#1BENSON HILL NOURISHING INNOVATION™ Analyst Meeting June 22, 2021#2BENSON HILL Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to the proposed business combination (the "Business Combination") between Star Peak Corp II ("Star Peak II") and Benson Hill, Inc. ("Benson Hill") and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this presentation. To the fullest extent permitted by law in no circumstances will Star Peak II, Benson Hill or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. None of Star Peak Il or Benson Hill has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Benson Hill or the Business Combination. Viewers of this presentation should each make their own evaluation of Benson Hill and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. 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. 2 Forward-Looking Statements Certain statements in this presentation may be considered "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 generally relate to future events or Star Peak Il's or Benson Hill's future financial or operating performance. 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"). In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Star Peak II and its management, and Benson Hill and its management, as the case may be, are inherently uncertain factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive merger agreement with respect to the Business Combination; 2) the outcome of any legal proceedings that may be instituted against Star Peak II, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; 3) the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Star Peak II, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; 4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; 5) the ability to meet the New York Stock Exchange's listing standards following the consummation of the Business Combination; 6) the risk that the Business Combination disrupts current plans and operations of Benson Hill as a result of the announcement and consummation of the Business Combination; 7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 8) costs related to the Business Combination; 9) changes in applicable laws or regulations; 10) the possibility that Benson Hill or the combined company may be adversely affected by other economic, business and/or competitive factors; 11) Benson Hill's estimates of its financial performance; 12) the impact of the COVID-19 pandemic and its effect on business and financial conditions; and 13) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Star Peak Il's Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the three months ended March 31, 2021, filed with the SEC on March 31, 2021 and May 24, 2021, respectively, in the Registration Statement containing the proxy statement / consent solicitation statement / prospectus relating to the Business Combination, and other documents filed or to be filed with the SEC by Star Peak II. 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. There may be additional risks that Star Peak II and Benson Hill presently do not know or that Star Peak II and Benson Hill currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Star Peak Il nor Benson Hill undertakes any duty to update these forward-looking statements, except as otherwise required by law.#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. Star Peak II and Benson Hill believe 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. Star Peak II and Benson Hill believe 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. 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. Star Peak II and Benson Hill do not provide legal, tax or accounting advice of any kind. 2. It is not relying on 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 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. None of 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. Important Information and Where to Find It In connection with the Business Combination, Star Peak II has filed a Registration Statement on Form S-4 (the "Registration Statement") with the SEC, which includes a proxy statement to be distributed to Star Peak II stockholders in connection with Star Peak Il's solicitation for proxies for the vote by Star Peak Il's stockholders in connection with the Business Combination and other matters as described in such Registration Statement, a consent solicitation statement of Benson Hill to solicit written consents from its stockholders in connection with the Business Combination and a prospectus relating to the offer of the securities to be issued to Benson Hill's stockholders in connection with the completion of the Business Combination. After the Registration Statement has been declared effective, Star Peak II will mail a definitive proxy statement / consent