Flying Spark Ltd.

Investor Presentation • Aug 25, 2022

FEEDING THE WORLD WITHOUT CONSUMING THE EARTH

DISCLAIMER

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This Presentation is not a sale of securities to the Public by Flying Spark Ltd. ("The Company") and should not be interpreted as such, but rather as a marketing presentation of the Company's products.

The information included in this Presentation and any other information to be provided during its presentation ("The Information") shall not be construed as basis for reaching investment decisions nor as a recommendation by or opinion of an investment consultant or tax advisor and moreover does not substitute the need of any potential investor to implement discretion. The information included in the Presentation is summarized and may be considered as having been presented differently than it had been presented in the Company's statements, but is calculable based on the data included in said statements. This Presentation and the information included in it do not replace the need to peruse reports made by the Company to the public. The decision to invest in securities in general and in the Company's securities in particular, entails risk. It is important to realize that past data does not necessarily predict future performance.

Investment in securities in general, and in the Company in particular, is not without risk. The purchase of the Company's securities requires an in-depth review of the information published in the Company's statements, as well as analysis of the legal, accounting, financial and taxation aspects of any such transaction.

This Presentation may include further data not presented in the Company's public statements and/or information presented differently than presented in the Company's public statements.

This Presentation is made in the form of an overview and for the sake of convenience only, and does not replace a review of the Company's official public reports, including its periodical and immediate financial statements. The information set forth herein contains certain forward-looking statements within the meaning of Israel's Securities Law -1968 ("the Securities Law"). Such forward-looking statements include, inter alia, forecasts, aims, estimates and assessments, as well as information provided by way of illustrations, graphs, reviews and any other Information presented in any way and pertaining to future events and/or matters, the realization of which is not certain and is not within the Company's scope of control.

Such forward looking statements rely, inter alia, on the Company's subjective estimates and its plans at the time of preparing the Presentation, its present contracts, the Company's current financial results, and the general analysis of information available to it at the time of preparing this Presentation, including publications made available to the public, studies and reviews, which do not include a commitment as to the correctness or integrity of the information included therein and that such correctness had not been independently examined by the Company. Forward looking statements, by definition, are subject to risks and uncertainties. The realization of forward looking statements may result from risk factors characteristic of the Company's operations (which are presented in the Company's 2021 and H1 2022 financial statements) as well as from developments in the financial environment in which the Company operates as well as from external sources including regulation which may impact its operation. It is therefore emphasized and clarified herein that the Company's actual future results and achievements may substantially differ from those presented as forward looking statements in this Presentation.

To refute any doubt it is hereby clarified that the Company is not obligated to update and/or change the information included in the Presentation so as to express events and/or circumstances occurring after the date of its preparation.

August 2022 presentation

COMPANY PROFILE

Flying Spark is a FoodTech company, active in the Insects alternative protein space

Flying Spark is producing high quality and sustainable alternative protein from the fruit fly larvae

The company leverages the biological traits of the larvae, while creating optimal cultivation conditions

The technology includes methods and processes that facilitate efficient and reproducible cultivation

The company will incorporate its products in aquaculture, pet food, cosmetics and human food (in the future)*

The company is currently building its first production facility in Thailand and listed on the Tel Aviv Stock Exchange

3 (*) The start of marketing and sales of the company's products currently under development is subject to the commencement of actual commercial production at the Company's new Manufacturing plan in Thailand, as well as a number of other conditions (including the establishment of a new production line relying on the company's specialized procured machinery, etc.). In addition, further regulatory approvals are needed also in Europe and the USA. The above excludes the company's alternative protein powder under development which is intended for use in the pet food industry and can already be sold in a number of Asian countries.

