Advanced Enzyme Technologies Limited

1 AdvancedEnzymeTechnologiesLimitedWhere Enzyme is LifeInvestor Presentation| June 2018 Investor Presentation | May 20182 ContentCompany Overview Global Enzyme MarketAdvanced enzymes -A Unique Investment CaseFuture Growth Strategies & Pipeline 4131625 Financial Overview27 Investor Presentation | May 2018 Disclaimer3 Thisinformationmaycontaincertainforward- lookingstatements/detailsinthecurrentsce nario, ,performances, , , ,consequenttonewinformation, Presentation | May 20184 Company Overview Investor Presentation | May 20185 Company Overview Company Overview ,animalnutrition,baking,fruit&vegetablep rocessing,brewing&malting,grainprocessin g,proteinmodification,dairyprocessing,sp ecialityapplications, !VisionOurvisionatAdvancedEnzymesistobec ometheleading, Enzyme -based,valueprovider toconsumersandBio-Processorsglobally!Wha t are enzymes ? enzymes are natural protein molecules that act as catalysts within living cells, produced by all living organisms.

2 Function as specialized catalysts and accelerate the pace of biochemical uses enzymes to replace chemicals in, and improve efficiency of, a wide variety of industrial processes for its Presentation | May 20186 Board of , , C L ,isaNon-ExecutiveandIndependentDirectoro fourCompanysinceDecember14, ,IndusindBank, Pramod , Kedar Ramesh , ,strainimprovement, Mukund M. , ,managementandsupervisionofExport-Import , Savita Vasant RathiInvestor Presentation | May 20187 Management TeamAdoublegraduate,Piyushfirstcompleted hisBachelorsinMathsfromMumbaiUniversitya ndtheninFinancefromMichiganTechUniversit y, ,PiyushtookchargeoftheHumanNutritionandB io-Processingbusinessesrespectively,ands ince2014, ,asChiefBusinessOfficer,hiskeyresponsibi lityistooverseethedevelopmentofthecompan y'sbusinessinEurope& ,aCharteredAccountantandCompanySecretary byqualification, ,hisprimeobjectivetodayistoensurethatade quateandcost-effectivefinanceisavailable forthegroup' ,healsoreceivedthecovetedYoungScientistA wardProjectfromDepartmentofScience&Techn ology, ,asVicePresident-Research&Development,Ge neralManagerResearch&Development, ,proteomics& , , ' ,hisfocusisongrowingthebio-processingbus inessintheAmericancontinentsandhiskeycha llengeistobuildastrongmarketing.

3 Sales& RathiChief Business OfficerBeni Prasad RaukaChief Financial GuptaVice President Research & DevelopmentDipak RodaVice President Market & Business DevelopmentInvestor Presentation | May 20188 Advanced Enzyme Technologies Limited A Rising Global StarIndianenzymecompanyHighestmarketshar einIndiaAmongstTop 15 GlobalEnzymeCompaniesListed integrated Enzyme player globally1st2nd2ndEnzymes & Probiotics68+Countries Worldwide Presence45+Registered Patents28 Customers Worldwide700+Employees550+m3 Fermentation Capacity420 GRAS Dossier filed with US FDA 1 Years of Fermentation Experience24+Proprietary Products400+Food Enzyme Dossiers filed with EFSA11 Note: Facts & Figures as on 31stMarch 2018 Manufacturing Units 7 India -5 USA -2R&D Expense 3% R&D Strength 60+EBIDTA ( mn)PAT ( mn)Revenue ( mn)2,4823,957FY 14FY 181,0311,654FY 14FY 18210936FY 14FY 18 Note: 2014: as per IGAAP | 2018: as per IndAsInvestor Presentation | May 20189 Geographical PresenceManufacturing Facilities 7 International PresenceR&D Locations -5 INDIAM aharashtra3 Madhya Pradesh1 Andhra Pradesh1 USAC alifornia2 INDIAM aharashtra3 Andhra Pradesh1 GERMANYN orth Rhine-Westfalia1 Investor Presentation | May 201810 Catering to Diverse end-use Industries Supplyenzymeproducts,enzymeblends&custom isedenzymesolutions LeverageR&Dtodeliverhighqualityproductsa tgloballycompetitiveprices AssistcustomersworldwidetooOptimizetheir processoImprovetheirproductqualityoSavet heirtime&moneyoMitigateindustrialimpacto nenvironmentLeather ProcessingBiofuelsBakingDairy & Cheese ProcessingFruits & Veg.