solicitation statement / prospectus and other relevant documents to its stockholders as of the record date established for voting on the Business Combination. Investors, Star Peak Il's stockholders and other interested parties are advised to read, when available, the preliminary proxy statement, and any amendments thereto, and the definitive proxy statement in connection with Star Peak Il's solicitation of proxies for its special meeting of stockholders to be held to approve the Business Combination because the proxy statement / consent solicitation statement / prospectus will contain important information about the Business Combination and the parties thereto. Stockholders will also be able to obtain copies of the proxy statement / consent solicitation statement / prospectus, 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, Illinois 60201. 4 Participants in the Solicitation Star Peak II and Benson Hill and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Star Peak Il's stockholders in connection with the Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies in connection with the Business Combination, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the Registration Statement that has been filed with the SEC by Star Peak II, which includes the proxy statement / consent solicitation statement / prospectus for the Business Combination. Information regarding the directors and executive officers of Star Peak II is contained in Star Peak Il's filings with the SEC, and such information is also in the Registration Statement that has been filed with the SEC by Star Peak II, which includes the proxy statement / prospectus / written consent solicitation for the Business Combination. No Offer Or Solicitation This communication does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with the proposed Business Combination among Star Peak II and Benson Hill or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement / consent solicitation statement /prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the "Securities Act"), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.#5BENSON HILL Risk Factors Investing in the business combination involves a high degree of risk. Below is a summary of certain risk factors that make an investment in the proxy solicitation/consent solicitation statement/proxy statement 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 the business combination, are included under the heading "Risk Factors" contained in the proxy statement/consent solicitation statement/prospectus related to the business combination. • Benson Hill has a limited operating history, which makes it difficult to evaluate its current business and prospects and may increase the risk of investment. • Benson Hill faces significant competition and many of its competitors have substantially greater financial, technical and other resources than Benson Hill does. Benson Hill's business activities are currently conducted at a limited number of locations, which makes us susceptible to damage or business disruptions caused by natural disasters or acts of vandalism. • To compete effectively, Benson Hill must introduce new products that achieve market acceptance. Any collaboration arrangements that Benson Hill may enter in the future may not be successful, which could adversely affect Benson Hill's ability to develop and commercialize its product candidates. ● • If Benson Hill's early testing of pipeline products is unsuccessful, it 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 depends on its ability to produce high- quality products cost-effectively on a large scale and to accurately forecast demand for its products, and Benson Hill may be unable to do so. • If Benson Hill fails to manage future growth effectively, its business could be materially adversely affected. • 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. • If Benson Hill's products become adulterated, misbranded, or mislabeled, it might need to recall those items and may experience product liability claims if consumers or animals are injured. • Products that Benson Hill develops, and food containing its products, may fail to meet standards established by third-party non-GMO verification organizations, which could reduce the value of Benson Hill's products to customers. • If we are sued for defective products and if such lawsuits were determined adversely, we could be subject to substantial damages, for which insurance coverage is not available. • Benson Hill has identified a material weakness in its internal control over financial reporting. If Benson Hill is unable to remediate the material weakness, or if Benson Hill identifies additional material weaknesses in the future or otherwise fails to maintain an effective system of