Seafarms : SFG Cleansing Notice

Our Ref: SFG ASX Announce Cleansing Notice 5 July 2017 (528)

5 July 2017

Market Announcements Office Australian Securities Exchange

ANNOUNCEMENT 528

Level 6 By ASX Online

20 Bridge Street Number of pages: 1

SYDNEY NSW 2000 (including this page)

ASX ANNOUNCEMENT 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 41,666,666 Shares (Debt Conversion Shares) to Avatar Finance Pty Ltd (Avatar Finance) at A$0.06 which will be used to repay debt to Avatar Finance. The Company will have the capacity to redraw the funds if required.

The issue of the Debt Conversion Shares was first announced to the ASX on 2 June 2017. Pursuant to ASX Listing Rule 10.11, shareholder approval was sought at the Company's recent extraordinary general meeting, held on Tuesday, 4 July 2017.

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 Debt Conversion 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:

1. the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

2. 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.

Yours faithfully

Seafarms Group Limited

Harley Whitcombe

Director and Company Secretary