Kalera Public Limited Company · OTC:KALRQ

Kalera Public — Kalera — Investor Day (December 2021)

64 slides from Kalera Public's investor day presentation, Dec 15, 2021

Slide 1: Investor Day Presentation
INVESTOR DAY PRESENTATION DECEMBER 15, 2021
Slide 2: Disclaimer
Disclaimer IMPORTANT INFORMATION This Presentation and its appendices (hereinafter referred to as the "Presentation") has been prepared by Kalera AS ("Kalera" or the "Company", and together with its subsidiaries the "Group"). This Presentation has been prepared exclusively for information purposes a
Slide 4: Today's Presenters
Today’s KIM LOPDRUP Board Director, Chairman Elect CURTIS MCWILLIAMS Interim Chief Executive Officer FERNANDO CORNEJO Chief Financial Officer DR. CRISTIAN TOMA Co-Founder, Chief Science Officer Presenters AUSTIN MARTIN DR. JADE STINSON DR. HENNER SCHWARZ ARIC NISSEN Chief Operating Officer President
Slide 5: Board of Directors
Board of Directors Kim Lopdrup Maria Sastre Umur Hursever Sonny Perdue Board Director (Chairman Elect)(1) Board Director Board Director Board Director  Retired CEO of Red Lobster  On boards of General Mills, O’Reilly  Partner and member of investment  Former US Secretary of Agriculture Auto Part
Slide 7: World Class Leadership Team
World Class Leadership Team Curtis McWilliams Austin Martin Fernando Cornejo Dr. Henner Schwarz Dr. Cristian Toma, PhD Interim Chief Executive Officer Chief Operating Officer Chief Financial Officer Chief Commercial Officer Chief Science Officer and Co-Founder Keri Gasiorowski Dr. Heiko Hosse Dr. Ja
Slide 8: Clear Mission, Vision and Values
Vision Become a global leader in vertical farming Mission Clear Mission, Vision Serve humanity, wherever we are, fresh, safe, sustainable, affordable and Values nourishment Values Do the right thing, always! Own it, all of it! Grow the future! © COPYRIGHT 2021 KALERA. ALL RIGHTS RESERVED 8
Slide 9: Advantages Over Traditionally Farmed Produce
Advantages Over Traditionally Farmed Produce Sustainably Growing High-Quality Produce Healthy Sustainable Affordable Safe Efficient Uses ~95% Uses ~99% Local Nutrient-dense (grown in production less water less land distribution clean rooms) model Stays fresh No fertilizer Stable prices No pesticides
Slide 10: Kalera's Competitive Differentiation
Kalera’s Competitive Differentiation Local at Vertically ROI-Driven Technology Full Portfolio Scale Integrated Approach Leadership of Produce • 10 facilities in operation • Vindara is the first to • Strong targeted unit • Broad range of plant • Offers a full spectrum of or under construction deliver
Slide 11: Portfolio of Great Tasting, Healthy and Sustainable Products
Portfolio of Great Tasting, Healthy and Sustainable Products Sold Under the Kalera Brand Baby Leaf & Whole Head Cut Leaf Harvest-on-Demand Microgreens • Butterhead/Bibb • Romaine • Spinach • Lettuce • Romaine • Butterhead/Bibb • Arugula • Mustard • Oak leaf • Crispy • Kale • Pak choi • Crispy • Fris
Slide 12: Kalera Leads The Industry in Capital Efficiency
Kalera Leads The Industry in Capital Efficiency US$18,0 CapEx per Lb of Annual Output US$16,0 US$16,8  Kalera leading CapEx per Lb of Annual Output(1)(2) US$14,0  ROI-driven automation adoption – most labor intensive operations US$12,0 automated first, after careful analysis of benefits vs. costs
Slide 14: Current 10-month Facility Production Ramp-up Model
Current 10-month Facility Production ramp-up Model to Test and Balance All Systems Comments Phase 1 Kalera Large-Scale Facility Operational Commissioning Process Production capacity for Facilities opened in 2021-2022: aligned to sales demand • 10-month process to test 100% 90% and balance all system
Slide 15: Reduction in Operational Ramp-up Costs and Time
Reduction in Operational ramp-up Costs and Time Production Capacity Aligned to Sales Demand Acceleration Levers Kalera Large-Scale Facility Commissioning Process for Facilities Opened in 2023/2024: 2024-2025 Production ramp-up 70% 100% • Expected ramp-up time reduced to 6 months for all new faciliti
Slide 16: Current Sales Ramp-up Model