internal control over financial reporting, this may result in material misstatements or restatements of Benson Hill's consolidated financial statements or cause Benson Hill to fail to meet its periodic reporting obligations. ● Benson Hill depends on key management personnel and attracting, training and retaining other qualified personnel, and its business could be harmed if Benson Hill loses key management personnel or cannot attract, train and retain other qualified personnel. • Benson Hill's management has limited experience in 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. ● Benson Hill may need to raise additional funding to achieve its goals, and failure to obtain this necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate product development efforts or other operations. • Benson Hill relies on information technology systems and any inadequacy, failure, interruption or security breaches of those systems may harm its ability to effectively operate its business. • The estimates and assumptions on which Benson Hill's financial projections are based may prove to be inaccurate, which may cause Benson Hill's actual results to materially differ from such projections, and which may adversely affect Benson Hill's future profitability, cash flows and the market price of Benson Hill's common stock. • Future acquisitions or investments could disrupt Benson Hill's business and harm its 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. ● • 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 its ability to effectively operate its 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. LO 5#6BENSON HILL™ TRANSFORMING OUR FOOD SYSTEM#7BENSON HILL Star Peak II 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 ~$625 million gross proceeds (assuming no redemptions) retained to fully finance forecasted growth G/ WWHEATSHEAF LDC. Alphabet s2gventures Prelude Louis Dreyfus Company Louis Dreyfus VENTURES Leadership BENSON HILL BUNGE LEWIS & CLARK VENTURES CDPQ emart Source: Benson Hill and Star Peak. Gross proceeds include Star Peak II cash in trust and common stock PIPE at 10.00 per share. STAR PEAK Matt Crisp President & CEO 20 Natalie DiNicola, Chief of Staff Mike C. Morgan Chairman DeAnn Brunts CFO Adam Javan Chief Strategy Officer Eric Scheyer CEO Jason Bull CTO 7 Anthony Kingsley Director, Impact & ESG#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 CONTEXT Partners for Advancing Agriculture Full Scope Diligence and Market Landscape Source: Star Peak. Diligence process included review by 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 $1.7th $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) joi 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 K««« Processor / Wholesale Supplier 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 An Innovative Food Technology Company 11#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 $102mm Revenue in 2020 (1) (1) -46% Projected Revenue CAGR from 2020 to 2027 An Integrated Approach to Innovation Data Science Data Analytics & AI / ML Plant Science Cutting-Edge Plant Genomics Food Science Consumer-Centric Approach CropOS: Proprietary Technology Platform 325+ Total Employees 120+ With advanced degrees 12#13BENSON 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 CLIMATE ACTION Unique and Proprietary Innovation Engine: CropOSⓇ ● ● 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 ● ~$625mm gross proceeds 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 Rapidly Growing Revenue at Commercial Inflection 12 ● RESPONSIBLE CONSUMPTION AND PRODUCTION COM $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 8 DECENT WORK AND ECONOMIC GROWTH 13 SUSTAINABLE DEVELOPMENT GOALS Source: Benson Hill. (1) Market calculation through 2029, Barclay's Global Food Report, 'I Can't Believe It's Not Meat' (2019). (2) FAO. (3) McKinsey. (4) Gross proceeds are comprised of Star Peak II $403 million of cash in trust, assuming no redemptions, and an oversubscribed and upsized $225 million common stock PIPE at 10.00 per share. (5) Excludes revenue from a business divested in 2020.#14BENSON HILL Our Robust Pipeline of Products Targeting Large and Rapidly Expanding Markets Description Plant-Based Foods Vegetables/ Vegetable Oil Product Human Food Protein Ingredient (2) Next-Generation Protein Ingredient Product Premium Yellow Pea Protein Concentrate Bright Day™ 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(³) 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 I SHAKE SHACK Pringles BEFORE BUTS CHER BURGER KING pure Farmland. P Publix 14 TRADER JOE'S SWEET EARTH ENLIGNED FOODS gardein. LOHTLIFE PLAKE BAKED PROTEIN simple truth HISH FOR EVERYONE. Tyson Kroger MQWI nutreco PERDUE. Source: Benson Hill. (1) Commercial equals first full year of sales. (2) For human food derived from Ultra High Protein ™M soybeans (3) Supportive but not conclusive scientific evidence suggests that daily consumption of about 1/2 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).