Sustainable Technology and Infrastructure Monthly Market Update // March 2021 Performance of Key Market Indices1 400.0% 340.0% 268.2% 280.0% 220.0% 160.0% 80.0% 100.0% 60.8% 40.0% 57.8% (20.0%) Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500

Index Performance1 March Ending Versus First Day of the March YTD CY 2020 52 Wk High 52 Wk Low MSCI World Index 4.5% 4.5% 14.1% (0.6%) 58.2% NASDAQ Composite 2.8% 2.8% 43.6% (6.0%) 80.0% S&P 500 5.8% 5.8% 16.3% (0.0%) 60.8% NASDAQ Clean Edge Green Energy (2.3%) (2.3%) 182.4% (22.2%) 272.5%

Denotes Nomura Notable Recent Transactions & Capital Raises Greentech Transaction

Date Target Acquirer Transaction Description Performance Cerberus Capital A partnership formed by Cerberus Capital Management and Koch Minerals & Trading chemicals business Management and Mar. 1 has agreed to acquire the performance chemicals business from PQ Group Holdings, a from PQ Group Koch Minerals & global provider of specialty materials, in a deal valued at $1.1bn Holdings Trading Corporate M&A Laird Performance DuPont, a specialty materials company, acquired Laird Performance Materials, a Transactions Mar. 8 DuPont Materials developer of electronic systems for AVs and other end markets, for $2.3bn

Blackstone acquired DESOTEC, a leading European environmental service company Mar. 18 DESOTEC Blackstone and provider of innovative circular filtration solutions, for an undisclosed amount

Date Company Transaction Description

Uplight, a U.S.-based provider of edge of the grid technology, raised an undisclosed amount from Schneider Mar. 2 Uplight Electric, Huck Capital, and AES Corp. in a deal that values Uplight at $1.5bn Capital Raises

Momenta, China-based developer of autonomous vehicles, raised $500mm in a round led by SAIC Motor, Mar. 19 Momenta Toyota and Bosch, with participation from Temasek, Yunfeng Capital, Mercedes-Benz AG, Xiaomi, Shunwei Capital, Tencent, Cathay Capital

Date Company Transaction Description

The Metals Company The Metals Company, a developer of battery metals for EVs, announced plans to merge with Sustainable Mar. 8 (f.k.a DeepGreen Opportunities Acquisition Corp., a SPAC, at a valuation of $2.9bn2 Metals)

SPAC Transactions AeroFarms, a vertical farming platform, announced plans to merge with Spring Valley Acquisition Corp., a Mar. 26 AeroFarms SPAC, at a valuation of $1.2bn2

Lilium, an electric vertical take off and landing OEM, announced plans to merge with Qell Acquisition Corp., a Mar. 30 Lilium SPAC, at a valuation of $3.3bn2

About Nomura Greentech Nomura Greentech is a fully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate the transformation of our core infrastructure systems – energy, transportation, food, water and waste – to be lower carbon, more efficient and digitally networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009 has closed over 140 transactions with sustainable technology and infrastructure companies and investors.

Source: FactSet, SEC filings and third-party providers. 1. Performance does not include reinvestment of dividends. 1 2. Pro forma equity value. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/4)

Corporate Transactions

Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA A partnership formed by Cerberus Capital Performance Cerberus Capital Management and Koch Minerals & Trading has chemicals business Management and Environmental agreed to acquire the performance chemicals Mar. 1 $1,100 ND ND from PQ Group Koch Minerals & Services business from PQ Group Holdings, a global Holdings Trading provider of specialty materials, in a deal valued at $1.1bn

PQ Group Holdings, a global provider of specialty materials, acquired Chem32, a leading supplier of Environmental Mar. 1 Chem32 PQ Group Holdings $44 catalyst pre-activation services used in the ND ND Services production of traditional and renewable fuels, for $44mm

Ovarro, a U.K.-based provider of remote monitoring systems for water and other infrastructure sectors, acquired ControlPoint, a Mar. 2 ControlPoint Ovarro ND Water ND ND U.K.- based provider of digital quality assurance and data management solutions for water and gas utilities, for an undisclosed amount

PreZero US, a California-based recycling solutions and environmental services company, Environmental Mar. 3 Roplast Industries PreZero US ND acquired Roplast Industries, a California-based ND ND Services polyethylene film and bag manufacturer, for an undisclosed amount

