#1AEROFARMS AeroFarms Analyst Day | May 24, 2021 AGRICULTURE, ELEVATED. TM#2Disclaimer This presentation (this "Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dream Holdings, Inc. ("Dream") and Spring Valley Acquisition Corp. ("Spring Valley") and related transactions (the "Proposed Business Combination") and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will Spring Valley, Dream or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. None of Spring Valley or Dream has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Dream or the Proposed Business Combination. Viewers of this Presentation should each make their own evaluation of Dream and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward-Looking Statements This document contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as "believe," "may," "might," "will," "estimate," "continue," "contemplate," "anticipate," "intend," "expect," "should," "would," "could," "plan," "predict," "project," "forecast," "potential," "seem," "seek," "strategy," "future," "outlook," "opportunity," "will be," "will continue," "will likely result" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction between Dream and Spring Valley, including statements as to the expected timing, completion and effects of the proposed transaction, statements regarding each of Dream and Spring Valley, and statements regarding estimates, projections and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Dream's and Spring Valley's management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Dream and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Business Combination or that the approval of the stockholders of Spring Valley or Dream is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; the inability to complete the PIPE investment in connection with the proposed transaction; the lack of a third party valuation in determining whether or not to pursue the proposed transactions; risks relating to the uncertainty of the projected financial information with respect to Dream; risks related to expansion of Dream's business and technology; the risk that the vertical farming industry may not grow as large or as quickly as management currently expects, the impact of any future loss of "B Corporation" status on Dream's business; the effects of competition on Dream's future business; the effects of natural disasters, terrorist attacks and the spread and/or abatement of infectious diseases, such as COVID-19, on Dream's business or on the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transactions; the ability of Spring Valley or the combined company to issue equity or equity- linked securities or obtain debt financing in connection with the Proposed Business Combination or in the future, and those factors discussed in the proxy statement/prospectus filed on Form S-4 with the Securities and Exchange Commission ("SEC") on May 10, 2021 under the heading "Risk Factors," Spring Valley's final prospectus dated November 25, 2020 under the heading "Risk Factors," and other documents of Spring Valley filed, or to be filed, with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that none of Spring Valley or Dream presently know or that Spring Valley or Dream currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley's and Dream's expectations, plans or forecasts of future events and views as of the date of this Presentation. Spring Valley and Dream anticipate that subsequent events and developments will cause Spring Valley's and Dream's assessments to change. However, while Spring Valley and Dream may elect to update these forward-looking statements at some point in the future, Spring Valley and Dream specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Spring Valley's and Dream's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Certain market data information in this Presentation is based on the estimates of Dream and Spring Valley management. Dream and Spring Valley obtained the industry, market and competitive position data used throughout this Presentation from internal estimates and research as well as from industry publications and research, surveys and studies conducted by third parties. Dream and Spring Valley believe their estimates to be accurate as of the date of this Presentation. However, this information may prove to be inaccurate because of the method by which Dream or Spring Valley obtained some of the data for its estimates or because this information cannot always be verified due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process. Use of Projections This Presentation contains projected financial information with respect to Dream. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. AEROFARMS 2#3Disclaimer (cont'd) Important Information and Where to Find It In connection with the Proposed Business Combination, Spring Valley has filed a registration statement on Form S-4, including a proxy statement/prospectus (the "Registration Statement"), with the SEC, which includes a preliminary proxy statement to be distributed to holders of Spring Valley's common stock in connection with Spring Valley's solicitation of proxies for the vote by Spring Valley's stockholders with respect to the Proposed Business Combination and other matters as described in the Registration Statement, and a prospectus relating to the offer of the securities to be issued to Dream's stockholders in connection with the Proposed Business Combination. After the Registration Statement has been declared effective, Spring Valley will mail a definitive proxy statement/prospectus, when available, to its stockholders and Dream's stockholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, and any amendments thereto and any other documents filed with the SEC when they become available, carefully and in their entirety because they contain important information about Spring Valley, Dream and the Proposed Business Combination. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the SEC by Spring Valley through the website maintained by the SEC at http://www.sec.gov. No Offer or Solicitation This communication does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with the Proposed Business Combination among Dream and Spring Valley or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act. Participants in the Solicitation Spring Valley and Dream and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Business Combination. Information about the directors and executive officers of Spring Valley is in its final prospectus filed with the SEC on November 25, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct interests, by security holdings or otherwise, will be set forth in the Registration Statement and other relevant materials to be filed with the SEC regarding the Proposed Business Combination. Stockholders, potential investors and other interested persons should read the Registration Statement carefully before making any voting or investment decisions. These documents, when available, can be obtained free of charge from the sources indicated above. Financial Information; Non-GAAP Financial Measures The financial information and data contained in this Presentation are unaudited and do not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, the Registration Statement or any other document to be filed by Spring Valley with the SEC. Some of the financial information and data contained in this Presentation, such as earnings before income taxes, depreciation and amortization ("EBITDA"), have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Spring Valley and Dream believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Dream's financial condition and results of operations. Dream's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. Spring Valley and Dream believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Dream's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Dream is not able to forecast net income on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect GAAP, and therefore has not provided a reconciliation for forward-looking EBITDA. