BRAIN Group Pioneering Bioproducts

Investor Relations Presentation 2021

Zwingenberg, January 2021

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 1 Safe Harbor Statement

This document may contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties, as they relate to future events and are based on current assumptions of the Company, which may not occur at all in the future or may not occur as assumed. They do not represent a guarantee for future results or performance of the Company, and the development of economic and legal conditions may materially differ from the information expressed or implied in the forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statement contained herein or to adapt them to future events or developments. The information contained in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinion contained herein. The Company or any of its shareholders, affiliates, advisors, employees or representatives shall have no liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its content or otherwise arising in connection with this document. By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsibility for forming your own view of the potential future performance of the Company’s business. This presentation speaks as of January 14th, 2021. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The term “BRAIN”, as used in this presentation means B.R.A.I.N. Biotechnology Research and Information Network AG and its affiliates, if not otherwise specified.

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 2 BRAIN at a Glance

Creating Breakthrough Bioproducts & ~ €38m Solutions for Nutrition, Health and Environment ‘19/’20 Revenues

> 28 Industrial Biotech Three Years of Experience (white) Product Platforms

~ 320 Enzymes Employees > 130 Microorganisms Specialty B2B Products Bioactive Natural > 100 Compounds Industrial Partnerships 2016 Listed, Frankfurt Prime Standard From Lab to Production

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 3 Mission & Vision “Mission is what an organization is or does. Vision is what an organization desires to become”

Mission Creating Breakthrough Bioproducts and Solutions for Nutrition, Health and the Environment

Vision We will be the Industrial/White Biotech Specialists in finding and exploring high-value niches in our products business and novel solutions in our science business. We will be much more agile than others and will always look to produce products in-house or with partners

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 4 This is BRAIN

BRAIN AG

BioScience BioIndustrial

Solutions & Services Products

Breakthroughs Stable Service Business with Upside Innovation & Optimization

Incubator/NBD TMS BioActive Compound Libraries Enzymes Microorganisms Bioactives

~ €13m Annual Revenues* ~ €5m-€7m Annual ~ €25m Annual Revenues Cost-plus Contract research, ~10% adj. EBITDA Margin* Investment Milestones, Technology & License Fees

*FY ‘19/’20

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 5 Six Strong Reasons to Invest in BRAIN

1. UN-SDGs: our products address the big societal topics – nutrition, health & the environment

2. Incubator products: big upsides in breakthrough inventions

3. BioIndustrial: BRAIN is very well positioned to capture high-growth and high-margin niches in its products businesses. We will re-shape our BioIndustrial business and move from a purchase for resale model to an own production model, this creates significant value upside

4. Strong target markets: solid target markets CAGR with high EBITDA margin levels also drives BRAIN’s healthy sales and margin growth

5. Value accretive M&A: space for bolt-on acquisition to accelerate growth with the possibility for transformational growth through larger M&A

6. R&D: ability to fund research with partners and from governmental grants to de-risks our own R&D effort

Six Major Triggers for strong Revenue and Margin Growth

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 6 BRAIN: At the Heart of UN Sustainable Development Goals Our Products & Solutions address at least five goals directly Sugar Replacement Sugar Taste Enhancer Salt Replacement Salt Taste Enhancer Natural Aromas Natural Compounds Wound Treatment for Food Preservation Bioactive Plant Cosmetics

Green Mining Phosphate Recycling

Green Mining Biological Production Urban Mining Improving Production Efficiencies Fermented Food from Sidestreams

Microbial CO2 Usage

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 7 5 Strategic Initiatives Centered Around our Core Values

1 5 Continuous Corp. Culture Development Profitable Top Line Growth 5 1 • Can do and high ethics culture • Excel in specialty niches with high margins • Talent management • Selectively grow outside of Europe • Innovation is our passion Collaboration • Always look for ways to produce ourselves

• Teamwork is our basis Sustainability Safety BRAIN 2 Core Integrity and Respect Values Accountability 4 Creativity and Innovation 4 Accretive M&A 3 • Successful track record of integrating 2 Innovation Pipeline Management acquired entities • Balanced portfolio across markets • Further build with bolt-on acquisitions and technologies • Transformational M&A in adjacencies • Breakthrough solutions for big challenges for accelerated growth 3 Continuous Productivity Improvements • Key customer and application focus

• Strain development • Focus on working capital efficiencies, cost improvements and free cash flow • Group revenue synergies • Bio-Informatics

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 8 Our Incubator: Focused New Business Pipeline**

rNPV Profit Market Model R&D Current Potential Options Platform Project Pipeline Partners R&D Market *1 *2 *3 Status 3–5 years out 1–3 years out In pre-launch

Natural fermented beverages 1 Small Prod, Fee, M/O MSP

Salt taste enhancer 1.0 US-CPGC Small Fee, MSP, B/A Lic

Natural fermented beverages 2 JP.Bev Large Prod, M/O MSP, Prof

Perillic Active, Anti-Microbial ND Med Prod, Prof B/A

Gold from waste streams Med Prod, Fee, M/O Prof

DOLCE Natural Sweet Solutions Large Fee, MSP, (!was ) Prof, Lic,Prod B/A, E/P

Aurase Large Fee, E/P Prod, Prof

** • Projects Green Metal Mining, Sweet Taste Enhancer and • Programs without contractually bound partners are marked red by

CO2 moved to TMS business, fully funded programs default • Projects Salt-E, Fresco shelved, searching for partners • Contractual, technology or registration hurdles still need attention • New enzymes now part of BioIndustrial regular product • Phase 1 has been successfully completed but contract negotiations development, see page 12 for the next development phase are progressing but not yet finalized

*1: BRAIN-Group rNPV FCF+TV: Small < €5M, Medium €5M - €15M, Large: €15M+ *2: Prod: Product sales. Fee: Research Fee income. MSP: Milestone Payments. Lic: License/royalty payments Tec: Tech fees Prof: Entity formation or Profit participation *3: B/A: BioActives,E/P: Enzymes and Proteins, M/O: Microorganisms/Starter cultures ND: not disclosed

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 9 Clear Decision Metrics: New Business Development (NBD*)

Project Selection Criteria Agile Pipeline & Project Management

1. Risk-sharing partner 1. Divide project into distinct phases 2. Commercial success 2. Define critical milestones chance 3. Project manager appointed 3. Technical success chance 4. Regular update meetings (board, head 4. Cost to Break-even-point 5. Time to Break-even-point R&D, head business development) 6. Strategic fit 5. Clear decisions to proceed or not 7. NPV