Mitsui & Co., the Japanese general trading Energy and conglomerate, acquired 15.4% of Storegga Storegga Mar. 3 Mitsui & Co. ND Industrial Geotechnologies, a developer of the Acorn ND ND Geotechnologies Technology carbon capture and storage project, for an undisclosed amount

Watts Water, a leading manufacturer of water The Detection quality solutions, acquired The Detection Group, a Mar. 3 Watts Water ND Water ND ND Group California-based provider of wireless water security solutions, for an undisclosed amount

Drew Marine, a U.S. provider of water treatment Flow Water and maritime solutions and portfolio company of Technologies Court Square Capital Partners, acquired the Mar. 4 Drinking Water and Drew Marine ND Water ND ND Drinking Water & Disinfection business of Flow Disinfection Water Technologies, a Cyprus-based water operations purification provider, for an undisclosed amount

Indutrade, a Swedish provider of engineering, equipment, flow technology and industrial Mar. 5 Efcon Water Indutrade ND Water components, acquired Efcon Water, a Dutch ND ND wastewater sampling company, for an undisclosed amount

DuPont, a specialty materials company, acquired Laird Performance Advanced Laird Performance Materials, a developer of Mar. 8 DuPont $2,300 4.9x 15.0x Materials Transportation electronic systems for AVs and other end markets, for $2.3bn

Nordic Capital, a private equity firm, acquired Environmental Sortera, a Sweden-based environmental services Mar. 8 Sortera Nordic Capital ND ND ND Services provider of focused recycling and waste solutions, for an undisclosed amount

American AllWaste, a provider of non-hazardous liquid waste transportation and disposal, sewer Environmental infrastructure cleaning and other services, Mar. 8 L&G Environmental American AllWaste ND ND ND Services acquired L&G Environmental, a Brenham, Texas- based non-hazardous liquid waste processing facility, for an undisclosed amount 2 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/4)

Corporate Transactions

Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA

Vortex Technology Group, a division of Vortex Companies and global provider of infrastructure Vortex Technology Mar. 8 Zia Systems ND Water products and services, acquired Zia Systems, an ND ND Group integrated solutions provider of monitoring technology, for an undisclosed amount

EasyPark, a provider of parking solutions, Advanced Mar. 9 Park Mobile EasyPark ND acquired Park Mobile, a provider of smart parking ND ND Transportation and mobility solutions, for an undisclosed amount

Pilot Water Solutions, a U.S. midstream saltwater disposal and transportation company, acquired Pilot Water Mar. 9 Felix Water ND Water Felix Water, a Colorado-based provider of water ND ND Solutions sourcing, transportation, gathering, disposal and reuse, for an undisclosed amount

Via, a developer of rideshare software, acquired Advanced Mar. 10 Remix Via $100 Remix, a developer of urban mapping and transit ND ND Transportation planning software, for $100mm

Ideanomics, a developer of fintech products, Advanced Mar. 10 Energica Motor Ideanomics $13 acquired a minority stake in Energica Motor, a ND ND Transportation manufacturer of electric motorbikes, for $13mm

Northvolt, a developer of industrial and Advanced Mar. 10 Cuberg Northvolt ND automotive batteries, acquired Cuberg, a ND ND Transportation developer of batteries, for an undisclosed amount

Circon Environmental, a provider of hazardous Bealine waste management solutions, acquired Bealine Circon Environmental Mar. 11 Environmental ND Environmental Services, a Texas-based owner ND ND Environmental Services Services and operator of a non-hazardous centralized waste facility, for an undisclosed amount

Cruise, a developer of AV technology, acquired Advanced Mar. 15 Voyage Cruise ND Voyage, a developer of an autonomous taxi ND ND Transportation service, for an undisclosed amount

GFL Environmental, a Canadian waste management company, acquired the solid waste Terrapure Environmental and environmental solutions business of Mar. 15 GFL Environmnetal $743 ND ND Environmental Services Terrapure Environmental, a Canada-based integrated provider of solid and liquid waste management and industrial services, for $743mm

Agricultural Cargill acquired Precision Ag, a Canada-based Mar. 16 Precision Ag Cargill ND ND ND Technology crop inputs platform, for an undisclosed amount

Upstart, a developer of an AI lending platform, Advanced acquired Prodigy Software, a provider of cloud- Mar. 17 Prodigy Software Upstart ND ND ND Transportation based automotive retail software, for an undisclosed amount

3 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/4)

Corporate Transactions

Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA

Aquatic Informatics, a water software provider and subsidiary of Danaher, acquired Sedaru, a Mar. 17 Sedaru Aquatic Informatics ND Water ND ND California-based provider of water utility management software, for an undisclosed amount

