Agronomics Regulatory News (ANIC)

11 November 2021

Agronomics Limited

("Agronomics" or the "Company")

Portfolio Company Tropic Biosciences Obtains a Positive Response From USDA-APHIS on Product Developed Using its GEiGS Technology

Agronomics, the leading listed company focused on the field of cellular agriculture, is pleased to announce that portfolio company Tropic Biosciences has received confirmation that its potato product, developed using its proprietary Gene Editing Induced Gene Silencing ("GEiGS") technology, is exempt from regulation by the United States Department of Agriculture Animal & Plant Inspection Service (USDA-APHIS"). This confirmation ensures that its gene-edited potatoes, resistant to browning, will not face regulatory barriers on its way to market, and is a promising indicator for its other products such as coffee, rice and bananas. Agronomics holds an equity ownership of 2.95% following participation in Tropic's Series B round in March 2020.

The full announcement is set out below with no material changes or adjustments:

Tropic Biosciences obtains positive response from USDA-APHIS on regulatory status of a product developed using its GEiGS® (Gene Editing Induced Gene Silencing) technology

Tropic Biosciences ("Tropic"), a pioneering agricultural-biotechnology company dedicated to the development of high-performance tropical crops, announced today that it has received confirmation that potatoes with reduced browning, developed by GEiGS® -mediated silencing of polyphenol oxidase-5 (Ppo5) transcripts, were determined to be exempted from regulation by the USDA. Tropic made a submission to the USDA requesting confirmation of regulatory status for this product in May 2021. The USDA-APHIS response indicated that the plant lines do not meet the definition of a regulated article under 7 CFR Part 340 regulations. Tropic's submission along with the USDA-APHIS BRS response is posted on the USDA's website.

"This is the first regulatory assessment of a product based on our proprietary GEiGS® technology and the confirmation that this product is not regulated by USDA is an important step in bringing our crop products to market", said Gilad Gershon, CEO of Tropic Biosciences.

Tropic Biosciences is using GEiGS® to develop valuable traits in bananas, coffee and rice. As anexample, GEiGS® enables Tropic Biosciences to develop novel banana varieties that are resistant to Panama Disease (TR4), a devastating fungal disease that threatens global banana production. Tropic Biosciences has also entered into licensing agreements with multiple leading global agribusinesses enabling them to use the platform to develop disease resistance, quality and welfare traits across crop, livestock and aquaculture species.

About Tropic Biosciences

Tropic Biosciences is one of the leading agricultural gene-editing companies globally, and focuses on the development and commercialization of high-performing varieties of tropical crops, namely coffee, bananas and rice. It employs over 110 industry-leading professionals and is headquartered at the renowned Norwich Research Park.

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 17 companies at the Seed to Series B 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/.

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