4 ProcessingStarch & Grain ProcessingOil & Fat ProcessingBrewingYeast ProcessingTextile ProcessingProtein ModificationBiocatalysis(API Synthesis) Human Healthcare& Nutrition~89% of Total Revenue in FY18 Animal NutritionDetergentsInvestor Presentation | May 201811 Corporate StructureoIncorporated: 2008oCore Areas: Textile, Paper and Leather IndustryoPresence: South Asia60%(1)100%(2)100%(1) by AETL and remaining held by nominees of AET (2) by AETL and remaining held by nominees of AETL oIncorporated: 2004oAcquired: 2016oCore Areas: Manufacturing of EnzymesoPresence: IndiaoIncorporated: 2004oCore Areas: Solutions for poultry & cattle industriesoPresence: South AsiaoIncorporated: 2010oCore Areas: Holding Company for US SubsidiariesoPresence: North, Central and South AmericaoIncorporated: 2016oAcquired: 2017oCore Areas: Enzyme based solutions for extraction of palm oil from palm fruitoPresence: MalaysiaoIncorporated: 2017oPresence: NetherlandoCore Areas: Holding Company for investment in EuropeoIncorporated: 2006oAcquired: 2017oCore Areas: Offerings for Pharma Biocatalysisand Food Processing Industries oPresence: Germany100%100%70%100% Advanced Enzyme Technologies Ltd.

5 (AETL) Advanced Bio-AgroTech LtdAdvanced EnzyTechSolutions LtdAdvanced enzymes USA Biotech Private LtdAdvanced enzymes (Malaysia) enzymes Europe GmbHoIncorporated: 1985oCore Areas: Proprietary, Customized enzymes & Probiotic BlendsoPresence: North America and Latin : 2010oCore Areas: Owned & Branded Supplements for Nutraceutical ApplicationsoPresence: North, Central and South AmericaoIncorporated: 2010oCore Areas: Owned & Branded Supplements for Retail Business ModeloPresence: North, Central and South America100%100%100%Cal India Foods InternationalAST EnzymesDynamic enzymes , : 2015oCore Areas: Solution for Animal Nutrition and Bio Processing SectorsoPresence: North, Central and South America100% Enzyme Innovation, IncInvestor Presentation | May 201812 Brief History and Evolution*throughKotakIndiaVentureFundI, KotakEmployeesInvestmentTrustandKotakInd iaVenture (Offshore)FundIncorporated as Advanced BiochemicalsPvt fermentation facility at Sinnar, MaharashtraR&D centres (Thane and Sinnar) recognized by DSIRA dvanced BiochemicalsLtd.

6 Is renamed as Advanced Enzyme Technologies Limited (or Advanced enzymes )Takeover of Cal-India Foods Intl. USA presenceFloated IPOA cquired 70% stake in JC BiotechEquity investment by Kotak Private Equity*Takeover of Advance Supplementary TechnologyAcquired 100% stake in EvoxxTechnologies19891994200120052011201 2201620172010 Bio Excellence Award in Industrial Biotechnology Govt. of Karnataka Emerging India Awards in Life Science Pharmaceuticals & Chemicals ICICI Business Banking & CNBC TV18 Awards & Accolades2013 Fastest Growing Mid-Sized Business Awards Inc. India2014 Bio Excellence Awards in Industrial Biotechnology Govt. of Karnataka2016 Best Nutraceuticals company of the year Biotech leader of the decade2017 Best IPO of the year award by IR Society, IndiaInvestor Presentation | May 201813 Global Enzyme MarketInvestor Presentation | May 201814 Global Enzyme Market : Broad-based Growth led by Specialty EnzymesUsage of EnzymesoHigh volume, low value-added applicationoLow volume, high value-added applicationGlobalMarketSize201220222017 bn41%22%21%6%5%5%35%18%29%7%5%6%North America Asia /Pacific Western Europe Central & South America Eastern Europe Africa & Mideast20122022 Source.

7 Freedonia Report$ bn$ bnEnzymesIndustrial EnzymesSpecialty EnzymesWorld Enzyme Demand by RegionoGlobal growth to be led by Specialty enzymes while Industrial enzymes expected to see moderate growthoNorth America dominates the global Enzyme marketoDeveloping countries and especially Asia/Pacific and Central/South America to witness the fastest growthoIndian Enzyme market to grow from USD 105 mn in 2015 to USD 279 mn in 2022 at a CAGR of Presentation | May 2018(USDMn)Research&BiotechnologyDiagnos ticOtherSpecialtyBiocatalystsNutraceutic als201281543025520221, 15 Underlying Trends Driving Global Enzyme DemandPer capita Income, growing middle class and urbanization, particularly in rapidly developing economiesGlobal Industrial enzymes (USDMn)BiofuelCleaningProductFood &BeveragesAnimalFeedOtherIndustrial20125 15920132039548020226401,6902, oExpansion of middle class population & meat consumptionoAdoptionofWestern-stylediets oGlobalfocus on environmentandreducing wastageGlobal Specialty EnzymesoFalling cost of DNA manipulation & sequencingoDemographic shift to aid growth of diagnostic enzymesoPerceived health benefits of nutraceutical enzymesGrowing PopulationInvestor Presentation | May 201816 Advanced enzymes -A Unique Investment CaseInvestor Presentation | May 201817 What Makes AETL a Unique Investment CaseIntegrated Player with Presence Across the Enzyme Value ChainStrong Research & Development Capabilities Specialized Business with High Entry BarriersInherent Diversification in the Business ModelSignificant Focus on International Markets & Brand BuildingStrong Financial PerformanceUnique Investment CaseInvestor Presentation | May 201818 Integrated Player with Presence Across the Enzyme Value ChainResearch &

