#1BENSON HILL INVESTOR DAY APRIL 5TH, 2022 3#2BEBENSON HILL Disclaimers Cautionary Note Regarding Forward-Looking Statements Certain statements in this presentation may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company's future financial or operating performance and may be identified by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. These forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements include, among other things, statements regarding: the Company's currently expected guidance regarding its full year 2022 financial and operating performance including, among others, statements regarding consolidated revenues, revenues for its proprietary soy portfolio, incremental revenues from legacy activity at the Creston facility, segment revenues, gross profit, gross margins, contribution margin, net loss and adjusted EBITDA, free cash flow and cash usage; the Company's currently expected guidance regarding its financial and operating performance through and including 2025, including, among others, expectations about achieving certain EBITDA margins and becoming free cash flow positive in 2025 and expectations regarding levels of consolidated revenues, proprietary revenues within the Ingredients segment, and consolidated gross margins, and cash usage, through and including 2025; the anticipated benefits of the PIPE transaction and the capital raised thereby to the Company and its stockholders; expectations regarding the sufficiency of its cash on hand and cash usage; statements regarding the expected future performance of the Company's products, technology and integrated business model; statements regarding anticipated benefits of the Company's licensing and partnership relationships; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; the Company's strategies and plans for and drivers of growth; the Company's, positioning, resources, capabilities, and expectations for future performance; estimates and forecasts of financial and other performance metrics; projections of market opportunity; and the Company's outlook and financial and other guidance. Such forward-looking statements are based upon assumptions made by Benson Hill as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the Company's ability to achieve anticipated benefits of new and potential relationships with third parties, and business combinations, which may be affected by, among other things, competition, the ability of the Company to grow and achieve growth profitably, including continued access to the capital resources necessary for growth; the ability to deploy capital, including capital raised in the Company's recent PIPE transaction, in a manner that furthers Benson Hill's growth strategy; risks relating to the Company's ability to execute its business plans and leverage its technology; risks associated with maintaining relationships with customers, suppliers and strategic partners; risks associated with the Company's ability to successfully manage leadership and organizational changes; risks associated with retaining key members of its management team; as well as the general ability to execute the Company's business plans; risks associated with the Company's transition to becoming a public company; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. Forward-looking statements are also subject to the risks and other issues described below under "Use of Non-GAAP Financial Measures," which could cause actual results to differ materially from current expectations included in the Company's forward-looking statements included in this presentation. The forward-looking statements included in this press release are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved, including without limitation any expectations about our operational and financial performance or achievements through and including 2025. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law. Use of Non-GAAP Financial Measures In this presentation, the Company includes non-GAAP performance measures. The Company uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results. The Company's management believes these non-GAAP measures are useful in evaluating the Company's operating performance and are similar measures reported by publicly listed U.S. competitors, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. By providing these non-GAAP measures, the Company's management intends to provide investors with a meaningful, consistent comparison of the Company's performance for the periods presented. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The Company's definition of these non-GAAP measures may differ from similarly titled measures of performance used by other companies in other industries or within the same industry. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure is included in this presentation and in the tables accompanying this presentation.