver the future of food production.

Our premium taste credentials are built on real substance.

Innovation always at our core to ‘find better way’.

People will value a Our story is built around product with integrity. our impact on planet Earth.

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BARRIERS TO ENTRY

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Murray cod is globally unique to Murray Darling River System. These fish grow in no other river system in the world.

Commercial fishing in the river system is banned, listed by EPBC as Vulnerable* .

• http://www.environment.gov.au/cgi-bin/sprat/public/publicspecies.pl?taxon_id=66633

Difficulty in sourcing brood stock.

Ideal environmental growing conditions are limited to the Murray-Darling Basin.

Intellectual property of “cage/pond system” is unique.

Limited spawning production facilities in existence.

The region’s availability of good quality water and land suitable for dam construction make it unique.

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BUSINESS MODEL

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35mm Stock is kept in recirculated Cages sold
Hatchery Nursery tanks with environment to contract
controlled until 100 grams in
size growers
Fingerlings
Fingerlings
sold to contract
to MCA
In 18 Moths 1.5- growers for
ponds for
2Kg Murray cod is grow-out est.
grow-out
harvested by MCA @ $4 each
Distributor
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2020 DEVELOPEMNTS

• Acquisition of fully operational Riverina based hatchery. Increases fingerling production capacity by a factor of 2.5 times.

Construction of the first eight ponds on the super-site has commenced. The site caters for 35 ponds and increases holdin ca acit b 2 million fish. g p y y

Covid-19 causes MCA to innovate further via expansion into live domestic sales and frozen export trials

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NUMBERS – THE BASICS

$18.00 - $22.00 Premium Murray per KG* cod sale price

$7.70 per KG Growing cost

Processing & $1.50 per KG selling costs

AVERAGE SALE WEIGHT 1.66KG

Current number of fish in stock in excess of 1.7 million

Targeting 10 thousand tonnes by 2030

Adding contract growers is not a priority as quality and consistency of the brand is paramount

Economies of scale are continuing to lower production cost

The new hatchery will add revenue in spring 2020 with sales to Government restocking programs

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SUMMARY

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Global consumption of fish is rising while wild catch is falling. Aquaculture must grow!

Strong demand and premium pricing for Aquna Sustainable Murray Cod.

Eco friendly and sustainable operations supported government and environmentalists.

Presently high profit margin business with high barriers to entry.

Huge growth potential for Aquna with company now having proven its capacity to grow.

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FOR MORE INFORMATION Ross Anderson Chairman of Murray Cod Australia Phone +61 269 625 470 Email ross@aquna.com Website aquna.com

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