#1A AppHarvest Analyst Day Presentation December 2020#2Disclaimer This presentation ("Presentation") is for informational purposes only. This Presentation shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful. This Presentation has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between AppHarvest, Inc. ("AppHarvest") and Novus Capital Corporation ("Novus") and the related transactions (the "Proposed Business Combination") and for no other purpose. Neither the Securities and Exchange Commission nor any securities commission of any other U.S. or non-U.S. jurisdiction has approved or disapproved of the Proposed Business Combination presented herein, or determined that this Presentation is truthful or complete. Any representation to the contrary is a criminal offense. Disclaimers 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 Novus, AppHarvest or any of their respective subsidiaries, stockholders, affiliates, representatives, directors, officers, employees, advisers, or agents by responsible or liable for a 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. Neither Novus nor AppHarvest 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 AppHarvest or the Proposed Business Combination. Viewers of this Presentation should each make their own evaluation of AppHarvest and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. References in this Presentation to our "partners" or "partnerships" with governmental entities, AgTech companies, universities or others do not denote that our relationship with any such party is in a legal partnership form, but rather is a generic reference to our contractual relationship with such party. Forward Looking Statements Certain statements included in this Presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," 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 estimates 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 the respective management of AppHarvest and Novus and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as,and must not be relied on by an 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 AppHarvest and Novus. These forward-looking statements are subject to a number of risks and uncertainties, including 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 regulatory approvals are not obtained, are delayed or are subject to una nticipated 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 Novus or AppHarvest is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; risks relating to the uncertainty of the projected financial information with respect to AppHarvest; risks related to the rollout of AppHarvest's business and the timing of expected business milestones; the effects of competition on AppHarvest's business; the amount of redemption requests made by Novus's stockholders; the ability of Novus or AppHarvest 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 Novus's Registration Statement on Form S-4, as amended to date, under the heading "Risk Factors," and other documents Novus has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Novus nor AppHarvest presently know, or that Novus nor AppHarvest 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 Novus' and AppHarvest's expectations, plans, or forecasts of future events and views as of the date of this Presentation. Novus and AppHarvest anticipate that subsequent events and developments will cause Novus's and AppHarvest's assessments to change. However, while Novus and AppHarvest may elect to update these forward-looking statements at some point in the future, Novus and AppHarvest specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Novus's and AppHarvest's assessments of any date subsequent to the date of his Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. A AppHarvest 2#3Disclaimer Use of Projections This Presentation contains projected financial information with respect to AppHarvest. 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 underling 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. Financial Information; Non-GAAP Financial Measures The financial information and data contained this Presentation is unaudited and does 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, any proxy statement/prospectus or registration statement or other report or document to be filed or furnished by Novus with the SEC. Some of the financial information and data contained in this Presentation, such as EBITDA, Adjusted EBITDA, Facility EBITDA and Free Cash Flow Before Growth Spend, has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Novus and AppHarvest believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to AppHarvest's financial condition and results of operations. AppHarvest's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. A reconciliation for AppHarvest's 2021E through 2025E non-GAAP financial measures to the most directly comparable GAAP financial measures is not included, because, without unreasonable effort, AppHarvest is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these Non-GAAP financial measures. See Slide 38 for additional information regarding non-GAAP financial measures. Novus and AppHarvest 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 AppHarvest's business. Other similar companies may present different non-GAAP measures or calculate similar non-GAAP measures differently. 