#3BENSON HILL COMPANY OVERVIEW THE 'PICKS AND SHOVELS' OF THE PLANT-BASED FOOD REVOLUTION MATT CRISP CEO AND DIRECTOR 3#4IRATE ST. LIS COMPANY OVERVIEW www#5JASON BULL CHIEF TECHNOLOGY OFFICER COMPANY OVERVIEW BRUCE BENNETT PRESIDENT, INGREDIENTS ANTHONY KINGSLEY SENIOR DIRECTOR, ESG & STAKEHOLDER ENGAGEMENT DEAN FREEMAN CHIEF FINANCIAL OFFICER NATALIE DINICOLA CHIEF OF STAFF Benson Hill Investor Day 2022 BENSON HILL'#6THREE KEY TAKEAWAYS COMPANY OVERVIEW + + TECHNOLOGY & GO-TO-MARKET APPROACH TALENT & EXECUTION INVESTMENTS IN INNOVATION RIGHT TO WIN Benson Hill Investor Day 2022 BENSON HILL#7COMPANY OVERVIEW#8COMPANY OVERVIEW BENSON HILL#9COMPANY OVERVIEW#10COMPANY OVERVIEW ROOO Population Growth ** & Nutrition Security Consumer Focus on Health & Sustainability Evolving Global Food Supply Chain IP6#11COMPANY OVERVIEW FARMER BREEDER + SEED PRODUCER A 11 * PROCESSOR/ WHOLESALE SUPPLIER CropOS FOOD/BEVERAGE COMPANY 11 CONSUMER T FOOD SERVICE RETAIL Benson Hill Investor Day 2022 BENSON HILL#12COMPANY OVERVIEW 19 ACCELERATING FOOD INFLATION#1315 ENVIRONMENTAL IMPACT OF THE FOOD SYSTEM K COMPANY OVERVIEW ***#14ZP 21 COMPANY OVERVIEW FOOD SUPPLY CHAIN DISRUPTION MAERSK MASSK MAERSK MAERSK AMPHOR MAERSK MAERSK MAR SK HA#15FOOD-DRIVEN HEALTH IMPLICATIONS COMPANY OVERVIEW#16Abundant and Diverse Market Opportunities MEAT ALTERNATIVES EDIBLE OILS BAKED GOODS NEAR TERM COMPANY OVERVIEW PROCESSED MEAT CEREALS DAIRY ALTERNATIVES AQUACULTURE SNACKS SPORTS NUTRITION PET FOOD ANIMAL FEED LONG TERM Benson Hill Investor Day 2022 HILL BENSON#17COMPANY OVERVIEW MADE FROM BETTER™ TM#18COMPANY OVERVIEW PLANT SCIENCE DATA SCIENCE CropOS® FOOD SCIENCE Benson Hill Investors Day 2022 BENSON HILL'#19Our Pipeline for Growth Soy Protein Ingredient Solutions ● ● Commercial Gen 2 Gen 3 COMPANY OVERVIEW ● ● Soy Oil Commercial Gen 2 Gen 3 Soy Animal Protein ● ● ● Commercial Gen 2 Gen 3 Soy White Beverage Ingredient Solutions ● ● ● Prototype Gen 1 Gen 2 Yellow Pea Protein Ingredient Solutions ● ● ● Prototype Gen 1 Gen 2 Current 2-4 Years Benson Hill Investor Day 2022 BENSON HILL#20CONSUMER MARKETS 1 INGREDIENT MANUFACTURING 3 2 FARMER PARTNERS RIN PRODUCT APPLICATIONS 4#21Taste for Yourself COMPANY OVERVIEW Nutrition Facts Serving size 2/3 cup (95g) % Daily Value* 3% 0% Amount per serving Calories 110 Total Fat 2g Saturated Fat Og Trans Fat Og Cholesterol Omg Sodium 50mg Total Carbohydrate 18g Protein 5g Dietary Fiber 1g Total Sugars 13g Includes 11g Added Sugars 22% Vitamin D --mcg Calcium --mg 0% 2% 7% 4% Iron --mg Potassium --mg Benson Hill Soy Frozen Dessert M CONTAINS: Soy. --% --% "The % Daily Value tells you how much a nutrient in a serving of food contriutes to a daily diet. 2,000 calories a day is used for general nutrition advice. INGREDIENTS: UHP Soy Milk, Sugar, Light Corn Syrup, Vanilla Extract, Salt. Nutrition Facts Serving size 1 patty (113g) Amount per serving Calories 230 Total Fat 14g Saturated Fat 7g Trans Fat Og Cholesterol Omg odium 380mg tal Carbohydrate 10g ietary Fiber 3g tal Sugars 3g ncludes Og Added Sugars in 19g D 0mcg 32mg Nutrition Facts 20 servings per container Serving size (62g) Amount per serving Calories 160 Total Fat 5g Saturated Fat 1g Trans Fat Og Cholesterol 15mg % Daily Value* 18% 35% % Daily Value* 6% 5% Vitamin D Omcg Calcium 43mg 5% 11% 9% 7% Sodium 250mg Total Carbohydrate 26g Dietary Fiber 2g Total Sugars 19g Includes 18g Added Sugars 36% Protein 5g 0%Benson Hill Soy Burger 17% 4% 11% 0% 27% Made with Ultra High Protein Textured Soy Flour Benson Hill Bundt Cake 0% 4% 10% 4% trient Made with High Oleic Soybean Oil DOUBLE THE PROTEIN PER SERVING BE ECO INGREDIENTS: Water, UHP Soy calculated. CONTAINS: Soy. HEART HEALTHY OIL Nutrition Facts Serving size 1 cup (240ml) Amount per serving Calories Total Fat 6g Saturated Fat 1g Trans Fat Og Cholesterol Omg Sodium --mg Total Carbohydrate 6g Dietary Fiber 3g Total Sugars 3g Includes Og Ar Protein 15g Vitamin D --mcg Calcium-mg Iron -mg Potassium --m *The % Daily Value in a serving of food calories a day is us JON Vitamin D Omcg 'cium 18mg ng 140 % Daily Value* 8% 5% m 105mg 0% 2% 11% Total Fat 7g Saturated Fat 3g Trans Fat Og Cholesterol 15mg Sodium 65mg Total Carbohydrate 14g Dietary Fiber 1g Total Sugars 11g Includes 5g Added Sugars 10% Protein 3g Nutrition Facts (30g) 24 servings per container Serving size Amount per serving Calories 130 ve tells you how much a nutrient contriutes to a daily diet. 2,000 for general nutrition advice. Benson Hill Soy Milk Made with Ultra High Protein Soybeans % Daily Value* 9% 15% 0% 2% 2% 6% 2% 2% 5% 3% 5% 4% Benson Hill Raspberry Crumble Made with Ultra High Protein Soy Flour GLUTEN FREE NON#22COMPANY OVERVIEW SOYBEAN YELLOW PEA GUT#23Our Playbook for Growth Accelerates Commercialization... Step 1 Create the Foundation • Market entry ● ● Build relationships across the value chain Low capital investment Yellow Pea COMPANY OVERVIEW Step 2 Integrated Route to Market Prove proprietary product concept ● ● ● Ensure traceability Capital investment and strategic partnerships. Soybean Step 3 Broad Adoption ● Broad acre opportunity through partnerships/licensing Scale outside proving ground acreage Greatest capital efficiency Benson Hill Investor Day 2022 BENSON HILL#24Creating Long-Term Sustainable Shareholder Value GROWTH STRONG CONSOLIDATED REVENUE GROWTH $500M+ CONSOLIDATED GROSS MARGIN EXPANSTION 25%+ MARGIN EXPANSION TECHNOLOGY STACK COMPANY OVERVIEW 2025 Targets CASH EBITDA MARGIN Positive FREE CASH FLOW Positive EXECUTION 2025 Growth Drivers Maximize share capture for the proprietary soy portfolio Drive efficiencies in the closed-loop model Initiate partnerships and licenses Launch proprietary yellow pea ingredients Benson Hill Investor Day 2022 BENSON HILL#25COMPANY OVERVIEW BENSON HILL® Benson Hill Investor Day 2022 BENSON HILL#26BENSON HILL TECHNOLOGY IS AT THE HEART OF BENSON HILL JASON BULL CHIEF TECHNOLOGY OFFICER Benson Hill Investor Day 2022 BENSON HILL'#273-step Technology Strategy GENETICS-DATA 1. 