LanzaTech's Pathway to Decarbonization Pitch

Peer Benchmarking Relative EV/ Revenue and EV/EBITDA Valuations EV / 2024E Revenue 31.1 x 20.7 x Median Synthetic Biology 7.2 x Sustainable Materials/Fuels Decarbonization Enablers 7.3 5.0 15.3 x LanzaTech: 4.2 x 8.0 x 7.7 x 7.3 x 7.2 x 5.0 x 2.7 x 2.1 x 1.5 x 1.0 x ITM POWER *gevo POWER GINKGO BOWORKS ORIGIN novozymes -chargepoin+ amyris NESTE stem EV / 2024E Adjusted EBITDA EV / 2025E Revenue Synthetic Biology Sustainable Materials / Fuels Decarbonization Enablers Median Synthetic Biology Sustainable Materials/Fuels Decarbonization Enablers 4.8 x 1.7 3.4 7.5 x 6.6 x LanzaTech: 2.6 x 5.3 x 4.8 x 3.4 x 1.7 x 1.6 x 1.5 x 1.2 x 0.8 x ITM POWER *gevo novozymes PLUG POWER WORKS -chargepoin+ ORIGIN amyris ΠΕΣΤΕ stem 274.2 x 187.2 x 145.6 x Median Synthetic Biology Sustainable Materials/Fuels Decarbonization Enablers 20.0 x 10.0 96.5 x 99.7 53.7 x LanzaTech: 22.8 x 20.0 x 11.5 x 10.0 x 8.6 x NM NM NM GINKGO ROWORKS -chargepoin+ POWOD 枭 novozymes stem NESTE amyris TMPOWER ORIGIN *gevo LanzaTech EV / 2025E Adjusted EBITDA Median Synthetic Biology Sustainable Materials/Fuels Decarbonization Enablers 17.4 x 10.0 31.2 47.3 x LanzaTech: 7.2 x 31.2 x 18.2 x 17.4 x 14.7 x 13.9 x 10.0 x 6.2 x 5.7 x 5.5 x ITM POWER -chargepoin+ PLUG P 名 novozymes GINKGO WORKS *gevo NESTE ORIGIN stem amyris Source: Public disclosures, Capital IQ, Bloomberg and IBES Estimates; market data as of 02-Mar-20221 Note: Assumes Enterprise Value for Lanza Tech of $1,815mm. Lanza Tech Adjusted EBITDA adds back stock-based compensation and includes Lanza Tech's share of LanzaJet's Net Income. EBITDA measures may not be directly comparable between companies presented. 46

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