LanzaTech SPAC Presentation Deck

Peer Benchmarking Relative EV / Revenue and EV / EBITDA Valuations 9.5x gevo 118.0x 8.7x POWER 7.6x 56.4x Hi POWER 35.3x stem 6.4x EV / 2024E Revenue -chargepoin+ 17.6x novozymes $ 6.3x LanzaTech 8 novozymes 4.6x 15.2x ORIGIN EV / 2024E Adjusted EBITDA 10.8x amyris NESTE T Synthetic Biology Sustainable Materials / Fuels Decarbonization Enablers 3.2x 3.1x 2.8x LanzaTech: 5.0x дали NM -chargepoin+ Median NM stem GINKGO BIOWORKS Synthetic Biology Sustainable Materials / Fuels Decarbonization Enablers Median 2.4x amyris NM gevo 6.3x 4.6x 3.2x LanzaTech: 29.9x NM K 1.7x NESTE 16.4x 10.8x 45.9x NM ORIGIN 6.1x POWER 60.9x 5.7x GINKGO BOWORKS * novozymes -chargepoin+ 57.0x 4.9x 28.8x 4.4x EV / 2025E Revenue JITAH -chargepoint 2.5x H PORTUG 27.0x 25.6x 2.1x 2.0x -JITH gevo EV / 2025E Adjusted EBITDA ⒸUSTOM 16.8x Synthetic Biology Sustainable Materials / Fuels Decarbonization Enablers Synthetic Biology Sustainable Materials / Fuels Decarbonization Enablers 16.3x Median LanzaTech: 2.4x 1.7x 1.6x * stem NESTE amyris CORIGIN Synthetic Biology Sustainable Materials / Fuels Decarbonization Enablers 10.6x Median 1.2x 1.2x LanzaTech: 7.5x 9.5x 4.4x 1.7x 2.1x 8.0x stem novozymes NESTE gevo amyris Source: Public disclosures, Capital IQ, Bloomberg and IBES Estimates; market data as of 08-Sep-2022 Note: Assumes Enterprise Value for Lanza Tech of $1,734mm. LanzaTech 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. 16.3x 9.5x 27.0x 7.9x ORIGIN 46

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