011001001 8101001101 Corrorrogas 101100101 10110011 011001101 10101 OUR TECHNOLOGY 1001101 Genomics is a proven lever for innovation TECH PLATFORM CropOS® technology stack 3. MULTIPLE MARKETS BEMUT 25 SLIIT ITO 9 Connecting data across the value chain#28Existing food system has no feedback from consumer back to seed breeder Disconnected, Different Objectives and Too Slow Breeder, Seed Producer, Farmer Processor/ Wholesale Supplier Food, Beverage Co Consumer OUR TECHNOLOGY Oo 00000 P OD 00 High yield Consistency & cost Cost and flavor (processing & additives) Cheap, convenient BH connects data across the value chain to create Made from Better™ ingredients Connected, Shared Objectives and Designed for Consumer Flavorful & healthy Seed Designed for Consumer KKK Affordable, less processed 00000 CropOS You Affordable, flavorful and functionality from ingredient Affordable, flavorful, healthy#29Benson Hill product development pipeline can reach proof of value inflection in 3-4 years Value inflection enabling joint development and commercialization partnerships Predictive design for novel ingredients Flavor and functionality testing in parallel OUR TECHNOLOGY 3-4 years(1) Platform Innovation VALUE INFLECTION Validate in food application Seed bulk up 2-3 years Proof of Value Launch Commercial (1) Depending on complexity of trait stack#30How we innovated the 'design- build-test' of new ingredients that consumers desire OUR TECHNOLOGY Food System Innovators Food Innovation Test Data & Digital Twin CropOS ▬▬▬▬▬||||||| Build Design Al-Breeding & Gene Editing BENSON HILL CA 1 day Crop Accelerator Assembly#31CropOS® combines data across domains to enable Digital Twin technology Differentiating data library that doubles, on average, every year 20Years Breeding data for soy 194B Genetic SNP variants OUR TECHNOLOGY 6.5B+ Environmental obs CropOS 13M Gene expression data 1.3K Field commercial pro samples CropOS Source: Benson Hill Actioning insights from a universe of billions of possible outcomes Design The digital twin simulates outcomes 1900 for billions of different potential products in the Yield/Protein/Oil dimensional space Machine learning is applied to digital outcomes to pick the right products to prototype 00001 006090186081 0110 109 0 Oil Genetic Value Protein Genetic Value Yield Genetic Value#32Repeatable and optimized process | fastest path to consumer outcomes Al Breeding OUR ADVANTAGE • We start with world-class high protein germplasm ● CropOS® optimizes speed breeding using prediction World-leading timelines ● ● Mean Protein (%) BH UHP Commodity O Benson Hill Al Breeding Traditional Breeding 5 Breeding Year 10 CropOS Design OUR ADVANTAGE Precise changes using natural repair mechanism Restore natural diversity lost in commodity system Edit elite high protein commercial lines CropOS® optimizes targeting of novel genes Best-in-class timelines ● ● ● ● CRISPR Gene Editing ● {[1-4*10-4 CRISPR Nuclease makes a precise cut in DNA Precise edit is made to restore native genetic code#33Crop ara Accelerator Dynamically Adaptive ✔ BENSON Fully operational (47,000 sq ft facility with dynamically adaptive growth chambers) Source: Benson Hill ✓ Ahead of schedule ✓ Under budget CO2, Temperature, Humidity ✓ World-leading high-throughput phenotyping and automation capabilities Increases genetic gain and expands plant assembly options to deliver 2.5x improved timelines CropOS Build Plant assembly in Crop Accelerator changes the game Design CropOS ||||| | |_|| |_|| |_|| ||||||||| Ⓡ Cycle 1 Crossing Cycle 2 Selfing Cycle 3 Increase CropOS blueprint provides the exact recipe for a desired outcome Crop Accelerator delivers the exact recipe CropOS blueprint continually re-optimizes with data from Crop Accelerator 10 seed in 70 days 200 seed in 90 days 2,000 seed in 160 days#34Food innovation OUR ADVANTAGE We assess quality, flavor and functionality, in-parallel Micro assays enable speed and scale Genetic diversity for consumer traits are the focus and are unlocked in our process An integrated and parallelized approach to making better food from the beginning Test CropOS Build Design Connecting sensory, flavor and composition to genetics BEANY SULFUR BITTER GRASSY -1.0 NUTI 0.0 CHALKY 1.0 2.0 0.0 -1.0#35We partner with advanced Food System Innovators in our grower network Innovation on Farm GROWERS "How do I participate beyond the farmgate?" "How do I manage agronomically for profitability and not just yield?" "How do I optimize harvest logistics to preserve protein?" Test CropOS Build We are aggressively changing the game on-farm Design FOOD SYSTEM INNOVATORS Innovation in Food System BENSON HILL PLANT FOR PROTEIN A BENSON HILL PROGRAM OUR ADVANTAGE "Beyond farm gate" rewarding growers for protein production Advanced recommendations to maximize on-farm protein expression osed loop production to preserve identity and maximize protein advantage On-farm Segregation eMERGE CHHOSIS SON MILL Right Agronomics & Acre#36Why we win 1 2 3 4 5 Time advantage R&D advantage Data