Company Announcements

20 February 2023

Agronomics Limited

("Agronomics" or the "Company")

Food Tech Leaders Come Together to Form the Precision Fermentation Alliance

Agronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce that portfolio companies The EVERY Co. and OnegoBio have joined seven other industry leaders in the creation of the new Precision Fermentation Alliance.

●   Change Foods, The EVERY Co., Helaina, Imagindairy, Motif FoodWorks, New Culture, OnegoBio, Perfect Day, and Remilk are founding members of the Precision Fermentation Alliance.

●    The group will serve as an industry voice and global convener for the precision fermentation industry with a singular vision of championing precision fermentation as a trusted solution for a more resilient and sustainable food system.

The full announcement is set out below without any material changes:

Feb. 16, 2023 - Today, nine precision fermentation leaders across the globe announced they have joined forces to establish the Precision Fermentation Alliance, a new trade organization created to champion precision fermentation as a trusted solution for a more resilient and sustainable food system.

The group will serve as an industry voice and global convener for the precision fermentation industry.

The Precision Fermentation Alliance founding members have aligned on the following goals:

·   Promote understanding of precision fermentation technology. Establish global transparency around ingredients and foods made with precision fermentation to build trust and familiarity.

·   Educate and engage key stakeholders throughout the food industry value chain to establish best practices regarding regulatory, manufacturing, food safety, and communications standards and compliance.

·   Develop market access and the ability to operate and market products effectively by engaging with regulators. Unlock public funding and public-private partnerships to accelerate industry growth.

"There is a direct line between food production, climate, socioeconomic opportunities, and equity. How we make our food is one of the foundational ways to change the world around us, and just the beginning of the vision for this group," said Nicki Briggs, MS, RDN, Vice President of Corporate Communications, Perfect Day and Chair of the Precision Fermentation Alliance. "This alliance codifies what we've always believed: a kinder, greener tomorrow is possible through collaboration. This ecosystem of mission-aligned leaders stands to exponentially accelerate what any one member could do alone."

The Precision Fermentation Alliance will also focus on ensuring that science-based decision making and informed public policy are used in the regulation of precision fermentation products and technology that are used in food. The Alliance will also provide a forum to discuss global issues relevant to precision fermentation industry.

"Most of us have consumed foods that contain ingredients made using precision fermentation for decades, such as vitamins, enzymes and natural flavors, without much fanfare," said Irina Gerry, Chief Marketing Officer, Change Foods and Vice Chair, Precision Fermentation Alliance. "As we look to extend the use of this technology to produce an ever-expanding list of food ingredients, such as proteins and fats, we will be able to produce a wide variety of our most beloved foods animal-free, and with a much lower environmental footprint. Ushering in this new era in food requires clear communication, thoughtful policy, consistent regulation and stakeholder engagement, which this alliance is positioned to do."

Precision fermentation creates nature-identical, sustainable versions of ingredients and products consumers love by combining the natural ability of microorganisms to turn sugars into proteins and other complex organic molecules with modern biology.

About the Precision Fermentation Alliance

The Precision Fermentation Alliance is the global industry coalition of leaders in precision fermentation. Founded in 2023 by Change Foods, The EVERY Co., Helaina, Imagindairy, Motif FoodWorks, New Culture, Onego Bio, Perfect Day, and Remilk, this group shares a singular vision of championing precision fermentation as a trusted solution for a more resilient and sustainable food system. Members have committed to accelerating the growth of the precision fermentation industry through communications, research, advocacy, regulation, and global stakeholder outreach. Together, this coalition is accelerating their shared path towards a more sustainable future for generations to come.

To learn more about the Precision Fermentation Alliance, visit pfalliance.org/.

About Agronomics

Agronomics is a leading listed alternative proteins company with a focus on cellular agriculture and cultivated meat. The Company has established a portfolio of over 20 companies in this rapidly advancing sector. It seeks to secure minority stakes in companies owning technologies with defensible intellectual property that offer new ways of producing food and materials with a focus on products historically derived from animals. These technologies are driving a major disruption in agriculture, offering solutions to improve sustainability, as well as addressing human health, animal welfare and environmental damage. This disruption will decouple supply chains from the environment and animals and be fundamental to feeding the world's expanding population. A full list of Agronomics' portfolio companies is available at https://agronomics.im/.

About Cellular Agriculture

Cellular Agriculture is the production of agriculture products directly from cells, as opposed to raising an animal for slaughter or growing crops. This encompasses cell culture to produce cultivated meat and materials, and fermentation processes that harness a combination of molecular biology, synthetic biology, tissue engineering and biotechnology to massively simplify production methods in a sustainable manner.

Over the coming decades, the source of the world's food supply traditionally derived from conventional agriculture is going to change dramatically. We have already witnessed the first wave of this shift with the consumer adoption of plant-based alternative proteins but today, we are on the cusp of an even bigger wave of change. This is being facilitated by advances in cellular agriculture. This change is necessary, given scientists' claims that if we maintain existing animal protein consumption patterns, then we will not meet the Paris Agreement's goal of limiting warming to 1.5℃.

AT Kearney, a global consultancy firm projects that cultivated meat's market share will reach 35% by 2040. This combined with the Good Food Institute's estimate that a US $1.8 trillion investment will be required to produce just 10% of the world's protein using this technology, means that we are on the cusp of a multi-decade flow of capital to build out manufacturing facilities. Funding in the field of cellular agriculture is accelerating, however, still, less than US$ 5 billion has been invested worldwide since the industry's inception in 2016.

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