Agile pipeline & project management with a clear path to commercialization

Market Communication on NBD

1. Dynamic pipeline with new candidates entering and mature candidates going to launch 2. Communicated time lines: time to first commercial launch 3. 1-5 years: guidance on market potential, commercialization option, technology platform and traffic light project status 4. 5 years+: no precise guidance

*previously NPD

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 10 Additional Profit Realisation Models Two Types of Deals can create Substantial Value outside of our Core Divisions

• Spin Out Model (like SolasCure):

Discovering a unique technology and spinning it out as a separate company • Pros: keeps BRAIN focused on discovery, creates a targeted team in the Newco, shares the commercialization financing burden with new investors, allows monetization at exit (e.g. IPO, Strategic Investor, PE)

• License Model:

Discovering a unique technology and selling the rights to a partner in exchange for fees plus license income down the line • Pros: able to tap large new markets e.g. pharma, environmental, much of the downstream risk is with the partner, very substantial license fees possible

BRAIN Group has several pipeline projects beyond the feasibility phase which can deliver significant value upside between €10-100mio/project

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 11 Enzyme Production: Specialists in Industrial Food Processing with high Growth Rates

Customized Novel Enzymes From the Lab to Production • Discovery • Development • Testing • Regulation/Compliance • Commercial Production

Enzymes • Bio Tech Approach to Production • Facilitate Reactions • Solve Process Problems • Prevent Waste • Alcohol/Bioethanol, Cereal, Egg, Dairy, Diagnostics, Digestives Aids, Fruit, Meat, Protein, Vegetable • Continuous new enzyme product pipeline

We cover the full value chain from lab to production

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 12 We will create Value Upside by Re-Shaping the Supply Model Moving from a Purchase for Resale Model to own Production & Fermentation

Strong Position Today: • Biocatalyts & WeissBioTech are strong production assets • Biocatalysts has an existing profitable fermentation business • Well established sales channels • Strong supply channels • Core competence in customized enzymes • Main focus formulation & blending

Creating Value Upside: • Increased in-house capacity and production • Extend share of wallet and life-cycle harvesting • Fermentation enjoys higher margins and strong barriers to entry • Novel enzymes and fast copies • Efficient production hosts

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 13 Management & Employee Incentives

Since the IPO BRAIN AG’s board as well as management compensation has been closely linked and aligned with shareholder interests

Executive Board • fixed salary • variable component based on individual quantitative & qualitative targets • stock component, see ESOP

ESOP, Employee Stock Ownership Program • Since June 2018 • Board, managers and employees • Incentive and retainer • Details: see appendix

CoPerBo, Corporate Performance Bonus • Since FY 2015/16 • Applied for employees at BRAIN AG • Partially share prices based • Details: see appendix

Specific Incentives at Daughter Companies • See appendix

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 14 Financial Highlights at a Glance

Organic Organic 12M 12M Growth Growth Q4 Q4 Growth Growth Comment (in € thousand) 2019/20 2018/19 2019/20 2018/19 Revenues 38,225 38,560 -0.9% 3.4% 8,671 10,626 -18.4% -18.4% 12M milestones €640K BioScience 13,230 12,192 8.5% 8.5% 2,754 4,572 -39.8% -39.8% (PY:€792K) BioIndustrial 25,081 26,411 -5.0% 1.0% 5,954 6,090 -2.2% -2.2% Total operating performance (1) 39,238 41,231 -4.8% -1.0% 8,928 11,526 -22.5% -23.1% €629K ESOP, €222K M&A/Integration Adjusted EBITDA (2) -2,018 -2,167 6.9% -52.2% -1,465 -96 -1422.5% -13562.7% €1007K Board Changes / Corona Bonus EBITDA -3,876 -2,496 -55.3% -67.4% -2,970 -234 -1170.7% -1809.2% EBIT -8,229 -7,198 -14.3% -17.7% -4,718 -993 -375.0% -419.3% Net Result -9,017 -11,119 18.9% 17.2% -2,910 -3,151 7.7% 5.1% Operating Cash Flow -4,767 -3,380 -41.0% -40.4% 967 1,513 -36.1% -36.1% 30.09.2020 30.09.2019 Cash 18,943 15,160 25.0% 25.9%

Number of Employees 279 281 -0.6% 2.3% Major Events FY ‘19/’20: Material Expense Ratio 43.6% 45.1% - 1.6% PP. - 1.8% PP. Adj. Personnel Expense Ratio 46.3% 45.0% 1.3% PP. 3.2% PP. • Group: so far only limited Covid-19 effects materialized • Organic growth despite the pandemic • Dynamic overall FY BioScience business despite weak Q4 • BioIndustrial organic growth suppressed by Covid-19, phasing and relocation issues • Reduced adjusted EBITDA loss YoY • EBITDA burdened by one-off charges (management changes) • Successful cash capital increase, approximately:1.8mio shares and proceeds of ~EUR15 mio • Minority buy-out of WeissBioTech generates potential to accelerate synergies and restructure (closed July 1st,2020) • Adriaan Moelker new CEO from February 1st • Lukas Linnig new CFO from October 1st • New ambitious mid-term targets communicated at the CMD (1) Revenues + change in inventories + other income + R&D grants (2) The full reconciliation from adjusted to unadjusted EBITDA can be found in the appendix

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 15 Strong Long-Term Revenue Growth Trajectory

BRAIN Revenues History 45 Mio. €

40 Mio. € -1% 42% ** 35 Mio. €

30 Mio. € 12% 6% 25 Mio. €

20 Mio. € 38,6 38,2 15 Mio. € 27,1 22,8 24,1 10 Mio. € 21,1

5 Mio. € 8,8 10,4 * ** Mio. € FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 YOY Growth

*purchase BioCatalysts Ltd. **divesture Monteil Cosmetics

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 16 Improving Adjusted EBITDA

Adjusted EBITDA 12M 19/20 4.000 €

3.000 € 2.805 • Group adj. EBITDA improved by 6.9% YoY; 2.528 driven by the segment BioScience which 2.000 € has been able to further reduce its EBITDA 1.000 € loss 0 € • The BioIndustrial segment had a constant -1.000 €