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 that are required by to be presented in AppHarvest's GAAP financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses are excluded in determining these non-GAAP financial measures. You should review AppHarvest's audited financial statements prepared in accordance with GAAP, which will be included in a combined registration statement and proxy statement to be filed with the SEC. Trademarks This Presentation contains trademarks, service marks, trade names, and copyrights of Novus, AppHarvest, and other companies, which are the property of their respective owners. The information contained herein is as of December 15, 2020 and does not reflect any subsequent events. A AppHarvest 3#4AppHarvest is building a resilient food system for America 77 A AppHarvest a AA AppHarvest#5Agenda 01 Company Overview AppHarvest Founder & CEO Jonathan Webb A AppHarvest 02 Environmental, Social and Governance Overview (ESG) Chief Sustainability Officer Jackie Roberts 631E SERIES D 03 Transaction and Financial Overview Chief Financial Officer Loren Eggleton LO 5#6Agenda 01 Company Overview AppHarvest Founder & CEO Jonathan Webb A AppHarvest 02 Environmental, Social and Governance Overview(ESG) Chief Sustainability Officer Jackie Roberts 03 Transaction and Financial Overview Chief Financial Officer Loren Eggleton 6#7Leaders in Impact & Sustainability Management Team Board of Directors A AppHarvest Jonathan Webb Founder & CEO Travis Parman Chief Communications Officer Jonathan Webb Founder & CEO, AppHarvest Kiran Bhatraju CEO, Arcadia Power Loren Eggleton Chief Financial Officer Headley Butler Head of Corporate Development Jeffrey Ubben Founder, Inclusive Capital Partners Anna Mason Partner, Rise of the Rest Seed Fund Marcella Butler Chief Operating Officer Geof Rochester Chief Marketing Officer David Lee CFO, Impossible Foods Greg Couch President, Meridian Wealth Management Jackie Roberts Chief Sustainability Officer Seth Norat Chief Development Officer Martha Stewart Founder, Martha Stewart Living Omnimedia Bob Laikin Chairman, Novus Capital Corporation J.D. Vance Partner, Narya Capital Dave Chen Chairman, Equilibrium Capital 7#8AppHarvest Overview Developer and operator of applied technology large-scale controlled indoor farms producing U.S. grown fresh produce for national grocers Ag Market Outlook: Global food production is woefully short of estimated future needs; innovation is required to meet future demand. Strong Demand for Local, Safe and Reliable Produce: National grocers are seeking year-round sources of controlled indoor domestically grown produce, requiring thousands of acres of newly created U.S. production Strategically Located: Kentucky ideally suited for AppHarvest's significant growth vision Multi-Dimensional, Experienced Management Team and Partnership Platform: AppHarvest is built to execute immediately on its scalable and profitable growth vision Sustainability Key Driver of Strategy: Environmental and social principles central to the App Harvest mission; supported by industry-leading impact and sustainability investors AA AppHarvest (a) Source: Wageningen University & Research, July 2020 Significant Market Opportunity 17K-20K Acres of Potential Development(a) DALSEM SUNSET Key Partners Dalsem: Specializes in high tech greenhouse projects with over 85 years of experience Mastronardi: One of the largest producers and distributors of greenhouse-grown produce in North America Early Investors RISE OF THE REST INCLUSIVE CAPITAL a revolution fund PARTNERS LUPA SYSTEMS NARYA Equilibrium breyercapital Select PIPE Investors Fidelity INVESTMENTS INCLUSIVE CAPITAL PARTNERS#9A World Enduring an Agricultural Crisis The world must start rapidly building controlled environment agriculture facilities to secure future food production The UN has found the world will need at least 50% more food by 2050, yet 70% of all freshwater is already dedicated to agriculture(a) Unless we change, we will need two planet Earths to feed the population COVID-19 exposed the unstable nature of America's food system, as shortages mounted across the country (and world) highlighting our reliance on uncertain imports 69% of all fresh vine crops sold in the U.S. in 2018 were imported, according to the U.S. Department of Agriculture The world's land and water resources are being exploited at "unprecedented" rates, a new United Nations report warns, which combined with climate change is putting dire pressure on the ability of humanity to feed itself. August 8, 2019 The New York Times A AppHarvest (a) United Nations Department of Public Information - Sixty-fourth General Assembly. 