S ELECT P ERSPECTIVES ON A LTERNATE M EAT

JUNE 2 0 2 1

1 EXECUTIVE SUMMARY

Trends & Drivers GCA Consumer Practice – Regional Leaders

▪ Alternate meat……Plant-based meat……Cultivated/Cultured meat……Alternate Protein……is the next big revolution in food ▪ Increasing consumer awareness about harmful effects of the livestock industry on carbon emissions and global warming, a shift towards ESG and a desire to eat healthier are key factors responsible for growing popularity of alternate meat industry

▪ The COVID pandemic has further provided a fillip to this industry as consumers look for healthier Sameer Jindal Sunil Mehra alternatives as a foil against animal-borne diseases and a shift towards eco-friendly eating Managing Director Managing Director options Mumbai Mumbai ▪ While US and Europe are at the forefront, the alternate meats revolution is fast gaining traction [email protected] [email protected] in Asia and Australia ▪ Globally, there is already significant involvement from accelerators, PE/ VCs and Corporates and we expect many more consumer-, food- and ESG-focused investment pools to start evaluating and investing in alternate meat brands and companies across the value chain

John Lambros Ryohei Tsukinari Meat Alternatives and Possibilities Managing Director Executive Director New York Tokyo ▪ Alternate Meats have largely two key classifications depending on ingredients and manufacturing [email protected] [email protected] process – Plant-based (Vegetarian) and Cultivated (derived from actual animal cells) ▪ There is a strong and growing ecosystem across the value chain, making this a continuously evolving category. We believe this is likely to gain far greater acceptance as scale effect kicks in, also leading to diverse products and competitive pricing ▪ Players will work towards building strong “competitive moats” in R&D, manufacturing, customer relationships and branding. Alternatively, they will focus to create a product or technology niche Alex Grünwald Sigurd Solheim ▪ We are extremely bullish on the growth of this industry globally and are keenly following this Managing Director Managing Director exciting and burgeoning ecosystem! Zurich Lausanne alexander.gruenwald [email protected] @gcaaltium.com

2 I GCA Overview

II Introduction

III Plant-based Meat

Table of IV Cultivated Meat Contents

V Key Considerations

VI What’s Next?

3 JOBS/EMPLOYMENT DATA

01

GCA OVERVIEW

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7 JOBS/EMPLOYMENT DATA

02

INTRODUCTION

8 WHY ALTERNATE MEAT?

Better for health and environment Relevant to key UN Sustainable Development Goals

▪ Cutting down consumption of ▪ Vastly more sustainable than conventional meat and replacing it with meat alternate meat ensures lower – Animal agriculture uses 77% of the total risk of cardiovascular disease available agricultural land; responsible ▪ Contains sustainable for ~15% of total GHG emission carbohydrates and healthy ▪ Less damaging for the climate as emissions fats that can help balance of GHG are reduced by up to 90% compared blood sugars to conventional meat

Alternate meat significantly reduces adverse environmental impact of traditional meat

Conventional Beef Burger Alternate Meat Burgers

Sustainable Development Goals 2030 Beyond Burger Impossible Burger

99% Less Water 87% Less Water

93% Less Land Usage 96% Less Land Usage

90% Less GHG 89% Less GHG

46% Less Energy 45% Less Energy

Source:Beyond Meat and Impossible Foods websites; various news organizations GHG: Green House Gas 9 ALTERNATE MEAT – AN IMPERATIVE TO MEET GLOBAL FOOD DEMAND

A growing population needs new protein alternatives

CAGR 2025-40 9.8Bn People “The reality is that conventional "To meet the growing global demand for By 2050 production methods for meat can protein, it will take all of us working Plant-based Meat 9% not keep up with global demand together – we need both animal and cell- which is expected to double by based. Our continued investment in 2050.” Memphis Meats underscores our inclusive 100% approach to the future of meat. We need Cultivated Meat Protein Demand all options on the table to meet customer 41% and consumer needs now and in the future." Priti Youssef Choksi Elizabeth Gutschenritter 2 Earths Partner Needed MD, Alternative Protein Conventional Meat (3)%

Analysts estimate that global sales of alternative meats could grow from 1% of the total meat market (currently, $1Tn+) to 10% over the next decade

