Discussion Materials Project OptimusPrime October 18, 2022

New vs. Previous Management Finance Case Comparison ($ in millions) Revised OptimusPrime Management Finance Case includes August 2022 results and FX-related updates for 2022F+ Source: Company financials

Financial Overview – Historical & Updated Management Finance Case (10/12/2022) ($ in millions) Source: Company financials

New Growth Products Total Revenue and Adj. EBITDA Margin over time Long-Term Growth is Heavily Reliant on Success of New Growth Products ($ in millions) Source: Company financials Notes: Financials per management finance case (1) Core Products includes SmartFresh Apple, SmartFresh Diversification, Harvista, Ornamentals, Landspring, Conventional Fungicides, Disinfectants, Coatings (Teycer Originals) and Control Tec; (2) New Growth Products includes Novel Antimicrobials, Novozymes Biologics, VitaFresh Botanicals and Digital; (3) New Growth Products EBITDA includes product-level gross profit, Novozymes Opex and allocated Opex (excl. Novozymes), D&A and adjustments by percentage of revenue Revenue Growth 5-Year CAGR 17A – 22E 5-Year CAGR 22E – 27E 10-Year CAGR 22E – 32E Consolidated Current (10/12) 0% 11% 11% Prior (09/03) 1% 10% 11% Core Products(1) Current (10/12) 7% 5% Prior (09/03) 6% 4% New Growth Products(2) Current (10/12) 91% 59% Prior (09/03) 89% 58% (2) Core Products Adj. EBITDA Margin % of EBITDA from New Growth Products (2)(3) Prior case (09/03) revenue and Adj. EBITDA margin $176 38% $186 37% $199 36% (1)

Updated Valuation Summary Current Share Price: $1.60 Source: Company financials Notes: Share price as of 10/10/2022 Comparable Companies multiple ranges derived by applying approximate difference in EV / EBITDA between AgroFresh and peers since Paine Schwartz’s preferred equity investment in 2020; liquidation preference assumes 50% cash / 50% PIK split for future preferred stock dividends (vs. option to elect 67.5% cash / 32.5% PIK split) based on management assumptions (1) Broker price targets represent 12-month targets; prices discounted 12 months from date of publication to 10/10/2022; assumes cost of equity of 18.0% Highly preliminary & confidential – Illustrative Analyses for Discussion (1) Valuation update based on revised management projections received 10/12/2022 $1.96 $2.61 $4.35 $3.89 10/10 Offer Price: $2.85 $0.03 NM Convertible Preferred valued at 2.0x MOIC for all enterprise value-based valuation methodologies

Paine Schwartz Partners LBO (returns Inclusive of Original Convertible Preferred Investment) Traditional Sponsor LBO(1) 5 Year LBO – Paine Schwartz Partners vs. Traditional SponsorAssumes Offer Price of $2.85 per Share and 8.5x Exit Multiple ($ in millions) Sources: Company financials Notes: Utilizes management cash and debt projections as of 12/31/2022; financials per management finance case (1) Includes estimated breakage costs of ~$81M as of 12/31/2022 Highly preliminary & confidential – Illustrative Analyses for Discussion