In€ T. adj. EBITDA margin of ~10%; (excluding -2.000 € -2.167 -2.018 inventory write-downs of 11.3%) -3.000 € • BioIndustrial organic growth suppressed by -4.000 € Covid-19, phasing and relocation issues -5.000 € -4.541 -4.932 -6.000 € BRAIN Group BioScience BioIndustrial 18/19 - 19/20 18/19 - 19/20 18/19 - 19/20

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 17 Cash & Cash Flow Solid Cash Position

12M 12M Q4 Q4 Growth Growth (in € thousand) 2019/20 2018/19 2019/20 2018/19 Comment Gross Cash Flow -6,056 -6,257 3.2% -1,446 -1,361 -6.3% Operating Cash Flow -4,767 -3,380 -41.0% 967 1,513 -36.1% strong working capital reduction PY Investing Cash Flow -4,469 -6,743 33.7% 79 -2,222 103.6% Financing Cash Flow 13,093 -276 4841.9% -821 473 -273.7% ~14.6 mio net proceeds capital increase Net change in Cash & Cash Equivalents 3,857 -10,400 137.1% 225 -237 195.2% 30.09.2020 30.09.2019 Cash 18,943 15,160 25.0% Equity 26,143 20,172 29.6%

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 18 Covid-19 Update Secure: Targets: Measures: • Health aspects • Safety of employees • Covid-19 task force • Supply chain • Business continuity • Hygiene concept • Operating business • Minimize disruptions • Personal safety supplies • Future pipeline • Fulfill customer contracts • Physical distancing • Home office • Strict travel restrictions • Flex work • Digitalize workflow

Current Disruptions: SolasCure is facing around 6 months delays in clinical trials as the relevant test centers have been closed for non Covid-19 patients. Lower sales volumes of enzyme products to ethanol and wine producers

Future Challenge: travel restrictions and physical distancing make it more challenging to visit customers for new projects (BioScience). Our business development team is working here with creative solutions and trying its best to keep effects on the commercial project pipeline as low as possible

Summary: BRAIN Group: so far only small negative Covid-19 effects materialized. Effects on FY ‘20/21 currently hard to forecast and quantify.

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 19 Current Management Focus

• Prepare organization for future growth and profitability 

• Introduce new organizational structure  • Focus Business Development (Sales)  • Business prioritization in the new business development pipeline  • Performance manage group companies 

• Build M&A pipeline 

• Execute bolt-on value enhancing M&A transactions 

• Enzyme host organism optimization & development 

• Secure new public R&D Funding 

• Introduce group benchmarking and best-practice transfer

• Upgrade HR process: performance management & talent development

• Create a sustainability report, prepare organization for ESG reporting

• Centralizing of corporate functions over the mid-term  Accomplished  In progress

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 20 Our Targets This FY

• Qualitative Guidance: • Potential Covid-19 and Brexit effects currently hard to forecast • Improvement of our EBITDA and operating cash flow targeted • Significantly lower amount of one-off charges forecasted • as stated at our CMD: overall organic growth likely to be below the mid-term average (high base BioScience, solid BioIndustrial expected despite addressed challenges at WeissBioTech) • On enzyme products, where sales volumes are negatively affected by Covid-19: we focus on margin protection • Quantitative guidance: • Will be issued latest with the Q2 results due to today’s uncertainties related of the Covid-19 pandemic

Mid-Term, Unchanged (4-5 years) • Double group revenue from base ‘18/19 • Double digit topline product CAGR • Accretive M&A • Contract research “TMS” proportionally reduced (excl. milestones) • Group adj. EBITDA margin 15% (+/- 5PP) • Double digit fermentation production volume of customized novel enzymes • Mid single digit annual productivity improvements • Proportion of new product sales: ~30% of total revenues • Continuous innovation pipeline management

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 21 Our Share Ownership*

DAH Beteiligungs GmbH Lloyd Fonds 6.6% Free Float 4.3% Founders/ Management • Current number of shares: 19,861,360 9.6% • Free float of ~ 45% • Strong long-term investor base 43.5% •  8,000 shareholders • WKN 520394 / ISIN DE0005203947 • Symbol BNN • Prime Standard; Frankfurt/M 36.0%

MP Beteiligungs- GmbH

*September 30th, 2020

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 22 Brain in the Media*

TV • Tagesthemen (ARD), June 5th 2020, Minute 23:22: “From Ash to Gold”, Green Mining from Waste Streams • [w] wie wissen (ARD), May 2nd 2020, Sugar Replacement, “The Better Stevia”, Brain Tongue Cells Technology • [w] wie wissen (ARD), April 25th 2020 Minute 18:00, Gold Green Mining from electronic waste, BioXtractor

On our Webpage /Publications • Analysis of Calcium Signaling in Live Human Tongue Cell 3D-Cultures upon Tastant Perfusion • Biotechnological upcycling of plastic waste and other non-conventional feedstocks in a circular economy • An Ustilago maydis chassis for itaconic acid production without by‐products • Towards Novel Bioactive Antiperspirants for Cosmetic Applications • Marker-free genome editing in Ustilago trichophora with the CRISPR-Cas9 technology • Using gas mixtures of CO, CO2 and H2 as microbial substrates • BRAIN BioXtractor: Biobased Metal Extraction for the Circular Economy • In vitro skin three-dimensional models and their applications

Please visit also our Blog “News & Views” • https://www.brain-biotech.com/news

*Please contact us, we are happy to provide the media links

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 23 Financial Calendar

QUARTERLY STATEMENT Publication of the quarterly statement as of December 31st, 2020 (3M) February 26th, 2021

ANNUAL GENERAL MEETING Annual General Meeting (FY 2019/20) March 10th, 2021

QUARTERLY STATEMENT Publication of the quarterly statement as of March 31st, 2021 (6M) May 28th, 2021

QUARTERLY STATEMENT Publication of the quarterly statement as of June 30th, 2021 (9M) August 30th, 2021

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 24 Thank you for your attention.