Blackstone acquired DESOTEC, a leading Environmental European environmental service company and Mar. 18 DESOTEC Blackstone ND ND ND Services provider of innovative circular filtration solutions, for an undisclosed amount

Lakers AS, a Norway-based company specializing in water, wastewater and building services, Mar. 18 Pump Supplies Lakers AS ND Water acquired Pump Supplies, a U.K.-based supplier of ND ND electric submersible pumps, for an undisclosed amount

First Sentier Investors, a global asset manager, requested FERC approval to increase its equity First Sentier Renewable Mar. 19 Terra-Gen ND interest in Terra-Gen, a renewable energy asset ND ND Investors Energy owner and operator, from 40% to 50%, for an undisclosed amount

Eaton, a provider of power management Advanced solutions, acquired Green Motion, a developer of Mar. 22 Green Motion Eaton ND ND ND Transportation EV charging hardware and software, for an undisclosed amount

Wheelabrator Technologies, a vertically integrated environmental services provider with a platform of Environmental 50 collection, transfer and disposal assets, Mar. 22 Tunnel Hill Wheelabrator ND ND ND Services acquired Tunnel Hill, the largest integrated waste- by-rail company in the U.S., for an undisclosed amount

ATAC Solutions, a U.K.-based wastewater technology and services supplier, was acquired by Mar. 25 ATAC Solutions Axius Water ND Water Axius Water, a water quality solutions platform ND ND created by KKR and XPV, for an undisclosed amount

Renew Holdings, a U.K.-based engineering services group, agreed to acquire the entire Mar. 26 J Browne Group Renew Holdings $41 Water issued share capital of J Browne Group, a London- ND ND based water-focused engineering services business, for $41mm

GrubMarket, a farm-to-table food delivery service, Agricultural Mar. 29 RJ Produce GrubMarket ND acquired RJ Produce, a wholesaler of high-quality ND ND Technology produce, for an undisclosed amount

Taylor Farms, a producer of salad kits, acquired FreshPoint Agricultural the Toronto operations of FreshPoint, a distributor Mar. 29 Taylor Farms ND ND ND (Toronto Operations) Technology of fruits and vegetables, for an undicslosed amount

4 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (4/4)

Asset Transactions

Transaction Capacity Date Seller Acquirer Value ($mm) (MW) Subsector Transaction Description

WEC Energy Group and Invenergy purchased the WEC Energy Group, 190+ MW Jayhawk wind project in Crawford and Mar. 1 Apex Clean Energy ND 190 Wind Invenergy Bourbon Counties, Kansas, from Apex Clean Energy, for an undisclosed amount

Atlantica Sustainable Infrastructure, acquired the Avenue Capital, 135 MW Coso geothermal power plant in Corre Partners, Atlantica California from a consortium of investors including Mar. 1 Bardin Hill Sustainable $170 135 Geothermal Bardin Hill Investment Partners, Avenue Capital, Investment Partners, Infrastructure Corre Partners Management and Voya Financial, Voya Financial for $170mm

LS Power, a energy developer and operator, requested FERC authorization to acquire the 125 Mar. 4 First Solar LS Power ND 125 Solar MW Tumbleweed solar project under development in Kern County, California, from First Solar, for an undisclosed amount

Nautilus Solar Energy, an owner-operator of solar projects, announced the acquisition of eight ISM Solar Nautilus Solar Mar. 11 ND 47 Solar community solar projects in Maine totaling 47.2 Development Energy MWdc from ISM Solar Development, a U.S.-based solar developer, for an undisclosed amount

Kallista Energy Group, an independent renewable power producer, acquired a 40% stake in the 102 Mar. 16 Enercon Kallista Energy ND 102 Wind MW Krammer wind farm in the Netherlands from Enercon, a wind turbine manufacturer, for an undisclosed amount

EDPR, signed a build and transfer agreement with Northern Indiana Northern Indiana Public Service Company related Mar. 22 EDP Renewables Public Service ND 204 Solar to the development and construction of the 204 Company MW Indiana Crossroads solar project in Indiana, for an undisclosed amount

Shikun & Binui, a construction, development and real estate group, acquired the 200 MW Brazoria West solar project under development in Brazoria Mar. 29 Savion Shikun & Binui ND 200 Solar County, Texas from Savion, a solar and energy storage project developer, for an undisclosed amount