Illustrative PSP Returns Components of Paine Schwartz Partners Illustrative Returns Sources: Company financials, FactSet, Capital IQ as of 10/10/2022 Notes: Financials per management finance case (1) Includes OID (2) 16% total interest rate on Convertible Preferred, broken out by 8% cash dividend / 8% PIK, 9% cash dividend / 7% PIK and 8% cash dividend / 8% PIK for FY2020, FY2021, and FY2022, respectively (3) Reflects 8.5x EV / EBITDA exit multiple FY 2020 FY 2021 FY 2022 FY 2027 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2027E Initial Pref. Investment(1) ($147.8) Cash Preferred Dividends(2) $2.2 $3.0 $3.0 $3.1 $3.9 $4.0 $4.0 $3.3 $3.3 $3.4 LBO Purchase Equity ($124.8) LBO Exit Equity(3) $882.2 IRR / MOIC 20.0% / 3.2x ($ in millions) PSP incremental investment required for take-private (assuming $2.85 offer price and 4.0x PF leverage); assumes no debt refinancing Irr / moic Sensitivity Key Commentary PSP will have earned a ~16% IRR on its Convertible Preferred investment alone, assuming exit at 2022 year-end PSP’s total IRR (factoring in original Convertible Preferred investment) is slightly lower than the standalone LBO IRR given the lower returns of the convertible preferred Highly preliminary & confidential – Illustrative Analyses for Discussion Returns based on initial Convertible Preferred investment plus subsequent 5-year LBO

7.0x Assumed Multiple 9.0x Assumed Multiple Discounted Future Share Price Sensitivity(1) Present Value of Future Share Price (Status Quo w/ No Breakage Costs)Convertible Preferred Valued at Face Value Source: Company financials Notes: Revenue miss haircuts management finance case total revenue from 2023E to 2027E, holds gross margin (%) and OpEx costs ($) constant versus management case; assumes existing debt is refinanced in the same amount at its maturity in 2024 (1) Assumes valuation date of 12/31/2022; uses current FDSO, NCI, market capitalization and EV; assumes cost of equity of 18.0%; Convertible Preferred taken at face value in status quo scenario (i.e., no breakage costs included) Adjusted EBITDA Margin Mgmt. Finance Case 37% 36% 35% 36% 37% 39% 10% Revenue Miss 37% 32% 32% 33% 34% 36% 10% Revenue Miss Mgmt. Finance Case Highly preliminary & confidential – Illustrative Analyses for Discussion

High Breakage Costs Associated with Near-term Series B Refinancing Source: Company financials Notes: Assumes existing debt is refinanced in the same amount at its maturity in 2024 (1) Based on 56.3M diluted shares outstanding; Future Share Prices are not discounted to present Growth of Equity Value Over time @ 7.0x EV / EBITDA Implied Future Share Price(1) Net Debt Convert. Pref. Equity ($ in millions) Convertible preferred continues to dilute to common shareholders over time Highly preliminary & confidential – Illustrative Analyses for Discussion

Analysis at Various Share Prices Source: FactSet and Capital IQ as of 10/10/2022, Company filings, Company financials Notes: (1) Represents change of control amount for Paine Schwartz Partners convertible preferred equity; liquidation preference assumes 50% cash / 50% PIK split for future preferred stock dividends (vs. option to elect 67.5% cash / 32.5% PIK split) based on management assumptions (2) Multiples in AVP reflect convertible preferred at liquidation preference, assuming 2.0X MOIC ($ in millions, except share price) Highly preliminary & confidential – Illustrative Analyses for Discussion (1) (2) (2)

Potential Private Equity and Strategic Buyers Observations On Market environment and current trends Focus on reduction of food waste / conservation of resources Changing dietary trends towards fresh fruit and produce Increasing supply chain risks and disruptions Increasing demand for data in terms of traceability, quality and food safety Strategics Potential buyers Sponsors

Appendix

commentary Convertible Preferred Accretes Over Time Through PIK Interest Dividend Rates 16% per annum, of which 50% is payable in cash and 50% is payable in kind for the first year after the closing date, after which 50% will be payable in cash, 37.5% will be payable in kind and 12.5% will be payable in cash or in kind at the company’s discretion (management model assumes 50% cash and 50% PIK in forecast period) PSP has the right to appoint an additional member to the Board commensurate with their as-converted ownership stake If PSP has over 50% of Directors on the Board and Dow owns at least 20% of AgroFresh’s as-converted common stock, Dow has the right to designate an additional member to the Board There is also one share of Series A Preferred Stock owned by Dow, entitling Dow to appoint one director to the Board Source: Company filings Notes: (1) Assumes preferred stock is converted at a conversion price of $5.00 and the amount of shares outstanding remains constant from Q2 2022 (2) Reflects the average for the year, with a 10% cash dividend rate for Q3 2021, Q4 2021 and Q1 2022 ($ in millions) In a status quo scenario, Paine Schwartz’s ownership, on an as-converted basis, is expected to cross 50% by Q1 2028 (1) (2) (2) Highly preliminary & confidential – Illustrative Analyses for Discussion

