© Nomura

Q2 2021

AgTech & Sustainable Food

Market Update

Crop SciencePrecision

Agriculture

Software &

Sensing

Innovative

FarmingSustainable Food

Corporate

Announcements

■ AppHarvest, a controlled-environment agriculture platform, announced it has secured a

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

company, announced approval by merger control authorities for its joint venture with

Bosch to globally market and sell smart farming technologies (Press Release)

■ Beyond Meat, a manufacturer of plant-based burgers and sausages, announced the

opening of its new production facility in China to accelerate localized production and

innovation in one of the fastest growing alternative protein markets (Press Release)

■ Cargill is building a $200mm palm oil refinery in Indonesia to accelerate its efforts in

developing a sustainable palm oil supply chain (Press Release)

■ Eat Just, producer of plant-based food products that has sold the equivalent of 100mm

eggs in 2021, is contemplating going public at a $3bn valuation (The Beet)

■ 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)

AgTech & Sustainable Food

News & Transactions

Note: Companies are U.S.-based unless indicated.

Source: FactSet, PitchBook, Public Disclosures.

Nomura Greentech’s

Take:

■ There is strong

momentum in the

controlled-

environment farming

sector as institutional

investors seek more

sustainable ways to

invest in and scale

agriculture through

real assets

1

AgTech & Sustainable Food

Transactions Summary

Capital Raises

Note: Companies are U.S.-based unless indicated.

Source: FactSet, PitchBook, Public Disclosures.

Date Company

Amount

Raised ($mm) Disclosed Investors Company Description

Jul. 29 Meati Foods $50 BOND, Acre Venture Partners, Congruent

Ventures, Prelude Ventures, Tao Capital

Producer of alternative meat products utilizing

fungi and fermentation

Jul. 28 Colvin $53 Capagro, EurazeoTechnology-enabled platform serving the

floriculture industry

Jul. 22 Nobell Foods $75

Breakthrough Energy Ventures, Hillhouse

Capital Group, Footprint Coalition,

AgFunder, a16z, Pear VC, New Crop

Capital, Germin8 Ventures, Fifty Years,

Mission Bay Capital

Producer of plant-based cheese

Jul. 21 ClimateAi $12 Radical Ventures, Finistere Ventures,

Neotribe, AMECloud, ThirdStream PartnersPredictive weather analytics platform

Jul. 20 Choco $100 Left Lane Capital, Insight Partners, Coatue

Management, Bessemer Venture PartnersIngredients procurement platform

Jul. 19 Nature's Fynd $350

SoftBank Vision Fund II, Blackstone

Strategic Partners, Balyasny Asset

Management, Hillhouse Investment, EDBI,

SK Inc, Hongkou Capital, Breakthrough

Energy Ventures

Alternative protein platform utilizing microbes that

originated in the geothermal springs of the

Yellowstone National Park

Jul. 19 Pivot Bio $430

DCVC, Temasek, Generation Investment

Management, G2 Venture Partners,

Rockefeller Capital Management,

Breakthrough Energy Ventures, Continental

Grain Company, Prelude Ventures, Bunge

Ventures, Tekfen Ventures

Producer of microbe-based biological inputs

Jul. 08 Microprep $10 Supernova Invest, FMC Ventures, Sofinnova

Partners, IRDI Capital InvestissementDeveloper of peptide-based biological inputs

Jul. 07 Aleph Farms $50 L Catterton, DisruptAD, BRF, Cargill, CJ

CheilJedang, Thai UnionIsrael-based producer of cellular meat

Jul. 06 Agrando $14 Yabeo Impact, Sony Innovation Fund, June

Fund, JLR StarGermany-based digital agriculture marketplace

2

AgTech & Sustainable Food

Transactions Summary

Capital Raises (cont.)

Note: Companies are U.S.-based unless indicated.

Source: FactSet, PitchBook, Public Disclosures.