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Dream's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Dream's audited financial statements, which will be included in the Registration Statement. Trademarks and Intellectual Property All trademarks, service marks, and trade names of Dream or Spring Valley or their respective affiliates used herein are trademarks, service marks, or registered trade names of Dream or Spring Valley, respectively, as noted herein. Any other product, company names, or logos mentioned herein are the trademarks and/or intellectual property of their respective owners, and their use is not intended to, and does not imply, a relationship with Dream or Spring Valley, or an endorsement or sponsorship by or of Dream or Spring Valley. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the Ⓡ, TM or SM symbols, but such references are not intended to indicate, in any way, that Dream or Spring Valley will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. AEROFARMS 3#4EXIT AEROFARMS LOGOT Evje AeroFarms is bringing agriculture to new heights through technology and innovation 4#5Transaction Overview In March 2021, AeroFarms entered into an agreement to merge with Spring Valley Acquisition Corp. (Nasdaq: SV) ■ ■ ■ ■ The business combination fully funds the equity for the business plan as presented in the projections - constructing 16 farms, developing future models of proprietary farming technology and R&D investing for potential new products After closing, the combined company is expected to have an estimated pro- forma equity value of approximately $1.2 billion and will remain listed on Nasdaq under the new ticker symbol ARFM The business combination will close after effectiveness of the S-4 and shareholder approvals, among other closing conditions, currently estimated to occur in July AEROFARMS TRANSACTION SIZE $232mm cash in trust from Spring Valley Acquisition Corp. (Nasdaq: SV)¹ $125mm PIPE - Sponsor and existing investors $40mm+ ■ ■ VALUATION ■ ■ CAPITAL STRUCTURE $347mm in cash to fund operations and accelerate growth¹ Fully funds equity portion of capital required to execute business plan in projections ■ ■ -$850mm pro-forma enterprise value 2.6x 2025E revenue and 10.4x 2025E EBITDA² Attractive valuation versus other leading sustainable high-growth food peers OWNERSHIP¹ 65.0% existing shareholder equity rollover 2.7% AeroFarms convertible notes holders 22.1% SPAC including founder shares ■ 10.2% PIPE Investors ■ ■ ¹ Assumes no redemptions from Spring Valley Acquisition Corp.; includes cash to balance sheet from convertible note; assumes $40mm in transaction expenses; 2 Multiples based off pro-forma implied enterprise value; 2025E Revenue $329.9mm and 2025E EBITDA $82.0mm 5#6AEROFARMS LANANA Today's Agenda 01 02 03 04 05 06 07 COMPANY OVERVIEW David Rosenberg (CEO and Co-Founder) and Gary Cohen (CRO) TECHNOLOGY PLATFORM Roger Buelow (CTO) and Stacy Kimmel, PhD (VP of R&D) LEAFY GREENS PRODUCTS Marc Oshima (CMO and Co-Founder) and Dane Almassy (VP of Sales) LEAFY GREENS FARMS Andreas Sokollek (COO) and Gary Cohen (CRO) GROWTH OPPORTUNITIES Roger Buelow (CTO) FINANCIAL OVERVIEW Guy Blanchard (CFO) QUESTION & ANSWER Various 6#7AeroFarms Vision and the Future of Farming Addressing social and environmental macro trends through science and innovation XX KI AeroFarms leads in vertical farming through a history of innovation, proprietary technology and strategic partnerships AeroFarms data science driven and fully-controlled proprietary technology platform enables the company to better understand plant growth, optimize farms, improve quality, and reduce costs With this platform, AeroFarms drives its leafy greens business, providing customers products with superior flavor, taste and texture Extensive growth opportunities to expand into new markets and enter new product categories with industry leading strategic partnerships Proven farm key performance indicators (KPIs), investment in continued innovation and an accelerated farm rollout schedule drive strong projected financial performance AEROFARMS 7#801 COMPANY OVERVIEW David Rosenberg (CEO and Co-Founder) AEROFARMS#9AeroFarms Leads the Industry in Vertical Farming and More FARM OPERATIONS AeroFarms built and operates the largest vertical farm in the world and sells great tasting leafy greens. To date, the company has grown over 550 different varieties of fruits and vegetables and uses its understanding of plant biology to optimize farming systems. TIME BEST INVENTIONS 2019 FAST COMPANY MOST 6102 INN INTER NATIVE PSTOMPANY THE WORLD'S MOST INNOVATIVE COMPANIES 2018 2x winners AEROFARMS THE FOODTECH 50 powered by FORWARD Ranked #1 TECHNOLOGY INNOVATION With over 250 invention disclosures, AeroFarms is constantly developing and improving its proprietary mechanical, operating, environmental and biological systems. AeroFarms Has Been Recognized With Over 50 Awards Since 2011: ✪ FAST COMPANY FAST COMPANY WORLD CHANGING WORLD CHANGING IDEAS 2019 IDEAS 480 FAST COMPANT WORLD CHANGING IDEAS 2020 4x winners FAST COMFANT WORLD CHANGING IDEAS 2021 BIG INNOVATION DATA SCIENCE FANDO 20 21 The AeroFarms sensor network feeds a vast library of data, collected over 15 years of operations, allowing the company to understand plants at unprecedented levels and solve agriculture-related supply chain problems. 2021 CEA Award Winners Powered by ARTEMIS 2020 GLOBAL CLEANTECH dis 100 torp 2017 Inc. /World GLOBAL SDG AWARDS STRATEGIC PARTNERSHIPS AeroFarms partners with leading S&P 500 companies and government agencies, using its growing platform and experience to further provide solutions in agriculture. Inaugural Winners SEEDS CHIPS DELL Technologies/World BEST SMART CITY VISION AWARD Ramaza The Circulars THRIVE THRIVE TOP 50 Fay C Ang the Pute of Agte RED HERRING WINNER 100 GLOBAL RED HERRING 100 WINNER THE WALL STREET JOURNAL ECO-nomics CREATING ENVIRONMENTAL CAPITAL N. AMERICA 9#10Champion for Plants, People and the Planet Stewarding Sustainability AEROFARMS WE ARE ON A MISSION TO GROW THE BEST PLANTS POSSIBLE FOR THE BETTERMENT OF HUMANITY. No 12, 14 AEROFARMS AeroFarms was the first and only agriculture company honored by the Ellen MacArthur Foundation as one of the Circular Economy 100 GLOBAL SDG AWARDS Inaugural Winners 2018 100 料 #WTN T WINNER TECHNOLOGY 2018 edie leaders awards Ethical CORPORATION AWARDS FEIT'S WORLD ECONOMIC FORUM CE100 2019 GLOBAL CLEANTECH 100 COMPANY Pr Serving the Community AeroFarms serves local communities through its for-profit small farms program, including a Newark charter school visited by former First Lady Michelle Obama and Jersey City, host of the first-in-the-nation municipal vertical farming program, with the World Economic Forum Certified B Corporation *0000 00000 ****00 NJ RG DAVE Proud to be a B Corporation AeroFarms has been a B Corporation since 2017, certified by the nonprofit B Lab for meeting rigorous standards of social and environmental performance, accountability, and transparency Providing Second Chance Opportunities Since 2016 AeroFarms has been providing employment to those formerly incarcerated and was one of five companies recognized by the New Jersey Reentry Corporation for this work in 2020 10#11World Class