#15BENSON 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. (2) For human food derived from Benson Hill's Ultra High Protein ™M soybeans Expected Near-Term Milestones Contracting at / above targeted 2021 acreage, providing visibility into 2022 revenue ✓Commercial launch of Human Food Protein Ingredient(2) ✓ Introduction of premium soy meal brands for animal feed markets ✓Launch of Crop Accelerator Expansion of integrated business model Complete new product LCAs(1) 15#16BENSON HILL Positioned to Capitalize on Massive Growth Opportunity Gross Proceeds Available for Growth ~$625mm Debt on Balance Sheet $0(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 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 Source: Benson Hill.(1) Gross proceeds are comprised of Star Peak II $403 million of cash in trust, assuming no redemptions, and an oversubscribed and upsized $225 million common stock PIPE at 10.00 per share. Proforma for transaction 16#17BENSON HILL Technology Required to Meet Evolving Consumer Demands 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) CONSUMER DEMAND FUELING MASSIVE MARKET OPPORTUNITY >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) 를 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. 17 Sequencing Machine Learning#18BENSON HILL Existing Food System Not Equipped to Meet Evolving Consumer Demands Source: Benson Hill. Farmer Breeder & Seed Producer TFF Processor/ Wholesale Supplier ooooo x joi aD Food/Beverage Company Consumer 18#19BENSON 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 TFF ● ● Acreage Grower relationships Data library Simulation • Crop genetics CropOS* ● Processor/ Wholesale Supplier Removal of steps Processing capabilities Responding to customer needs Yoi AD Consumer Food/ Beverage Company 19#20BENSON 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. |||||||| Potential Benefits to Brands and Consumers: • Fewer Additives • Less Processing • More Sustainable More Affordable Better Nutrient Quality • Fully Traceable ● ● PLANT- BASED BURGER 20#21BENSON HILL CropOS® Food Innovation Engine 21#22BENSON HILL Introduction to CropOS" Food Innovation Engine Driven by a Robust, Proprietary and Ever-Expanding Data Library 1. DESIGN Technology Platform Genomics Artificial intelligence / machine learning Computational pipeline simulation ● ● 3. TEST A CropOS ▬▬▬▬▬▬▬▬▬ Ⓡ Product Development Food science & formulation Agronomy & environmental optimization Product placement & optimization ● 2. BUILD Crop Prototyping Predictive plant breeding CRISPR genome editing Automation and robotics ● 22 ● Benson Hill has the ability to shorten product development timeline and decrease development costs Source: Benson Hill.#23BENSON HILL Employs Diverse Approaches to Optimize Product Development Multiple genomic approaches available to fit different targets and markets Method Development Risk Timeline Cost Benson Hill's Application Source: Benson Hill. Predictive Breeding Leverages AI/ML and natural variation in plants Two parent plants are crossed to create new varieties Primary method employed in every instance of new product development All current proprietary products are non-GMO Project Verified Genome Editing Leverages AI/ML and natural variation in plants CRISPR and plant's natural repair machinery create precise changes in DNA Used in proof-of-concept stage to explore gene function Used in some product development to restore plant's natural genetic diversity GMO/Transgenic Draws on diversity not present in plant's genome Introduces foreign DNA For select markets, GMO traits which are already deregulated and in-market may be stacked with Benson Hill quality traits 23#24BENSON HILL CropOS® Combines Data Across Multiple Domains to Enable Simulation DIFFERENTIATING DATA LIBRARY DOUBLES IN SIZE EACH YEAR 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 Source: Benson Hill. Data Library Foo 24 Predictive and Prescriptive AI/ML Enables exploration and optimization Do 00 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 00 Breeding Targets Genomic selection with prescriptive parents Crop Performance Simulating optimal environmental conditions#25BENSON 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 ANALYTICSI 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% 25 Fuse powered by CropOS® >18 million gene expression measurements covering 560 tissues and timepoints across 5 crops#26BENSON 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 be operational by the end of 2021. Build Crop Accelerator ● 26 