Ann: Tassal 2021 AGM Presentation, page-7

At the online AGM, Company Secretary Ms Monika Maedler spoke for too long on how to lodge questions. Most holders, if interested enough to attend the AGM, have read the instructions.

MD/CEO Mr Mark Ryan added detail by stating that the Federal Coalition Government's Export Freight Assistance Program would be continuing until 31 July 2022 (although one must say proper 'opening up' with 9000 international flights a month ex Australia would be preferable to a subsidy, as eventually the community has to pay for the latter via increased taxes).

Mr Ryan emphasised that growing fish at sea was the most carbon-efficient way to obtain an 'amazing protein'. (Andrew Forrest may not agree).

Towards the end of Mr Ryan's address, there was a failure of the Lumi platform for a minute.

From 1052 to 1106 AEDT, Mr Ryan repeated the four questions and answers included in the presentation. This was unnecessary duplication. Maybe I don't monitor sufficient companies but this isn't a practice observed with other ASX-listed entities.

The MD said re Tropic Co prawns, they are as the questioner said 'seasonal' and should be back in store by December 2021 (which presumably was a reference to the two kilogram boxes).

Tropic Co prawns will also be behind the counter (i.e service deli) at WOW from November 2021 as well as the previously highlighted already at COL's service delis. This is great. The question also asked about larger IGAs but TGR didn't comment about those. In time, we can stock up on these excellent quality prawns.

Historically, TGR has used return on assets as a measure but with AASB 16 accounting standards, it includes changes to leases that adds/subtracts around one per cent on the ROA measure, so TGR has elected to be 'consistent'. (I am not an accountant so I hope that's correct). TGR will look at its long term incentives executive plans.

Re the Richard Flanagan book 'Toxic', Mr Ryan said that it's been challenging for TGR and unsettling for its staff even though many of the book's claims are unsupportable. TGR farms in a healthy marine environment backed by credible science. He repeated the independent poll's finding that 78 per cent of those Tasmanians quizzed support the salmon subsector. It is focused on communicating its responsible business roadmap as it continues to evolve as a global agri-tech business.

TGR is seeing strong sales in Tasmania and throughout Australia, so there's no discernible effect from this book. TGR will continue to be transparent.

During the next decade, TGR is comfortable with its plan to 2030. He didn't go into specifics but as COVID-19 evolves, it'll gradually publicise. Sustainable capital expenditure will remain at A$50 million currently but as TGR grows, it will (naturally) grow.

The median interest rate TGR pays on bank loans is about two per cent; on leased debt, about four per cent.

There has been engagement with major supermarket customers including site tours. TGR is proud of its certifications that underpin its operations.

TGR believes seaweed has many positive aspects. It is undertaking work with some partners on seaweeds. There are potential carbon footprint benefits if it's fed to beef cattle. TGR is also examining seaweed use in its settlement ponds at the Proserpine, Queensland farm:carbon sequestration, working with the Seaweed CRC and a university.

There were too many questions from some woke corporate activist with a 'responsibility' tag in part of its name. So predictable.

Questions concluded at 1128 AEDT.

The MD/CEO came across as rather 'flat' in his delivery, except when he was defending the sector, but perhaps that's just his style.

More importantly, though, the outlook seems fairly positive.