Over the past few weeks, there have been many questions asked about a new company coming to the Madison area called Trū Shrimp. I have received dozens of calls, email, and texts asking what I knew. Unfortunately, I had no information to share as it was new to me also.

On Tuesday January 22nd, Martin Jarrett, I, and other community leaders, as well as city and county officials, met officials of the Trū Shrimp Company. Trū Shrimp held a very informative and interesting meeting. I have attached their presentation notes to this email also.

I want to answer some of the questions the way I understand them. Martin can correct me if I have any of this information incorrect, or if I missed some important information.

1. How much salt water discharge will there be from the plant?No salt water will be discharged. Approximately 10% of their salt water used at the plant, will betreated onsite (Daily/weekly?) and reused in the plant. Much of the water demand that isneeded, will be for replacing lost water due to evaporation, and for cleaning purposes.

2. How much waste material will be discarded into our sanitation?No waste materials will be discharged. 100% of all byproducts will be collected and used forAnimal feed, Pet food, and possibly some medical applications. One of the byproducts will betheir molten shells (this happens every 30 days) which contain Chitosan. Their hope is to developmedical practices for this. (if not it will also be part of their animal food process)

3. What will go into Madison’s Sanitary?Water used for daily cleaning of machines, and sanitary purposes will be the only discharge intothe Madison Sanitary. This water will be tested regularly for contaminants or problems

4. What happens in case of a spill or any contaminated water that could not be discharged into theMadison Sanitary for any reason?Commercial evaporators will be onsite and used to evaporate any water that would require it.The evaporated water would be reused while the solid chemicals/salt would then be removedor reused.

5. What about the smell from the plant?The plant will be 100% contained, with strict sanitary procedures in place. I spoke with a fewMadison people who toured their plant in Balaton, MN, and they told me that they could notdetect any smell even inside the facility.

6. What happened in Luverne, Mn?That is a lengthy answer, simply said…. They have old antiquated rules there that simply do not apply today, and have nothing to do with their process here in Madison.

In summary, I believe that The Trū Shrimp facility is something to keep our eye on and to monitor their process, and program for changes and updates. I also believe that Trū Shrimp has gone to great lengths to develop their processes and technologies over the past 10 years, and have every intention of being a good neighbor in the community. Construction will begin soon and will take approximately 18 months, and 800 construction workers to complete. Hopefully with their resources, they could even be a good partner in developing a technology to improve water quality on Lake Madison?

I will also provide more information as it comes available.

Thank you,

Mike Anderson

A Company Overview“Building an Industry”

Madison, South Dakota - January 22, 2019

January 2019

Executive Summary

2

The trū Shrimp CompanyCurrent US Shrimp Market

• Americans consume ~1.9 billion lbs of shrimp, representing at least a $10 billion market at retail and foodservice

• 90% of the shrimp consumed in the US was imported, with 5 countries (India, Indonesia, Thailand, Ecuador and Vietnam) representing 81% of our supply

• Outdoor shrimp ponds are prone to disease, resulting in the increased use of antibiotics and early harvesting leading to smaller shrimp.

• No supply chain traceability

• Successfully patented, tested, and is now commercializing a large-scale, indoor shrimp production process

• Indoor: Total control of the process.

• Unprecedented growth rates and survival.

• 100% sustainable, antibiotic- and chemical-free, and provides premium quality

• Offers a completely traceable, domestic product in predictable quantities

• trū Shrimp is expecting commercial shrimp sales to begin in 2021

January 2019

Our Beginning

Ralco Nutrition's Mission: Steward our God-given gifts to perfect technologies that enhance the vitality of plants and animals for a safe and abundant global food supply.

Never before have so many people relied on so few for their food, and never has the population been as skeptical about their food supply.

• We perfect technologies that naturally create an abundant global food supply.

• We accomplish this through applied science and research that enhance practical natural technologies for the agriculture and aquaculture industries.

In a world filled with technology that people mistrust, creative thinking has driven us to provide trusted alternatives.