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#27BENSON HILL ROBUST PRODUCTION AND RESEARCH FOOTPRINT 110 50k Source: Benson Hill. CO Research Sites Research Production Lines Assessed Per Year Across 268 70 Production Sites Growing Environments Test 27 Environmental and Genetic Models Optimize Field-Specific Product Outcomes RESULTS IDENTIFY FIELDS WITH PROTEIN LIFT (30 – CropOS® fuses important information from drone and satellite imagery, farmer- contributed data, agronomist sampling and batch sampling at processing plant#28BENSON HILL Intellectual Property Protection in Three Fundamental Areas Variety Protection 76 granted or pending patents Gene Trait 81 granted or pending patents Enabling Technology and Method 30 granted or pending patents Past Investments Provide a Competitive Lead in Plant Innovation The commodity food system can take approximately 6-10 years to improve crops with quality attributes and requires: 2 1 Genetic synergy to create the right germplasm 3 Breeding at scale to bring new crops to market Technology synergy for reliable data to enable breeding 4 Different seed business model for quality traits beyond farm gate 28#29BENSON HILL It's More Than a Job - It's a Mission Unlocking the natural genetic diversity of plants is an untapped resource to improve the food system Source: Benson Hill Data Science Data Analytics & AI/ML Plant Science Cutting-Edge Plant Genomics CropOS® Food Science Consumer-Centric Approach Innovation occurs at the boundaries of intersecting disciplines and skills G rr Source: St. Louis Agribusiness Club O 29 BENSON HILL DONALD DANFORTH PLANT SCIENCE CENTER 975 NOKUH WAKSON ROAD Headquartered in St. Louis with access to 50% of US agriculture production within 500 miles Deliveries 1001 N. Warson d +100 Maldi#30BENSON HILL Case Studies and Innovative Go-to-Market Strategy 30#31BENSON 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) 31 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)#32BENSON 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. Human Food Protein Ingredient(3) (Planting in 2021) 3. Enriched Protein Content Eliminates Processing Step (3) For human food derived from Benson Hill's Ultra High Protein™ soybeans 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) 32 >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)#33BENSON 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 ✓✓✓ ✓ ✓ ✓ 33 ✓ PPI Replacement Benson Hill Genetics Benson Hill Pea Protein Concentrate ~61-65%(2) ✓✓✓ ✓ ✓ ✓ ✓✓✓ ✓✓✓#34BENSON 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 TFF ● ● Acreage Grower relationships Data library Simulation • Crop genetics CropOS* ● Processor/ Wholesale Supplier Removal of steps Processing capabilities Responding to customer needs Yoi AD Consumer Food/ Beverage Company 34#35BENSON HILL Built Organizational Infrastructure and Leadership Team for Future Scale Top-tier talent from across the value chain with 350+ years of AgriFood experience Business Unit infrastructure to capitalize on go-to- market plans Independent Board Member experience and leadership Scientific Advisory Board (SAB) Source: Benson Hill. 35 BENSO#36BENSON HILL Accessing the Most Critical Elements Across The Value Chain The right people, relationships and infrastructure are enabling an integrated model for efficient execution and commercialization Oo[ You Source: Benson Hill. Farmer Wholesale Supplier Processor/ Strategic partnerships and company owned-assets help deliver and catalyze demand for innovative food, feed and ingredient products Food Company/ Retailer Established and new grower relationships built on attractive market opportunities and optimizing farm operations Consumer Established food company and retail (primarily grocer) relationships provide pool of early- adopters of tech-enabled/next-generation products, advanced customer and consumer insights and innovative product stickiness 36 Central to Benson Hill's strategy - meeting consumer demand through seeds made better from the beginning#37BENSON 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 37#38BENSON 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 farmers plus processing costs Medium Step 3 Broad Adoption BENSON HILL BENSON HILL (1) BENSON HILL (¹) De minimis Provide the seed, keep portion of upside to commodity products Net % of product upside 38 Lowest (Greatest capital efficiency)#39BENSON HILL Our Business Today Description Products (Proprietary Pipeline*) End-Markets TAM Current Customers ● ● ● ● BENSON HILL • ~150,000 acres in 2021 (providing revenue visibility into 2022) ● ● INGREDIENTS Ingredients provider to fast growing end markets 10+ year grower relationships Human food grade, including non-GMO & Kosher certified options, and animal feed Soybean meal* Soy white flake* Soy oil* ~$170bn (1) ● ● Plant-Based Foods, Cooking Oil, Animal Feed, Pet and Aquaculture Nestlé PURINA. BLUE Pea protein concentrate Split peas Pea flour and fiber Simmens ROYAL CANIN BUNGE S STRATAS FOODS. WILBUR-ELLIS® ● ● ● ● Cucumbers Sweet peppers Squash Other fresh vegetables Fresh Fruits and Vegetables ● BENSON HILL ● 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 ~$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. 