seafarms

Our Ref: SFG ASX Announce AGM Presentation 2017 (547)

24 November 2017

ANNOUNCEMENT 547

Company Announcements Office
Australian Securities Exchange
Level 4
20 Bridge Street
SYDNEY NSW 2000

By ASX Online
Number of pages: 67
(including this page)

Dear Sir

RE: ANNUAL GENERAL MEETING OF SHAREHOLDERS
ADDRESSES TO SHAREHOLDERS

Seafarms Group will hold its Annual General Meeting (AGM) today, 24 November at 10.00am.
Enclosed is a copy of the Addresses to Shareholders which will be presented at the AGM.
Yours faithfully
Seafarms Group Limited

Harley Whitcombe
Company Secretary

ENC

Seafarms Group Limited
ABN 50 009 317 846
Level 11, 225 St Georges Terrace
Perth WA 6000 Australia
PO Box 7312 Cloisters Square
Perth WA 6850 Australia
P +61 8 9321 4111
F +61 8 9321 4411
E [email protected]
W seafarms.com.au

Seafarms Group Limited is a corporate authorized representative ("CAR") (Number 420079) of CO2 Group Financial Services Pty Ltd (ABN 40 142 572 774, APAL 398096). The Group's Authorised Representative numbers are Seafarms Group Limited (CAR # 420079), Carbon Banc Limited (CAR # 420080), CO2 Australia Limited (CAR # 420081).

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Annual General Meeting

November 2017

Transformation of Australia’s largest aquaculture shrimp producer into a global player
Seafarms Group Limited

Disclaimer

This presentation is provided for information purposes only. The information in this presentation is in a summary form, does not propose to be complete and is not intended to be relied upon as advice to investors or other persons. The information contained in this presentation was prepared as of its date, and remains subject to change without notice. This presentation has been provided solely for the purposes of the Seafarm Group Limited’s (SFG) 2016 annual general meeting and for giving background information about SFG, its operations and Project Sea Dragon (PSD).

This presentation has been prepared without taking into account the investment objectives, financial situation or particular need of any particular person.

To the extent permitted by law, no representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. To the extent permitted by law, none of SFG, its related bodies corporate, shareholders or affiliates, nor any of their respective directors, officers, employees, related bodies corporate, associates, affiliates, agents or advisers makes any representations or warranties that this presentation is complete or that it contains all material information about PSD or SFG. To the extent permitted by law, none of those persons accepts any liability for any loss, claim, damages, costs or expenses of whatever nature (whether or not foreseeable), including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of information contained in this presentation or in relation to the accuracy or completeness of the information, statements, opinions or matters, expressed or implied, contained in, arising out of or derived from, or for omissions from, this presentation.

No person is under any obligation to update this presentation.

This presentation may contain forward looking statements that are based on management’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, forecast, “estimate”, “target” and other similar expressions within the meaning of securities laws of applicable jurisdictions. The forward looking statements contained in this presentation include statements about future financial and operating results, possible or assumed future growth opportunities and risks and uncertainties that could affect SFG’s business. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Actual outcomes and results may differ materially from what is expressed in this presentation. In any forward looking statement in which SFG expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurances that the statement or expectation or belief will result or be achieved or accomplished. SFG is not under any duty to update forward looking statements unless required by law.

This presentation is not and does not constitute or form part of an offer, invitation or recommendation in respect of securities, or an invitation to buy or apply for securities, nor may it, or any part of it, form the basis of, or be relied on in connection with any contract or commitment whatsoever. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States.

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Acknowledgement of Country

We'd like to begin by acknowledging the Traditional Owners of the land on which we meet today, the Wurundjeri, Boonwurrung, Taungurong, Dja Dja Wurrung and the Wathaurung people of the Kulin nation and pay my respects to Elders past and present.

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Seafarms Group Limited Overview

Chairman's Overview
Overview of Seafarms Group
FY17 Overview
Operations
PSD – Overview
PSD – Investment Opportunity
PSD – Design
CO2 Australia

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Chairman's Overview

Welcome Ladies and Gentlemen to the Seafarms Group Limited 2017 Annual General Meeting.