Current Sales Ramp-up Model # of Months Sales Ramp-up Since First Harvest for US and Int. Farms Acceleration Levers -50% US 24 Int.  Over time, Kalera’s brand and products will become better known and develop stronger brand equity 18  Kalera’s product portfolio will become increasingly diverse and
Slide 17: Atlanta Throughput Yield on Track with Ramp-up Model
Atlanta Throughput Yield on Track with ramp-up Model Atlanta Facility Commissioning Process through November: Atlanta 100% 90% 85% 90% 85% 83% 83% 83% 83% 83% 80% 80% 76% 80% Throughput Percent of Production (Actual) Capacity 73% 73% 75% 70% 75% Percent of Maximum Capacity 60% 70% 60% 60% 60% 60% 60
Slide 18: Houston Throughput Yield Well Ahead of Expectations
Houston Throughput Yield Well Ahead of Expectations Houston Facility Commissioning Process through November: Houston 100% 90% 92% 85% 90% 86% 85% 83% 83% 83% 83% 83% 80% Throughput Percent of Production (Actual) Capacity 80% 80% 75% 75% 70% 75% Percent of Maximum Capacity 60% 70% 60% 60% 60% 60% 70%
Slide 19: Columbus Farm of the Future
Columbus ~136,000ft2 Farm of the Future Leveraging All Kalera’s Latest IP & Technology coming in 1 Half 2023 st Harvest Process  Up to 1,557 Metric Tons of Leafy Leading Plant Packaging Greens output annually Automation Automation Science Automation  Full Leafy greens product portfolio to maximize
Slide 20: Farm of the Future Economics
Farm of the Future Economics Kalera’s Targeted Unit Economics 2025 $27.3 $20.8 ($3.2) ($2.1) ($7.7) ($1.1) $6.7 Capital Cost Net Revenue Labor Cost Utilities Cost Other Costs SG&A EBITDA Other Costs 2025 $2.0 $7.7 $0.2 $0.3 $0.5 $4.7 Packaging Supplies & Parts Delivery Maintenance Insurance & Other
Slide 21: New Facility Planned for Orlando Market
New Facility Planned for Orlando Market to Meet Growing Sales Demand Kalera’s first Large-Scale facility prototype will not go through previously announced retro-fit in 2022 • Physical plant and power limitations prevent the Orlando Facility from receiving necessary upgrades. Limiting facility utili
Slide 22: Global Portfolio of Facilities
Global Portfolio of 10 Facilities and Growing United States EMEA and Asia #1 Orlando, Florida #2 Atlanta, Georgia #3 Houston, Texas #4 Kuwait Expected Annual Output: ~1.3mm lbs. ~2.6mm lbs. ~3.3mm lbs. ~280,000 lbs. Project Start Date: June 2019 April 2020 July 2020 July 2019 IN OPERATION Operations
Slide 23: Kalera's 2022 Production Capacity Will Reach ~17mm lbs.
Kalera’s 2022 Production Capacity Will Reach ~17mm lbs. Strategically Positioned Facilities to Address Attractive Global Markets St. Paul Seattle Munich(2) Columbus 17mm lbs. equates to Denver ~7,800 mt, or ~0.03% of Atlanta Kuwait 2017 World lettuce production volume of Honolulu Houston 27mm(3) mt
Slide 24: Operations Summary
Operations Summary • 10-month production ramp-up model currently needed for facility commissioning • Multiple new facilities will finalize construction and begin production ramp-up in the next 6-9 months resulting in higher operating costs • Reduced facility commissioning costs beginning with facili
Slide 26: Kalera Starting Up Consumer Marketing Efforts
Kalera Starting Up Consumer Marketing Efforts NEW NEW NEW TEAM AGENCY STRATEGIES  New CMO and  Announced  Identified four organizational Lambert & Co. significant structure as our lead growth agency accelerators  Joined Sales & Marketing  Lambert is a  Launched three teams to drive Top 20 Food
Slide 27: Growth Accelerators
Growth Accelerators Goals Recent results Raise awareness, educate  Digital marketing campaign foodservice channel consumers and drive trial to  Secured 10 social media influencers including local chefs, Campaigns to sell out farms dieticians, and lifestyle leaders with 10,000 to 135,000 followers
Slide 28: Driving Sales with Scalable Potential
Driving Sales with “Scalable” Potential Three Kalera campaigns to raise brand awareness, educate consumers and drive sales: DIGITAL MARKETING SOCIAL INFLUENCERS CONSUMER TRIAL  Kalera is working with one of the Top  Social media has sparked new  Kalera is working with one of the Top Foodservice D
Slide 30: Recent Transformative Acquisitions Are Driving Technology Leadership
• First ever seeds designed for indoor * vertical farming systems • Today’s seeds are almost perfectly opposed to what indoor growers need Recent Transformative • We’re lifting the burden imposed by today’s off-the-shelf seeds with tailor- made alternatives designed for Acquisitions Are vertical ind
