MURRAY COD AUSTRALIA LIMITED — Investor Presentation 2021

Sep 2, 2021

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ASX Code: MCA
Murray Cod Australia Ltd
LIFE TASTES BETTER OUR WAY
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2

TABLE OF

CONTENTS

• 4 – 5 Unique Innovitive Business Attributes 6 – 9 Quality

• 10 – 12 Innovation & Integrity

• 13 – 15 Sustainability

• 16 – 18 Numbers, Growth & Distribution

19 Summary 20 Contact Details

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WHAT MAKES US DIFFERENT FROM MOST

AQUACULTURE COMPANIES

1. Land Based Production Model

2. Aquna Cod is not a commodity

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4

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4 FOUNDATIONS OF OUR COMPANY

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.

QUALITY

Our premium taste credentials are built on real substance

INNOVATION It is always at our core to ‘find better way’

INTEGRITY SUSTAINABILITY People will value a Our story is built around our product with integrity impact on planet earth

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5

QUALITY – Taste Credentials built on real Substance

SAME MARKET ON SAME DAY IN MELBOURNE April 2017

Competitor’s Fish – now closed down

Aquna Sustainable Murray Cod

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6

QUALITY - AWARDS

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7

QUALITY

AQUNA COD IS NOT A COMMODITY IT’S A LUXURY FOOD PRODUCT

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Will therefore always command higher margins

Top chefs (Domestic and International) have told us it’s the “best freshwater fish in the world”

No commercial fishing allowed

Does not grow anywhere else in the world or Australia (just the Murray Darling Basin)

No other farms of any significance

Example of Rare Species: Patagonian Toothfish: Wild catch 25,000 tonnes per annum from Antartica retails at US$34/lb or AUD$105 per kg

One of the rarest and best tasting fish in the world

Quality influenced by unique technology and IP used in production system

QUALITY - GLOBAL PARTNERS

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“

HESTON BLUMENTHAL

MCA Shareholder & Advocate

We are delighted to be working with MCA. The innovative way they have created a luxury fish product by combining natural processes evolved over millions of years with cutting edge technology aligns with the way I approach food and cooking, resulting in fantastic quality. ”

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9

INNOVATION

• In House Design

• Improve stocking rates

• Reduce Labour

• Lower Feed costs

• Reduce Energy consumption

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INNOVATION

• Genetic Improvement

• Improve growth rates

• Improve fillet recovery - yield

• Selective Breeding program to improve desirable traits in our fish.

• Stocking Densities

• have already moved from 2,500 to 4,000 fish per pen

• But Now Dynamic Stocking will improve throughput of existing infrastructure by as much as 2 to 3 times

• Fingerling Husbandry

• removing the bottleneck of a nursery

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• Energy and Labour Efficiency

• Solar, better pumps and aerators, Stock management

• Round Pens designed in house

• Feed Production

• Currently using a feed designed for barramundi

• Our own ration will improve FCR and quality

• Product Value Adding

• Fish Fat, skin products, fish stock

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Pinot Gris? Riesling? Sauvignon Blanc? NO it’s Aquna Fish Stock!

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INTEGRITY

Product Integrity: fully traceable from pond to plate. What has been in the water. What the fish has been fed. How it’s been treated.

: Brand Integrity Everyone who deals with Aquna believe in the story and resonate with what it stands for

Environmental Integrity: Our credentials are based on simple facts. There is no “Spin” Land Based Aquaculture Re-stocking Murray Darling Basin Low water Usage

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12

SUSTAINABILITY LAND BASED PRODUCTION MODEL

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• No bad weather issues

Land Based Model reduces

costs and

• No Seals or Sharks

risk considerably

• Easy access on land vehicles and by foot

• Very low water usage

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

• Risk issues are usually limited to one pond

• Rising ocean Temperatures not an issue

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SUSTAINABILITY LAND BASED MODEL

Environmental Risks Alleviated

• No waste water leaves the property

• Risk of disease transfer to native populations almost non existent

• Purpose built farms are not near any native waterways

• Nutrient enriched water irrigates adjoining crops or pastures

• No fish can escape into natural waterways or ecosystems

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SUSTAINABILITY LAND BASED MODEL MAKES ECONOMIC SENSE

• Lease model is ‘Capital Lite’

Lower Capital Requirements

• Farmer builds the site including all earthworks, plumbing and electrical

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• We operate the site

• Operating costs borne by us until fish are saleable – 18 months approx

• We use our Pen Systems and fish stock

• 15 year leases

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15

NUMBERS – THE BASICS

$18.00 - $22.00 Premium Murray per KG* Cod Sale Price

$7.70 per KG

Growing Cost

Current number of fish in stock 2.2 million

Average sale weight 1.85kg

It takes 2 years to grow a fish

Targeting 10 thousand tonnes by 2030

$1.50 per KG

Processing & Selling Costs

Capacity now is 288 Pens

Current Development will add another 324 pens*

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• Based on round pen equivalent to existing pens

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NUMBERS – THE GROWTH

2.2 million fish @ 1.85kg x $20/kg gives Revenue of $81 million*

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• May vary depending on mortalities and pricing or other factors

17

DISTRIBUTION

AUSTRALIA JAPAN

• 3 Distributors

• Building distribution via Grocery channels

• Waiting on COVID to ease

• Currently 150 Woolworths and growing

• Opportunity related to lower kingfish numbers

• Opening trial with Coles soon

USA

• National Distributors

• Dedicated Full time sales team

• Prepared to invest and target Chilean Sea Bass

• Small volumes have begun again

EURO & UK

• Distribution in Place

• Germany and Switzerland asking for product

• Aiming for 1,000 supermarkets by Jan 2022

• Margins will be cut by short term processing bottle-neck

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SUMMARY – On The Cusp of Breakout

MCA is effectively the only vertically integrated producer of Murray Cod in the world

Current small fish stocks equate to large increase in revenues in next 3 years

Eco friendly & sustainable operations supported by Government and Environmentalists.

Presently high margin business with high barriers to entry.

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

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FOR MORE INFORMATION Ross Anderson Chairman - Murray Cod Australia

Phone +61 269 625 470 Email ross@aquna.com Website aquna.com

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