The 2017 year has been a very significant year for the Company with all the major licences and agreements needed to build and operate the company's world class Project Sea Dragon (PSD) project being successfully finalised. This achievement should not be underestimated, as a number of these were achieved in record time and/or were a first for a project of this size. In particular, I would like to formally thank the Traditional Owners for the support they have shown for PSD.

Government support at Territory, State and Federal levels remains strong for PSD. As previously announced numerous agreements and commitments include infrastructure upgrades, provision of land for processing facilities and construction workforce accommodation.

Market conditions for Project Sea Dragon remain highly favourable. Market demand for the PSD product remains strong for our planned production tonnage and size of animal. The general market trend is for more product, more quickly.

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Chairman's Overview cont.

Given that the company has now successfully secured all the major licences and agreements needed to build and operate PSD, the level of engagement with potential investors, financiers, JV partners, product offtakers, processors and retail channels has significantly increased as PSD approaches "Investment Ready Status". The number of unsolicited investor approaches has continued as the reality of PSD is becoming more commonly understood.

Financing of the initial production stages of PSD is clearly our most important task at hand now, in the short to medium term and the company remains resolute in maintaining the maximum equity ownership of PSD by its shareholders specifically and by Australians in general.

With regard to our CO2 Australia business it continues to be profitable and an important source of cash flow to Seafarms Group.

Finally I'd like to thank my fellow Directors, management, staff, advisors, research partners and our supporters in regional Northern Australia.

2018 will be the year of the Dragon.

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Overview of Seafarms Group

Overview of Seafarms Group Operations

Seafarms Group Limited (SFG) is currently Australia’s largest producer of farmed prawns, underlining its operational aquaculture expertise.

SFG is an ASX listed Australian agri-food company, with a current market capitalisation of c. A$97 million
Seafarms is rapidly advancing its world class Project Sea Dragon (PSD) project:
A large scale, integrated, land-based shrimp/prawn aquaculture project in Northern Australia
At full production, PSD will become the only producer from a developed country offering a significant volume of superior shrimp product
Annual estimated revenues in excess of US$2.3b
SFG is Australia’s largest producer of farmed prawns under the well known Crystal Bay brand (producing Banana and Black Tiger Prawns). It produces +1,700 tonnes p.a. in Queensland (Cardwell), equal to 37% of the Australian prawn aquaculture market
The Queensland operations are a fully vertically integrated facility and have provided the company with a platform to develop and test best practices for its planned industrial scale PSD operation.
CO2 Australia carbon and environmental services company continues to provide cashflow to SFG

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Overview of Seafarms Group Team

Highly experienced management team across project development and management, aquaculture operations, finance and business development.

Key SFG Management Team Members

Ian Trahar
Executive Chairman
- Extensive experience in the resource and financial services across multiple industries and organisations
- Previous roles include joint CEO of Avatar Industries, Chairman of Ranger Minerals along with executive roles at Shell Australia and Citibank

Dr. Chris Mitchell
Managing Director - PSD
- 20+ years experience in Australian and international climate change research holding both senior and executive roles
- Foundation Director of the Centre for Australian Weather and Climate Research

Ian Leijer
Commercial Director
- Chartered Accountant with 20+ years experience in corporate finance, strategy and business management
- Previously CFO of former ASX listed Company Avatar Industries Ltd and interim CEO of ASX listed Kresta

Dallas Donovan
Chief Operating Officer
- 20+ years aquaculture experience including technical and production management, harvesting, processing and marketing
- 6 years managing the National Prawn Company in Saudi Arabia - one of the world's largest fully integrated aquaculture operations

Jairo Llanos
Technical / Production Manager
- 35+ years of experience in Saudi Arabia and South America
- Direct experience managing commercial shrimps operations, including extensive experience in large scale prawn/shrimp aquaculture including hatchery, breeding programs and grow out.

Rod Dyer
Chief Projects Officer
- 35+ years of experience in the leadership and delivery of a wide range of Projects and Project Programmes over a diverse range of Industry.
- Previous roles include Executive General Manager Projects for Macarthur Coal, Chief Projects Officer for Peabody Energy, VP Projects for BMA as well as project delivery roles for various food companies.