89% 73% 71% 66% 31%

Consumers believe Consumers seek out Consumers are concerned Consumers believe plant- U.S. consumers are "flexitarians“, protein contributes to a natural foods with simpler, about the long-term based meats are healthier who use plant-based meats because healthy diet cleaner ingredients health impact of artificial than animal meat they like to have days without ingredients eating animal-based meat

Source: Beyond Meat website; FoodInsight.org; Nielson Survey report; GCA estimates; AT Kearney public report 10 CARVING UP THE ALTERNATE MEAT STACK

▪ Plant-based meat products are made by combining Traditional meat Alternate meat commonly-found plant proteins and fats via an production production extrusion process Plant-based Cultivated/Cultured ▪ Process involves pushing dry protein ingredients through an opening in a perforated plate or die based - ▪ Pressure, heat, cooling and the shape of the die Ingredients Cell Selection create desired texture and shape Barn-breeding Plant ~2 months ~2 Extrusion Treatment of from plant Medium Feedlot 4 months - 3 years - 3 ▪ Cultivated meat, also known as cultured meat, is 2 genuine animal meat (including seafood and organ meats) that is produced by cultivating animal cells Formulation Scaffolding and directly Bioreactor Slaughter ▪ Cultivated meat is made of the same cell types arranged in the same or similar structure as animal tissues, thus replicating the sensory and nutritional profiles of conventional meat End product End product

Processing Cultivated/Cultured

Source: CB Insights; various news organizations 11 THE GCA CONSUMER AND FOOD TEAM

03

PLANT-BASED MEAT

12 A MASSIVE BLUE OCEAN MARKET

Global plant-based food market (including dairy and While dairy is the largest, alternate meat is growing meat) to grow at ~15% CAGR rapidly $55Bn+ CAGR (2020-27) Milk Meat Others 5 20% 15 $55Bn+ $21Bn+ $21Bn+ 4 35 11% 17

2020 2027E 2020 2027E

Global plant-based meat market is expected to scale Plant-based meat market is mostly concentrated in the US and rapidly to reach $15Bn by 2027 Western Europe; however, APAC is expected to catch up quickly Latin America Australasia $137mm $96mm 20% Asia Pacific Eastern Europe $67mm

based $163mm - 15.0 ME & Africa $167mm

4.2 North America meat market ($Bn)

Global plant $1.8Bn

Western Europe 2020 2027E $1.8Bn

Source: Good Food Institute; Public reports and data 13 PLANT - BASED MEAT PRODUCTION - TYPICAL PROCESS STEPS

Ingredients Texturing and Processing Formulation

▪ Plants with highest protein content - pea, ▪ Texturing is done using plant protein starches ▪ Plant-based meats have made great wheat, soy, chickpea, etc. – These have gel strength, tendency for film advances in replicating the red color ▪ Plant proteins are often used in formation and crispness which helps simulate associated with meat fractionated forms that provide functional meat-like texture – While some companies use beet characteristics of conventional meats like ▪ Aroma distinguishes meat from all other foods; extracts to color their products, solubility, gelling, emulsification, dough this is due to a protein called “heme” others rely on leghemoglobin formation, etc. – In plants, heme is most commonly found as ▪ Fat is key for enhancing flavour and is ▪ Soy protein delivers the most meat-like “leghemoglobin” in the roots of soybean responsible for richness and juiciness plants taste and texture ▪ Coconut oil is the current industry – Heme, present in low concentration in plants, – Ongoing research to continuously standard as a replacement for animal is currently being created with bacteria using improve the texturization process fat a recombinant protein production technique ▪ Pea protein (made popular by Beyond Meat) – Leading players incorporate this in is the fastest growing segment due to its ▪ Processing is mainly done via extrusion. Key small, solid chunks to mimic the complete* amino acid profile steps include: appearance of animal fat – Hydrating Textured Vegetable Protein (TVP) – The other option could be a – Mixing other ingredients and shaping into combination of plant-based oils, patties, nuggets, etc. such as canola and sunflower oils, to increase the melting temperature – Frying, baking or steaming and carrying out and extend juiciness ESLPs**, followed by cooling

Source: Market sources; Various news organizations * There are nine essential amino acids in our diets - animal-based foods contain all and are therefore considered complete proteins **Extended Shelf Life Processes – These include heat-pasteurization and high-pressure processing, among others 14 A PLETHORA OF PLAYERS ARE ADDRESSING THIS $4BN+ MARKET

