Q4 2020 Presentation February 24, 2021

DISCLAIMER

This presentation (hereinafter referred to as the "Presentation") has been prepared by Kalera AS ("Kalera" or the "Company") exclusively for information, and is only directed at persons to whom such presentation may lawfully be communicated ('relevant persons').

Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included therein. Certain information set forth in this Presentation contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) the expected development of the Company's business, and projects; (iii) execution of the Company's vision and growth strategy, including with respect to global growth; (iv) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (v) renewal of the Company's current customer, supplier and other material agreements; and (vi) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow relevant persons to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in assessing the Company.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The release, publication or distribution of this Presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this Presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Kalera AS or any company within the Kalera Group.

OUR MISSION

At Kalera we have a clearly defined mission as to why we exist, it is:

To serve humanity, wherever we are, the freshest, safest, affordable nourishment

KALERA –THE LEADING US VERTICAL FARMER

o Kalera is the fastest growing US-based vertical farmer in terms of production and, since our Q4 2020 new facility announcements, the only one with truly pan-US coverage – opening doors for national distribution discussions
o All 6 large-scale projects announced to date remain on-time and on-budget, constructed at a significantly lower capex per lb of output than industry average. All incorporate multiple design improvements vs. Orlando, and are expected to deliver ~5% unit cost savings
o Atlanta is expected to open on schedule in March 2021, with a 10-month ramp-up period to full production; Houston to follow in July 2021
o The Orlando facility was built to serve the foodservice and leisure market. COVID-19 impacted our sales rampup due to having approximately 80% of our target market in Central Florida closed during H2 2020. We decided to pivot our sales efforts and reconfigure our facility to be able to serve the retail market which has continued to accelerate at some key retail accounts - i.e., Publix doubling volume in the last 6 weeks and Winn-Dixie added in Q1 2021. We have also already added 5 new foodservice distributors so far in 2021
o Unit costs in Orlando remain on-budget after adjusting for temporarily lower throughput yield at maximum output due to airflow constraints. Additional airflow equipment was delayed by COVID-19 but has now begun installation during Q1 2021. Average lettuce head sizes and weights have remained on target
o Foodservice and retail pricing remains firm and in-line with expectations. We remain purposefully at a retail price discount vs. most organic and other Controlled-Environment Ag (CEA) produce based on our retail surveys and buyer conversations
o The leadership team and senior management hires have been completed ahead of initial plan, with some frontloading of corporate overhead in 2020 and 2021
o On February 23, 2021 Kalera agreed to acquire the leading indoor seed developer Vindara. This acquisition will generate both significant operational synergies and product expansion capabilities starting in 2022
o The strategic review regarding a main market listing and potential SPAC remains ongoing

KALERA –GLOBAL LEADER IN VERTICAL FARMING

Kalera continues to execute on its fast pace global expansion and is rapidly becoming the fastest growing vertical farm in the world, positioning the Company as the global leader for high quality leafy greens, with leading unit economics.

Global Leader in Vertical Farming

o We grow clean, high quality, nutrient rich greens in a cost efficient and sustainable way near point of consumption that are contamination free, non-GMO vegetables, without chemicals or pesticides, and that are local and supplied year round
o Kalera is the only vertical farming business to offer a truly pan-US localized supply network by end of 2021

Disruptive Technology

o Advanced plant science: optimized nutrient mixes/uptake and light recipes
o "Semiconductor based" clean room technology, no contamination of air and water, safe produce
o IoT, Big Data and AI automated production controls and machine learning
o Growing environments: clean air & water, optimized temperature & humidity

Leading Unit Economics

o Customized growing layouts: Implementation of equipment/technology that ensures maximum yields per m²
- o Low Capital Expenditures: Attractive payback times
- o A leader in project completion time: All projects on-time and on-budget
- o Affordable: High quality and cleaner than organic produce sold at conventional prices

Rapid Roll-Out/Large Market Opportunity

o \$30+ billion total addressable market opportunity for lettuce and chicory
o Orlando on-time and on-budget. Business model to replicate rapid commercial roll-out and scaling
o New projects underway in Georgia (Atlanta), Texas (Houston), Colorado (Denver), Washington (Seattle),
Hawaii (Honolulu), and Ohio (Columbus) with more to come in the US and Internationally
o Reviewing several M&A opportunities to accelerate growth and maintain industry leadership

Global Brand Name Customers

o Foodservice, Resort, Hospitality, Cruise Lines, Airlines, Grocery Chains, Restaurant Chains, Contract Foodservice providers (Event Venues, Hospitals, Universities)
o Key customers include: Sysco, US Foods, Marriott, Levy, FreshPoint, Publix, Winn-Dixie, and Universal Studios

