Enabling healthier, sustainable aquafeeds

Ideal Traits of a Novel Alternative Protein Trait Metric Protein content ≥ Fish meal Amino acid content Fish meal Performance Growth ≥ fish meal diets Palatability Comparable taste, texture, appearance Cost Competitive with fish meal Ease of use Traceable, scalable, safe Sustainability Non-food chain, resource efficient Immuno-nutrition Disease resistance & other benefits

Protein Content Fish Meal 2014 2016 2018

AA profile in KBM resembles FM through strain improvement Amino Acid Ratios AA profile in KBM resembles FM through strain improvement Fish meal target

Performance TROUT 5% KBM 10% KBM Growth of finfish supported Control (Standard) 5% KBM 10% KBM Growth (g/fish) 220 ±1 217 ±7 205±5 Specific growth rate (SGR, %/d) 3.24±0.01 3.21±0.03 3.16±0.02 Feed conversion ratio 0.85±0.01 0.82±0.01 0.84±0.00 Survival (%) 96.2±0.9b 98.9±0.9ab 100a Protein efficiency ratio (PER) 2.42±0.04 2.49±0.02 2.44±0.01 Growth of finfish supported Equivalent or better: Growth rate Survival FCR SERIOLA Control (Standard) 5% KBM Growth (g) 709.79 ± 146.05 739.43 ± 110.42 Survival 100 FCR 1.76 1.66

From “Feed to Fork” – Kampachi, a sashimi-grade yellowtail Palatability >70 panelists could NOT detect a taste difference From “Feed to Fork” – Kampachi, a sashimi-grade yellowtail

Cost of Manufacturing Costs decrease due to: Economies of scale Tech improvements Use of waste streams as feedstock ~2020, price parity with fish meal Price of Fish meal

Pre-Commercial/Commercial Scalability Bench/Lab 1L (2014-15) Pilot 1500L (2015 -16) Pre-Commercial/Commercial Up to 20,000 = 50,000L+ (2017-18+)

Commercial Manufacturing An opportunity to co-locate with existing biorefineries Biorefinery streams for KBM Beer Various cuts of hydrous ethanol, fusel oils Syrup / thin stillage Blended/complement DDGS

Sustainability Small land & water footprint Avoid marine resources Efficient resource use Non-competition for human food Feedstock flexible Commitment to stewardship

KnipBio’s Immuno-Nutrition Strategy Biotechnology enables benefits beyond protein Improved survival Carotenoids Biomolecules (taurine) Specialty molecules Protein KnipBio Meal (KBM)

Engineered KBM Provides Lost Nutrients Taurine deficiencies in FM-free diets can lead to poor performance Essential in aquaculture (larvae) Taurine deficiency

EMS/AHPND confirmed (Severity grade) in hour post-infection Improved Survival “C” Negative control Positive control “A” “B” Treatment EMS/AHPND confirmed (Severity grade) in hour post-infection 72-96 AVG T1 (KB “A”) G0-1 1.33 T2 (KB “B”) G1-2 1.22 T3 (KB “C”) G1-3 1.83 Positive control (T4) G1-4 2.07 Negative control (T5) - ~33% improved survival

Advanced Carotenoid Technology Target

Summary Biotechnology enables a versatile commercial solution Trait Metric Protein content Completed Amino acid content Ideal ratio nearly complete Performance Demonstrated Palatability No off-flavors Cost Reduction program on-track Ease of use Traceable, integrated supply chain Sustainability Efficient, flexible, long-term Immuno-nutrition Benefits beyond “just” protein Company Confidential

Contact: lfeinberg@knipbio.com www.knipbio.com @knipbio facebook.com/knipbio Contact: lfeinberg@knipbio.com