#1BENSON HILL NOURISHING INNOVATION™ Investor Presentation May 2021#2BENSON HILL Disclaimer This presentation was prepared exclusively by Goldman Sachs & Co. LLC ("GS"), Credit Suisse Securities (USA) LLC ("Credit Suisse") and Barclays Capital Inc. ("Barclays") (and, together with GS and Credit Suisse, "we" or "us") on a confidential basis and is being delivered to a limited number of accredited investors who have agreed to hold it in confidence. This presentation may not be copied or reproduced, or shown to or reviewed with any person other than the intended recipient and its authorized representatives. Although the information contained herein is believed to be accurate, GS, Credit Suisse, Barclays and each of the other parties mentioned herein, including for the avoidance of doubt, Star Peak Corp II ("Star Peak II") and Benson Hill, Inc. ("Benson Hill") (as well as each of their respective directors, officers, shareholders, members, partners and representatives), expressly disclaims liability for, and makes no expressed or implied representation or warranty with respect to, any information contained in or omitted from this presentation, or any other information or communication (whether written or oral) transmitted to any prospective investor. Only those representations and warranties made in a definitive agreement with any person shall have any legal effect. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE PERFORMANCE. The recipient of this presentation acknowledges that it is (a) aware that United States securities laws prohibit any person who has material, non-public information concerning a company from purchasing and selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person may purchase or sell such securities and (b) that the recipient will neither use, nor cause any third party to use, this investor presentation or any information contained herein in violation of the Securities Exchange Act of 1934, as amended, including, without limitation, Rule 10b-5 thereunder. Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast, "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other 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, projections of market opportunity and anticipated financial impacts of the proposed business combination between Star Peak II and Benson Hill (the "Business Combination"). These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of respective management of Benson Hill and Star Peak II 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 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 Benson Hill and Star Peak II. 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 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 stockholders 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 Benson Hill; risks related to the timing of expected business milestones; the effects of competition on Benson Hill's business; the amount of redemption requests made by Star Peak Il's public stockholders; the ability of Star Peak II or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; the impact of the global COVID-19 pandemic; and those risk factors discussed in Star Peak Il's registration statement on Form S-1 (Reg. No. 333-251488) under the heading "Risk Factors," and other documents Star Peak II has, or will, file with the Securities and Exchange Commission ("SEC"). If any of these risks materialize or the underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Star Peak II nor Benson Hill presently know or that they 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 Star Peak Il's and Benson Hill's expectations, plans or forecasts of future events and views as of the date of this presentation. While Star Peak II and Benson Hill may elect to update these forward-looking statements at some point in the future, Star Peak II and Benson Hill specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Star Peak Il's and Benson Hill'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. Neither Star Peak II, Benson Hill, nor any of their respective affiliates have any obligation to update this presentation. Although all information and opinions expressed in this presentation were obtained from sources believed to be reliable and in good faith, no representation or warranty, express or implied, is made as to its accuracy or completeness. This presentation contains preliminary information only, is subject to change at any time and is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Star Peak II and Benson Hill. 2#3BENSON HILL Disclaimer (Cont'd) Use of Projections and Financial Information This presentation contains financial forecasts relating to the anticipated future financial performance of Benson Hill, the proposed acquiror and the combined company. For example, projections of future EBITDA and Adjusted EBITDA and other metrics are forward-looking statements. Such financial forecasts constitute forward-looking information, are for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Actual results may differ materially from the results contemplated by the financial forecasts 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. Use of Non-GAAP Financial Measures This presentation also includes references to financial measures (including on a forward-looking basis) that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("GAAP") such as EBITDA and EBITDA margin. Any non-GAAP financial measures used in this presentation are in addition to, and should not be considered superior to, or a substitute for, net income, operating income or any other financial measures derived in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation and are subject to significant inherent limitations. The non-GAAP measures presented herein may not be comparable to similar non-GAAP measures presented by other companies. Benson Hill believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Benson Hill's financial condition and results of operations. Benson Hill believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing Benson Hill's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non- GAAP financial measures 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. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP numbers due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Trademarks and Trade Names Star Peak II and Benson Hill own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with Star Peak II or Benson Hill, or an endorsement or sponsorship by or of Star Peak II or Benson Hill. 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 Star Peak II or Benson Hill 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. Other Disclaimers Neither GS, Credit Suisse nor Barclays has assumed any responsibility for independent verification of any of the information contained herein and GS, Credit Suisse and Barclays have relied on such information being complete and accurate in all material respects. Accordingly, no representation or warranty, express or implied, can be made or is made by GS, Credit Suisse or Barclays as to the accuracy or completeness of any such information. Except where otherwise indicated, this presentation speaks as of the date hereof and is necessarily based upon the information available to GS, Credit Suisse and Barclays and financial, stock market and other conditions and circumstances existing and disclosed to GS, Credit Suisse and Barclays as of the date hereof, all of which are subject to change. Neither GS, Credit Suisse nor Barclays has any obligation to update, bring-down, review or reaffirm this presentation. Under no circumstances should the delivery of this presentation imply that any information or analyses included in this presentation would be the same if made as of any other date. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation as to the past, present or future. 