Management team

LEADING TEAM

GILI COHEN Chairman of the Board

ERAN GRONICH Founder & CEO

MICHAEL GETTE CFO

Dr. GALIT LEVIN Science Director

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Management team

TAL OZERI Factory Manager

LEE BEN YOSEF VP People

AMIR ZAIDMAN Director

GLOBAL PROTEIN SHORTAGE

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The challenge: Feeding billions of animals and people with sustainable and high quality protein

MULTIPLE MARKETS FOR RISK MANAGEMENT

	Aquaculture industry	Pet food industry
o o	The global aquaculture industry has reached about \$107 billion in 20211 Estimated to grow to \$170 billion by 2026 supported by CAGR of 10%	The global pet food industry has reached o about \$97 billion in 20214 Estimated to grow to \$137 billion by 2028 o supported by CAGR of 5%
	The global protein market	Oils in the cosmetics industry

1 Market Data Forecast. (2021). "Fish Feed Market By Ingredient, By Additive, By End Users Global And By Region 2021-2026"

2 Grand View Research. (2021). "Protein Ingredients Market Size, Share & Trends Analysis Report 2021 - 2028" Global Protein Ingredients Market Size Report, 2021-2028 (grandviewresearch.com)

3 Cosmetic Oil Market Growth & Trends: Cosmetic Oil Market Size & Share | Global Industry Report, 2019-2025 (grandviewresearch.com) 4 Global pet food market - https://www.feedandadditive.com/global-pet-food-market-and-trends/

A \$87 BILLION ADDRESSABLE MARKETS

MULTIPLE PRODUCTS FOR RISK MANAGEMENT

Protein powder for aquaculture

Advanced, sustainable solution for fish feed, with beneficial components from dietary residues of larvae

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Protein powder for pets

High quality, sustainable protein ingredient for pet food products

Premium protein powder for humans

High quality, sustainable protein ingredient for human food products

Oil for cosmetics and nutraceuticals

A unique active ingredient for cosmetics and nutritional supplements industries

CONSUMERS ARE SHIFTING TO ALTERNATIVE PROTEIN

Health reasons

People are choosing to consume less animal protein for health reasons such as heart diseases, weight control and diabetes

Ethical reasons

Ethical reasons concerning animal welfare are motivating people to re-examine the impact of their nutritional choices on animals

Environmental concerns

Growing awareness towards negative effects on the environment that result from farming and processing of meat

ADVANTAGES OF PRODUCING PROTEIN FROM THE FRUIT FLY LARVAE

Water usage (L) for producing 1kg of protein Land use (sqm) per 1kg of protein

Mekonnen, M.M. and Hoekstra, A.Y. (2012) , A Global Assessment of the Water

Footprint of Farm Animal Products, Ecosystems

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Mekonnen, M.M. and Hoekstra, A.Y. (2010) The green, blue and grey water footprint of farm animals and animal products, Value of Water Research Report Series No. 48, UNESCO-IHE, Delft, the Netherlands.

Hannah Ritchie and Max Roser (2020) - "Environmental Impacts of Food Production". Published online at OurWorldInData.org. Retrieved from: 'https://ourworldindata.org/environmental-impacts-of-food' [Online Resource]

Poore, J., & Nemecek, T. (2018). Reducing food's environmental impacts through producers and consumers. Science, 360(6392), 987-992.

MUCH BETTER THAN PLANT BASED PROTEIN

1 COW IN 1 SQM IN 1 MONTH

The lifespan of the larva is 7 days

Body mass Multiplies by 250 in 7 days In comparison, beef multiplies by 10 in one year

Exponential growth: 300-350 offspring per female

Year-round continuous production process. With no seasonal constraints

Highly efficient production process, 100% utilization of the larvae, residues processed into feed product

We are able to produce a quantity equal to 300-400 kg of beef in: 1 square meter every month!

FOCUS ON ESG

Environmental Social Governance

• ✓ Water saving
• ✓ Land saving
• ✓ Carbon and Methane emission reduction
• ✓ Closed and fully control on production area
• ✓ Minimal waste

• ✓ Future food security solution in third world country
• ✓ High employment standards in third world country
• ✓ Production of healthy ingredients
• ✓ Focus on diversity and inclusion

• ✓ Public company standards
• ✓ Stakeholder engagements
• ✓ Board diversity and structure

PRODUCTION FACILITY COMPLETED IN LESS THAN A YEAR!