39#40BENSON HILL Advancing the Food System with Purpose (Environmental, Social and Governance) 40#41BENSON HILL ESG is Embedded in Product Impact, Culture and 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 Accelerating growth of plant-based meat industry Potential lower carbon and water use at processing, 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 Dedicated Head of Sustainability & ESG to drive strategy company-wide 41#42BENSON HILL Internal Strategic Framework Creates Focus and Prioritizes Critical ESG Issues within Key Functions Table Stakes Management Source: Benson Hill. Footprint C People 食 Strategic Impact Farm Products 42 Processors#43BENSON HILL Unlocking 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) ● Benson Hill's products and integrated model are expected to contribute to food system sustainabili Connecting farmers with consumers enables revenue potential and social good through ecosystem service markets Alleviating supply chain constraints enables plant-based protein to scale Reducing protein ingredient processing and cost: ● ~50% reduction of CO₂e (²) • ~70% reduction of water(2) ● ● ● Product Impacts Improving quality and affordability of plant- based meat options Simplifying ingredient list Improving digestibility in animal agriculture feeds ● 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 43 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.#44BENSON HILL Building Internal Processes to Collect and Validate Material ESG Data to Inform Strategic Decision Making and Stakeholder Reporting ● ● Robust Data Collection Agronomic & Processing Data Human Capital Comparative Metrics Aligned with Industry Frameworks Cool Farm Tool Partnership GHG Assessments YG Reporting Tools for Stakeholders ● ● Investors Customers Growers 2 6 SUSTAINABLE DEVELOPMENT GOALS ZERO HUNGER 12 SSS CLEAN WATER AND SANITATION RESPONSIBLE CONSUMPTION AND PRODUCTION сто LIFE 14 BELOW WATER ▶ 3 GOOD HEALTH AND WELL-BEING Wo 8 DECENT WORK AND ECONOMIC GROWTH M 13 15 CLIMATE ACTION LIFE ON LAND Our business strategy aligns with ESG outcomes 44#45BENSON HILL Inflection Point for Growth 45#46BENSON HILL Introduction to Benson Hill's Economic Model Ingredients Segment ~30-40% Gross Margins As commercialization ramps 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 ● BENSON HILL INGREDIENTS Source: Benson Hill. Fresh Segment High Teens Gross Margins Steady single digit revenue growth Integrated grower of fresh vegetables, delivering product to high quality customer base ● ~50% >90% Gross Margins Gross Margins (Partnerships) (Royalties) Evolution as We Scale Production Partnership and Royalties BENSON HILL ● Developing proprietary products for longer term growth (upside to forecast model) Stable economics, lower expected growth than other segments FRESH 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 46#47BENSON HILL Robust Growth Driven by Existing Products Revenues by Segment ($mm) $ 102 $6 $41 $ 56 2020A (1) $127 $4 $ 60 $64 2021E $ 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 $80 2027E Partnerships/Royalties ~100% CAGR Ingredients ~49% CAGR Fresh 47 ~5% CAGR#48BENSON HILL Expect Significant Gross Margin Expansion Over Time Gross Profit by Segment ($mm) Blended Gross Margin % $32 Fresh $74 Ingredients $212 $372 $12 $12 $2 2020A¹2021 2022 2023 2024 2025 2026 2027E $703 Partnerships/Royalties Ingredients and Partnerships/Royalties drive gross profit growth Source: Benson Hill. (1) Excludes contribution from a business divested in 2020. 12% (1) 9% UHP INVESTMENTS 13 % 1% PARTNERSHIPS AND ROYALTIES 21 % 38 % FRESH 43% 48 % 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E Investment in UHP over next three years enhances gross margin expansion UHP Costs ($/st) (Indexed) 100% 2022 UHP Cost ($/st) (30%) YE '22 (15%) YE '24 (30%) ¹22-¹24 White Flake Texturization Protein Capital Capital Content Investment Investment Improvements 25% 48 2025 UHP Cost as % of 2022 ($/st) Investment in integrated approach and continued innovation allow for greater control of production costs#49BENSON HILL Key Performance Indicators Percentage of Total Revenue 45 % (1) 2020A $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 $506 2027E 49#50BENSON HILL Delivering Growth with Rapidly Expanding Margins ($mm) Revenue YoY Growth Gross Profit Gross Margin Research Expenses Development Expenses (²) G&A Expenses Other Operating Expenses EBITDA EBITDA Margin Capex Memo: Acreage (2) YoY Growth Ingredients and Partnerships/Royalties Revenue Yo Y Growth % of Total Revenue 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) NM ¦ $ 60 I 2022E 150,975 26% $63 36% 50 $ 161 27% $2 1% $22 22 30 37 ($87) NM $41 2023E 247,094 64 % $96 52% 59 $ 251 55 % $ 32 13% $23 23 34 41 ($64) NM 2024E $26 Ultra High Protein Soybeans(3), Fresh, Yellow Pea Investments 327,172 32 % $ 182 91% 73 $ 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% $15 747,719 53 % $ 487 76% 87 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. (3) CAPEX primarily for Human Food Protein Ingredient 2026E $ 862 54% $ 372 43% $30 30 48 55 $239 28% $5 1,228,023 64 % $ 785 61 % 91 2027E $ 1,472 71% $ 703 48 % $32 32 53 60 $556 38 % $5 1,919,975 56 % $ 1,392 77% 95 50#51BENSON HILL In Conclusion: Building a Modern Food Company 51#52BENSON HILL A Expansive Platform Opportunity Food Made Better From The Beginning CropOS COROS 0000) Ⓡ 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 Longer-term: Building scale as CropOS® deployed to drive innovation across sustainability-driven food & health trends within a $5T TAM² agri-food industry, including: Plant-Based Meat Health & Beauty Today's Focus Aquaculture Animal Feed & Pet Food Other Functional Food Ingredients Investing Today Soybean Yellow Pea Fresh Produce 52 Controlled Environment / Indoor Agriculture 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.#53BENSON HILL Investment Thesis 1. Significant and Growing Addressable Market Source: Benson Hill. 2. Unique and Proprietary Innovation Engine: CropOS Ⓡ 3. Capitalized for Growth 4. Rapidly Growing Revenue at Commercial Inflection 5. Pure Play ESG Opportunity 53#54BENSON HILL Appendix 54#55BENSON 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 1:0 Energy Storage Electric Vehicles T 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 ~$5tn(4) 55 Benson Hill fits Star Peak's mission to provide growth capital to market-leading businesses focused on improving sustainability and reducing global GHG emissions CropOSⓇ Ingredients and Food + Partnerships and Royalties De-Carbonize Food + Improve Human Health#56BENSON HILL Serviceable Addressable Market Overview ($ in billions) 4.3 UHP Soy for Plant-Based Meat 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 '20E '21E '22E '23E '24E '25E '26E '27E '28E '29E '30E 0.49 0.49 0.50 0.50 0.51 0.52 0.52 0.53 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 56#57BENSON 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 ~$625mm gross proceeds to balance sheet (assuming no redemptions) to fund growth(2) Pro Forma Ownership at $10/Share(¹) Star Peak Public Shareholders 19.4% PIPE Shareholders 10.9% Star Peak Sponsor 4.9% (1) Sources and Uses Sources Committed Equity PIPE Star Peak Trust Benson Hill Shareholder Equity Rollover Total Sources Pro Forma Valuation (¹) ($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 57 % 67.4 % 2.5 1.7 28.4 201 $10.00 $ 2,008 (657) $ 1,351 Source: Benson Hill. Star Peak. (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 option holders 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. (2) Gross proceeds are comprised of Star Peak II $403 million of cash in trust, assuming no redemptions, and an oversubscribed and upsized $225 million common stock PIPE at 10.00 per share. % 64.8 % 20.0 4.0 11.2 100.0 %#58BENSON 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® Biotech 6 TWIST BERKELEY BIOSCIENCE LIGHTS Ginkgo Bioworks zymergen Ⓡ ✓ 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 TM 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 58#59BENSON 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™ 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 24 x - 41 x(6) Higher Growth Companies Ag Tech CODEXIS Low amyris calyxt High Medium / High ~ 5% - 20% ~ 40% - 70% 6 x - 10 x High ΝΑ TWIST Biotech 10x GENOMICS Low BIOSCIENCE 6 BERKELEY LIGHTS High Ginkgo Bioworks(2) ~ - 25% -51% Medium / High ~ 40% - 80% 12 x - 44 x ΝΑ z zymergen Ⓡ High Slower Growth Mature Companies Ag / Specialty Ingredients CORTEVA agriscience novozymes CHR Other Ingredients (1) Low Medium Low / Medium - 5% ~ 50% 2x-9x High 12 x - 23 x Source: Benson Hill, Bloomberg, CapIQ, IBES consensus estimates and company disclosures; market data as of 1-Jun-2021. (1) Other Ingredients reflects average for AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. (2) AppHarvest and Ginkgo Bioworks 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. 