BRAIN Aktiengesellschaft Darmstädter Straße 34–36 64673 Zwingenberg, Germany www.brain-biotech.com

Your contacts: Michael Schneiders, Head of IR +49 (0) 6251-9331-86 [email protected]

Martina Schuster, IR +49 (0) 6251-9331-69 [email protected]

@BRAINbiotech

BRAIN AG

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 25 Appendix

Page Strong sustainability contributions 27 Where BRAIN can make a difference 28 Corporate Governance 29 High barriers to entry 30 NBD deep dive 31 Service business deep dive 35 Partnerships ”BRAIN Inside” 36 Enzyme production, expression hosts 38 Enzyme value chain 40 SolasCure Ltd. 41 BioArchive 42 R&D/Technology Platforms 44 HR: People -- our core capital 45 Detailed management & employee incentives 46 Peers by business activity 47 Detailed financials Detailed adjusted vs. reported 48 Cost ratios 49 Adj. vs reported 50 Financial debt vs. financial liabilities 51 Balance sheet 52 M&A criteria & history 53 Management CV 54 Our share 56 Analyst coverage 58 Glossary 59

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 26 Strong Sustainability Contributions

BRAIN is empowering the biological transformation of the industry • Industrial biotechnology is at the heart of the Bioeconomy • Utilize natural raw materials efficiently • Improve industrial manufacturing processes to become more sufficient • Create new biobased products • Make consumer goods healthier and more effective • Move away from fossil raw materials towards sustainably produced natural resources • Safe energy compared to chemical processes

• Significantly less CO2 emissions • Focus areas: nutrition, health and the environment • Powered by our proprietory BioArchive, driven by our deep R&D and process knowledge

Selected products and solutions • Food: Reduce calorie density in foods by natural sweeteners while maintaining the taste profiles; reduce the salt content in food • Good Health: functional probiotics, replace chemicals in cosmetics by natural compounds; treatment of chronicle wounds • Water/Sanitation: replacing chemicals by biological metal extraction from e-scrap, incinerator bottom ash and other mineralic resources

• Industry Innovation: improving production efficiency; reducing CO2 emissions and using CO2 as a raw material • Responsible consumption: reducing the perishability off food by bioactive antimicrobials to reduce food waste • Sustainable Production: managing pollution, recycling phosphates, transforming waste streams into unprecedented value chains

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 27 Trends – Where BRAIN Can Make a Difference

Insects

one run = = 1.74 Mio x Protein Pea Protein 1500 Gbp base data Next Generation Sequencing NGS

Genetic Microbiome BioTech Engineering

Food Grade Micro- organisms Sustainability Customer Preferences

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 28 Corporate Governance

Principles and policies defining BRAIN’s responsible operations • Dual German AG structure consisting of a management board and a fully independent supervisory board • We comply with all statutory corporate governance regulations as well as the recommendations of the German Corporate Governance Code (DCGK) (exceptions specified and justified in the statement of conformity) • BRAIN AG Code of Conduct • BRAIN’s Privacy Statement • BRAIN’s Disclosure Policy • Quality, Health and Safety Policy • Financial responsibility: BRAIN’s operations produce added value to different stakeholders in the countries we operate • Financial benefits are shared between, among others, suppliers, personnel, owners and the public sector • Internal compliance: qualified internal compliance officer, permanent risk assessment, audit committee, internal audit team and risk reporting • Monthly reporting and audit meetings with the subsidiaries • Member of the following associations: Bio Deutschland, Dechema, IWBIO, VCI

BRAIN’s most important responsibility themes: healthy & natural, product safety, responsible business conduct, workplace safety

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 29 High Barriers to entry

Our novel products & solutions are based on:

• Proprietary BioArchive with >450 person years to reproduce • Extensive patent portfolio, around 175 patents granted and around 40 patent families • Trade secrets • Broad and deep technology know-how in enzymes, microorganisms and bioactive natural compounds • Ability to express target compounds in bacteria, yeast or fungi • Full process capabilities from the lab to production • Strong industry partner network with over 100 partner collaborations successfully completed • Strategic alliances for new business development • Strong scientific and university network • State-of-the-art technology portfolio • Our people: first class scientists and process specialists

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 30 NBD Deep Dive, The Pipeline Large Market Potential

Natural Beverage 2 • Partners: Japanese Beverage Company • Scope: undisclosed, confidentially agreement • Exclusive to partner • Technology Platform: microorganism • Research Business Model: milestone payments • Commercial Model: starter cultures, production, license fee, JV an option/profit share Dolce Natural Sweet Solution • Partners: BRAIN, AnalytiCon Discovery, Roquette • Scope: program for the discovery, development, approval and commercialization of new natural sweet • Members get first-hand access to desired application and access to our SweetBox and Human Tounge Cell technology derived sweetener and sweet taste enhancer candidates • Technology Platform: BioActive and process development • Research Business Model: tech access fee, annual membership fee, success fees • Commercial Model: currently in negotiations Aurase • Partners: Spin-off SolasCure • Scope: innovative wound debridement agent for the cleaning of chronicle wounds • Exclusive development through SolasCure, IP at BRAIN • Technology Platform: enzyme/proteins • Research Business Model: fees, technology transfer • Commercial Model: spin-off, exit optionality, production through BRAIN (independent from owner)

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 31 NBD Deep Dive, The Pipeline Medium Market Potential

Perillic Active • Partners: US distribution partner contracted (non-disclosed); toll manufacturing • Scope: nature based anti-microbial for food, feed, drinks and cosmetic applications, generated from industrial side streams • Exclusive development with partners • Technology Platform: BioActive • Research Business Model: fee • Commercial Model: JV/profit share

Gold from Waste Streams / Urban Mining • Partners: partner search actively running; LOI in place; non-exclusive partnerships

• Scope: CO2 efficient biological process for gold extraction from low-grade waste streams, today these valuable waste streams are deposited • Technology Platform: microorganisms • Research Business Model: own development, partially public funding • Commercial Model: flexible, dependent on partner and options for BRAIN (options: royalty, license, JV or franchise system)

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 32 NBD Deep Dive, The Pipeline Small Market Potential

Natural Beverage 1 • Partners: Suntory • Scope: nature based low calorie drink innovation through fermentation • Exclusive to Suntory, in a certain field • Technology Platform: microorganism/starter cultures • Research Business Model: milestone payments • Commercial Model: starter cultures, license fee, royalties

Salt Taste Enhancer 1.0 • Partners: US-Consumer Packed Goods Company • Scope: salt reducing taste enhancement via taste modulation • Exclusive development with partner for one identified molecule • Technology Platform: BioActive • Research Business Model: fee, milestone payment (research phase finalized) • Commercial Model: royalties

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 33 NBD Deep Dive, The Markets I

