18 July 2023

Agronomics Limited

("Agronomics" or the "Company")

Formo Successful Tasting Event

Agronomics (ANIC:LSE), the leading listed company focused on the field of cellular agriculture, is pleased to announce that it recently hosted a tasting experience in partnership with Formo Bio GmbH ("Formo"), its portfolio company and one of the leading precision fermentation Food Technology operators.

Investors, partners and members of the press were invited to an exclusive tasting experience in which Formo's animal-free cheese and egg delicacies, created through precision fermentation, were included in a menu designed by Michelin Star Chef Allan Pickett.

Formo is a visionary FoodTech company dedicated to introducing the future of animal-free products to consumers. As Europe's pioneering cellular agriculture company, their goal is to craft delectable and highly functional proteins through precision fermentation, which is a process that harnesses the power of domesticated microorganisms. By doing so, they create remarkable dairy and egg alternatives that closely mimic nature's own wonders, bringing forth a diverse range of indulgent and satisfying products.

Formo's cheeses have the same taste, texture, and functional properties as animal-derived cheeses, but come at a substantially lower cost for the environment, human health, and animal welfare. According to Formo, precision fermentation can reduce Greenhouse Gas Emissions by over 90%, water consumption by over 95%, energy consumption by 60%, and land usage by 99%.

See video below:

At the event in London, guests were treated to:

Appetizer - Truffled Le Kreuzberg tartlets, salt baked golden Heritage beetroots, pea sprouts and red amaranth

Bao/Burger - WhatCameThird Egg Slider

Salad - Athena with Compressed Watermelon and Isle of Wight tomatoes, Dried Black Olive Crumb

Quiche - WhatCameThird Egg vegetable quiche

Cheese platter - Le Kreuzberg served with Membrillo paste, Lavosh crackers, fresh and dried figs, celery and grapes

Dessert - Frischhain Cheesecake with basil infused English Strawberries

Jim Mellon, Co-Founder and Executive Director of Agronomics said:

"We have been fervent supporters of Formo and its technology since the company was founded. In just four years, Formo has made unprecedented progress and is now delivering delicious, animal-free dairy products direct to people's plates. This latest event demonstrates how the Company is transforming the dairy industry, using its novel technologies to tackle climate change, improve our environment and reduce the suffering of animals without compromising the foods we love to eat."

About Formo

Formo is a FoodTech company on a mission to bring the next generation of animal-free products to consumers. The startup is Europe's first cellular agriculture company developing dairy and egg products using delicious and functional proteins derived from precision fermentation. In 2019, Formo was founded by Raffael Wohlgensinger to create a more sustainable and ethical food system - where change is not initiated through consumer sacrifice but rather through delicious and hedonistic products.

About Agronomics

Agronomics is a leading listed 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 invest 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 improve food security for 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 will 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 $1.8 trillion investment will be required in order to produce just 10% of the world's protein using this technology, means that we are on the cusp of a multi-decade flow of capital to build out manufacturing facilities. Funding in the field of cellular agriculture is accelerating, however, still, less than US$ 5 billion has been invested worldwide since the industry's inception in 2016.

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