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Achievements Since November 2016 AGM

November 2017
Non Pastoral Use Permit issued. This allows aquaculture activities to be undertaken at Legune Station.
September 2017
Secured a banking facility with HSBC for its Queensland Operations.
Finalised the Project Development Agreement with the NT Government. Provides a pathway for the entire 10,000 ha PSD and its associated infrastructure.
August 2017
Finalised an Indigenous Land Use Agreement for the entire 10,000 ha PSD project area.
June 2017
Finalised a long term land lease agreement with the WA Government for its PSD processing plant, which will be located in Kununurra.
Finalised a $12.6 million capital raising. Funds raised from major domestic, international, institutional, professional investors and existing shareholders. Funds will be used to continue to fast track PSD.
Retirement of A$2.5 million in debt.
May 2017
PSD receives Commonwealth Environmental Approval.
NT Government announce a $17.5 million commitment to facilitate the upgrade of the Keep River Road to support PSD.

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Achievements Since November 2016 AGM

April 2017
NT Environmental Protection Authority approves the proposed development of PSD key breeding facility at Bynoe Harbour in NT.
March 2017
NT Government Environmental Protection Authority approves the Stage 1 development of PSD at Legune Station.
February 2017
Performance of trial production ponds at Legune Station confirmed and demonstrated the engineering feasibility of the major earthworks required for the PSD development.
Other
Numerous secondary licences secured for PSD
Further significant operational outcomes at company's Queensland operations.
Domestication and breeding programs already delivering significant operational outcomes.
Carbon business continues to be cash flow positive.

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Seafarms

Financial Overview FY17

SFG Financial Outcome for the 12 months ending 30 June 2017

For the 12 months reporting period to 30 June 2017, Seafarms has reported a loss in the order of $19.8 million, reflecting the positive cash contributions of domestic shrimp and carbon operations whilst fully expensing all PSD development costs, as required by the Australian Accounting Standards. The loss was within Directors expectations.
The financial outcome for Seafarms is heavily influenced by the high level of expensed investment in developing PSD which to date is in the order of $43 million with a further $29 million capital invested in the North Queensland pilot program and operations.
The Company’s North Queensland operations strong financial performance is summarised below.
A 23.3% rise in reported revenues from shrimp sales to around $29.3 million reflects further significant ongoing improvements being achieved in all key operational areas.
Successfully raised $12.6 million (before costs) from existing and new institutional and retail shareholders. Funds are being used to fast track Project Sea Dragon development.

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Seafarms Group Limited Corporate Overview

ASX Listing Code	SFG
Market capitalisation (November 2017)	$97m
Shares on Issue	1,403m
Cash, Debtors & Inventories (as at 30 June 2017)	$25.7m
Long Term Debt (as at 5 July 2017)	$5.5m
Financial Year End	30 June
Directors Shareholdings	36.1%
Directors	Ian Trahar (Executive Chairman)
Harley Whitcombe
Chris Mitchell
Paul Favretto
Company Secretary	Harley Whitcombe

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Operational Overview

Current Operations

Hatchery (A)

Innisfail
Domestication program
R&D Project with ARC Research Hub for Advanced shrimp Breeding

Farms

Cardwell (B)
128 ha of ponds
Processing plant
Maintenance division
Farm administration
Ingham (C)
32 ha of ponds

Founder Stock Centre

Exmouth (D)
Biosecure broodstock breeding facility

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Production Overview – FY17

Production 1,714 tonnes – up 41%
Black tiger production 69% – Black Tiger yields up 35% in FY17.
All PLs from Seafarms' hatchery – this further reduces disease risk. Significant increases in survival rates for FY17.
Productivity up 33%
Continues focus on productivity improvements:
Increase yield and outputs
Investing in R and D
Identification and implementation efficiencies across all aspects of operations.