Slide 31: At the Forefront of Seed Technology
At the Forefront of Seed Technology Big Data and AI-Driven Seed Development Control Panel for Genetic Varieties  Color, texture, flavor, and nutrient profile are subjective, and influenced by a range of cultural and generational traditions  Vindara provides flexibility to growers to respond to the
Slide 33: Kalera + Vindara Benefits and Synergies
+ 1 IMPROVES unit economics and 4 $2.5B MARKET opportunity EBITDA – lower COGS, increased across 10 crops by 2024 output, reduced cycle time Kalera + Vindara 2 FURTHER PRODUCT 5 ADDITIONAL seed revenue opportunities for global indoor Benefits and DIFFERENTIATION: optimized color, texture, flavor, ar
Slide 35: &ever Provides Access to Attractive Global Markets
&ever Provides Access to Attractive Global Markets and Bolsters Tech Stack &ever Overview Highly Automated Vertical Farming Solutions – Kuwait Case Study • Launched in Germany in 2015, focus on baby leaf products (kale, arugula, mustards, etc.) • Broad portfolio of vertical farms from mega-farm (liv
Slide 36: &ever's Unique Growing Methods
&ever's Unique Growing Methods Complementary to Kalera’s Technology Bestponics Key Features and Benefits • Innovative substrates approach with smart fertilizers and soil CONTINUES TO GROW • No fertilizer mixing required • No complex irrigation and fertilization system • Excellent yield also for “dif
Slide 37: Combined Platform With Best-In-Class Tech Capabilities
Combined Platform With best-In-Class Tech Capabilities IVF Value Chain and Kalera / &ever Technology by Product Type: Irrigation and Competency Seeds Substrates Intralogistics HVAC Light Processes Software Nutrient Mgmt HVAC System Whole Head Lettuces Plugs Baby Leaf Automated Lighting Automated &ev
Slide 39: Enabling Expansion in Most Attractive Regions for IVF
Enabling Expansion in Most Attractive Regions for IVF • 1 Mega Farm under construction • Global R&D center under construction • 10 FTE • R&D partnership with globally leading St. Paul research institution A*Star Seattle • Strong pipeline of attractive expansion Munich opportunities in the region Col
Slide 40: Pipeline of Potential Capital Light Projects
Pipeline of Potential "Capital Light" Projects Region Business Model Status 1 Middle East Distribution partner, willing to co-invest MoU ready for signing &ever 2 Middle East 50:50 JV, local debt potential JV created 3 Middle East 100% offtake, local debt potential Initial proposal developed 4 South
Slide 41: Two Models for Capital Light Expansion
Two Models for “Capital Light” Expansion 1 JV Model (Co-Development) 2 Infrastructure Model (Build and Sell) Development Licence Development Licence Fees Fees 1 Kalera Fees 2 JV-Partner 1 Kalera Fees 2 Infrastructure- (TopCo) (TopCo) Partner 25-50% 75-50% 0-50% Dividends 4 OperatingOpCo Company 1- O
Slide 42: Kalera + &ever Creates a Leading Global Player in IVF
+ CREATES full portfolio of leafy EXPANDS ability to address global IVF 1 green offerings – “One Stop Shop” 4 TAM and customer share of wallet Kalera + &ever 2 ESTABLISHES beachhead in 5 SYNERGIES: revenue, tech/automation Creates a Leading attractive markets, including the Middle East and Southeast
Slide 44: Positive Sales Momentum, Now Serving >1,200 Stores
POSITIVE SALES MOMENTUM, NOW SERVING >1,200 STORES # of stores served by Kalera in the United States 3X 1,200 400 June ’21 Dec ’21 © COPYRIGHT 2021 KALERA. ALL RIGHTS RESERVED 44
Slide 45: Focus on Large Scale Facilities
Focus on Large Scale Facilities Primary Growth Vehicle LARGE-SCALE FACILITY SMALLER LARGE-SCALE FACILITY Capex: $13mm - $28mm Capex: < $13mm Size: ~75k – 136k sqft Size: < ~75k sqft Up to 3.5mm lbs per year* Up to 1.5mm lbs per year All segments of leafy greens All segments of leafy greens High leve
Slide 46: Modular Design Enables Rapid Deployment
Modular Design Enables Rapid Deployment Modular Design, Buildout and Installation Site Transformation • Site selection – strategically located near urban populations • Buildings - existing warehouses that are retrofitted and leased or purchased, or are built-to- suit Rapid Roll-Out • Established sup
