A View on Innovation in the Agri-Food Sector

May, 2019

Key Thematic Drivers…

1 billion tonnes of feed produced yearly

Future supply of ingredients is insecure

9+ billion people by 2050

70% increase in food production required

Controlled Environments…

Example Portfolio Companies

Harnessing the Power of Insects to Feed and Care for the World

CONFIDENTIAL | VERSION 5.0 © 2018 ENTERRA FEED CORPORATION

CONFIDENTIAL | VERSION 5.0 © 2018 ENTERRA FEED CORPORATION

CORE PURPOSE: To harness the power of insects to feed and care for the world

OUR MISSION: We manufacture and market sustainable insect-based feed ingredients, backed by strong technical expertise and a commitment to quality and customer service

OUR VISION: Enterra will be a leader in sustainable insect production. We will have global reach as one of the world’s largest manufacturers of insect-based feed ingredients. A cohesive team of engaged staff will perfect proprietary insect farming techniques and will earn the loyalty of customers who love us and see us as valuable partners.

CORE VALUES: Quality • Integrity • Innovation

Who We Are

CONFIDENTIAL | VERSION 5.0 © 2018 ENTERRA FEED CORPORATION

• Beneficial insect species that is native to the Americas and found all over the world

• Highly nutritious and a natural source of nutrients for a variety of animals

• Upcycles nutrients from recycled food into protein, fat and energy

• Rapidly growing markets with high margins.

• Not a pest nor a vector for disease.

Black Soldier Fly LarvaeBlack soldier fly larvae (BSFL) are an ideal feed ingredient, known for their rich nutritional profile and waste renewal capability.

CONFIDENTIAL | VERSION 5.0 © 2018 ENTERRA FEED CORPORATION 9

Quality IngredientsAll natural, sustainably grown feed ingredients for healthy, productive animals.

EnterraGrubs™Whole, dried black soldier fly larvae that are full of good nutrients (40% protein, 40% fat). Customers repack and market as a treat for birds and chickens, or use as an ingredient in formulated pet foods and animal feeds.

EnterraProtein™Highly digestible protein meal (53% protein) made from sustainable black soldier fly larvae. Customers use as an ingredient in formulated pet foods and animal feeds.

EnterraOil™Healthy fat ingredient made from sustainable black soldier fly larvae. Customers use as an ingredient in formulated pet foods and animal feeds, or as a feed coating to enhance palatability.

Further product development opportunities include: prebiotic effects of chitin, antimicrobial peptides, milk replacement, shrimp feed testing, starter feed in young animals, hoof treatment, wireworm control in fertilizer and more.

Organic FertilizerOMRI-listed organic fertilizer with a 3-1-3 NPK value. Contains beneficial microbes and promotes early plant growth. Customers use as an ingredient to make specialty formulations for a variety of uses.

CONFIDENTIAL | VERSION 5.0 © 2018 ENTERRA FEED CORPORATION 10

Proven Production at ScaleAutomated production capabilities are proven at full commercial scale.

Harvest

Lifecycle of theblack soldier fly

Product Processing

• 99% of larvae harvested, dried and processed using conventional equipment.

• Frass dried and processed into organic fertilizer.

• Quality control program in effect.

Breeding

• 1% of larvae transferred to breeding area to maintain continuous production.

• Eggs collected and hatched through proprietary process.

Feedstock Processing

• Extensive testing of wide range of conventional feedstocks.

• Balanced sources of feedstocks based on nutritional requirements.

• Conventional handling of dry and wet feeds.

Larvae Rearing

• Larvae reared in small batches in trays within micro-controlled environment.

• Trays cycled through feeding and monitoring station using automated crane systems.

CONFIDENTIAL | VERSION 5.0 © 2018 ENTERRA FEED CORPORATION 11

HistoryCompleted two rounds of scale-up, expanding know-how, production and sales.

Incorporation

Insect system evaluations

Commence R&D

First business plan and prefeasibility study complete

Design, experimentation and

development of processes and

protocols

Establishment of demonstration

plant

First product field trials and

validation testing

Successful operation of demonstration plant

Enterra receives financing from Avrio

and Wheatsheaf

Langley facility begins start-up in Q4

First sales of EnterraGrubs and organic fertilizer

First sales of EnterraProtein and

EnterraOil

First approval of insects for feed in Canada and USA

Development plan for next sites

underwayand facility

preliminary design

Laboratory, 2009

Demo Plant, 2012

Langley Facility, 2014

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Finalized design and construction kick-off for

Rocky View, AB

Rocky View Facility, 2019

CONFIDENTIAL | VERSION 5.0 © 2018 ENTERRA FEED CORPORATION 12

Market StrategyMarket segments prioritized to maximize value from the market as production ramps. Primary focus is on the USA and Canada for the next five years.