Leadership Team with Decades of Experience BD David Rosenberg Chief Executive Officer and Co-Founder AEROFARMS Successful serial entrepreneur, 14+ years leading Silicon Valley VC backed companies Member of World Economic Forum (WEF) and WEF Global Internet of Things Council ▪ Co-founded and co-chaired WEF YGL Circular Economy Taskforce 3 Team U.S. Gold Medal National Championships in Fencing and 2 Individual Silver Medals I MBA from Columbia Business School Hycrete PaineWebber I I Gary Cohen Chief Revenue Officer I MaryAlice Feinstein Chief People Officer Google Guy Blanchard Chief Financial Officer FORTRESS AMONIX GATX Marc Oshima Chief Marketing Officer and Co-Founder Gitarella L'ORÉAL The Food Emporium Mark Boyland General Counsel A Benjamin Moore® Andreas Sokollek Chief Operating Officer SCHWEID & SONS CHOBANI Kraft TATA A SCHOLASTIC Dane Almassy VP of Sales Earthbound Farm ORGANIC AurorA ORGANIC DAIRY PEPSICO Roger Buelow Chief Technology Officer foco grgy General Electric Stacy Kimmel, PhD VP of R&D Campbells m McCormick 11#12Backed by a Strong Board and Investor Base David Rosenberg Chief Executive Officer and Co-Founder Hycrete PaineWebber Deborah Frodl Compensation Committee General Electric Stephan Dolezalek Non-Executive Chairman Audit Committee Compensation Committee W WHEATSHEAF V VANTAGE POINT Omar Karim Nominating and Corporate Governance Committee DUBAI HOLDING Jim Borel Compensation Committee Bethmara Kessler Audit Committee Chair Campbells Chair DUPONT Peter Lacy Nominating and Corporate Governance Committee accenture McKinsey & Company Note: Depicts New AeroFarms Board of Directors after closing of business combination with Spring Valley Acquisition Corp. AEROFARMS Alastair Cooper Audit Committee ADM CAPITAL Morgan Stanley Patrick Wood III Nominating and Corporate Governance Committee Chair Hent ENERGY ENTERPRISES INVESTOR BASE [A] BERNSTEIN W WHEATSHEAF GROSVENOR ESTATE ADM CAPITAL DUBAI HOLDING INGKA INVESTMENTS Prudential Goldman Sachs MISSIONPOINT CAPITAL PARTNERS middleland CAPITAL 金沙江创业投资 GSR Ventures 12#13Helping Solve the Global Sustainability and Food Crisis Macrotrend AeroFarms Solution POPULATION GROWTH Food production will need to increase by 69% by 2035¹ to feed the growing population and expanding middle class Up to 390x as productive as a field farm² WATER SCARCITY Global water demand is set to increase by 55% from 2000 to 2050² AEROFARMS Uses up to 95% less water than regular field farmers 1/3 Lost ARABLE LAND LOSS The world has lost 1/3 of its arable land in the last 40 years3 due to soil erosion and contamination by toxic metals4 Uses as little as 0.3% of the land of a field farmer7 t SOCIAL AWARENESS With pesticide residues on 70% of washed produce in the US, people are concerned with sustainability and chemicals on their food5 Grows using zero pesticides SUPPLY CHAIN -$1.2 trillion worth of food is lost or wasted each year,6 exacerbated by risks of disease and climate change Locally produced for fresher food and less waste Solutions are enabled by AeroFarms' rapid innovation in mechanical design, biological science and data analytics and controls ¹ World Resources Group: The Future of Fresh Water; 2 Environmental Outlook to 2050: The consequences of Inaction; 3 The Guardian: Earth has lost a third of arable land in past 40 years; 4 US FDA: Metals and Your Food; 5 The Guardian: Pesticide residues found in 70% of produce sold in US even after washing; 6 USDA for Romaine and Leaf Lettuce; 7 Calculation is based on AeroFarms' annual crop turns, levels of vertical growing and output per square foot versus values for a conventional field farm in a region like New Jersey with one crop turn per year 13#14Unrivaled Sustainability and Productivity AEROFARMS® High-tech Greenhouse gefe CROP TURNS KI YIELD¹ WATER USE QUALITY LONG TERM COST STRUCTURE² AEROFARMS FASTER HIGHER OUTPUT MORE EFFICIENT BETTER BECOMING CHEAPER Up to 26 Up to 390x Up to 95% III Crop turns lbs/sqft¹ Water savings Most consistent product Declining costs 12 12x Crop turns 11 lbs/sqft 90% Water savings Somewhat consistent product Slightly declining costs Conventional Farming 1-3 1x 0% Crop turns lbs/sqft Water savings Least consistent product Increasing costs ¹ Calculation is based on AeroFarms' annual crop turns, levels of vertical growing and output per square foot versus values for a conventional field farm in a region like New Jersey with one crop turn per year; 2 Farmland Prices In The 14 United States according to the USDA#15Growing Market Opportunity in Vertical Farming ✓ The Controlled Environment Agriculture (CEA) sector has gained market share over the last several decades High-tech greenhouses are limited in their capabilities compared to vertical farms ✓ Vertical farms have emerged as an alternative to greenhouses, capable of greater environmental control and plant outputs Environmental Control Building Footprint Product Quality Use of Pesticides AEROFARMS AeroFarms Vertical Farms FULL SMALLER HIGH NEVER ¹ Allied Market Research Vertical Farming Market Global Opportunity Analysis High-tech Greenhouses PARTIAL LARGER MODERATE SOMETIMES Vertical farming is expected to be a -$12.7 billion market by 2026 with a 22.3% CAGR from 2021 to 2026¹ 15#16Fresh Produce is a $1.4 Trillion Industry Global fresh produce breakdown (2019) Leafy greens² 5% Other vegetables¹ 30% Fresh produce industry: $1.4 trillion¹ Leafy greens, baby greens, microgreens, herbs, and niche varieties: $78 BILLION² Berries³ 12% Other fruits¹ 53% Global fresh produce From 2019 to 2023, fresh produce is projected to grow 7% CAGR to be a $1.8 trillion industry¹ Local produce market 58% of shoppers prefer to buy local produce4 Global leafy greens From 2019 to 2023, leafy greens is projected to grow 7% CAGR to be a $103 billion industry² 93% of shoppers say they would buy more local food if it was available4 AEROFARMS BMI 2019 retail food market data, excludes foodservice sales; ² BMI 2019 leafy greens market data defined as leaf and stem vegetables; ³ 2019 Technavio Global Berries Market; 4 CStore Decisions Consumers Increasingly Value Local Food article 16#17Innovating Vertical Farming at Scale for 15 Years Understanding how innovation in vertical farming scales is important. Since its founding in 2004, AeroFarms has differentiated from the industry, proving its technology, testing innovation and evolving its design through five generations of farm models. Model 1 Model 1 farm launches with first leafy greens sales 2004 AEROFARMS MACHONIC SANTENER 2013 Technology update Refines and optimizes technology for commercial use Large-scale farming Builds world's largest vertical farm in Newark (including automated components) and begins large-scale farming 2016 1570 2019 PRE Improvements Improves grow towers and innovates in numerous ancillary equipment around the farm to reduce costs and improve major KPIs New projects Achieves major KPIs at scale and announces new projects in Abu Dhabi and Jersey City AEROFARMS 2020 Rendering of AgX facility in Abu Dhabi; completed facility may be different ARROFARMS Groundbreaking for next commercial farm in Danville, Virginia 2021 and beyond Scale and development Construct additional facilities around the world, introducing Model 5 and future generations of the farm model to expand scale and improve farm-level unit economics 17#1802 TECHNOLOGY PLATFORM Roger Buelow (CTO) and Stacy Kimmel, PhD (VP of R&D) AEROFARMS#19Market Leader with Vertical Integration Across All Disciplines of Controlled Environment Agriculture O AEROFARMS Deep understanding of plant biology Mechanical design of grow towers and ancillary equipment Tightly controlled environment IG