Date Company

Amount

Raised ($mm) Disclosed Investors Company Description

Jul. 05 Kitopi $415

SoftBank Vision Fund II, B. Riley, Chimera

Investment, Dogus Group, Next Play Capital,

Nordstar

UAE-based cloud kitchen

Jul. 01 Rohlik $119 Index Ventures, Partech, Quadrille CapitalCzech Republic-based on-demand grocery

delivery platform

Jun. 22 Equinom $20 Phoenix, BASF, Fortissimo Capital,

Maverick Ventures Israel, Trendlines

Israel-based AI-driven technology platform that

breeds and grows seeds with superior nutritional

qualities

Jun. 22 Boomitra $4

Yara Growth Ventures, Chevron Technology

Ventures, Jerry Yang, Tom Steyer, Kat

Taylor

Precision agriculture platform reborn as a soil

carbon marketplace

Jun. 20 ENOUGH $51

Nutreco, Olympic Investments, AXA IM Alts,

HAL Investments and Tailored Solutions,

Scottish Enterprise, CPT Capital

U.K.-based alternative protein platform utilizing

fermentation from fungi

Jun. 18 Bringg $100

Cambridge Capital, GLP, Next47, Pereg

Ventures, Salesforce Ventures, Viola

Growth, Shmuel Harlap

Logistics management platform for grocery,

foodservice and other industries

Jun. 16 Motif FoodWorks $226

Ontario Teachers' Pension Plan Board,

BlackRock, AiiM Partners, Wittington

Ventures, Rethink Food, Rage Capital,

Rellevant Partners, Breakthrough Energy

Ventures, CPT Capital, General Atlantic,

Louis Dreyfus Company, Viking Global

Producer of alternative protein food products

Jun. 09 Sentera $25

CDPQ, S2G Ventures, Akroyd LLC, KuE

Capital, Continental Grain Company, iSelect

Fund, Middleland Capital

Digital platform offering integrated remote

sensing, analytics and IoT solutions to

agronomists

Jun. 08 SIMULATE $50

Seven Seven Six, Day One Ventures,

Imaginary Ventures, NOMO Ventures, Chris

and Crystal Sacca

Manufacturer of plant-based chicken products

May. 31 Delhivery $277

Fidelity, GIC, Chimera Investment, Baillie

Gifford, SoftBank Vision Fund, Canada

Pension Plan investment Board, Tiger

Global Management

India-based food delivery-app-turned logistics

platform

3

AgTech & Sustainable Food

Transactions Summary

Capital Raises (cont.)

Note: Companies are U.S.-based unless indicated.

Source: FactSet, PitchBook, Public Disclosures.

Date Company

Amount

Raised ($mm) Disclosed Investors Company Description

May. 30 Jai Kisan $30

Mirae Asset, Arkam Ventures, Better

Capital, Blume Ventures, Nabventures,

Prophetic Ventures, Syngenta Group

Ventures

India-based fintech platform improving access to

credit for smallholder farmers, suppliers and

service providers

May. 26 TerraClear $25 Madrone Venture GroupRobotic platform that automates the process of