KALERA GROWS CLEAN, HIGH QUALITY, LOCAL AND SUSTAINABLE PRODUCE

Taking quality standards to a new level

TOP-TIER CUSTOMER BASE POSITIONED FOR FUTURE GROWTH

YEAR HIGHLIGHTS

Opening of the Orlando Facility in February 2020, Kalera's first large-scale operation with 33,120 sq ft (~44% of the standard large-scale facilities) with a target to serve the foodservice sector

Established relationships with key customers including Publix, Winn-Dixie, Universal Studios, Sysco, US Foods, Levy and FreshPoint among more than 50+ new customers acquired during 2020 after the beginning of the COVID-19 outbreak

World-class leadership team in place with the hiring of key C-suite individuals including our COO, CFO, CIO, CHRO, and Vice Presidents of Foodservice and Retail Sales, ready for a national and global rollout

Listed on the Oslo NOTC market on April 21, 2020, and subsequently Oslo Euronext Growth since October 28, 2020

Announced six new facilities including Houston (Texas), Atlanta (Georgia), Denver (Colorado), Columbus (Ohio), Honolulu (Hawaii), and Seattle (Washington)

Raised a total of \$145 million in total capital to fuel organic growth for the rapid expansion of our business model worldwide, ending 2020 in a strong financial position with \$113 million in cash

Ramped up production at the Orlando facility of up to 100% of target during Q4 2020

INCREASED PRODUCTION CAPACITY DURING 2020 DRIVEN BY THE ORLANDO FACILITY AFTER OPENING TRADEPORT R&D CENTer AND HYCUBE

Tradeport

Research & Development and Production Facility Project Start Date: April 2017 Operations Start Date: July 2017

o R&D Unit Plant science and technology
o Microgreens production facility

Plant Heads per Year: 0.2 million Project Start Date: October 2016 Operations Start Date: April 2018

o HyCube installation at Marriott flagship hotel
o Marriott Orlando World Center Largest Marriott hotel in the World
o Designed as a showcase yet fully operational

Orlando

Plant Heads per Year: 5.1 million Project Start Date: June 2019 Operations Start Date: February 2020

o Size: 33,120 sq ft total

o Vertical farm with largest output in Southeast US
o Capex: \$5.9 million

Q4 2020 HIGHLIGHTS

o Revenue of \$227K and \$887K for Q4 and FY 2020 respectively, compared with total revenue of \$28K and \$101K in 2019 respectively. Q4 experienced continued challenges due to COVID-19 and the conclusion of the temporary state government food program during Q3 2020
- Increased our customer base even during challenging times due to COVID-19. With the addition of Winn-Dixie and select foodservice clients, Kalera closed the year with 50+ customers and a strong sales pipeline for 2021
o Expanded Kalera's US Footprint. Announced new facilities in Columbus (Ohio), Honolulu (Hawaii), and Seattle (Washington), all expected to be fully operational before the end of Q1 2022 – signing of new facilities ahead of schedule
o Funding Growth. In Q4, the Company completed one private placement with combined net proceeds of \$86M. Total equity issuances in 2020 were \$145M
o Moved the Kalera equity listing to Oslo Euronext Growth on October 28, 2020
o Announced key hires including Keri Gasiorowski as Chief Human Resources Officer, new facility managers for Atlanta, and a Regional Sales Manager for Atlanta with Kalera expanding to 107 employees as of December 31, 2020

geographic footprint at the end of Q4 2020

NEW FACILITIES all on-time, on-budget and will grow Kalera's capacity 12X by the end of q1 2022

Atlanta, Georgia

Expected Plant Heads per Year: 10.2 million Project Start Date: April 2020 Operations Starting Date (Estimated): March 2021

Houston, texas

Expected Plant Heads per Year: 12.8 million Project Start Date: July 2020 Operations Starting Date (Estimated): June 2021

Denver, colorado

Expected Plant Heads per Year: 11.1 million Project Start Date: September 2020 Operations Starting Date (Estimated): August 2021

ADDITIONAL PROJECTS

Seattle, Washington

Expected Plant Heads per Year: 10.5 million Project Start Date: December 2020 Operations Starting Date (Estimated): December 2021

Honolulu, Hawaii

Expected Plant Heads per Year: 5.0 million Project Start Date: January 2021 Operations Starting Date (Estimated): January 2022

Columbus, Ohio

Expected Plant Heads per Year: 11.0 million Project Start Date: March 2021 Operations Starting Date (Estimated): February 2022

PRODUCTION CAPACITY

CONSOLIDATED RESULTS Q4 AND FY 2020

Interim consolidated income statement

(Unaudited)