Slide 47: 3-step Approach to Assess Markets as a Basis for Prioritization
3-step Approach to Assess Markets as a Basis for Prioritization High-level market assessment Country clusters Qualification & prioritization  High and selected upper-middle income  Countries clustered based on scores as  Country clusters assigned to waves countries (e.g., China) baseline for furt
Slide 48: Updated Farm Deployment Plan
Updated Farm Deployment Plan # of large-scale facilities in operation by end of year: 38 26 20 11 16 2 4 2 6 Intl. new 9 2 3 Intl. live or announced 2 US new 4 10 10 10 1 7 US live or announced 3 2021 2022 2023 2024 2025 # months ramp-up duration*: International 14 14 12 12 12 US 24 24 18 15 12 Phas
Slide 50: Kalera's ESG Commitment
Kalera’s ESG Commitment 1 2 3 4 WATER STEWARDSHIP CO2 AND LAND USE NUTRITION & HEALTH 21st CENTURY FARMER Protecting resources by lowering Reducing CO2 footprint from supply Enhancing health benefits from ultra- Developing 21st century farming consumption and avoiding chains & operations, and slashi
Slide 52: R&D will Improve Product Differentiation, Yields and Opex
R&D will Improve Product Differentiation, Yields and Opex Climate Control, Air Purification & Intralogistics Systems Air Flow Optimization Light Recipe Optimization Hybrid LED-Solar Lighting Optimization IoT Climate Cloud Multimodal Sensing for Plant Growth & Sensors Health Tracking Analytics & ML B
Slide 53: Growing Patent Portfolio
Growing Patent Portfolio OUR TECHNOLOGICAL PROTECTED BY A GROWING DIFFERENTIATION PORTFOLIO OF PATENTS - KALERA, &EVER AND VINDARA - Proprietary Seed Science PREPARED AI-driven accelerated seed development platform optimized seeds with amplified yields, nutrition and flavor 13 Plant Science FILED Pr
Slide 55: Preparing Group Structure for US Listing
Preparing Group Structure for US Listing PROFORMA HOLDCO STRUCTURE FOR LUXEMBOURG MERGER CURRENT STRUCTURE NEW STRUCTURE Kalera AS Kalera S.A. Luxembourg Oslo Kalera S.A. Luxembourg 100% Ownership 100% Ownership Iveron Materials Iveron Materials Kalera Inc. Vindara Inc. &ever GmbH Kalera Inc. Vindar
Slide 56: Kalera's Additional Financing Sources for 2022 and Beyond
Kalera’s additional Financing Sources1 for 2022 AND BEYOND Kalera is actively pursuing different financing alternatives to satisfy our financing requirements for 2022 and beyond from a variety of sources including sources that the Company has not used before, such as: • For select geographies includ
Slide 57: Retained Investor Relations
Retained Investor Relations INVESTOR RELATIONS • TOP-10 • TOP-5 • Quarterly & Year End Reporting • Analyst & Investor Targeting • Staff features individuals with diverse skill sets, • Road shows, Analyst Days including communications professionals formerly • Retail Investor Programs/ Social Media of
Slide 59: Short-Term Impacts
Short-Term Impacts Q3 Q4 • ~85% of sales from Orlando • First full quarter in Atlanta and Houston • ~1 month of normal harvest* in Atlanta (early in commissioning and sales ramp) • Pre-opening costs for new facilities still • Pre-opening costs for new facilities still under development under develop
Slide 60: Q4 Guidance
Q4 Guidance* Revenues: • Up +25-30% vs. Q3 • ~5x Q4 last year Operating Loss: • ~$11-12mm *Guidance is based on current estimates from Kalera’s Finance Department for Q4 of 2021. Actual results may vary. © COPYRIGHT 2021 KALERA. ALL RIGHTS RESERVED 60
Slide 61: Performance Will Improve Dramatically Over Time
Performance Will Improve Dramatically Over Time 1 Number of Farms  Number of farms will increase as we build out the US, Middle East, Southeast Asia and Will Increase new markets. 2  Distribution will grow as we gain new customers and more stores per customer. Sales Per Farm  Sales per store will
Slide 62: Facility Performance
facility performance FACILITY UNIT ECONOMICS ($ / LBS) Orlando Current State End of 20231 Houston End of 20251 Farm of the Future ($ USD) ($ USD) ($ USD) Sell Price $3.00 Sell Price $5.51 Sell Price $6.68 2 2 2 Cost $6.92 Cost $3.58 Cost $3.21 Margin ($3.92) Margin $1.93 Margin $3.47 Packaging $0.82
Slide 64: Investor Day Presentation
INVESTOR DAY PRESENTATION DECEMBER 15, 2021