removing rocks of all sizes from farmers' fields

May. 25 Bowery $300

Fidelity Management & Research, Amplo,

Gaingels, GV, General Catalyst, GGV

Capital, Temasek, Groupe Artemis, Formula

One driver Lewis Hamilton, basketball player

Chris Paul, actor Natalie Portman, singer-

songwriter Justin Timberlake, chef Jose

Andres

Controlled environment agriculture platform

May. 25 Invaio Sciences $89

Flagship Pioneering, Stage 1 Ventures,

Bluwave Capital, Alexandria Venture

Investments

Agriculture biotech platform focusing on tackling

crop health challenges

May. 25 Kula Bio $10

Collaborative Fund, AgFunder, BOPU,

BoxGroup, Decent Capital, Embark

Ventures, iSelect Fund, Lowercarbon

Capital, Pillar VC, Grantham Foundation's

Neglected Climate Opportunities Fund

Developer of more sustainable nitrogen fertilizers

for crops

May. 21 ProducePay $43

G2VP, the World Bank's International

Finance Corporation (IFC), Inter-American

Development Bank's IDB Invest, Anterra

Capital, CoVenture, Astanor Ventures,

IGNIA, Finistere Ventures

Fintech and digital marketplace agriculture

platform

May. 21 TaniHub $66

MDI Ventures, AddVentures, UOB Venture

Management, BRI Ventures, Flourish

Ventures, Intudo Ventures, Openspace

Ventures, Tenaya Capital, Vertex Ventures

Indonesia-based digital agriculture marketplace

May. 21 Picnic $16 Thursday Ventures, Creative Ventures,

Flying Fish Partners, Vulcan CapitalPizza assembly startup

May. 20 Terviva $54

Astera Institute, Evans Properties,

Trustbridge Partners, Jeremy & Hannelore

Grantham Environmental Trust, SoBe, Blue

Buffalo Pet Food co-founder Ron Edwards,

Social Finance chair Brace Young and

Landis Becker Young and Brace Young,

others

Platform that works with farmers to plant

pongamia trees on idle agricultural land that is

difficult to farm due to poor soil or water stress

4

AgTech & Sustainable Food

Transactions Summary

Capital Raises (cont.)

Note: Companies are U.S.-based unless indicated.

Source: FactSet, PitchBook, Public Disclosures.

Date Company

Amount

Raised ($mm) Disclosed Investors Company Description

May. 19 GOOD Meat $170 UBS O'Connor, Graphene Ventures, K3

Ventures

Cellular agriculture division of alternative protein

platform, Eat Just

May. 13 Groundwork BioAg $11

Ibex Investors, ProDelta, Future Foodways,

MoreVC, Middleland Capital, Axess

Ventures, BPD Agri

Producer of mycorrhizal inoculants for commercial

agriculture

May. 11 Zoe $20

Ahren Innovation Capital, Accomplice,

Transformational Healthcare Venture

Capital, Daphni, American football stars Eli

Manning and Ostadimma Umenyiora

Personalized nutrition platform

May. 06 Hwy Haul $10

Eileses Capital, BluePointe Ventures,

AgFunder, True Blue Partner, Dheeraj

Pandey (founder and ex-CEO of Nutanix),

Girish Mathrubootham (founder and CEO of

Freshworks), Rajiv Batra (founder of Palo

Alto Networks), Vivek Mehra (partner

emeritus at August Capital)

Technology-based freight platform that aims to

modernize the supply chain, connecting shippers

directly to carriers

Apr. 28 Vence $12

Tyche Partners, Grantham Environmental

Trust subsidiary Neglected Climate

Opportunities, Eniac Ventures, Trailhead

Capital

Platform offering GPS-enabled wearable collars to

facilitate rotational grazing

Apr. 26 EAVision $30

Temasek, CITIC, Bits x Bites, BASF,

Continental Grain Company, Suzhou Oriza

Holdings, Zhidao Capital, Songshan Capital,

Yongxin Oriental

China-based drone-maker with use cases across

farm management and industrial-scale operations

Apr. 20 Bushel $47

Continental Grain Company, Lewis & Clark

AgriFood, Germin8 Ventures, Cargill,

Scoular, Consolidated Grain and Barge Co.

Grain trading platform

Apr. 15 Atlast $40

Viking Global Investors, 40 North, Standard

Industries, AiiM Partners, Senator

Investment Group, Stray Dog Capital,

Footprint Coalition

Alternative protein platform

Apr. 13 Hazel Technologies $70

Pontifax AgTech, Temasek, S2G Ventures,

Pangaea Ventures, Rhapsody Venture

Partners, Asahi Kasai Ventures, Jordan Park

Group, Jeremy & Hennelore Grantham

Environmental Trust

Food waste reduction platform that extends the

shelf life of agricultural produce

Apr. 08 Tortuga AgTech $20

Lewis & Clark AgriFood, Root Ventures,

Spero Ventures, Ceres Partners, Colorado

Impact Fund, AME Cloud Ventures, Morado

Ventures, Grit Ventures, Remus Capital

Harvest automation startup

5

AgTech & Sustainable Food

Transactions Summary

Capital Raises (cont.)

Note: Companies are U.S.-based unless indicated.

Source: FactSet, PitchBook, Public Disclosures.

