LanzaTech's Pathway to Decarbonization Pitch

Fully Distributed Enterprise Value Sensitivities ($ in millions) $ 1,815 8.0x-12.0x Midpoint A 38% $ 3,007 $ 2,005 Implied Transaction Value Sustainable Materials/Fuels LanzaTech Enterprise Value / 2025E EBITDA 15.4x-19.4x Midpoint A: 140 % $ 4,853 $ 3,851 29.2x-33.2x Midpoint A: 330 % $8,309 $ 7,307 Synthetic Biology Decarbonization Enablers Source: Lanza Tech management, Bloomberg, Capital IQ, and company disclosures; market data as of 02-Mar-2022 Note: Midpoint based on Lanza Tech peer median. Peer median excludes negatives. 47

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