BEEF: Largest segment globally

POULTRY: Largely plant-based chicken | Rapid growth SEAFOOD: Latest entrant | Most difficult to replicate and interest driven by the success of alternate beef but gaining rapid traction compared to beef and poultry

PORK: Mostly driven by growth in Asia

Source: Good Food Institute; various news organizations 15 POPULAR BRANDS PAVING THE WAY FOR MASS SCALE ADOPTION

▪ Recently launched the McPlant product line (plant-based beef, pork, chicken and fish items) in select markets in the US ▪ Offers the BigVegan burger in Germany and Israel, the McVegan in Scandinavia, and the McAloo Tikki sandwich in India ▪ Partnered with Green Monday to launch multiple OmniPork menu items across hundreds of outlets in Hong Kong and Macau

▪ Tied up with Impossible Foods to launch the “Impossible Whopper” in the US ▪ Expanded its partnership with Unilever-owned Vegetarian Butcher by launching a plant-based Whopper with a Vegetarian Butcher patty in China and Latin America ▪ In the Philippines, Burger King sources its Rebel Whopper patties from Australia -based v2food, and in South America, the mega chain has partnered with Chilean supplier NotCo

▪ Partnered with Impossible Foods to launch the Impossible Breakfast Sandwich; partnered with Beyond Meat to launch several new plant-based meat items across its stores ▪ Added plant-based milk alternatives such as soy, coconut, almond and oat milk to its offerings ▪ Added plant-based food and beverages to menus across Asia including the Spiced Impossible Puff and Maize Impossible Sandwich in Hong Kong and Beyond Meat Bolognese Penne in Taiwan

▪ Partnered with Beyond Meat to launch vegan fried chicken in Atlanta, US, which was a massive success ▪ Debuted plant-based chicken nuggets from Cargill in China; also joined fellow Yum China brands Taco Bell and Pizza Hut in offering plant-based burgers from Beyond Meat

▪ One of the most prolific corporate investors in alternate meat companies – Tyson Foods was one of the first investors in Beyond Meat prior to selling its stake

Source: Good Food Institute; various news organizations 16 ASIA – READY FOR TAKE - O F F ( 1 / 2 ) India ▪ While the industry is still at a nascent stage, this is expected to turn into a multi -billion dollar opportunity over the medium term – A recent survey shows high receptivity to plant -based meat, with 63% respondents saying they would try it – The pandemic seems to have accelerated the willingness of people to try plant -based meat alternatives – A protein deficit diet could be an important consideration for acceptance of plant-based meats going forward ▪ Ideally placed to be an important back -end for the global plant-based meat industry, considering availability of skilled manpowe r and abundant agri and agri-processing resources ▪ Recent Developments: – April 2021- Beyond Meat entered India – December 2020 - Domino’s introduced its plant-based protein product ‘The Unthinkable Pizza’ in key metro cities – GoodDot has partnered with multiple global players for launching its products across US, MENA – Blue Tribe launched plant-based chicken nuggets – Wakao Foods is creating products made out of Jackfruit while Vegolution uses Tempeh and soybeans as a base

China and Hong Kong ▪ China too is on the cusp of a plant -based-protein revolution driven by factors including health, commitment to climate change and the recent pandemic. Alternative meat supplies are also urgently needed to ensure food security – China’s government has published guidelines to cut meat consumption in half by 2030 to reduce pollution and combat obesity – Chinese competitors are seeking to grow market share in anticipation of huge state contracts and government perks like tax br eaks and free factory space ▪ The implications could be transformative not just for China but also for the world. More than any other nation, China has the ability to leverage economies of scale ▪ Recent Developments: – KFC has begun selling plant-based chicken nuggets – Yeung’s pork substitute OmniPork is on the menu across China at thousands of Taco Bell and Starbucks branches, being used to make everything from tacos to salads – Chinese fried-chicken franchise Dicos (a KFC rival and one of China’s top three fast -food chains) swapped the real egg in all its breakfast sandwiches with an alternative derived from mung beans made by California -based Eat Just