Precedent Premia Analysis Analysis for U.S. companies acquired since October 2020 indicates targets receiving higher premia the steeper the discount to 52-week high Highly preliminary & confidential – Illustrative Analyses for Discussion Source: FactSet as of 10/10/2022 Notes: Unaffected premiums shown for acquisitions since 10/10/2020 with a transaction value between $100M – $3B and targets in the United States; excludes MOEs and transactions with targets industries of Energy, Insurance, Mining, Oil & Gas, REITs, Railroads, and Utilities The Company is currently trading at 69% of its 52W High (1) % of 52W High reflects share price as of unaffected date divided by 52W High as of unaffected date (2) Reflects acquisitions where the target was acquired at a greater than 100% premium to its share price as of unaffected date

Limited estimates available 2024E+; only 1 broker available P&L Comparison: Consensus Estimates vs. Management Finance Case Source: FactSet and Capital IQ as of 10/10/2022, Company filings, Company financials Notes: (1) Broker estimates as of 10/10/2022 ($ in millions)

Ev / NTM EBITDA – Since January 2019 Historical Valuation Multiples Source: FactSet as of 10/10/2022 Notes: High Value Specialties includes Croda, Chr Hansen, Balchem and Novozymes; Large AgChem includes Nutrien, Mosaic, FMC Corp, CF Industries, Dow, Bayer, Corteva, BASF, Nufarm and UPL Limited; AgChem / AgTech includes FMC Corp, Scotts Miracle-Gro, Bioceres and American Vanguard; Food Safety / Security includes Ecolab, Sotera, Diversey and Neogen OptimusPrime EV / NTM EBITDA High Since Jan-19: 9.2x OptimusPrime EV / NTM EBITDA Low Since Jan-19: 6.7x

Relative Stock Price Performance vs. Peers Source: Capital IQ as of 10/10/2022 Notes: High Value Specialties includes Croda, Chr Hansen, Balchem and Novozymes; Large AgChem includes Nutrien, Mosaic, FMC Corp, CF Industries, Dow, Bayer, Corteva, BASF, Nufarm and UPL Limited; AgChem / AgTech includes FMC Corp, Scotts Miracle-Gro, Bioceres and American Vanguard; Food Safety / Security includes Ecolab, Sotera, Diversey and Neogen (1) Reflects performance since 06/18/2018 (1) Share Price performance indexed to Company Since January 2019

Public Comparable Companies Analysis Source: FactSet and Capital IQ as of 10/10/2022, company financials Notes: Metrics are based on calendar year financials; EV / Revenue, EV / EBITDA, and P / E multiples greater than 50.0x, 75.0x, and 100.0x respectively are considered “NM”. Negative multiples are considered “NM”. “NA” indicates that a value was not available ($ in millions, except per share values)

Select Comparable Companies Operational Benchmarking CY2022E Ebitda margin Source: FactSet and Capital IQ as of 10/10/2022 Notes: Metrics are based on calendar year financials; Debt / LTM EBITDA and Net Debt / LTM EBITDA multiples with negative EBITDA are considered “NM.” “NA” indicates that a value was not available; Large AgChem includes Bayer, Nutrien, Corteva, BASF, Dow, CF Industries, Mosaic, FMC Corp, UPL Limited, and Nufarm CY2021A – CY2023E Revenue CAGR CY2022E Gross margin AgChem Tech High Value Specialties Food Safety / Security

