Cleansing Statement

• Fully underwritten pro-rata accelerated non-renounceable entitlement offer of 1 new share for every 1 existing share
• Potential increase in voting power for substantial holders Regal and Chairman Paton
• Underwriters Stralis and Ord Minnett may also increase their voting power

Murray Cod Australia Limited (ASX: MCA) has announced a fully underwritten pro-rata accelerated non-renounceable entitlement offer of 1 new fully paid ordinary share for every 1 fully paid ordinary share held by eligible existing shareholders. The Entitlement Offer is expected to raise approximately $123.9 million and will be conducted in two parts - an institutional component and a retail component. The Entitlement Offer is fully underwritten by Stralis Capital Partners Pty Limited and Ord Minnett Limited (Joint Lead Managers). Regal Funds Management Pty Limited (Regal) and the Company's Chairman, Mr Brett Paton (Paton), have each committed to sub-underwrite amounts of up to $4.0 million. Regal currently has voting power of ~16.27% in the Company, which may increase up to a maximum of 27.03% following the Entitlement Offer. Paton currently has voting power of ~4.69%, which may increase up to a maximum of 15.45% following the Entitlement Offer. The Joint Lead Managers may also increase their voting power, with Stralis potentially up to 17.09% and Ord Minnett up to 11.39%. The Entitlement Offer is not expected to have any material effect or consequence on the control of the Company aside from the potential increased voting power of Regal, Paton and the Joint Lead Managers.