Kalera S.A. — Investor Presentation 2021

Nov 15, 2021

The Science of Great Greens

SUPPLEMENTAL MATERIALS TO QUARTERLY EARNINGS CALL ON NOVEMBER 11, 2021

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 and does not constitute an offer or an invitation to subscribe for or purchase any Shares or any other financial instruments and should not be considered as a recommendation by the Company or any advisor appointed by the Company that any recipient of this Presentation should subscribe for or purchase any Shares. Each recipient of this Presentation shall be taken to have made its own investigation and appraisal of the condition (financial or otherwise) of the Company. For a discussion of risks and other factors that should be considered in connection with any investment in the Shares, see below and the section entitled "Risk Factors" on pages 35-41 below.

The distribution of this Presentation and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law, including but without limitation to the United States. Persons into whose possession this Presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and neither the Company or any of its employees and representatives shall have any responsibility or liability for these obligations.

This Presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions, and involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group's expect to operate in the future. The Company cannot give any assurance as to the completeness or correctness of such information, assumptions or statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to, those discussed under the section entitled "Risk Factors". Any forward-looking statements made by the Company speak only as at the date they are made. The Company does not undertake to update forward-looking statements to reflect any changes in their expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based

An investment in the Company's shares (the "Shares") involves a high level of risk, see the section entitled "Risk Factors" below, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation. An investment in the Shares is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of their investment. A prospective investor should perform its own review, investigation and analysis of the Group, its assets, financial performance and prospects, taxation and legal aspects, and obtain and review such additional information or documents, as the prospective investor deems appropriate.

This Presentation is not to be construed as legal, business, tax or accounting advice, and each recipient should seek independent advice on these or other aspects of the Presentation and the information contained herein.

This Presentation is not a prospectus or an offering circular. The Presentation has not been filed with or approved by any state or federal securities authority. No federal or state securities authority has reviewed the adequacy or accuracy of the Presentation, or the merits of the securities described herein.

The Company does not intend, and does not assume any obligation, to update or correct the information included in this Presentation.

There may have been changes in matters which affect the Company subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. The contents of this presentation are not to be construed as legal, business, investment, tax or other professional advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. The Company expressly disclaims any liability whatsoever towards any recipient of this Presentation in connection with the matters described herein.

Any person accepting delivery of this Presentation or who otherwise receive it, agrees to keep the Presentation, all of the information it contains and any oral information received in connection with the Presentation strictly confidential and will not distribute, publish, disclose or reproduce any of its content.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

SUPPLEMENTAL MATERIALS TO QUARTERLY EARNINGS CALL ON NOVEMBER 11, 2021

• The following slides clarify recent questions from Kalera's Q3 Quarterly Earnings Presentation in reference to: Kalera Company Presentation dated October 7th, 2021, in particular regarding the Company's sales and production data referenced in 'Slide 26' of the Kalera Company Presentation October 7th, 2021.
• The following slides do not include any future projections that were not already presented in either the Quarterly Earnings Call on November 11, 2021 or found in the Kalera Company Presentation October 7th, 2021.
• Kalera Company Presentation October 7th, 2021 confirmed correct however chart labelling on slide 26 was unclear.
• Slide 6 in the following presents the relationship between Plant Sales (total heads sold) and Net Sales (in USD).
• Net Sales as reported in our financial statements include returns, discounts, and promotions implying a blended unit cost that differs from our standard national list price.
• Actual number of plants sold in September slightly above forecast, positive momentum in October.
• Net sales and plant sales continue positive momentum.
• The following presentation does not include any information or impact from operations of &ever.

PRIVATE PLACEMENT MATERIAL FROM KALERA COMPANY PRESENTATION OCTOBER 7TH, 2021 CONFIRMED CORRECT

Slide 26 From Company Presentation dated October 7th, 2021

Comments

• In response to a question by an investor, the slide on the left of this page was included in a presentation for a private placement. In general, Kalera does not communicate forward looking projections and does not plan to do so in the future.
• The graph in the slide shows plant sales in # of plants (not USD). We could have more clearly indicated this on the chart.
• The data on the slide on the left are correct and in line with actual performance, however the labelling did not indicate that # of plants (not USD) were consolidated for all Kalera Large Scale facilities excluding Marriott.
• The September through December estimates were the expected development of plant sales (in # of plants sold) for the remainder of 2021 including Atlanta's first harvest completed in September (post electrical upgrades) and Houston's first harvest in October.

ACTUAL NUMBER OF PLANTS SOLD IN SEPTEMBER SLIGHTLY ABOVE FORECAST, POSITIVE MOMENTUM IN OCTOBER

• Depending on the market and customer, Kalera introduces different pricing scales that can differ from those reflected in our nationwide list price.
• As we introduce new varieties to new customer segments, pricing can vary from our national list price.
• For a romaine variety recently launched that is sold by weight, we expect to increase yields of this variety through the development of the Vindara seed program.
• Prices outside the US are expected to be higher than prices achieved in mainland US.

Comments Plant Sales (In # Of Plants) For All Large Scale Facilities (Excl. Marriott)

Note: Include total plant sales for all operating farms in the US and include Orlando, Atlanta, and Houston.

First harvest from Atlanta farm in September included.

NET SALES AND PLANT SALES CONTINUE POSITIVE MOMENTUM

Total Net Sales1 for large scale facilities have been improving on a quarterly basis. With the addition of the Houston facility during October 2021, our capacity to grow and deliver additional and select varieties is allowing Kalera to grow additional varieties and meeting increasing demand across all of our operating geographies. As a result, consolidated results as shown below reflect revenue for all our large scale facilities2.

Sale Reconciliation Consolidated Large Scale Facility (ex. Marriott) Net Sales USD and # of Plant Sales

• Net sales per quarter include our product mix of retail and foodservices that is quantified on a per head basis.
• Romain lettuce sales that are quantified by weight are also included in our quarterly net sales and adjusted to number of heads.
• Depending on each type of Romain lettuce, weights might be different and implied number of plants per case might increase or decrease.

• Net sales might also vary by customer and location and could be different than our nationwide list price per head as described in the previous slides.

• Net Sales as reported in our financial statements include returns, discounts, and promotions. These prices might differ per customer and per market and might be different than those reflected in our nationwide price list.

• Includes only large scale facilities and excludes Marriott HyCube Net Sales.