TIDMANIC

Agronomics Limited

11 August 2022

London, UK, 11 August 2022

Edison issues update on Agronomics (ANIC)

Agronomics (ANIC) invests in cellular agriculture companies. This report provides an update on our January 2022 initiation note and March 2022 update, following the announcement of ANIC's Q2 NAV and some exciting new portfolio investments. These investments mark a shift in focus, in favour of companies such as precision fermentation contract manufacturer Liberation Labs and All G Foods, which appear to offer greater near-term commercial potential. ANIC's performance since inception in 2019 has been positive, with an NAV total return of 80% over this period. And we share the company's view that there is significant potential for further NAV uplifts over time, as and when the company's greater focus on nearer-term income pays off, and its longer-standing portfolio holdings make further progress towards financial viability.

ANIC's historically high premium narrowed further in H122, for reasons unrelated to its portfolio holdings. But the company's conservative valuation policy, combined with its scarcity value as the only UK-listed investment vehicle targeting cellular agriculture and this industry's very favourable outlook, should support the premium over time. So now may be a good time for investors to gain exposure to this growing, game-changing sector at an attractive level.

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