MILESTONES ACHIEVED SINCE THE IPO: INFRASTRUCTURE

STRATEGIC PARTNERS & CUSTOMERS

MILESTONES ACHIEVED SINCE THE IPO: COMMERCIAL

INVESTORS BELIEVE IN INSECT PROTEIN

Establishment of a third plant in France (following France and Holland). Development and production of alternative food produced from mealworms

Establishment of a third plant in the USA (following two in France). Development and production of alternative protein and oil produced from black soldier fly larvae

First plant established in France in 2021. Development and production of alternative protein produced from mealworm and crickets

First plant established in Holland in 2019. Development and production of alternative protein and oil produced from black soldier fly larvae.

First plant established in the USA. Development and production of alternative protein produced from mealworms.

First plant established in Thailand. Development and production of alternative protein produced from fruit fly larvae. The Company is in a preliminary stage compared to the benchmark - establishment of its first production plant

17 *Investment figures source: Crunchbase.com

LEADING STRATEGIC INVESTORS

• o World's largest tuna and seafood products manufacturer (about 15% global market share) o Headquartered in Thailand, deployed globally o OEM pet food manufacturer for global brands including Nestle Purina, Mars and others
• o The protein alternatives field is in the core of the company's strategy

• o Strauss Group is among the largest food manufacturers in Israel
• o Strong global presence and a global leader in food innovation
• o Produces dairy products, snacks, spreads, coffee, water technologies, and more
• o Among the world's leading Hummus producers (together with PepsiCo)

PATENTS

Material Patent

Patent applications have been submitted in 11 countries: China, EU, USA, Japan, Thailand, South Korea, Indonesia, Malaysia, India, Mexico and Israel

Aquaculture patents

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Following a joint research, 3 patents in the fish feeding space have been submitted, in collaboration with Sumitomo Chemical

OVERVIEW OF THE COMPANY'S STRATEGY 2022-2024

MULTIPLE REVENUE CHANNELS:

AQUACULTURE | PET FOOD | COSMETICS | HUMAN FOOD

COMPANY'S STRATEGY MAIN KPI'S

Main KPI's	2022 YTG	2023	2024-2026
Production facilities	Phetchaburi Thailand	Phetchaburi Thailand	Phetchaburi Thailand + Establishment of new facility during the years
Maximum capacity (Ton) Premium Protein Powder / Oil	Up to 100 / 40	Up to 1,000 / 400	Company's target is reaching up to 10,000 based on new factory establishment
Gross Margin	Negative	Positive	Reaching over 40%
OCF	Negative	Negative	Moving to positive during the period
Expected CAPEX for capacity increase	\$1M	\$4-5M	New factory significant investment
Use of proceeds of future funds raise	Facility launch • Sales team expansion • CAPEX • R&D •	Facility expansion (CAPEX) • Business development • Working Capital • R&D •	Facility expansion • New production site initiation • Working Capital •

*For each 1 ton of premium protein, 13 ton aquaculture (dietary residues)will be produced. 1 Ton of premium protein represents 15k-20k USD (based on mix) potential income for all products (Premium protein, oil and aquaculture feed)

** The plan is based on additional future fund (via shelf offering report and/or private placement) raising ; 2022-2023 total fund raise needed estimated at \$10-15M and pending BOD approval for each milestone execution

GO-TO-MARKET STRATEGY 2022- 2024

Focus on APAC Market during 2022-2023:

• Sumitomo Chemical Flying Spark's partners with GTM strategy in APAC
• Showa Kosan Flying Spark's distributer in Japan
• Several commercial pilots to be launched in 2023

Focus on APAC Market during 2022-2023:

• Collaboration with Thai Union Pet Care division – MOU for 20 tons signed and will be supplied in 2023.
• Showa Kosan Product distribution in Japan
• Ongoing discussions with pet food manufacturers and retailers

Focus on Thai Market following by APAC during 2022-2023:

• Joint venture with Garguar Labs (OEM cosmetics manufacturer) and Head100 (top tier branding and marketing agency) 2022 commercial pilot for anti-aging product, 2023 sales growth expected
• Ongoing discussions with leading cosmetics customers

market

Pt food industry Focus on APAC market and following by Western markets during 2023-2024:

• Flying Spark will start building its customers funnel in parallel to the FDA approval process which estimated to be completed in H1- 2024

FEEDING THE WORLD WITHOUT CONSUMING THE EARTH

TASE: FLYS hello@flyingspark.com www.flyingspark.com

TASE: FLYS michael@flyingspark.com www.flyingspark.com