9#10Market Opportunity: US Grown Produce DO Vine Crops Secular shift to plant-based foods is creating increased demand for locally-grown, high- quality produce Much of fresh produce is imported from Mexico, with national grocers seeking alternative supply from domestic sources • The U.S. needs approximately 17,000 to 20,000 acres of controlled environment agriculture, according to Wageningen University & Research (a) Increased Need to Replace Imports With Domestically Grown Produce (b) (% Imported) A AppHarvest 41% 2009 Tomatoes 60% 2019 Source: U.S. Department of Agriculture (a) Wageningen University & Research, June 2020 (b) Reflects average rate of imports for bell peppers, tomatoes, cucumbers 80 60 40 20 Desperate Need for U.S. Sourcing By Country 70% Mexico 56% 2009 0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Cucumbers 81% 18% Canada 2019 4% Peru 2% China 7% Other 46% % Vine Crop Imported 69% (b) 2009 Peppers 66% 2019 10#11Market Opportunity: Safe, Reliable Produce Leafy Greens: #1 Category in Produce The New York Times How California Became Ground Zero for Climate Disasters Sept. 20, 2020 Heat, Smoke and COVID Are Battering the Workers Who Feed America Aug. 25, 2020 Leafy Greens' Product YOY Sales Growth A AppHarvest 7.1% Romaine Bagged Salads Recalled After Hundreds Are Sickened in the Midwest C.D.C. Issues E. Coli Warning on Romaine Lettuce Ahead of Thanksgiving Nov. 22, 2019 Do Not Eat Romaine Lettuce, Health Officials Warn Nov. 20, 2018 2.7% Leaf Lettuce 11.8% Salad Kits Fresh Leafy Greens Market Value: $6.71 Billion Lettuce Segment Dollar Sales Source: IRI Unify, Last 52 Weeks Period Ending June 14th, 2020; Nielsen Last 52 Weeks Period Ending October 31, 2020. Teen Leaf 7.1% Iceberg $1.24B Salad Kits $2.17B Romaine $849M 5.2% Iceberg Other $222M Leaf Lettuce $2.23B 13.1% Spinach 11#12High-Tech Greenhouses: Future of Farming in U.S. Consumer demand for sustainably grown produce positions AppHarvest to win with customers while also benefiting from the use of less water, less fertilizer, and less soil per ton produced Methodology High-Tech Greenhouse Low-Tech Greenhouse Open-Field Growing A AppHarvest Reliability of Supply 95% 70% 50% Production Yield -30x 5-8x 1x Environmental Control NK Land Use Water Use Chemicals Use Labor O оо Highest Grade Mid Grade Food Safety O Lowest Grade#13Strategically Located in Appalachia Appalachian Advantages Centrally Located Can reach -70% of U.S. population within a day's drive Water-Rich Region Getting Wetter 2018 was one of Kentucky's wettest years on record(a) Kentucky is the 12th wettest state in the country(b) Since 1871, Kentucky has recorded five years with annual precipitation exceeding 60 inches. Four of those have occurred since 2000 (c) ● ● ● ● Significant Job Demand, Untapped Workforce Under-utilized, skilled, and hardworking labor force AgTech curriculum active in high schools, as well as certificate and degree programs at universities Region is Committed to Ag Tech State and local governments committed to making Appalachia a hub for AgTech by offering investment and harvest tax credits Engagement by U.S. Dept. of Agriculture ● ● ● A AppHarvest (a) Kentucky Mesonet at Western Kentucky University (b) NOAA National Climate Data Center averages from 1971 to 2000. Note: Connecticut and North Carolina have approximately equal annual precipitation totals. (c) National Weather Service office in Louisville Appalachia 13#14Significant Distribution Advantage Shorter delivery distance means vegetables that are fresher and more nutritious Hours to drive to: New York City: 44 Washington, DC: 42 Atlanta: 35 Chicago: 32 Houston: 27 ♡ A AppHarvest 70% of the U.S. population is within a day's drive of Kentucky Hours to drive to: New York City: 39 Washington, DC: 37 Atlanta: 28 Chicago: 29 Houston: 18.5 Hours to drive to: New York City: 45 Washington, DC: 42 Atlanta: 32 Chicago: 37 Houston: 22 (a) Source: Company websites and press releases. A Hours to drive to: New York City: 10 Washington, DC: 7.5 Atlanta: 7 Chicago: 6.5 Houston: 16.5 Major Distribution & Logistics Players in Kentucky(a) ups UPS' Louisville Worldport is the largest fully automated package-handling facility in the world In September 2019, UPS announced plans to begin a $750M expansion in Louisville, KY, which will likely result in 1,000 new jobs over the next decade amazon Since 1999, Amazon has invested more than $8.0B in Kentucky having created more than 12,500 full-time jobs Announced plan to create 2,000 new jobs via a new 3 million sq. ft. air hub at Cincinnati Northern Kentucky International Airport DHL DHL's global hub at Cincinnati/Northern Kentucky International Airport ("CVG") handles -90% of DHL shipments entering the U.S. In August 2020, DHL announced its intentions to add over 650 jobs at CVG FedEx Currently operates multiple distribution and freight operations across the state including a 500-employee ground package distribution center in Northern Kentucky Announced the hiring of 700 people at its ground warehouse in July 2020 14#15Access to Top Grocers: Mastronardi Partnership Distributor will sell all produce(a) grown by AppHarvest, enabling national distribution to grocers who seek to increase domestically-sourced tomatoes Overview AppHarvest has entered into a distribution agreement with Mastronardi, a leading distributor that will sell all produce produced by AppHarvest ● ● ● Mastronardi is one of the largest producers and distributors of greenhouse- grown produce in North America Distributor specializes in a range of produce including tomatoes, peppers, cucumbers, specialty produce, and organics National reach with on-going agreements to supply produce to some of North America's largest retail grocery store chains A AppHarvest National Reach Across Leading Grocers Walmart Publix Kroger TRADER JOE'S meijer Winn/Dixie (a) Mastronardi will purchase all USDA Grade 1 Produce. TARGET COSTCO WHOLESALE WHOLE FOODS MARKET Wegmans SAFEWAY() Il ALDI 15#16Power of Partnerships: AppHarvest's Pioneering AgTech Platform. AppHarvest has partnered with the Dutch government, AgTech companies, and universities to utilize best-in-class technology in order to increase sustainably grown crop yields ● Organizations & Universities AppHarvest has united 17 organizations, including Dutch and Kentucky governments and universities, as well as leading Dutch AgTech companies The organizations signed an agreement in June 2020 to create America's AgTech capital in Appalachia • Future plans include creating cooperative research programs and constructing more private infrastructure A AppHarvest #2 Ag Exporter in the World Light4Food 2 RUK ZWAAN Ing Organizations NLWORKS KE Ministry of Agriculture Food Quality of the Signify CERTHON and 10 d MONWEALTH OF KENTU KY PRIVA Universities DALSEM UNIVERSITY OF PIKIVILLE has UPIKE EKU M K MOREHEAD STATE UNIVERSITY BEREA COLLEGE Fontys University of Applied Sciences $3 OLC 10 ***** Solutions & Technology Providers LED Lighting Climate Control/ Refrigeration Agriculture Al/ IPM Infrastructure / Robotics Big Data GE current signify a Daintree company Apeel Sciences DALSEM KOPPERT BIOLOGICAL SYSTEMS PRIVA VIALUX rcot Al bogaerts greenhouse logistics Svensson ecóation koidrz CERTHON Greenhouse solutions MOLEAER ADVANCING NANOBBLE TECHNOLOGY PRIVA koidrz 16#17Technology Drives Yields and Sustainability koidrz Artificial Intelligence The use of Al in the production of controlled environment crops helps us grow more quickly and efficiently. Koidra continuously gathers data about the indoor farm's microclimate from over 300 sensors, allowing us to know exactly what the plants need to thrive A AppHarvest Signify PHILIPS LED Luminaries With our hybrid lighting array, we can apply higher levels of light to plants with 67% less radiant heat than 100% HPS lighting and reducing energy costs MOLEAER Nanobubble Technology By supplementing our rainwater with oxygen, we increase nutrient absorption. This reduces the temperature of the plants' root zones, decreasing stress and increasing overall yields Svensson Climate Screening This high-tech energy screen helps us precisely control the indoor environment, excelling conditions for higher quality yields, reducing heating costs, and extending the harvesting days Robot Scouting ecoation Ecoation combines human expertise with sophisticated sensory measurements. When attached to a scouting cart, this intricate camera system travels through each row, mapping every square meter of the facility and providing real-time alerts of pest and disease risks 17#18AppHarvest Impact by the Numbers Domestic Impact ~70% of population in one day's drive 365 Days; growing indoors eliminates weather and seasonal constraints Executing on UN Sustainable Development Goals (SDGs) A AppHarvest 80% Less diesel expected to be used in transportation(a) 0 Zero agricultural runoff due to unique closed-loop system 1 NO POVERTY Creating jobs in counties with high poverty and medium family income below U.S. avg per ARC (c) 2 