advantage Business model Substantial scale Others No commercial ultra-high protein germplasm Limited or no protein testing Limited or no protein data Traditional, siloed business model Limited or no quality focus Benson Hill World-leading ultra-high protein & high yield commercial germplasm Significant Al-breeding Proprietary Protein data Yield & agronomic data Genomic data Expression data Al predictions Beyond farm gate Ingredient model 200k acres contracted to date Advantage ~6-10 years ~2-3 years ~2-3 years ~3 years ~3 years Minimum 6-10 Years Advantage With Multiple Differentiators Source: Benson Hill internal estimates#37BENSON HILL • BUSINESS LANDSCAPE DE BUSINESS LANDSCAPE BRUCE BENNETT PRESIDENT, INGREDIENTS Benson Hill Investor Day 2022 BENSON HILL'#382 How can Benson Hill influence the global food ecosystem and set the pace of innovation in food? BUSINESS LANDSCAPE Benson Hill Investor Day 2022 BENSON HILL'#39Setting the Pace: Closed Loop Model & Partnerships START SMART CropOSⓇ Innovation THINK BIG STARTING ACREAGE CLOSING THE LOOP 141 BENSON HILL Customer Relationships Ingredient Commercialization Margin Generation Customer/Consumer Insights TIPPING POINT ACREAGE SCALE FAST Partner Ingredient Commercialization PARTNER Partner Customer Relationships Consumer/Consumer Insights Partner Margin Generation BH Margin Generation Bens SCALED ACREAGE ill Investor Day 2022 HILL DENSON#40Ingredients to Weather the Perfect Storm HUGE AND GROWING DEMAND MEETS SUPPLY BOTTLENECKS ● Decades-long demand growth • Predicted 461% growth in global plant-based retail market by 2030* P Soy protein concentrate supply bottlenecks Agronomic constraints Global supply chain disruption OUR MODEL BRIDGES CUSTOMERS' SUPPLY GAP *Source: Bloomberg Intelligence (2021). Comparison to 2020 market size. BUSINESS LANDSCAPE#41Setting the Pace: A Technology-driven Model CropOS® FOOD INNOVATION ENGINE: ACCELERATES SPEED TO MARKET ● ● CropOSⓇ || 1 1 BATAN Data-driven platform Genomics Artificial Intelligence Predictive breeding BUSINESS LANDSCAPE a F FARMER PARTNER PROGRAMS ● ● 1 1 FOOD SYSTEM INNOVATORS BENSON HILL" PLANT FOR PROTEIN A BENSON HILL PROGRAM Incentivized for targeted quality traits Analytical and agronomic support IMPACTFUL, DIVERSIFIED PORTFOLIO: ACCELERATES CUSTOMER UPTAKE TruVail FOOD INGREDIENTS ● ● ● ● ANIMAL NUTRITION Veri COOKING OIL Higher functionality and cost-in-use Locally sourced Non-GMO Heart Healthy Oilt More sustainable Identity preservation +Supportive but not conclusive scientific evidence suggests that daily consumption of about 1½ tablespoons (20 grams) of oils containing high levels of oleic acid, when replaced for fats and oils higher in saturated fat, may reduce the risk of coronary heart disease. To achieve this possible benefit, oleic acid-containing oils should not increase the total number of calories you eat in a day. One serving of high oleic soybean oil provides 10 grams of oleic acid (which is 11 grams of monounsaturated fatty acid). Benson Hill Investor Day 2022 BENSON HILL#42Setting the Pace: Assets Unlock Capacity OR 2 crushing facilities Creston lowa MT NV WY UT NO CO SO NT MN NE OK KS WI MO St.Louis LA AR BUSINESS LANDSCAPE KY MS TN Seymour Indiana MI WV AL OH NC FL GA SC NY NJ DC Access to 50% of US agriculture HQ in St. Louis. production within 500 miles MA DE NH CT ME RI CRESTON IOWA PROTEIN INGREDIENTS SEYMOUR INDIANA SPECIALTY MEAL & OIL Benson Hill Investor Day 2022 BENSON HILL#43Setting the Pace: CleanCRUSHTM Ingredients Commodity Bean Soybean Soybean Crushing Benson Hill Ultra high protein BUSINESS LANDSCAPE Crushing 50% Proteins Benson Hill Proprietary Products 65% Proteins 4 Concentration CO₂e -50% 50% reduction of CO₂e emissions 70% reduction -70% of water use 65% Proteins Sustainability Benefits • Eliminating concentration means we can significantly reduce CO2-equivalent emissions and water use • 50% reduction in CO2 emissions • 70% reduction in water usage Benson Hill Investor Day 2022 BENSON HILL#44UPSC E Setting the Pace: Pathway to Margin Expansion Today Pipeline ACTIVATE SUPPLY CHAIN Gain Market Share Toasted Flour & Grits Bakers Flour Textured Flour Powdered Concentrate Textured Concentrate High Oleic/Low Linolenic Oil High Protein Soybean Meal BUSINESS LANDSCAPE ASSET UTILIZATION Cost Optimization Creston, IA Seymour, IN Process Optimization In-House Texturization INGREDIENT PIPELINE Margin Expansion Advantaged Yellow Pea Next Gen Soy for Food Specialty Oils Next Gen Soy for Aqua Co-product Valorization Benson Hill Investor Day 2022 BENSON HILL#45U Setting the Pace: High Growth & Established Markets Food, Oil, Feed TruVail FOOD INGREDIENTS Veri COOKING OIL ANIMAL NUTRITION High-protein Soy Flour, Textured Flour Specialty Oil High-protein, Low-antinutrient Soybean Meal BUSINESS LANDSCAPE H+ PORTFOLIO FIT Broad Range of End Market Applications Processed Meat Snacks Baked Goods Bread Remain Opportunistic Breakfast Cereals Meat Alternatives Alternative Dairy Protein Sports Nutrition & Weight Management Develop Portfolio CATEGORY GROWTH PROJECTIONS Bubble Size Indicates Current Market Size (Euromonitor Retail - Global) H Benson Hill Investor Day 2022 BENSON HILL#46Setting the Pace: Customer Engagement Broad portfolio-opens a larger universe of customers and applications to drive volume and