AgTech & Sustainable Food Market Update

Q2 2021

Precision Software & Innovative Crop Science Sustainable Food Agriculture Sensing Farming

© Nomura AgTech & Sustainable Food News & Transactions

Corporate ■ AppHarvest, a controlled-environment agriculture platform, announced it has secured a Announcements financing agreement with Equilibrium Capital for $91mm (Press Release) ■ Artemis, an indoor farming analytics provider, released its annual State of Indoor Farming report which predicts indoor growers adding approximately 544 acres to North America’s indoor farming industry over the next 5 years (Press Release) ■ BASF Agriculture Solutions, the agriculture arm of the Germany-based chemical Nomura Greentech’s company, announced approval by merger control authorities for its joint venture with Take: Bosch to globally market and sell smart farming technologies (Press Release) ■ There is strong momentum in the ■ Beyond Meat, a manufacturer of plant-based burgers and sausages, announced the controlled- opening of its new production facility in China to accelerate localized production and environment farming innovation in one of the fastest growing alternative protein markets (Press Release) sector as institutional investors seek more ■ Cargill is building a $200mm palm oil refinery in Indonesia to accelerate its efforts in sustainable ways to developing a sustainable palm oil supply chain (Press Release) invest in and scale ■ Eat Just, producer of plant-based food products that has sold the equivalent of 100mm agriculture through eggs in 2021, is contemplating going public at a $3bn valuation (The Beet) real assets ■ Enko, a crop health platform, announced a partnership with Bayer to apply a drug discovery approach to develop diverse chemistries for crop protection (Press Release) ■ Equilibrium Capital, a sustainable finance funds manager, closed its second indoor agriculture fund at $1bn+, well beyond its $500mm target (Press Release) ■ Impossible Foods, a plant-based food company, is preparing to go public within the next 12 months via an IPO or a merger with an already-listed SPAC (Reuters) ■ Intelligent Growth Solutions, a U.K.-based vertical farming technology provider has partnered with Madar Farms, which cultivates a variety of indoor crops with the objective of enhancing food security in the Middle East (Zawya by Refinitiv) ■ Nutrien, a Canada-based fertilizer company, unveiled a portfolio approach to its 2021 North American carbon pilots to identify the best path to successfully scale its carbon program while engaging a broad base of key industry partners (Press Release) ■ Oatly, a Sweden-based producer of alternative protein products, priced its initial public offering at $17 per share, at the top of its indicated range, raising $1.4bn (Press Release) ■ Oatly, a Sweden-based maker of plant-based milk, is investing S$300mm alongside, Yeo’s, a Singapore-based beverage firm, to build a new factory in the city-state as it sets its sights on expanding into the growing Asia Pacific region’s market (Business Times) ■ Perfect Day, an alternative diary startup that ferments component dairy proteins such as whey and casein from fungi, unveiled a new advisory board (Pres Release) ■ Shenandoah Growers, an indoor farming platform, announced the addition of a new CEO and CFO bolstering its Executive Leadership team (Press Release) ■ Zymergen, a bio-manufacturing platform, provided a business update regarding issues with its commercial product pipeline impacting revenue projections (Press Release)

COVID-19 Update ■ Tyson Foods announced a requirement for its team members at U.S. locations to be fully vaccinated by October 1, 2021, subject to ongoing union discussions (Press Release) Regulatory Update ■ CEA Food Safety Coalition launches the first-ever certification standard for indoor-grown leafy greens backed by science-based criteria (Press Release) ■ Meatpackers are in the crosshairs of U.S. lawmakers as ranchers complain that beef processors are abusing market power to gain out-sized margins (Bloomberg)

Note: Companies are U.S.-based unless indicated. Source: FactSet, PitchBook, Public Disclosures. 1 AgTech & Sustainable Food Transactions Summary

Capital Raises Amount Date Company Raised ($mm) Disclosed Investors Company Description

BOND, Acre Venture Partners, Congruent Producer of alternative meat products utilizing Jul. 29 Meati Foods $50 Ventures, Prelude Ventures, Tao Capital fungi and fermentation

Technology-enabled platform serving the Jul. 28 Colvin $53 Capagro, Eurazeo floriculture industry

