ANNUAL GENERAL MEETING Annual General Meeting Presentation November 2021 Chairman’s Welcome Peter Harold OCEAN GROWN ABALONE 3 OCEAN GROWN ABALONE 4 Chairman’s Welcome 1 CEO Presentation 2 Proxy Votes 3 Financial Statements 4 Resolutions to be considered by shareholders 5 Closure of meeting 7 ANNUAL GENERAL MEETING AGENDA Questions and other business 6 Proxy Votes 25 November 2021 5 Resolution Item For Discretionary Against Abstain 1 Adoption of the Remuneration Report 58,624,216 98.7% 12,500 0.02% 760,102 1.28% 17,809,808 2 Re-Election of Director – Peter Harold 76,810,508 99.60% 195,618 0.25% 118,000 0.15% 85,200 3 Re-Election of Director – Bradley Adams 76,810,508 99.60% 195,618 0.25% 118,000 0.15% 82,500 4 Approval of Change of Company Name 66,444,661 86.15% 214,500 0.28% 10,469,875 13.57% 77,590 5 Approval for Additional 10% Capacity 76,584,934 99.45% 44,500 0.06% 377,192 0.49% 200,000 6 Approval to Issue Performance Rights to Bradley Adams 73,277,816 98.37% 24,500 0.03% 1,193,102 1.60% 2,711,208 7 Approval to Issue Options to Peter Harold 73,265,906 95.21% 64,000 0.08% 3,623,102 4.71% 253,618 8 Approval to Issue Options to Danielle Lee 73,245,906 95.18% 84,000 0.11% 3,623,102 4.71% 253,618 OCEAN GROWN ABALONE Financial Statements 30 June 2021 6 Item FY21 FY20 FY19 FY18 FY17 Sales Revenue ($) $3.29M $2.53M $3.06M $2.05M $0.74M Biomass (Tonnes) 210.4 T 247.1 T 234.6 T 161.8 T 121.9 T Harvest (Tonnes) 75.9 T 54.7 T 55.0 T 38.1 T 17.2 T Profit/(Loss) Before Tax ($1.78M) ($5.81M) $2.37M ($3.05M) ($1.55M) Basic earnings per share (cents) (0.84) (2.40) 0.59 (2.10) (1.85) Increase/(decrease in share price (%) (17.9%) (35.9%) (14.3%) (30.8%) N/A Net Assets $13.74M $15.40M $17.35M $16.38M $9.20M OCEAN GROWN ABALONE Resolution 1 Adoption of Remuneration Report 7 To consider and, if thought fit, to pass, with or without amendment, Resolution 1, Adoption of remuneration report , as an ordinary resolution . "That, for the purposes of section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the Remuneration Report in the Annual Report of the Company for the financial year ended 30 June 2021." Resolution Item For Discretionary Against Abstain 1 Adoption of the Remuneration Report 58,624,216 98.7% 12,500 0.02% 760,102 1.28% 17,809,808 Resolution 2 Re-election of Director – Peter Harold 8 To consider and, if thought fit, to pass, with or without amendment, Resolution 2, Re-election of Director Peter Harold , as an ordinary resolution . "That Peter Harold, who retires by rotation in accordance with rule 7.3 of the Constitution of the Company, and being eligible, offers himself for re-election, is hereby re-elected as a director of the Company." Resolution Item For Discretionary Against Abstain 2 Re-Election of Director – Peter Harold 76,810,508 99.60% 195,618 0.25% 118,000 0.15% 85,200 Resolution 3 Re-election of Director – Bradley Adams 9 To consider and, if thought fit, to pass, with or without amendment, Resolution 3, Re-election of Director Bradley Adams , as an ordinary resolution . "That Bradley Adams, who retires by rotation in accordance with rule 7.3 of the Constitution of the Company, and being eligible, offers himself for re-election, is hereby re-elected as a director of the Company." Resolution Item For Discretionary Against Abstain 3 Re-Election of Director – Bradley Adams 76,810,508 99.60% 195,618 0.25% 118,000 0.15% 82,500 Resolution 4 Approval of Change of Company Name 10 To consider and, if thought fit, to pass, with or without amendment, Resolution 4, Approval of Change of Company Name , as a special resolution . "In accordance with section 157 of the Corporations Act and for all other purposes, the name of the Company be changed to 'Rare Foods Australia Limited' with effect from the date that ASIC alters the details of the Company's registration." Resolution Item For Discretionary Against Abstain 4 Approval of Change of Company Name 66,444,661 86.15% 214,500 0.28% 10,469,875 13.57% 77,590 Resolution 5 Approval of Additional 10% Capacity 11 To consider and, if thought fit, to pass, with or without amendment, Resolution 5, Approval of Additional 10% Capacity , as a special resolution . "That, the Company have the additional capacity to issue equity securities provided for in Listing Rule 7.1A." Resolution Item For Discretionary Against Abstain 5 Approval for Additional 10% Capacity 76,584,934 99.45% 