2026 10.27 bn US$ Sugar Substitutes Market1 6.3% CAGR

2018 6.35 bn US$

2026 20.03 bn US$ Advanced Wound Care Market 2 5.4% CAGR 2019 12.84 bn US$

2027 46.85 bn US$ Mining Chemicals Market 3 6.5% CAGR 2019 28.13 bn US$

2025 1.54 bn US$ Salt Substitutes Market 4 7.8% CAGR

2019 0.84 bn US$

2026 15.94 bn US$ Microbial Control 5.4% CAGR Biocide Market 5 2019 11.15 bn US$

2026 8.7 bn US$ Industrial Enzymes Market 6 6.5% CAGR

2020 5.9 bn US$

1 Fortune Business Insights; 05/2020, 2 Industry Research; 08/2020 3 Coherent Market Insights; 08/2020 4 Industry statsreport BMRC; 01/2020 5 Global Market Insights, 07/2020 6 Markets and Markets, PR Newswire, 04/2020

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 34 Service Business Deep Dive

Programs with industry partners • BRAIN AG has a long track record with dedicated contract R&D programs • Monetization: tech-access, fees and milestone payments, royalties or entity formation/profit participation • Non-cyclical service contract business with secular growth

Tailor Made Solutions (TMS) Libraries Business Novel natural products & solutions for the industry BioArchive – industry leading collection of natural resources and metagenome libraries • Partnered projects with the industry • MetXtraTM: unique in silico enzyme selection (Biocatalysts) • Active NBD sales approach • ABEL®: Activity-Based Expression Libraries (BRAIN) • Cost-plus contracts, milestones & license fees • LIL®: Large Insert Libraries (BRAIN) • Cross selling of IP to non-exclusive areas • METAGENOME®: substantial metagenome libraries (BRAIN) • Strong industry network with over 100 collaborations • CompActives®: easily scalable compounds for bioactivity completed screenings (BRAIN) • Deep and broad knowledge in enzymes, microorganisms • MEGx: world’s most sustainable collection of purified natural and bioactive natural compounds products, isolated from plants (MEGxp) and microorganisms • Focus areas: nutrition, health and the environment (MEGxm) (AnalytiCon Discovery • From lab to production • Multi-year contracts

Strong link & interaction

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 35 Partnerships „BRAIN Inside“* More than 100 exclusive partner collaborations successfully completed

Enzymes Microorganisms Bioactive Natural Compounds

Industrial Partner*

*confidential partnerships not disclosed

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 36 Partnerships „BRAIN Inside“ Novel Solutions with high value added for our partners

Enzymes Microorganisms Bioactive natural compounds

Product range Beiersdorf

BRAIN inside Low temperature Flavorpro™ 786P Optimisation Skin anti-irritant detergent enzymes flavor creation of microbial strain for Symsitive 1609 in cheese processing isomalt production

Industrial partner

#3 detergent BRAIN #1 European #4 ingredients business globally subsidiary sugar company supplier globally

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 37 Enzyme Production, Expression Hosts For expression hosts, a wide variety of protein expression systems are available

Enzymes can be expressed in cell cultures of bacteria or yeasts. *

Factors for choosing an expression system • Protein quality • Functionality • Regulatory • Production speed and yield

Biocatalysts and WeissBioTech • Use either bacteria or yeasts for the recombinant production of the enzyme being manufactured * • Have the ability to perform the fermentation process over a range from 250mL to 10m3 scale • This makes it possible to efficiently optimize the production yield

Ongoing development & optimization of our expression hosts is key for the cost competitiveness of our products. In-licensing is also under consideration.

*source: Biocatalysts

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 38 Enzyme Production, Expression Hosts Strain Development: Setting the Scene

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 39 We Cover the Entire Enzymes Value Chain All steps are underpinned by strong customer application knowledge

Discovery Protein and Enzyme Expression/Secretion: Large Scale Formulation Marketing and Engineering Bioprocesses & scale-up Fermentation And Blending Sales

BRAIN

Biocatalysts Biocatalysts

WeissBioTech BioSun

Partners CMO’s and Partners Distributors

Bolt-on M&A can further help strengthen our offering

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 40 SolasCure Ltd. Revolutionizing Chronic Wound Care through Biomimicry

For BRAIN: • Discovering a unique technology and spinning it out in 2017 as a separate company • 45,81% shareholding of BRAIN AG, at equity consolidated • Created a targeted team at SolasCure Ltd. • Share the commercialization financing burden with new investors • Allows monetization at exit (e.g. IPO, Strategic Investor, PE) • Aurase® IP stays with BRAIN AG, (patent estate, WO 2010/099955)

The Market: • Chronic wounds effect about 40mln people and consume about 10% of health care expenditures • Advanced wound care market CAGR expected at 6,5% ‘18-26* (aging, diabetes and obesity are the main growth drivers) • Alternative to ineffective and painful surgical or autolytic debridement • Current target market size ~€600mln

The Product: • Aurase® is a hydrogel containing a safe, active, highly specific enzyme Aurase® • The enzyme has been isolated and cloned from medical maggots (green bottle fly) treatment • Currently phase 2 of clinical trials • Aurase® to be produced in a GMP biotechnological process • Santyl ® of S&N is currently the market leading drug for non-surgical wound debridement

*allied market research ‘19

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 41 BioArchive – The Toolbox of Nature

High Value

53.000 13.000 43 >450 person Characterized Plant fractions Metagenome libraries years to Microorganisms available for isolation reproduce campaigns

450 11.700 231 ~175 Habitat collections Samples derived from Giga-bp DNA ready patents and environmental edible biomaterials to screen ~40 samples patent 464 49.500 300 Mio. families Gene libraries Natural and naturally Reusable ready-to- available for inspired compounds screen Metagenome Powering screening clones TMS, NBD & product sales

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 42 BioArchive – The Toolbox of Nature A proprietary In-House Screening Resource

Biomaterial source Compound source Biodiversity Chemical/Synthetic space

Chemodiversity profiling High quality Cultivation and/or extraction Rationally selected Fractionation or isolation Good access (resupply & costs) Structure elucidation In silico tox (pre-)evaluation

>12,000 naturals compounds >14,000 enriched fractions > 30,000 (semi-)synthetic compounds

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 43 R&D / Technology Platforms – Industrial Biotechnology Toolkit