Breakthrough Energy Ventures, Hillhouse Capital Group, Footprint Coalition, Jul. 22 Nobell Foods $75 AgFunder, a16z, Pear VC, New Crop Producer of plant-based cheese Capital, Germin8 Ventures, Fifty Years, Mission Bay Capital

Radical Ventures, Finistere Ventures, Jul. 21 ClimateAi $12 Predictive weather analytics platform Neotribe, AMECloud, ThirdStream Partners

Left Lane Capital, Insight Partners, Coatue Jul. 20 Choco $100 Ingredients procurement platform Management, Bessemer Venture Partners

SoftBank Vision Fund II, Blackstone Strategic Partners, Balyasny Asset Alternative protein platform utilizing microbes that Jul. 19 Nature's Fynd $350 Management, Hillhouse Investment, EDBI, originated in the geothermal springs of the SK Inc, Hongkou Capital, Breakthrough Yellowstone National Park Energy Ventures

DCVC, Temasek, Generation Investment Management, G2 Venture Partners, Rockefeller Capital Management, Jul. 19 Pivot Bio $430 Producer of microbe-based biological inputs Breakthrough Energy Ventures, Continental Grain Company, Prelude Ventures, Bunge Ventures, Tekfen Ventures

Supernova Invest, FMC Ventures, Sofinnova Jul. 08 Microprep $10 Developer of peptide-based biological inputs Partners, IRDI Capital Investissement

L Catterton, DisruptAD, BRF, Cargill, CJ Jul. 07 Aleph Farms $50 Israel-based producer of cellular meat CheilJedang, Thai Union

Yabeo Impact, Sony Innovation Fund, June Jul. 06 Agrando $14 Germany-based digital agriculture marketplace Fund, JLR Star

Note: Companies are U.S.-based unless indicated. Source: FactSet, PitchBook, Public Disclosures. 2 AgTech & Sustainable Food Transactions Summary

Capital Raises (cont.) Amount Date Company Raised ($mm) Disclosed Investors Company Description

SoftBank Vision Fund II, B. Riley, Chimera Jul. 05 Kitopi $415 Investment, Dogus Group, Next Play Capital, UAE-based cloud kitchen Nordstar

Czech Republic-based on-demand grocery Jul. 01 Rohlik $119 Index Ventures, Partech, Quadrille Capital delivery platform

Israel-based AI-driven technology platform that Phoenix, BASF, Fortissimo Capital, Jun. 22 Equinom $20 breeds and grows seeds with superior nutritional Maverick Ventures Israel, Trendlines qualities

Yara Growth Ventures, Chevron Technology Precision agriculture platform reborn as a soil Jun. 22 Boomitra $4 Ventures, Jerry Yang, Tom Steyer, Kat carbon marketplace Taylor

Nutreco, Olympic Investments, AXA IM Alts, U.K.-based alternative protein platform utilizing Jun. 20 ENOUGH $51 HAL Investments and Tailored Solutions, fermentation from fungi Scottish Enterprise, CPT Capital

Cambridge Capital, GLP, Next47, Pereg Logistics management platform for grocery, Jun. 18 Bringg $100 Ventures, Salesforce Ventures, Viola foodservice and other industries Growth, Shmuel Harlap

Ontario Teachers' Pension Plan Board, BlackRock, AiiM Partners, Wittington Ventures, Rethink Food, Rage Capital, Jun. 16 Motif FoodWorks $226 Producer of alternative protein food products Rellevant Partners, Breakthrough Energy Ventures, CPT Capital, General Atlantic, Louis Dreyfus Company, Viking Global

CDPQ, S2G Ventures, Akroyd LLC, KuE Digital platform offering integrated remote Jun. 09 Sentera $25 Capital, Continental Grain Company, iSelect sensing, analytics and IoT solutions to Fund, Middleland Capital agronomists

Seven Seven Six, Day One Ventures, Jun. 08 SIMULATE $50 Imaginary Ventures, NOMO Ventures, Chris Manufacturer of plant-based chicken products and Crystal Sacca

Fidelity, GIC, Chimera Investment, Baillie Gifford, SoftBank Vision Fund, Canada India-based food delivery-app-turned logistics May. 31 Delhivery $277 Pension Plan investment Board, Tiger platform Global Management

