Trendlines : Annual Report FY2021

Investing to improve the

human condition

CONTENTS

1. GROUP STRUCTURE

1. CORPORATE PROFILE

1. CHAIRS' STATEMENT

1. FINANCIAL HIGHLIGHTS AND REVIEW

1. BUSINESS REVIEW

1. INVESTOR RELATIONS

1. SUSTAINABILITY REPORT

1. BOARD OF DIRECTORS

1. SENIOR MANAGEMENT

1. CORPORATE INFORMATION

1. CORPORATE GOVERNANCE REPORT

1. DIRECTORS' REPORT

100 FINANCIAL STATEMENTS

158 STATISTICS OF SHAREHOLDINGS

160 NOTICE OF ANNUAL GENERAL MEETING

PROXY FORM

This annual report has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this annual report, including the correctness of any of the statements or opinions made or reports contained in this annual report.

The contact person for the Sponsor is Mr Shervyn Essex, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, [e-mail].

02

THE TRENDLINES GROUP | ANNUAL REPORT 2021

SHORTENED FORMS & ACRONYMS IN THIS ANNUAL REPORT

American Depositary Receipt ("ADR") Annual General Meeting ("AGM") Asia Pacific ("APAC")

Bayer Crop Science LLC ("Bayer Crop Science" or "BCS")

Bayer Trendlines Ag Innovation Fund ("Bayer Trendlines Ag Fund" or "Ag Fund")

B. Braun Melsungen AG ("B. Braun") Board of Directors ("Board")

Catalist of the Singapore Exchange Securities Trading Limited ("Catalist of the Singapore Exchange")

Chief Executive Officer ("CEO")

Chief Financial Officer ("CFO")

Chief Operating Officer ("COO")

Chief Technology Officer ("CTO") Compound Annual Growth Rate ("CAGR") Environmental, Social and Governance ("ESG") Fair Value ("FV")

Financial Year Ended 31 December 2019 ("FY2019")

Financial Year Ended 31 December 2020 ("FY2020")

Financial Year Ended 31 December 2021 ("FY2021") First in Human ("FIH")

Frequently Asked Questions ("FAQs")

General and Administrative ("G&A") General Partner ("GP")

Global Reporting Initiative ("GRI") Initial Public Offering ("IPO") Intellectual Property ("IP") Internal Rate of Return ("IRR") Israel Innovation Authority ("IIA")

Johnson & Johnson Innovation - JJDC, Inc. ("JJDC") Joint Venture ("JV")

Librae Holdings Limited ("LH")

Maryland/Israel Trendlines Fund GP LLC ("Maryland GP") Maryland/Israel Trendlines Fund L.P. ("M/ITF") Memorandum of Understanding ("MOU")

Merger and Acquisition ("M&A") Net Asset Value ("NAV")

OTCQX Market ("OTCQX®," a trademark of the OTC Markets Group Inc.)

PrimePartners Corporate Finance Holdings Pte. Ltd. ("PrimePartners Holdings")

PIPE ("Private Investment in Public Entity") Profit and Loss ("P&L")

Redeemable Convertible Loan ("RCL")

Research and Development ("R&D") Singapore Dollar ("SGD")

Singapore Exchange Limited ("SGX")

Singapore General Hospital ("SGH")

Singapore Israel Industrial Research and Development Foundation ("SIIRD") Special General Meeting ("SGM")

The Trendlines Group Ltd. ("Trendlines" or the "Company," and together with its subsidiaries, the "Group" or "The Trendlines Group")

Trendlines Agrifood Fund Pte. Ltd. ("Trendlines Agrifood Fund")

Trendlines Agrifood Innovation Centre Pte. Ltd. ("Trendlines Agrifood Innovation Centre" or "AFIC")

Trendlines Agtech Ltd. ("Ag Fund GP")

Trendlines International Ltd. ("Trendlines International")

Trendlines Investments Israel Ltd. ("Trendlines Investments," previously Trendlines Agtech-Mofet Ltd.)

Trendlines Medical Singapore Pte. Ltd. ("Trendlines Medical Singapore") Vice President ("VP")

United Nations Sustainable Development Goals ("UN SDGs") United States of America ("US")

TRENDLINES' PORTFOLIO COMPANIES SHORTENED FORMS

AgriG8 Pte. Ltd. ("AgriG8") AgroScout Ltd. ("AgroScout") AgwaFarm Ltd. ("Agwa") AlgaHealth Ltd. ("AlgaHealth") ApiFix Ltd. ("ApiFix") AquiNovo Ltd. ("AquiNovo") Arcuro Medical Ltd. ("Arcuro") Avir Medical Pte. Ltd. ("Avir")

Ayzer Sense Pte. Ltd. ("Ayzer Sense") BioFishency Ltd. ("BioFishency") Ceretrieve Ltd. ("Ceretrieve")

Continale Medical Pte. Ltd. ("Continale") CoreBone Ltd. ("CoreBone")

Dasyo Ltd. ("Dasyo")

Dermacut Medical Pte. Ltd. ("Dermacut") EcoPhage Ltd. ("EcoPhage")

ElastiMed Ltd. ("ElastiMed")

EndoSiQ Pte. Ltd. ("EndoSiQ") Equinom Ltd. ("Equinom") Escala Medical Ltd. ("Escala") Fidmi Medical Ltd. ("Fidmi") FruitSpec Ltd. ("FruitSpec") GreenSpense Ltd. ("GreenSpense") Hargol FoodTech Ltd. ("Hargol") IBI-Ag Ltd. ("IBI Ag")