3#4BENSON HILL Disclaimer (Cont'd) This presentation provides summary information only and is being delivered solely for informational purposes. The recipient of this presentation acknowledges that: 1. GS, Credit Suisse, Barclays, Star Peak II and Benson Hill do not provide legal, tax or accounting advice of any kind. 2. It is not relying on GS, Credit Suisse, Barclays, Star Peak II or Benson Hill for legal, tax or accounting advice, and that the recipient should receive separate and qualified legal, tax and accounting advice in connection with any transaction or course of conduct. 3. Nothing contained herein shall be deemed to be a recommendation from GS, Credit Suisse, Barclays, Star Peak II or Benson Hill to any party to enter into any transaction or to take any course of action. 4. This presentation is not intended to provide a basis for evaluating any transaction or other matter. 5. This presentation is confidential and may not be copied by, or disclosed or made available to, any person without the prior written consent of GS, Credit Suisse and Barclays. 6. None of GS, Credit Suisse, Barclays, Star Peak II or Benson Hill shall have any liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with this presentation. In connection with the Business Combination, Star Peak II intends to file with the SEC a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus of Star Peak II, and after the registration statement is declared effective, Star Peak II will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its stockholders. This presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Star Peak Il's stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Star Peak II, Benson Hill and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to stockholders of Star Peak II as of a record date to be established for voting on the proposed Business Combination. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to: Star Peak Corp II, 1603 Orrington Avenue, 13th Floor, Evanston, IL 60201. Star Peak II and its directors and executive officers may be deemed participants in the solicitation of proxies from Star Peak Il's stockholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in Star Peak II is contained in Star Peak Il's final prospectus related to its initial public offering dated January 5, 2021, which was filed with the SEC and is available free of charge at the SEC's web site at www.sec.gov, or by directing a request to: Star Peak Corp II, 1603 Orrington Avenue, 13th Floor, Evanston, IL 60201. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed Business Combination when available. Benson Hill and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Star Peak II in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination will be included in the proxy statement for the proposed Business Combination when available. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY REGULATORY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER OR SOLICITATION OF ANY SECURITIES. STAR PEAK II WILL MAKE ANY OFFER TO SELL SECURITIES ONLY PURSUANT TO A DEFINITIVE SUBSCRIPTION AGREEMENT, AND STAR PEAK II RESERVES THE RIGHT TO WITHDRAW OR AMEND FOR ANY REASON ANY OFFERING AND TO REJECT ANY SUBSCRIPTION AGREEMENT IN WHOLE OR IN PART FOR ANY REASON. 4#5BENSON HILL Risk Factors Investing in this transaction involves a high degree of risk. Below is a summary of certain risk factors that make an investment in this transaction speculative or risk. This summary is not comprehensive. Additional discussion of the risks and uncertainties summarized in this risk factor summary, and other risks and uncertainties related to Benson Hill and this transaction, will be included under the heading "Risk Factors" contained in the proxy statement/prospectus related to this transaction. • Benson Hill has a limited operating history. • Benson Hill has a history of net losses and may not achieve or maintain profitability. • Benson Hill's financial projections rely in part on assumptions about market size and customer demand. Benson Hill's financial projections are also subject to other significant risks, assumptions, estimates, and uncertainties, and may differ materially from actual results. • The successful commercialization of Benson Hill's products depends on its ability to produce high- quality products cost-effectively on large scale and to accurately forecast demand for such products. ● Implementation and expansion of Benson Hill manufacturing capability involves significant risk and uncertainty, which may have an adverse effect on Benson Hill's results of operations and financial condition. • Adverse weather conditions, natural disasters, crop disease, pests and other natural conditions can impose significant costs and losses on Benson Hill's business. • Benson Hill may be unable to effectively manage future growth. • Benson Hill's revenue growth rate may slow over time and may not be indicative of future performance. • Benson Hill's business relies on intellectual property and other proprietary information, and Benson Hill's failure to secure and protect its right could harm its competitive advantages with respect to the commercialization of its products, which may have an adverse effect on Benson Hill's results of operations and financial condition. • Benson Hill relies upon information technology systems and any inadequacy, failure, interruption, or security breaches of those systems may harm our ability to effectively operate our business. • Benson Hill depends on key management personnel and attracting, training and retaining other qualified personnel. • Benson Hill management has limited experience operating a public company. • Benson Hill will incur increased costs as a result of operating as a public company and its management will devote substantial time to new compliance initiatives. ● • If field trials or other testing and evaluation of product candidates are unsuccessful, Benson Hill may be unable to complete the development of product candidates on a timely basis or at all. • The successful commercialization of Benson Hill's products may face challenges from public perceptions of gene-edited products and ethical, legal, environmental, health and social concerns. Adulterated, misbranded or mislabeled products may result in recalls and product liability claims. Benson Hill's operations and products are regulated in the areas of food safety and protection of human health and the environment. ● ● Benson Hill faces significant competition, and to compete effectively, must introduce additional products that achieve market acceptance. ● ● Benson Hill may need to raise additional funding to achieve its goals and failure to obtain such capital when needed on acceptable terms, or at all, may force it to delay, limit, reduce or terminate product development efforts or other operations. If the benefits of the business combination between Benson Hill and Star Peak II do not meet the expectations of investors or securities analysts, the market price of the combined entity's securities may decline. • Benson Hill may pursue acquisitions, but may not be successful in consummating or integrating such acquisitions. LO 5#6BENSON HILL Star Peak has Identified Benson Hill as the Leading Food Technology Platform Driving the Plant-Based Revolution The Business Offering Size Valuation Capital Structure Benson Hill Investors Include ● ● ● ● ● ● Consumer-centric approach driving crop innovation to improve food by unlocking the natural genetic diversity of plants Leading platform that integrates data science with plant genomics and food science Near term focus on supplying plant-based ingredients Star Peak Corp. II (NYSE: STPC) is a special purpose acquisition company with ~$403 million of cash in trust PIPE size of $225 million Pro forma enterprise value of ~$1.35 billion Attractively valued entry multiple Benson Hill shareholders rolling 