Bio-based resources Candidate discovery BioArchive – industry leading collection of natural resources and metagenome libraries High-throughput isolation – extraction and purification of natural products from variable biological • MetXtraTM: unique in silico enzyme selection (Biocatalysts) resources (AnalytiCon Discovery) • ABEL®: Activity-Based Expression Libraries (BRAIN) Compound discovery – activity- and sequence-based screenings for application-driven research incl. • LIL®: Large Insert Libraries (BRAIN) biochemical and human cell-based assays • METAGENOME®: substantial metagenome libraries (BRAIN) • screenline®: human cell-based receptor cell lines (BRAIN) • CompActives®: easily scalable compounds for bioactivity screenings (BRAIN) Structure elucidation – determination of molecular structure of (novel) natural compounds • MEGx: world’s most sustainable collection of purified natural products, isolated from plants Sample provision – rapid production of selected enzyme samples for customer testing (MEGxp) and microorganisms (MEGxm) (AnalytiCon Discovery • Research Grade Sample (RGS): small volume enzyme sample production platform (Biocatalysts) • Design for Manufacture (DFM): selection principles of enzyme candidates to maximise the probability for high expression in vivo and production scale-up (Biocatalysts)

Product development Microbial expression – large set of pro- and eukaryotic expression strains, termed chassis, for the Production scale-up economic production of enzymes and biocatalysts Process development – establishment of up- and downstream processes for efficient and cost- Microbial strain development – tailor-made designer strains based on conventional methodologies, effective microbial production plus engineering novel synthetic pathways and artificial operons for high-value industrial production Process optimization – identification of optimal parameters for superior production results Gene and protein engineering – expression of genes and gene clusters for rationally redesigned Product blending & formulation – superior knowhow for blending enzymes production strains, including synthetic biology application, for customized enzymes and biocatalysts with optimized properties

Data evaluation Analytics – state of the art equipment up to implementation of quality and stability control; covering proteins, metabolites and synthetic compounds Bioinformatics – top-modern bioinformatic technologies for read-out of Next Generation Sequencing (NGS) results, Design of Experiments (DOE), big data analysis

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 44 HR: People – Our Core Capital* BRAIN is a Knowledge Driven Enterprise Innovation is our Passion & Teamwork our Basis

• Strong corporate culture • Global scientific and university network • Technology campus • BRAIN alumni platform

~39 9 >60 years average age years average tenure different Professional Degrees 54% 8 55% female employees trainees Academics

 7% 23% Average fluctuation since ‘04 strong support for PhD and PhDs master theses = equal pay policy

* numbers refer to BRAIN AG

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 45 Detailed Management & Employee Incentives

 Since the IPO BRAIN AG’s board as well as management compensation has been linked and aligned with shareholder interests

Executive Board variable component based on individual quantitative & qualitative targets (Fix + performance based bonus) stock component, see ESOP

CoPerBo ESOP Specific Incentives at Daughter Companies Corporate Performance Bonus Employee Stock Ownership Program  Growth equity program Biocatalysts Ltd. • Incentivize and retain managers  Since FY 2015/16  Since June 2018 • Share program without voting or dividend rights th  For all employees without personal targets  Board, managers and employees • Put option based on reporting Sept. 30 , 2022  Annual bonus based on basic salary  Incentive and retainer • Growth incentive with pre-defined EBITDA multiples  Three factors, 1/3 each  1 Option = 1 Share at exercise price • Cash settled, €17.07 value/share as of September th • Total operation performance BioScience  Strike price €20,67 and €10.64 from ESOP 30 , 2019 • Adj. EBITDA BioScience 2017 and 2018  Employee share scheme, AnalytiCon Discovery • Absolute share price performance in FY  Beneficiary needs to still be employed • Put options for employees and management until  Payout range between 0-30% of basic salary  Earliest exercise day, 4 years after grant February 2020  Caps partially in place • Remuneration in 3 tranches  Monte Carlo model applied for fair value • Ownership now at 100% calculation  437,600 options outstanding as of Sept.30th 2019

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 46 Peers by Business Activity

BRAIN AG

BioScience BioIndustrials

Solutions&Services Customized Products Advanced Wound Care Own R&D

Brightseed Amyris Smith&Nephew Codexis Christian Hansen (Santyl) Dyadic Evolva Evotec Kerry Group MorphoSys Novozymes Pure Circle Symrise Treatt

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 47 Detailed Financials – Organic vs. Reported

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 48 Detailed Financials – Cost Ratios

Long-term material expense ratio Long-term adj. personnel expense ratio* 70,0% 140,0%

60,0% 120,0%

50,0% 100,0%

40,0% 80,0%

30,0% 60,0%

20,0% 40,0%

10,0% 20,0%

0,0% 0,0% 12M 19/20 12M 18/19 12M 17/18 12M 16/17 12M 15/16 12M 14/15 12M 19/20 12M 18/19 12M 17/18 12M 16/17 12M 15/16 12M 14/15

Group BioScience BioIndustrial Group BioScience BioIndustrial

*adj. for ESOP and employee share scheme, AnalytiCon Discovery

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 49 Detailed Financials – Adjusted vs. Reported

For a like-for-like comparison BRAIN AG adjusts its EBITDA for its employee stock ownership program, performance based numeration in daughter companies, extraordinary board charges and acquisition & integration costs

(in € thousand) 12M 19/20 12M 18/19 EBITDA -3,876 -2,496 Personnell expenses from the employee share schema at AnalytiCon Discovery GmbH 0 -35 Share-based employee compensation -629 -266 Acquisition and integration costs incurred in the expansion of the BRAIN Group -222 -27 Board Changes & Corona Bonus -1,007 0 Adjusted EBITDA -2,018 -2,167

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 50 Detailed Financials – Financial Debt vs. Financial Liabilities

For or a detailed analysis of our EV calculation, our financial liabilities include:

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 51 Detailed Financials – Balance Sheet

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 52 M&A Criteria & History

Qualitative mid-term M&A criteria Quantitative mid-term M&A criteria

• B2B only • Bolt-on character • Clearly focused on the product business • Profitable or at least break-even • Niche applications and producers • Value accretive within 1-2 years post synergies • Europe focused, US might be an option • Realize economies of scale

2009 2012 2013 2014 2018 2021 Purchase

2019 2020 Change Minority Buy-Out Minority Buy-Out

Disposal 2019 Brain AG M&A Transactions Purchases Target Time Description Comment L.A.Schmitt 2009 B2B cosmetics Monteil Cosmetics 2012 B2C cosmetics AnalytiCon Discovery 2013 Library, TMS, R&D WeissBioTech 2014 enzyme design & production Biocatalysts 2018 enzyme design & production 65.55% owned, put/call options in place BioSun 2020 distributor, formulator and blender