adoption fast. MA ● Excitement about Supply Availability, ESG and Data packaging attached to our story BUSINESS LANDSCAPE 2022 ⒸHILL#47U Setting the Pace: Nearly 200 Years of Ingredient Leadership Jason Lombardi Director, Principal Food Science Engineer 21 years 15 years Ratna Mukherjea, PhD Sr. Director, Food Innovation 20 years Nicole Balderas Vice President, Oils BUSINESS LANDSCAPE 13 years Andrew Miller Vice President, Agribusiness Trent Collins Senior Vice President, Ingredient Operations 30 years 27 years Michael Gibson Food Science Associate Director Kip Underwood Vice President, Sales 9 years 13 years Kurt Long Vice President, Proteins Bruce Bennett President, Ingredients 30 years 15 years Mary Resseguie, PhD Vice President, Strategic Marketing Benson Hill Investor Day 2022 BENSON HILL#48Setting the Pace of Innovation in Food Start Smart, Think Big, Scale Fast Bridging the supply gap to lead a path through the storm Industry rethink: food that's better right from the beginning ● CropOSⓇ Closed-loop model Sustainability BUSINESS LANDSCAPE#49BENSONO HILL PURE PLAY ESG (ENVIRONMENTAL, SOCIAL & GOVERNANCE) ANTHONY KINGSLEY SENIOR DIRECTOR, ESG & STAKEHOLDER ENGAGEMENT Benson Hill Investor Day 2022 HILL' BENSON#50Our solutions contribute to the net-zero transition ✓ Agri-food system is responsible for 31% of global emissions¹ ✓ Net zero commitments cover 25% of global carbon emissions² ✓ 80% of emissions from food companies originate from ingredient supply chain³ PURE PLAY ESG 20% 80% ‒‒‒‒‒‒‒‒‒ OWNED EMISSIONS (SCOPE 1 + 2) SUPPLY CHAIN EMISSIONS - INGREDIENTS (SCOPE 3) Benson Hill Investor Day 2022 Source: 1 FAO 2021, 2 UNFCC, Race to Net Zero, 3 Supply chains (Scope 3) toward sustainable food systems (2021), based on calculation from CDP disclosures#51Our unique capabilities drive our ESG commitments TECHNOLOGY INNOVATION Embeds ESG in product development process PURE PLAY ESG BUSINESS MODEL CropOS 00000 Yoj O D D Breaking down silos enabling unique stakeholder engagement CULTURE Proactively considering social and environmental impact Benson Hill Investor Day 2022 BENSON HILL#52Our strategic framework focuses and prioritizes critical ESG issues FOUNDATIONAL Governance Footprint PURE PLAY ESG People STRATEGIC IMPACT Farm 3 09 Products Processors Benson Hill Investor Day 2022 HILL BENSON#53● FARM OX Soil health Reduced inputs Reduced emissions Nutrition density per acre PURE PLAY ESG ● PROCESSOR TRACEABILITY ENABLED BY DATA ● IM CleanCRUSH TM ingredients 50% reduction in carbon* 70% reduction in water Enabling traceability and identity preservation PRODUCTS ● 26 Grown with Regen Ag. Net-zero farms • Reduced processing ● • USA grown *Per kg of protein. Internal estimated impact of using de-fatted soybean from Ultra-High Protein (UHP) soybeans compared to conventional soy protein concentrate, based on Benson Hill LCA on UHP Soybean (2021).#54Delivering ESG across the food system ✓ Agri-food system is critical to decarbonization ✓ ESG pure play business ✓ Delivering seamless sustainable solutions for stakeholders PURE PLAY ESG Parts Vamilan Faghis#55BENSON HILL FINANCIAL DISCUSSION FINANCIAL DISCUSSION DEAN FREEMAN CHIEF FINANCIAL OFFICER Benson Hill Investor Day 2022 BENSON HILL'#56Finance Organizational Priorities OPERATIONAL EXECUTION Financial Perspective Reporting & Decision Support Team in place with experience completing periodic reporting and planning decision support processes Capital Allocation Long-Term Shareholder Value FINANCIAL DISCUSSION Focused on capital deployment to support strategic objectives Risk and governance processes in place to help ensure compliance, accuracy, integrity and risk management PEOPLE, PROCESS, TECHNOLOGY Controls, Risk & Governance GROWTH STRATEGY Strategic Partnership Delivering value through analytical insights with a strategic mind-set Benson Hill Investor Day 2022 BENSON HILL'#57Investment Highlights COMPANY OVERVIEW END MARKETS INNOVATION AGENDA FINANCIAL STRENGTH ● ● ● ● Integrated Food Technology company tapping into the natural genetic diversity of plants for more nutritious, sustainable and affordable food choices. Unique two-sided business model – Technology + go-to-market strategy for seed to fork value creation Large and growing plant-based food markets in food, animal nutrition and pet food Large traditional plant-based markets (cereal, snacks, meat extensions) and faster growing new markets (alternative meats) Commercializing proprietary soy portfolio with commencement of proprietary yellow pea ingredients expected in 2025 Unveiled proprietary product pipeline for future generations of seed innovations and ingredient solutions Expect strong revenue growth and gross margin expansion driven by proprietary soy ingredients portfolio Expect to become EBITDA and free cash flow positive in 2025 FINANCIAL DISCUSSION Benson Hill Investor Day 2022 BENSON HILL'#582022 Financial Outlook (in $M) Total Revenue Ingredients Fresh Total Gross Profit OpEx Total Adjusted EBITDA 2022 (Original Guidance)(1) $161 $91 $66 $2 $111 ($87) $41 2022 (Current Guidance) FINANCIAL DISCUSSION $315-$350 $250-$275 $65-$75 $9-$13 $135-$140(2) ($80-$85)(3) Capex Free Cash Flow N/A (1) Guidance at time of SPAC merger announcement (May 2021). (2) Includes an estimated $36 million in non-cash expense