H 1 ■ ■ ادا Optimizing plant anco performance A enables: ✓ New varieties ✓Higher quality Lower costs F II g ‒‒‒‒‒‒ Data science enabling fully-connected agriculture Operations at scale, with controlled standard operating procedures Optimized plant genetics 19#20Key Components of AeroFarms' Technology Platform Advanced grow towers Aeroponic technology to allow plant roots to receive the optimal amount of nutrients at the optimal time ▪ Proprietary cloth grow medium is typically reusable and/or recyclable Plant genetics, optimized for indoor plant growing AEROFARMS (64 Full automation across loading, unloading, seeding, growing, harvesting and packaging alı Expertise in HVAC and building design ■ Unique horticulture luminaire and LED technology Extensive library of 200+ standard operating procedures Automated nutrient delivery system Digital controls, including: Integrated algorithm for every stage of grow cycle (including custom lighting) agSTACK software with integrated PLC and SCADA systems 20#21Understanding Plant Biology at Unprecedented Levels Measuring environmental conditions ■ AeroFarms has grown over 550 varieties of leafy greens and other fruits and vegetables Team of plant scientists develop custom algorithms to precisely define the conditions each plant needs to thrive This understanding allows AeroFarms to optimize performance, cultivate new varieties, improve quality, lower costs and optimize efficiency AEROFARMS Assessing leafy green growth Reviewing experimental data 21#22Precision Control Enabling Unparalleled Performance for Plants ...Improves Plant Outputs and Farm Economics Influencing Genetics and Their Expression through Environmental Inputs... AIR SPEED LIGHT SPECTRUM LIGHT INTENSITY LIGHT FREQUENCY AEROFARMS TEMPERATURE RELATIVE HUMIDITY CO2 LEVELS WATER LEVELS NUTRIENT/ MICRONUTRIENT MIX HJ. Taste Texture Yield Shelf Life ŵ Nutrition Consistency Color 22#23Integrating Mechanical Design to Optimize Performance Examples of integrated components include: LED LIGHTING: By managing its supply chain and controlling design, AeroFarms sources lights that it believes are 5 - 25% more efficient and as little as half the cost as those from today's largest industry suppliers. PRECISION AEROPONICS: Proprietary aeroponic technology is used to mist the roots of leafy greens with targeted nutrients, water and oxygen. This is integrated with a proprietary growth media, often made of BPA-free, post-consumer recycled plastic. NUTRIENT DELIVERY: AeroFarms uses an automated nutrient delivery system to distribute a combination of up to 18 nutrients and micronutrients to each grow tower and deliver plants what they need to thrive. AEROFARMS SYYS THAL 23#24Innovating in Lighting for Cost Savings and Greater Efficiency Greater Efficiency Performing at what AeroFarms believes is 5 to 25% more efficient than LEDs from today's largest industry suppliers, resulting in lower operating expenses Adaptable Design lighting to be agnostic of LED die sources AEROFARMS Protected IP Control lighting design and specifications, which are protected with patents, trade secrets and exclusivity deals 222 124 122 FIG. 2 130 132 134 232 Designed for Safety Tested by a third-party safety agency UL g Spe Lower Cost Manage the supply chain to keep costs lower than the market rate Sp1 Sp2 FLIR Optimized Reliability Understand each individual component and build on technology from the US Navy and Defense Advanced Research Projects Agency 34.3 °C °C 39.3 °C Sp1 + Sp2 24#25agSTACK System Powers a Fully-Connected Farm agSTACK HARDWARE ⇓ INTELLIGENT CONTROL SYSTEMS # AeroFarms hardware includes a combination of proprietary grow tower components and AeroFarms customized systems, sensors, valves and pumps SUPERVISORY CONTROL AND DATA ACQUISITION (SCADA) H MANUFACTURING EXECUTION SYSTEM (MES) Custom control systems are engineered in-house and use AeroFarms programming code libraries to control specific farm hardware components and smart devices AEROFARMS AeroFarms SCADA system contains unique visual templates for farm operations, while providing models for data exchange between controls and MES Custom MES modules analyze data inputs and identify optimal algorithms and setpoints to continuously improve farm performance agSTACK ensures seamless integration across components, drives traceability for farm operations, and powers data insights and machine learning for continuous improvement 25#26Vast Library of Data Enables a Networking Effect Across Farms GROW THE BEST PLANTS POSSIBLE Sensors, controls and multi-spectral imaging allow AeroFarms to deliver the right light, water, nutrients, oxygen, CO₂ and temperature most suited for each plant variety throughout its farms APPLY LEARNINGS TO BE GREAT FARMERS Working in a multi-disciplined approach, AeroFarms delivers plants what they want in the most effective way to improve plant quality and farm economics SAMPLE TECHNOLOGY PARTNERSHIPS AEROFARMS DELL DATA COLLECTION |N DATA LOOP CONTINUOUS IMPROVEMENT Partnered to unearth data and drive greater plant insights W DATA ANALYSIS NOKIA Bell Labs UNDERSTAND PLANT BIOLOGY AT UNPRECEDENTED LEVELS Isolating variables to continually test assumptions and using data analytics and machine learning allows AeroFarms to best understand plant biology and improve plant genetics Partnered to co-develop machine vision capabilities to monitor plant health. analytics and detect growing anomalies 26#27Ban Harnessing Machine Vision to Capture Plant Insights AEROFARMS Note: plants in selected images are intended to represent a variety of plant conditions for testing purposes Leaf size segmentation to inform plant health and potential yields Machine learning used to detect health of plants Pixel-based analysis used to detect plant health 27#28Applying the AeroFarms Platform to Innovate Plant Genetics SAMPLE GENETICS PARTNERSHIPS HORTIFRUT BERRIES FOR THE WORLD EVERY DAY P P PRECISION INDOOR PLANTS AFFAR COLLABORATIVE XXX AeroFarms has partnered with Hortifrut, the largest global blueberry grower, to jointly research and develop blueberry and caneberry production optimized for indoor growing AeroFarms is a Founding Member of the Precision Indoor Plants (PIP) Consortium and Principal Investigator for its first and largest project to co- optimize conditions for lettuce CRISPR-Cas9 is a gene-editing technique which earned its developers the 2020 Nobel Prize in chemistry; AeroFarms has co-developed one of the first ever produce products using CRISPR-Cas9 AEROFARMS 28#29AeroFarms Innovation Drives Improvements Across the Farm LIGHTING EFFICIENCY AeroFarms' LED efficiency has increased 59% over the last five years COST IMPROVED GENETICS Improving plant genetics by isolating variables and continually testing assumptions AeroFarms economics are competitive, selling at parity today and headed lower for future potential product offerings YIELD IMPROVEMENT From January to December 2020, AeroFarms saw a 23% increase in yield¹ QUALITY Tight control of light, water, nutrients, oxygen, CO₂ and temperature results in high-quality, flavorful plants GROW CYCLE AeroFarms has improved the grow cycle for baby leafy greens from 20 to 14 days LIGHTING COST AEROFARMS COST TIME AEROFARMS Harvest Yield increase calculated from January 2020 to December 2020 at the Rome Street Farm (current commercial facility), normalized to the production capacity of the Model 5, 48-grow tower farm design 29#30Dedication to Investment in Technology and IP A WORLD CLASS INNOVATION TEAM... Technological innovation is driven by AeroFarms' world-class team of 45 INNOVATORS, who make up 50% of all corporate employees, including: Engineers Plant scientists