Note: Companies are U.S.-based unless indicated. Source: FactSet, PitchBook, Public Disclosures. 3 AgTech & Sustainable Food Transactions Summary

Capital Raises (cont.) Amount Date Company Raised ($mm) Disclosed Investors Company Description

Mirae Asset, Arkam Ventures, Better India-based fintech platform improving access to Capital, Blume Ventures, Nabventures, May. 30 Jai Kisan $30 credit for smallholder farmers, suppliers and Prophetic Ventures, Syngenta Group service providers Ventures

Robotic platform that automates the process of May. 26 TerraClear $25 Madrone Venture Group removing rocks of all sizes from farmers' fields

Fidelity Management & Research, Amplo, Gaingels, GV, General Catalyst, GGV Capital, Temasek, Groupe Artemis, Formula May. 25 Bowery $300 One driver Lewis Hamilton, basketball player Controlled environment agriculture platform Chris Paul, actor Natalie Portman, singer- songwriter Justin Timberlake, chef Jose Andres

Flagship Pioneering, Stage 1 Ventures, Agriculture biotech platform focusing on tackling May. 25 Invaio Sciences $89 Bluwave Capital, Alexandria Venture crop health challenges Investments

Collaborative Fund, AgFunder, BOPU, BoxGroup, Decent Capital, Embark Developer of more sustainable nitrogen fertilizers May. 25 Kula Bio $10 Ventures, iSelect Fund, Lowercarbon for crops Capital, Pillar VC, Grantham Foundation's Neglected Climate Opportunities Fund

G2VP, the World Bank's International Finance Corporation (IFC), Inter-American Fintech and digital marketplace agriculture May. 21 ProducePay $43 Development Bank's IDB Invest, Anterra platform Capital, CoVenture, Astanor Ventures, IGNIA, Finistere Ventures

MDI Ventures, AddVentures, UOB Venture Management, BRI Ventures, Flourish May. 21 TaniHub $66 Indonesia-based digital agriculture marketplace Ventures, Intudo Ventures, Openspace Ventures, Tenaya Capital, Vertex Ventures

Thursday Ventures, Creative Ventures, May. 21 Picnic $16 Pizza assembly startup Flying Fish Partners, Vulcan Capital

Astera Institute, Evans Properties, Trustbridge Partners, Jeremy & Hannelore Grantham Environmental Trust, SoBe, Blue Platform that works with farmers to plant May. 20 Terviva $54 Buffalo Pet Food co-founder Ron Edwards, pongamia trees on idle agricultural land that is Social Finance chair Brace Young and difficult to farm due to poor soil or water stress Landis Becker Young and Brace Young, others

Note: Companies are U.S.-based unless indicated. Source: FactSet, PitchBook, Public Disclosures. 4 AgTech & Sustainable Food Transactions Summary

Capital Raises (cont.) Amount Date Company Raised ($mm) Disclosed Investors Company Description

UBS O'Connor, Graphene Ventures, K3 Cellular agriculture division of alternative protein May. 19 GOOD Meat $170 Ventures platform, Eat Just

Ibex Investors, ProDelta, Future Foodways, Producer of mycorrhizal inoculants for commercial May. 13 Groundwork BioAg $11 MoreVC, Middleland Capital, Axess agriculture Ventures, BPD Agri

Ahren Innovation Capital, Accomplice, Transformational Healthcare Venture May. 11 Zoe $20 Personalized nutrition platform Capital, Daphni, American football stars Eli Manning and Ostadimma Umenyiora

Eileses Capital, BluePointe Ventures, AgFunder, True Blue Partner, Dheeraj Pandey (founder and ex-CEO of Nutanix), Technology-based freight platform that aims to May. 06 Hwy Haul $10 Girish Mathrubootham (founder and CEO of modernize the supply chain, connecting shippers Freshworks), Rajiv Batra (founder of Palo directly to carriers Alto Networks), Vivek Mehra (partner emeritus at August Capital)

Tyche Partners, Grantham Environmental Trust subsidiary Neglected Climate Platform offering GPS-enabled wearable collars to Apr. 28 Vence $12 Opportunities, Eniac Ventures, Trailhead facilitate rotational grazing Capital

Temasek, CITIC, Bits x Bites, BASF, Continental Grain Company, Suzhou Oriza China-based drone-maker with use cases across Apr. 26 EAVision $30 Holdings, Zhidao Capital, Songshan Capital, farm management and industrial-scale operations Yongxin Oriental

Continental Grain Company, Lewis & Clark Apr. 20 Bushel $47 AgriFood, Germin8 Ventures, Cargill, Grain trading platform Scoular, Consolidated Grain and Barge Co.

