SavorEat Ltd.

Business and Financial Review • Apr 5, 2021

This is an English translation of the Company's immediate report in Hebrew that was published on April 5, 2021 [Reference no. 2021-01-055446] (the "Hebrew Version"). This English version is only for convenience purposes. This is not an official translation and has no binding effect. Whilst reasonable care and skill have been exercised in the preparation hereof, no translation can ever perfectly reflect the Hebrew Version. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

סבוריט בע"מ SAVOREAT LTD.

(the "Company")

5 April 2021

To To www.isa.gov.il www.tase.co.il

The Israeli Securities Authority The Tel Aviv Stock Exchange Ltd.

Dear Sir and Madam,

Re: Immediate Report

The Company is pleased to update, that it has completed an initial research and development processes for a new product, a plant-based egg substitute (the "New Product"), which utilizes the Company's unique cellulose fibers, which are also used as part of the Company's main product in development, I.e., the plant-based meat substitute.¹ As part of the R&D processes, the Company has also submitted a patent application in connection with the New Product. ²The continued development of portfolio of new products based on the Company's licensed technology is one of the milestones the Company has set for 2021.³

The Company sees potential in the New Product and believes that its unique formulation will allow it eventually to reach additional consumers and markets. The global egg market is estimated at \$ 200 billion a year and is expected to grow up to \$ 244 billion by 2023, with Mexico leading the way in per capita consumption, followed by Japan, China, the United States and Europe. The market for egg substitutes from alternative proteins is still in its infancy, which is a market in growth and to the best of the Company's knowledge, the number of existing players today is relatively small (including Just

¹ For details regarding the development of new products and the Company's research and development activities, see sections 1.10 and 1.18, in accordance with Chapter A (description of the Company's business) of the Company's periodic report for 2020, dated March 25, 2021 [reference number 2021-01-048156] (the "Annual Report"), which are hereby incorporated by reference.

² For details regarding the Company's Intellectual Property, see section 1.19, in accordance with the Annual Report, which is hereby incorporated by reference.

³ For details regarding the Company's license agreement with Yissum, and its goals for 2021, see sections 1.20 and 1.30 of the Annual Report, which are hereby incorporated by reference.

Egg, Zero Egg and Orgran Foods). The global egg substitute market was estimated in 2020 at about \$ 1.4 billion and is estimated to grow up to \$ 1.6 billion by 2025. 4

The Company is examining ways to continue business development of the New Product, including the transfer of operations to a subsidiary with external financing, while the Company updates that it is in advanced negotiations to sign a term sheet for such investment.

About SavorEat

SavorEat Ltd. is developing a platform for the production of various types of plant-based meat substitutes, which purpose is to give the consumer an eating experience that is as similar (in taste and texture) as possible to eating meat of animal origin. The first product the company focuses on is a plant burger.

Forward-Looking Statements Cautionary Clause - The abovementioned information and assessments as stated above, in connection with the New Product still under research and development processes, the size of the relevant market for the New Product, its continued development and / or success in reaching new markets and consumers (including dates regarding the start of production and / or marketing of the New Product), the success in completion of patent registration procedures in connection with the New Product, success in completion of business development procedures (including negotiations on the term sheet and/or a definitive agreement for investment in the New Product), and including dates, forecasts, assessments, estimates and / or plans of the Company in relation to the abovementioned information, includes 'forward-looking statements', as such term is defined under the Israeli Securities Law, the realization of which is uncertain and may not materialize and/or will not materialize in full and/or materializes in a manner materially different from what was initially expected, due in part to factors beyond the Company's control, including among others, changes and/or tightening of regulatory authority's approval policy in relation to the products similar to the New Product, unexpected termination of material agreements for strategic collaborations (including non-continuation of existing development agreements or renewal with existing or new strategic partners) and/or delays in developing the New Product (including need and/or prolongation in the execution of production procedures and quality control to be carried out by the parties involved in the development (if any)), failure to obtain the funding required by the parties involved on time and to the extent necessary for further development of the New Product (if any), entry of additional competitors,

⁴ https://www.reportsanddata.com/report-detail/egg-replacers-market GFI 2019 U.S. State of the Industry Report Plant-Based Meat, Eggs, and Dairy https://www.marketdataforecast.com/market-reports/egg-replacers-market

failure in registering a patent in connection with the New Product, failure to obtain approval from business partners for the purpose of commercializing the New Product, as well as the realization of any of the Company's risk factors, as specified in section 1.32 of the Annual Report

Respectfully,

SavorEat Ltd.

Approved for reporting on behalf of the Company by:

Ms. Racheli Vizman, CEO and Director