Source: Various news organizations 17 ASIA – READY FOR TAKE - O F F ( 2 / 2 ) Southeast Asia ▪ For plant-based meat, Singapore is booming, with several companies working on alternative protein innovations. This is also driv en by strong support from Singapore’s government, which has climate change as a key priority going forward ▪ People in this region have been eating other plant-based protein foods - tofu, tempeh and mock meats, for a long time. However there is a strong secular trend towards the uptake of plant-based foods by flexitarians* ▪ The rest of SE Asia region will likely take more time to convert to plant-based meats given low animal meat prices coupled with limited importance being placed on sustainability in many of these countries ▪ Any change will likely be led by consumers desire to turn flexitarian ▪ Recent Developments (Singapore) : – Next Gen Foods recently launched its plant-based chicken brand Tindle across restaurants in the country – Karana unveiled its jackfruit ‘Pork’ – Impossible Foods doubled up on its retail presence and frozen foods giant TYJ debuted its frozen meatless brand ALTN – Growthwell Group, a Singapore-based manufacturer of plant-based meat and seafood alternatives, raised $ 11.4mm from Temasek

Japan ▪ Ensuring food security is one of Japan’s top policy objectives. Shrunken domestic production, land scarcity and heavy relianc e on imports, along with the environmental costs associated with prevailing dietary choices, are leading Japan to rethink its carnivorous diet ▪ Also, growing awareness about ethical, environmental, and health concerns encourages Japanese consumers to shift from animal-based to plant-based food products ▪ Leading companies are seeking to drive the shift to plant -based meat in Japan, despite meat-eating inertia. Nearly all of these plant -based meat and dairy alternatives currently are soy-based ▪ Recent developments: – Major Japanese food are seeking to assign more resources to plant-based meats – Starzen, a leading integrated meat company, together with a leading health food and drink manufacturer Otsuka, developed a brand called ‘ZEROMEAT’, and is selling plant-based sausages, meatball and hamburg steak patties made from soy protein and egg whites – Ito Ham, entered the market with a ‘Soy Meat’ brand. Similarly, Nippon Ham entered the market too with a brand called ‘ Natu Meat’, which utilize konnyaku (the root of the konjac potato) to add chewy texture to the soy protein – Daiz (Japan’s answer to Impossible Foods) recently raised $17mm in Series B round from a number of Japanese strategic and financia l investors

Asia’s rapidly evolving food space is being revitalized with novel plant -based launches, along with new iterations of traditional cuisine. Global players are also viewing Asia as the next big market.

Source: Various news organizations *People who eat meat but looking to incorporate more vegetarian options into their diets 18 SECTOR HAS ATTRACTED SIGNIFICANT VC/PE INVESTMENT

Year-wise investments in plant-based food companies globally Investment ($mm) Deal Count 98 93 74 2100

42 32 20 13 17 8 4 6 605 667 301 174 159 274 23 6 12 48

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Raised Raised Raised Raised $1.6Bn $535mm $122mm $115mm

AI-based plant- Plant-based Plant-based Plant-based based meat meat substitutes alternatives meat substitutes substitutes

Raised Raised Raised Raised $86mm $70mm $50mm $32mm

Plant-based Plant-based Plant-based Plant-based minces, burgers meat pork chicken and sausages

Source: Good Food Institute; Pitchbook; Crunchbase; various news organizations 19 KEY ACTIVE INVESTORS

Accelerators Corporate VCs PE/VCs

Active ecosystem of global Focused on providing corporate Healthy mix of early stage accelerators/incubators to support the parents with access to new ingredients dedicated “Food/Agri” funds and burgeoning ecosystem and an accelerated learning curve larger “Bulge Bracket” funds

Source: Good Food Institute; Pitchbook; various news organizations 20 CASE STUDY: IMPOSSIBLE FOODS

Founded by former Stanford Biochemistry professor Pat Brown, Impossible Foods is a unicorn start -up and spearheading plant-based meat disruption globally

2016 2017 2018-19 2020-21

Launched its flagship product, In early 2017, Impossible started Partnered with burger chains like Announced its partnership with the Impossible Burger, in July working out of its new Oakland, Bareburger, Umami Burger and Kroger to roll out the Impossible 2016 California factory, where the followed with a partnership with Burger to all 1,700 of the company could produce over 4 hamburger chain White Castle company’s supermarkets across Production capacity was million burgers a month the United States constrained by its two relatively Managed to make its mark on the small facilities, scaling to the Solved the scale and pricing menus of 5,000 restaurants in all 50 COVID-19 acted as a significant masses proved to be challenging issue with its mass production states tailwind for Impossible capability Raised $16.5mm debt funding With a proven growth playbook in - Expanded into Asian markets – Raised $75mm funding hand, Impossible continued to Impossible products are available leverage partnerships to distribute in nearly 100 outlets of its product, including securing a PARKnSHOP in Hong Kong, and in nation-wide rollout of Impossible nearly 100 outlets of FairPrice Whoppers with Burger King and online retailer RedMart in Singapore Raised $600mm+ Raised $700mm at $4Bn valuation

