ASR Group Announces Strategic
Investment In Bonumose, Inc. To Bring
Lower-Cost, Plant-Based Sugar Alternatives
To The Market
Investment will accelerate the production and commercialization of tagatose andallulose and will expand ASR Group's sweetener portfolio to meet consumers' wide
variety of needs

NEWS PROVIDED BY
ASR Group Feb 17, 2021, 10:00 ET

WEST PALM BEACH, Fla., Feb. 17, 2021 /PRNewswire/ -- American Sugar Re ning, Inc., a memberof ASR Group, made a strategic investment in Bonumose, Inc. to produce and commercialize
lower-cost, plant-based alternative sweeteners tagatose and allulose as part of ASR Group'sstrategy to provide a variety of products to meet the wide range of consumer needs.

The Series B investment round in Bonumose, a start-up company with innovations in plantbased food ingredients, was co-led by American Sugar Re ning and The Hershey Company(NYSE: HSY).

Bonumose developed and patented a production process for high-purity rare sugars, including
tagatose and allulose, from low-cost, abundant, plant-based starches. These products havefewer calories than traditional sugars and a negligible glycemic index impact.

Importantly for food manufacturers and consumers, tagatose and allulose taste closer to sugar
than any other alternative. These sugar alternatives also offer the texture and mouthfeel similar
to the functional properties of sugar, without the need to add llers such as maltodextrin ordextrose. Tagatose and allulose perform well across a variety of categories, including/confectionery, frozen desserts, beverages, dried fruit, dairy, baked goods, condiments, ready-toeat cereal and keto-friendly protein bars. Tagatose and allulose have been well known by the
global food industry, but historical cost structures have limited the widespread application ofthese rare sugars.

"ASR Group is committed to providing our customers with solutions to meet all of their
sweetening needs," said Rob Sproull, ASR Group's Senior Vice President of Sales, Marketing &Product Development. "Sugar sets a high bar in terms of taste, functionality and cost, and mostsugar alternatives fall short. Our investment in Bonumose expands our portfolio to provide
customers with sugar alternatives that offer full avor, closely-matching functionality acrossmultiple food and beverage applications, and at a lower cost than other alternatives."

ASR Group is Bonumose's distribution partner for food, dietary supplements, personal care andpharmaceutical customers in the United States, Mexico, Canada, the United Kingdom, Irelandand much of mainland Europe.

"Bonumose could not hope for two better strategic investors than The Hershey Company and
ASR Group," said Ed Rogers, Bonumose CEO and Co-Founder. "Sugar (sucrose) is the gold
standard, and ASR Group is the world's leading cane sugar re ner and marketer. We have been
impressed with the talent of ASR Group's people, their strong customer relationships and thedepth of their knowledge of specialty sweeteners. Similarly, we admire Hershey's longstanding
legacy and commitment to innovation and appreciate their support in helping Bonumose
achieve our mission of making delicious, plant-based sugar alternatives affordable for moreconsumers."

Bonumose will use the investments to develop its rst commercial-scale tagatose and allulose
production plant and to advance development of products in its R&D pipeline.

"As an industry leader, Hershey remains committed to giving consumers a broad portfolio thatoffers the choices they seek to meet their many snacking needs," said Hershey President, U.S.
Chuck Raup. "In response and as part of our strategic vision, we're making strategic
investments, both internally and externally, and have a focused plan that allows us to makereduced and zero-sugar chocolate that still has the same amazing taste consumers know andlove."/Bonumose's science team is led by Dr. Daniel Wichelecki, Chief Scienti c Of cer, Co-Founder,
and primary inventor for Bonumose's patented process for affordable tagatose and alluloseproduction. Bonumose has patents granted or allowed in the U.S., Japan, Korea, Europe,
Mexico, China, and many other countries. Previous investors include Bangchak, iSelect Fund,
Argonautic Ventures, Applied Food Sciences, Cure8 Ventures, Next Gen Nutrition Investment
Fund and a Japan-based food company.

About American Sugar Re ning, Inc.
American Sugar Re ning, Inc. is a subsidiary of ASR Group International, Inc. (ASR Group), theworld's largest re ner and marketer of cane sugar, with an annual production capacity of morethan 6 million tons of sugar. The company produces a full line of grocery, industrial, food service
and specialty sweetener products. Across North America, ASR Group owns and operates sixsugar re neries, located in New York, California, Maryland, Louisiana, Canada and Mexico. InEurope, the company owns and operates sugar re neries in the United Kingdom, Portugal, and,with a joint venture partner, Italy. ASR Group also farms sugarcane and owns sugar mills inMexico and Belize. The company's portfolio includes the leading brands Domino®, C&H®,
Florida Crystals®, Redpath®, Tate & Lyle®, Lyle's® and Sidul®. ASR Group is owned by Floridabased cane sugar producers Florida Crystals Corporation and Sugar Cane Growers Cooperativeof Florida. ASR Group and its parent companies jointly own Tellus Products, LLC, a maker ofsingle-use, compostable tableware and food-service products from sugarcane ber. For more
information, visit www.ASR-Group.com.

About Bonumose, Inc.
Bonumose, Inc. (www.bonumose.com) is an early-stage food ingredient and enzyme innovationcompany based in Charlottesville, Virginia. Bonumose is supported by global strategic investorsand "food for health"-focused institutional investors, and an expanding ecosystem ofcollaboration partners across the value chain. Bonumose developed and patented atechnology platform for continuous production of high-purity rare sugars – such as tagatose
and allulose – from low-cost, plant-based feedstocks (starch). Bonumose's cost-advantaged
process makes possible the mass-market adoption of healthy, great-tasting, fully-functionalrare sugars. Going beyond commodity starch as its feedstock, Bonumose upcycles byproduct/sidestream starch left over from its supply chain partners' food production, such aspea protein production and potato processing. Beyond food ingredients, under Dr. Wichelecki's/technical leadership Bonumose is developing enzyme solutions for dietary supplements, cropprotection, animal nutrition and other industries. Bonumose operates with a philosophy ofBusiness as a Moral Imperative.

SOURCE ASR Group/