ZERO HUNGER SSS 90% Less water than conventional agriculture(b) 1,000s Jobs in high unemployment areas Meeting global food demand 6 CLEAN WATER AND SANITATION 90% less water than traditional open-field agriculture and zero agriculture runoff 10 Acreage of rainwater retention pond at Morehead facility 0 Soil usage, keeping carbon sequestered 8 DECENT WORK AND ECONOMIC GROWTH Hundreds of new jobs in a county where 26% of residents live in poverty (a) Figures are based on AppHarvest's expected market distribution and current market distribution estimates using Numarán, Mexico (b) International Journal of Environmental Research and Public Health (c) Appalachian Regional Commission 9 ~30x Higher yields than open-field agriculture 40% Increase in lighting efficiency due to our LEDS INDUSTRY, INNOVATION AND INFRASTRUCTURE -30x higher yields on a single acre than open- field agriculture on a single acre RESPONSIBLE CONSUMPTION AND PRODUCTION QO 12 Reduce diesel use for transportation by 80% and reach 70% of Americans in a day's drive 18#19Morehead, KY ALEMENT 720,000 Plants 360,000 Beefsteak 360,000 TOV A AppHarvest A AppHarvest 90% Less Water 60 Acres CEA growing area 300+ Full-time employees anticipated First Planting October 2020 19#20Grow Team AppHarvest is home to some of the most experienced fruit and vegetable growers in the world, all of whom are sharing their knowledge and expertise with a new generation. We are passionate about "growing our growers" Tim Robinson VP of Production 40+ years experience AppHaner Experienced with novel growing methods that increased yields and lowered expenses Strong relationships with seed companies, having brought several new varieties to market FAI A AppHarvest AppHarvest Jose "Pepe" Calderon Head Grower 25+ years experience • Past work developing multiple integrated pest management programs designed to eliminate use of chemical pesticides SPHARVES Diego Camacho Grower 20+ years experience Conducted research into new fruit and vegetable varieties First to grow several trial varieties ● AppHarvest Assistant Growers Our Assistant Growers are the new face of modern agriculture. They each have their own unique background, and, together, they represent a broad spectrum of agricultural knowledge on which the future of AppHarvest will be built A AppHarvest an P Jonathan Minnig Grower 30+ years experience Oversight of 100+ acre growing operations FAITH GRIT www#21Growing in Morehead 12 fatt de fie WENGINE A AppHarvest 12 Moun 15-31 LEARN tr AppHarv Top left: Crop Care Specialists use lifts, which move along an innovative pipe rail system, to service each tomato plant. The rail system doubles as a heat source for the root zone of the plants, as hot water can be pumped through the pipes. Top center: Crop Care Specialists place plants on a gutter system that allows all irrigation runoff to be sanitized and reused. Top right: Each tomato plant grows along a string, which is anchored to a crop wire, to maximize space and encourage optimal growth. Bottom right: Around 200 hives, each with 100 to 125 bumblebees, are used to achieve maximum pollination. Bottom left: AppHarvest's hybrid lighting array includes LEDs that use a combination of blue and red light, creating a pink and purple glow. Center: The first planting consisted of 360,000 beefsteak plants. 21#22Richmond, KY Broke Ground October 2020 AA AppHarvest 60+ Acres of growing area OOO To Grow Vine Crops Berea, KY Broke Ground October 2020 15 Acres of growing area ♡ To Grow Leafy Greens 22#23Construction Team AppHarvest has assembled a world-class construction team to drive speed and efficiency Wide-ranging backgrounds • Construction, architecture, engineering, commercial real estate Fortune 500, international brands Hands-on experience • Over a thousand of complex projects across multiple countries • Individual project values exceeding $1.8 billion Detailed oversight Feasibility, planning, vendor and supplier qualification Management of construction, budget, and timelines CBRE ● o 0.10 A AppHarvest reliant an NRG company BECHTEL BRIGHTPOINT INGRAMI ExxonMobil 23#24Development Pipeline First crop of beefsteak tomatoes were planted in October 2020, with initial harvest expected to commence in January 2021 Constructed 01 Morehead, KY 60 acres October 2020 2020 A AppHarvest MOREHEAD AppHarvest 2021 2022 Under Construction 02 Berea, KY 15 acres 03 2022 03 Richmond, KY 60 acres 04 2022 Under Option 04 Pulaski County, KY 10 acres 04 2022 Identified Facility 05 60 acres 04 2023 Facility 06 60 acres 04 2023 2023 KENTUCK Under Option 07 Russell Springs, KY 10 acres 03 2024 2024 Identified Facility 08 60 acres 04 2024 Facility 09 60 acres 04 2024 24#25Building a Strong Brand AAppHarvest Packaging Long-term relationship