Source: Impossible Foods website; various news organizations 21 CASE STUDY: BEYOND MEAT

Brief overview Financial metrics ▪ Manufactures, markets, and sells plant-based meat products in Sales ($mm) the United States and internationally 407 418 ▪ Sells its products through grocery, mass merchandiser, club, 298 Gross Margin (CY20): 33% convenience store, natural retailer channels, restaurants, 88 EBITDA Margin (CY20): (4.5)% foodservice outlets and online channels 33 ▪ Founded in 2009 and is headquartered in El Segundo, California 2017 2018 2019 2020 Apr-21 ▪ Present across 28,000 retail locations and 42,000 foodservice LTM locations across the US ▪ Key products: 235 Stock performance Equity Value: $6.8Bn 185 Listed on: May-2019 / Up 135 132% since IPO 85 Cumulative Funding (as a Beyond Beyond Beyond Beyond Beyond Beef 35 private company): $122mm Burger Meatball Sausage Beef Crumbles May-19 Nov-19 May-20 Nov-20 May-21

Competitive moats Future growth drivers

Customer relationships ▪ Strong growth potential in China: 1 Strategic partnerships with McDonalds, KFC and Taco Bell – Targeted China as a top market for growth given the country’s massive population and appetite for meat Brand power – Built its presence in mainland China with two manufacturing 2 Strikes a chord with Millennials and Gen Z consumers that want to facilities near Shanghai be associated with transparent, authentic and socially-driven ▪ Capacity expansion: brands – Expanded capacity by 50% in 2020 and intends to continue to Pricing strategy expand in 2021 3 Articulated a strategy for gradually reducing pricing for its products ▪ Aggressive focus on QSRs as preferred distribution channel to eventually match or undercut traditional meat

Source: Beyond Meat website; Capital IQ, Crunchbase; various news organizations 22 THE GCA CONSUMER AND FOOD TEAM

04

CULTIVATED MEAT

23 STILL SMALL COMPARED TO PLANT - BASED BUT SCALING QUICKLY

Global cultured meat market to grow at 15% CAGR

Cultivated meat has all the same fat, muscles, and tendons as any animal. … All this can be done with little or no greenhouse gas emissions, aside from the electricity you need to power the $530mm labs where the process is done. $200mm Bill Gates Chair of the Board Breakthrough Energy 2020 2027E

▪ Unlike plant-based meats, cultivated/cultured/clean meat is a lab-grown alternative produced from animal cells ▪ Several promising startups and capital sources are working rapidly to bring these products from the lab to commercial scale ▪ Given that commercialization is still in its infancy, we believe that the above market size could be significantly underestimated

– Originally funded by Google co - “We’ve done a lot of work in scaling up “Instead of raising an animal for two to founder Sergey Brin the cell culture... to something that – Backed by four years …we can directly cultivate a – Other investors include: can be used on an industrial scale” steak in three to four weeks with a fraction Mark Post of resources” Didier Toubia Co-founder, MosaMeat Co-founder & CEO, Aleph Farms

– Backed by Bill Gates and Richard “The world loves to eat meat…Meat “The next five years will be about who Branson demand is growing rapidly around the – Backed by: survives, who makes the cut and who is able – Other investors include: world. We want the world to keep to support companies like ours make that eating what it loves” Uma Valeti step over to large-scale manufacturing.” Co-founder Sandhya Sriram – Backed by Memphis Meat/Upside Foods Co-founder & CEO, Shiok Meats

Source: Good Food Institute; Market Data Forecast; various news organizations 24 CULTIVATED MEAT PROCESS

1 Removal of muscle tissue The cells are placed into a petri dish Plant-based serum and bathed in a liquid growth medium Painlessly taken directly from The growth medium is critical, as it an animal (usually using local contains a number of proteins, anaesthesia), from cell banks, 2 Primary/Stem vitamins, sugars and amino acids that pieces of fresh meat or other cells cells require in order to grow and sources duplicate The types of cells selected for these lines can be either primary cells, which include Addition of plant-based muscle or fat cells, or stem 3 Cell culture growth serum to the cells culture media Growth serum