Viking Global Investors, 40 North, Standard Industries, AiiM Partners, Senator Apr. 15 Atlast $40 Alternative protein platform Investment Group, Stray Dog Capital, Footprint Coalition

Pontifax AgTech, Temasek, S2G Ventures, Pangaea Ventures, Rhapsody Venture Food waste reduction platform that extends the Apr. 13 Hazel Technologies $70 Partners, Asahi Kasai Ventures, Jordan Park shelf life of agricultural produce Group, Jeremy & Hennelore Grantham Environmental Trust

Lewis & Clark AgriFood, Root Ventures, Spero Ventures, Ceres Partners, Colorado Apr. 08 Tortuga AgTech $20 Harvest automation startup Impact Fund, AME Cloud Ventures, Morado Ventures, Grit Ventures, Remus Capital

Note: Companies are U.S.-based unless indicated. Source: FactSet, PitchBook, Public Disclosures. 5 AgTech & Sustainable Food Transactions Summary

Capital Raises (cont.) Amount Date Company Raised ($mm) Disclosed Investors Company Description

Singapore-based retail technology platform SoftBank Vision Fund II, BlackRock, Apr. 08 Trax $640 deploying a combination of technologies to OMERS, Innovation Growth Ventures optimize retail operations

Supernova Invest, Evolem Start, Holnest, Apr. 07 Smartway $12 France-based food waste reduction platform IDIA Capital Investissement, UNEXO

Goldman Sachs, Falcon Edge Capital, Amansa Capital, Think Investments, Apr. 06 Swiggy $800 India-based food delivery application Carmignac, Qatar Investment Authority, GIC, Accel, Prosus Ventures

Startup offering cover crops that can double as Apr. 01 CoverCress $8 Bunge Ventures, REG Ventures cash crops

Note: Companies are U.S.-based unless indicated. Source: FactSet, PitchBook, Public Disclosures. 6 AgTech & Sustainable Food Transactions Summary

M&A Transaction Value EV / EV / Date Target Acquiror ($mm) Revenue EBITDA Target Description

Provider of precision agriculture technology Jun. 21 Raven Industries CNH Industrial $2,100 6.0x 57.3x solutions

Farm management application aimed at row Jun. 16 FarmLogs Bushel ND ND ND crop operations

May. 13 Prospera Valmont $300 ND ND Israel-based crop analytics platform

May. 12 ImpactVision ApeelSciences ND ND ND Hyperspectral imaging startup

May. 05 Vivera JBS $409 ND ND Netherlands-based plant-based protein brand

Argentina-based agrometeorological Apr. 15 BoosterAgro Agrosmart ND ND ND application

Netherlands-based producer of mealworms for Apr. 13 Protifarm Ynsect ND ND ND human food applications

Apr. 08 Root AI AppHarvest $60 ND ND Indoor farming robotics platform

Announced SPAC Mergers 1

SPAC Transaction Implied EV / EV / 2 Date Company Sponsor Value ($mm) EV ($mm) 2023 Revenue 2023 EBITDA Company Description

Leo Holdings Jun. 23 Local Bounti $400 $757 8.9x NM Controlled environment agriculture platform III Corp

Soaring Eagle Synthetic biology platform founded by a group of MIT alumni May. 12 Gingko Bioworks $2,500 $15,164 44.5x NM Acquisition in 2008 Corp

Star Peak Developer of gene-edited and selectively bred versions of May. 10 Benson Hill $628 $1,351 5.4x NM Corp II crop used in alternative protein and animal feed production