with Emphasizing greenhouse-grown fruit and US-grown vegetable distributor Brand Partnerships Lee NEW FRONTIER. Save the Children. A AppHarvest Mastronardi, the country's leading 19 SQUAWK APPHARVEST GOING PUBLIC CEO & MARTHA STEWART LIVE ON SQUAWK BOX BOX Leveraging Board and Investors ● E CNBC Food icon Martha Stewart Impossible Foods CFO David Lee Acclaimed author JD Vance AOL Co-founder Steve Case NBA superstar Blake Griffin Earned Media Coverage REUTERS THE WALL STREET JOURNAL. CNN IPO EDGE The New York Times BARRON'S Forbes Bloomberg 25#26AppHarvest Thought Leadership in AgTech The future of farming: Building an agtech center in the heart of the Bluegrass State Bring Produce Production Back to U.S., AppHarvest CEO Says Bloomberg TechRepublic AppHarvest has an enviable core business model. Thanks to extremely high demand for U.S.-grown produce, grocers will likely trip over themselves trying to secure AppHarvest tomatoes. And the company has a distribution deal with one of the two dominant distributors." IPO EDGE The mammoth project will use Dutch greenhouse technology, which focuses on sustainable crop production, to meet the rising demand for American-grown tomatoes. The greenhouse uses digital monitoring, sun and LED lighting, recycled rainwater and non-chemical growing practices. It also responds to a host of cultural concerns about food safety, freshness, environmental quality and energy consumption. THE WALL STREET JOURNAL. AppHarvest is aiming to build a local talent pipeline .... The company paid to install a Freight Farm at Shelby Valley High School to teach students, a program it plans to expand to 20 schools. AppHarvest is also developing an agricultural-technology certificate and degree program for the nearby University of Pikeville." The New York Times A AppHarvest High-tech Greenhouses Could Be the Future of Agriculture Forbes This Tech-Savvy Greenhouse Wants to Revitalize America's Coal Country GLOBAL CITIZEN. 26#27Agenda 01 Company Overview Founder & CEO Jonathan Webb A AppHarvest 02 Environmental, Social and Governance Overview (ESG) Chief Sustainability Officer Jackie Roberts 03 Transaction and Financial Overview Chief Financial Officer Loren Eggleton 27#28Overriding Commitment to Sustainability, ESG Performance, and Impact AppHarvest aims to redefine American agriculture by improving access for all to fresh fruits and vegetables, growing more with fewer resources and creating an AgTech hub from within its Appalachian home AppHarvest A Investing $1 Billion in Appalachia AppHarvest, in conjunction with the state, is seeking to make Kentucky the AgTech capital of the U.S. Create attractive, sustainable, skilled jobs in this innovative sector within the nation's poorest region ● taghn Prioritizing the Worker Unparalleled employee experience includes range of amenities, supportive services (financial and educational upskilling), custom apparel, industry-leading personal protective equipment, and appreciation programs A AppHarvest Certified B Corporation Incorporated as a registered Benefit Corporation in 2018, AppHarvest has also passed a rigorous audit and been confirmed as a Certified B Corporation by the non-profit B Lab Governance Environment Education AppHarvest invested $150K in 2018 to start a high-tech container farm educational program at an Eastern Kentucky high school to excite students about careers in AgTech. The program is expanding curriculum and container farms Workers A Certified B Corporation Community Customers 28#29Controlled Environment Agriculture: Solving for Agriculture's Environmental & Social Issues Biggest Winning Approach to Labor AppHarvest pays 41% higher than comparable jobs in Kentucky (a) A single entry-level worker earns 74% of Rowan County's median household income of $36,411 (b) No Agriculture Runoff Closed loop water system Keeps nutrients in the plants, not local waterways A AppHarvest Highly Water Efficient 90% less water than conventional agriculture(c) 100% recycled rainwater 2.76 million sq ft of roof Less Food Waste Traditional agriculture pre-retail spoilage rate is 34%(d) Controlled environment agriculture food spoilage rate less than 10%(d) (a) AppHarvest minimum wage of $13 compared with $9.22 for comparable work, Kentucky Center for Statistics, 2018 (b) AppHarvest yearly minimum wage of $27,040, U.S. Census Bureau, 2017 (c) International Journal of Environmental Research and Public Health (d) World Wildlife Foundation, Indoor Soilless Farming Free of Chemical Pesticides Integrated pest management Employee and customer health are the priority Climate Resilient Adaptation to climate risks Avoid soil depletion Grow 365 days per year Strong ESG outcomes build a more resilient business with fewer risks#30Leadership on ESG