Backyard Poultry

• Premium retail pricing for dried insects as feed supplement

• Trend towards natural and sustainable food and feed

Wild Birds

• $3.4b in wild bird food (USA)

• Half of all North American households participate in wild bird feeding

Pets

• $22b in pet food, 8.4m tonnesdog/cat food (USA)

• Focus on premium products continues to drive growth in the industry

Aquaculture

• $340m in salmonid feed, 0.2m tonnes (Canada)

• Fastest growing food production sector globally

Commercial Poultry

• $48b in broiler and layer feed, 75m tonnes (USA)

• Growing demand for non-synthetic source of methionine

AeroFodder Supply Inc.

Copyright 2019 AeroFodder Supply Inc.

Q1 2019

FODDER

Prov ides more e f f i c ien t ,

h i gher qua l i ty, year - round

feed tha t i nc reases the

qua l i t y o f an ima l ou tpu t s

(meat , egg s , m i l k , e tc . ) .

FOOD

Prov ides h i gh -qua l i ty and

a f fo rdab le food secur i ty

oppor tun i t ies to any

communi ty.

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F O D D E R : A R E V O L U T I O N A R Y L I V E S T O C K F E E D

Fodder supp lementat ion

leads to a 40% reduct ion in

g ra in usage and 7%

reduct ion in requ i red

hay lage.

H igh ly pa latab le to both

ruminants and

monogast r i c s .

Improve the qua l i ty of an imal outputs

(meat tenderness , mi lk omega

prof i le s ) .

Lush, g reen an imal

feed ava i lab le 365

days a year.

H igh nut r ient content

leads to increases in

an imal hea l th and

we l lbe ing .

FODDER BUSINESS DRIVERS

REMOVING UNCERTAINTY & PRICE RISK• Rat ion input pr i ce s tab i l i t y

• E l iminates la rge CapEx inves tments

requ i red by other fodder sy s tem supp l ie r s

• Equa l an imal output a t a reduced rat ion

cos t

ANIMAL HEALTH• An imals happ ie r and hea l th ie r on f re sh , l i ve feed

• I nc reased concept ion rate

• High ly pa latab le feed

REDUCED LAND REQUIREMENTS• 3,000 sq. f t . AeroFodder room can g row the

equ iva lent o f 450 acres o f f ie ld c rops

• From seed to feed in 8 days

• Prov ides fa rmers wi th expans ion poss ib i l i t ie s

without hav ing to purchase expens ive land

BENEFITS OF SPROUTING

• Fodder i s more d igest ible than gra in.

• Provides synergist ic eff ic iencies with

other forages of up to 7%

• Studies have shown that sprouting

gra ins can increase their eff ic iency in

rat ions by up to 45%.

FODDER NUTRIENT INCREASES

Vitamin E +743%

Beta-Carotene +941%

Biotin +619%

Free Folic Acid +775%

THE AEROFODDER ADVANTAGE

FODDER PRODUCERS

2 U n i t s G ra i n 1 2 U n i t s Fo d d e r Fe e d s : ≈ 4 A n i m a l s

TRADIT IONAL PRODUCERS

2 U n i t s G ra i n Fe e d s : 2 A n i m a l s

FOOD BUSINESS DRIVERS

FOOD SECURITY, ANYWHERE• Estab l i sh food secur i ty w i th min imal a re source footpr in t

• Can operate a lmost anywhere, s i gn i f i cant ly reduc ing the supp ly

cha in and prov id ing ru ra l communi t ie s w i th access to f re sh food

RESOURCE EFFICIENT & FREE FROM CONTAMINANTS • Requ i res 95% le s s water and 99% le s s land than f ie ld

g rowing and t rad i t iona l ag r i cu l tu re

• Clean product ion us ing on ly approved c lean ing

chemica l s no harmfu l herb ic ides or pest ic ides

HIGHEST QUALITY PRODUCE AVAILABLE• Vegetat ion i s g rown in i t s opt imal

cond i t ions dur ing every g rowing s tage,

prov id ing h igh qua l i ty produce 365 days a

year, regard les s o f externa l season or

c l imate

MICROGREENS

• Capable of growing baby green, mustard &

broccol i var iet ies as wel l as a l fa lfa, wheatgrass

and more

• Successful growth tr ia ls have already occurred at

AeroFodder’s Glen Val ley faci l i ty

• No structural changes to current bui ld ing required

HERBS

• Capable of growing a wide array of herbs

• Crop tr ia ls targeted for Q1 2019

• Minor structural changes required to current

bui ld ing

VEGETABLES

• Capable of growing leafy green and root

vegetables

• Mild-to-moderate structural changes required

depending on crop grown

CROP POSSIBILITIES

LAYERING MUSHROOMS AS CO 2 SOURCE

Waterford Farms

Confidential | Copyright 2018 Rocky Mountain Shrimp Company

October 2018

22

BUSINESS H IGH L IGH TS

THREE-PHASE GROWTH STRATEGY • I n i t i a l o p e r a t i o ns t o b e e s t a b l i s hed i n C a l g a r y a n d L o s A n g e l es .

• P e r m i t t i ng c u r re n t l y u n d e r wa y f o r l a r g e r m a r k e t s i n N o r t h A m e r i c a a n d t h e U K .