Note: Companies are U.S.-based unless indicated. Source: FactSet, PitchBook, Public Disclosures. 1. Upon closing of the transaction, the target companies will become publicly listed. Date indicates date of merger announcement. 2. Transaction Value = SPAC cash in trust + PIPE proceeds. 7 AgTech & Sustainable Food Trading Comparables

Equity Enterprise Price as of % of 52 Wk Value Value(1) EV/EBITDA(2) EV/Revenue(3) Price/Earnings(4) Format Pull Company 7/30/21 High ($m) ($m) 2021E 2022E 2021E 2022E 2021E 2022E Chemicals, Life Science & Large Crop Bayer €50.29 86% $58,586 $101,981 7.9x 7.2x 2.0x 2.0x 8.3x 7.7x Corteva Agriscience $42.78 86% $31,798 $30,537 11.9x 10.5x 2.0x 1.9x 20.9x 17.5x FMC $106.95 87% $13,892 $17,174 13.0x 12.1x 3.4x 3.2x 15.8x 13.9x Nufarm A$4.31 77% $1,206 $1,773 6.4x 6.0x 0.8x 0.8x 23.4x 16.7x American Vanguard $16.51 74% $504 $655 11.8x 9.3x 1.3x 1.2x 23.3x 16.2x AgroFresh Solutions $1.95 64% $100 $460 7.2x 7.6x 2.7x 2.6x NM NM Mean 79% 9.7x 8.8x 2.0x 1.9x 18.3x 14.4x Median 81% 9.8x 8.4x 2.0x 1.9x 20.9x 16.2x

Seeds & Commodities Nutrien $59.40 91% $33,975 $43,664 7.0x 7.4x 1.8x 1.7x 12.1x 12.2x Archer-Daniels-Midland $59.72 87% $33,802 $38,701 8.7x 9.0x 0.5x 0.5x 12.5x 13.0x Bunge $77.63 85% $11,853 $19,515 8.5x 9.4x 0.4x 0.4x 8.8x 10.2x Yara NOK 465.30 94% $13,517 $16,045 5.9x 6.2x 1.2x 1.2x 11.0x 12.4x Mosaic $31.23 83% $11,970 $14,665 4.2x 4.6x 1.2x 1.3x 6.7x 7.9x Olam S$1.32 74% $3,168 $12,299 11.6x 10.7x 0.4x 0.4x NM NM KWS €70.90 89% $2,774 $3,503 11.9x 11.1x 2.2x 2.0x 19.7x 17.4x Vilmorin €56.60 90% $1,538 $2,962 6.6x 6.2x 1.6x 1.6x 13.3x 11.4x SunOpta C$13.14 63% $1,112 $1,395 19.2x 17.1x 1.7x 1.6x NM NM Benson Hill $9.94 89% $1,996 $1,351 NM NM 10.6x 8.4x NM NM Sakata Seed ¥3,580.00 87% $1,455 $1,291 11.4x 11.0x 2.1x 2.1x 17.2x 17.5x Mean 85% 9.5x 9.3x 2.2x 1.9x 12.7x 12.8x Median 87% 8.6x 9.2x 1.6x 1.6x 12.3x 12.3x

Industrial Biotechnology Cosan $17.32 83% $3,978 $12,779 8.3x 6.8x 2.6x 2.1x NM NM Darling Ingredients $69.07 87% $11,576 $12,128 9.4x 7.5x 2.6x 2.6x 16.8x 12.3x Ingredion $87.81 90% $5,962 $7,903 8.5x 8.2x 1.2x 1.1x 13.3x 12.5x Tate & Lyle £7.39 91% $4,831 $5,266 7.9x 7.7x 1.4x 1.3x 13.8x 14.4x Amyris $14.58 64% $4,940 $5,154 NM NM 12.9x 13.2x NM NM Renewable Energy Group $61.25 54% $2,975 $2,679 8.8x 9.5x 0.9x 0.9x 13.1x 16.4x Green Plains $35.36 100% $2,057 $2,366 16.9x 11.2x 0.9x 0.9x NM 35.7x MGP Ingredients $59.65 79% $1,307 $1,541 14.3x 13.4x 2.7x 2.4x 19.7x 20.1x Benchmark Holdings £0.56 83% $517 $600 21.9x 13.2x 3.3x 2.8x NM 46.3x Alto Ingredients $5.30 49% $381 $424 5.9x 4.3x 0.4x 0.4x 10.4x 5.2x Mean 78% 11.3x 9.1x 2.9x 2.8x 14.5x 20.4x Median 83% 8.8x 8.2x 2.0x 1.7x 13.5x 15.4x

