1

S E L E C T P E R S P E C T I V E S O N A L T E R N A T E M E A T

J U N E 2 0 2 1

2

E X E C U T I V E S U M M A R Y

▪ Alternate meat……Plant-based meat……Cultivated/Cultured meat……Alternate Protein…… is thenext big revolution in food

▪ Increasing consumer awareness about harmful effects of the livestock industry on carbonemissions and global warming, a shift towards ESG and a desire to eat healthier are key factorsresponsible for growing popularity of alternate meat industry

▪ The COVID pandemic has further provided a fil l ip to this industry as consumers look for healthieralternatives as a foil against animal-borne diseases and a shift towards eco-friendly eatingoptions

▪ While US and Europe are at the forefront, the alternate meats revolution is fast gaining tractionin Asia and Australia

▪ Globally, there is already signif icant involvement from accelerators, PE/ VCs and Corporates andwe expect many more consumer-, food- and ESG-focused investment pools to start evaluatingand investing in alternate meat brands and companies across the value chain

Sameer JindalManaging Director

Mumbai

Sunil MehraManaging Director

Mumbai

s j in d a l@ g c a g l o b a l . c o m s m eh ra @ g ca kk . c o m

Alex GrünwaldManaging Director

Zur ich

Sigurd SolheimManaging Director

Lausanne

s ig u rd . s o lh e im @ g ca a l t iu m . c o ma lex a n d er . g ru e n w a ld@ g ca a l t iu m . co m

John LambrosManaging Director

New York

Ryohei TsukinariExecut ive Director

Tokyo

j l a m b ro s @ g ca g lo b a l . co m rts u k in a r i@ g ca kk . co m▪ Alternate Meats have largely two key classif ications depending on ingredients and manufacturingprocess – Plant-based (Vegetarian) and Cultivated (derived from actual animal cells)

▪ There is a strong and growing ecosystem across the value chain, making this a continuouslyevolving category. We believe this is l ikely 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, customerrelationships and branding. Alternatively, they will focus to create a product or technology niche

▪ We are extremely bullish on the growth of this industry globally and are keenly following thisexciting and burgeoning ecosystem!

Trends & Drivers

Meat Alternatives and Possibilities

GCA Consumer Practice – Regional Leaders

3

Key Considerations

Table ofContents

GCA Overview

Introduction

Plant-based Meat

Cultivated Meat

What’s Next?

I

II

III

IV

VI

V

4

J OBS/EMPLOYMENT DATA

GCA OVERVIEW

01

5

G C A : A L E A D I N G I N D E P E N D E N T G L O B A L I N V E S T M E N T B A N K

GCA operates as GCA in America and Asia and GCA Altium in Europe

G l o b a l i n v e s t m e n t b a n k p r o v i d i n g f u n d r a i s i n g a n d M & A a d v i s o r y s e r v i c e s t o g r o w t h c o m p a n i e s a n d m a r k e t l e a d e r s

Leading advisor in Consumer &Retail with strong networks and

extensive market coverage

Expert advisor for cross-border transactions – about 50% of

transactions are cross-border

Global reach with 24 offices in key markets – but deep local roots ensure close, hands-on support for our clients

Strong expertise in advising growth companies and leading corporations

across sectors

SAN FRANCISCO

NEW YORK

MANCHESTERLEEDS

LONDONFRANKFURT

MUNICH

ZURICH MILANPARIS

TEL AVIV

NEW DELHI

MUMBAI

SINGAPORE

HO CHI MINH CITY

TOKYONAGOYA

KYOTOOSAKA

SHANGHAIFUKUOKA

BIRMINGHAM

STOCKHOLM

LAUSANNE

Cross-borderGlobal Consumer & Retail Growth companies

Private Equity

Our Services

M&A Advisory

Debt Advisory

Financial Restructuring

~100 professionals in the US ~200 professionals in Europe ~190 professionals in Asia

47 deals

c losed in

Q1 2021

>420

transact ions

in last 36

monthsDeep

sub-sector

expert ise

>490

bankers160 deals c losed in

2020

6

L E A D I N G G L O B A L A D V I S O R I N K E Y S E C T O R S

Meet Our

Team

E x p e r t i s e a c r o s s g r o w t h s e c t o r s

TECHNOLOGY

The team’s experience includes software, semiconductors and

electronics , SaaS, and tech -enabled services

CONSUMER, RETAIL, E-COMMERCE & LEISURE

We advise c l ients on food and beverages, e-commerce, specia lty retai l , apparel , act ion sports and

consumer tech, as wel l as the hospita l i ty sector and onl ine travel

DIGITAL MEDIA & MEDIA

Our bankers work with industry leaders across ad-tech, d ig ita l content, f i lmed entertainment, gaming and mobi le, as

wel l as major broadcasters

FINANCIAL TECHNOLOGY & SERVICES

As payments and banking become a virtual real i ty for many, our bankers are working with sector leaders and innovators across the Fintech space

INDUSTRIAL & INDUSTRIAL TECHNOLOGY

We advise across a wide range of industr ia l sub -sectors, including

aerospace & defense, energy, and transportat ion amongst many more

BUSINESS SERVICES

We have sol id experience in BPO, faci l i ty management, governmental

services , customer experience as wel l as human capita l management

HEALTHCARE

We work with c l ients in b iopharmaceut icals , d iagnost ics &

research tools, medical devices, healthcare IT, and care services

7

F U L L C O V E R A G E A C R O S S T H E E S G S PA C E

Meet Our

Team

E x t e n s i v e u n d e r s t a n d i n g a n d k n o w l e d g e a c r o s s t h e E S G s e c t o r s

