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A Letter to our shareholders

Fellow Benson Hill Shareholders,

The last year brought tremendous change and opportunity. In this first shareholder letter as a public company, I’ll frame some perspectives on why we are here and where we stand. I’ll also share some operating principles that help guide us as we build a company to last. Next, I’ll provide a brief recap of 2021 and where we are headed.

By starting with why Benson Hill exists and how we make decisions, I hope to provide context by which you might evaluate our progress. The goal here is not only to provide an update but to ensure alignment with you, our owners.

Our Why and What

Food production, the most fundamentally important industry for people and our planet, sits on the precipice of massive disruption. This disruption is not driven by innovation and competition but by much more colossal forces – the changing climate, severe geopolitical stresses, and today’s conscientious and digitally informed consumer, who is demanding change through purchase decisions. Innovation and competition are not the cause of this disruption, but the answer to it.

As fundamental as food production is, innovation has been sorely lacking across the agri-food value chain. What is often referred to as our “global food system” is really a set of very siloed steps in a complex value chain. A handful of companies have played a primary role in each step, and their focus has been on optimizing their own box, often creating trade-offs to the overall system. To date, this approach has accommodated economies of scale, but it has also entrenched rigidity and inertia that restrict the nimbleness required to navigate rapidly evolving, and sometimes disruptive, macro forces in a way that maximizes long-term impact and value.

Cracks in the resiliency of our food system due to this inertia are evident everywhere. Efficiency has come at the expense of nutrition, leading to pervasive diet-related illness. The global pandemic disrupted a food supply chain previously believed to be durable and secure. Food price inflation has reached record levels, especially for animal- derived products. The war in Ukraine is poised to exacerbate massive nutrition insecurity and unravel reliance on global production systems. These issues are not transient. They’re not quickly solvable with more capital, or even peacetime…

BUILDING A MODERN FOOD TECHNOLOGY COMPANY WITH A CONSUMER CENTRIC APPROACH ACROSS THE FOOD SYSTEM

Significant and Growing Addressable Market

Unique and Proprietary Innovation Engine: CropOS®

Rapidly Growing Revenue at Commercial Inflection

Benson Hill is a pure play ESG investment opportunity

Learn more about how Benson Hill’s strategic business goals align with the U.N. Sustainable Development Goals.

Contact Us

For investor inquiries, please email investors@bensonhill.com

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