5 December 2023

Agronomics Limited

("Agronomics" or the "Company")

Investee Company Update: Clean Food Group Awarded UK Government Funding

Agronomics, a leading listed company focused on the field of cellular agriculture, is pleased to announce that its portfolio company, Clean Food Group Ltd ("Clean Food Group"), a company focused on commercialising sustainable palm oil via precision fermentation, has been awarded funding for a £1 million project by the UK government to accelerate novel low-emission food production systems.

The funding has been awarded by Innovate UK, the UK's national innovation agency and the Biotechnology and Biological Sciences Research Council ("BBSRC"). This represents the UK's broader mission to lead the global drive for innovative biotech solutions for a more sustainable, secure and healthy food system. The funding will accelerate the commercialisation of Clean Food Group's fermentation-derived oils and fats which can be used as ingredients in both food and cosmetics.

Clean Food Group's proprietary technology platform uses proven, scalable yeast strains and fermentation technology to convert food waste into sustainable alternatives to traditional oil and fat ingredients. For the 18-month project, Clean Food Group will collaborate with the University of Bath, leveraging its world-class biotech research capabilities.

To date, Agronomics has invested a total of £900,500 into Clean Food Group which, subject to audit, is carried at £6.27 million, including an unrealised gain on cost of £5.37 million. This position accounts for approximately 4% of the last published Net Asset Value of Agronomics (30/09/23), including post-balance sheet date adjustments. Agronomics has an equity ownership of 30.59% on a fully diluted basis in Clean Food Group.

Clean Food Group Co-founder and CFO, Tom Ellen, commented:

"We are delighted to have been granted this funding by Innovate UK and the BBSRC. The award is a true validation of our technology platform and commercialisation strategy and will help us rapidly scale our manufacturing capabilities and regulatory pathways to achieve the necessary Food and Cosmetic regulatory approval for our products. We have a long history with the University of Bath and are thrilled to strengthen this further as we continue working with their world-leading research team."

Jim Mellon, Executive Director of Agronomics and Director of Clean Food Group, commented:

"We have long been champions of Clean Food Group's technology and this funding is a recognition of the cutting-edge quality of its platform. Clean Food Group's ability to convert food waste into valuable oil and fat alternatives can play a fundamental role in the global transition to sustainable food production. We are delighted the UK Government is leading the way in supporting such an important company."

The full announcement can be found here: https://www.prnewswire.co.uk/news-releases/uk-government-awards-clean-food-group-funding-for-1-million-project-to-accelerate-novel-low-emission-food-production-systems-302005224.html?tc=eml_cleartime.

About Clean Food Group:

Clean Food Group is a UK-based food-tech business delivering sustainable oils and fats solutions to the world's food and cosmetics manufacturers, with the mission to deliver scalable, healthier, competitively priced ingredients that have a positive impact on the economic, environmental, and social health of the planet. Clean Food Group is founded by a team with key experience in growing biotech, food industry and retail businesses supported by established venture capital and family office investors with a track record supporting fast-growth start-up companies in highly regulated industries. Clean Food Group's proprietary technology platform has been developed as a result of 8 years of pioneering research by Professor Chris Chuck, technical lead at Clean Food Group and the University of Bath.

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/.

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