Computer programmers AEROFARMS ¹Snapshot as of March 2021 ...FUELS A ROBUST AND GROWING IP PORTFOLIO¹ 290 invention disclosures 64 active invention disclosures in the pipeline PATENTS 20 active patent families 15 granted (issued) patents 38 pending patent applications TRADE SECRETS 46 designated trade secrets 30#31Bringing R&D to the UAE and the Middle East Region ■ ■ AeroFarms expects to break ground on its Abu Dhabi Research Center (AgX) in June 2021 ■ R&D at AgX is expected to enable new business lines, technologies and the growth of the AeroFarms platform, while serving as a hub for regional expansion AgX is backed by the Abu Dhabi Investment Office (ADIO), which is focused on economic, knowledge, and community development to solve regional and global challenges in agriculture R&D CAPABILITIES Organoleptic research. and phenotyping Speed breeding AEROFARMS Phyto- chemical analysis Machine vision and learning Robotics and automation AEROFARMS Rendering of AgX facility in Abu Dhabi, completed facility may be different 31#3203 LEAFY GREEN PRODUCTS Marc Oshima (CMO) and Dane Almassy (VP of Sales) → AEROFARMS#33Leafy Greens are the Ideal Initial Category for Disruption INDUSTRY opportunity for leafy greens with: AEROFARMS provides leafy greens with: Less spoilage No food contamination AEROFARMS Less variability in quality No supply seasonality Fewer risks due to centralized production Less pesticide use Lower supply chain / transportation costs Superior flavor and quality Production closer to the consumer New standard for food safety Consistency Year-round growing Democratized production Zero pesticides Strong unit economics Up to 95% less water The short leafy greens growth cycle allows for rapid experimentation and innovation, providing AeroFarms with data insights to enhance its technology platform and expand to other product areas 33#34Winning at Retail with Great Tasting Leafy Green Products AEROFARMS sustainably grown indoors I no pesticides ever In 2020 AeroFarms products performed on average 50% better than the average velocity per SKU of the indoor farming industry¹ AeroFarms received a best-in-class Net Promoter Score of 55; 57% higher than the indoor vertical farming segment average² AeroFarms product is currently available in the Northeast, including Whole Foods Market, where AeroFarms experienced over 500% growth from 2019 to 2020 AeroFarms locally grown produce wins on quality, flavor, taste and texture with products that are priced competitively with organic players and other local farmers Along with baby leafy greens, AeroFarms sells products in high growth segments, such as microgreens AEROFARMS fference AEROFARMS sustainably grown indoors I no pesticides ever micro broccoli mighty balanced AEROFARMS sustainably grown indoors I no pesticides ever baby arugula perfectly peppery Taste Our Difference d-winning greens, grown with e and bursting 4 Wing Taste Our Difference Award-winning peens gown with purpose and bursting with her OFARMS wn indoors no pesticides ever gula tly peppery Taste Our Difference Award winning en gro bursting w p No Wingeded Vertically F ste Our Difference Show with winning with ARMS and aver Locally Grown Locally Grown Locally Grow Vertically in 575 AEROFARMS sustainably grown indoors I no pesticides ever micro super mix hearty personal salad Taste Our Difference Award winning t urpose and busin gown with AEROFARMS sustainably grown indoors i no pesticides ever micro broccoli mighty balanced 3678 Taste Our Difference Award-winning greens, grow with purpose a AEROFARMS sustainably grown indoors I no pesticides ever Lont micro broccoli mighty + balanced Taste Our Difference Award-winning greers, gown with oke and bursting with wor purpose AEROFARMS sustainably grown indoors I no pesticides ever Locally Locally Locally LARANG baby kale sweet + tender AEROFARMS sustainably grown indoors I no pesticides ever micro super mix hearty personal salad No 41153 gr Taste Our Difference award winning greens Ⓡ purpose and bunting with t Taste Our Difference Award winning greens, gown with AEROFARMS sustainably grown indoors I no pesticides ever micro super mix hearty personal salad micro broccoli La Taste Our Difference winning gen po G AEROFARMS sustainably grown indoors I no pesticides ever Locally WPORT WONE 571 Loca Local farmed Suite baby bok choy like spinach but juicier baby kale sweet+ tender AEROFARMS sustainably grown indoors i no pesticides ever baby kale sweet + tender Taste Our Difference Award-winning grens, g purpose i AEROFARMS sustainably grown indoors I no pesticides ever micro super mix hearty personal salad Taste Our Difference ens grown with se and bursting w Taste Our Difference with favor De purpose and bursting with AEROFARMS sustainably grown indoors I no pesticides ever 153g ating Newded Vertically an Farmed in Locally ¹Nielsen W/E 12/5/20 latest 52 weeks (collection of 5 leading grocery retailers in New York Metropolitan Area), combined with Nielsen FY2020 latest 52 weeks (1 leading grocery retailer in the New York Metropolitan Area); 2 Net Promoter Score is a key indicator of customer satisfaction, measured through third-party testing conducted by Qualtrics balanced Locally Grown Locally Grown Local AEROF sustainably grown indow A sus baby bok ch like spinach Wan (113 Taste Ou Award-winning purpose and AEROFAR sustainably grown indoors I no p baby kale sweet + tender 34#35AEROFARMS AEROFARMS sustainably grown indoors | no pesticides ever baby kale sweet+ tender Locally Grow Net Wt. 4oz (113 g) No Washing Needed Taste Our Differeng Award-winning greens, grown with purpose and bursting with flavor. Top Tastemakers Applaud AeroFarms Products "An exqu "An exquisite culinary experience" Edmund LaMacchia, VP of Procurement - Perishables, Whole Foods Market (former) "This is what I love about AeroFarms that it's technology that's - allowing people to farm better and smarter - and it makes really delicious food." 15 David Chang, Celebrity Chef and Founder of the Momofuku restaurant group WHOLE FOODS MARKET Cype momofuku "I had the distinct pleasure of sampling AeroFarms product - right out of the growing trays, then took a bag of greens home. Not only was the flavor density stunning and delicious, but the large bag of greens lasted a week. It likely would have lasted longer, but I ate them all. What a remarkable and timely approach to leveraging urban assets for nutrient dense food production." Michel Nischan, renowned chef/leader in the sustainable food movement and President/ CEO Wholesome Wave wholesome wave GEORGIAⓇ 35#36Representative Customer Mix Aligns with Expansion Strategy WHOLE FOODS MARKET NATURAL AeroFarms has sold to Whole Foods Market since 2017 and partnered to introduce two microgreen SKUS in Q4 2019 AEROFARMS freshdirect amazonfresh ECOMMERCE AeroFarms sells a portfolio of SKUS to strategic ecommerce partners with the ability to scale regionally and nationally Baldor FOOD SERVICE AeroFarms partners with Baldor Specialty Foods to distribute greens to boutique grocery and food service partners N ShopRite GROCERY AeroFarms has sold to ShopRite since 2015, a regional grocer representative of a diverse set of consumers AEROFARMS Vertical Farming Elevated Flavor" Vertical Farming, Elevated Flavor.