Controlled Environmental Agriculture AppHarvest $11.92 31% $1,238 $1,042 NM NM NM NM NM NM Aerofarms $10.04 86% $1,241 $856 NM NM NM NM NM NM Local Bounti $9.87 98% $1,096 $757 NM NM NM NM NM NM Mean 72% NM NM NM NM NM NM Median 86% NM NM NM NM NM NM

Other Agricultural Products Wilmar S$4.35 78% $20,271 $37,622 11.1x 10.3x 0.7x 0.6x 12.8x 12.4x Marubeni ¥925.90 91% $14,673 $18,744 5.9x 5.8x 0.3x 0.3x 5.9x 5.7x CF Industries $47.25 85% $10,234 $16,033 7.2x 7.9x 2.8x 2.9x 10.8x 11.5x Scotts Miracle-Gro $176.96 70% $10,158 $12,280 14.0x 14.1x 2.5x 2.5x 19.5x 19.8x BayWa €38.65 92% $1,622 $7,265 11.9x 11.9x 0.3x 0.3x 26.3x 32.1x Central Garden & Pet $48.29 81% $2,688 $3,499 10.6x 9.7x 1.1x 1.0x 17.2x 15.8x Compass Minerals $68.56 96% $2,329 $3,450 11.7x 11.1x 2.9x 2.9x 30.1x 23.3x Tata Chemicals ₹763.60 93% $2,614 $3,018 10.7x 8.6x 2.0x 1.7x 25.1x 16.5x CVR Partners $64.51 96% $689 $1,294 18.1x 20.9x 4.3x 4.9x NM NM Alico $37.81 100% $284 $389 14.4x 11.3x 3.5x 3.2x NM 23.1x NWF Group £2.16 94% $148 $191 5.9x 6.2x 0.2x 0.2x 12.7x 12.0x Mean 89% 11.0x 10.7x 1.9x 1.9x 17.8x 17.2x Median 92% 11.1x 10.3x 2.0x 1.7x 17.2x 16.1x

Source: FactSet, SEC filings as of 7/30/2021. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Revenue Multiples exclude multiples over 15x. 8 4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. AgTech & Sustainable Food Trading Comparables (cont.)

Equity Enterprise Price as of % of 52 Wk Value Value(1) EV/EBITDA(2) EV/Revenue(3) Price/Earnings(4) Format Pull Company 7/30/21 High ($m) ($m) 2021E 2022E 2021E 2022E 2021E 2022E Equipment, Software & Services Deere & Company $361.59 92% $113,973 $153,625 18.9x 16.9x 3.8x 3.5x 19.5x 16.9x CNH Industrial $16.84 92% $22,919 $38,456 11.1x 9.9x 1.2x 1.1x 13.0x 11.7x Kubota ¥2,277.50 84% $25,067 $32,211 11.0x 10.5x 1.7x 1.6x 15.4x 14.6x Trimble $85.50 100% $21,734 $22,728 25.3x 23.2x 6.3x 5.8x 32.9x 29.6x Mahindra & Mahindra ₹743.20 80% $11,130 $17,242 14.9x 14.9x 2.2x 2.2x 22.7x 17.1x Toro $113.74 98% $12,386 $12,637 20.7x 19.0x 3.3x 3.1x 31.5x 27.9x AGCO $132.11 84% $10,027 $10,774 8.2x 7.7x 0.9x 0.9x 13.8x 12.5x Husqvarna SEK 120.50 93% $8,042 $8,106 9.2x 9.1x 1.6x 1.5x 18.2x 18.6x Valmont $236.95 90% $5,087 $5,962 14.0x 12.4x 1.7x 1.6x 21.9x 19.2x Raven Industries $58.25 98% $2,123 $2,114 NM 26.1x 5.1x 4.4x NM 44.3x Alamo Group $146.77 89% $1,747 $1,989 11.8x 10.5x 1.5x 1.4x 19.6x 16.4x Lindsay Corporation $160.69 92% $1,773 $1,772 21.1x 17.5x 3.0x 2.7x 36.8x 30.8x Jain Irrigation ₹32.35 93% $224 $985 22.4x 24.4x 1.4x 1.5x NM NM Origin Enterprises €3.44 83% $512 $753 8.1x 7.5x 0.4x 0.4x 8.9x 8.0x Iteris $6.23 82% $270 $251 26.4x 15.7x 1.9x 1.7x NM 31.9x Mean 90% 16.0x 15.0x 2.4x 2.2x 21.2x 21.4x Median 92% 14.4x 14.9x 1.7x 1.6x 19.6x 17.8x