3

January 2019

Shrimp: An Efficient Protein

4

ProteinFeed to

Live WeightRatio

Feed toEdible Weight

Ratio

Protein, % of Edible Weight

Chicken 1.7 2.4 18.6%

Beef 6.8 11.0 10.7%

Pork 2.9 4.1 21.2%

Shrimp 1.4 2.1 24.0%

January 2019

Global Shrimp Aquaculture

5

January 2019

U.S. Shrimp Aquaculture Potential

Protein

Production Consumption U.S. Self-Sufficiency

Ratio

<1 = net exporter>1 = net importer)

U.S.(b lbs)

U.S., % of World

U.S.(b lbs)

U.S., % of World

Chicken 41.0 20.6% 34.3 17.7% 0.84

Beef 26.7 19.7% 26.9 20.5% 1.01

Pork 25.8 10.6% 21.2 8.7% 0.82

Shrimp 0.3 1.9% 1.9 10.5% 5.56

6

January 2019

U.S. Shrimp Supply

Today

Wild Fishery

Limitations

Overseas Production Constraints

Regulatory Pressures

Channel Pressures

Consumer Pressures

Convergence of Market Forces

Disruptive Technologies. Revolutionary Processes. Superior Products.7

Depletion

Environmental

Damage

FSMA Judicial Action

Food Safety

Social

Responsibility

Antibiotics

High Carbon

Footprint

Small Shrimp

Disease

Demand for

Larger Shrimp

Traceability

Origin

By-catch

January 2019

The trū Shrimp Strategy

8

Differentiate

Integrate Vertically

Production Driven

Leverage Core Competencies

premium product with a focus on branding

genetics (not GMO), nutrition, hatchery, production, processing, marketing/sales

operational excellence, marketing/sales to find market

water habitat, water chemistry, nutrition

January 2019

Our Shrimp

▪ Translucent; blue-green hue ▪ May grow to 9 inches▪ Life span of ~2 years▪ Naturally nocturnal

– Feed at night– Hide on bottom during day

▪ Natural habitat– Western Pacific from Mexico to

northern Peru from shallows down to 235 feet

▪ Most domesticated shrimp species worldwide

9

Litopenaeus vannamei: the “Pacific White Shrimp”

January 2019

The Essence of Our Strategy

Invest in Disruptive

Technologies

Vertically Integrate

Superior Productivity

& Profitability

10

January 2019

To Change Perceptions…Change the Language

▪ Tidal BasinTM stress-free, shallow water, aquarium-like environment

▪ Reef stack of Tidal Basins

▪ Harbor indoor production facility

▪ Galley processing facility

11

January 2019

Our Journey

12

Benchtop Tidal Basins Texas A&M University

Circa 2008

Inspiration

Research &

Development

Commercialization

January 2019

Our Journey

13

Inspiration

Research &

Development

Commercialization

Pilot Production Tidal Basins2016 - present

Balaton Bay ReefSeptember 2018

Innovation Center2015 - Present

January 2019

Patented Tidal Basin™ Technology

14

Patent #s 8,336,498

& 8,985,055 B2

January 2019

Ideal Water Quality

Tidal Basin™ – 585 feet long x 12 feet, 4 inches wide x 12 inch average depth

15

January 2019

Balaton Bay Reef Commissioning Event

Below: On August 22, 2018, members of the trū Shrimp team commissioned Balaton Bay Reef

January 2019

Research & Development: Intellectual Property

Patents:

Texas A&M (2): Worldwide Exclusive License (covers U.S. and 9 countries)– Basic Tidal Basin Designs

trū Shrimp (1):– Water Management Apparatus

Patents Pending:

trū Shrimp (1):– Tidal Basin Enhancements

Patents Being considered:

trū Shrimp (3):– Dual Frequency Flushing – Disruptor/Agitation Structure – Inoculation System

17

January 2019

Genetics – Partnership with Oceanic Institute

Quick facts about OI• Oceanic Institute (OI) has over 20 years of history with breeding

stock for Pacific white shrimp (litopenaeus vannamei)• OI shrimp are tested and certified free of nine major shrimp

diseases

Importance to trū Shrimp• OI selects brood stock from family lines exclusive to trū Shrimp • trū Shrimp brood stock selection criteria can focus on

reproductive performance and for rapid growth

We’re excited to share that we recently signed a 5-year broodstocksupply agreement!

