SEAFARMS GROUP LIMITED — Capital/Financing Update 2020

Mar 31, 2020

ASX Announcement | 1 April 2020 Seafarms Group Limited (ASX:SFG)

(SFG Announcement No. 648)

Notice under section 708a(5)(e) of the Corporations Act 2001 (Cth)

This notice is given by Seafarms Group Limited (ACN 009 317 846) ( Company ) under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) as modified by the Australian Securities and Investments Commission ( ASIC ).

The Company confirms that it has today issued 228,686,667 fully paid ordinary shares in the Company at an issue price of A$0.03 ( Tranche 1 Shares ). The Tranche 1 Shares were issued to institutional and professional investors under the placement announced to ASX on 27 March 2020.

Notice given under section 708A(5)(e) of the Corporations Act

As a disclosing entity, the Company is subject to regular reporting and disclosure obligations. As the Tranche 1 Shares were issued without disclosure under Part 6D.2 of the Corporations Act, as at the date of this notice, the Company confirms it has complied with:

• (a) the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

• (b) section 674 of the Corporations Act.

The Company also confirms that, as at the date of this notice, there is no ‘excluded information’ within the meaning of sections 708A(7) and 708A(8) of the Corporations Act that is required to be set out in this notice under section 708A(6)(e) of the Corporations Act.

Authorised by the Board of Seafarms Group Limited.

Ends.

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For further information, please contact:

Seafarms Group

Mr Harley Whitcombe Company Secretary P: (08) 9216 5200

Media Enquiries Investor Enquiries True North Strategic Communication The Capital Network Penny Baxter Julia Maguire P: +61 437 522 532 P: +61 419 815 386 E: penny@truenorthcomm.com.au E: julia@thecapitalnetwork.com.au

About Seafarms Group

Seafarms Group Limited (ASX:SFG) is a sustainable aquaculture company, producing the premium Crystal Bay® Prawns and developing the Project Sea Dragon prawn aquaculture project in northern Australia.

Seafarms Group uses environmentally sustainable processes and is currently Australia's largest producer of farmed prawns, its Crystal Bay® Prawns and Crystal Bay® Tigers are available year round in fresh and frozen formats. To learn more please visit: www.crystalbayprawns.com.au

Seafarms Group is investing in sustainable aquaculture for export through Project Sea Dragon, a large-scale, vertically integrated, land-based, prawn aquaculture project being developed in northern Australia. The standalone marine prawn production system will be capable of annually producing over 150,000 tonnes of prawns and the high-quality, year-round volumes will target export markets. To learn more please visit: www.seafarms.com.au

For more detailed information concerning Seafarms and Project Sea Dragon please refer to the company’s website – www.seafarms.com.au.

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