44,500 0.06% 377,192 0.49% 200,000 Resolution 6 Approval to Issue Performance Rights to Bradley Adams 12 To consider and, if thought fit, to pass, with or without amendment, Resolution 6, Approval to Issue Performance Rights to Bradley Adams , as an ordinary resolution . "That, subject to the passing of Resolution 3, the issue up to 1,570,354 Performance Rights to Bradley Adams or his nominees is approved under and for the purposes of Chapter 2E of the Corporations Act and Listing Rule 10.11 and for all other purposes, on the terms set out in the Explanatory Statement." Resolution Item For Discretionary Against Abstain 6 Approval to Issue Performance Rights to Bradley Adams 73,277,816 98.37% 24,500 0.03% 1,193,102 1.60% 2,711,208 Resolution 7 Approval to Issue Options to Peter Harold 13 To consider and, if thought fit, to pass, with or without amendment, Resolution 7, Approval to Issue Options to Peter Harold , as an ordinary resolution . "That, subject to the passing of Resolution 2, the issue up to 1,000,000 Options to Peter Harold or his nominees is approved under and for the purposes of Chapter 2E of the Corporations Act and Listing Rule 10.11 and for all other purposes, on the terms set out in the Explanatory Statement." Resolution Item For Discretionary Against Abstain 7 Approval to Issue Options to Peter Harold 73,265,906 95.21% 64,000 0.08% 3,623,102 4.71% 253,618 Resolution 8 Approval to Issue Options to Danielle Lee 14 To consider and, if thought fit, to pass, with or without amendment, Resolution 8, Approval to Issue Options to Danielle Lee , as an ordinary resolution . "That, the issue up to 1,000,000 Options to Danielle Lee or her nominees is approved under and for the purposes of Chapter 2E of the Corporations Act and Listing Rule 10.11 and for all other purposes, on the terms set out in the Explanatory Statement." Resolution Item For Discretionary Against Abstain 8 Approval to Issue Options to Danielle Lee 73,245,906 95.18% 84,000 0.11% 3,623,102 4.71% 253,618 CEO Presentation Rob Jorden OCEAN GROWN ABALONE 15 CEO Presentation 26 th November 2021 Important notice and disclaimer 17 Summary of information This presentation has been prepared by and is the sole responsibility of Ocean Grown Abalone Limited (“OGA” or the “Company”). This presentation contains general and background information about the Company's activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision and does not contain all information about OGA's assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to OGA’s securities. The information in this presentation should be read in conjunction with OGA's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, available at www.asx.com.au. The information in this presentation is based on OGA's own information and estimates and has not been independently verified. OGA is not responsible for providing updated information and assumes no responsibility to do so. Any investment in OGA should be considered speculative and there is no guarantee that OGA will make a return on capital invested, that dividends would be paid, or that there will be an increase in the value of the investment in the future. Not financial product advice Statements and information in this presentation are current only as at 8 November 2021 (or as otherwise indicated) and the information in this presentation remains subject to change without notice and is expected to change, potentially in material respects. The information contained in this presentation is for information purposes only and is an overview and does not contain all information necessary to make an investment decision or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act). This presentation is for information purposes only and should not be considered as, an offer or an invitation to acquire securities in the Company or any other financial products and neither this presentation nor any of its contents will form the basis of any contract or commitment. This presentation must not be disclosed to any other party and does not carry any right of publication. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of the Company. The information contained in this presentation is of a general nature and does not purport to be complete or verified by the Company. The information contained in this presentation does not constitute investment or financial product advice (nor taxation or legal advice) or a recommendation to acquire shares in the Company and is not intended to be used as the basis for making any investment decision. In providing this presentation, the Company has not considered the objectives, financial position, taxation situation or other needs of any particular recipients. Investors should consult with their own professional advisers in connection with any acquisition of securities. No liability The Company, its related bodies corporate, shareholders or affiliates, nor any of its respective officers, directors, employees, affiliates, agents, representatives or advisers (each a “Limited Party”) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness, correctness or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in this presentation. The Company does not represent or warrant that this presentation is complete or that it contains all information about the Company that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of shares in the Company. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived there from. Forward looking statement This presentation may contain certain forward looking statements and comments about future events, including the Company's expectations about the performance of its businesses. Forward looking statements can generally be identified by the use of forward looking words such as, 'aim', 'assume', 'due' 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'purpose', 'will', 'believe', 'forecast', 'estimate', 'target' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecast, projections and other forward looking statements will not be achieved. A number of important factors could cause the Company's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements, and many of these factors are beyond the Company's control. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainty and other factors, many of which are outside the control of the Company. As such, undue reliance should not be placed on any forward looking statement. Past performance is not necessarily a guide to future likelihood of achievement or reasonableness of any forward looking statements, forecast financial information or other forecast. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company. No Limited Party or any other person makes any representation, or gives any assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements in this presentation will occur. The information in this presentation remains subject to change without notice. No responsibility or liability is assumed by the Company for updating any information in this presentation or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which the Company or its advisers may become aware. Forward looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, OGA and any of its affiliates and their directors, officers, employees, agents, associates and advisers: • disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions; • do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and • disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Business Overview OCEAN GROWN ABALONE 18 Business Shares on issue 200,742,780 Share price $ 0.073* Market Cap $ 14.65 million Metrics # (FY 2021) Revenue Abalone Products $ 3.3 million EBIT ($ 1.8 million) Cash on hand (30 June 2021) $ 2.7 million Board Non-Executive Chairman Peter Harold Non-Executive Director Ian Ricciardi Non-Executive Director Danielle Lee Executive Director Brad Adams Executive Management Chief Executive Officer Rob Jorden ED Corporate Development Brad Adams CFO / Co. Sec. / Commercial Mgr. Brent Stockden *as of 25/011/2021 # as per the annual report for the period ended 30 June 2021 BUILDING SUSTAINABLE GROWTH • Strengthen the core • Diversify the future Agenda OCEAN GROWN ABALONE 20 1. Core Business – Ocean Ranching – Data & Science – Strategic Partnership Channels 2. Capitalise on strengths – Evaluation Framework – Diversify the future o Esperance JV o Additional opportunities 3. Deliver Strategic Choices OCEAN GROWN ABALONE 21 There is strong demand for abalone worldwide The premium species; taste, texture and appearance 600 TONNES FARMED, 400 TONNES WILD Greenlip is in high demand, currently less than 1% of annual production Core Business Ocean Ranching 180,000 TONNES PRODUCED ANNUALLY (98% FARMED 2% WILD) GREENLIP (UNIQUE TO AUSTRALIA) Core Business Ocean Ranching OCEAN GROWN ABALONE 22 Hatchery Juveniles Raised Transition from Land to Ocean for 2-4 years Harvest Processed Sale OCEAN GROWN ABALONE 23 0 10 20 30 40 50 60 70 80 FY17 FY18 FY19 FY20 FY21 17.2 38.1 55 54.7 75.9 Tonnes Abalone Harvest 0 10 20 30 40 50 60 70 80 FY17 FY18 FY19 FY20 FY21 11.4 35.8 52.9 48.4 72 Tonnes Abalone Sales Core Business Ocean Ranching Core Business Data & Science OCEAN GROWN ABALONE 24 19% OF WILD Representation of wild equivalent greenlip abalone MSC accreditation on schedule DIGITAL TWIN To align on current priorities & define further improvements R&D PRIORITY To drive survival rates, improve work efficiency & grow our biomass Core Business Building our Strategic Partnership Channels • Bulk – underpins production • Retail – tourism • eCommerce – promotion directly to our high-end customer OCEAN GROWN ABALONE 25 Core Business Strategic Partnership Channels: Global bulk OCEAN GROWN ABALONE 26 DOUBLED GLOBAL MARKETS Adding Taiwan, UK & China to Singapore, HK, Australia +68% YTD sales plus Forward Order already 68% of last years sales volume +26% Average Pricing increase on FY21 Core Business Strategic Partnership Channels: Australian Retail OCEAN GROWN ABALONE 27 LAUNCH AUSTRALIAN RETAIL Ocean Pantry is the retail brand LOCAL & INTERNATIONAL TOURISM An intermediatory step to a larger precinct A SMALL INVESTMENT Unlocking significant potential *Concept image subject to relevant approvals Core Business Strategic Partnership Channels: eCommerce OCEAN GROWN ABALONE 28 LAUNCH ECOMMERCE PLATFORM Launch the Ocean Pantry Online NEW PATHS TO PURCHASING Direct to high end restaurants 20% to 25% HIGHER PRICES Retail achieves a higher price than bulk Our comparative advantages • 413 hectares Ocean leasing • State of the art Processing Facility • A strategic sales & marketing function accessing global channels to evaluate value adding growth • Premium product and/or service • Combines elements of the land and the ocean • Seamlessly integrates into current business Capitalise on Strengths Evaluation Framework Through a disciplined framework • Scoping Study • Trials • Feasibility Study • Investment decision OCEAN GROWN ABALONE 29 Capitalise on Strengths Diversify the Future – Esperance JV OCEAN GROWN ABALONE 30 Nursery Ordered to Size Hatchery Harvest Manufactured Diet OCEAN GROWN ABALONE 31 SECURE SUPPLY An additional supply option for juveniles COST EFFECTIVE GROWTH Provides access to additional ranching opportunities 50% OF 600 TONNES Additional revenue from premium On Land greenlip abalone Capitalise on Strengths Diversify the Future – Esperance JV *Subject to future investment decision Capitalise on Strengths Diversify the Future – Esperance JV OCEAN GROWN ABALONE 32 A true blend of strengths Revised BFS timetable, expected March 2022 (Q3) Capitalise on Strengths Diversify the Future – Additional Opportunities OCEAN GROWN ABALONE 33 On Land farmed Product OTHER Rare (aligned) Products 34 The enabler to diversify for the future deliver strategic choices core business Delivery Data & Science ? Established systems to reduce costs and improve growth of current biomass Q3 Cost benefit analysis to move low performing / obsolete ABITATs Strategic Partnership Channels ? Implemented Bulk channels with pleasing results ? Investment decision to begin retail approved Q3/Q4 Launch our retail presence and further support this through strategic marketing Q4 Launch our eCommerce ability 35 deliver strategic choices diversify the future Delivery Evaluation Framework ? Evaluation Framework developed to investigate growth possibilities Q3 Systems designed and implemented to ensure a disciplined approach Diversify the Future Q3 Esperance BFS revised timetable, expected Q3 Q4 Esperance investment decision & next steps 36 end of ceo presentation Thank you for listening. 37 end of AGM presentation Thank you for listening. Rare Foods Australia Limited PO Box 86, Fremantle 6959, WA +61 8 6181 8888 Rob Jorden CHIEF EXECUTIVE OFFICER rob.jorden@oceangrown.com.au +61 412 286 170 Brad Adams EXECUTIVE DIRECTOR CORPORATE DEVELOPMENT brad.adams@oceangrown.com.au +61 417 910 023 Brent Stockden CHIEF FINANCIAL OFFICER, COMPANY SECRETARY brent.stockden@oceangrown.com.au +61 407 884 783 Is there any other business or questions?
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