We adv ise leading env ironm e n ta l techno logy and

process so lut ions for the t reatment o f water and

wastewateron their st rategic

t ransact ions

We work with leading companies with in the Energy E f f ic iency sector , f rom smart

bui ld i n g & homes, e lectr ic vehic les & charg ing to

inte l l i g e nt t ra f f ic & te lemat ics

We cover the fu l l range o f the educat ion sector inc ludi n g student - foc us e d sof tware,

corporate learnin g managemen t systems and

corporate t ra in ing, e - learni n g and compl iance

We work a longs id e companies in IT Serv ices such as IT Consult i ng and Managed Serv ices , a l l the way through the start ing and ending po int

o f the va lue cha in with IT distr ibuto rs , VAR and ITAM/ITAD companies

WaterEnergy

EfficiencyEducation

Waste & Recycling

We work with companies with in the Agtech and Foodtech markets inc ludi n g sof tware (ex. farm management systems) , dev ices (ex. seed sort ing) , susta inab l e packaging

and food innovat ion s

AgTech & FoodTech

Food Science

8

J OBS/EMPLOYMENT DATA

INTRODUCTION

02

9

W H Y A LT E R N AT E M E AT ?

Source:Beyond Meat and Impossible Foods websites; various news organizationsGHG: Green House Gas

▪ Vast ly more sustainable than convent ionalmeat– Animal agr icul ture uses 77% of the total

avai lable agr icul tural land; responsib lefor ~15% of total GHG emission

▪ Less damaging for the cl imate as emissionsof GHG are reduced by up to 90% comparedto convent ional meat

Alternate meat significantly reduces adverse environmental impact of traditional meat

99% Less Water

93% Less Land Usage

90% Less GHG

46% Less Energy

Conventional Beef Burger

Beyond Burger

87% Less Water

96% Less Land Usage

89% Less GHG

45% Less Energy

Impossible Burger

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

▪ Cutt ing down consumption of meat and replacing i t with a lternate meat ensures lower r isk of cardiovascular d isease

▪ Contains sustainable carbohydrates and healthy fats that can help balance b lood sugars

Alternate Meat Burgers

Sustainable Development Goals

2030

10

A LT E R N AT E M E AT – A N I M P E R AT I V E T O M E E T G L O B A L F O O D D E M A N D

Source: Beyond Meat website; FoodInsight.org; Nielson Survey report; GCA estimates; AT Kearney public report

A growing population needs new protein alternatives

9.8Bn PeopleBy 2050

100%Protein Demand

2 EarthsNeeded

Plant-based Meat

Cultivated Meat

Conventional Meat

9%

41%

(3)%

CAGR 2025 -40

89%

Consumers bel iev e protein contr ibute s to a

healthy diet

73%

Consumers seek out nat ura l foo ds wit h s i m pler ,

c leaner ingred i e nt s

71%

Consumers are concerned about the long -term

hea lth impact o f art i f ic ia l ingred i e nts

66%

Consumers bel iev e p lant -based meats are hea lth i er

than animal meat

31%

U.S. consumers are "f lex i tar ia ns “ , who use p lant -base d meats because

they l ike to have days without eat ing animal -base d meat

“The reality is that conventionalproduction methods for meat cannot keep up with global demandwhich is expected to double by2050.”

Priti Youssef ChoksiPartner

"To meet the growing global demand forprotein, it will take all of us workingtogether – we need both animal and cell-based. Our continued investment inMemphis Meats underscores our inclusiveapproach to the future of meat. We needall options on the table to meet customerand consumer needs now and in thefuture."

Elizabeth GutschenritterMD, Alternative Protein

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

11

C A R V I N G U P T H E A LT E R N AT E M E AT S TA C K

Source: CB Insights; various news organizations

Pla

nt-

ba

sed

Cu

ltiv

ate

d/C

ult

ure

d

▪ Plant-based meat products are made by combining commonly-found plant proteins and fats via an extrusion process

▪ Process involves pushing dry protein ingredients through an opening in a perforated plate or die

▪ Pressure, heat, cooling and the shape of the die create desired texture and shape

▪ Cultivated meat, also known as cultured meat, is genuine animal meat (including seafood and organ meats) that is produced by cultivating animal cells directly

▪ 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

Traditional meat production

Alternate meat production

Feedlot

Slaughter

Process ing

Barn-breed ingIngredients Cel l Se lect ion

Extrus io n f rom plant

Formulat io n

Treatment of Medium

Scaf fold ing and Bioreactor

Plant-based

2-3

ye

ars

Cult ivated/Cultured

3-4

mo

nth

s ~2

mo

nth

s

End product End product

12

T H E G C A C O N S U M E R A N D F O O D T E A M

PLANT-BASED MEAT

03

13

A M A S S I V E B L U E O C E A N M A R K E T

Source: Good Food Institute; Public reports and data

$21Bn+

$55Bn+

2020 2027E

Global plant-based food market (including dairy and meat) to grow at ~15% CAGR

4.2

15.0

2020 2027E

Global plant-based meat market is expected to scale rapidly to reach $15Bn by 2027

20%

North America$1.8Bn

Western Europe$1.8Bn

ME & Africa$167mm

Asia Pacific$163mm

Latin America$137mm

Australasia$96mm

Eastern Europe$67mm

Plant-based meat market is mostly concentrated in the US and Western Europe; however, APAC is expected to catch up quickly

Glo

ba

l p

lan

t-b

ase

d

me

at

ma

rke

t ($

Bn

)

17

354

15

5

2020 2027E

Milk Meat Others

$21Bn+

$55Bn+

While dairy is the largest, alternate meat is growing rapidly

CAGR (2020-27)

20%

11%

14

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

▪ Plants with highest protein content - pea, wheat, soy, chickpea, etc.