4 Muscle growth

One of the challenges being tackled by lab-grown meat companies is creating scaffolds 5 Processing that mimic collagen and other internal structures that are naturally present in meat

While some start-ups are focusing on growing 3D tissue on edible scaffolding, others are exploring techniques such as 3D bio-printing 6 Clean meat Scaffolding/3-D Printing

Source: Various public sources 25 INCREASING NUMBER OF NEW PLAYERS ENTERING THE SEGMENT… Beef

Poultry Pork

Seafood

Source: Good Food Institute; various news organizations 26 …ATTRACTING INTEREST FROM LEADING PE/VC INVESTORS

Year-wise investments in cultivated meat companies globally

Investment ($mm) Deal Count

366 ▪ Total investment saw the biggest spike in 2020 – 72% of cumulative funding came in 2020, showing rapidly growing interest in the sector 49 ▪ 94 new investors joined the bandwagon in 2020 – 62% 29 21 growth over 2019 6 8 ▪ Biggest rounds include $180mm raise by Upside Foods 60 40 (erstwhile Memphis Meats) from Softbank and Norwest 6 20

2016 2017 2018 2019 2020

R a i s e d R a i s e d R a i s e d $ 1 8 0 m m $ 9 6 m m $ 8 5 m m

Cultivated Cultivated chicken Cultivated beef seafood

R a i s e d R a i s e d R a i s e d $ 2 0 m m $ 1 8 m m $ 1 4 m m

Cultivated meat Cultivated and seafood animal fat Cultivated beef

Source: Good Food Institute; Pitchbook; Crunchbase; various news organizations 27 KEY ACTIVE INVESTORS

Accelerators Corporate VCs PE/VCs

Critical source of capital and expertise Focused on providing corporate Skewed towards early stage funds | to help incubate and support this early parents with access to new ingredients Will attract larger “Brand Name” stage ecosystem and an accelerated learning curve funds as ecosystem matures

Source: Good Food Institute; Pitchbook; various news organizations 28 RECENT DEVELOPMENTS

▪ Eat Just has been granted the world’s first regulatory approval for cultured meat First Regulatory ▪ Its cultured chicken has been approved for sale in Singapore as an ingredient in chicken bites Approval & ▪ Soon after the approval, Eat Just made the world’s first -ever commercial sale of cell-based meat for human Commercial Sale consumption to 1880, a restaurant in Singapore, which will be launching Eat Just’s cultivated chicken “Good Meat”

▪ Israel-based MeaTech, a cultivated meat producer that uses 3-D printing, acquired Belgium-based Peace of Meat, a cultivated fat developer

▪ Japan’s IntegriCulture and Singapore’s Shiok Meats have signed a collaboration agreement which will see them scale up production of the latter’s flagship product: cultured shrimp meat

Key Deals / ▪ Dutch animal nutrition and fish feed group, Nutreco, announced a strategic partnership and collaboration Partnerships with cell-based seafood start-up BlueNalu and Mosa Meat

▪ BlueNalu also announced an MoU with Pulmuone, a leader in healthy lifestyle and environmentally-friendly food products in South Korea, to bring cell-based seafood to the country

▪ Israel-based cultivated meat startup Aleph Farms announced a partnership with Black & Veatch’s NextGen Ag team to eliminate emissions associated with its meat production by 2025 and reach the same net -zero emissions across its entire supply chain by 2030

Source: Good Food Institute; various news organizations 29 THE GCA CONSUMER AND FOOD TEAM

05

KEY CONSIDERATIONS

30 KEY CHALLENGES

▪ Higher price of alternate meat in comparison to traditional meat is a key challenge for this industry ▪ A typical pound of factory-farmed beef burgers is ~$2.80/pound whereas a comparable Beyond Meat’s Beyond Beef burger is priced at $6.25/pound Pricing ▪ Price disparity is a big factor keeping meatless meat from breaking through in a big way

▪ The alternate meat sector will need significant scaling up from its current low base to transform into a full - fledged global industry. This requires significant resource commitment and would take up to a few decades Scalability ▪ Increasing raw ingredient processing and finding novel, low -cost ways of extracting protein from new sources will be the biggest challenge for plant -based meat companies to scale ▪ For cultivated meat, the challenge lies in sourcing ingredients for the culture medium; for example, Growth factors (ingredients key to cell proliferation) are difficult to obtain Key Challenges

