August 11, 2021

Q2 2021 Earnings Call

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DISCLAIMER

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSCertain statements included in this presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation

Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,”

“predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “can,” “goal,” “target” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All

statements, other than statements of present or historical fact included in this presentation, regarding AppHarvest’s value of current and future investments, intention to build high-tech CEA farms, the

anticipated benefits of and production at such facilities, AppHarvest’s future financial performance, as well as AppHarvest’s growth and evolving business plans and strategy, ability to capitalize on

commercial opportunities, future operations, estimated financial position, estimated Adjusted EBITDA, revenues and losses, projected costs, prospects, plans and objectives of management are forward-

looking statements. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of AppHarvest’s management and are not

predictions of actual performance.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive

statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of

AppHarvest. These forward-looking statements are subject to a number of risks and uncertainties, including those discussed in the Company’s Quarterly Report on Form 10-Q filed with the SEC by

AppHarvest on May 17, 2021 under the heading “Risk Factors,” and other documents AppHarvest has filed, or that AppHarvest will file, with the SEC. If any of these risks materialize or our assumptions

prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect AppHarvest’s expectations, plans, or

forecasts of future events and views as of the date of this presentation. AppHarvest anticipates that subsequent events and developments will cause its assessments to change. However, while

AppHarvest may elect to update these forward-looking statements at some point in the future, AppHarvest specifically disclaims any obligation to do so. These forward-looking statements should not be

relied upon as representing AppHarvest’s assessments of any date subsequent to the date of this presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements.

USE OF PROJECTIONSThis Presentation contains projected financial information with respect to AppHarvest. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and

should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underling such financial forecast information are inherently uncertain and are subject to a wide

variety of significant business, economic, competitive, and other risks and uncertainties. See “Forward-Looking Statements” above. Actual results may differ materially from the results contemplated by

the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results

reflected in such forecasts will be achieved.

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DISCLAIMERRATIONALE FOR USE AND ACCESS TO NON-GAAP RESULTSTo supplement the Company's unaudited condensed consolidated financial statements, which are prepared and presented in accordance with United States generally accepted accounting principles

(“GAAP”), the Company uses certain non-GAAP measures, such as Adjusted EBITDA, to understand and evaluate the Company's core operating performance. The Company defines and calculates

Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense or benefit, depreciation and amortization, adjusted to exclude: stock-based compensation, transaction-

related costs, remeasurement of warrant liabilities and certain other non-recurring, non-cash and non-core items. The Company believes this non-GAAP measure of financial results provides useful

information to management and investors regarding certain financial and business trends relating to the Company` s financial condition and results of operations. The Company's management uses this

non-GAAP measure for trend analyses and for budgeting and planning purposes.

The Company believes that the use of this non-GAAP financial measure provides an additional tool for investors to use in evaluating projected operating results and trends. Other similar companies may

present different non-GAAP measures or calculate similar non-GAAP measures differently. Management does not consider this non-GAAP measure in isolation or as an alternative to financial measures

determined in accordance with GAAP. The principal limitation of this non-GAAP financial measure is that it excludes significant expenses that are required to be presented in the Company's GAAP

financial statements. Because of this limitation, you should consider Adjusted EBITDA alongside other financial performance measures, including net loss and the Company other financial results

presented in accordance with GAAP.

Adjusted EBITDA as used in connection with the Company's 2021 and 2025 outlook is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. The

Company is unable to reconcile this forward-looking non-GAAP financial measure to net income, its most directly comparable forward-looking GAAP financial measure, without unreasonable efforts,

because the Company is currently unable to predict with a reasonable degree of certainty its stock-based compensation expense for 2021 and for 2025. In addition, the company may incur additional

expenses which may impact adjusted EBITDA. Such items may include costs and expenses related to the business combination activities, income taxes and other items. The unavailable information could

have a significant impact on the Company’s full year 2021 or 2025 GAAP financial results.

TRADEMARKSThis Presentation contains trademarks, service marks, trade names, and copyrights of AppHarvest and other companies, which are the property of their respective owners.

The information contained herein is as of 8/11/2021 and does not reflect any subsequent events.

