2017 BIO World Congress

Bryan Tracy, CEO

July 26, 2017

1

Proprietary and confidential information of White Dog Labs, Inc 2R23

White Dog Labs – What’s in the name?

Bourbon before barrel aging is called “White Dog”

Proprietary and confidential information of White Dog Labs, Inc 3R23

White Dog Labs’ Innovative MixoFerm™ Platform

WDL has developed microorganisms that concurrently ferment

carbohydrate and gases (e.g., CO2 & H2) increasing yields 50-100%

The technology was accepted for publication in Nature

and awarded a major grant by the US Department of Energy

The DOE announced funding for six projects

to advance bioenergy

…potentially breakthrough approaches and technologies…

“CO2 fixation by anaerobic non-

photosynthetic mixotrophy for improved

carbon conversion”

Proprietary and confidential information of White Dog Labs, Inc 4R23

WDL’s Industry and Product Opportunities

Nutrition & Food Specialty Products

Feeding a growing

population

Improved performance

& natural alternatives

Bio Chemical & Fuels

Improving our future

Carbon footprint

Proprietary and confidential information of White Dog Labs, Inc 5R23

WDL’s Integrated Facility – Molecular Lab to Commercial Pilot

Investment in pilot facility reduces commercialization risks

Proprietary downstream-extraction pilot facility

Molecular lab

Fermentation pilot facility

Fermentation lab

Proprietary and confidential information of White Dog Labs, Inc 6R23

Addressing Protein Demand of the Future

Aquaculture is critical to feed the world sustainably

• With a projected global

population of 9B by 2040, the

current production and

consumption of animal protein

is unsustainable

How do livestock compare?

Feed Conversion Ratio (FCR)

>6CATTLE

2.9HOGS

1.7BROILERS 1.1

Aquaculture

• Feed Conversion Ratio (FCR)

is the critical measure of

sustainability

Proprietary and confidential information of White Dog Labs, Inc 7R23

Future Forecast for Aquaculture

Demand for seafood is expected

to grow to 230 million tons by

2050

Aquaculture industry must grow

from 60 to 145 million tons $300BFarm gate value / year*

*Source: Worldfish – Aquaculture

Futures: Supply and demand trends.

Tremendous market growth projected yielding a large market opportunity

Proprietary and confidential information of White Dog Labs, Inc 8R23

Aquaculture is Already Constrained by Fishmeal

Fishmeal alternatives MUST enter the market and soon

1kg of farmed fish eats 1kg of forage

fish as fishmeal

Fishmeal supply has declined by 2

million tons since 1997.

Why?

• Unsustainable harvesting in the

past

• Climate change

• Ocean ecosystem change

• Competition to direct human

consumption

Global Fishmeal Supply

Proprietary and confidential information of White Dog Labs, Inc 9R23

ProTyton™ - Premium SCP with Enhanced Protein Content

ProTyton™ - The WDL Solution to Single Cell Protein

60

62

64

66

68

70

72

AnchovyMeal

ProTyton™ Soy ProteinConcentrate

CPContent(% as-is)

Crude Protein (CP) Comparison

0

1

2

3

4

5

6

7

Lys Met Thr His Ile Leu Phe

AA content (% as-is)

Amino Acid (AA) Comparison

Anchovy Meal ProTyton™ Soy Protein Concentrate

Most essential

Crude Protein and Amino Acid Characteristics of ProTyton™

Proprietary and confidential information of White Dog Labs, Inc 10R23

Good start to salmon

trials - palatable at 30%

inclusion

ProTyton™ Feeding Trials

Proprietary and confidential information of White Dog Labs, Inc 11R23

ProTyton™ is a high-value protein-replacement for fishmeal

ProTyton™ “Shadow Pricing” Analysis

Shadow pricing analysis performed by

• Feeds are formulated on

macronutrient (e.g. protein),

and micronutrient basis (e.g.

digestible amino acids)

• CATC recipe specifies 30

nutrients to be satisfied from a

library of 19 ingredients.

