Murray Cod Australia : Progress Report

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MURRAY COD AUSTRALIA LTD

Market Update 2 March 2022

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DISCLAIMER

This presentation has been prepared by Murray Cod Australia Limited (the "Company"). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this presentation, or any information provided in connection with it, as a financial advice, financial product advice, or advice relating to legal, taxation or investment matters.

No representation or warranty (whether express or implied) is made by the Company or any of its officers, advisers, agents or employees as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation. This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (within incurring any obligation to do so). Neither the Company, nor its related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to you or to any other person or entity arising out of this presentation including pursuant to the general law (whether for negligence, under statute or otherwise), or under the Australian Securities and Investments Commission Act 2001, Corporations Act 2001, Competition and Consumer Act 2010 or any corresponding provision of any Australian state or territory legislation (or the law of any similar legislation in any other jurisdiction), or similar provision under any applicable law. Any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in the Company.

Future matter | This presentation contains reference to certain intentions, expectations, future plans, strategy, revenue forecasts and prospects of the Company. Those intentions, expectations, future plans, strategy, revenue forecasts and prospects may or may not be achieved and may be forward looking statements. They are baaed on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warranty, express or implied, is made by the Company, or any of its directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. Given the risks and uncertainties that may cause the Company's actual future results, performance or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations, future plans, strategy, revenue forecasts and prospects. The company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended.

All figures included in this presentation are in AUD$ unless otherwise stated.

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ALL PLANS REMAIN ON TRACK

• Remain confident of 10,000 tonne target for 2030
• Good recovery now occurring in sales
• Growth of fish improving after cold weather
• Export and domestic logistics opening up
• Processing Equipment on the way
• Grow-outpens now fully stocked
• Breeding program and out of season spawning

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COVID-19 IMPACTS

A variety of impacts from Pandemic

• Sales Growth was reduced with Lockdowns
• Supermarket logistics affected
• Export Logistics affected
• New Equipment late on import arrival
• Staffing Operations badly affected during Omicron

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COLD WET SUMMER

Impacts:

• Reduced spawning numbers
• Slowed Earthworks for new Developments at

Hatchery &

Growout Ponds

• Reduced Growth
• Recent weeks have shown significant improvement
• Remodelling of projected growth/sales numbers underway but has been delayed due to COVID infections in key staff

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