Q4 2020 226,651 176,791 1,493,132	Q4 2019 27,786 2,723	FY 2020 886,675	FY 2019 101,230



		391,499	12,890
	671,028	4,623,275	2,092,401
660,794	-	1,508,816	-
352,457	96,280	1,019,317	404,481
797,571	349,719	2,403,966	1,338,114
-	(562,408)	-	(562,408)
(3,254,094)	(1,654,372)	(9,060,198)	(4,309,064)
(2,593,300)	(2,216,780)	(7,551,382)	(4,871,472)

23,687	6,759	24,361	6,803
(156,361)	(211,074)	(476,991)	(227,434)
-	(362,143)	(382,286)	(1,027,286)
327,624	-	327,624	-
194,950	(566,458)	(507,292)	(1,247,917)
(3,059,144)	(2,220,830)	(9,567,490)	(5,556,981)
	1) Adjusted to exclude one-time gains/(losses) and share-based compensation.

o Revenue grew 715% YOY in Q4 2020 despite continued challenges due to COVID-19 and the conclusion of the temporary state government food program during Q3 2020
o FY 2020 revenue, up 794% vs. 2019
o COVID-19 impacting Kalera's foodservice strategy having to adjust operations to serve retail market during 2020
o Operating loss driven by investment in building Kalera's core corporate capabilities in anticipation of accelerated nationwide and global expansion during 2021

BALANCE SHEET COMPARISON

Interim consolidated statement of financial position

(Unaudited)

Expressed in USD	As at 31 December,
	2020	2019
Assets
Property, plant and equipment	28,031,509	7,690,337
Right of use asset (Net)	9,279,427	3,952,293
Intangible assets	685,732	685,732
Trade and other receivables	3,148,179	389,945
Total non-current assets	41,126,847	12,718,307
Current assets
Trade and other receivables	486,771	6,348
Inventory	103,925	-
Cash and cash equivalents including bank overdrafts	113,353,320	3,394,796
Total current assets	113,944,016	3,401,144
Total assets	155,070,863	16,119,451
Equity and liabilities
Share capital	194,204	98,231
Share premium	167,100,839	21,901,473
Share based compensation	1,508,816	-
Other reserves	(24,692,810)	(14,747,066)
Total equity	144,111,049	7,252,638
Liabilities
Borrowings	61,625	45,637
Long term lease liabilities	9,534,876	3,570,256
Total non-current liabilities	9,596,501	3,615,893
Total current liabilities	1,363,313	5,250,920
Total liabilities	10,959,814	8,866,813
Total equity and liabilities	155,070,863	16,119,451

o Cash & cash equivalents were \$113M as of 31 December 2020, primarily reflecting various private placement financings during 2020 to fund future expansion
o Property, Plant and Equipment reached \$28M, including Construction in Progress as part of the Company's expansion. Construction build-outs are on-schedule and on-budget
o Lease liabilities of \$9.6M increased driven by agreements for the new production facilities

CASH FLOW

Interim consolidated statement of cash flows (Unaudited)

Expressed in USD	As at 31 December,
	FY 2020	FY 2019
Net cash generated from operating activities	(9,630,216)	(3,412,464)
Net cash generated from investing activities	(20,845,853)	(5,667,960)
Net cash generated from financing activities	140,439,836	10,502,314
Net change in cash and cash equivalents	109,963,767	1,421,890
Cash at the beginning of the period	3,394,796	2,049,700
Exchange gains/losses on cash and cash equivalents	(5,243)	(76,794)
Cash and cash equivalents at end of period	113,353,320	3,394,796

o Operating cash flow primarily reflects the Company's investment in talent acquisition in anticipation of growth and expansion during 2021
o Investment activities are primarily related to the build-out of the new production facilities in Atlanta, Houston and Denver, all of which will open during 2021
o Cash from financing activities reflects several rounds of private placement offerings during 2020 to fund expansion strategy