100% of their equity ~$650 million net cash (assuming no redemptions) retained to fully finance forecasted growth G/ Alphabet s2gventures LEWIS & CLARK VENTURES W WHEATSHEAF Prelude VENTURES CDPQ Source: Benson Hill and Star Peak. Note: Benson Hill figures as of 12/31/2020. LDC. Louis Dreyfus Company Louis Dreyfus BUNGE emart Leadership BENSON HILL STAR PEAK Matt Crisp President & CEO Eric Scheyer CEO DeAnn Brunts CFO Adam Daley Director Jason Bull CTO Mike C. Morgan Chairman Craig Rohr President 6#7BENSON HILL Star Peak: Focused on Sustainability Mike C. Morgan Chairman Co-founding Partner, Chairman, and CEO of Triangle Peak Partners, LP 12+ $6bn Equity Capital Committed (1) Years Partnership History (¹) 64 Private Investments (1) 48 Venture Capital Investments (1) Eric Scheyer CEO Head of Magnetar Energy and Infrastructure Group since its inception Food Technology 8 Energy Storage Electric Vehicles m Renewables Transportation Supply Chain Technology & Logistics CATEGORY DEFINING (1) Star Peak. (2) Stem transaction announcement date. (3) Bloomberg New Energy Finance. (4) McKinsey. SIGNIFICANT TAM LEADING TECHNOLOGY BUSINESS MODEL SUSTAINABILITY MISSION stem Star Peak Energy Transition Corp (Dec 4, 2020)(2) ~$1.2tn (3) Athena™ Hardware + Software + Market Participation De-Carbonize the Grid BENSON HILL Star Peak Corp II ~$5tn(4) Benson Hill fits Star Peak's mission to provide growth capital to market-leading businesses focused on improving sustainability and reducing global GHG emissions 7 CropOSⓇ Ingredients and Food + Partnerships and Royalties De-Carbonize Food + Improve Human Health#8BENSON HILL Star Peak's Extensive Due Diligence Process Validates Benson Hill as an Exceptional Investment Opportunity Star Peak engaged on an exclusive basis to complete a detailed due diligence process Due Diligence Summary J. CONTEXT Partners for Advancing Agriculture Full Scope Diligence and Market Landscape Source: Star Peak. Process included leading industry advisors and consultants CROSSLAKE Technology Infrastructure for CropOS Ⓡ Star Peak conducted interviews with numerous customers and partners, validating Benson Hill's market leading position Former Agricultural Industry Executives Global Plant Protein Market and Facility Diligence Star Peak conducted onsite due diligence at Benson Hill's St. Louis headquarters and a soybean crush facility in southern Indiana KIRKLAND & ELLIS RAMBOLL Environmental, Legal & Corporate 16 Separate Calls with Customers, Partners and Board Members 8#9BENSON HILL Current Food System Must Evolve to Improve Human Health and the Planet 3 HUMAN HEALTH IMPACT ENVIRONMENTAL IMPACT $1.7tn $1.7tn+ 27 Annual economic cost of diet-related illness in America (2) Amount Americans spend annually on food (1) of total GHG emissions are caused by agriculture (3) (1) USDA. (2) Milken Institute. (3) McKinsey. (4) BEUC (European Consumer Organisation). (5) Nielsen. 8 GtCO2e of GHG emissions caused by cattle and dairy, equivalent to U.S. emissions (3) yoi CONSUMERS WANT CHANGE 67% of consumers are open to changing their eating habits that harm the environment(4) 39% of Americans actively trying to incorporate more plant based foods into diet(5) 9#10BENSON HILL Unlocking the Full Potential of the Plant-Based Revolution Requires... ...A Better Seed... ...and an Integrated Solution Seed innovation enables more healthy, sustainable, great tasting food and ingredient options Source: Benson Hill. Farmer Breeder & Seed Producer Processor / Wholesale Supplier A 00000 CropOS 10 Food/Beverage Company Food Service Retail yoj Benson Hill's model spans the value chain, linking consumer trends back to the seed, the foundation of the food system Consumer#11BENSON HILL A Food Technology Leader Supplying the 'Picks and Shovels' of the Plant-Based Revolution Significant and Growing Addressable Market ● $140bn near-term TAM opportunity in plant-based meat segment(1) ~70% increase in global demand for food expected by 2050(²) $5tn opportunity(3) across the full AgriFood industry via CropOS® platform Benson Hill is a pure play ESG investment opportunity 13 Unique and Proprietary Innovation Engine: CropOSⓇ ● ● ● CLIMATE ACTION Unmatched data library Predictive design capabilities Increases speed to market Ability to reduce initial development costs by up to 90% GOOD HEALTH AND WELL-BEING Wo 3 2 ZERO HUNGER SSS 6 Capitalized for Growth ● ~$650mm net cash balance ready to deploy to capitalize on market opportunity(4) Transaction fully finances forecasted growth plan CLEAN WATER AND SANITATION 14 LIFE BELOW WATER 15 LIFE ON LAND 12 Rapidly Growing Revenue at Commercial Inflection ● $102mm of revenue in 2020(5) ~46% projected revenue CAGR from 2020 to 2027, driven primarily by growth in existing products (5) ~48% anticipated gross margin by 2027 RESPONSIBLE CONSUMPTION AND PRODUCTION со 8 11 DECENT WORK AND ECONOMIC GROWTH SUSTAINABLE DEVELOPMENT GOALS Source: Benson Hill. Note: Benson Hill figures as of 12/31/2020. (1) Market calculation through 2029, Barclay's Global Food Report, 'I Can't Believe It's Not Meat' (2019). (2) FAO. (3) McKinsey. (4) Pro forma for transaction. (5) Excludes revenue from a business divested in 2020.#12BENSON HILL Building a Modern Food Company with a Consumer-Centric Approach Across the Food System 2012 Founded 200+ Granted and pending patents Source: Benson Hill. (1) Excludes revenue from a business divested in 2020. Headquarters: St. Louis, MO BENSON HILL I $102mm Revenue in 2020 (1) (1) ~46% Projected Revenue CAGR from 2020 to 2027 An Integrated Approach to Innovation Plant Science Cutting-Edge Plant Genomics Data Science Data Analytics & AI / ML Food Science Consumer-Centric Approach CropOS: Our Proprietary Technology Platform 337 Total Employees 120+ With advanced degrees 12#13BENSON HILL Benson Hill Unlocks Sustainability Benefits at Each Step of the Value Chain On-Farm Impacts • Optimizing resource use and soil health • Increasing farm profitability • Providing more climate resilient and nutritious seeds Processing Impacts ● • Displacing energy and water intensive processing steps • Minimizing transport costs & emissions. • ~1 ton of soil carbon per acre sequestration potential using regenerative agriculture/conservation practices (1) Product Impacts • Improving quality and affordability of plant- based meat options Simplifying ingredient list • Improving digestibility in animal agriculture feeds • ~50% reduction of CO₂e (²) ~70% reduction of water(2) ● Benson Hill's products and integrated model are expected to contribute to food system sustainability • Connecting farmers with consumers enables revenue potential and social good through ecosystem service markets • Reducing protein ingredient processing and cost: • Alleviating supply chain constraints enables plant-based protein to scale ● ● 13 Plant-based meats allow for >80% water savings and >80% CO₂e offset vs. beef(³) Affordability and accessibility of plant- based protein products for consumers Source: Benson Hill. (1) Project Drawdown, Hawken. (2) 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). (3) Impossible Foods LCA.#14BENSON HILL Technology Required to Meet Evolving Consumer Demands joi CONSUMER DEMAND FUELING MASSIVE MARKET OPPORTUNITY QUALITY HAS BEEN SACRIFICED Over the last 30 years... 60% yield increase...(1) ...but 4% reduction in protein content(2) This reduction in protein content is the equivalent of $60bn+ in plant-based retail value(7) >50% CPG category growth driven by sustainably marketed products(3) 2x global protein consumption by 2050(5) >50% Consumers willing to reduce meat intake(4) >6x Growth of clean-label products vs. conventional (6) TECHNOLOGICAL INNOVATION ELIMINATES THE NEED TO COMPROMISE ON QUALITY Cloud Computing Gene Editing TECHNOLOGICAL CONVERGENCE Source: Benson Hill. (1) USDA. (2) US Soybean Quality Report. (3) Food Navigator. (4) Yale Climate Change and the American Diet. (5) The Soneca Dialogue. (6) Statista. (7) Internal estimates based on third party reports. 