Date Company

Amount

Raised ($mm) Disclosed Investors Company Description

Apr. 08 Trax $640 SoftBank Vision Fund II, BlackRock,

OMERS, Innovation Growth Ventures

Singapore-based retail technology platform

deploying a combination of technologies to

optimize retail operations

Apr. 07 Smartway $12 Supernova Invest, Evolem Start, Holnest,

IDIA Capital Investissement, UNEXOFrance-based food waste reduction platform

Apr. 06 Swiggy $800

Goldman Sachs, Falcon Edge Capital,

Amansa Capital, Think Investments,

Carmignac, Qatar Investment Authority,

GIC, Accel, Prosus Ventures

India-based food delivery application

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

cash crops

6

SPAC Transaction Implied EV / EV /

Date Company Sponsor Value ($mm) EV ($mm) 2023 Revenue 2023 EBITDA Company Description

Jun. 23 Local BountiLeo Holdings

III Corp $400 $757 8.9x NM Controlled environment agriculture platform

May. 12 Gingko Bioworks

Soaring

Eagle

Acquisition

Corp

$2,500 $15,164 44.5x NMSynthetic biology platform founded by a group of MIT alumni

in 2008

May. 10 Benson HillStar Peak

Corp II $628 $1,351 5.4x NM

Developer of gene-edited and selectively bred versions of

crop used in alternative protein and animal feed production

AgTech & Sustainable Food

Transactions Summary

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.

M&A

Date Target Acquiror

Transaction Value

($mm)

EV /

Revenue

EV /

EBITDA Target Description

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

solutions

Jun. 16 FarmLogs Bushel ND ND NDFarm management application aimed at row

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

Apr. 15 BoosterAgro Agrosmart ND ND NDArgentina-based agrometeorological

application

Apr. 13 Protifarm Ynsect ND ND NDNetherlands-based producer of mealworms for

human food applications

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

Announced SPAC Mergers

7

2

1

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

AgTech & Sustainable Food

Trading Comparables

8

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.

4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.

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

AgTech & Sustainable Food

Trading Comparables (cont.)

9

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.

4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.

AgTech & Sustainable Food

Trading Comparables (cont.)

10

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.

4. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.

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

San FranciscoNew York

Zürich

Highly Experienced Senior Leadership Supported by a Global Team of Professionals

Laurent

Dallet

Managing

Director

Zürich

laurent.dallet@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Renewable energy

assets

Distributed energy

production

Energy efficiency and

services

Jeff

McDermott

Managing

Director,

Group Head

New York

jeff.mcdermott@nomura

greentech.com

30+ years of

experience

>150 completed

transactions

Founder and head

of advisory business

Large industrials and

energy companies

Broad coverage of

senior leaders

Derek

Bentley

Managing

Director

New York

derek.bentley@nomura

greentech.com

20+ years of

experience

>35 completed

transactions

Renewable energy

assets

Energy storage

Distributed

generation

Water

PJ

Deschenes

Managing

Director

New York

pj.deschenes@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Renewable energy

assets

Power infrastructure

services

Renewable energy

value chain

Environmental

services

Michael

Horwitz

Managing

Director

San Francisco

michael.horwitz@nomura

greentech.com

20+ years of

experience

>40 completed

transactions

Energy efficiency

Energy software and

services

Energy storage

Renewable energy

Smart grid

Blockchain

Olav

Junttila

Managing

Director

Chicago

olav.junttila@nomura

greentech.com

20+ years of

experience

>30 completed

transactions

Energy software

and services

Energy efficiency

Renewable energy

Utilities

Capital

Raising

Equity private placements

Debt private placements

Project finance advisory

Co-managed public

offerings

Mergers &

Acquisitions

Corporate sales

Acquisitions

Minority investments

Joint ventures

Fairness opinions

Strategic

Advisory

Strategic consulting

IPO preparation

Financial restructuring

Specialized opinions

Independent capital

markets advice

>25 assignments

Asset

Transactions

Acquisitions

Divestitures

Passive equity

Development capital

formation

$54bn $8bnDevelopment

50GWOperating

27GW

Note: As of July 31st, 2021.