▪ Plant proteins are often used in fractionated forms that provide functional characterist ics of conventional meats l ike solubil ity, gell ing, emulsif ication, dough formation, etc.

▪ Soy protein delivers the most meat -l ike taste and texture

– Ongoing research to continuously improve the texturization process

▪ Pea protein (made popular by Beyond Meat) is the fastest growing segment due to its complete* amino acid profi le

▪ Texturing is done using plant protein starches

– These have gel strength, tendency for f i lm formation and cr ispness which helps simulate meat- l ike texture

▪ Aroma distinguishes meat from all other foods; this is due to a protein cal led “ heme”

– In plants, heme is most commonly found as “ leghemoglobin” in the roots of soybean plants

– Heme, present in low concentration in plants, is currently being created with bacteria using a recombinant protein production technique

▪ Processing is mainly done via extrusion. Key steps include:

– Hydrating Textured Vegetable Protein (TVP)

– Mixing other ingredients and shaping into patties, nuggets, etc.

– Frying, baking or steaming and carrying out ESLPs**, fol lowed by cooling

▪ Plant-based meats have made great advances in replicating the red colorassociated with meat

– While some companies use beet extracts to color their products, others rely on leghemoglobin

▪ Fat is key for enhancing f lavour and is responsible for r ichness and juiciness

▪ Coconut oi l is the current industry standard as a replacement for animal fat

– Leading players incorporate this in small , sol id chunks to mimic the appearance of animal fat

– The other option could be a combination of plant-based oi ls, such as canola and sunflower oi ls, to increase the melting temperature and extend juiciness

Ingredients Texturing and Processing Formulation

P L A N T - B A S E D M E AT P R O D U C T I O N - T Y P I C A L P R O C E S S S T E P S

15

A P L E T H O R A O F P L AY E R S A R E A D D R E S S I N G T H I S $ 4 B N + M A R K E T

Source: Good Food Institute; various news organizations

BEEF: Largest segment global ly

POULTRY: Largely p lant -based chicken | Rapid growth

and interest dr iven by the success of a lternate beef

SEAFOOD: Latest entrant | Most d iff icu lt to repl icate

but gain ing rapid tract ion compared to beef and poultry

PORK: Mostly dr iven by growth in Asia

16

P O P U L A R B R A N D S PAV I N G T H E W AY F O R M A S S S C A L E A D O P T I O N

Source: Good Food Institute; various news organizations

▪ Recently launched the McPlant product l ine (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 Phil ippines, Burger King sources its Rebel Whopper patties from Austral ia -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 fr ied chicken in Atlanta, US, which was a massive success

▪ Debuted plant-based chicken nuggets from Cargi l l in China; also joined fel low Yum China brands Taco Bell and Pizza Hut in offering plant-based burgers from Beyond Meat

▪ One of the most prolif ic corporate investors in alternate meat companies – Tyson Foods was one of the first investors in Beyond Meat prior to sel l ing its stake

17Source: Various news organizations

A S I A – R E A D Y F O R TA K E - O F F ( 1 / 2 )

▪ While the industry is st i l l at a nascent stage, th is is expected to turn into a mult i -b i l l ion dol lar opportunity over the medium term

– A recent survey shows h igh recept ivity to p lant -based meat, with 63% respondents say ing they would try i t

– The pandemic seems to have accelerated the wi l l ingness of people to try p lant -based meat a lternat ives

– A protein defic it d iet could be an important considerat ion for acceptance of p lant-based meats going forward

▪ Ideal ly p laced to be an important back -end for the global p lant -based meat industry , consider ing avai labi l i ty of sk i l led manpowe r and abundant agr i and agr i -processing resources

▪ Recent Developments:

– Apri l 2021- Beyond Meat entered India

– December 2020 - Domino’s introduced its p lant -based protein product ‘The Unthinkable Pizza’ in key metro c it ies

– GoodDot has partnered with mult ip le g lobal p layers for launching i ts products across US, MENA

– Blue Tr ibe launched plant -based chicken nuggets

– Wakao Foods is creat ing products made out of Jackfruit whi le Vegolut ion uses Tempeh and soybeans as a base

▪ China too is on the cusp of a p lant -based-protein revolut ion dr iven by factors including health, commitment to c l imate change and the recent pandemic. Alternat ive meat suppl ies are a lso urgent ly needed to ensure food security

– China’s government has publ ished guidel ines to cut meat consumption in half by 2030 to reduce pol lut ion and combat obesity

– Chinese competitors are seeking to grow market share in ant ic ipat ion of huge state contracts and government perks l ike tax br eaks and free factory space

▪ The impl icat ions could be transformative not just for China but a lso for the world. More than any other nat ion, China has the abi l i ty to leverage economies of scale