Insectta Pte. Ltd. ("Insectta") interVaal Pte. Ltd. ("interVaal") Leviticus Cardio Ltd. ("Leviticus Cardio") liberDi Ltd. ("liberDi")

Limaca Medical Ltd. ("Limaca") Medulla Pro Pte. Ltd. ("Medulla Pro") MetoMotion Ltd. ("MetoMotion") MiRobot Ltd. ("MiRobot") Mycovation Pte. Ltd. ("Mycovation") NasoTrak Medical Pte. Ltd. ("NasoTrak") NeuroQuest Ltd. ("NeuroQuest")

NICE Surgical Pte. Ltd. ("NICE")

OccuTrack Medical Solutions Pte. Ltd. ("OccuTrack") Omeq Medical Ltd. ("Omeq")

Phytolon Ltd. ("Phytolon") PlanetWatchers Inc. ("PlanetWatchers") PregnanTech Ltd. ("PregnanTech") ProArc Medical Ltd. ("ProArc")

ProJini Agchem Ltd. ("ProJini") Saturas Ltd. ("Saturas")

SetBone Medical Ltd. ("SetBone") SenterCare Ltd. ("SenterCare") Solveat Ltd. ("Solveat")

Sol Chip Ltd. ("Sol Chip")

STeP Pte. Ltd. ("STeP") Stimatix G.I. Ltd. ("Stimatix") S.T.S. Medical Ltd. ("ST Stent") Szone Medical Pte. Ltd. ("Szone") TendonPlus Medical Pte. Ltd. ("TendonPlus") Vensica Therapeutics Ltd. ("Vensica")

Vessi Medical Ltd. ("Vessi")

ViAqua Therapeutics Ltd. ("ViAqua") ZygoFix Ltd. ("ZygoFix")

GROUP STRUCTURE(1)

corporate medical agrifood labs

Our corporate structure as at 8 March 2022.

The

Trendlines

Group

50%

100%

100%

100%

100%

91.68%

76.43%

75%

51%

Trendeslin

Trendlines

Trendlines

Misgav

Trendlines

Trendlines

Trendlines

Maryland

Agrifood

Medical

GP 2

Ag Fund GP3

Venretu

Innovation

Investments

Karmiel

Medical

Shanghai

Labs

Holdings GP44

Centre

Israel

Incubator

Singapore

Innovation

Changzhou

Centre

20% CARRY

20% CARRY

20% CARRY

Maryland/

Bayer

Trendlines

Portfolio

13

Trendlines

Israel

Trendlines Ag

consolidated

Agrifood

Companies5

Innovation

Trendlines

Innovation

Fund

companies6

Fund (M/ITF)

Fund

Labs7

Trendlines

Investments

Israel

Portfolio

Portfolio

Portfolio

Portfolio

Companies8

Companies9

Companies10

Companies11

1. See the complete list of portfolio companies in the Business Review chapter of this Annual Report.
2. Maryland GP is a Maryland limited liability company which is the general partner of the M/ITF, a Maryland limited partnership, and has invested in certain portfolio companies. The remaining 50% shareholding in Maryland GP is held by Maryland/Israel Development Corporation, an unrelated third party. In its capacity as the GP of M/ITF, Maryland GP is entitled to receive 20% of distributions (cash or property) made by M/ITF as carried interest ("20% Carry"), after all the limited partners in M/ITF have received in aggregate distributions equal to their capital contributions to M/ITF.
3. Ag Fund GP acts as the GP of an Israeli limited partnership, the Bayer Trendlines Ag Fund. 100% of the interest in the Bayer Trendlines Ag Fund is held by Bayer Crop Science LP, an unrelated third party. In its capacity as the GP of the Bayer Trendlines Ag Fund, Ag Fund GP is entitled to receive 20% of distributions made by the Bayer Trendlines Ag Fund as carried interest, after all the partners have received in aggregate distributions equal to their respective capital contributions to the Bayer Trendlines Ag Fund. In addition, in its capacity as the GP of the Bayer Trendlines Ag Fund, Ag Fund GP has the sole, complete and exclusive right, power, and discretion to operate, manage, and control the affairs and property of the Bayer Trendlines Ag Fund and to make all decisions concerning the operations and business of the Bayer Trendlines Ag Fund.
4. Trendlines Venture Holdings Ltd., a company incorporated under the laws of the Cayman Islands, is a wholly owned subsidiary of The Trendlines Group Ltd. and acts as the general partner of Trendlines Agrifood Fund Pte. Ltd., an investment fund constituted as a Singapore private limited company limited by shares. After distributions to the shareholders of the Fund in proportion to their respective capital contributions and the fulfilment of a hurdle rate of 6%, the general partner is entitled to receive a catch-up of 25%; thereafter, the general partner is entitled to a performance fee of 20% (the carried interest).
5. Portfolio companies held by Trendlines Investments Israel (see Table B).
6. Thirteen consolidated companies of Trendlines Medical Singapore (see Table C).
7. Trendlines Innovation Labs (Israel, Singapore, China) was established as an innovation center to invent and develop technologies for The Trendlines Group and in collaboration with global companies - all to address unmet market needs. The technologies developed by Trendlines Labs may be sold, licensed to others, or further developed for commercialization under the auspices of The Trendlines Group or in cooperation with its commercial partners.
8. Portfolio companies held by the MTIF (see Table F).
9. Portfolio companies held by the Bayer Trendlines Ag Innovation Fund (see Table E).
10. Portfolio companies held by the Trendlines Agrifood Fund (see Table D).
11. Portfolio companies held by the Trendlines Group (see Table A).

03 GROUP TRENDLINES THE | 2021 REPORT ANNUAL