Orlando 33,120 sq ft facility update

o Our Orlando facility was built to serve the foodservice market in Central Florida driven by the large concentration of leisure, entertainment and restaurants in the area. Total sales ramp-up was then impacted by COVID-19 (~80% of customers closed during H2 2020). Our sales and operations then pivoted towards retail and this has continued to accelerate at some key retail accounts, for example Publix doubling volume in the last 6 weeks and adding Winn-Dixie as a new retailer in Q1 2021.
- Orlando currently has a significant portion of target facility output confirmed for sale to retail and foodservice with Grade A customers including Publix, Winn-Dixie and Sysco. We continue discussions with many other foodservice, retail and government buyers (i.e. K-12 Schools), which we expect to purchase the remaining Orlando capacity over the coming 6 months
o According to our standard facility Commissioning Plan, we initiated and completed a 10-month production ramp-up (first of its kind for a large-scale facility) to test and balance all production systems.
Kalera successfully fully scaled 10-years of plant science R&D and perfected nutrient and light recipes at full capacity that consistently achieved tray yields at target size and weight (kg/m2/year) since starting operation in March 2020. We maintained production levels below 70% capacity until we achieved weekly throughput yield averages at 80%+ in late August. As we increased testing all our production systems from 70% to 100% capacity to complete final phase of Commissioning Plan during Q4 2020, Orlando airflow equipment and electricity capacity proved insufficient to maintain target throughput yield at all facility zones even though total production weight and head size remained on target at maximum output. We have identified clear steps (to upgrade this in stages during 2021 i.e., extra HVAC and airflow equipment) without impacting future unit operating costs
o Our unit costs in Orlando remain on-budget after adjusting for temporarily lower throughput yield at maximum output due to airflow constraints. Additional airflow equipment was delayed by COVID-19 but has now begun installation during Q1 2021 (this improvement has already been designed into Atlanta and other large-scale facilities). Average lettuce head sizes and weights have remained consistent and on target. Our foodservice and retail pricing remains firm and in line with expectations, and both segments have similar underlying unit economics. We remain purposefully at a retail price discount vs. most organic and other Controlled-Environment Ag (CEA) produce based on our retail surveys and buyer conversations.

Transformational Combination Within the Vertical Farming Industry

Transaction Overview	o On February 23, 2021 Kalera agreed to acquire the leading indoor seed developer, Vindara for a total enterprise value of USD 23,750,000 and the consideration payable for the equity of the Company will be settled 60% in cash and 40% in the form of preferred stock exchangeable into an aggregate of 2,084,087 shares in Kalera AS o Founded in 2018 in the North Carolina Research Triangle, Vindara is the first company to deliver seed varieties bred explicitly for use in fast growing, high-tech indoor farming operations o This transaction represents the first instance of vertical integration in the industry: it combines the scientific leader in indoor seed development with the fastest growing operational leader in vertical farming o Vindara Co-Founder and President Dr. Jade Stinson will immediately join Kalera's senior management team in Orlando
Kalera Benefits	o Kalera expects the deal to be substantially accretive to its unit economics and EBITDA starting in 2022 by: ✓ Significantly the from Kalera´s and future facilities by reducing the cycle and providing increasing output current grow Kalera benefits of higher yields ✓ of goods sold by reducing of seed and efficiency/automation Lowering improving costs costs energy ✓ Significantly Kalera´s future and improving unit economics EBITDA ✓ Further differentiating Kalera's products and improved ability color flavor firmness and giving optimize to texture us , , , nutrient profile ✓ Vindara's focused farming Accelerating and expanding seed research and development the indoor programs on overall CEA market share growth sectors to support ✓ Developing product pipeline beyond leafy include high yield basil spinach and strawberries strong to a greens , , ✓ Accelerating the development cycle of products with and for while also value proprietary generating customers through the development of seed for the indoor farming industry large custom at ✓ Providing additional the global market generation opportunities CEA to revenue o Vindara has already demonstrated substantial yield improvements in indoor-grown Romaine, with more varieties and crops in the pipeline o Acquisition will accelerate Kalera's product development both within its existing segment to other lettuce varieties and leafy greens including basil and spinach, and to entirely new categories such as strawberries	+

OUR PRODUCTS

Various types of lettuces, microgreens, and other leafy greens and herbs sold under the brands HyTaste and Kalera

KALERA PRODUCTION ADVANTAGES

KALERA VALUE PROPOSITION

Kalera significantly reduces length and costs inherent in the conventional value chain

Sources:

Roberta Cook, UC Davis, US Fresh Fruit and Vegetable Value Chain, 2010, based on UC Davis and Cornell U., compilations of USDA and US Census data.
Don Goodwin & Tom Thomson, Golden Sun Marketing and UC Davis, Controlled Environment Agriculture: Disruption in the California Leafy Green Industry.

SHAREHOLDERS AND COMPANY STRUCTURE

Top 20 Largest Shareholders as of February 3, 2021

Country
Liechtenstein
States


States
States

States


Luxembourg



Luxembourg
Luxembourg
States

Luxembourg
Luxembourg

1) In addition to 100% ownership of Iveron Materials Inc. a legal entity that owns a Concrete Polymer Patent having total assets of \$530k as of December 31, 2020.

Stock Options

o Granted Stock Options: 10,950,000

Analyst

Arctic Securities

o Strike price range: \$0.75 \$2.75 / share
o Weighted average exercise price: \$1.25 / share
o Bengt Jonassen Analyst ABG Sundal Collier o Axel Jacobsen
o Thomas Lorck Analyst Arctic Securities

Analyst Coverage Financial Calendar

o April 21, 2021 2020 Annual Report
o May 12, 2021 Q1 2021
o August 11, 2021 H1 2021
o November 11, 2021 Q3 2021