▪ Recent Developments:

– KFC has begun sel l ing p lant -based chicken nuggets

– Yeung’s pork subst itute OmniPork is on the menu across China at thousands of Taco Bel l and Starbucks branches, being used to make everything from tacos to sa lads

– Chinese fr ied -chicken franchise Dicos (a KFC r ival and one of China’s top three fast -food chains) swapped the real egg in a l l i ts breakfast sandwiches with an a lternat ive der ived from mung beans made by Cal i fornia -based Eat Just

India

China and Hong Kong

18

Source: Various news organizations*People who eat meat but looking to incorporate more vegetarian options into their diets

A S I A – R E A D Y F O R TA K E - O F F ( 2 / 2 )

▪ For p lant -based meat, S ingapore is booming, with several companies working on a lternat ive protein innovat ions. This is a lso dr iv en by strong support from Singapore’s governmen t, which has c l imate change as a key pr ior ity going forward

▪ People in th is region have been eat ing other p lant-based protein foods - tofu, tempeh and mock meats, for a long t ime. However there is a strong secular trend towards the uptake of p lant -based foods by f lex itar ians*

▪ The rest of SE Asia region wi l l l ikely take more t ime to convert to p lant-based meats given low animal meat pr ices coupled with l imited importance being placed on sustainabi l i ty in many of these countr ies

▪ Any change wi l l l ikely be led by consumers desire to turn f lexitar ian

▪ Recent Developments (S ingapore) :

– Next Gen Foods recent ly launched its p lant -based chicken brand Tindle across restaurants in the country

– Karana unvei led i ts jackfru it ‘Pork’

– Impossib le Foods doubled up on its retai l presence and frozen foods giant TYJ debuted its frozen meatless brand ALTN

– Growthwel l Group, a S ingapore-based manufacturer of p lant -based meat and seafood a lternat ives, ra ised $ 11.4mm from Temasek

▪ Ensuring food security is one of Japan’s top pol icy object ives. Shrunken domest ic product ion, land scarcity and heavy rel ianc e on imports, a long with the environmental costs associated with prevai l ing d ietary choices, are leading Japan to rethink i ts carnivorous d iet

▪ Also, growing awareness about ethical , environmental , and health concerns encourages Japanese consumers to shift from animal -based to p lant -based food products

▪ Leading companies are seeking to dr ive the shift to p lant -based meat in Japan, despite meat-eat ing inert ia . Nearly a l l of these p lant -based meat and dairy a lternat ives current ly are soy -based

▪ Recent developments:

– Major Japanese food are seeking to assign more resources to p lant-based meats

– Starzen, a leading integrated meat company, together with a leading health food and dr ink manufacturer Otsuka, developed a brand cal led ‘ZEROMEAT’ , and is sel l ing p lant -based sausages, meatbal l and hamburg steak patt ies made from soy protein and egg whites

– Ito Ham, entered the market with a ‘Soy Meat’ brand. S imi lar ly , Nippon Ham entered the market too with a brand cal led ‘ Natu Meat’ , which ut i l ize konnyaku (the root of the konjac potato) to add chewy texture to the soy protein

– Daiz (Japan’s answer to Impossib le Foods) recent ly ra ised $17mm in Ser ies B round from a number of Japanese strategic and f inancia l investors

Southeast Asia

Japan

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

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

S E C T O R H A S AT T R A C T E D S I G N I F I C A N T V C / P E I N V E S T M E N T

23 6 12 48174

301159 274

605 667

2100

4 6 813 17 20

3242

74

9893

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Investment ($mm) Deal Count

Year-wise investments in plant-based food companies globally

Raised $1.6Bn

Plant -ba se d meat subst it utes

Raised $535mm

Plant -ba se d a lternat ives

Raised $122mm

Raised $115mm

AI-based plant -based meat subst it ute s

Plant -ba se d meat subst it utes

Raised $86mm

Plant -ba se d meat

Plant -ba se d pork

Raised $70mm

Plant -ba se d chicken

Raised $50mm

Plant -ba se d minces , burgers and sausages

Raised $32mm

20Source: Good Food Institute; Pitchbook; various news organizations

K E Y A C T I V E I N V E S T O R S

Accelerators Corporate VCs PE/VCs

Active ecosystem of global accelerators/incubators to support the burgeoning ecosystem

Focused on providing corporate parents with access to new ingredients and an accelerated learning curve

Healthy mix of ear ly stage dedicated “Food/Agr i” funds and larger “Bulge Bracket” funds

21Source: Impossible Foods website; various news organizations

2016

Launched its f lagship product , the Impossib le Burger, in Ju ly 2016

Product ion capacity was constrained by i ts two relat ively smal l faci l i t ies, scal ing to the masses proved to be chal lenging

Raised $16.5mm debt funding

2017 2018-19 2020-21

In ear ly 2017, Impossib le started working out of i ts new Oakland, Cal i fornia factory, where the company could produce over 4 mi l l ion burgers a month

Solved the scale and pr ic ing issue with i ts mass product ion capabi l i ty

Raised $75mm funding

Partnered with burger chains l ike Bareburger , Umami Burger and fo l lowed with a partnership with hamburger chain White Cast le

Managed to make its mark on the menus of 5,000 restaurants in a l l 50 states

With a proven growth p laybook in -hand, Impossib le cont inued to leverage partnerships to d istr ibute i ts product, including securing a nat ion-wide rol lout of Impossib le Whoppers with Burger King