Kalera — Investor Day (December 2021) on 6ix

Kalera Public — Kalera — Investor Day (December 2021)

Slide 1: Investor Day Presentation

Slide 2: Disclaimer

Slide 3: Introduction

Slide 4: Today's Presenters

Slide 5: Board of Directors

Slide 6: Kalera Overview

Slide 7: World Class Leadership Team

Slide 8: Clear Mission, Vision and Values

Slide 9: Advantages Over Traditionally Farmed Produce

Slide 10: Kalera's Competitive Differentiation

Slide 11: Portfolio of Great Tasting, Healthy and Sustainable Products

Slide 12: Kalera Leads The Industry in Capital Efficiency

Slide 13: Operations

Slide 14: Current 10-month Facility Production Ramp-up Model

Slide 15: Reduction in Operational Ramp-up Costs and Time

Slide 16: Current Sales Ramp-up Model

Slide 17: Atlanta Throughput Yield on Track with Ramp-up Model

Slide 18: Houston Throughput Yield Well Ahead of Expectations

Slide 19: Columbus Farm of the Future

Slide 20: Farm of the Future Economics

Slide 21: New Facility Planned for Orlando Market

Slide 22: Global Portfolio of Facilities

Slide 23: Kalera's 2022 Production Capacity Will Reach ~17mm lbs.

Slide 24: Operations Summary

Slide 25: Sales & Marketing

Slide 26: Kalera Starting Up Consumer Marketing Efforts

Slide 27: Growth Accelerators

Slide 28: Driving Sales with Scalable Potential

Slide 29: Vindara

Slide 30: Recent Transformative Acquisitions Are Driving Technology Leadership

Slide 31: At the Forefront of Seed Technology

Slide 32: Deep Product Pipeline

Slide 33: Kalera + Vindara Benefits and Synergies

Slide 34: &ever

Slide 35: &ever Provides Access to Attractive Global Markets

Slide 36: &ever's Unique Growing Methods

Slide 37: Combined Platform With Best-In-Class Tech Capabilities

Slide 38: Let's Have A Look at Our Kuwait Farm

Slide 39: Enabling Expansion in Most Attractive Regions for IVF

Slide 40: Pipeline of Potential Capital Light Projects

Slide 41: Two Models for Capital Light Expansion

Slide 42: Kalera + &ever Creates a Leading Global Player in IVF

Slide 43: Expansion

Slide 44: Positive Sales Momentum, Now Serving >1,200 Stores

Slide 45: Focus on Large Scale Facilities

Slide 46: Modular Design Enables Rapid Deployment

Slide 47: 3-step Approach to Assess Markets as a Basis for Prioritization

Slide 48: Updated Farm Deployment Plan

Slide 49: ESG

Slide 50: Kalera's ESG Commitment

Slide 51: R&D

Slide 52: R&D will Improve Product Differentiation, Yields and Opex

Slide 53: Growing Patent Portfolio

Slide 54: Legal Structure and Capital

Slide 55: Preparing Group Structure for US Listing

Slide 56: Kalera's Additional Financing Sources for 2022 and Beyond

Slide 57: Retained Investor Relations

Slide 58: Closing Remarks

Slide 59: Short-Term Impacts

Slide 60: Q4 Guidance

Slide 61: Performance Will Improve Dramatically Over Time

Slide 62: Facility Performance

Slide 63: Q&A

Slide 64: Investor Day Presentation