™M JERSEY FRESH Locally AEROFARMS RMS Vertical Farming, Elevated Flavor. RMS SPH 157 JERSEY FRESH Locally Grown JERSEY FRESH Locally AEROFARMS JERSEY FRESH Lueally ARMS 36#37Powerful Brand Messaging Resonates with Shoppers In 2021, AeroFarms refreshed its consumer brand; rather than lead with product attributes alone, AeroFarms' brand today aligns with shoppers who more than ever are embracing technology (the how) and sustainability (the why). AEROFARMS sustainably grown indoors | no pesticides ever baby arugula perfectly peppery Locally Grown Net Wt. 40z (113 g) | No Washing Needed Vertically Farmed in NJ Taste Our Difference Award-winning greens, grown with purpose and bursting with flavor. AEROFARMS NON FACTOR PEELAND RESEAL ‒‒‒‒‒‒‒‒ O ‒‒‒‒‒ ‒‒‒‒‒ ‒‒‒‒‒‒‒‒ Leading with purpose: AeroFarms is a Certified B Corporation with product that is sustainably grown indoors with no pesticides ever Product front and center: AeroFarms packaging features one of the largest windows on the shelf, showcasing the quality and freshness of its product Spectrum of flavor: Different color gradients for each SKU represent the diversity of flavors and tastes accentuated by AeroFarms products A higher standard: New packaging celebrates AeroFarms award- winning track record and recognizes key industry certifications like non- GMO verification 37#38AeroFarms Products Represent a Spectrum of Flavor sweet + grassy AEROFARMS baby kale sweet terde Taste Our Difference sweet AEROFARMS micro kale Taste Our Difference earthy AEROFARMS AEROFARMS micro super mix Taste Oul Bat green The FlavorSpectrum™ represents the breadth of flavors and varieties grown by AeroFarms. Across the leafy greens packaging line, each color is paired with a specific tasting note: cool blue colors represent sweet and mellow notes, while intense reds represent bold and zesty flavors. AEROFARMS micro broccoli Taste Our Difference peppery AEROFARMS micro arugula Taste OuvuZIA mustard AEROFARMS baby arugula hot AEROFARMS micro spicy mix zesty AEROFARMS baby watercress Taste Our Difference floral AEROFARMS micro rainbow mix Taste Our Ceferin umami AEROFARMS baby bok choy pinach but fic Taste Our Difference anise 38#39Strong Brand Presence Brings Value to the AeroFarms Story TOP TIER EARNED MEDIA AeroFarms innovation and expertise has been featured in leading international media outlets and publications THE The New York Times bon appétit FORTUNE TIME NEW YORKER FASTOMPANY Inc. Forbes GRAPHIC INSIDER WSJ THE WALL STREET JOURNAL. NATIONAL BUSINESS PARTNERSHIPS WITH TOP TASTEMAKERS AeroFarms has a flavor halo with some of the top chefs and culinary brands in the world, having partnered with Chef David Chang and Chef Marcus Samuelsson CENTER STAGE FOR THE INDUSTRY Representatives from AeroFarms are continuously recognized as speakers at headline industry events including conferences organized by the World Economic Forum, Milken Institute, US Department of Agriculture, and The Culinary Institute of America AEROFARMS Meltwater 2018 - 2020 2018-2020 MEDIA SHARE OF VOICE¹ AeroFarms leads the way in media impressions in the industry Competitor 2 Competitor 3. Competitor 4. Competitor 5 Competitor 1 Competitor 6 Competitor 7 AeroFarms 27% Competitor 8 39#4004 LEAFY GREEN FARMS Andreas Sokollek (COO) and Gary Cohen (CRO) AEROFARMS#41Operating at Scale at Target KPI Levels With its experienced team and a robust set of over 200 standard operating procedures, AeroFarms has operated its Newark farm at target KPI levels and is ready to scale to new farms across the US. PROCUREMENT AeroFarms procurement team strategically sources key growing equipment and inputs like seeds and packaging 1 PEOPLE SAFETY Throughout the grow process, the AeroFarms team monitors, manages and mitigates risks to people safety AEROFARMS J 2 3 OPERATIONS The AeroFarms team works daily to keep plants growing - seeding, harvesting, packaging and sanitizing across the farm SUPPLY CHAIN AeroFarms coordinates with customers to deliver and distribute product for local shoppers to enjoy FOOD SAFETY AND QUALITY ASSURANCE AeroFarms traces its products from seed to package and is food safety certified under major industry schemes including USDA, NSF and SQF OPERATIONAL FINANCE Finance supports operations to track key metrics such as COGS and revenue 41#42AeroFarms has Broken Ground on its Next Farm in Danville, VA AeroFarms began construction on its Danville, Virginia, farm in April 2021 and expects to begin commercial operations in mid-2022. SONIS OFARMS AEROF 10 AEROFARMS 'Defined as a 500 mile radius; Statista 2019 Population of US MSAS CAP 50mm+ people within 1 day's drive¹ representing unmet market potential R&D partnership opportunities with nearby universities with engineering and environmental sciences programs 1,000+ food retailers in the region and proximity to key sales channels with at least 6 top retailer distribution centers within 250 miles <$0.06 kWh energy costs, reliable infrastructure, excellent access to utilities and competitive, skilled workforce 42#43Ready to Bring Leafy Green Farms to New Markets FUTURE FARMS Partial list of locations to serve target markets FARM PIPELINE DANVILLE, VIRGINIA April 2021¹ Model 5, 48- tower farm NEXT FARM Target locations Q1 2022¹ 48-tower farm Note: Map is illustrative; 300- mile target areas not to scale DEVELOPMENT TIMELINE Di AEROFARMS Texas Triangle ~3 - 4 months Priority Market Competitive multi-state RFI, Selection comparative site analysis, incentive negotiations Greater St. Louis Q2 2022¹ 48-tower farm Site Selection Southern US ~4 - 5 months Engineering and design, competitive bids, permitting ¹ Date represents financial closing / start of construction for each farm location Q3 2022¹ 48-tower farm Newark, NJ Danville, VA ~12 months SITE SELECTION METHODOLOGY Prioritize locations for new farms considering: CUSTOMER: quality, expansion strategy ✔MARKET DEPTH: population within 1 day drive ✔COSTS: utilities, labor, construction, logistics ✔SPEED TO BUILD: Permitting, ready utilities and infrastructure INCENTIVES: Ability to attract incentives that reduce costs or create capital ‒‒‒‒‒‒‒‒‒ AeroFarms also won a World Wildlife Fund RFP to partner in developing a potential future farm Financial Construction of farm, Start of Closing / Start equipment commissioning, Commercial staff hiring and training Operations of Construction -‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒| ~6 months Ramping of commercial production Full Production 43#44AeroFarms Farming Locally Getary TOUTA 05 Roger Buelow (CTO) NIGUNGON SONO TER BY GROWTH OPPORTUNITIES Now: HIMLER AEROFARMS#45Leveraging Growth through Strategic Partners Across Sectors SAMPLE COMPANIES HORTIFRUT Juganu NOKIA Bell Labs CREATING A CLIMATE FOR GROWTH PRIVA BASF SAMPLE B UCDAVIS UNIVERSITY OF CALIFORNIA RUTGERS BIRD Israel-U.S. Binational Industrial Research and Development Foundation ار قرار می در مرار Largest global blueberry grower AEROFARMS Agriculture-focused university within the University of California system Israeli lighting company Communications and technology research arm of Nokia Plant nutrition and fertigation company Multinational agriculture and chemicals company UNIVERSITIES, NONPROFITS AND GOVERNMENT AGENCIES Sensory Evaluation Laboratory in Department of Food Science at leading New Jersey university BENSON HILL BIOSYSTEMS™ Binational foundation between Israel and the US DELL FLUENCE BY OSRAM GreenVenus FFAR USDA ARS Agricultural biotechnology company Multinational computer technology company USDA NIFA Indoor agriculture division of Osram Innovator in biotechnology and speed breeding Federally-funded nonprofit foundation established through bipartisan congressional support in 2014 Farm Bill US Department of Agriculture's chief scientific in-house research agency US Department of Agriculture institute that administers federal funding to address agricultural issues. 