CONFIDENTIAL AND PROPRIETARYAny use of this material is strictly prohibited without prior consent by Ÿnsect

ŸnMeal

Innovative Premium

Ingredient

CONFIDENTIAL AND PROPRIETARYAny use of this material is strictly prohibited without prior consentby Ÿnsect

1. Ÿnsect and Insects

2. Insect meal (ŸnMeal)

3. Trials and focus group

4. Regulation

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Ÿnsect and

insects

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A highly talented and connected team

120 people

20 different nationalities

Transverse skills

Scientists (25 ppl)

+20 yrsexp/

insectFarmers Engineers

# Ambitious # Experienced # Innovative

CONFIDENTIAL AND PROPRIETARY

Ÿnsect : a leader in the fast-emerging insect-

based feed industry

2/14

Seed1.8 M€

12/15

Grants/Loans9.5 M€

11/14

Series A5.8 M€

10/11

CreationSeries B17 M€

12/16 01/19

Loans4 M€

Series C110 M€

Research

Industrial &

Institutionnal

Networks

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Why did we choose mealworm?

✓ Easy access to feedstock throughout the world

and affordable cost (cereal by-products)

✓ High protein content

✓ 30+ years history of farming

✓ Low risk of diseases

✓ Non-flying insect

✓ No light required

Farming for

reproduction

Farming for CFL

production

Eggs

Younglarvae

Larvae aftera moult

Maturelarvae

Nymph

Emergence

Youngadult

Adult

Pupation

✓ Low heat emissions

✓ High performance on animal

(growth, health, FCR)

Note: LCReoc is the total stock of mature larvae going to DSP and to produce new beetles for new eggs (LCReoc = CFL + LRE)

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#scalability#robotics#bigdata#verticalindoorfarming

25 patents(Process, Products,

Applications)

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Automated Farming

(“Upstream”)

Automated Processing

(“Downstream”)

Crops By-Products

WheatCorn

BarleyPea

PotatoCassava

Rice

INPUTS OUTPUTS

PROTEINSŸnMealTM & ŸnHealthTM

OILŸnOilTM

FERTILIZERŸnFrassTM

Products

By-Products

Ÿnfarm(Ÿnsect plant)

1. Reproduction2. Growth3. Feeding & Sorting

4. Sterilisation5. Pressing & Drying6. Packaging

END MARKETS

Plant fertilizer

Aquafeed

Pet food

It’s not only about proteins !

Food

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ŸnMeal

CONFIDENTIAL AND PROPRIETARY

ŸnMeal - Ÿnsect Protein Meal

ŸnMeal : Defatted free flowable Protein

Ÿnmeal

Crude protein 70%

Dry matter 95%

Fat 13%

Pepsin digestibility > 86%

Ash 3%

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R&D

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ŸnMeal trials and performances - Rats

Methods:

- 36 male Zucker rats allotted to three groups: (1) control group receiving a diet with 20% casein as source of protein (OC),(2) treatment group receiving a diet in which 50 % of casein is replaced by insect protein (OI50)(3) treatment group receiving a diet in which 100 % of casein was replaced by insect protein (OI100 group)

- Amount of fat and fatty acid composition of the diets were equalized between the 3 groups

- Liver and plasma samples were analysed for triacylglycerol (TAG) and cholesterol (Chol) concentrations

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ŸnMeal trials and performances - Rats

Institut für Tierernährung und Ernährungsphysiologie, JLU Gießen, Heinrich-Buff-Ring 26, 35392 Gießen,

ŸnMeal → effect on lipid metabolism in an obese rat model :

lowers [Chol]° in liver and plasma and [TAG]° in liver

Growth trial

- Trials carried out out at Sparos lda (Portugal)

- Triplicate groups for 90 days

- Groups of 35 rainbow trout (initial body weight : 5g)

- Each group was fed with 1 of each 5 diets

- Feeding apparent satiation over 90 days

- 250 L tank / T : 14°C / O2: 7,4 mg/L

Digestibility trial

- 12 fish (45g) were collected from each replicate tank

- Fish placed in cylindro-conical tanks of 60L (T : 14°C / O2: 6,4 mg/L)