14 Sequencing Machine Learning#15BENSON HILL Existing Food System Not Equipped to Meet Evolving Consumer Demands Source: Benson Hill. Farmer Breeder & Seed Producer A TFF Processor/ Wholesale Supplier 00000 joi OD Food/Beverage Company Consumer 15#16BENSON HILL We Enable "Better from the Beginning" Through an Integrated Model To Create a More Responsive, Healthy Food System Source: Benson Hill. Farmer Breeder & Seed Producer kkkk ● Acreage Grower relationships Data library Simulation Crop genetics CropOS Processor/ Wholesale Supplier Removal of steps Processing capabilities Responding to customer needs OD Consumer Food/ Beverage Company 16#17BENSON HILL How We Provide Value to the Supply Chain & Consumers Benson Hill's Technology Leverages Seeds' Genetic Diversity to: • Increase Protein Content ● ● ● Enhance Flavor Profile Reduce Agricultural Resource Intensity Reduce Processing Steps and Costs Result in Simpler Ingredient Mix • Unlock Genetic Diversity Source: Benson Hill. 를 Potential Benefits to Brands and Consumers: Fewer Additives • Less Processing ● ● ● More Affordable Better Nutrient Quality • Fully Traceable More Sustainable ● PLANT- BASED BURGER 17#18BENSON HILL Introduction to CropOSⓇ Food Innovation Engine Driven by a Robust, Proprietary and Ever-Expanding Data Library TEST Product Development Food science & formulation Agronomy & environmental optimization Product placement & optimization Source: Benson Hill. ● ● BUILD CropOSⓇ Crop Prototyping Predictive plant breeding CRISPR genome editing Automation and robotics ● ● DESIGN 틀 Technology Platform Genomics Artificial intelligence / machine learning Computational pipeline simulation ● ● 18 ● Benson Hill has the ability to shorten product development timeline and decrease development costs#19BENSON HILL CropOS® Combines Data Across Multiple Domains to Enable Simulation WHY OUR DATA LIBRARY IS DIFFERENT 20 years Of high-performance soy breeding data 120k+ 312bn SNP variants and 474mm SNP Loci Unique genomes across 27 species 6.5bn+ Environmental observations Every year we double the size of our data library Source: Benson Hill. Data Library 00 500 19 Predictive and Prescriptive AI/ML Enables exploration and optimization Pipeline Design Billions of virtual seeds in millions of pipelines Gene Editing Targets Predicting gene targets and guide optimization Food & Ingredient Performance Simulating food & ingredient design 00 Breeding Targets Genomic selection with prescriptive parents Crop Performance Simulating optimal environmental conditions#20BENSON HILL CropOSⓇ Data Creates Actionable Insights for Plant Breeding, Genome Editing, and Product Optimization DATA FUSION Proprietary Data- Fused to Enable AI / ML ● ● Genomics Environmental Phenotypic Source: Benson Hill. DATA ANALYTICS Prediction Engine ● ● Simulation Platform for millions of genomes Al-driven predictive product development platform including: ● Breeding Genome editing Product optimization Design PROPRIETARY APPLICATIONS Breed powered by CropOS® Global genetic diversity mapped to >5,800 unique, sequenced proprietary germplasm Edit powered by CropOS™ Gene hit rate of 13-60% 20 Fuse powered by Cropos >18 million gene expression measurements covering 560 tissues and timepoints across 5 crops#21BENSON HILL Proprietary Gene Editing and Speed Breeding Enable Rapid Prototyping BENSON HILL HAS DISCOVERED AND VALIDATED A LARGE PROPRIETARY PORTFOLIO OF CRISPR NUCLEASES CRISPR Nuclease scans genome for target site and makes a precise cut in DNA DNA reattaches at target site with intended edit, leveraging native genetic code Source: Benson Hill. Note: Crop Accelerator scheduled to finish construction in October 2021. Build 21 Crop Accelerator 47,000 sq ft facility with 20,000 sq ft of dynamically adaptive Conviron growth chambers Precise environmental control 365 days / year World-leading high-throughput phenotyping and automation capabilities Target to increase annual crop cycles by more than 2x compared to traditional cropping methods#22BENSON HILL Environmental and Genetic Models Optimize Field-Specific Product Outcomes RESULTS IDENTIFY FIELDS WITH PROTEIN LIFT CropOS® fuses information from drone and satellite imagery, farmer-contributed data, agronomist sampling and batch sampling at processing plant Source: Benson Hill. Test ROBUST PRODUCTION AND RESEARCH FOOTPRINT 110 50k Research Sites Research Production Lines Assessed Per Year Across O O 268 70 22 Production Sites Growing Environments#23BENSON HILL Demand for Plant-Based Protein Cannot be Met by Existing Food System DEMAND FOR PLANT-BASED PROTEIN IS GROWING RAPIDLY... ~$5tn AgriFood Market(¹) Value of meat substitute market expected to reach $140bn by 2029 (vs. $14bn today), growing at a ~26% CAGR(²) ...BUT CAN'T BE SATISFIED USING CURRENT TECHNOLOGY(3) Soy Protein Concentrate (million tons) 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Source: Benson Hill. (1) McKinsey. (2) Barclay's Global Food Report, 'I Can't Believe It's Not Meat' (2019). (3) Internal calculations based on third party reports. (4) Based on protein ingredient used in burger of top 13 global plant-based meat brands. ~80x expansion of soy protein concentrate supply required to satisfy expected growth in demand (3) Soy Protein Concentrate Supply Today (2020) 23 Total Implied Soy Protein Concentrate Capacity Required to Satisfy 10% of Global Meat Demand Soy Protein Concentrate is the #1 protein source used in plant-based meats (4)#24BENSON HILL Case Study: Ultra High Protein (UHP) Soybean Ingredient ~6-8 Year Head Start CropOS® Accelerated Creation of UHP Varieties 1. UHP opportunity identified through big data fusion and CropOSⓇ: Phenotypic, Soil Health, Microbiome 2. CropOS® evaluated 970 data layers, across 20 years of climate data, and in >1.4M fields, to identify the best environments for protein production Benson Hill's proprietary soybean delivers significantly higher protein content compared to industry standard commodity soybeans Source: Internal estimates based on Benson Hill LCA on UHP Soybean, Impossible Foods LCA, and Barclay's Global Food Report, 'I Can't Believe It's Not Meat' (2019). (1) Compared to conventional soy protein concentrate. (2) Estimated impact of UHP enabling achievement of forecasted demand for plant-based meats, compared to beef. Provail ULTRA HIGH PROTEIN (Planting in 2021) 3. Enriched Protein Content Eliminates Processing Step TM Current Industry Practice Soybean (~36% protein content) Soybean Meal (~47% protein content) Soy Protein Concentrate (~65% protein content) Benson Hill Enabled Soybean (~49% protein content) UHP (~65% protein content) 24 >50% Reduction in Production Cost(¹) UHP offers an unconstrained protein ingredient supply for plant- based meat, with the potential to unlock by 2029 an additional... ~173 MMT co₂e offset annually(2) ~4.7T Liters Water saved annually (2)#25BENSON HILL Case Study: Yellow Pea (In Development, Medium Term) ~2-3 Year Head Start Using CropOSⓇ platform to accelerate innovation in Yellow Pea 1. Genomic data used to understand and optimize diversity of parents and crosses 2. Proprietary data and models identify flavor genes "like a needle in a haystack" 3. Speed breeding has the potential to shorten product development; high protein outliers selected for advancement Yellow Pea is the Fastest Growing Protein Source for Plant-Based Meats (¹) Source: Benson Hill. (1) Context analysis and estimates. (2) Projected. 