Raised $600mm+

Announced its partnership with Kroger to rol l out the Impossib le Burger to a l l 1,700 of the company’s supermarkets across the United States

COVID-19 acted as a s ignif icant ta i lwind for Impossib le

Expanded into Asian markets –Impossib le products are avai lable in near ly 100 out lets of PARKnSHOP in Hong Kong, and in nearly 100 out lets of FairPr ice and onl ine retai ler RedMart in S ingapore

Raised $700mm at $4Bn valuat ion

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

C A S E S T U D Y: I M P O S S I B L E F O O D S

22Source: Beyond Meat website; Capital IQ, Crunchbase; various news organizations

▪ Manufactures, markets, and sells plant -based meat products in the United States and internationally

▪ Sells its products through grocery, mass merchandiser, club, convenience store, natural retailer channels, restaurants, foodservice outlets and online channels

▪ Founded in 2009 and is headquartered in El Segundo, California▪ Present across 28,000 retail locations and 42,000 foodservice

locations across the US▪ Key products:

Beyond Burger

Beyond Meatball

Beyond Sausage

Beyond Beef

Beyond Beef Crumbles

Brief overview

Competitive moats

Customer relationshipsStrategic partnerships with McDonalds, KFC and Taco Bel l

Brand powerStr ikes a chord with Mil lennia ls and Gen Z consumers that want to be associated with transparent, authentic and socia l ly -dr iven brands

Pricing strategyArt iculated a strategy for gradual ly reducing pr ic ing for i ts products to eventual ly match or undercut tradit ional meat

1

2

3

Financial metrics

3388

298407 418

2017 2018 2019 2020 Apr-21 LTM

Sales ($mm)

35

85

135

185

235

May-19 Nov-19 May-20 Nov-20 May-21

Stock performance

Gross Margin (CY20): 33%

EBITDA Margin (CY20): (4.5)%

Equity Value: $6.8Bn

Listed on: May-2019 / Up 132% since IPO

Cumulative Funding (as a private company): $122mm

Future growth drivers

▪ Strong growth potential in China: – Targeted China as a top market for growth given the country ’s

massive population and appetite for meat– Built its presence in mainland China with two manufacturing

facil it ies near Shanghai▪ Capacity expansion:

– Expanded capacity by 50% in 2020 and intends to continue to expand in 2021

▪ Aggressive focus on QSRs as preferred distribution channel

C A S E S T U D Y: B E Y O N D M E AT

-21

23

T H E G C A C O N S U M E R A N D F O O D T E A M

CULTIVATED MEAT

04

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

S T I L L S M A L L C O M PA R E D T O P L A N T - B A S E D B U T S C A L I N G Q U I C K LY

$200mm

$530mm

2020 2027E

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 labs where the process is done.

Bill GatesChair of the Board

Breakthrough Energy

▪ Unlike plant-based meats, cultivated/cultured/clean meat is a lab-grown alternative produced from animal cel ls

▪ Several promising startups and capital sources are working rapidly to bring these products from the lab to commercial scale

▪ Given that commercial ization is sti l l in its infancy, we believe that the above market size could be significantly underestimated

– Orig ina l l y funded by Google co -founder Sergey Br in

– Other investors inc lude:

“We’ve done a lot of work in scaling up the cell culture... to something that can be used on an industrial scale”

Mark PostCo-founder, MosaMeat

– Backed by Bi l l Gates and Richar d Branson

– Other investors inc lude:

“The world loves to eat meat…Meat demand is growing rapidly around the world. We want the world to keep eating what it loves” Uma Valeti

Co-founderMemphis Meat/Upside Foods

– Backed by

“Instead of raising an animal for two to four years …we can directly cultivate a steak in three to four weeks with a fraction of resources”

Didier ToubiaCo-founder & CEO, Aleph Farms

– Backed by:“The next five years will be about who survives, who makes the cut and who is able to support companies like ours make that step over to large-scale manufacturing.”

Sandhya SriramCo-founder & CEO, Shiok Meats

– Backed by

25Source: Various public sources

1 Removal of muscle tissue

2 Primary/Stem cells

3

Plant-based serum

Growth serum

4 Muscle growth

5 Processing

6 Clean meat

Cell culture

Painless ly taken direct ly froman animal (u sual ly u sing localanaesth esia) , f rom cel l banks,p ieces of fresh meat or oth ersources

Th e typ es of cel l s se lected forth ese l in es can be eith erpr imary cel ls , which includ emu sc le or fat cel l s , or stemcel ls

The cel l s are placed into a petr i d ishand bathed in a l iquid growth medium

The growth medium is cr i t i ca l , as i tcontains a number of proteins,vitamins, sugars and amino acids thatcel l s require in order to grow anddupl icate

One of th e chal len ges bein gtackled by lab-grown meatcompanies is creat in g scaffoldsthat mimic col lagen an d oth erinternal structures that arenatural ly present in meat

While some start -u ps arefocu sin g on growing 3D tissueon edible scaffold in g, oth ersare exp lor in g techniqu es suchas 3D bio-pr int ing