INDUSTRY AND MARKET DATAThis presentation includes industry data and market data, forecasts and information that AppHarvest has prepared based, in part, upon data, forecasts and information obtained from independent third

party surveys, market research, publicly available information, reports of governmental agencies and industry publications and surveys. All of management's estimates presented herein are based upon

management's review of independent third-party surveys and industry publications prepared by a number of sources and other publicly available information. Some data is also based on AppHarvest's

good faith estimates, which are derived from management's knowledge of the industry and independent sources. Although AppHarvest believes these sources are reliable, AppHarvest has not

independently verified the information contained therein. While AppHarvest is not aware of any misstatements regarding the industry data presented in this presentation, AppHarvest's estimates involve

risks and uncertainties and are subject to change based on various factors. Similarly, AppHarvest believes that its internal research is reliable, even though such research has not been

verified by independent sources.

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MANAGEMENT TEAM ON THE CALL

JONATHAN WEBBFounder & CEOFarmer & Futurist

LOREN EGGLETONChief Financial OfficerFarmer & Futurist

DAVID LEEPresidentFarmer & Futurist

KAVEH BAKHTIARIVP, Investor RelationsFarmer & Futurist

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Technology OpportunityCEA industry lacks operational software

Technology is needed to scale operations globally

The development of a tech enabled turnkey CEA solution dramatically expands the market

Global Interest in CEAFocus on global CEA industry accelerating; new ESG funds investing in CEA development

Equilibrium recently closed ~$1bn CEA fund, the largest in the industry

Climate ChangeWorsening climate change and drought in traditional agriculture regions are fast-tracking need for CEA

Food security will continue to be a major issue in the coming decades

TRANSFORMATIVE PERIOD IN CEAClimate Change is a Reality, and the World is Recognizing Global Food Infrastructure Must Adapt

Market DemandConsumer focus on nutritious, high-quality food

Preference toward local food versus imports from Mexico

COVID-19 has made food security a focus for world leaders

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Secured financing to continue 12-by-2025 plan and revamped Corporate and Farm leadership

Announced groundbreaking for 4th and 5th

facilities, to grow berries and leafy greens

Secured $75m mortgage for Morehead farm

Hired Amazon Veteran Mark Keller to operationalize AI-informed Farm Operating System

Reorganized Corporate and Morehead Farm leadership

AppHarvest joined Russell 2000 Index

6/20216/2021 6/2021 7/20217/2021

Secured $91m financing arrangement with Equilibrium Capital

7/2021

WHAT WE’VE ACCOMPLISHED

End of Q2: Net Sales of$3.1m and Yield of 8.6m lbs.

6/2021

Hired Julie Nelson as EVP, Operations to drive productivity and optimize operations

8/2021

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Q2 2021 OPERATIONS UPDATEOperational issues in first growing season have focused the company on implementing solutions to ensure longer-term success and building competitive advantage for the business

Q2 2021 Problems

Lower Quality Production and Saleable Yield

Higher Distribution and Shipping Expense

Poor quality mix (fewer USDA Grade #1 tomatoes) lowered our sales price and significantly impacted revenue; total production beat expectations, but problems associated with ramping up facility adversely affected results

Distribution costs much higher than expected; additional re-pack and re-sort costs resulting from poor product mix (fewer USDA #1 quality tomatoes than expected)

Deflated Pricing(1) Morehead Management Structure Inefficient

10-year historically low market prices for tomatoes in Q2 2021; AppHarvest brand has not yet earned a price premium

Org structure did not prioritize accountability; unnecessary layers in chain of command

Implemented Solutions

Productivity Enhancements Employee Incentive Upgrades

Revamping training program and executing on-the-job training with Growers and Team Leads to increase quality and productivity of crop work

Revising our piece rate compensation system to drive productivity and enable a FLEX workforce that can adjust to dynamic labor environments

Packhouse Overhaul Management Changes

Overhauling packhouse to minimize bottlenecks and increase quality checks / traceability

President David Lee directly accountable for farm performance as of July; installed Adam Reel as VP of Supply Chain and Procurement

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(1) USDA 10-yearpricing index .