SUSTAINABLE SHRIMP PRODUCTION, ANYWHERE• G e o g rap h i c a l l y d i s t r i bu t ed f a c i l i t i e s t o p r o v i d e

s u s t a i na b l e , l o c a l s h r i mp p r o d uc t i o n t o m a j o r m a r k e t s

a c r o s s N o r t h A m e r i c a a n d a r o u n d t h e W o r l d .

GROWING, IMPORT RELIANT MARKET • G l o b a l s u p p l y d o m i n a t ed b y a f e w k e y p l a ye r s i n A s i a a n d

S o u t h A m e r i c a .

• Di s e a se h a s b e e n t h e t o p c h a l l enge f o r g l o b a l s u p p l i e r s i n

r e c e n t ye a r s , a s s t a t ed b y t h e G l o b a l A q u a c u l t u re A l l i a n c e .

RAPID ENTRY INTO KEY GLOBAL MARKETS• I m m e d ia t e p l a n t o e n t e r k e y m a r k e t s i n N o r t h A m e r i c a a n d E u r o p e .

• Ra p i d e n t r y w i l l a l l o w G r a n d Ro c k y S h r i mp t o a c t o n f i r s t mo ve r

a d va n t age a n d l e ve r a g e i t s m o d u l a r b u i l d a n d c o m p a ra t i ve l y s h o r t

l e a d t i m e s .

QUAL ITY PRODUCT

Focused on sustainable, local production for the live and

fresh markets.

24

T E C H N O L O G Y O P E R A T I O N S M A R K E T I N G

GRAND ROCKY SHRIMP

25

MODEL UNIT

26

GROWT H PL A N OV ERV IEW

PHASE 1 : PROOF OF CONCEPT • Te s t i n g t h e R A S t e c h n o l o g y u n d e r c l o s e c o n t r o l s w h i l e e s t a b l i s h i n g r e p l i c a b l e o p e r a t i n g p r o c e d u r e s .

PHASE 2 : EXPANS ION OF OPT IM IZED SYSTEM & APP DEVELOPMENT• E x p a n s i o n i n t o N o r t h A m e r i c a n M a r k e t s i n o r d e r t o e n s u r e s m o o t h t e c h n o l o g y t r a n s f e r i n t o m u l t i p l e m a r k e t s

u n d e r s i m i l a r c u l t u r a l a n d r e g u l a t o r y e n v i r o n m e n t s .

PHASE 3 : GLOBAL EXPANS ION • B r o a d e r e x p a n s i o n i n t o A s i a , E u r o p e a n d t h e M i d d l e E a s t .

PH

AS

E 3

DUBAI

G L O B A L E X P A N S I O N

P R O O F O F C O N C E P T

N O R T H A M E R I C A N E X P A N S I O N

2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1

LOS ANGELES, VANCOUVER

LONDON

LOS ANGELES

NEW YORK, TORONTO

OTHER MARKETS

PH

AS

E 1

PH

AS

E 2

SAN FRANCISCO,PHILADELPHIA,

SEATTLE

CALGARY

Building the Agri-Food Innovation Ecosystem

Vision

Support the development of a thriving, collaborative and regional agri-food innovation ecosystem capable

of exponential value creation.

Operating Model

All participants in the eco-system will be encouraged to live by the principles of:

Olds College Smart Farm

Strathmore Food

Campus

Calgary Agri-Food

Processing Center

Calgary Agri-Food HubLethbridge

Tecconnect

Leduc Food Processing

Development Centre

NAIT Center for Culinary Innovation

www.RainforestAB.ca

The ecosystem will operated on a distributed model, building on the founding elements:

• Food Campus in Strathmore – A collective supporting indoor agriculture technologies.

• Agri-Food Processing Center in Calgary – A facility to support agri-food processing and co-packing.

• Agri-Food Innovation Hub in Calgary – A hub for professional collaboration.

Need for collaboration and mobility…a passport to innovation.

Agri-Food Innovation Hub

Calgary Agri-Food

Hub

Expanding from the offices of Driver Projects, the

vision is to develop a more expansive incubator to

include the following features:

• Modern meeting and collaboration spaces.

• Central spaces for larger industry meet-ups.

• Variety offices and workstations.

• Demonstration kitchen

This space will bring together innovators, financial

partners, service providers, relevant agencies,

industry associations and other stakeholders.

Programing will draw from local, regional and

international leaders and best practices.

Available Q4, 2019

Call to Action

Engage and Provide Feedback

• Looking to get broad feedback on how to build an inclusive and broad initiative, backed by a coalition of like-minded entities.

Join the Steering Committee

• There will be lots of work to be done in forming and nurturing the ecosystem.

Become a Champion

• Spread the word on the initiative and ensure that all that can benefit within the ecosystem have the opportunity.

Sponsor an Initiative

• Demonstrate leadership with either in-kind contributions, direct funding, office space, administrative support and organizational leadership.

Contact

Keith Driver

President, Driver Projects

403.860.8623

kdriver@driverprojects.com