Duncan

Williams

Managing

Director

San Francisco

duncan.williams@nomura

greentech.com

25+ years of experience

>40 completed

transactions

Environmental services

Advanced

transportation

Sustainable Food &

AgTech

Industrial IoT &

software

Water

Damien

Sauer

Managing

Director

Zürich

damien.sauer@nomura

greentech.com

20+ years of

experience

>50 completed

transactions

Energy efficiency

Power infrastructure

Renewable energy

value chain

Smart grid

Frank

Nicklaus

Managing

Director

New York

frank.nicklaus@nomura

greentech.com

15+ years of

experience

>25 completed

transactions

Renewable energy

assets

Power infrastructure

services

Renewable energy

value chain

Steve

Megyery

Alex

Stein

Managing

Director

Zürich

alex.stein@nomura

greentech.com

10+ years of

experience

>20 completed

transactions

Energy transition

Industry 4.0

Environmental

technology and

services

Global Experts in Sustainable

Technology and Infrastructure

Nomura Greentech Offices

Nomura Greentech Transactions

Chicago

Managing

Director

New York

steve.megyery@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Head of Private

Placements

Cleantech

Power infrastructure

11

This document has been prepared by Nomura Securities International, Inc. (“Nomura”) for informational purposes only and is not a

product of Nomura’s or its affiliates’ Research Departments. This material is for the intended recipient and cannot be redistributed,

retransmitted or reproduced without written permission from Nomura. Unless otherwise specified, the source for all graphs, charts, and

other information is Nomura. Nomura’s databases are derived from various internal and external sources. We do not represent that the

information provided herein is accurate or complete and it should not be relied upon as such. Past performance is not indicative of future

results. Opinions expressed herein are subject to change without notice. All levels, prices and spreads are historical and do not represent

current market levels, prices or spreads, some or all of which may have changed since the issuance of this document. Under no

circumstances should this document be used or considered as an offer to sell or a solicitation of an offer to buy any financial instrument

mentioned in it. The financial instruments mentioned in this document may not be eligible for sale in some states or countries, or suitable

for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates, interest

rates or other factors. Certain financial instruments securities may be subject to call features or other redemption features, or may be

eligible for redemption in whole or in part before maturity. Any such occurrences may affect yield. Clients are advised to make an

independent review regarding the economic benefits and risks of purchasing or selling the financial instruments mentioned in this

document and reach their own conclusions regarding the legal, tax, accounting and other aspects of any transaction in the financial

instrument in relation to their particular circumstances.

Nomura and/or its affiliated companies may make a market or deal as principal in the financial instruments mentioned in this document or

in options or other derivatives based thereon. In addition, Nomura, its affiliated companies, and/or its or their respective shareholders,

directors, officers and/or employees, including persons involved in preparation or issuance of this material, may from time to time have

long or short positions in such financial instruments or in options, futures, or other derivative instruments based thereon. One or more

directors, officers, and/or employees of Nomura or its affiliated companies may be a director of the issuer of the financial instruments

mentioned in this document. Nomura or its affiliated companies may have managed or co-managed a public offering of securities for any

issuer mentioned in this document within the last three years.

“Nomura Greentech” is the marketing name that refers to the division in Nomura’s investment banking department that provides products

and services to clients in the sustainable technology and infrastructure sectors. All activities of Nomura Greentech in the U.S. are

conducted by Nomura Securities International, Inc., a broker-dealer registered with the SEC and member SIPC. All services of Nomura

Greentech conducted outside of the U.S. are provided by Nomura Greentech Capital Advisors, AG (“NGCA”) unless notified otherwise.

NGCA, located in Switzerland, does not provide services that requires it to be licensed in Switzerland or any other jurisdiction. Nomura

has policies and guidelines designed to preserve the independence of research analysts. Such policies prohibit, among other things,

investment banking employees from offering research coverage, a favorable research rating or a specific price target, or offering to

change a research rating or price target, as consideration or inducement to obtain investment banking business.

For registered transactions where a prospectus is available, please call (212) 667-9000 or write to Nomura Securities International, Inc.,

Worldwide Plaza, 309 West 49th Street, New York, NY 10019- 7316 to obtain a prospectus. A registration statement relating to certain of

these securities may have been filed with the Securities and Exchange Commission but may not yet be effective; in such case, these

securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. For offerings

pursuant to Rule 144A of the Securities Act of 1933 (the “Securities Act”), these securities have not been registered under the Securities

Act and may not be offered or sold in the United States absent registration or an applicable exemption.

Nomura Securities International, Inc. is a registered broker-dealer and, member, SIPC.

© 2021 Nomura Securities International, Inc. All rights reserved.

Disclaimer