Scaffolding/3-D Printing

C U LT I V AT E D M E AT P R O C E S S

Addit ion of plant-basedgrowth serum to theculture media

26Source: Good Food Institute; various news organizations

I N C R E A S I N G N U M B E R O F N E W P L AY E R S E N T E R I N G T H E S E G M E N T …

Beef

Poultry Pork

Seafood

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

… AT T R A C T I N G I N T E R E S T F R O M L E A D I N G P E / V C I N V E S T O R S

6 2040

60

366

6 8

2129

49

2016 2017 2018 2019 2020

Investment ($mm) Deal Count

Year-wise investments in cultivated meat companies globally

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

Cult ivate d chicken

R a i s e d $ 8 5 m m

Cult ivate d seafood

R a i s e d $ 9 6 m m

Cult ivate d beef

R a i s e d $ 2 0 m m

Cult ivate d meat and seafood

R a i s e d $ 1 8 m m

Cult ivate d anima l fat

R a i s e d $ 1 4 m m

Cult ivate d beef

▪ Total investment saw the biggest spike in 2020 – 72% of cumulative funding came in 2020, showing rapidly growing interest in the sector

▪ 94 new investors joined the bandwagon in 2020 – 62% growth over 2019

▪ Biggest rounds include $180mm raise by Upside Foods (erstwhile Memphis Meats) from Softbank and Norwest

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

K E Y A C T I V E I N V E S T O R S

Accelerators Corporate VCs PE/VCs

Crit ical source of capital and expert ise to help incubate and support this ear ly stage ecosystem

Focused on providing corporate parents with access to new ingredients and an accelerated learning curve

Skewed towards ear ly stage funds | Will attract larger “Brand Name” funds as ecosystem matures

29Source: Good Food Institute; various news organizations

R E C E N T D E V E L O P M E N T S

▪ Eat Just has been granted the world’s f irst regulatory approval for cultured meat

▪ Its cultured chicken has been approved for sale in Singapore as an ingredient in chicken bites

▪ Soon after the approval, Eat Just made the world’s f irst -ever commercial sale of cell -based meat for human 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 f lagship product: cultured shrimp meat

▪ Dutch animal nutrit ion and fish feed group, Nutreco, announced a strategic partnership and collaboration with cell -based seafood start -up BlueNalu and Mosa Meat

▪ BlueNalu also announced an MoU with Pulmuone, a leader in healthy l ifestyle 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

First Regulatory Approval &

Commercial Sale

Key Deals / Partnerships

30

T H E G C A C O N S U M E R A N D F O O D T E A M

KEY CONSIDERATIONS

05

31

K E Y C H A L L E N G E S

Pricing

▪ Higher price of alternate meat in comparison to tradit ional 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▪ Price disparity is a big factor keeping meatless meat from breaking through in a big way

GeneralAcceptance

▪ The alternate meat sector wil l need signif icant scaling up from its current low base to transform into a ful l -f ledged global industry. This requires signif icant resource commitment and would take up to a few decades

▪ Increasing raw ingredient processing and f inding novel, low -cost ways of extracting protein from new sources wil l be the biggest challenge for plant -based meat companies to scale

▪ For cult ivated meat, the challenge l ies in sourcing ingredients for the culture medium; for example, Growth factors ( ingredients key to cell proliferation) are diff icult to obtain

▪ Consumers face a psychological barrier toward eating lab-grown foods and may continue to prefer the famil iar taste of tradit ional meat products

▪ The social izing and accl imatization of future consumers to cultured meat wil l need to happen on a global scale and wil l require t ime and resources

▪ Incumbent tradit ional meat producers are l ikely to oppose the labell ing and posit ioning of alternate meat saying it can’t be called “meat”

Scalability

HealthPerception ▪ Consumers might get put -off by the long l ist of ingredients that go into some of today’s plant -based products, given the

association of ‘c lean label’ with being healthy ▪ Many alternatives may not deliver the same amount of protein as tradit ional meat. This can especial ly be of concern for

those on high protein diets.

Key Challenges

32Source: Vox.com; Various news organizations

W I N N I N G T H E P R I C E W A R A G A I N S T A N I M A L M E AT

Alternate Meat Conventional Beef Conventional Chicken

$9.87/lb $4.82/lb $2.33/lb

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 MuthChief Growth Officer

The Challenge

Scale:▪ Plant-based meat started out smal l and has only a fract ion of the market share of

animal meat▪ To comp ete effect ively , companies n eed to sca le in order to make purchases in

bulk, in vest in state-of -th e-art equip ment, establ ish distr ibut ion across theirchosen geographies whi le minimiz in g logist ics costs and negot iate better dealsfor suppl ies

Sourcing cheap protein:▪ Animal agr icul tu re most ly feeds animals with some of the cheapest feed avai lable,

whereas plant-based foods are made using high qual ity crops▪ Beyond Meat and Impossib le Food s use novel proteins l ike mung beans and peas

that are consid erably more exp en sive; the ab i l i ty to source these cheaper is acr it ica l step in reducing prices for plant-based products

Price reduction – companies are getting there

▪ After only a few years of research and development, p lant-based meatproducts are already within str ik ing distance of tradit ional meats

▪ Beyond’s cost of product ion has fal len from $4.50/lb last year to $3.50/lbcurrent ly

– At select out lets, such as Dunkin’ , the Beyond Sausage Sandwich al readysel ls for the exact same price as the meat sausage sandwich

▪ Impossib le was able to cut their pr ices by 15% over last couple of years due toa cont inuing scale up of its operat ions

▪ Beyond Meat cont inues to open factor ies in more countr ies and ink deals withwholesaler clubs such as Costco to make its products more affordable

– By 2024, the company has committed to sel l at least one product at thesame price, or cheaper, than the comparable animal meat alternat ive

33

T H E G C A C O N S U M E R A N D F O O D T E A M

WHAT’S NEXT?