Issues and Outcomes Is in our DNA Certified B Corporation A third-party certification conferred by the nonprofit B Lab Certified B Corps have (1) achieved a high standard of social and environmental performance as measured by the B Impact Assessment, (2) verified their scores through transparency requirements, and (3) made a legal commitment to consider all stakeholders, not just shareholders Any for-profit company can pursue certification, including LLCs A AppHarvest Certified B Corp & Public Benefit Corporation Public Benefit Corporation A legal structure for a business, like an LLC or a corporation Public benefit corporations are legally empowered to pursue positive stakeholder impact alongside profit This is the path for most US corporations to meet the legal requirement for B Corp Certification. Public benefit corporation legislation is currently available in 37 U.S. states, Puerto Rico, Italy, and Colombia 30#31Benefit Corp Overview AppHarvest will be among the first public benefit corporations What is a public benefit corporation? A for-profit corporation with modified fiduciary duty standard Higher standards of purpose, accountability and transparency Duty to consider the best interests of all stakeholders - stockholders, employees, communities, customers and suppliers, and the company's specific public benefit as outlined in the company's charter ● ● ● Purpose Committed to creating public benefit and sustainable value in addition to maximizing stockholder value Transparency Requirements include reporting progress in achieving social impact goals A AppHarvest A ENTE PLIFIAN Accountability Considerate of impact on society and environment Notable Public B Corps LAUREATE INTERNATIONAL UNIVERSITIES EST. 2003 Vital FARMS A AppHary M silverchef A LE 31#32Potential Value Creation in "Certified B Corp" Today, globally there are 3,580+ Certified B Corps, but only 11 publicly-traded Certified B Corps, of which only 3 are in the U.S. (Laureate Education, Lemonade, Vital Farms)(a) 1 Distinct Competitive 02 Potential increased access to capital. 01 Potential enhanced brand equity. AppHarvest joins other high-profile, highly respected leading companies that are B Corps (e.g. Patagonia) 90th Percentile for brand performance for 75% of B Corps(b) A AppHarvest a) b) Advantage: 03 Attracting and keeping talent. Can also attract impact investment capital and sustainability- linked forms of credit We believe our B Corp status may help us attract and retain employees who want work with meaning 04 Potential increased attractiveness to retail investors. We may create an attractive investment opportunity for the same conscious consumers that have fueled organics, fair trade, and "buy local" movements 3x Faster sales growth than non- B Corps in consumer category(b) 37% "Purpose-Oriented" employees in a global LinkedIn survey(c) Bcorporation.net Circle Up/Helio, "The Business Case for Caring-A Helio Analysis of Certified B Corps c) LinkedIn 2016 global survey of 26,000 respondents, "Purpose at Work," found 37% defined as purpose-oriented employees d) Quoted in Yale Center for Business and the Environment, Just Good Business: An Investor's Guide to B Corps "The B Corp movement is, to me, a product of a general improvement in our understanding of economic behavior. Through greater appreciation of the real motives that drive and excite people, B Corporations provide a significant new opportunity for investors. I think they could make more profits than any other types of companies, and this guide helps investors understand why."(d) Robert Shiller Sterling Professor of Economics, Yale University, and Nobel Laureate (d) 32#33AppHarvest Top Eleven Sustainable Development Goals 1 6 NO POVERTY CLEAN WATER AND SANITATION 10 REDUCED INEQUALITIES SDG1: End poverty in all its forms everywhere. 100% of AppHarvest employees are paid a family living wage. Ensure availability and sustainable management of water and sanitation for all. 90% less water than traditional open-field agriculture and zero agricultural runoff. Reduce inequality within and among countries. Partnerships with local employment programs that service dislocated workers and disadvantaged in Appalachia. A AppHarvest 2 7 12 ZERO HUNGER SSS AFFORDABLE AND CLEAN ENERGY RESPONSIBLE CONSUMPTION AND PRODUCTION End hunger, achieve food security and improved nutrition and promote sustainable agriculture. Only 1 in 10 Americans eat enough fruits and vegetables. Ensure access to affordable, reliable, sustainable and modern energy for all. Combining horizontal growing to maximize sunlight and supplemental LED lights that 40%more efficient than traditional lighting. Ensure sustainable consumption and production patterns. Reduce diesel use in transportation by 80% and reach 70% of Americans in a day's drive. 