Food Service Compass Group £15.21 92% $37,727 $41,198 17.1x 12.5x 1.5x 1.3x 42.5x 24.4x Aramark $35.13 83% $9,042 $16,446 17.8x 10.8x 1.3x 1.0x NM 18.9x Sodexo €71.90 83% $12,597 $16,014 10.1x 7.9x 0.7x 0.6x 26.9x 15.7x Elior Group €5.78 76% $1,192 $2,421 13.0x 6.9x 0.5x 0.5x NM 15.8x Mean 84% 14.5x 9.5x 1.0x 0.9x 34.7x 18.7x Median 83% 15.0x 9.4x 1.0x 0.8x 34.7x 17.3x

Distribution Sysco $74.20 86% $38,290 $47,138 15.3x 12.1x 0.8x 0.7x 33.0x 19.2x Associated British Foods £20.07 80% $22,041 $25,378 9.2x 7.2x 1.2x 1.1x 22.7x 13.7x US Foods $34.34 82% $7,727 $13,254 12.0x 9.3x 0.5x 0.4x 19.6x 13.2x Performance Food Group $45.82 77% $6,062 $8,866 12.7x 10.6x 0.3x 0.3x 24.4x 17.2x Metro Ag €10.93 95% $4,706 $8,788 6.2x 5.4x 0.3x 0.3x NM 19.8x United Natural Foods $33.12 80% $2,005 $5,551 7.8x 8.0x 0.2x 0.2x 9.6x 9.6x Core-Mark $43.04 91% $1,958 $2,558 11.7x 10.7x 0.1x 0.1x 21.2x 18.3x Chefs' Warehouse $28.92 82% $1,072 $1,446 27.8x 14.6x 0.9x 0.8x NM 40.2x Mean 84% 12.8x 9.7x 0.5x 0.5x 21.8x 18.9x Median 82% 11.9x 10.0x 0.4x 0.4x 22.0x 17.8x

Source: FactSet, SEC filings as of 7/30/2021. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Revenue Multiples exclude multiples over 15x. 9 4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. AgTech & Sustainable Food Trading Comparables (cont.)

