Company Announcements

15 March 2023

Agronomics Limited

("Agronomics" or the "Company")

Directors' interests in shares

On 20 December 2022, the board of Agronomics resolved to issue 14,257,963 new ordinary shares in the capital of the Company (the "Fee Shares") to Shellbay Investments Limited ("Shellbay"), in settlement of 50% of the fees due to them under the consultancy agreement for the year to 30 June 2022.

Further to the announcement of 4 January 2023, awards by Shellbay to its management and consultants in relation to 6,489,722 shares (the "Award Shares") have vested and relevant shares have been transferred to Shellbay management, including 312,500 Award Shares to Mr Denham Eke, a director of the Company.

Shellbay is a company indirectly wholly owned by Mr James Mellon, a Director of the Company.

Following the transfer of the Award Shares, Shellbay holds, in aggregate, 12,722,782 Ordinary Shares of the Company, of which    8,903,633 remain subject to options in favour of its management and advisory consultants.

Following the transfer of the Award Shares, the interest of the directors in the ordinary shares of the Company (the "Ordinary Shares") is as set out below:

*     Following the transfer of the Award Shares, James Mellon will be interested in a total of 153,445,363 Ordinary Shares. 1,273,960 are held directly by James Mellon, 139,448,621 will be held by Galloway Limited and 12,722,782 will be held by Shellbay. Galloway Limited and Shellbay are companies which are both indirectly wholly owned by James Mellon. Denham Eke is a director of Galloway and Shellbay.

**    Richard Reed is currently interested in 6,354,412 Ordinary Shares held by Reepa Limited. Reepa Limited is wholly owned by Richard Reed.

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 at the Pre-Seed to Series C stage 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, as well as being 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 $1.8 trillion investment will be required in order to produce just 10% of the world's protein using this technology, means that we are on the cusp of a multi-decade flow of capital to build out manufacturing facilities. Funding in the field of cellular agriculture is accelerating, however still less than US$ 4 billion has been invested worldwide since the industry's inception in 2016.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

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