45#46Steering over $15M in Federal and State Funding at the World's Top Agriculture Universities Greenhouse Lighting and Systems Engineering (GLASE) AeroFarms is on the Industry Advisory Board member recommending research on controlled environment agriculture OptimlA AeroFarms is a member of the economics committee and a member of the research advisory committee to focus on optimizing indoor agriculture for leafy greens production Lighting Approaches to Maximize Profits (LAMP) AeroFarms is a member of the research advisory committee, working to maximize the ROI of lighting systems Sky High Consortium AeroFarms manages three projects funded by the PIP Consortium to study conditions for lettuce, strawberries and tomatoes in vertical farms AEROFARMS CORNELL D. 1865 CORNELL UNIVERSI DE A Cornell University. 1808 THE UNIVERSITY 1. OF ARIZONA S Cornell University. 1785 POS 1824 22 Rensselaer 0 THE OHIO STATE UNIVERSITY 1766 MICHIGAN STATE UNIVERSITY UNIVERSITY OF GEORGIA T 1766 00 PURDUE UNIVERSITY Colorado State University RUTGERS RUTGERS UtahState University WAGENINGEN UNIVERSITY & RESEARCH 46#47Accessing $1.8 Trillion Market Opportunity Strategic Partnerships ↑ Pharmaceuticals, Nutraceuticals and Cosmeceuticals Expansion into Berries and Other Markets Fresh produce market opportunity: $1.3tn¹ Producing higher-quality berries and other traditionally seasonal produce year-round Work to Date Includes: Have grown thousands of berry plants in R&D facilities since 2017 Partnered with Hortifrut to optimize blueberry and caneberry production for vertical farming HORTIFRUT USDA UCDAVIS Plant Breeding Center AEROFARMS Broader market opportunity: $471bn² Using plants as bioreactors to produce proteins and inputs for other applications Work to Date Includes: Actively participating in a National Institutes of Health (NIH) sponsored trial Growing an Active Pharmaceutical Ingredient (API) for COVID-19 (or other SARS) therapeutic trial NIH National Institutes of Health XX Advanced Genetics Products and Services Broader market opportunity: $56bn³ Using fully-controlled platform for speed breeding and genetic development Work to Date Includes: Founding Member of the PIP Consortium and Principal Investigator for first and largest project (lettuce) Co-developed one of the first ever produce products using CRISPR-Cas9 PP-BASF GreenVenus FLUENCE BY OSRAM PRECISION INDOOR PLANTS FFAR BENSON HILL Potentially selling components of technology platform, including lighting and agSTACK system I Technology Components Work to Date Includes: ■ Broader market opportunity: $10bn4 ■ Co-developed standalone machine vision capabilities with Nokia Bell Labs Co-developed a horticulture luminaire Developing proprietary automated nutrient delivery and agSTACK systems NOKIA Bell Labs ¹ BMI 2019 retail food market data, excludes foodservice sales; Produce is defined as fresh produce minus leaf and stem vegetables; 2 Technavio 2020; ³ 2019 Mordor Global Seed Market - Growth, Trends, and Forecast; 42020 Markets and Markets - Hydroponics Market Global Forecast 47#48The Strawberry Market is Ripe for Disruption Large Market Each year Americans eat an average of approximately 8 lbs. of fresh strawberries per person¹ Seasonal Supply Strawberries today are subject to a seasonal supply chain, with most US fresh strawberries grown in California¹ High Pesticide Use Strawberries topped the Environmental Working Group's 2021 Dirty Dozen™ list of produce with high pesticide use¹ AEROFARMS ¹ Environmental Working Group: "Pesticides + Poison Gases = Cheap, Year-Round Strawberries" 48#49AEROFARMS Measure of soluble sugar content 1 Preparing for Future Commercial Expansion into New Markets like Berries AeroFarms' grows better berries, measured by sweetness, all year round, using zero pesticides AeroFarms has grown over 50 varieties of strawberries to date, each with a unique size, shape and flavor profile AeroFarms has a co-development agreement to create high- performing berry products with a strategic partner Harvesting berries since 2017 Grown over 6,300 berry plants to date Consistently achieving Brix¹ of 11 ~1.5x higher than the industry average of 6-8 49#5006 FINANCIAL OVERVIEW Guy Blanchard (CFO) AEROFARMS#51Future Farm Development Is Enabled by Demonstrated Performance of Core KPIs that Drive Unit Economics at Scale Core KPIs tracked at Model 4 farm (Newark commercial farm) are shown where 100% represents 100% of business plan target for a Model 5 farm¹ HARVEST YIELD Harvest yield measures how much plant weight is grown and harvested for products per unit of area per unit of time vs. long-term plan PRICE PER LB. SOLD Price per pound² measures ability to sell leafy greens product at target prices that support long-term plan OVERALL OPERATING EFFICIENCY Overall Operating Efficiency (OOE) measures two factors versus long-term plan: utilization (operating farms at targeted production capacity) and realization (selling what is grown) AEROFARMS 100% 50% 0% 100% 50% 0% 100% 50% 0% 91% Full Year 2020 103% Full Year 2020 91% Full Year 2020 97% 2H 2020 105% 2H 2020 92% 2H 2020 99% Q4 2020 105% Q4 2020 90% Q4 2020 Data represents average of every individual grow unit harvested during the period; commonly, "champion" yields can exceed 125%+ of long- term target Selling price consistently has achieved targets; AeroFarms' long- term plan is built on being price takers in established distribution channels, though it sells what it believes to be premium product 100% of OOE target is expected to be achieved at future full-scale farms ¹100% represents Model 5 Farm Design (estimate of technology deployable in 2021); historical monthly data is presented through December 2020; 2 Price per lb. is the price achieved by channel by product, applied to the projected product mix of the Model 5 farm - AeroFarms is achieving target selling price within each channel, which is the key driver of future farm performance 51#52Projected Farm Unit Economics Summary AeroFarms has estimated future farm unit-level economics based on current farm performance and improvements enabled by continuing development of technology. Model 5 has estimated economics based on AeroFarms' April 2021 design for new farms Model 6 is "performance spec” based, represented by the equivalent performance of a farm having (relative to the Model 5): 10% higher revenue, 10% lower COGS (excl. rent and depreciation), and 10% lower capex (incl. tenant improvements) Model 7 represents the equivalent financial performance as a farm with further 10% improvements vs. Model 6 Key Assumptions¹ Gross Profit EBITDA² Unlevered IRR2,3 Cash-on-cash Return4 (Run-rate EBITDA / Total Project Capital) Total Project Capital4 Annual Revenue Source: Management MODEL 5 (Current) $8 million / 32% $9 million / 34% -15% -16% $52 million $25 million MODEL 6 (March 2022) $12 million / 42% $12 million/ 42% ~22% -25% $47 million $28 million MODEL 7 (September 2023) $16 million / 51% $15 million / 49% -31% -35% $43 million $31 million Description Includes depreciation of fixed assets Includes corporate SG&A allocation Unlevered farm return, with corporate SG&A allocation Simplified measure of return on capital Includes working capital and tenant improvements but excludes leased real estate Levers for increase: yield, product mix, price ¹ Represents 48-grow tower farm economics for each Model 5/6/7. Business plan includes farms of 48 grow towers and large farms of 144 grow towers, sequenced in a rollout of Model 5 farms (current design for new farms), AEROFARMS Model 6 farms (financial close beginning March 2022), and Model 7 farms (financial close beginning September 2023). Values are at operational stabilization of a farm; 2Assumes illustrative SG&A allocation to support farm operations; the AeroFarms consolidated projections carry this SG&A allocation and additional