▪ Consumers face a psychological barrier toward eating lab-grown foods and may continue to prefer the familiar taste of traditional meat products General ▪ The socializing and acclimatization of future consumers to cultured meat will need to happen on a Acceptance global scale and will require time and resources ▪ Incumbent traditional meat producers are likely to oppose the labelling and positioning of alternate meat saying it can’t be called “meat”

Health Perception ▪ Consumers might get put-off by the long list of ingredients that go into some of today’s plant -based products, given the association of ‘clean label’ with being healthy ▪ Many alternatives may not deliver the same amount of protein as traditional meat. This can especially be of concern for those on high protein diets.

31 WINNING THE PRICE WAR AGAINST ANIMAL MEAT

Average price at a grocers’ meat department in the US

We know that to democratize our brand, we’ve got to bring the price down

Chuck Muth Alternate Meat Conventional Beef Conventional Chicken Chief Growth Officer $9.87/lb $4.82/lb $2.33/lb

The Challenge Price reduction – companies are getting there

Scale: ▪ After only a few years of research and development, plant-based meat ▪ Plant-based meat started out small and has only a fraction of the market share of products are already within striking distance of traditional meats animal meat ▪ Beyond’s cost of production has fallen from $4.50/lb last year to $3.50/lb ▪ To compete effectively, companies need to scale in order to make purchases in currently bulk, invest in state-of-the-art equipment, establish distribution across their chosen geographies while minimizing logistics costs and negotiate better deals – At select outlets, such as Dunkin’, the Beyond Sausage Sandwich already for supplies sells for the exact same price as the meat sausage sandwich ▪ Impossible was able to cut their prices by 15% over last couple of years due to Sourcing cheap protein: a continuing scale up of its operations ▪ Animal agriculture mostly feeds animals with some of the cheapest feed available, whereas plant-based foods are made using high quality crops ▪ Beyond Meat continues to open factories in more countries and ink deals with ▪ Beyond Meat and Impossible Foods use novel proteins like mung beans and peas wholesaler clubs such as Costco to make its products more affordable that are considerably more expensive; the ability to source these cheaper is a – By 2024, the company has committed to sell at least one product at the critical step in reducing prices for plant-based products same price, or cheaper, than the comparable animal meat alternative

Source: Vox.com; Various news organizations 32 THE GCA CONSUMER AND FOOD TEAM

06

WHAT’S NEXT?

33 SELECT PERSPECTIVES FROM GLOBAL LEADERS

“We will see more restaurants and consumers move to fully "Our mission is to completely replace the use of animals as a plant-based options as opposed to including some version of food technology by 2035. We're dead serious about it and we plant-based in what they sell or eat. That will only accelerate believe it's doable…. I was confident that we would succeed the shift away from needing to rely on industrialized animal when I launched this company, and now I'm completely agriculture for what we feed our families. This shift will occur at confident. It's game over for the incumbent industry --they just restaurants large and small and in our own home kitchens.” don't know it yet" Pat Brown, Josh Tetrick Founder & CEO CEO at Eat Just Impossible Foods

“We will see rapid prototyping and development of scalable “For 2021, I see a large number of new investor groups making manufacturing processes in pilot production environments. We their first cultivated meat investments, which is great for the will also see the formation of creative partnerships to address diversity of support needed in the field. I also predict more early the need to plunge culture media cost by several orders of M&A activities between complementary cultivated meat magnitude.” startups, which is also important to create faster breakthrough successes.” Lavanya Anandan Gary Lin Head of External Innovation and Partnerships Founder and Managing Director Merck KGaA Purple Orange Ventures

34 EXCITING TIMES AHEAD

Headline grabbing liquidity events are a beneficial tailwind for this ecosystem ▪ Swedish plant-based milk maker Oatly, which is backed by Blackstone as well as celebrities like Oprah Winfrey and Jay-Z, recently listed on the Nasdaq at $10bn valuation ▪ Philippines-based Monde Nissin recently raised $1Bn in an IPO to drive the growth of alternative meats across Asia. Monde Nissin had acquired alternate meat provider Quorn of the UK for ~$780mm in 2015

