T: P: PO Box 86, Fremantle WA 6959 A: Level 3, 3 Cantonment St, Fremantle WA 6160

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1 Company Profile Name of Company: Ocean Grown Abalone Ltd A.B.N: Registered Office: Level 3, 3 Cantonment Street Fremantle WA 6959 Phone: info@oceangrown.com.au Web: Facebook: Instagram: Linkedin: Our Vision Ocean Grown Abalone (OGA) is dedicated to commercialising ocean ranching of abalone in Australia. We believe that the future growth of abalone aquaculture in Australia is in the ocean. We believe the costs of land based abalone aquaculture systems in Australia are less attractive due to high the cost of power, feed costs, infrastructure costs, unavailability and high cost of coastal land mean that the future growth of new start-up land based abalone aquaculture systems are limited. We are the first company in the world to develop commercially viable abalone ranching technology. We have carefully selected the most suitable oceanic locations, implemented superior reef design technology and developed sustainable husbandry techniques. All of our cutting edge research has been validated by marine biologists at Curtin University.

2 OGA is the world leader in abalone ranching. We let nature provide for the well-being and growth of our abalone, resulting in a product that is identical to a wild-catch product but with the competitive advantages that only aquaculture can provide. We will be able to supply abalone to our markets all year with: High quality abalone that is indistinguishable from wild-catch product; The quantity they want; The size they want; The specifications the customers require (live, canned, IQF, fresh, dried). Our aim is to produce a superior product offering compared to other abalone producers to international and domestic markets that will be matched by the premium prices received. Figure 1: Premium Greenlip abalone produced on OGA reefs in Flinders Bay. Such a premium product is in high demand in many Asian markets.

3 About OGA The Company owns and operates an abalone "sea ranching" business. Abalone sea ranching as conducted by the Company consists of hatchery reared greenlip juvenile abalone being purchased at an average size of 40mm under an exclusive supply agreement with a land-based abalone hatchery and grow-out facility in Bremer Bay, Western Australia. The juvenile abalone are then placed on purpose built artificial abalone reefs or ranches (termed ABITATS) that have been developed by the Company. The ranches are self-sustaining and the abalone nurture and feed from the ocean until they are ready for harvest (with harvest size typically between 90mm to 130mm). Divers tend the ranches protecting the abalone from predators, monitoring growth, abalone density and seeding new juvenile abalone on the ranches as mature abalone are harvested. The growing cycle from seeding juvenile abalone to harvesting mature abalone takes approximately 3 years with a 5,000 ABITAT ranch to take approximately 5 years from seeding to achieve production capacity. OGA's abalone sea ranching in ocean waters is unique to it and is a clean, green and sustainable model where the juvenile greenlip abalone are grown with minimal environmental footprint. The Company has applied for a patent to protect intellectual property in respect of its sea ranching hardware design and processes. The Company was incorporated in January 2011 and has established a 5,000 ABITAT ranch in Flinders Bay, Augusta, Western Australia (Flinders Bay Project 1). Harvesting at Project 1 has commenced with the first sales of the mature greenlip abalone from September 2016 primarily for the individual quick frozen (IQF) meat market in Hong Kong. The Company will look to achieve a regular seeding and harvesting cycle by 2019 on Project 1 and reach production capacity of up to 100T per year. Additionally, the Company to date has designed, planned and obtained relevant approvals for the construction of an abalone processing and tourism facility at Flinders Bay. The Company has obtained approvals for and commenced construction of a second 5,000 ABITAT sea ranching project at Flinders Bay (Flinders Bay Project 2) with these ABITATS being deployed in the ocean in high growth areas of the lease. The Flinders 2 project commenced April 2017.

4 The Company has further obtained approval for the operation of a sea ranching project at Wylie Bay, Esperance, Western Australia (Wylie Bay Project) and has been issued with 7 research leases for its Port Lincoln Development Project in South Australia. The Company intends to develop its operations to ultimately establish 5,000 ABITAT ranches at each of the Wylie Bay Project and, pending approvals and trial success, the Port Lincoln Development Project. History of OGA The proponents of OGA have been involved in developing abalone aquaculture in Australia for many years. It has taken many years to develop the abalone ranching systems that deliver a high quality product at a low cost of production. Many culture systems have been investigated including: Ocean Barrel Culture A company Brad started called Tasmanian Tiger Abalone trialed barrel culture on longlines in Dunalley, Tasmania in the late 1990 s. The system had high feed costs, high maintenance costs, high labour costs and biological issues associated with marine fouling and pests. Land-based Tank Culture Great Southern Marine Hatcheries ( ), based in Albany WA was a company formerly owned by some of the OGA investor group. The culture system requires huge volumes of water to be pumped over shallow tanks; meaning high infrastructure and power costs. The abalone also had to be fed expensive artificial feed. The business was closed in 2003 when it was determined that such systems only have marginal economic viability in that location. Stock Enhancement of Natural Reef Systems Two Oceans Abalone partnered with the WA Department of Fisheries and Divers in the Area 3 Abalone Fishery to trial the enhancement of abalone reefs in Flinders Bay. The first trial took place in 2002, with further releases in subsequent years. The trial was a resounding success with numbers of abalone on many of the reefs that had been enhanced with hatchery stock showing higher density of abalone as a direct result of enhancement. Further information on the stock enhancement trials can be accessed via the WA Department of Fisheries website,