8 DevelopmentManufacturingMarketing&Distri butionInvestor Presentation | May 201819 Strong Research & Development CapabilitiesoDesigning the right set of enzymes with their target applications in mindoInvolves techniques such as Directed Evolution, Rational Design, Quantum Mechanics, new & improved microbial systems for Enzyme productionoDeveloping strains with better characteristics such as rapid growth, higher productivity, cheaper media cost, etcoDeveloping robust & scalable processes, both in fermentation as well as downstream processingoEnhancing recovery & yields, to ensure sufficient productivity & commercial feasibilityoUnderstanding problems related to customers products & processes, and designing the most effective solutionsoConducting lab & plant trials to deliver the end resultsEnzymes & ProbioticsFood enzymes Dossiers filed with EFSA(1) Scientists, Microbiologists, Engineers, Food Technologists, BiotechnologistsGRAS Dossier filed with US FDA(1) EFSA = European Food Safety Authority (2) On a Consolidated basis (in mn) (3) As on the date Registered Patents Enzyme EngineeringMicrobial Engineering & Strain DevelopmentProcess Development& Scale-UpApplication Development& Customer Solution68+11(1)60+128(3)R&Dspend as % of Revenue(2)

9 0% 0% 0% 0% 0% 0% 0%020406080100120140FY 14FY 15FY 16FY17FY18 Significant Investment in R&DRevenue ExpCapital Exp% of consol revenueInvestor Presentation | May 201820 Specialized Business With High Entry BarriersHighly Concentrated Industry with very few large playersCumulative experience of 7+ decades in the global Enzyme industryConsistent Investment into R&D over the past 15+ yearsSpecialized technical expertise in microbial fermentation developed over the last 24+ yearsProven Expertise in Successfully Developing enzymes ; Journey from only 7 in 1994 to 68+ todayAmongst the Lowest Cost Manufacturers in the World (Benchmarked both in terms of Capex & Opex)400+ Products, 700+ Customers WorldwidePresence of more than 3 decades in the industry with prolonged & dedicated " Enzyme " focusDecades of Experience in Solving Customer Problems, and Invaluable Product & Process InsightsTechnocrat PromotersSustained Research & DevelopmentManufacturingExpertiseProven Enzyme Development CapabilitiesGlobal CompetitivenessDiverse Product Range & Customer BaseCredible Market PresenceInvaluable Experience & Customer InsightsInvestor Presentation | May 201821 Inherent Diversification in the Business ModelCatering to DiversifiedSegments & IndustriesoProducts & Offerings cater to a diverse set of industries across multiple segments such as Human Nutrition.

10 Animal Nutrition & Bio-ProcessingoBroad client base serving 700+ customers across 45+ countries worldwide76%Active Ingredient13%Feed Additive11%Bio-CatalystNutraceuticalsPha rmaceuticals 57%43%Food ProcessingNon-Food Processing45%55%Note: For the year ended March 31, 2018 Segment-Wise Revenue BreakupHuman NutritionAnimal NutritionBio-ProcessingInvestor Presentation | May 201822 Significant Focus on International Markets & Brand Building Geographically diversified revenue base: 55% International Operations60+ Global Sales & Marketing Team70+ International Distributors*For the year ended March 31, 2018 Corporate Brand Building Through Participation in Global Trade shows4%1%45%3%47%Asia (ex- India)OthersIndiaEuropeUSAI nvestor Presentation | May 20181,0319311,3891,5341,65443%42%47%45%4 2%36%38%40%42%44%46%48%50%05001,0 001,5 002,0 002,5 00FY 14FY 15FY 16FY 17FY 18 EBIDTA & EBIDTA Margin (%)EBIDTAEBIDTA MARGIN23 Strong Financial Performance FY18 CAGR = = = numbers are on Consolidated basis ROE = Profit after tax / Average shareholder equity.