Select Precedent Transactions Source: Company filings, Moody’s, press releases Notes: (1) Reflects forward multiple due to data availability (2) Assumes 25% EBITDA Margin per JBT Investor Presentation Highly preliminary & confidential – Illustrative Analyses for Discussion (1) (1) (1) (2) (1) (1)

Leveraged Buyout Analysis – 5 Year Illustrative PSP Returns (No Breakage Costs) transaction assumptions Sources and uses Irr / moic Sensitivity Ability to Pay Sensitivity (Offer Price / Premium(1)) Illustrative transaction close: 12/31/2022 Offer price of $2.85 per share (78.1% premium)(1) Implied EV: $544M(2) Implied EV / LTM FY22E Revenue: 3.3x Implied EV / LTM FY22E Adj. EBITDA: 8.8x Minimum Operating Cash – $10M Total Transaction Debt – $248M 4.0x Term Loan at 9.0% interest rate and 1.0% annual amortization Exit – End of FY2027E (5-Year Hold) Exit Value – $959M (8.5x LTM Adj. EBITDA) Assumes 5% management incentive plan Tax Rate – 21%; assumes zero taxes when EBT is negative Excludes transaction expenses Assumes balance sheet from management projections as of 12/31/2022 ($ in millions) (3) Sources: Company financials, FactSet and Capital IQ as of 10/10/2022 Notes: Financials per management finance case (1) Premium to current share price of $1.60 as of 10/10/2022 (2) Utilizes management cash, debt and convertible preferred equity projections as of 12/31/2022 (3) Represents management projections as of 12/31/2022 Highly preliminary & confidential – Illustrative Analyses for Discussion

Leveraged Buyout Analysis – 5 Year Illustrative PSP Returns (No Breakage Costs) (Cont’d) ($ in millions) Financial summary CREDIT STATISTICS Net Debt / LTM Adj. EBITDA Sources: Company financials Note: Fiscal year ends Dec. 31; Financials per management finance case (1) 2022E-2026E amortization sourced from Q2 2022 10-Q estimated annual amortization schedule; 2027E amortization assumed to grow by (0.5%) Highly preliminary & confidential – Illustrative Analyses for Discussion (1)

Discounted Cash Flow Analysis – Management Finance Case New Products Unlevered Free Cash Flows Core Unlevered Free Cash Flows Combined Terminal Value Build and Valuation ($ in millions) Sources: Company financials, FactSet as of 10/10/2022 Notes: Assumes valuation date as of 09/30/2022; assumes tax rate of 21.0%; fiscal year ends Dec. 31; WACCs of 15.0% and 17.0% utilized for Core and New Products respectively; perpetuity growth rates of 1.0% and 3.0% utilized for Core and New Products, respectively; D&A, SBC, and change in NWC allocated based on in-year sales contribution; CapEx allocated based on forward year sales contribution (excl. 2032E) (1) 2022E-2026E amortization sourced from Q2 2022 10-Q estimated annual amortization schedule; 2027E-2032E amortization assumed to decrease by (0.5%) each year (2) Change in NWC as a % of change in revenue held constant from 2027E (3) Liquidation preference assumes 50% cash / 50% PIK split for future preferred stock dividends (vs. option to elect 67.5% cash / 32.5% PIK split) based on management assumptions (2) (1) (1) Highly preliminary & confidential – Illustrative Analyses for Discussion (3) (2) (1) (1)

Discounted Cash Flow Analysis – Management Finance Case (Cont’d) Enterprise Value Sensitivity – Combined Implied Share Price Sensitivity Enterprise Value Sensitivity – Core Enterprise Value Sensitivity – New Products ($ in millions) Sources: Company financials Notes: Assumes valuation date as of 09/30/2022; assumes tax rate of 21.0%; fiscal year ends Dec. 31 Highly preliminary & confidential – Illustrative Analyses for Discussion

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