consisting of $21 million for stock-based compensation and $15 million for depreciation and amortization. (3) See reconciliation table in the appendix $12-$16 ($120-$130)(3) 2022 Expectations Revenue >100% year-over-year growth • Total and organic Ingredients revenue growth of >175% and >65%, respectively, driven by: - $90-$100mm legacy revenue from Creston acquisition $70-$80mm proprietary soy ingredients revenue Gross margin improvement Expanded soy portfolio and reduction in tolling costs, partially offset by compressed margins in Fresh segment Focus on free cash flow by disciplined capex investment, cash operating expenses and working capital usage Creston acquisition accelerates integrated capability to commercialize proprietary soybean portfolio and reduces CapEx (2021 and 2022)#59GROWTH MARGIN EXPANSION TECHNOLOGY STACK FINANCIAL DISCUSSION CASH EXECUTION 2025 Target Consolidated Revenue $500M+ Ingredients segment drives growth o Proprietary soy portfolio expected to become majority of mix Initiation of partnerships and licensing expected Modest growth expected in the Fresh segment Benson Hill Investor Day 2022 BENSON HILL'#60Scaling The Soy Portfolio Drives Expected Growth Ingredient Proprietary Revenue $(M) Partnership/Licensing $6 2020 $38 2021 $44 Total Ingredients Segment $M $91 Proprietary >100% CAGR $70 - $80 2022(F) = $250-$275 FINANCIAL DISCUSSION $350+ 2025 (P) $450+ Drivers of Growth Through 2025 Share capture in large and growing markets in food, aquaculture, and pet food Broad ingredients portfolio for food under the TruVailTM brand VeriTM high oleic, low linolenic cooking oil for the edible oil market Animal nutrition ultra-high protein soy meal with low anti-nutrients well suited for aquaculture Reduce price discounts once market presence established#61GROWTH MARGIN EXPANSION TECHNOLOGY STACK FINANCIAL DISCUSSION CASH EXECUTION 2025 Target Consolidated Gross Margin 25%+ ● Revenue mix improvement Reduction in third party tolling costs, price discounts and optimize farmer value sharing for proprietary soy portfolio Initiation of higher margin partnerships and licensing agreements High single-digit Fresh segment margins Benson Hill Investor Day 2022 BENSON HILL#62Benson Hill Ingredients - Revenue Evolution CONTRIBUTION MARGIN* % | 2022 GUIDANCE 10% -12% 1% -3% -70% ~30% Non-Proprietary FINANCIAL DISCUSSION Proprietary Closed-Loop Licensing Partnerships EXPECTED 2025 2027 | CONTRIBUTION MARGIN*% ~80% ~20% 25% - 35% 60% - 90% The Proprietary and Non-Proprietary revenue mix shift is anticipated to drive margin expansion. * Defined as revenue less direct product costs (determined on a non-GAAP basis), which excludes facility OH costs (labor, utilities, R&M, depreciation). 2022 Guidance for Total Ingredients Contribution Margin is 8% -11%, which excludes 8% - 9% of facility OH costs. Total Ingredients Gross Margin guidance is 0% to 2%. Benson Hill Investor Day 2022 BENSON HILL'#63Benson Hill Ingredients: Contribution Margin A 1% -3% 2022 Guidance Contribution Margin* % Crop performance improvements anticipated to result in elimination of isolate spiking cost +3 - 5 pts Crop Performance Improvement FINANCIAL DISCUSSION Crop contracting, logistics, and supply chain efficiencies +6 - 8 pts Value Chain Optimization 68 Scaling up higher margin products +7-9 pts Increasing revenue from texturized products, Aqua, and NextGen bean varieties Product Mix & Volume +8 -10 pts Scale back from introductory discounts and price improvements from differentiated value offerings Product Pricing 25% - 35% Expected 2025 - 2027 Contribution Margin*%" * Defined as revenue less direct product costs (determined a non-GAAP basis), which excludes facility overhead costs (labor, utilities, R&M, depreciation). 2022 Guidance for Total Ingredients Contribution Margin is 8% -11%, which excludes 8% -9% of facility overhead costs. Total Ingredients gross margin guidance is 0% to 2%. Benson Hill Investor Day 2022 BENSON HILL'#64Total protein lift projected by optimizing agronomics and commercial production practices expected to transform our commercial ingredient makeup CropOS Agronomics Field Plant PROPRIETARY PORTFOLIO FINANCIAL DISCUSSION Soy Protein Flour HIGH (<60% protein) TruVail™ UHP Soy Protein Flour PREMIUM (<65% protein) TruVail™ Less Processed Soy Protein PREMIUM+ (>65% protein) Higher and more consistent protein expression can minimize or eliminate blending with expensive soy isolate (isolates spiking) to achieve desired nutritional and textural characteristics similar to a soy concentrate Gis CROP HARVEST MIX 2021 Actual 29% 64% Crop Performance Improvement +3 - 5 pts 7% 2022 Projected <20% >20% Benson Hill Investor Day 2022 BENSON HILL'#65Value Chain Optimization to Manage Costs from Seed to Ingredient Manufacturing Ultra-High Protein Costs ($/st) (Indexed) 10 100% 2022 UHP Cost ($/st) 30% 15% 30% White Flake Texturization Capital Capital Investment Investment Improvements Protein Content 25% FINANCIAL DISCUSSION 2025 UHP Cost as % of 2022 ($/st) Integrated approach and continued innovation allow for greater control of production costs ● ● ● Value Chain Optimization +6 - 8 pts Taking actions to reduce expensive third-party tolling costs for ingredient manufacturing: Creston acquisition accelerated internal capabilities for