ASX/Media Release – Huon Aquaculture Group Limited (ASX: HUO), 25 October 2021

FIRB APPROVAL RECEIVED

Highlights

 FIRB approval received, satisfying the FIRB conditions under the Schemes and Takeover Bid

 The Scheme Consideration and Takeover Offer Price of $3.851 cash per Huon Share provides Huon shareholders with certainty of value for your entire investment in Huon and represents a material premium to recent historical trading prices of Huon Shares

 The Huon Board will confirm as soon as possible whether it will pay a Special Dividend of $0.125 per Huon Share on implementation of either of the Schemes, which would enable Huon shareholders to realise additional benefits from franking credits of up to A$0.05 per Huon share2

 No Competing Proposals have been received since the Schemes were announced on 6 August 2021

 The Independent Board Committee continues to recommend that Huon Shareholders vote in favour of the Primary Scheme, Surveyors Acquisition and accept the Takeover Offers and the Huon Board continues to recommend that Huon Shareholders vote in favour of the Secondary Scheme3

 Shareholders are encouraged to VOTE NOW and lodge a proxy before the meetings, with PROXY FORMS DUE 10am (Hobart time) on Wednesday 27 October 2021

Reference is made to the announcement on 23 September 2021 attaching the Huon Share Acquisition Booklet, which details the proposals under which JBS would acquire up to 100% of Huon at $3.85 per Huon share 1 by way of concurrent schemes of arrangement (Schemes) and an off-market takeover bid being run in parallel but not in substitution to the Schemes (Takeover Bid).

Foreign Investment Review Board no objection notification

Today the Foreign Investment Review Board (FIRB) has confirmed to JBS that the Commonwealth has no objection to JBS’ proposed acquisition of Huon under the Schemes or the Takeover Bid, satisfying the FIRB conditions under the Schemes and Takeover Bid.

Huon Chairman Neil Kearney said “The FIRB decision is another important step in securing the future of Huon, our 800-plus employees and the hundreds of Tasmanian businesses that work with our company. In addition to its commitment to invest in the business and our people, JBS has committed to maintaining our world-leading farming practices to support long-term sustainable growth. Huon has established the highest standards of animal husbandry, biosecurity, environmental management, and sustainable farming practices and JBS will continue this uncompromising approach. Importantly, JBS also has the proven skills and expertise to access new international markets for Huon’s premium products.”

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1 Reduced by the amount of any Special Dividend paid in connection with the Schemes.

2 Depending on the tax position of individual shareholders.

3 Each of these recommendations is subject to there being no Superior Proposal and the Independent Expert continuing to provide a positive opinion.

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The Schemes and Takeover Bid remain subject to other conditions (as set out in the Share Acquisition Booklet). Each of these conditions needs to be satisfied or (if applicable) waived before the Schemes can become effective or the Takeover Bid can become unconditional. For the Schemes, this includes a condition requiring approval of the proposed Scheme by Huon shareholders and the Court. If neither Scheme is approved by the Court, the Takeover Bid will remain subject to a minimum acceptance condition that may be waived by JBS.

Update on Special Dividend

Huon has applied to the ATO for a class ruling related to the proposed payment of a special dividend. Huon has not yet received a tax ruling from the ATO. Huon will notify the market as soon as possible whether or not the special dividend will be paid on implementation of either of the Schemes. The Special Dividend will not be paid in connection with the Takeover Offers.

We advise that the revised indicative timetable for payment of the Special Dividend (if paid) and implementation of the Schemes is as outlined below:

Date Event

Friday, 29 October 2021 Scheme Meetings and Annual General Meeting

Tuesday, 2 November 2021 Special Dividend Record Date

Wednesday, 3 November 2021 Second Court Date, Effective Date and suspension of trading in HUO shares on ASX from market close (last day of trading in Huon Shares on ASX)

Tuesday, 9 November 2021 Special Dividend Payment Date (if paid)

Wednesday, 10 November 2021 Scheme Record Date

Wednesday, 17 November 2021 Implementation Date and payment date for scheme consideration of $3.85 per Huon share (minus the $0.125 dividend, if paid)

No Competing Proposals – VOTE NOW

The Independent Board Committee of the Huon Board continues to recommend that Huon Shareholders vote in favour of the Primary Scheme, Surveyors Acquisition and accept the Takeover Offers and the Huon Board continues to recommend that Huon Shareholders vote in favour of the Secondary Scheme. Each of these recommendations is subject to there being no Superior Proposal and the Independent Expert continuing to provide a positive opinion. The Huon Board confirms that no Competing Proposals have been received since the Schemes were announced on 6 August 2021.

The Scheme Meetings and Annual General Meeting are scheduled to be held at 10.00 am on Friday, 29 October 2021 by way of virtual meetings. The Huon Share Acquisition Booklet can be accessed at https://investors.huonaqua.com.au (refer to announcement of 23 September 2021). Instructions on how to vote in favour of the Schemes are contained on pages 18 to 24 of the Huon Share Acquisition Booklet.

VOTE NOW

Return your Huon Proxy Form by 10am (Hobart time) on 27 October 2021. If you need another copy of your Proxy Form to vote on the Schemes or Acceptance Form to accept the Takeover Offers then please call the Huon Shareholder Information Line on 1800 606 866 (within Australia) or +61 1800 606 866 (outside Australia).

Media release – Tasmanian Alliance for Marine Protection, 25 October 2021

Brazilian Butchers take over Huon Aquaculture

This is truly bleak news for Tasmania.

All Tasmanians should be deeply concerned that a multinational with a global reputation for corruption is taking over Tasmania’s second biggest salmon producer.

The state government is ill-equipped to deal with a multinational answerable only to international shareholders and the Batista brothers who control it – two brothers who have served jail time for bribing more than 1,800 legislators.

With no Tasmanian corruption watchdog and a track-record of major industries riding roughshod over state government and regulators, it’s no exaggeration to say that democracy and open-government will be undermined by the deal.

Tasmanians now face an even bigger, more difficult and more urgent battle against the salmon industry’s assault on our waterways, coastlines and communities.

Beyond its deserved global reputation for corruption, JBS has a track record for animal cruelty and environmental destruction.

It’s truly a bleak day for Tasmania and for the workers at Huon who have been abandoned by owners who claimed to care so much about their welfare.

Frances and Peter Bender will walk away with well over 200-million dollars and will watch as a voracious multinational ramps up production, increases the damage to our waterways and brings about the inevitable collapse of the industry when the Brazilian Butchers will take their profits and walk away.

Despite this awful news, Tasmanians will fight even harder to bring this toxic industry under control.