3 GOOD HEALTH AND WELL-BEING DECENT WORK AND ECONOMIC GROWTH M 8 CLIMATE 13 ACTION Ensure healthy lives and promote well- being for all at all ages. 100% company paid insurance premiums for all employees. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. - 300 new jobs in a county where 23% of residents live in poverty. Take urgent action to combat climate change and its impacts. Observed climate change is already affecting food security, according to the 2019 IPCC special report on land. 4 9 QUALITY EDUCATION INDUSTRY, INNOVATION AND INFRASTRUCTURE Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. AgTech Education programs implemented in three Appalachian county high schools. Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation 30x higher yields on a single acre than open- field agriculture on a single acre.#34Agenda 01 Company Overview Founder & CEO Jonathan Webb A AppHarvest 020 Environmental, Social and Governance Overview(ESG) Chief Sustainability Officer Jackie Roberts 631E SERIES D 03 Transaction and Financial Overview Chief Financial Officer Loren Eggleton 34#35Transaction Overview Transaction Structure ● ● AppHarvest has entered into a business combination with Novus Capital Corp (NOVS) The transaction is expected to close in early Q1 2021 The post-closing company will retain the AppHarvest name and its common stock will be listed on Nasdaq under the ticker APPH The transaction, inclusive of the planned $375 million PIPE and a $30 million convertible note, will provide growth capital to the Company for future facility development A AppHarvest Valuation Transaction implies a pro forma enterprise value of $570 million 2.2x based on projected 2024E revenue of $258 million 9.3x based on projected 2024E Adj. EBITDA of $61 million Existing AppHarvest shareholders will receive ~48% of the pro forma equity Capital Structure The transaction will be funded by a combination of Novus cash held in trust account, Novus common stock, and proceeds from the PIPE and convertible note Transaction expected to result in ~$464 million net proceeds to AppHarvest 2022 2023 35#36Detailed Transaction Overview Estimated Sources & Uses Sources: Committed Common Equity PIPE NOVUS Trust Equity(a) Convertible Note Stock Consideration to Existing AppHarvest Shareholders Total Sources Uses: Stock Consideration to Existing AppHarvest Shareholders Estimated Fees & Expenses Cash to AppHarvest Balance Sheet Total Uses A AppHarvest Illustrative Pro Forma Capitalization (b) (in millions) Pro Forma Ownership Existing AppHarvest Shareholders (b) PIPE Investor Shares (b) SPAC Public Investor Shares(a) Convertible Note NOVUS Founder Shares Total Shares Shares 50.0 37.5 10.0 3.2 2.7 103.4 $M $375.0 100.0 30.0 500.0 $1,005.0 $M $500.0 40.9 464.1 $1,005.0 % Ownership 48.4% 36.3% 9.7% 3.1% 2.6% 100.0% (in millions, except per share data) PF Shares Outstanding (b) Share Price Market Capitalization Less: Cash Enterprise Value (b) Illustrative Pro Forma Valuation ▪ Legacy AppHarvest ■ PIPE Investors Illustrative Pro Forma Ownership(ab) (b) ▪ SPAC Public Investor Shares ■ Convertible Note ▪ NOVUS Founder Shares (a) Assumes no redemptions from Novus' existing public shareholders. Excludes impacts of Novus warrants struck at $11.50. (b) Assumes new shares are issued at a price of $10.00. 48% $1.0B PF Equity Value 3% 3% 10% 103.4 $10.00 $1,033.7 36% ($464.1) $569.6 36#37Illustrative Tomato Facility Economics Illustrative steady-state economics for 60-acre tomato facility (half beefsteak, half TOV), excluding financing costs (US$ millions) $135.0 $100.0 Capital Cost (a) A AppHarvest $42.5 Net Revenue $12.3 Labor Cost $6.4 Utilities Cost $6.7 Other Cost $17.2 Gross Profit $1.4 Crop SG&A (a) Capital cost range is attributable to varying levels of technology, facility upgrades, FX impacts, and materials/input costs. Note: Other than capital costs, the dollar values are illustrative of the range mid-points anticipated over five years after full facility operations commence. Implied Unlevered Return 12% -16% $15.8 Facility EBITDA 37#38Projected Financial and Operating Metrics Active Facilities Year End Vine Crop Leafy Greens 60 60 2021 1 ($41) 2021 A AppHarvest 145 25 120 (a) (b) 2022 ($24) 4 Acreage 265 25 $11 240 2023 6 EBITDA 2023 2022 Note: All $ figures in millions. $61 395 35 2024 360 2024 9 $122 525 45 2025 480 2025 12 $165 Run Rate FCF Before Growth Spend excludes development SG&A and capital expenditure for new facilities. Excludes impact of taxes. $21 2021 ($44) 2021 $62 2022 ($29) Net Revenue 2022 $145 2023 ($5) $258 FCF Before Growth Spend (a) 2023 2024 $27 $387 2024 2025 $81 2025 $460 Run Rate $125 (b) Run Rate 38#39Q&A A AppHarvest A AppHarvest AppHarves کے 39