FY2017 Production

FY2017 Production Mix

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Operational Outcomes – FY17

Further significant operational improvements achieved at Cardwell.
Key KPI outcomes for FY17 (when compared to 12 months FY16) include:
Revenue ↑23%
Gross margins ↑493%
EBITDA ↑213%
Production (t) ↑41%
Yield (t/ha) ↑31%
Survival ↑27%
Processing rates ↑17% (kg/man hour)
Food conversion ratio ↓10%
Operational processes in place proved successful in the effective management of East Coast endemic diseases during FY17.
Cardwell operation also under feed and stocking density trials during FY17, as well as being used as a training facility for PSD.

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Operational – Outlook for FY18

Company expects a similar production tonnage to FY17. A recent unseasonal period of low temperatures accompanied by a heavy rain event have triggered poor health of animals in some ponds resulting in reduced growth rates and survival.
Independent testing by James Cook University has identified an endemic virus known as YH7. YH7 is not an exotic virus, it is naturally present in Queensland waters and normally has no impact on production. There are no human health impacts resulting from YH7. Retrospective analysis indicates that wild broodstock from Queensland waters was the origin of the virus.
Project Sea Dragon's quarantine, screening, domestication, selection and breeding program will lead to only domesticated Specific Pathogen Free animals in production ponds. The families produced at our Exmouth Facility for our PSD project have tested negative for the YH7 virus and other viruses.
Seafarms' management team has a high level of expertise in managing such events as the previously announced 2015 east coast endemic PMMS experience indicates. PMMS has been, and continues to be, successfully managed and controlled as evidenced by the 41% increase in the company's production in FY17.

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Biosecurity

Cardwell issues – in 2015 Seafarms identified an east coast endemic disease which affected production in FY2016. Seafarms management has been working with both local and international experts and have developed and implemented operational management protocols for managing this endemic disease. The results of these processes are reflected in the FY2017 production results.
Seafarms combine disciplines to holistically tackle biosecurity in a multidisciplinary approach
The WSSV outbreak reinforces the design and choice of site for PSD, where geographic isolation, a high level of inbuilt biosecurity, use of domesticated (and SPF) stock and recirculation are core criteria to maintain a biosecure and disease free operating environment.
Production of Specific Pathogen Free (SPF) broodstock – The use of SPF broodstock is universally recognised as one of the leading ways to maintain disease free operating environments. Seafarms continues to develop SPF broodstock in line with its biosecurity strategy for PSD. Seafarms' Exmouth facility has successfully produced families in line with this strategy.

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Biosecurity

Industry issues updates – In December 2016 White Spot Syndrome Virus (WSSV) was detected on prawn farms in the Logan River area in South East Queensland. All prawn farms in the area have undertaken a 2 year dry off and been a part of a focused eradication program with Biosecurity Queensland.
State-wide surveillance for the virus that causes white spot disease has recently concluded with all samples collected returning negative results for the virus. According to the Queensland Government, the negative results indicate that the disease may not be established in Moreton Bay and has not spread into other parts of Queensland. Further sampling work is required.
The affected area is some 1,200km south of Seafarms operational sites and Seafarms is NOT affected by WSSV
NO animals, at any Seafarms site have tested positive for WSSV and Seafarms continues ongoing surveillance of it’s animals.
Seafarms has developed and maintains a high level of operational biosecurity including surveillance, monitoring and control.

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Research and Development

Australian Research Council Hub for Advanced Shrimp Breeding
James Cook Uni, CSIRO, University of Sydney, Australian Genome Research Facility and Seafarms
Over 400 families have been produced at Seafarms Queensland Operations
RNA Sequence data assembled into a transcriptome of the Black Tiger shrimp
Discovery of over 40,000 DNA markers from Black Tiger shrimp stocks from:
Joseph Bonaparte Gulf;
Gulf of Carpentaria; and
Queensland East Coast.
DNASeq data is currently being assembled for a first draft genome
120 SNPs have been defined as sufficient for the determination of parentage and 2,000 SNP+ providing high accuracy for the genetic relationship matrix.
On-farm feed trials

ARC Research Hub for Advanced Prawn Breeding

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Marketing activities driving growth

New brand tag line “Taste the Deliciousness” captures the brand essence - best tasting and highest quality.
Video content centred on “Simple & Delicious Prawn Recipes” Recipe” videos have promoted ease of use and consumption.
Consistent social media strategy has led to growth of social media followers and driven brand engagement.
Export orders and international brand advertising developed.