Disposals Asset Time Comment Monteil Cosmetics 2019 B2C cosmetics refocus of Brain on the B2B segment

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 53 Management CV  Executive Board

Adriaan Moelker Lukas Linnig (CEO) (CFO)

• Master of Business • B.S. in Economics, CFA Administration • Year of birth: 1993 • Year of birth 1964 • Joined BRAIN in 2015 • Joined BRAIN in 2020 • 7+ y leadership experience in • 20+ y of professional experience finance, controlling and legal in industrial biotechnology • Successful in implementing innovation finance controlling systems • Successful in terms of • Prior to BRAIN: VC and innovation & revenue consulting • Extensive global experience in • Advisor during the IPO all key industrial enzyme segments

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 54 Management CV – Selected Senior Management

Dr.-Ing. Ute Dechert Dr. Michael Krohn Dr. Martin Langer (VP HR&Processes) (EVP, Head of R&D) (EVP, Head of Business Development)

• Doctor of Engineering • PhD Molecular Biology • PhD, Molecular Biologist & (Biochemistry) Biochemist • Joined BRAIN in 1997 Joined BRAIN in 1996 • Joined BRAIN in 1995 • • 20+ y of leadership experience in • 20+ y of professional experience BioActives, functional ingredients, • 25+ y of professional experience in project management, grant contract research, business in business development, management, HR, organization development marketing, communication and & processes VC • Coordination NatLifE 2020 Active ASIIN, Dechema, • Since 2013 member of the • • Since 2013 member of the BRAIN University of Esslingen, VBU BRAIN AG executive committee AG executive committee

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 55 Our Share*

FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20

29.01.18 € 27.50

28.02.18 € 24.65 26.10.17 3M 08.03.18 27.01.17 € 21.95 15.02.18 € 24.50 20.06.18 € 24.49 Green € 23.55 AGM € 23.10 Mining Ad Hoc 3M CyPlus 07.03.18 22.08.18 € 23.05 € 21,75 SolasCure DOLCE 07.08.18 19.03.18 € 22.05 30.08.18 € 23.95 12.07.17 CFO € 20.40 DOLCE Biocatalysts € 18.00 30.05.18 Goebel DOLCE € 20.65 31.08.18 02.10.18 31.05.17 15.12.17 6M € 19.30 9M € 18.00 € 21.80 € 17.94 6M 31.08.17 12M 10.10.18 € 17.88 € 17.30 28.02.17 CBO Roedder € 16.30 9M 06.09.18 3M € 17.00 16.11.16 09.03.17 22.10.18 € 15.12 € 15.90 € 14.96 DOLCE AGM CFO 10.01.19 02.10.19 Bender € 12.80 € 13.32 14.01.20 23.09.16 AR € 11.20 18.12.19 26.09.16 07.03.19 AR € 11.50 € 10.64 € 11.80 € 10.56 Changes 06.10.16 26.11.18 29.05.19 Production 29.02.16 Managementboard AGM € 11.60 € 11.80 € 10.16 Capacities 27.02.20 € 9.89 04.06.20 29.08.16 Suntory 6M € 8.84 € 8.43 3M 14.12.18 30.08.19 € 10.37 Ad Hoc Ad Hoc Capital DOLCE 31.08.16 € 11.90 28.02.19 € 8.56 € 10.64 9M Marquart increase € 10.01 9M 12M 25.06.19 28.02.20 3M € 9.70 02.12.19 € 8.88 3M 10.02.16 Monteil € 9.40 31.05.16 05.03.20 € 9.00 Ad Hoc 07.05.20 29.05.20 € 8,35 13.08.19 € 9.02 Eck/ € 9.12 € 8.62 6M 14.06.16 € 7.88 AGM Moelker Change 6M € 7.33 CFO

17.03.20 € 5.64

*from the IPO until June 30, 2020 (9M FY 19/20) Source: Finanzen.net (Xetra; Close)

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 56 BRAIN stock performance FY 2019/20 (1.10.2019 – 30.09.2020)

02.10. 2019 2020 €13.3 2€13.1 6

14.01. Annual Report €11.20

12.12. 12M €10.20 €10.24 17.12. PI 07.05. PI Change 28.02. 3M CFO Biocatalysts/WBT 03.06. Capital increase €10.16 €9.12 €9.40 05.03. General €9.10 02.12. PI Change CEO Annual Meeting 07.07. PI Roedder €8.84 €9.02 €8.26 27.02. Ad Hoc €8.62 15.09. CMD €8.44 Marquart 29.05. 6M €8.24 €7.96 03.07. PI WBT 23.07. PI €7.84 Heraeus 31.08. 9M 30.09. € 7.10

€5.64 17.03.

FY 19/20 Performance: - 46% from Oct. 01st, 2019 (€ 13.16) to Sept. 30th, 2020 (€ 7.10) BRAIN Market Cap: 30.09.2019 = € 216m 30.09.2020 = € 141m

Source: Finanzen.net (Xetra; Close), 01.12.2020

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 57 Analyst Coverage

Bank Analyst Target Price Recommendation

Laura López Pineda Markus Mayer 17.50 € Buy

Falko Friedrichs 12.00 € Buy

Dennis Berzhanin 10.50 € Buy

Peter Spengler 7.60 € Hold

Dr. Mohamad Vaseghi 15.00 € Buy

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 58 Glossary

Aurase® Enzymatic agent as part of an innovative gel-based medical device for the biotherapeutic treatment of chronic wounds Bioactive natural compounds Used to develop products for the food, beverages, skin care, cosmetics and chemical industries

Bio-based Bio-based products are goods manufactured from renewable raw materials

Biocatalysts Enzymes that act as catalysts to accelerate (bio)chemical reactions

Biocatalysts Ltd. and BRAIN subsidiaries based in UK (headquarters in Cardiff, Wales) and subsidiary in US (Illinois); Biocatalysts Inc global distributor network e.g. Korea, Australia, New Zealand. Key player in the specialty enzyme business Bioeconomy Concept for a biobased economy; mega-trend that encompasses the transformation from industries based on fossil raw materials to a more sustainable form of economic activity that mainly utilizes biological resources and processes BioIndustrial One of BRAIN’s two business segments: development and marketing of the company’s own products along the value chain Biologization of industry Application of biological processes in an industrial setting with the aim of creating a more sustainable economy

Biorefinery Technology for the sustainable processing of biomass into marketable products (e.g. food, feed, materials, chemicals) and energy (fuels, electricity, heat).