5 Mid-water enclosed net Two Oceans Abalone, a stakeholder in OGA trialled a mid-water net system in Flinders Bay from The system grew abalone well, but had issues with high capital costs, high maintenance costs, storm risk and the need to feed the abalone. Abalone Ranching The most simple and economically successful culture system of all. Using the knowledge gained from years spent as a professional abalone diver, combined with years spent developing and trialling various abalone aquaculture techniques Brad Adams and his partners have developed the world s first commercial abalone ranching business. Artificial reefs are built in areas that would normally have large abalone populations, but are lacking suitable reefs for the abalone habitat. By providing purpose built reefs, juvenile abalone and good husbandry, the abalone thrive. The cost of production/kg of abalone is low compared to traditional land based systems as there are no power costs, no feed costs and low capital costs. Figure 2: Abalone on OGA ABITATS. We let nature look after them. Clean, green and sustainable.

6 OGA have been trialling and developing ocean ranching technology in Flinders Bay since 2009, culminating in a commercial pilot trial from January 2011 to January 2012, which was a resounding success. The success of the commercial trial has given OGA the platform upon which to expand the business. Since our initial capital raising in November 2013, OGA has begun commercialising the business of abalone ranching in Flinders Bay. We have our own reef building premises in Augusta where 70 of our patented abalone reefs, called ABITATS are produced every week. OGA completed Project 1, the placement and seeding of 5,000 ABITATS on its 413 hectare Flinders Bay lease in In 2017 OGA commenced Project 2, which is the deployment and seeding of another 5,000 ABITATS in Flinders Bay. There will be a total of 10,000 ABITATS which will provide an annual harvest of approximately 200 tonnes per year by Once the ABITATS are correctly positioned on the lease by our divers they are left for 6-8 weeks to condition (to allow small algae to colonise the ABITATS) when they are then seeded with 40-50mm juvenile abalone from our partner hatchery, 888 Abalone which is located in Bremer Bay. We have developed a patented release module, which allows us to seed large numbers of juveniles onto our reefs very quickly. We currently have the capacity to seed 88,000 juveniles onto our reefs in approximately 4 hours of dive time. Figure 3: Juvenile greenlip abalone in the release modules about to be seeded onto the reefs.

7 Figure 4: Deployment of an ABITAT onto our lease. Figure 5: Once the deployment vessel has deployed the ABITAT, our divers then use airbags to move the ABITAT into its final resting position on our lease.

8 We have 20 staff based in Augusta and Fremantle building reefs, deploying reefs, diving on our reefs, processing, marketing and managing the systems and processes we have developed and continue to refine which now position OGA as the world leader in abalone ranching technology. Figure 6: The OGA reef construction yard. 70 ABITATS per week are produced here. The Future of Ocean Grown Abalone OGA is now seeking investors to continue expanding the business to commercial production levels. Production estimates allow for the production of up to 200T/year in Flinders Bay. The business has also been looking to future expansion assessing potential locations in Western Australia and South Australia. In July 2017, approval was given by Dept. of Primary Industries and Regions, South Australia (PIRSA) to commence a research trial at seven locations in Port Lincoln to assess the OGA abalone ranching technology in South Australia. The trial has commenced and will run for 12 months with a view to creating a new abalone ranching industry in SA.

9 In Wylie Bay, Esperance, Western Australia OGA have a partner in Ocean King Fishing Company, operated by Alan and Callum Wilson who are wild catch industry stalwarts in Esperance and who see abalone ranching as complimentary to their wild catch business. Deployment of 400 ABITATS by Ocean King Fishing commenced in July 2017 with further expansion planned in coming years. We are a young business looking to grow. Figure 7: The Augusta Abalone Ranch Team. Processing/Tourism OGA also have development approval from the local council to construct a facility on the world class Augusta Marina to process and value add abalone as well as develop a cellar door experience to promote the abalone business to the many tourists who visit the world renowned Margaret River region. Construction is expected to commence in November Our vision is to make Augusta synonymous to the abalone as the pearl is to Broome and to make our business a destination!

10 Aerial View of The Augusta Marina The planned processing/tourism facility OCEAN GROWN ABALONE LIMITED ABN: ASX: OGA