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PSD – Overview

At full production, PSD will produce up to 150,000 tonnes per annum of black tiger shrimp, in 10,000 hectares of production ponds.

Full production to be achieved over several incremental stages.

PSD is Implementation Ready

SFG has proven operational experience, strong leadership team and regulatory approvals and support required to commence PSD implementation

| Operational Experience | SFG acquired the existing Queensland (QLD) aquaculture operations in January 2014
SFG has since then developed operational expertise and best practice techniques over ~ 4 years
QLD operations achieved production of over 1,700 tonnes in CY2016 (~37% of total Australian prawn aquaculture production) |
| --- | --- |
| Management | SFG has assembled a highly experienced and skilled management team in prawn aquaculture, at a scale far in excess of the QLD operations and equal to the first stages of PSD
Senior executives and operational management have significant experience in building and operating global scale vertically integrated aquaculture projects
Management team has over 200 years of combined aquaculture experience |
| Feasibility Study and Project Development | SFG has completed feasibility studies
Finalised both the Indigenous Land Use Agreement (ILUA) and NT Project Development Agreement
Key environmental approvals / licences for Stage 1 have been received
Land access and option agreements have been signed |
| Government Relationships | PSD has received the support of Territory, State and Federal Governments
Concessional loans to support the project are under discussion with the Northern Australia Infrastructure Facility (“NAIF”)
Combination of Northern Territory, Western Australian and Commonwealth Governments have committed to funding road upgrades to support PSD, as well as other providing other significant support. |

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Financing/JV discussions

Program of vendor due diligence

Project Sea Dragon commissioned a series of reviewers to undertake detailed due diligence on the feasibility study:
Engineering – Breeding Program Facilities (Aurecon)
Engineering – Grow-out (GHD)
Production System and Processing (Poseidon)
Market (Poseidon)
Stage 1 Environmental (ERM)
HR (Change 2020)
Legal – Land tenure and licences (Corrs Chambers Westgarth)
Insurances (Marsh)
Discussions with potential joint venture partners, bankers, investors and off-takers gathering significant momentum now that new licences to construct and operate PSD have been issued.

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Financing/JV discussions

SFG has been working with an experienced team of advisors

Key Advisors

Lazard – Global financial advisory firm
Pareto – Global investment bank which specializes in seafood
Corrs – Australian law firm
PwC – Global accounting and tax firm

Technical and Engineering

Aurecon
GHD
Wylie
Watertech
Golders
Jebsens

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PSD – The Investment Opportunity

Key Investment Highlights

PSD is a unique investment opportunity

Highlight	Comment
1
BTP is a Premium Product to Tap into Strong Seafood Demand	Global seafood demand is expected to exceed supply by >50Mt in 2030, driven by growth in middle class population
PSD was conceived under secular trend of increased demand in protein and will produce up to 150,000 tonnes of prawns per year from 10,000 Ha of production ponds at full production, making it the world’s largest producer of BTPs
- BTPs attract a price premium over the most commonly traded White Prawn (WP)
- Larger BTPs, the focus of PSD, attract an additional pricing premium
- Strong marketability for “Made in Australia” BTPs as Australia is known for supplying quality and trusted food products
2
Strong Operational Track Record	SFG has been operating existing QLD aquaculture operations since January 2014 and has been a major and reliable source of supply of BTPs in Australia
SFG has developed operational expertise and best practice techniques in BTP farming
- Demonstrated a 13% yield improvement for BTPs over CY2016 at its QLD operations using in-house operational and breeding techniques
- SFG is the commercial partner for James Cook University’s Advanced Breeding and Genetics prawn research program focused on identifying genetic advances to improve size, yield and efficiency
Trial export shipments from QLD operations have demonstrated strong demand for SFG product
3
Significant Barrier to Entry	Only a handful of sites around the world have the tropics suitable for BTP farming; furthermore, the combination of remoteness for improved biosecurity and proximity to the Asian markets of proposed PSD sites cannot be easily replicated
PSD is the only major aquaculture project with major project status in Australia
BTP aquaculture requires more advanced breeding and domestication techniques, representing barriers to entry and enhancing BTPs’ relative scarcity as a higher quality product
PSD is vertically integrated enabling PSD to maximise biosecurity, product consistency and to implement genetic research advances

