AgroFresh SPAC Presentation Deck

Valuation Benchmarking Boulevard will acquire AgroFresh at a meaningful discount to peer trading levels. Firm Value / 2015E(1) EBITDA Food / Ingredients Specialties 8.7x TM 10.0% AgroFresh 2015E FCF Yield(2) 21.2x TM 20.7x CHR HANSEN novozymes 2.4% 2.8% 15.8x CHR HANSEN Median: 18.2x 13.3x FRUTAROM NATUREX Botanical netts Median: 2.8% (3) 3.9% 2.9% Service Oriented Comps FRUTAROM NATUREX FOUNDER TREN matrical s Median: 13.9x 13.9x ECOLAB Median: 3.9% 3.9% High Margin / High Value Specialties ECOLAB 13.9x Victrex® 3.0% Median: 13.7x CRODA 13.7x 13.2x CRODA BALCHEM Real People Real Stierce lealResults Median: 3.7% 3.7% 4.6% 15.0x BALCHEM Real People Real Science Real Results AgroFresh syngenta FMC Victrex® novozymes Source: Public filings, Wall Street Research, and FactSet as of 6/09/2015. (1) EBITDA forecast for 2015 excludes depreciation and amortization, certain tax related items, acquisition-related costs for integration and transition, and R&D spending for certain projects that are not expected to continue at current levels. The 2015 EBITDA forecast reflects estimates for stand-alone costs outside the Dow ownership structure as if the acquisition had occurred on Jan 1, 2015. (2) FCF Yield or Free Cash Flow Yield is defined as (Cash Flow from Operations - Capex) / Equity Value. AgroFresh's Cash Flow from Operations calculated as EBITDA less cash interest (assumed rate of 5.25%), less cash taxes (assumed rate of 37%), less increase in working capital. 26 (3) Based on LTM Cash Flow from Operations. "Pure-Play" AgChem Comps 3.6% 14.5× syngenta PLATFORM SPECIALTY 3.9% Median: 13.2x PRODUCTE CODPORATION MONSANTO 11 8x 4.2% 14.5x Median: 4.0% MONSANTO FMC 5.7% PLATFORM SPECIALTY PRODUCTE CORPORATIDA CashAgroFresh™

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