The rise of dedicated alternative protein funds ▪ Temasek-backed Big Idea Ventures announced the launch of $50mm New Protein Fund to invest in plant-based and cell-based ecosystems ▪ Good Startup announced the first close of a $25mm fund dedicated to invest in alternative protein companies globally, with 50% deployment in Asia ▪ Lever VC announced a $25mm fund to invest globally in early-stage plant-based and cell cultivated meat and dairy companies

Looking ahead ▪ As plant-based foods increasingly become mainstream, we expect restaurants, retailers and entrepreneurs to sharpen focus to meet the growing consumer demand ▪ Rising demand, along with the economic efficiencies for plant-based foods and the unprecedented success of pioneers such as Beyond Meat and Impossible meats, is bound to spark massive interest among the investor and corporate communities ▪ Each one of the top five largest meat companies in the US has invested in plant-based meat through partnerships, product launches or financial stakes in other companies. We expect these corporations to accelerate their commitment leading to even more innovation and new products in the market ▪ Opportunities in plant-based food go well beyond production of the next great plant-based burger. As the industry matures, the potential for new products, new ingredients and novel manufacturing processes will further drive innovation, growth and investment opportunities. Additionally, as the alternate meat industry transforms, new supply chains will need substantial investment too ▪ The Alternate meat industry is on the cusp of significant growth driven by new products, product categories and brands; efforts on R&D and product development; local tastes and preferences; and consumer education and acceptance. Truly, the sky is the limit here!

35 REFERENCES

• Good Food Institute – publicly available insights and reports https://www.gfi.org.in • Capital IQ database • Factset database • Crunchbase database • CB Insights database • PitchBook database • Beyond Meat website https://www.beyondmeat.com • Impossible Foods website https://impossiblefoods.com • Food and Health Survey report https://foodinsight.org • Nielsen 2016 report on Ingredient and Dining Out Trends https://www.nielsen.com/wp-content/uploads/sites/3/2019/04/global -ingredient-and-out-of-home-dining-trends-aug-2016.pdf • AT Kearney’s publicly available report on “How Will Cultured Meat and Meat Alternatives Disrupt the Agricultural and Food Ind ustry?” https://www.kearney.com/documents/20152/2795757/How+Will+Cultured+Meat+and+Meat+Alternatives+Disrupt+the+Agricultural+and+Foo d+Industry.pdf/06ec385b-63a1-71d2-c081- 51c07ab88ad1 • United Nations Department of Economic and Social Affairs – Sustainable Development Goals https://sdgs.un.org/goals • Reports and Data report https://www.reportsanddata.com • Globe News Wire report https://www.globenewswire.com/news -release/2019/10/14/1929284/0/en/Plant -based-Meat-Market-To-Reach-USD-30-92-Billion-By-2026-Reports-And- Data.html • Just Food insights https://www.just-food.com/analysis/eyeing-alternatives-meat-companies-with-stakes-in-meat-free-and-cell-based-meat_id139678.aspx • Dupont Nutrition and Biosciences insights https://www.dupontnutritionandbiosciences.com/health -benefits-plant-based-diets/plant-based-meat-seafood-alternatives.html • Food and Ingredients First insights https://www.foodingredientsfirst.com/news/weekly -roundup-plant-based-food-innovation-advances-in-southeast-asia-cultivated-fat-technology-raises- us24m.html • Jovel Chan Blog https://www.jovelchan.com/blog/rise -of-plant-based-foods-southeast-asia • E27 database https://e27.co/global -demand-for-plant-based-meat-products-will-be-driven-mostly-by-flexitarians-next-gen-coo-andre-menezes-20210225 • Green Queen insights https://www.greenqueen.com.hk • https://medium.com/@nadimmuzayyin/meat -your-future-how-plant-based-proteins-are-changing-the-way-people-eat-around-the-globe-2d900b1c00c • Digital Food Lab https://www.digitalfoodlab.com/clean -meat-plant-based-investments-trends • https://therising.co/2020/05/10/impossible -foods • Vox insights https://www.vox.com/future-perfect/21366607/beyond -impossible-plant-based-meat-factory-farming • https://marketshake.gourmetpro.co/p/plant -based-meat-japanese-consumer-views • https://asia.nikkei.com/Business/Business -trends/Japan-s-plant-based-meat-industry-beefs-up-its-menu • Websites of different companies operating in the segment

36 DISCLAIMER

Sources of data include Capital IQ and other news organizations. Information obtained from third‐party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solic itation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report an d its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated wi th any trademark owner but may provide financial services to one or more trademark owners or their affiliates.

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