40% Seed Protein (%) 23% Protein Content Affordability Sustainability Flavor Market Fit for Plant-Based Meats Our Program Today Commodity Genetics Pea Protein Concentrate (PPC) ~50-52% ✓✓✓ ✓✓✓ x Pea Protein Isolate (PPI) ~85% X ✓✓✓ ✓✓✓ ✓ PPI Replacement 25 Benson Hill Genetics Benson Hill Pea Protein Concentrate ~61-65%(2) ✓✓✓ ✓✓✓ ✓ ✓ ✓ ✓✓✓#26BENSON HILL Our Robust Pipeline of Products Targeting Large and Rapidly Expanding Markets Description Plant-Based Foods Vegetables/ Vegetable Oil Product Provail ULTRA HIGH PROTEIN TM Next-Generation Protein Ingredient Product Premium Yellow Pea Protein Concentrate BrightDay™ veri BRAND COOKING OIL Vegetable Oil Product Healthy Vegetables Textured plant protein Textured plant protein (80%+ protein) Great tasting, high protein yellow pea High protein soy meal Soy Protein Concentrate substitute High heat soy cooking oil Sustainable vegetable oil with healthy fats Various fresh vegetables Value Proposition Low cost, sustainable Low cost, sustainable Cleaner label, sustainable Low in anti-nutrients Low cost, sustainable Rich with heart-healthy omega-9 fatty acids (2) Healthy fats for multiple markets Flavorful, nutrient dense, extended shelf life Producing/ Commercial(1) 2021/2022 Medium Term Medium Term 2021/2022 2021/2022 2020/2021 Medium Term Longer Term Market Plant-Based Foods Plant-Based Foods Plant-Based Foods Animal Feed Animal Feed Cooking Oil Confectionary and Plant-Based Foods Whole Vegetables Target Customer Base Kellogg's Frito Lay Mondelēz International IMPOSSIBLE BEYOND MEAT Nestlé CONAGRA BRANDS. SHAKE SHACK Pringles BEFORE DITER gardein. pure Farmland F Tyson Kroger MOWIⓇ BURGER KING Р Publix TRADER JOE'S 26 SWEET EARTH CODYCHCO FOODS LIGHTLIFE simple truth PERDUE Snutreco Source: Benson Hill. (1) Commercial equals first full year of sales. (2) 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).#27BENSON HILL Our Playbook for Growth Accelerates Commercialization... Step 1 Create the Foundation • Market entry • Build relationships across the value chain Low capital investment ● Source: Benson Hill. Step 2 Integrated Route to Market ● ● Prove product concept Ensure traceability Capital investment and strategic partnerships Step 3 Broad Adoption Mature End State ● • Maximize benefit of proprietary products on broad acre opportunity through partnerships/licensing approach Scale outside proving ground acreage Greatest capital efficiency Proprietary Innovation Engine and Unique Business Model Can be Replicated to Drive Growth 27#28BENSON HILL ...And Drives Accelerated Growth While Mitigating Scale-up Risk Step 2 Integrated Route to Market Value Chain Position Commercial Model Seed Breeder/ Seed Producer Farmer Processor/ Wholesale Supplier Food/Beverage Company and Food Service/Retail Description Revenue Source COGS Capital Intensity Source: Benson Hill. (1) Benson Hill Partnership model. Step 1 Create the Foundation BENSON HILL Value-add service Product sold to customer Purchase of product prior to value-add Low BENSON HILL BENSON HILL BENSON HILL Provide seed and purchase agreement to farmer, sell final product Product(s) sold to customer Purchase from farm plus processing costs Medium Step 3 Broad Adoption BENSON HILL BENSON HILL (1) BENSON HILL (1 (1) De minimis Provide the seed, keep portion of upside to commodity products Net % of product upside 28 Lowest (Greatest capital efficiency)#29BENSON HILL Our Business Today Description Products (Proprietary*) End-Markets TAM Current Customers INGREDIENTS Ingredients provider to fast growing end markets 10+ year grower relationships Human food grade, including non-GMO & Kosher certified options • ~150,000 acres in 2021 (providing revenue visibility into 2022) ● ● ● ● BENSON HILL ● Soybean meal* Soy white flake* Soy oil* ● ~$170bn (1) ● ● Pea protein concentrate Split peas Pea flour and fiber Plant-Based Foods, Cooking Oil, Animal Feed, Pet and Aquaculture Simmens ROYAL CANIN BUNGE Nestlé PURINA. BLUE STRATAS FOODS. WILBUR-ELLIS® FRESH Fresh vegetable grower-packer-shipper • Long-standing retail / grocer and food service relationships Established grower network and grower operations that are owned and controlled ● BENSON HILL Cucumbers • Sweet peppers Squash Other fresh vegetables Fresh Fruits and Vegetables ● ● ~$1.1tn(2) Kroger P Publix Sysco Loblaws US. FOODS Source: Benson Hill. (1) Internal market calculations through 2029, based on third-party market reports by Barclay's, TechNavio, Allied Market Research and 360 Market Reports. (2) US Market projection by 2025. Grand View Research, Inc. 29#30BENSON HILL Executive Leadership Team with Diverse Business and Technical Backgrounds Across the Food System Matt Crisp President & CEO Serial AgriFood entrepreneur and former life sciences venture capital partner Jason Bull Chief Technology Officer 20+ years of experience unlocking synergies between genomics and data science Source: Benson Hill. DeAnn Brunts Chief Financial Officer Experienced public company board member, CFO and corporate development leader Yevgeny Fundler Chief Legal Officer 25 years of experience as a strategic leader and legal counsel delivering business-focused solutions Natalie DiNicola Chief of Staff 20+ years in the AgriFood industry with experience in business strategy, development and sustainability Adam Javan Chief egy Officer 25+ years of experience in business analytics and technology innovation Chris Wilkins Chief Operating Officer 25+ years in the food industry as GM and in marketing and corporate development Kelly Fischer Chief ople Officer 14 years in HR with expertise in project leadership, talent strategy, and change management TECHCROPS INTERNATIONAL BG BAYER BAYER OBJECT COMPUTING REIMAGINE TOGETHER TreeHouse Kellogg's THE CLIMATE CORPORATION pwc intrexon CONAGRA BRANDS. PURINA Solae PERDUE LESAFFRE XAITX 30#31BENSON HILL Public-Market Ready Board of Directors Dan Jacobi Chairman Linda Whitley- Taylor Director DeAnn Brunts Director & CFO Deanie Elsner Director Stephan Dolezalek Director Matt Crisp Director & CEO Source: Benson Hill. Note: Additional Star Peak nominee to be added in addition to Craig Rohr. David Lee Director Andy Wheeler Director Craig Rohr Director IMPOSSIBLE AppHarvest Kellogg's KRAFT 36 PIONEER A DUPONT COMPANY CORTEVA™ G/ Alphabet W WHEATSHEAF CHARLOTTE'S WEB STANLEY BROTHERS ^^^ STAR PEAK Del Monte Quality 31 Ⓡ B&G B&G FOODS, INC. pwc#32BENSON HILL Recent Highlights and Upcoming Milestones Recent Successes Ultra-High Protein commercial launch accelerated to 2021/2022 ✓5 MOUs with top global AgriFood companies. Strategic collaboration to expand soybean production and grower relationships ✓ Added industry-leading experience to Board of Directors and hired public-company ready CFO Expanded Scientific Advisory Board ✓Met / exceeded 2020 budgeted revenue and EBITDA Source: Benson Hill. (1) Life Cycle Analysis. Expected Near-Term Milestones ✓ Contracting at / above targeted 2021 acreage, providing visibility into 2022 revenue Commercial launch of Provail™ ingredient ✓ Introduction of premium soy meal brands for animal feed markets ✓Launch of Crop Accelerator ✓ Expansion of integrated business model ✓ Complete new product LCAs(¹1) 32#33BENSON HILL Positioned to Capitalize on Massive Growth Opportunity Net Cash Available for Growth ~$650mm Debt on Balance Sheet (1) (1) Balance Sheet Strength Provides flexibility to attack large and growing markets Working Capital and Supply Chain Extend leadership position and commercial scale in plant-based ingredients CropOS® and Product Development Utilize platform to expand portfolio and invest in additional proprietary data Source: Benson Hill. Note: Benson Hill figures as of 12/31/2020. (1) Pro forma for transaction. Geographic Expansion Expansion into rapidly growing international markets with new and existing partners Acquisitions and Joint Ventures Build synergistic channels and partnerships to accelerate growth and profitability 33#34BENSON HILL Financial Forecast Section 34#35BENSON HILL Introduction to Benson Hill's Economic Model Ingredients Segment ~30-40% Gross Margins As commercialization ramps ● ● BENSON HILL INGREDIENTS Significant near-term growth driven by existing proprietary products and robust pipeline Two-sided