white flake by at least 12 months Exploring options to bring texturization in house O o Expect higher protein content varieties by 2025 Optimize farmer value share O Freight, logistics and other supply chain costs Benson Hill Investor Day 2022 BENSON HILL'#66Our Pipeline for Growth Soy Protein Ingredient Solutions ● ● Commercial Gen 2 Gen 3 ● ● Soy Oil Commercial Gen 2 Gen 3 FINANCIAL DISCUSSION Soy Animal Protein ● ● Commercial Gen 2 Gen 3 Soy White Beverage Ingredient Solutions ● ● 68 Prototype Gen 1 Gen 2 Product Mix & Volume +7-9 pts Yellow Pea Protein Ingredient Solutions ● ● Prototype Gen 1 Gen 2 Current 2-4 Years Benson Hill Investor Day 2022 BENSON HILL'#67Establish Market Position to Price for Value Creation FINANCIAL DISCUSSION ● ● $ Product Pricing +8 - 10 pts Reduce price discounts Acute supply constraint for higher-end texturized soy and pea concentrate products Price to value for proprietary higher protein offerings in soy flour and other base soy ingredients Benson Hill Investor Day 2022 BENSON HILL'#68GROWTH MARGIN EXPANSION TECHNOLOGY STACK FINANCIAL DISCUSSION CASH EXECUTION 2025 Target EBITDA POSITIVE ● Revenue growth + gross margin expansion Cost management discipline Expect positive free cash flow Benson Hill Investor Day 2022 BENSON HILL#69Capital Allocation Priorities $264 million in Funds (1) 2 3 Invest to Support Ingredients Business FINANCIAL DISCUSSION Debt Service Working Capital ● ● ● Cost Management Capital Expenditures ● Disciplined approach to support growth & execution Target ~5% of revenues $77 million of long-term debt as of 12/31/21 Interest only in 2022 with opportunity to extend in 2023 Potential access to an additional $20 million in the debt facility Working capital optimization strategies Use of cash to manage hedge program Expect to have sufficient funds to support the business into 2024 with optionality for non-dilutive capital formation Benson Hill Investor Day 2022 (1) $183 million in cash plus marketable securities as of 12/31/21 plus $81 million in net proceeds from PIPE BENSON HILL'#70Creating Long-Term Sustainable Shareholder Value GROWTH STRONG CONSOLIDATED REVENUE GROWTH $500M+ CONSOLIDATED GROSS MARGIN EXPANSTION 25%+ MARGIN EXPANSION TECHNOLOGY STACK 2025 Targets FINANCIAL DISCUSSION CASH EBITDA MARGIN Positive FREE CASH FLOW Positive EXECUTION 2025 Growth Drivers Maximize share capture for the proprietary soy portfolio Drive efficiencies in the closed-loop model Initiate partnerships and licenses Launch proprietary yellow pea ingredients Benson Hill Investor Day 2022 BENSON HILL#71BENSON HILL EXPANDING AND ACCELERATING R&D VALUE JASON BULL CHIEF TECHNOLOGY OFFICER Benson Hill Investor Day 2022 BENSON HILL'#72We have a repeatable process for creating new products Expanding markets PLANT- BASED DAIRY SOY ALT MEAT SOY-BASED AQUA YELLOW PEA PROTEIN SOY OIL Applications Gen 1 HIGH PROTEIN Gen 2 ULTRA HIGH PROTEIN Traits Accelerated product development ALT MEAT HIGH PROTEIN BETTER CARBOHYDRATES BETTER CARBOHYDRATES Already in pipeline Gen 2 ULTRA HIGH PROTEIN FLAVOR ULTRA HIGH PROTEIN ALT MILK BETTER CARBOHYDRATES FLAVOR In progress CUMULATIVE VALUE Innovation GEN1 Alt Frozen Desert GEN1 - Alt Dairy GEN1 - Alt Meat GEN2 - Alt Meat TIME GEN2 - Alt Dairy GEN3 - Alt Meat Incremental value Franchise value#73Our value drivers Ultra High Protein Closed Loop Reduced Processing Ingredient Innovation R&D VALUE 14 CUSTOMER FOCUSED REGENERATIVE AG MADE FROM BETTER™ $ W Higher Protein Sustainable Reduced Cost Nutrition, Flavor#74Product development timeline Soy High Protein Ingredient Solutions Soy White Beverage Ingredient Yellow Pea Protein Soy Animal Protein Soy Oil Major Applications Truvail 1/2 veri Alt Meat & Meat Extensions Cereals & Bakery Alt Milk Alt Yogurt Alt Frozen Desert Alt Meat & Meat Extensions Cereals & Bakery Aquaculture Packaged Oil Current Status Commercial: 60% White Flake Protein, Better Carbohydrate Profile Prototype: 8g Protein/Serving, Better Carbohydrate Profile Prototype: 60% Pea Protein Concentrate Commercial: 60% Meal Protein, Low Antinutrients Commercial: Heart Healthy Oil, Better Carbohydrate Profile Proof of Value (~2-3 yrs) Value Inflection GEN2: +65% White Flake Protein GEN1: 8g Protein/Serving, Better Carbohydrate Profile GEN1: 60% Pea Protein Concentrate GEN2: +65% Meal Protein GEN2: +60% White Flake Protein Platform Innovation (~3-4 yrs) GEN3: +Improved Flavor GEN2: +10g Protein/Serving, Heart Healthy Oil, Improved Flavor GEN3: +13g Protein/serving GEN2: +65% Pea Protein Concentrate, Improved Flavor GEN3: +Clean Flavor GEN3: +Better Nutrition Profile GEN3: +65% White Flake Protein ESTIMATED SOM 2030(1) US $3.3B US $1.1B ROW $0.8B US $2.5B Europe $0.6B US $0.4B (1) Source: Internal estimates based on third party reports#75BH Soybean set to disrupt the alt meat industry Market(1) 2023 $5B BH Product Value ● 2030 $13B ● High Protein -14% CAGR US soybean-based meat Driving protein through Al Breeding • +25 UHP gene editing targets in pipeline • 5 Flavor gene editing targets in the pipeline (lipoxygenases, fatty acid dehydrogenases, isoflavones, saponins) Reduced production cost Up to 50% CO2 70% water use(2) Reduced beany flavor compounds vs. commodity ingredient by 70-80%(3) R&D VALUE Product Innovation Path GEN1 60% white flake protein GEN2 + 65% white