- Each group was fed with identical diets than “Growth trail”

containing Yttrium oxide (200 mg/kg)

- After 10 days of adaptation, feces were collected on a daily basis

during 8 days

ŸnMeal trials and performances - Rainbow trout

Feed formulations

Ingredients, % CTRL Y5 Y7.5 Y15 Y25

Fishmeal LT70 25.00 20.00 17.50 10.00

Krill meal 3.00 3.00 3.00 3.00 3.00

Squid meal 5.00 5.00 5.00 5.00 5.00

Ynsect meal: YnMeal 5.00 7.50 15.00 25.00

Soy protein concentrate 14.00 14.00 14.00 14.00 14.00

Wheat gluten 9.05 9.25 9.40 9.65 10.10

Corn gluten 8.20 8.20 8.20 8.20 8.20

Soybean meal 48 7.50 7.50 7.50 7.50 7.50

Whole peas 6.15 5.75 5.40 4.75 3.70

Fish oil 11.50 11.50 11.50 11.50 11.50

Rapeseed oil 6.00 5.80 5.70 5.40 5.00

Vitamin & Mineral premix 1.50 1.50 1.50 1.50 1.50

Soy lecithin 1.00 1.00 1.00 1.00 1.00

Guar gum 0.20 0.20 0.20 0.20 0.20

Antioxidant 0.20 0.20 0.20 0.20 0.20

Sodium propionate 0.10 0.10 0.10 0.10 0.10

DL-Methionine 0.30 0.30 0.30 0.40 0.50

Proximate composition

Dry matter (DM), % 93.4 ± 0.0 93.1 ± 0.0 93.2 ± 0.1 95.0 ± 0.0 93.2 ± 0.0

Crude protein, %DM 48.5 ± 0.0 48.5 ± 0.1 48.5 ± 0.0 48.5 ± 0.0 48.5 ± 0.1

Crude fat, %DM 22.7 ± 0.2 22.7 ± 0.1 22.6 ± 0.2 22.7 ± 0.2 22.7 ± 0.2

Ash, %DM 9.4 ± 0.0 8.8 ± 0.0 8.7 ± 0.1 8.1 ± 0.0 7.4 ± 0.0

Total phosphorus, %DM 1.4 ± 0.0 1.4 ± 0.0 1.4 ± 0.0 1.4 ± 0.0 1.4 ± 0.0

Gross energy, MJ/kg DM 23.2 ± 0.2 23.2 ± 0.0 23.2 ± 0.0 23.2 ± 0.1 23.2 ± 0.1

Strong influence of YnMeal on growth performance 30 %

of weight gain in comparison of Fish meal

Bars are means ±standard deviation n = 3Bars different superscripts differ significantly (P<0,05)

Results : Growth performance

CONFIDENTIAL AND PROPRIETARY

Hartman group

“Among the millennials, 40 % like to try new kinds of ethnic cuisines and “anything new and different” compared to 34 % and 32 % respectively of Gen X/Boomers combined.”

“People are more likely to try insects when they are incorporated into other foods”

Focus group and social analyses

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Regulation

Novel Food

Definition

« Novel food » : absence of use for human consumption to a significant degree within the Union before 15/05/1997.

EFSA requirement risk assessment

→Process→Compositional data : nutritional info / human health /

stability→History of use of source and NF→Targeted population→Proposed used and use levels→Toxicological and allegergenic potential information

EFSA doc

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Key

points to take

away

CONFIDENTIAL AND PROPRIETARY

Large scale

production

High

performance

Key points to take away

Reaching 20kT

No seasonality

FCR,

[Chol]°, W retFixed price &

volumes annually

CONFIDENTIAL AND PROPRIETARY

Key points to take away

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▪ ŸnMeal is a sustainable source of high quality proteins

produced from insects.

▪ Worldwide and local production.

No seasonality.

▪ ŸnMeal as human food as a great potential in

different markets, especially sport food

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