business model driven by economic agreements with growers and end customers Facilitates rapid market penetration of proprietary products Strong margins and cash flow from product investment and scaling Source: Benson Hill. Fresh Segment High Teens Gross Margins Steady single digit revenue growth ● ● Evolution as We Scale ● Production Partnership and Royalties ~50% >90% Gross Margins Gross Margins (Partnerships) (Royalties) ● BENSON HILL Integrated grower of fresh vegetables, delivering product to high quality customer base FRESH Developing proprietary products for longer term growth (upside to forecast model) Stable economics, lower expected growth than other segments Providing proprietary products to market participants in exchange for revenue share or royalty Asset light approach with high margins and strong free cash flow conversion End state economic model for highly penetrated products 35#36BENSON HILL Robust Growth Driven by Existing Products Revenues by Segment ($mm) $102 $6 $41 $56 2020A (1) $127 $4 $60 $ 64 2021E I $ 161 $5 $91 $ 66 2022E Source: Benson Hill. (1) Excludes contribution from a business divested in 2020. Fresh -46% '20-'27 CAGR $ 251 $36 $ 146 $68 2023E Ingredients $348 $ 83 $195 $71 2024E $561 $174 $313 $74 2025E Partnerships/Royalties $862 $363 $ 422 $77 2026E $ 1,472 $726 $ 666 $80 2027E Partnerships/Royalties ~100% CAGR Ingredients ~49% CAGR Fresh 36 ~5% CAGR#37BENSON HILL Expect Significant Gross Margin Expansion Over Time Gross Profit by Segment ($mm) Blended Gross Margin % $32 Fresh $74 Ingredients $212 $372 $12 $12 $2 2020A¹2021E 2022E 2023E 2024E 2025E 2026 2027E $703 Partnerships/Royalties Ingredients and Partnerships/Royalties drive gross profit growth Source: Benson Hill. (1) Excludes contribution from a business divested in 2020. 12% 9% UHP INVESTMENTS 13% 1% PARTNERSHIPS AND ROYALTIES 21 % 38 % FRESH 43% 48 % (1) 2020A 2021 E 2022E 2023E 2024E 2025E 2026 2027E Investment in UHP over next three years enhances gross margin expansion UHP Costs ($/st) (Indexed) 100% 2022 UHP Cost ($/st) (30%) YE '22 (15%) YE '24 (30%) ¹22-¹24 White Flake Texturization Protein Capital Capital Content Investment Investment Improvements 25% 37 2025 UHP Cost as % of 2022 ($/st) Investment in integrated approach and continued innovation allow for greater control of production costs#38BENSON HILL Key Performance Indicators Percentage of Total Revenue 45 % 2020A(1) $7420 $724 2023E 50% 2021E Ingredients and Partnerships/Royalties 59 % 2022E $ 863 $812 73 % 2024E 2023E 80 % 2024E Revenue per Acre ($) $ 1,105 $ 843 2025E 87% 2025E $ 1,253 $ 884 2026E Source: Benson Hill. (1) Excludes contribution from a business divested in 2020. 91% 2026E 95 % 2027E $ 1,538 $914 2027E Ingredients 225,433 101,740 2023E $ 245 $ 39 2023E 283,456 205,868 2024E $315 $129 2024E Acreage Partnerships/Royalties 410,818 336,901 2025E Gross Profit per Acre ($) $ 474 $358 795,023 2025E 433,000 2026E $494 $462 2026E 1,446,975 473,000 2027E $ 661 $506 2027E 38#39BENSON HILL Delivering Growth with Rapidly Expanding Margins ($mm) Revenue YoY Growth Gross Profit Gross Margin Research Expenses (²) Development Expenses(2) G&A Expenses Other Operating Expenses EBITDA EBITDA Margin Capex Memo: Acreage Yo Y Growth Ingredients and Partnerships/Royalties Revenue Yo Y Growth % of Total Revenue (1) 2020A $ 102 $ 12 12% ΝΑ ΝΑ 25 17 ($51) NM $ 10 120,000 $46 45 2021E $ 127 24% $ 12 9% $20 19 28 32 ($73) 2022E 150,975 26 % $63 36 % 50 $ 161 27% $2 1% $22 22 30 37 ($87) 2023E 247,094 64 % $96 52 % 59 $ 251 55 % $ 32 13% NM NM $41 i $60 Provail, Fresh, Yellow Pea Investments 327,172 32 % $23 23 34 41 ($64) NM $26 $ 182 91% 73 2024E $ 348 39 % $ 74 21% $25 25 38 45 ($33) NM $5 489,324 50 % $277 52% 80 2025E $561 61% $ 212 38 % $26 26 43 49 $96 17% $15 53% $ 487 76 % 87 2026E Source: Benson Hill. (1) Excludes contribution from a business divested in 2020. (2) Research and development expenses not reported separately in 2020; total 2020 R&D expense is $29mm. $ 862 54 % $ 372 43% $30 30 48 747,719 1,228,023 64 % $785 61% 91 55 $239 28% $5 2027E $ 1,472 71% $ 703 48 % $32 32 53 60 $556 38 % $5 1,919,975 56 % $ 1,392 77% 95 39#40BENSON HILL Detailed Transaction Overview Transaction Highlights Cash Sources Valuation Capital Structure ● Benson Hill Shareholders 64.8% ● Star Peak has ~$403mm in cash held in the trust account PIPE size of $225mm Attractive entry multiple relative to peer group ~$650mm net cash to balance sheet (assuming no redemptions) to fund growth Pro Forma Ownership at $10 / Share (¹) Star Peak Public Shareholders 20.0% PIPE Shareholders 11.2% Star Peak Sponsor 4.0% (1) Sources and Uses Sources Committed Equity PIPE Star Peak Trust Benson Hill Shareholder Equity Rollover Total Sources Pro Forma Valuation (¹) ($mm, except per share data) Pro Forma Shares Outstanding (mm) Share Price Benson Hill Equity Value Pro Forma FY2020 Net Debt (Cash) Benson Hill Enterprise Value Pro Forma Ownership Benson Hill Shareholders Star Peak Public Shareholders Star Peak Sponsor PIPE Shareholders Equity Ownership $mm $225 403 1,300 $ 1,928 Uses % 11.7% Stock to Benson Hill Shareholders Estimated Fees and Expenses 20.9 67.4 Estimated Repayment of Debt Cash to Benson Hill Balance Sheet Total Uses $mm $ 1,300 48 33 547 $ 1,928 Shares (mm) 130.0 40.3 8.0 22.5 200.8 40 % 67.4 % 2.5 1.7 28.4 201 $10.00 $ 2,008 (657) $ 1,351 % 64.8 % 20.0 4.0 11.2 100.0 % Source: Benson Hill. Star Peak. Note: Benson Hill figures as of 12/31/2020. (1) Pro forma ownership based on PIPE of $225mm assuming no redemptions. Excludes Star Peak warrants, earnout of 18mm shares to Benson Hill Shareholders and 2mm shares to Star Peak Sponsor, and options to certain Benson Hill optionholders subject to the same vesting term as the earnout shares. Earnout shares vest equally, 50% at $14 per share and 50% at $16 per share, and are subject to a three year-term.#41BENSON HILL Public References for Benson Hill Public Market References Relevance to Benson Hill Food Tech Beyond Meat A AppHarvest AeroFarms ✓ High growth ✓ Serving same consumer demand trends ✓ ESG solution (1) Other Ingredients includes AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. Higher Growth Companies Ag Tech CODEXIS® amyris calyxt ✓ Proprietary technological platforms ✓ Food / nutrition and health & wellness value- chain focus 10x GENOMICS T Biotech IGI BERKELEY LIGHTS High growth ✓ Proprietary technological platforms ✓ Health & wellness end- market focus ✓ High growth food / nutrition and health / wellness TAM ✓ Differentiated technology ✓ Scarcity premium ✓ Pure-play ESG BENSON HILL" Slower Growth Mature Companies Ag / Specialty Ingredients CORTEVA agriscience novozymes CHR Other Ingredients (1) More mature and established, slower growth Specialty ingredients Food / nutrition and health & wellness value-chain focus 41#42BENSON HILL Benson Hill Compares Favorably vs. Public Market References Public Market References Growth Trajectory Technology ESG Solution Valuation Operational Revenue CAGR ('21E - '23E) Gross Margin (2023E) 2023 EV / Sales 2023 EV / EBITDA BENSON HILL™ ㅏ Low High High ~ 50% (2021E-2027E) ~ 45% (2025E-2027E) 5 x 6 x (2026E) High Food Tech A Beyond Meat AppHarvest(2) AeroFarms (3) Low Medium / High High ~40%(4) High ~20% -35%(5) 8 x 16 x 31 x 39 x(6) Higher Growth Companies Ag Tech CODEXIS Low amyris calyxt High Medium / High ~ 10% - 20% - 40% - 70% 6 x - 12 x High ΝΑ 10x GENOMICS" Low Biotech T 6 BERKELEY LIGHTS High Medium / High ~ 30% -35% ~50% - 80% 20 x 29 x ΝΑ High Slower Growth Mature Companies Ag / Specialty Ingredients CORTEVA agriscience novozymes CHR Other Ingredients (1) Low Medium Low / Medium ~ 5% ~ 50% 2x-9x 1 High 13 x 23 x Source: Benson Hill, Bloomberg, CapIQ, IBES consensus estimates and company disclosures; market data as of 30-Apr-2021. (1) Other Ingredients reflects average for AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. (2) AppHarvest projections based on management forecast per latest investor presentation. (3) AeroFarms metrics based on management forecast per latest investor presentation. (4) Based on Beyond Meat's '21E - '23E revenue CAGR. (5) Based on Beyond Meat and AeroFarms 2023E Gross Margin. (6) Excludes AeroFarms and reflects EV / 2024 EBITDA. 