18

Above: the first brood stock pairs from OI arrived to Balaton Cove Hatchery in August.

January 2019

Unprecedented Growth Rates

19

January 2019

Exceptional Productivity

20

Farming methodShrimp yield

(average pounds/acre/year)Annual production

(43 acres = 1 Harbor)

Extensive ponds 430 lbs 18,500 lbs

Semi-intensive ponds 2,200 lbs 94,600 lbs

Intensive ponds 63,000 lbs 2,710,000 lbs

trū Shrimp Harbor 175,000 lbs 7,500,000 lbs

January 2019

Our Journey

21

Inspiration

Research &

Development

Commercialization

Madison Bay Harbor

Complex

Goal to be operational in

late 2020

First commercial sales 2021

January 2019

Harbor Complex

22

Water Engineering

CenterHatcheryHarbor

▪ Estimated 7.5 million lbs/year at current production standard

▪ Two Year Projection;

8+ Million

▪ 1+ million post-larvae per day

▪ Produces created seawater

▪ Reclaims and recycles Production water from Hatchery and Harbor

January 2019

Madison Bay Harbor Complex

23

January 2019

Madison Bay Harbor Complex

24

January 2019

Economic Impact

During the 18-24-month construction period: • At its peak, 800+ construction employees• A University of Minnesota Extension Study estimates $100+ Million in

annual economic impact

Once fully operational: • A University of Minnesota Extension Study estimates $40+ Million in

annual economic impact• Creation of an estimated 150 jobs expected to begin in the fall of 2020

– Competitive pay within the region– Company benefits including medical, dental, vision and 401(k)

25

January 2019

A Fully-Integrated Protein Company

27

The Hub

Genetics, Hatchery, Nutrition, Veterinary, Research, Processing,

Marketing & Co-Products

Harbor

4

Harbor

6

Harbor

10

Madison Bay

Harbor

Harbor

5 Harbor

7

Harbor

8

Harbor

9

Harbor

2

Harbor

3

January 2019

Co-Product Produced

Chitosan from shrimp

molts

28

Animal feed from

Galley/Harbor waste

High quality pet food from shrimp heads

January 2019

Madison Bay Harbor – The Next Step• In October 2018, the Board of Directors authorized and directed management to pursue

financing for the construction of a Harbor complex and related dependencies.

• The experience of building Balaton Bay Reef set the stage for engineering and construction management to prepare for the building of the Madison Bay Harbor complex. We are in the process of finalizing design and engineering and are working towards the competitive bid stage of the process.

• The Company expects to invest in the construction and development of the Madison Bay Harbor complex an amount ranging from $330 to $360mm.

• The investment in the engineering of the Madison Bay Harbor complex creates a “template” that can be used repeatedly for many Harbors in the future.

• ISG Engineering and Miron Construction engaging on the Madison, SD site.

29

January 2019

Why trū Shrimp?

30

Rest of World U.S.

Production Environment

Outdoors in tropics; confined ocean water ripe with pathogens

Outdoors in sub-tropics; confined ocean

ripe with pathogens

Producer Economics

No integration; commodity product &

pricing

No integration; commodity product &

pricing

Consumer Marketing

Take it or leave it Too small to matter

Rest of World U.S.

Production Environment

Outdoors in tropics; confined ocean water ripe with pathogens

Outdoors in sub-tropics; confined ocean

ripe with pathogens

Indoors with precise control of climate, water chemistry &

biosecurity

Producer Economics

No integration; commodity product &

pricing

No integration; commodity product &

pricing

Full integration with proven terrestrial model;

premium quality & pricing

Consumer Marketing

Take it or leave it Too small to matter

Superior product, no antibiotics or preservatives,

supply chain traceability … A BRAND

We are extremely proud and excited to be coming to Madison!

Thank You!