AeroFarms SPAC Presentation Deck

Models 6 & 7 Financial Performance Pathways: COGS Higher yields, as illustrated on the prior slide, create meaningful operational leverage in AeroFarms' cost structure. Additionally, COGS savings over time are expected to drive higher margins, cash flows and returns on capital. Total COGS Labor Utilities Packaging Materials Supplies and Other Depreciation Rent AEROFARMS % Total COGS (Model 5 Farm, approximate) Cost Absorption Created by Higher Yield Higher Yield → Lower cost per lb. Med Low High I COGS Cost Reduction Opportunity Low Med N/A High Drivers COGS savings expected to come from scale, automation, design optimization Automation LED efficiency, environmental control technology, optimization Scale Scale and operational optimization See next slide for Farm CapEx Cap rate 54

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