Equity Enterprise Price as of % of 52 Wk Value Value(1) EV/EBITDA(2) EV/Revenue(3) Price/Earnings(4) Format Pull Company 7/30/21 High ($m) ($m) 2021E 2022E 2021E 2022E 2021E 2022E Consumer Packaged Foods LVMH €673.90 98% $402,776 $436,957 18.1x 16.9x 6.0x 5.4x 32.4x 29.3x Nestle CHF 114.80 99% $355,211 $383,212 18.8x 17.8x 4.0x 3.9x 25.9x 24.0x Coca-Cola $57.03 100% $247,396 $259,897 20.7x 19.1x 6.9x 6.5x 25.3x 23.4x PepsiCo $156.95 99% $217,847 $251,693 17.4x 16.3x 3.3x 3.1x 25.2x 23.4x Unilever £41.51 85% $151,625 $177,792 13.1x 12.5x 2.9x 2.8x 19.5x 18.4x Mondelez International $63.26 97% $89,576 $101,602 17.0x 15.9x 3.5x 3.4x 21.7x 20.1x Kraft Heinz $38.47 86% $47,087 $68,446 11.1x 11.7x 2.7x 2.9x 14.4x 14.7x Danone €62.06 100% $47,885 $60,248 11.7x 11.0x 2.1x 2.1x 18.9x 17.1x Monster $94.32 96% $50,514 $47,985 25.0x 22.3x 8.9x 8.1x 35.6x 31.3x General Mills $58.86 90% $36,346 $47,817 12.9x 13.0x 2.7x 2.7x 15.7x 15.4x Tyson Foods $71.46 89% $25,654 $34,525 6.9x 7.2x 0.7x 0.7x 9.7x 10.3x Kellogg $63.36 89% $21,732 $29,702 13.0x 12.8x 2.1x 2.1x 15.5x 15.0x McCormick & Company $84.17 80% $22,726 $27,718 21.0x 20.2x 4.4x 4.3x 27.7x 26.3x Hormel Foods $46.38 88% $25,395 $24,639 17.3x 15.4x 2.3x 2.3x 26.1x 23.2x Conagra Brands $33.49 86% $16,166 $24,555 10.5x 10.9x 2.2x 2.2x 13.1x 12.8x J.M. Smucker $131.11 94% $14,278 $18,853 11.1x 11.2x 2.4x 2.4x 15.4x 14.4x Campbell Soup $43.72 82% $13,335 $18,564 10.9x 10.9x 2.2x 2.2x 15.0x 14.8x Post Holdings $102.34 87% $6,519 $13,146 11.1x 10.2x 2.1x 1.9x 29.6x 19.1x Beyond Meat $122.70 63% $7,745 $7,879 NM NM 14.5x 9.6x NM NM Lancaster Colony Corporation $197.87 99% $5,447 $5,253 21.4x 19.1x 3.5x 3.4x 32.3x 30.3x TreeHouse Foods $44.40 81% $2,486 $4,533 9.6x 9.4x 1.0x 1.0x 19.8x 17.0x Hain Celestial $39.91 88% $4,055 $4,353 16.1x 14.7x 2.2x 2.2x 25.8x 22.2x B&G Foods $28.72 70% $1,879 $4,206 11.4x 11.3x 2.1x 2.0x 14.7x 13.3x ARYZTA CHF 1.21 93% $1,321 $3,117 14.6x 12.3x 1.7x 1.6x NM 26.0x J&J Snack Foods $164.38 91% $3,154 $2,922 21.4x 17.1x 2.5x 2.4x 46.9x 34.6x Mean 89% 15.1x 14.1x 3.6x 3.2x 22.9x 20.7x Median 89% 13.8x 12.9x 2.5x 2.4x 21.7x 19.6x

Retail & Meal Delivery Amazon $3,327.59 89% $1,710,381 $1,742,612 23.8x 19.0x 3.7x 3.1x NM 49.2x Walmart $142.55 93% $403,274 $449,507 12.4x 12.2x 0.8x 0.8x 24.3x 22.7x Costco $429.72 100% $190,850 $190,444 22.3x 20.6x 1.0x 0.9x 39.1x 36.0x Target $261.05 100% $131,413 $138,842 13.0x 13.0x 1.4x 1.3x 21.5x 20.9x Kroger $40.70 99% $30,932 $48,745 7.6x 7.6x 0.4x 0.4x 13.2x 13.2x Ahold Delhaize €26.20 99% $32,118 $32,839 4.6x 4.6x 0.4x 0.4x 13.0x 12.9x Tesco £2.33 75% $24,858 $41,254 7.1x 6.8x 0.5x 0.5x 13.4x 11.7x HelloFresh €79.08 90% $17,245 $16,639 25.6x 21.6x 2.5x 2.1x 44.9x 39.7x BJ's Wholesale Club $50.64 100% $7,022 $10,100 13.0x 12.4x 0.7x 0.6x 18.9x 17.3x Sprouts Farmers Market $24.58 85% $2,896 $4,155 9.2x 8.9x 0.7x 0.6x 12.5x 11.8x Blue Apron $4.40 37% $83 $98 NM 28.0x 0.2x 0.2x NM NM Mean 88% 13.9x 14.1x 1.1x 1.0x 22.3x 23.5x Median 93% 12.7x 12.4x 0.7x 0.6x 18.9x 19.1x

Source: FactSet, SEC filings as of 7/30/2021. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Revenue Multiples exclude multiples over 15x. 10 4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. Global Experts in Sustainable Technology and Infrastructure

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