flake protein Improved flavor GEN3 + Better carbohydrates Expanded PLANT- BASED BURGER Commercial Platform Innovation - 2025 Platform Innovation - 2028 (1) Source: Internal estimated Serviceable Addressable Market based on third-patry reports (2) Compared to conventional soy protein concentrate on a per kilogram of protein basis, based on preliminary Life Cycle Assessment results conducted by Blonk Consultants (April 2021). (3) Internal Benson Hill analysis#76New opportunity in soy alt milk Single Ingredient, Many Applications Protein Drinks Market(1) BH Product Value 2023 $2B US $11B ROW High Protein Low Calorie Milk 2030 $3.7B US $16B ROW * >75% Oleic Acid High Protein - 9% US CAGR ~6% ROW CAGR for plant- based milk alternatives Frozen Dessert R&D VALUE Reduced Production cost Up to 60% emissions / 150% land use / 140% water use²) • Existing products have clean flavor and high protein (3) • BH Soy milk in late-stage testing with protein lift from 8g to 13g • Driving Protein through Al Breeding • 5 flavor targets in the gene editing pipeline (lipoxygenases, fatty acid dehydrogenases, isoflavones, saponins) • Heart healthy oil (high oleic, low linolenic) High Protein Yogurt Product Innovation Path GEN1 GEN2 + GEN3 + 8g pt/srv 10g pt/srv 13g pt/srv Better Carbs Heart Healthy Oil Improved Flavor New PLANT- BASED SINGLE INGREDIENT DAIRY Proof of Value - 2024 Platform Innovation - 2027 Platform Innovation - 2029 (1) Source: Internal estimated Serviceable Addressable Market based on third-party reports (2) compared to dairy milk, Poore & Nemeck (2018), Science (3) Internal Benson Hill analysis#77Yellow pea ingredient targeted for launch in 2025 Market(1) 2023 $3.2B BH Product Value ● 2030 $6B High Protein On track for high protein (20% improvement)(2) +10 gene editing targets in the pipeline (lipoxygenases, fatty acid dehydrogenases, isoflavones, saponins) Reduced off-flavors by 60-90%(3) ~9% CAGR US pea plant-based meat $ Reduced Production Relative Concentration Gene Edits Reduce Off-Flavors by 60-90% cost 120% 100% 80% 60% 40% 20% 0% R&D VALUE Commodity De-Flavor 1 Sustainable *p-value < 0.001 Compound 1 Compound 2 De-Flavor 2 De-Flavor 3 Product Innovation Path GEN1 GEN2 + GEN3 + 60% pea protein concentrate 65% pea protein concentrate Clean flavor Improved flavor Expanded YELLOW PEA PROTEIN Proof of Value - 2024 Platform Innovation - 2026-27 Platform Innovation - 2028-29 (1) Source: Internal estimated Serviceable Addressable Market based on external reports (2) Compared to average US-CAN commodity Yellow Pea (3) Internal Benson Hill analysis#78Creating ideal food for high value salmon market Market(1) 2023 $2B BH Product Value 2030 $2.8B P High Protein ~5% CAGR in European & North American salmon market Reduced Production cost >80% carbon & water footprints(2) High protein soybean meal with low-saponins is a sustainable replacement for Soy Protein Concentrate 6 Antinutrient targets in gene editing pipeline (saponins and isoflavones) R&D VALUE Product Innovation Path GEN1 GEN2 + GEN3 + 60% Meal Protein 65% Meal Protein Better nutrition Low Antinutrients New SOY-BASED AQUA Commercial Platform Innovation - 2025 Platform Innovation - 2028 (1) Source: Internal estimated Serviceable Addressable Market based on external reports (2) Compared with Brazilian-sourced SPC, accounting for the impacts of deforestation, on a per kilogram of protein basis based on preliminary Life Cycle Assessment results conducted by Blonk Consultants (April 2021)#79Disruptive product that stacks high value meal with premium oil One Bean, 2 High Value Products! Market¹ 2023 $0.8B BH Product Value PALK ● Ultra High Protein Ingredient & Animal Protein Packaged Oil 2030 $5B High Protein -29% US High Oleic Oil CAGR * >75% Oleic Acid S Reduced Production cost Stacking known traits High Oleic and Low Linolenic traits already in place High protein, better carbohydrates already in place R&D VALUE 50% CO₂ 70% water use(2) Product Innovation Path Heart Healthy Oil GEN2 + 60% white flake protein GEN3 + 65% white flake protein GEN1 Better carbohydrates New HIGH VALUE MEAL + PREMIUM OIL Commercial Platform Innovation - 2025 Platform Innovation - 2028 (1) Source: Internal estimated Total Addressable Market based on third-party reports (2) Compared to conventional soy protein concentrate on a per kilogram of protein basis, based on preliminary Life Cycle Assessment results conducted by Blonk Consultants (April 2021)#80We invite you to be part of the solution with us!#81BENSON HILL APPENDIX Benson Hill Investor Day 2022 BENSON HILL#82BENSON HILL 2022 Non-GAAP Reconciliations (In Thousands USD) Adjustments to reconcile estimated 2022 Adjusted EBITDA Consolidated net loss $ Interest expense, net Depreciation and amortization Stock-based compensation Other non-recurring costs Total Adjusted EBITDA $ (148,000) - (153,000) 23,000 23,000 21,000 1,000 (80,000) - (85,000) Adjustments to reconcile estimated 2022 Free Cash Flow Consolidated net loss Depreciation and Amortization Stock-Based Compensation Changes in Working Capital Other Net cash used in operating activities Payments for acquisitions of property and equipment Free cash flow (148,000) 23,000 21,000 (9,000) 5,000 (108,000) (12,000) (120,000) - - (153,000) 23,000 21,000 (10,000) 5,000 (114,000) (16,000) (130,000)