corporate SG&A; 3 Projected 20-year unlevered IRR of the farm .4 Excludes leased building cost. 52#53Achieving Model 6 and 7 Financial Performance Model 6 Alpha Prototype in Newark has demonstrated sustained yields 26% above the Model 5 target, and peak yields of more than 75% above the Model 5 target more than the gains that are needed to achieve future modeled financial performance. (millions) Lb. Sold Revenue Total COGS Gross Profit % Gross Margin EBITDA % EBITDA Margin Cash-on-cash Return¹ (Run-rate EBITDA / Total Project Capital) Model 5 2.4 $25 ($17) $8 32% $9 34% -16% Model 5 w/ +26% Yield AEROFARMS AeroFarms portion of project capital not inclusive of leased building cost 3.0 $32 ($19) $13 42% $13 41% % Impact -25% +26% +26% +7% +64% +54% Driven by leveraging of fixed costs (see next slide) Model 6 -25% Equivalent financial performance—measured by EBITDA and Cash-on-cash Return- as the Model 6, which Aero Farms believes to be achievable through 26% yield gains alone $28 ($16) $12 42% $12 42% 53#54Models 6 & 7 Financial Performance Pathways: COGS Higher yields, as illustrated on the prior slide, create meaningful operational leverage in AeroFarms' cost structure. Additionally, COGS savings over time are expected to drive higher margins, cash flows and returns on capital. Total COGS Labor Utilities Packaging Materials Supplies and Other Depreciation Rent AEROFARMS % Total COGS (Model 5 Farm, approximate) Cost Absorption Created by Higher Yield Higher Yield → Lower cost per lb. Med Low High I COGS Cost Reduction Opportunity Low Med N/A High Drivers COGS savings expected to come from scale, automation, design optimization Automation LED efficiency, environmental control technology, optimization Scale Scale and operational optimization See next slide for Farm CapEx Cap rate 54#55Models 6 & 7 Financial Performance Pathways: CapEx, Revenue Capital savings over time are expected to reduce capital costs and drive capital efficiency from Model 5 to Models 6 & 7. Beyond yield, revenue gains are achievable through price, to achieve Models 6 & 7 financial performance. Total Project Capital Grow Towers and Related Infrastructure Processing Equipment and Related Infrastructure Project Working Capital and Closing Costs Revenue Yield % Total Capital (Model 5 Farm, approximate) O Price AEROFARMS Relative Opportunity for Capital Savings Low Med High Relative Opportunity for Revenue Increase Drivers of Capital Savings LED efficiency, optimization of environmental control technology, scale, value engineering Purchasing at scale, design and procurement optimization, shift of spend to lease cost through tenant improvement allowance Start-up costs, construction and ramp-up timelines Drivers of Revenue Increase Optimization of light intensity, spectrum, duty cycle; optimization of grow algorithms, environmental controls, and variety selection (incl. genetics) Currently priced comparably as organic product, which is sold on-shelf at approx. $3.99 per retail unit; AeroFarms is essentially price takers in established distribution channels, though it sells what it believes to be premium product 55#56AeroFarms Financial Overview FARM COUNT¹ % growth of towers ■144 grow tower farms ■ 48 grow tower farms % margin 48 1 # of towers 2021 $(2) 2021 192 NM 2022 300% GROSS PROFIT ($mm) $(3) 2022 432 7 6 NM 2023 125% $11 2023 768 10 3 19% 7 2024 78% $57 2024 1,008 13 4 35% 9 2025 31% $137 2025 42% 1,248 16 5 1 New farms that are under construction or operating 11 2026 24% $264 2026 1,248 16 5 48% 11 Run Rate NM $423 Run Rate REVENUE ($mm) 51% % growth $4 2021 $(391 EBITDA ($mm) 2021 $13 2022 226% NM $(47) 2022 $54 NM 2023 305% $(49) 2023 $163 2024 NM 201% $(4) 2024 $330 NM 2025 102% $82 % margin Note: Business plan includes farms of 48 grow towers and large farms of 144 grow towers, sequenced in a rollout of Model 5 farms (current design for new farms), Model 6 farms (financial close beginning March 2022), and Model 7 farms (financial close beginning September 2023). "Farm Count" above represents cumulative new farms based on date of financial close. AeroFarms' consolidated projections carry farm-level SG&A allocation to support farm operations and additional corporate SG&A, including research and development. AEROFARMS 2025 $553 25% 2026 67% $193 2026 $825 35% Run Rate NM $332 Run Rate 40% 56#57Transaction Summary SOURCES SVAC Equity Convertible Note AeroFarms Equity Rollover PIPE Financing Total Sources All values in $mm $232 30 Pro-Forma Shares Outstanding¹ Post-Money Equity Value (-) Net Cash Pro-Forma Implied Enterprise Value (Post- Money) 800 125 $1,187 PRO-FORMA CAPITALIZATION (at $10.00) All values in $mm 123.1 $1,231 375 $856 USES AeroFarms Equity Rollover Cash to Merged Company Balance Sheet Estimated Transaction Expenses Total Uses AeroFarms convertible notes 2.7% SVAC IPO shares 18.7% PRO-FORMA OWNERSHIP (%) AT CLOSING² PIPE shares 10.2% Sponsor shares 3.5% All values in $mm $800 Note: Assumes no redemptions from Spring Valley Acquisition Corp.; assumes new shares issued at a price of $10.00 AEROFARMS 347 40 $1,187 65.0% Existing AeroFarms shareholders ¹ Comprised of 80.0mm shares owned by existing AeroFarms shareholders, 12.5mm PIPE shares, 23.0mm SVAC shares outstanding, 4.25mm SPAC sponsor shares and 3.3 shares owned by AeroFarms convertible notes holders; 2 Excludes impact of (i) 11.5mm Spring Valley Acquisition Corp. warrants and 8.9mm founder warrants struck at $11.50, which are not subject to vesting; (ii) SPAC Sponsor Shares which are subject to vesting are as follows: 250,000 shares will be subject to vesting based on a $12/share price target; 250,000 founder shares will be subject to vesting based on a $14/share price target; 500,000 founder shares will be subject to vesting based on a $15/share price target; 500,000 founder shares will be subject to vesting based on a $20/share price target; and (iii) New EIP which will dilute all of the above accordingly 57#58Valuation Benchmarking ENTERPRISE VALUE / REVENUE I 2.6x 2025E AEROFARMS® 10.4x ‒‒‒‒‒‒ 2025E 1.5x ‒‒‒‒‒ 2026E AEROFARMS ENTERPRISE VALUE / EBITDA AEROFARMS ‒‒‒‒‒‒‒‒‒‒‒‒‒‒P 4.4x ■ H 2026E ‒‒‒‒‒ Sustainable High-growth Food High-growth Food and Beverages (Ent. Value / CY2022E (CY+1) Revenue) Overall Median: 6.3x I ■ ■ ■ 4.2x 6.0x BEYOND MEAT freshpet AppHarvest 2025E 2025E 2025E 23.9x 3.6x 27.5x 11.7x ■ BEYOND MEAT freshpet AppHarvest 2025E 2025E 2025E 8.0x H MONSTER ENERGY 22.5x Mus ‒‒‒‒‒ MONSTER ENERGY Sustainable High-growth Food High-growth Food and Beverages (Ent. Value / CY2022E (CY+1) EBITDA) Overall Median: 43.1x 10.1x FEVER-TREE ‒‒‒ 1 44.6x FEVER-TREE Source: FactSet and company filings as of May 21, 2021 Note: Companies sorted from high to low based on firm value; ¹ Financials converted to USD, USD/GBP conversion rate of 1.416 as of May 21, 2021 4.6x Tattooed Chef 41.7x Tattooed 2.4x Chef. EST 2007 Vital FARMS 45.5x EST 2001 Vital FARMS 58#59AEROFARMS AeroFarms Company Highlights AeroFarms has a 15+ year track record of vertical farming at scale and an expert management team that is revolutionizing the farming industry Technology and data are a competitive differentiator and moat for AeroFarms AeroFarms sells leafy greens commercially with a brand that is winning at retail and with potential development partners A substantial pipeline of farm projects and a total addressable market of $1.8T represents an enormous opportunity for expansion AeroFarms has increasingly attractive unit economics across multiple new farm models 59#6051 AEROFARMS AEROFARMS 07 QUESTION & ANSWER AEROFARMS#61AroFarms FEEDING OUR COMMUNITY AEROFARMS Thank You AGRICULTURE, ELEVATED.™ AEROFARMS AEROFA AEROFARMS AEROFARMS