06

34

S E L E C T P E R S P E C T I V E S F R O M G L O B A L L E A D E R S

“We will see more restaurants and consumers move to fullyplant-based options as opposed to including some version ofplant-based in what they sell or eat. That will only acceleratethe shift away from needing to rely on industrialized animalagriculture for what we feed our families. This shift will occur atrestaurants large and small and in our own home kitchens.”

Josh TetrickCEO at Eat Just

"Our mission is to completely replace the use of animals as afood technology by 2035. We're dead serious about it and webelieve it's doable…. I was confident that we would succeedwhen I launched this company, and now I'm completelyconfident. It's game over for the incumbent industry --they justdon't know it yet"

Pat Brown, Founder & CEO

Impossible Foods

“We will see rapid prototyping and development of scalablemanufacturing processes in pilot production environments. Wewill also see the formation of creative partnerships to addressthe need to plunge culture media cost by several orders ofmagnitude.”

Lavanya AnandanHead of External Innovation and Partnerships

Merck KGaA

“For 2021, I see a large number of new investor groups makingtheir first cultivated meat investments, which is great for thediversity of support needed in the field. I also predict more earlyM&A activities between complementary cultivated meatstartups, which is also important to create faster breakthroughsuccesses.”

Gary LinFounder and Managing Director

Purple Orange Ventures

35

E X C I T I N G T I M E S A H E A D

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 celebrit ies 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 acquiredalternate 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 andImpossible 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 financialstakes in other companies. We expect these corporations to accelerate their commitment leading to even more innovation and new products in themarket

▪ Opportunities in plant-based food go well beyond production of the next great plant-based burger. As the industry matures, the potential for newproducts, new ingredients and novel manufacturing processes will further drive innovation, growth and investment opportunities. Additionally, asthe alternate meat industry transforms, new supply chains will need substantial investment too

▪ The Alternate meat industry is on the cusp of signif icant growth driven by new products, product categories and brands; efforts on R&D and productdevelopment; local tastes and preferences; and consumer education and acceptance. Truly, the sky is the limit here!

36

R E F E R E N C E S

• Good Food Inst i tut e – publ ic l y ava i lable ins ight s and reports https://www.gf i .or g. i n• Capita l IQ database• Factset database• Crunchbase database• CB Ins ights database• PitchBook database• Beyond Meat websi te https://www.beyo n d meat .com• Imposs ib le Foods websi te https:// im po ss i b l efoo ds .com• Food and Health Survey report https:// food i n s i gh t .or g• Nielsen 2016 report on Ingredi e nt and Din ing Out Trends https://www.nie l se n.co m/w p -con te n t/ u p loa ds /s i t e s/3 /2019/04/g lo ba l - i n gr e d i e nt -an d-o u t-o f - ho m e- d i n i ng - tr e n d s-au g-2016. p df• AT Kearney’s publ ic l y ava i lable report on “How Wi l l Cul tured Meat and Meat Al ternat i ve s Disrupt the Agr icul t u ra l and Food Ind ust ry? ”

https://www.kearn e y.com /doc u me n ts /20152/2795757/How+Wi l l +C u lt u re d + M eat +a nd + M eat + A lt e r nat iv e s +D is r up t +t h e + Ag r icu l t ura l +an d + Foo d +I n d u str y . p df /06ec385b -63a1-71 d2-c081-51c07ab88ad1

• United Nat ions Department o f Economic and Soc ia l Af fa i rs – Susta inabl e Developm e n t Goals https://s dg s. u n.or g/ goa ls• Reports and Data report https://www.repor tsa n d data .com• Globe News Wire report https://www.glob e n ewswi re .com/ n ews - re l ea se /2019/10/14/1929284/0/ e n/P la nt - bas e d- M eat- Mar k et -T o-Reac h-U SD-30-92-B i l l io n-B y-2026-R epo rt s - A n d-

Data .html• Just Food ins ig hts https://www. just - foo d.com /a nal y s is / ey e i n g -a l t er nat i v es -m eat -com pan i e s -w it h- stak e s- i n- m eat- f r ee -an d-c e l l - bas e d- m eat _ i d139678.asp x• Dupont Nutr i t ion and B iosc iences ins ight s https://www.dupo nt n ut r i t io na nd b io sc i e nc es.com / h ea lt h - b e n ef i t s - p la nt - bas e d- d i et s/ p la nt - bas e d- meat -s eafoo d-a l t er nat i v es .h t m l• Food and Ingredi e nt s F i rst ins ight s https://www.foodin gr e d i e nt sf i r st .com / n ews/we e k l y - ro u n d u p- p la nt - bas e d- food - i n novat io n-a d vanc es - i n-so ut h eas t -as ia -c u l t i vat e d- fat - t ech no lo g y -ra is e s -