59#60BENSON 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% '21E '22E 39% ¹21E ¹22E ¹23E '24E '25E ¹26E '27E '21-'27 CAGR 13% '23E 61% 54% 21% 71% 38% 50% 43% 48% '24E ¹25E '26E '27E '21E-'23E CAGR Peer Median: 95% 151% NM Food Tech AeroFarms (3) ΝΑ AppHarvest(2) 39% CY 2023E GM Peer Median: 27% AA Beyond Meat AppHarvest(2) 19% (3) AeroFarms 34% 6% calyxt Peer Median: 11% 47% Higher Growth Companies Ag Tech calyxt 11% amyris Peer Median: 62% 20% 62% CODEXIS 68% amyris CODEXIS NM z zymergen ΝΑ Peer Median: 33% 26% Biotech TWIST 10X GENOMICS 44% 33% 34% z Ginkgo Bioworks(2) zymergen Peer Median: 47% 47% TWIST 6 BERKELEY LIGHTS BIOSCIENCE 73% 6 BERKELEY LIGHTS 51% Ginkgo Bioworks(2) 79% Slower Growth Mature Companies Ag / Specialty Ingredients 4% Peer Median: 5% novozymes 4% Other 10x GENOMICS Ingredients(1) Other CORTEVA Ingredients(1) agriscience Peer Median: 49% 38% 42% 5% CORTEVA ogracience 8% CHR 57% 59% Beyond Meat Source: Benson Hill, Bloomberg, CapIQ, IBES consensus estimates and company disclosures; market data as of 1-Jun-2021. (1) Other Ingredients reflects average for AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. (2) AppHarvest and Ginkgo Bioworks projections based on management forecast per latest investor presentation. (3) AeroFarms metrics based on management forecast per latest investor presentation. novozymes CHR 60#61BENSON HILL Benson Hill's Implied Revenue Multiples Are at a Discount to Public Market References EV/ Revenue ¹21E '22E '¹23E '24E '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: 29x 11x 66 x H A Beyond Meat AppHarvest(2) CY 2023E EV / Revenue 8x 29x Peer Median: 11x 11x A Beyond Meat AppHarvest(2) AeroFarms (3) 16x Peer Median: 13x 12x (3) Higher Growth Companies Ag Tech CODEXIS 6x 13x amyris 26x calyxt Peer Median: 10x 10x 10x 22x CODEXIS 6 - LIGHTS 12x zymergen Peer Median: 29x 28x AeroFarms calyxt amyris Z 6 Biotech 17x TWIST Z BIOSCIENCE zymergen 30x BERKELEY LIGHTS Peer Median: 20x 35x GENOMICS 23x 23x 87 x 10X TWIST GENOMICS 44x Slower Growth Mature Companies Ginkgo Bioworks(2) Ag / Specialty Ingredients 2x Q Other Ginkgo CORTEVA Ingredients(1) agriscience Bioworks(2) Peer Median: 6x 4x 2x 3x 9x novozymes Peer Median: 6x Other CORTEVA Ingredients(1) agriscience 8x novozymes 9x CHR 9x CHR 61 Source: Benson Hill, Bloomberg, CapIQ, IBES consensus estimates and company disclosures; market data as of 1-Jun-2021. (1) Other Ingredients reflects average for AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. (2) AppHarvest and Ginkgo Bioworks projections based on management forecast per latest investor presentation. (3) AeroFarms multiples based on Spring Valley Acquisition Corp deal value EV and management forecast.#62BENSON 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 62#63BENSON 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 Yevgeny Fundler Chief Legal Officer 25 years of experience as a strategic leader and legal counsel delivering business-focused solutions DeAnn Brunts Chief Financial Officer Experienced public company board member, CFO and corporate development leader Adam Javan Chief Strategy Officer 25+ years of experience in business analytics and technology innovation Natalie DiNicola Chief of Staff 20+ years in the AgriFood industry with experience in business strategy, development and sustainability Kelly Fischer Chief People Officer 14 years in HR with expertise in project leadership, talent strategy, and change management Jason Bull Chief Technology Officer 20+ years of experience unlocking synergies between genomics and data science TECHCROPS INTERNATIONAL B&G BAYER BAYER THE CLIMATE CORPORATION Kellogg's XPURINA intrexon X AITX™ OBJECT COMPUTING REIMAGINE TOGETHER pwc Solae PERDUE. LESAFFRE 63#64BENSON 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 3 PIONEER CORTEVA G/ Alphabet W WHEATSHEAF CHARLOTTE'S WEB STANLEY BROTHERS STAR PEAK Del Monte Quality 64 A DUPONT COMPANY B&G B&G FOODS, INC. pwc#65BENSON 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 Ø ADM ASI ВТІ Natural Selection, Inc. BOYCE THOMPSON INSTITUTE LOCUS BIOSCIENCES UNIVERSITY OF CALIFORNIA 65 UNIVERSITY OF MINNESOTA WASHINGTON STATE UNIVERSITY Genus#66BENSON 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 66 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#67BENSON 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 67 Protein fraction from a soybean processing that is used primarily 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#68BENSON 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 888 68 $ 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)#69BENSON 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 69 $(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#70BENSON 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 70 $ 9,743 100,334 14,271 13,040 3,061 140,449 31,624 34,117 24,083 1,512 $ 231,785#71BENSON 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 71 $ 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