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APPHARVEST 2.0: RESTRUCTURE TO OPTIMIZE GROWTHPlanned de-centralized structure to facilitate growth and ensure most attractive opportunities are adequately capitalized

AppalachiaCo Potential

• Network of high-tech indoor farms focused on production and sale of fresh produce

• Expanding into value-added products, capitalizing on validated target consumer value props:• Careers with positive community impact• Locally-sourced, fresh, all-natural food

• Plan to launch 3 value-added products by end of 2022 to develop brand and add revenue stream, and dedicate trial rows at Morehead facility

Mark Keller – SVP of Software Applications

Amazon veteran hired to operationalize AI-informed Farm Operating System

Julie Nelson – EVP of Operations

Background at McKinsey and PepsiCo, hired to implement best-in-class operating procedures

• Revised corporate structure prioritizes accountability grouping by operations and external functions

• Planned subsidiaries allow increased focus and investment on individual business lines, which reduces risk

• Full review of staff org structure de-layered, de-duplicated, and streamlined reporting structures

Attracting Top Talent

TechCo Potential

Develop best-in-class CEA solutions to optimize our farms & then sell turnkey/Amazon Web Services-like solutions to global market• Target customers in countries that lack the geography, climate,

resources, or labor needed to ensure national food security

GrowCo Potential – Includes Proposed Joint Venture

• Presents opportunities to expand growth in CEA outside Appalachia• Has the potential to become as large a financial opportunity as

AppalachiaCo, with separate sources of fundraising, and without distracting AppalachiaCo’s management and operations

• Most promising opportunity is “FarmCo,” a proposed JV with Mastronardi; signed non-binding LOI and expect to close by Q1 2022• Each party plans to contribute one CEA facility, and AppHarvest

also plans to contribute $10m• AppHarvest to receive majority equity ownership and JV designed

to be consolidated into AppHarvest financials

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KPIs AND MILESTONESMeasuring Anticipated Progress and Realizing Success

Morehead farm operating and harvesting under best practices and standard operating procedures

Q3 2021

Richmond and Berea facilities fully enclosed with glass

Secure $50m of non-dilutive financing for Somerset by Spring 2022

AppalachiaCo KPIs

TechCo KPIs

FarmOps viable product goes live at Morehead farm

Pilot FarmOps with first customer

Expand robotic harvesting intest area in Morehead (8 rows)

Hold TechCo investor event by Spring 2022

First Robot Alpha prototype complete

AppH ParentCo KPIs

Complete Project New Leaf; annual cost savings of $40m in COGS and SG&A versus the current run rate of expense

Complete parent holding company structure

Make Richmond and Berea operational without additional project-specific funding

Q4 2021 Q1 2022

Q2 2022 2H 2022

GrowCo KPIs

Close a Joint Venture in GrowCo

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Q2 2021 RESULTS AND UPDATED 2021 OUTLOOK

Q2 ActualResults

Number of Active Facilities:

1 facility

No. of Acres Operational:

60 acres

Net Sales: $3.1 million

Adj. EBITDA(2): $(22.6) million

Pounds Sold: 8.6 million

2021 Full YearOutlook

Number of Active Facilities:

1 facility

No. of Acres Operational:

60 acres

Net Sales: $7 million to$9 million

Adj. EBITDA(3): $(70) million to$(75) million

Capex(4): $185 million to$205 million

(1) USDA 10-year pricing index.(2) Adj. EBITDA is a non-GAAP financial measure; please see Adj. EBITDA reconciliation to reported GAAP results at the end of this deck.(3) Adj. EBITDA is a non-GAAP financial measure; reconciliation to forecast GAAP results is not available on a forward-looking basis without unreasonable efforts.(4) Capex represents estimated amounts for the Richmond, Berea, Somerset, and Morehead North (leafy greens) projects only during FY 2021.

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Adjusted full-year 2021 net sales outlook to $7-9 million to reflect revised expectations on historically low tomato prices(1), yield, and distribution costs that we expect to achieve in our first year of operations

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2025 OUTLOOK

2025 Guidance

Number of Active Facilities: 9 (still on track for 12 facilities by the end of 2025, but only guiding to 9)

No. of Acres Operational: 400

Net Sales: $350 million to$400 million

Adj. EBITDA(1): $115 million to$130 million

(1) Adj. EBITDA is a non-GAAP financial measure; reconciliation to forecast GAAP results is not available on a forward-looking basis without unreasonable efforts.