us24m.html• Jovel Chan B log https://www. jovelc han.co m/ b lo g/ r is e -o f - p lan t - bas e d- foo d s-so ut h eas t -as ia• E27 database https://e27.co/ g lo ba l - de ma n d-for - p lan t - bas e d- m eat- pro d ucts -wi l l -b e -d r i ve n -mo st l y - b y- f l e x i tar ia ns - ne xt -g e n-coo -a n dr e- m e nez es -20210225• Green Queen ins ight s https://www.gree n q u e e n.com. h k• https://m e d i um.co m/@ na d i mm uzay y i n/ m eat - yo ur- f ut ur e- how - p lan t - bas e d- p rot e i ns -ar e -cha ng i n g- t he -way- p eop l e -ea t -aro u n d-t h e- g lo b e-2 d900b1c00c• Digita l Food Lab https://www.dig i ta l food la b.com /c l ea n - m eat- p la nt - ba sed - inv est ments - tr ends• https://th e r is i n g.co/2020/05/10/ i m pos s i b l e - foo ds• Vox ins ight s https://www.vox.com/fu t ur e - p er fect /21366607/b eyo n d - i m po ss i b l e - p la nt - bas e d- m eat- factory - far m i ng• https://mar k ets ha k e.go u rm e tp ro .co/ p/ p la nt - ba se d -m eat - japa n es e-co ns u m er- v i ews• https://as ia . n i k ke i .com/B u s i n es s/B us i n e ss - tr e n ds /Ja pan -s- p la nt - bas e d- meat - i n d ust ry - be e fs - u p- i ts - m e n u• Websites o f d i f fere nt companies operat ing in the segment

37

D I S C L A I M E R

Sources of data include Capital IQ and other news organizations. Information obtained from third‐party sources is considered rel iable, 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 securit ies 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 aff i l iated with any trademark owners. GCA Advisors, LLC and its aff i l iates are not aff i l iated wi th any trademark owner but may provide f inancial services to one or more trademark owners or their aff i l iates.

38

G C A G L O B A L P R E S E N C E

Ho Chi Minh City ∙ VietnamL eve l 21 , S a igon C ent r e T ow er 267 L e L o i , B en N ghe War d, D is t r i c t 1Ho C h i M inh C i t y

Mumbai ∙ India146, 14 t h F l , M aker C ham ber s V IN ar im an P ointM um bai 400021+91 22 6106 9000

Tel Aviv ∙ Israel94 Y iga l A lon S t . , 16t h F loor6789140 T e l Av iv+972 3 522 3663

Zurich ∙ SwitzerlandKlaus s t ras s e 4 8008 Zur ich+41 43 499 43 43

San Francisco ∙ USAOne Mar i t im e P laza ,S an F r anc is co, C A 94111+1 415 318 3600

Delhi ∙ India01- 109, D L F WeWor k F or umD L F C yber c i t y , P has e I I I G ur ugr am 122002+91 22 6106 9000

New York ∙ USA640 F i f th AvenueN ew Y or k , N Y 10019+1 212 999 7090

Munich ∙ GermanyP os s ar t s t r as s e 13 81679 M unich+49 89 413 120

Paris ∙ France3, r ue la B oét ie75008 P ar i s+33 140 078 228

Milan ∙ ItalyP iazza S an F edele 420121 M i lan+39 02 76 01 73 40

Frankfurt ∙ GermanyT hur n- und- T ax i s - P l a t z 6 60313 F r ankf ur t+49 69 204 34 6410

London ∙ UK1 S out ham pt on S t r eetWC 2R 0L R L ondon+44 20 7484 4040

Manchester ∙ UK5t h F loor , B e lveder e , B oot h S t r eetM anches t er M 2 4AW+44 845 505 4343

Leeds ∙ UKS ui t e 19 , 4 t h f loorOne P ar k R owL S 1 5AB L eeds

Tokyo ∙ JapanP ac i f i c C ent ur y P lace M ar unouch i11- 1 M ar unouc h i 1 - C hom e, C h iyoda -kuT okyo 100 - 6230+81 3 6212 7100

Singapore9 T em as ek B oulevar d#41 - 04 S unt ec T ow er 2S ingapor e 038989+65 6455 3051

Osaka ∙ JapanHer b is Os aka Of f ice T ow er5- 25 U m eda 2 - chom e, K i t a - kuOs aka - s h i , Os aka 530 - 0001+81 6 6456 4306

Shanghai ∙ ChinaG 12, 22F , T ow er 3 , J ing An K er r y C ent r e1228 Y an’ an R oad M iddleS hangha i 200040+86 21 3107 6056

Fukuoka ∙ JapanAqua Hakat a 5F5- 3- 8 N akas u, Hakat u - kuHakat a C i t y , F ukuoka 810 - 0801+81 092 287 9546

Nagoya ∙ JapanHir okoj i G ar den Avenue 4t h f loor 4 - 24- 16 M eiek i N akam ur a - ku N agoyaAich i 450 - 0002

Kyoto ∙ Japan3F K R P B I Z N E X T , Kyot o R es ear ch P ar k B ldg. 493 C hudoj i Aw at acho, S h im ogyo - k u, K yot o, 600 - 8815+81 75 315 94 09

Birmingham ∙ UKS ui t e 203 , S om er s et Hous e37 T em ple S t r eetB 2 5D P B i r m ingham+44 121 393 5066

Stockholm ∙ SwedenB ib l iot ek s g at a n 8111 46 S t ockholm+46 10 209 88 55

Lausanne ∙ SwitzerlandAvenue des A lpes 51006 L aus ann e+41 21 552 0314