Integrated biorefineries combine various such technologies with the aim of greater flexibility and cost reduction. Integrated biorefineries facilitate the use of byproducts and waste, and enable the production of high-quality products (e.g. fine chemicals) combined with low-quality products (e.g. bioenergy). BioScience One of BRAIN’s two business segments: cooperation business established with globally operating industrial partners Biotechnology Application-oriented sub-sector of biology; includes insights and methods from microbiology, genetics, biochemistry, technical chemistry and process engineering; utilizes biological processes e.g. for industrial applications

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 59 Glossary

BioXtractor BRAIN demonstration plant for next-generation metal extraction in the areas of green and urban mining based on microorganisms BRAIN Bioarchive In-house collection consisting of around 53,000 comprehensively characterized microorganisms (including “chassis microorganism” strains for the development of production organisms) and the BRAIN libraries: an enzyme library, a metagenome library and a substance library with numerous isolated natural compounds (see also BRAIN libraries) BRAIN Libraries BRAIN Group collections of enzymes, DNA sequences or natural substances

Enzyme library: up to 500 isolated and pre-characterized enzymes and DNA coding for enzymes introduced into expression vectors

Metagenome library: screenable DNA library with metagenomes from different habitats; collection serves to identify previously uncharacterized enzymes and metabolic pathways

Substance library: collection of natural substances with sub-libraries of specific, well- characterized groups of substances Bulk enzymes markets Volume-driven mass markets for enzymes sold in large volumes. This stands in contrast with the high-margin business with specialty enzymes Business-to-Business (B2B) Form of the market in which the supply and rendering of services is realized by companies to companies (= business relations between at least two companies) Circular economy Term derived from the fusion of the two concepts of the “bio-economy” and the “circular economy”; circular bio-economy focuses on the sustainable, resource-efficient utilization of biomass in integrated production chains (e.g. biorefineries) while BRAIN demonstration plant for next-generation metal extraction in the areas of green and urban mining based on microorganisms simultaneously utilizing residual and waste materials; the sequential use (cascade use) of biomass resources for different purposes ensures value optimization. Clone Genetically identical organisms, created by natural division or reproduction, or artificially created

Circular economy Concept for the complete recovery of raw materials utilized, beyond a commodity’s life cycle, through to new production processes; component of the bioeconomy

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 60 Glossary

Compliance Alignment of companies with laws and directives, as well as voluntary codes

Development pipeline Total number of BRAIN Group development projects for New Business/Product Development

Development projects R&D projects of the BRAIN Group for New Business/Product Development

DNA Deoxyribonucleic acid: biomolecule that carries genetic information (genes)

DOLCE Strategic partnership initiated by BRAIN for the development of natural sweeteners and sweet taste enhancers Enzymes Proteins that accelerate biochemical reactions in their function as biocatalysts; play an important role in the development of biobased products; BRAIN identifies and develops optimized enzymes and biocatalysts for complex process and application requirements FRESCO BRAIN development program for freshness and product stability utilizing natural bioactive substances; suitable for the food and feed industry, for medical products, paints, cleaning agents and other household products Giga-bp DNA Length of a DNA sequence, indicated by the number of base pairs (1 Giga bp = 1,000,000,000 base pairs); common metagenomics measure GRAS status Generally Regarded as Safe status: declaration of safety for the use of substances (e.g. microorganisms) to manufacture foodstuffs; GRAS organisms can be utilized without restriction in biotechnological production Green mining Sustainable mining, e.g. ore treatment to extract gold, silver or copper using microorganisms rather than chemicals Habitat An organism’s natural environment

High-performance Biotechnologically optimized microorganisms that serve as microbial “cell factories” microorganisms

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 61 Glossary

HTC technology Human Tongue Cell Technology; in vitro test system based on human tongue cells, established and patented by BRAIN to test substances for their sweetening power Industrial biotechnology Also known as white biotechnology; drives innovation for a paradigm shift away from petroleum- based towards biological processes and bioeconomy products Metagenome All the genomic information present in all the microorganisms of a specific community

Metagenomics Genomic analysis of a community of organisms by gene sequencing; genetic material is extracted, sequenced and analyzed directly from environmental samples, which saves the previous cultivation of microorganisms Microorganism Microscopically small unicellular or multicellular organisms, e.g. bacteria, algae, fungi or viruses

New Business Development Systematic further development of existing and development of new business opportunities (NBD) including e.g. R&D and marketing activities New Product Development R&D activities that aim to develop product candidates for the BRAIN Group’s own market (NPD) offerings Peptides Linear, sometimes ring-shaped chain of molecules consisting of two or more amino acids; long polypeptide chains are called proteins. Product sales Sales of products in the fso known as white biotechnology; drives innovation for a paradigm shift away from petroleum-based towards biological processes and bioeconomy productsorm of merchandise, technologies or biotechnological system solutions; can be achieved via the BRAIN Group’s direct B2B business or through joint product developments with industrial partners and corresponding licensing agreements; scalable-product business option offered by the BRAIN Group (see also R&D cooperation partnerships) R&D Research and development

SALT-E BRAIN development program for healthier foods through salt reduction

SDG-UN United Nations Sustainable Development Goals

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 62 Glossary

Specialty chemicals Specific chemical products with a broad range of activities on which a large number of other industrial sectors depend Synthetic Biology Area of biology in which organisms are modified to develop new, useful abilities

Specialty enzymes market Markets for high-margin specialty enzymes business

Stage-gate process Standardized process model for developing product innovations with the aim of assuring process quality

Tailor-Made-Solutions Dedicated contract R&D programs for the development of tailor-made solutions for industry TMS Urban mining Sustainable extraction of valuable substances from secondary raw materials and waste flows in order to retain them in value chains in the long term White Biotechnology Includes the application of modern biotechnology in industrial production processes. Chemical starting materials are converted by enzymes and cells into products suitable for further processing. Also known as industrial biotechnology

Pioneering Bioproducts. © BRAIN Aktiengesellschaft Zwingenberg Germany www.brain-biotech.com +49 (0) 6251-9331-0 63