(US$ millions)

FY 2025 Net Sales Outlook

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Long-term outlook reflects expected benefits from technology sales and value-added products and more moderate expectations regarding price inflation, distribution fees, and conservatively modeled on 9 farms of 12 being developed

Prior FY 2025 Sales Outlook

FY 2025 Sales Outlook

$40 - $50

TechCo. Sales

$15 - $25

Value-Added Products

~($40)

~($40)

Revised Fresh Produce

Expectations

$387 $350 - $400

3 Fewer Farms

Moderated Assumptions

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CEA IS THE FUTURE… BUT HAS STRUGGLED TO SCALE TO MEET GLOBAL DEMAND

A platform technology is critical to help producers de-risk operations and deliver consistent returns

Opportunity:Empower organizations that want to own a Food Utility

Requirements:Build a technology stack that eliminates operational

risk

• We believe that eliminating the risk associated with CEA facilities will make a farm’s income statement look like a utility for investors

• This can unlock large pools of capital from banks, REITs, sovereign wealth funds, and family offices that want the cash flows but don't have the knowledge to operate a greenhouse

• It can also help mega-retailers vertically integrate into fresh, removing frictional middlemen from the value chain

• Use technology to eliminate requirement for extensive growing experience in order to operate a facility

• Develop a holistic product line and strategic relationships to deliver an end-to-end seamless customer experience that bridges the gap from project conception to enduring operational excellence

• Build the infrastructure to court buyers, win their business, and support their operational needs internationally

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Customer

Technology Evolution for CEA Operations

AppHarvest – FarmOpsA centralized platform automatically

managing complex farming operations

TECHCO

Key Risks in Current CEA Facilities Potential Technology Solution

Hiring Experienced Management To better manage greenhouse operations, we are building FarmOps, a centralized management system for automating the process of tasking workers, prioritizing workflows, and measuring outcomes

Hiring Experienced Growers To enhance growing capabilities, we are investing in AI systems for managing crops and forecasting yields as well as Teleoperation systems so our customers, no matter where they are in the world, can get expert assistance

Access To High Quality Labor To address the drag caused by continual employee churn, we are building Robots for some of the most crucial and time critical tasks on the farm (e.g., harvesting, crop care, & packaging)

AppHarvest AI for Growing

AppHarvestPackhouse Robots

AppHarvestGreenhouse Robots

Enterprise Resource Planning

Transportation Management System

3rd Party ERP

3rd Party TMS

3rd Party Packline Equip.

3rd Party Controls

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ROBOTICS

ARTIFICIAL INTELLIGENCE

FARMOPS

TURNKEY DESIGN & IMPLEMENTATION

AppHarvest Technology

Food Utility

Automated harvesting / packaging

Scalable

Worldwide turnkey solution

Automated, optimized growing conditions

New, high-value crops

Minimized operational risk

(1) Total annual value of crops sold by farmers worldwide; per United Nations Food and Agriculture Organization (FAO).

SOLUTION: GLOBAL FOOD UTILITYLarge-Scale Potential Turnkey CEA Facility

Addressable Market Opportunity: $319bn(1)

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DISCIPLINED COST MANAGEMENT Detailed review of expense base resulted in leveraging resources to align with long-term strategy

Project New Leaf

Targeting $40 million(1) of annual cost savings and productivity gains through:

1. Training and Technology investment• Productivity increase• Reduced Crop Care Specialist headcount per acre

2. Automation and Scale• Shared Services team scalable and effective from 1 farm to

12 farms3. Business Process

• Assigning DRIs to measure areas for improvement and accountability

4. Innovation for Efficiency• Identify repetitive work to find opportunities for automation

5. Business Operations Team• Special projects team that can be deployed for short-term

high-impact farm functions such as new facility stand-ups and technology upgrades

(1) Projected cost savings are extrapolated based on annualized Q2 2021 expenses vs annualized Q4 2022 expenses, as a percentage of pounds sold.15

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2025 OUTLOOK – TECH BUSINESS

2025 Tech Outlook

Target Geographies: Domestic, International

Product Lines: Robotics, Software, Turnkey

Acres Managed: ~1,400

Total Revenue: $40 - $50 million

Gross Margin: ~75%

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Q2 2021 ADJUSTED EBITDA RECONCILIATION

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Q&A