42#43BENSON HILL Benson Hill's Growth Trajectory and Margin Profile Benchmark Favorably vs. Public Market References Revenue Growth Gross Margin BENSON HILL™ 24% 27% 9% 1% 55% ¹21E ¹22E 39% 13% '23E 61% '21E '22E '23E '24E '25E ¹26E 27E 21-27 CAGR 54% 21% 71% 38% TM 43% 50% 48% ¹24E '25E '26E '27E '21E-'23E CAGR Peer Median: 101% NM Food Tech AeroFarms ΝΑ (3) A Beyond Meat AppHarvest(2) CY 2023E GM Peer Median: 27% AA AppHarvest(2) 39% 19 % (3) 163% AeroFarms 35% Beyond Meat Higher Growth Companies Ag Tech Peer Median: 11% 10% calyxt 11% 37% amyris Peer Median: 60% 60% 20% calyxt amyris CODEXIS 69% CODEXIS Peer Median: 34% 30% T Biotech 47% **** T 34% Peer Median: 73% 73% 10x GENOMICS IGI 6 LIGHTS 35% IGI 6 LIGHTS 79% 10x GENOMICS Slower Growth Mature Companies Ag / Specialty Ingredients 4% novozymes 41% Peer Median: 5% 5% Other Ingredients (1) CORTEVA ago Peer Median: 50% 44% 5% CORTEVA agaiam Other Ingredients (1) 56% novozymes 8% CHR 59% CHR Source: Benson Hill, Bloomberg, CapIQ, IBES consensus estimates and company disclosures; market data as of 30-Apr-2021. (1) Other Ingredients reflects average for AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. (2) AppHarvest projections based on management forecast per latest investor presentation. (3) AeroFarms metrics based on management forecast per latest investor presentation. 43#44BENSON HILL Benson Hill's Implied Revenue Multiples Are at a Discount to Public Market References EV / Revenue ¹21E ¹22E ¹23E ¹24E '25E '26E '27E BENSON HILL™ 2.4x 1.6x 0.9x 5.4x 3.9x 8.4x 10.6x CY 2022E EV / Revenue 8x 5x Food Tech Peer Median: 30x 10x Beyond Meat AppHarvest(2) CY 2023E EV / Revenue 30x 8x Peer Median: 13x 13x 66 x A Beyond Meat AppHarvest(2) AeroFarms 16x Higher Growth Companies Ag Tech (3) Peer Median: 14x 12x amyris CODEXIS 14x 6x Peer Median: 9x AeroFarms calyxt 9x amyris 19x calyxt 12x CODEXIS Peer Median: 34x 25x 6 BERKELEY LIGHTS Biotech 20x 6 — BERKELEY LIGHTS 34x 10x GENOMICS Peer Median: 26x 26x 37x 10x GENOMICS 29x T Slower Growth Mature Companies Ag / Specialty Ingredients 3x CORTEVA 2x CORTEVA ugra Peer Median: 6x 4x Other Ingredients (1) 3x 8x Peer Median: 6x Other Ingredients (1) novozymes 8x novozymes 10x CHR 9x CHR 44 Source: Benson Hill, Bloomberg, CapIQ, IBES consensus estimates and company disclosures; market data as of 30-Apr-2021. (1) Other Ingredients reflects average for AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. (2) AppHarvest projections based on management forecast per latest investor presentation. (3) AeroFarms multiples based on Spring Valley Acquisition Corp deal value EV and management forecast.#45BENSON HILL Benson Hill Has Significant Upside Potential ($ in millions) Source: Benson Hill. Implied Enterprise Value Based on Public Market References Trading Valuations Implied Future Enterprise Value $5,606 263% Midpoint Premium $4,205 7.5x - 10x 2025E Revenue Discounted Enterprise Value $2,962 92% Midpoint Premium $2,221 Discounted 3.5 Years at 20% Transaction Valuation Enterprise Value $1,351 Enterprise Value 45#46BENSON HILL Investment Thesis 1. Significant and Growing Addressable Market Benson Hill is a pure play ESG investment opportunity Source: Benson Hill. 13 2. Unique and Proprietary Innovation Engine: CropOSⓇ CLIMATE ACTION 3 GOOD HEALTH AND WELL-BEING 2 ZERO HUNGER Wo W SSS. 6 3. Capitalized for Growth CLEAN WATER AND SANITATION 14 LIFE BELOW WATER 15 LIFE ON LAND 4. Rapidly Growing Revenue at Commercial Inflection RESPONSIBLE CONSUMPTION AND PRODUCTION QO 12 8 DECENT WORK AND ECONOMIC GROWTH 46 SUSTAINABLE DEVELOPMENT GOALS#47BENSON HILL Appendix 47#48BENSON HILL Crop Expansive Platform Opportunity Food Made Better From The Beginning CropOS 03:00 NA K Ⓡ Food technology company: A category-defining company unlocking the natural genetic diversity of plants to lead the plant-based food revolution for healthier and more sustainable food and ingredient choices Proprietary CropOS® technology platform: Uses artificial intelligence (AI), data and a variety of advanced breeding techniques that combine data science, plant science and food science to deliver new crops optimized for nutrition, flavor and yield, with the potential to shave years off the traditional crop breeding process Integrated Business Model: Starting with the seed and then working with growers and food supply chain partners to commercialize and broadly scale food and ingredients that are healthier, more sustainable, more affordable and better tasting The 'Picks and Shovels' of the Plant-based Food Revolution Plant-based meats: Commercializing soybean (near-term) and yellow pea (medium-term) products with forecasted $140B TAM¹ by 2029 Plant-Based Meat Longer-term: Building scale as CropOS® deployed to drive innovation across sustainability-driven food & health trends within a $5T TAM² agri-food industry, including: Health & Beauty Today's Focus Aquaculture Animal Feed & Pet Food Other Functional Food Ingredients Soybean Investing Today Yellow Pea Fresh Produce Controlled Environment / Indoor Agriculture 48 Longer-Term Opportunity Source: Benson Hill. (1) Market calculation through 2029, Barclay's Global Food Report, 'I Can't Believe It's Not Meat' (2019). (2) McKinsey.#49BENSON HILL Glossary Item ABCD in Ag Agronomy Constraint of Biology CRISPR Gene Editing Crop Cycle Gene Expression Genomics Germplasm Ingredient Processor Identity Preservation Life Cycle Analysis (LCA) MMT Pea Protein Concentrate (PPC) Source: Benson Hill. Definition 4 companies, ADM, Bunge, Cargill, and Louis Dreyfus, which control 70% of the grain industry The science of soil management and crop production The constraints on innovation life cycles that come with working with complex, living things. Big data, simulation, high-throughput imaging and environmental manipulation enable us to push the constraints of biology Modifying genetic materials in a cell or organism to accelerate crop breeding in agriculture The time it takes for a crop to be planted and grow to maturity to produce new seeds Information from a gene is used in the synthesis of a functional gene product that produces protein as the end product The structure, function, evolution, and mapping of genomes (complete set of genes or genetic material in a cell or organism) Living genetic resources such as seeds that are maintained for animal and plant breeding, preservation, and other research uses A facility where grain inputs are converted into food and feed ingredients An integrated supply chain that traces the integrity of the ingredient from planting, to processing, to delivery; ensures separation of product from commodity supply chains A methodology of quantifying the environmental impacts associated with a given product. In a Life Cycle Analysis researchers create an inventory of resources used and pollutants generated in product production and use Million metric tons 49 A plant-based protein ingredient isolated from mostly yellow pea grain used primarily in pet food. Pea Protein Concentrate typically has a protein content of 50% or greater on a moisture free basis#50BENSON HILL Glossary (Cont'd) Definition Item Pea Protein Isolate (PPI) Phenotype Sequencing SNP Variants SNP Loci Soy Protein Concentrate (SPC) Soybean Meal Soybean White Flake Soybean Texturization Textured Soy Protein Concentrate (TSPC) Source: Benson Hill. A plant-based protein ingredient isolated from mostly yellow pea grain that is highly processed and used in human food applications. Pea Protein Isolate typically has a protein content of 80% or greater on a moisture