14 February 2024

Agronomics Limited

("Agronomics" or the "Company")

California Cultured Partners with Leading Japanese Chocolate Company Meiji for the Production of Cell-Based Cocoa Products

Agronomics, a leading listed company focused on the field of cellular agriculture, is pleased to announce that its portfolio company, California Cultured Inc. ("California Cultured"), has reached a partnership agreement with the Japanese company Meiji Co., Ltd, ("Meiji"), Japan's largest chocolate manufacturer. Agronomics led California Cultured's seed round in October 2021 with a US$ 2.2 million investment in the form of a Simple Agreement for Future Equity ("SAFE").

The partnership involves a 10-year-long arrangement for the supply and integration of California Cultured's cell-cultured flavanol cocoa powder into an array of products tailored for both the US and Japanese markets. The co-branded packaged goods, including chocolate, truffles and wellness-enhancing chocolate, will mark the first time cell-cultured cocoa will enter any market worldwide.

The global chocolate industry faces significant issues regarding ethical and secure supply chains. Unpredictable weather patterns have been disruptive to cacao cultivation and have caused volatility in supply and price, which poses an issue for large manufacturers. Cell culturing technology allows the production of cocoa to be decoupled from tropical plantations, addressing key issues in the industry including uncertain weather conditions, deforestation concerns and labour exploitation.

California Cultured CEO, Alan Perlstein commented:

"We need to build a resilient, superior future for chocolate. This partnership is the first step in achieving this. With our scalable technology, we're positioned to excel in the field of plant-based cellular agriculture, where we pioneer the creation and cultivation of cells to redefine how we grow and produce innovative, sustainable products."

Jim Mellon, Agronomics Executive Chairman added:

"This partnership marks a significant milestone in the ongoing transition towards developing sustainable food production systems. It is a great example of how biomanufacturing provides a viable solution to environmental and ethical issues associated with industrial agricultural production while serving the needs of large multinational food companies."

To read the full announcement please see the following link: https://www.greenqueen.com.hk/california-cultured-cell-based-lab-grown-chocolate-meiji/