• A Cargill software (Indigo) is

used to combine the

ingredients for the least-cost

feed 0.0

5.0

10.0

15.0

20.0

25.0

30.0

$- $1,000 $2,000 $3,000 $4,000 $5,000

Incl

usi

on

leve

l (%

die

t)

SCP price ($/MT)

Scenario 2 - America

SCP Anchovy Menhaden PBM SPC CGM

Americas

ProTyton™ price

recommendation

$2,000/MT @ 12% inclusion

Anchovy fishmeal - $1350

Menhaden fishmeal - $1300

PBM: poultry by-product meal - $600

SPC: soy protein concentrate - $1100

CGM: corn gluten meal - $525

Anchovy and Menhaden fishmeal

inclusion levels are capped at 10% each

ProTyton™ SCP

Projected salmon feed cost at this intersection is $1,294/MT

ProTyton™

Proprietary and confidential information of White Dog Labs, Inc 12R23

ProTyton™ Low Cost Features

Feedstock for ProTyton™

• Ethanol “Syrup” as is or processed

• MixoFerm™ uniquely leverages

glycerol and syrup fermentables

Anaerobic Fermentation

• Low CapEx and OpEx

• <15 hour inoc to drop

• Non-sterile

Proprietary and confidential information of White Dog Labs, Inc 13R23

• Non-sterile

• No oxygen delivery Low agitation requirements

• Non-pressure vessels

• Typically very large capacity (500 – 1000K gallon)

• Same process as ethanol production

• Sterile

• High oxygen demand large agitation/high power input

• Pressure vessels

• 20 – 40K gallon fermenters

• High foaming

Anaerobic Fermentation Lowers CAPEX and OPEX

Typical anaerobic Fermentation Typical aerobic Fermentation

Proprietary and confidential information of White Dog Labs, Inc 14R23

ProTyton™ Low Cost Features

Feedstock for ProTyton™

• Ethanol “Syrup” as is or processed

• MixoFerm™ uniquely leverages

glycerol and syrup fermentables

Leveraging the material, equipment and operational expertise of the ethanol industry

SCP

Plant

“Bolt-on” to ethanol plants

Existing facilities, management and staff

Anaerobic Fermentation

• Low CapEx and OpEx

• <15 hour inoc to drop

• Non-sterile

Proprietary and confidential information of White Dog Labs, Inc 15R23

ProTyton™ Bolt-on Plant Design

Bolt-on SCP plantDesigned by

Proprietary and confidential information of White Dog Labs, Inc 16R23

ProTyton™ Plant Financial Summary

Collaborating with a major ethanol producer to get to the first plant

Project

cost

ProTyton™

price $/MT

Revenue

$M IRR

Payback

years

Current Market Price Estimates for SCP $22M 1500 17 56% 1.9

Future Market Price Estimates for SCP $22M 1750 20 78% 1.4

Licensee 100MGY plant pro-forma summary*

2017

Feed Trials 2018

Customer Qualification

2019

Plant Construction

2020

Production

Plant pro-forma Plant design & cost

R 15.1

Product pricing

*Assumptions: Feedstock purchased at DDGS prices, 50% loan at 6% for 7 years, 5% royalties for 20 years

Proprietary and confidential information of White Dog Labs, Inc 17R23

ProTyton™ Business Strategy

Tech Provider

EPC

Project

Finance

ProTyton™ Partnerships

Ethanol

plant

Ethanol

plant

Ethanol

plant

ProTyton™Bolt-on plant

WDL intends to leverage the ethanol industry to build a protein company

SCP ProTyton™Branding and marketing

QC and distribution

Proprietary and confidential information of White Dog Labs, Inc 18R23

Thank YouBryan Tracy, PhD

CEO – White Dog Labs, Inc.

btracy@whitedoglabs.com

Proprietary and confidential information of White Dog Labs, Inc 19R23

ProTyton™ – continual product differentiation and market expansion

ProTyton™ Enhanced Product Roadmap

ProTyton™ Enhanced AA• Non GMO

• Potential for 15% more essential AA

Glycolysis

TCA cycle

Aspartate

Aspartate-P

Aspartate

kinase

Lysine

Threonine

MethionineHomoserine

Aspartate-semialdehyde

Homoserine

dehydrogenase

ProTyton™ Probiotics• Non GMO

• Sporulate cultures for better

gut health and

immunostimulation