free basis Observable, measurable characteristics or traits of an organism. Ex: yield, oil composition, flavor, plant height, disease resistance The process of ascertaining the sequence of nucleotides (basic structural unit of nucleic acid) in a segment of DNA A specific, single base pair position in the genome that has a different nucleotide between two crop varieties. This is how we measure genetic diversity within a species A location, or series of base pairs within the genome that has a different genetic sequence between two crop varieties A plant-based protein ingredient produced from soybeans and used in human and pet food applications. Soy Protein Concentrate is usually approximately 65% protein on a dry matter basis 50 Protein fraction from a soybean processing that is used primarily in animal feed. Soybean meal is approximately ~47% protein on a dry matter basis Protein fraction from a soybean processing for usage in human food applications. Soy White flake is typically 53% -55% protein on a dry matter basis Development of a physical structure which will provide, when eaten, a sensation of eating meat. Meat "texture" is a complex concept comprising visual aspect (visible fibres), chewiness, elasticity, tenderness and juiciness Soy Protein Concentrate that has gone through the texturization process. Textured Soy Protein Concentrate may be dried and sold as a shelf- stable product, or it can be hydrated, flavored, mixed with other ingredients and shaped and marketed#51BENSON HILL Serviceable Addressable Market Overview ($ in billions) UHP Soy for Plant-Based Meat 4.3 4.6 4.5 5.3 0.3 0.3 0.3 6.3 0.5 7.4 0.6 8.8 '20E '21E '22E '23E '24E '25E '26E '27E '28E '29E '30E UHP Pea for Plant-Based Meat 0.9 10.3 1.2 11.5 1.6 12.2 1.8 13.0 1.9 2.0 '20E '21E '22E '23E '24E '25E '26E '27E '28E '29E '30E 1.6 UHP Soy for Aquaculture Feed 2.1 2.0 1.7 1.8 1.9 0.13 0.16 0.19 0.24 Source: Context analysis based on internal resources, expert analysis, and third party research. 2.2 Healthy Soybean Oil 0.29 '20E '21E '22E '23E '24E '25E '26E '27E '28E '29E '30E 0.35 2.3 0.42 2.5 0.51 2.6 0.62 2.8 0.75 0.92 '20E '21E '22E '23E '24E '25E '26E '27E '28E '29E '30E 0.44 UHP Soy for Starter Feed 6.7 0.48 0.48 0.49 0.49 0.50 0.50 0.51 0.52 0.52 0.53 '20E '21E '22E '23E '24E '25E '26E '27E '28E '29E '30E 7.3 7.3 8.4 Total SAM 9.7 11.3 13.1 15.3 17.0 18.0 19.2 '20E '21E '22E '23E '24E '25E '26E '27E '28E '29E '30E 51#52BENSON HILL ESG is in our Product Impact, Our Culture and our Long-term Value Benson Hill believes in impacting our community and our environment in a positive manner, advancing our food system with the purpose of enriching the lives of producers and consumers through a strong connection to our stakeholders ● Environmental Sustainability R&D pipeline innovating for climate resilience, health and farm profitability Proven lower carbon and water use with our seeds Unique vertical integration allows us to better identify and implement regenerative agriculture opportunities Source: Benson Hill. ● ● Human Capital & Social Development Products that advance nutrition and accessibility Enterprise-wide health & safety Workforce Diversity, Equity and Inclusion council Employee talent development and engagement programs Good Governance Implementing critical best practices for corporate governance Board ESG oversight via upcoming Governance, Nominating and Sustainability Committee Risk management framework and key policies in place 52#53BENSON HILL Supported by Best-in-Class Scientific Experts Scientific Advisory Board Source: Benson Hill. Todd Mockler Co-Founder and Chair, SAB Plant System Biology and Bioinformatics Rex Bernardo SAB Member Agronomy and Plant Genetics Jon Lightner SAB Member Agricultural Biotechnology Julia Bailey-Serres SAB Member Plant Cell Biology Asaph Cousins SAB Member Photosynthesis Mark Matlock SAB Member Food Ingredients Chase Beisel SAB Member CRISPR Gene Editing Gary Fogel SAB Member Machine Learning Joyce Van Eck SAB Member Plant Biotechnology DONALD DANFORTH PLANT SCIENCE CENTER DISCOVERY COMMUNITY | IMPACT E ADM ASI Natural Selection, Inc. BTI BOYCE THOMPSON INSTITUTE UNIVERSITY OF CALIFORNIA UCRIVERSIDE LOCUS BIOSCIENCES 53 UNIVERSITY MINNESOTA WASHINGTON STATE UNIVERSITY Genus#54BENSON HILL Audited GAAP Income Statement ($000s) Revenues Cost of sales Gross profit Operating expenses Research and development Selling, general and administrative expenses Impairment of goodwill Total operating expenses Loss from operations Other expense (income) Interest expense (income), net Other, net Total other expense (income) Net loss before income tax Income tax expense (benefit) Net loss Other comprehensive income (loss) Change in foreign currency translation Change in fair value of marketable securities Adjustment for net (gains) losses realized and included in net income Total other comprehensive income (loss) Total comprehensive loss Source: Benson Hill. 2018 Year Ended December 31, $ 4,269 677 3,592 13,373 9,158 22,531 $(18,939) (669) 40 (629) $(18,310) (221) $(18,089) (91) (457) 41 (507) $(18,596) 2019 $ 79,523 70,961 8,562 24,810 27,457 52,267 $(43,705) 195 (9) 186 $(43,891) 19 $(43,910) (21) 374 (17) 336 $(43,574) 2020 54 $ 114,348 102,430 11,918 29,457 37,446 4,832 71,735 $(59,817) 7,369 (75) 7,294 $(67,111) 48 $(67,159) (226) (109) 223 (112) $(67,271)#55BENSON HILL Audited GAAP Cash Flow Statement ($000s) Operating activities Net loss Adjustments to reconcile net loss to net cash used in operating activities Changes in operating assets and liabilities Net cash used in operating activities Investing activities Net cash used in investing activities Financing activities Net cash provided by financing activities Effect of exchange rate changes on cash Net (decrease) increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Supplemental disclosure of cash flow information Cash paid for taxes Cash paid for interest Supplemental disclosure of non-cash investing and financing activities Issuance of preferred stock warrants Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities Financing leases Source: Benson Hill. 2018 Year Ended December 31, $(18,089) 948 3,778 $(13,363) $(48,615) $ 63,681 (91) 1,612 1,377 $ 2,989 2019 $(43,910) 4,781 (5,224) $(44,353) $(4,546) $ 48,547 (21) (373) 2,989 $ 2,616 5 622 952 2020 55 $(67,159) 17,011 (2,530) $(52,678) $(100,672) $ 160,703 (226) 7,127 2,616 $ 9,743 4,685 4,580 669 33,523#56BENSON HILL Audited GAAP Balance Sheet ($000s) Assets Current assets Cash and cash equivalents Marketable securities Accounts receivable, net Inventories, net Prepaid expenses and other current assets Total current assets Property and equipment, net Right of Use asset, net Goodwill and intangible assets, net Other assets Total assets Source: Benson Hill. Year Ended December 31, 2019 2020 $ 2,616 8,315 15,097 7,169 2,546 35,743 26,125 2,584 30,772 1,512 $ 96,736 56 $ 9,743 100,334 14,271 13,040 3,061 140,449 31,624 34,117 24,083 1,512 $ 231,785#57BENSON HILL Audited GAAP Balance Sheet (Cont'd) ($000s) Liabilities, redeemable convertible preferred stock, and stockholder's deficit Current liabilities Accounts payable Revolving line of credit Current lease liability Current maturities of long-term debt Accrued expenses and other liabilities Total current liabilities Long-term debt Long-term lease liability Preferred stock warrant liability Total liabilities Redeemable convertible preferred stock Stockholders' deficit Common stock Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total stockholders' deficit Total liabilities, redeemable convertible preferred stock, and stockholders' deficit Source: Benson Hill. Year Ended December 31, 2019 2020 $ 17,073 1,495 1,606 2,363 7,662 30,199 13,927 912 45,038 134,567 6 733 (83,395) (213) (82,869) $ 96,736 57 $ 16,128 1,627 5,466 12,315 35,536 24,344 33,982 5,241 99,103 287,323 6 (154,322) (325) (154,641) $ 231,785