AeroFarms SPAC Presentation Deck

Projected Farm Unit Economics Summary AeroFarms has estimated future farm unit-level economics based on current farm performance and improvements enabled by continuing development of technology. Model 5 has estimated economics based on AeroFarms' April 2021 design for new farms Model 6 is "performance spec” based, represented by the equivalent performance of a farm having (relative to the Model 5): 10% higher revenue, 10% lower COGS (excl. rent and depreciation), and 10% lower capex (incl. tenant improvements) Model 7 represents the equivalent financial performance as a farm with further 10% improvements vs. Model 6 Key Assumptions¹ Gross Profit EBITDA² Unlevered IRR2,3 Cash-on-cash Return4 (Run-rate EBITDA / Total Project Capital) Total Project Capital4 Annual Revenue Source: Management MODEL 5 (Current) $8 million / 32% $9 million / 34% -15% -16% $52 million $25 million MODEL 6 (March 2022) $12 million / 42% $12 million/ 42% ~22% -25% $47 million $28 million MODEL 7 (September 2023) $16 million / 51% $15 million / 49% -31% -35% $43 million $31 million Description Includes depreciation of fixed assets Includes corporate SG&A allocation Unlevered farm return, with corporate SG&A allocation Simplified measure of return on capital Includes working capital and tenant improvements but excludes leased real estate Levers for increase: yield, product mix, price ¹ Represents 48-grow tower farm economics for each Model 5/6/7. Business plan includes farms of 48 grow towers and large farms of 144 grow towers, sequenced in a rollout of Model 5 farms (current design for new farms), AEROFARMS Model 6 farms (financial close beginning March 2022), and Model 7 farms (financial close beginning September 2023). Values are at operational stabilization of a farm; 2Assumes illustrative SG&A allocation to support farm operations; the AeroFarms consolidated projections carry this SG&A allocation and additional corporate SG&A; 3 Projected 20-year unlevered IRR of the farm .4 Excludes leased building cost. 52

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