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Key Investment Highlights (cont'd)

PSD is a unique investment opportunity

Highlight	Comment
4
Industry-leading Biosecurity Control	☑ SFG has developed stringent biosecurity protocols and standards at its QLD operations, with best practice and key learnings to be applied to PSD
☑ Biosecurity has been designed into both physical structure and operating procedures for the project
- Separate locations for breeding, grow out and processing activities to mitigate disease risk
- PSD self-selects healthy and Specific Pathogen Free (SPF) broodstock, eliminating pathogen entry pathway through broodstock
- Specific project design elements (e.g., buffer zones, water treatment, access protocols) lead to improved biosecurity
- Established emergency action protocol that “ring fences” any disease outbreak
- Farms can be restarted quickly after any disease event with SPF stock, further ensuring that losses are minimized
5
Supportive Regulatory Environment	☑ China-Australia Free Trade Agreement enacted by both governments in June 2015
- Elimination of Chinese tariffs on Australian prawns within 4 years to further improve PSD’s relative cost position
☑ PSD was awarded Major Project Status by the Northern Territory Government, Western Australia Government and the Federal Government
☑ Signed Indigenous Land Use Agreement (ILUA), the last step in securing the support of the traditional owners, and NT Project Development Agreement (PDA), providing the pathway for development for all 9 stages
☑ Received key environmental approvals and licences for Stage 1
☑ Government support package includes upgrading access roads to all facilities
6
Material Upside from Subsequent Stages	☑ Stage 1 will include significant headwork infrastructure for subsequent stages
☑ Limited incremental capital expenditure required for each subsequent stage aside from earthworks
☑ Low fixed operating cost base, with majority of operating costs scalable to production volumes
- QLD operations require 1 FTE for every 18 tonnes of prawns harvested, whilst PSD will target 1 FTE for every 88 tonnes at full production

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Global Seafood Market

The global consumption of seafood has grown at a CAGR of 3.4% between 2009-2014, driven by rising populations but also rising per capita consumption

Consumption growth has been particularly high in Asia

Increase in Seafood Consumption (2000 – 2013 CAGR)

Source: FAO.
High Growth Area
Low Growth Area

Annual Global Seafood Consumption

Source: FAO.
Annual global seafood consumption per capita (kg)

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Global Seafood Market (cont'd)

SFG seeks to tap into the accelerated demand for protein from a growing Asian middle class. A significant proportion of this new demand can only be met by seafood aquaculture

Key macro-economic trends

Global population expected to grow to 8.5 billion by 2030
Levels of urbanisation forecast to increase from 54% in 2015 to 60% by 2030
Global “middle class” forecast to increase from 1.8 billion in 2009 to 4.9 billion by 2030
Key source of growth is Asia, where seafood is culturally preferred over red meat

Impact

Annual consumption of protein per capita to increase by 10%, from 41kg to 45kg by 2030
Global seafood demand will increase by c. 86% from c. 140Mt in 2007 to c. 261Mt in 2030
Major part of daily Asian diet
Forecast aquaculture supply growth is not sufficient to meet forecast demand growth
Current baseline supply growth projections to 2030 leave a shortfall of 50Mt

Source: UN, FAO, OECD Observer.

The Role of Seafood in Meeting Protein Demand

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Role of Prawns in Global Seafood Demand

Prawns represent one of the world's most traded seafood products by value and is expected to be an important part of meeting the growing global seafood demand

2015 Seafood Production by Major Species

Total Global Production Volume: 199.7 Mt

Marine Fish
Freshwater and Diadromous Fish
Molluscs (excl. Cephalopods)
Prawns
Crustaceans (excl. Prawns)
Cephalopods

2015 Seafood Traded Value by Major Species

Total Global Aquaculture Traded Value: US$187.9bn

Marine Fish
Freshwater and Diadromous Fish
Molluscs (excl. Cephalopods)
Prawns
Crustaceans (excl. Prawns)
Cephalopods