Southern Power, a U.S.-based wholesale energy provider, announced its acquisition of a majority Mar. 29 Invenergy Southern Power ND 300 Wind stake in the 300 MW Deuel Harvest wind farm in Deuel County, South Dakota from Invenergy, a U.S.-based IPP, for an undisclosed amount

Shell acquired the remaining 50% stake of NoordzeeWind CV, the owner of the 100 MW Egmond aan Zee offshore wind farm and joint Mar. 29 Vattenfall Shell ND 100 Wind venture between Shell and Vattenfall, a Sweden- based multinational power company, for an undisclosed amount

5 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (1/6)

Corporate Transactions

Selected Disclosed Amount Date Company Investors Raised ($mm) Subsector Company Description

Energy and 1 U.S.-based provider of edge of the grid Mar. 2 Uplight Schneider Electric, Huck Capital ND Industrial technology Technology

AgCapital Canada, Merck Animal Health Agricultural Canada-based anti-mastitis platform for Mar. 2 SomaDetect $6 Ventures, Builders VC, Cavallo Ventures Technology the dairy industry

Target Global, Keen Venture Partners, The Agricultural Netherlands-based, online-only Mar. 2 Crisp $35 Co-Founders of Adyen and Takeaway.com Technology supermarket focused on fresh produce

Target Global, Northzone, Cherry Ventures, Agricultural Germany-based grocery delivery startup Mar. 2 Flink $52 TriplePoint Capital Technology that operates dark stores

Bison Capital, Ingka Investments, Sumitomo Advanced U.S.-based developer of a peer-to-peer Mar. 2 Fluid Truck Corporation of Americas, Fluid Vehicle $63 Transportation truck sharing platform Owners

Czech Republic-based startup that has Partech, Index Ventures, The EBRD, Agricultural Mar. 2 Rohlik $230 built an online grocery ordering and Quadrille Capital, J&T Bank, R2G, Enern Technology delivery business

Mar. 3 Allonia Evok Innovations $20 Water U.S.-based waste remediation company

Breakthrough Energy Ventures, FootPrint Coalition Ventures, Amazon Climate Pledge Advanced U.S.-based manufacturer of intelligent Mar. 3 Turntide Technologies $80 Fund, Keyframe Capital, Fifth Wall, Capital Transportation motor systems Planet LP

BlackRock, Atlantia SpA, Avala Capital, Continental AG, Japan’s NTT, Tokyo Century, Advanced Germany-based designer of eVTOL Mar. 3 Volocopter $241 Geely, Daimler, DB Schenker, Intel Capital, Transportation aircraft btov Partners, Team Europe

Lewis & Clark AgriFood, Innova Memphis, Agricultural U.S.-based producer of natural indigo Mar. 3 Stony Creek Colors iSelect Fund, Green Spark Capital, Next $9 Technology dye Wave Impact

Advanced U.S.-based on-demand delivery platform Mar. 3 URB-E UBS, AgFunder $5 Transportation built around proprietary vehicles

6 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Nomura Greentech advised Schneider Electric on its strategic investment in Uplight. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (2/6)

Corporate Transactions

Selected Disclosed Amount Date Company Investors Raised ($mm) Subsector Company Description

Advanced Estonia-based developer of urban Mar. 4 Bolt International Finance Corporation $24 Transportation mobility solutions

Falcon House Partners, Kejora Capital, German Development Finance Institution, MDI Advanced Indonesia-based developer of an end-to- Mar. 5 SiCepat $170 Ventures, Indies Capital, Pavilion Capital, Transportation end logistics platform Trihill Capital, Daiwa Securities

Advanced U.S.-based developer of autonomous Mar. 6 Perrone Robotics CapStone Holdings $10 Transportation vehicle software and a retrofit-kit

Pillar VC, eLab Ventures, Osage Venture Partners, Trucks Venture Capital, Alumni Advanced Mar. 8 Refraction AI $4 U.S.-based developer of delivery robots Ventures Group, Chad Laurans, Invest Transportation Michigan

U.S.-based provider of subscription- Mar. 8 120WaterAudit HG Ventures, Allos Ventures $5 Water based water testing platforms

Advanced Mar. 8 Rimac Automobili Porsche $83 Croatia-based manufacturer of EVs Transportation

Storm Ventures, Magna, Precursor, Relay Advanced U.S.-based developer of a mobility data Mar. 10 Populus AI $5 Ventures, Ulu Ventures Transportation analytics platform

Benevolent Capital, SOL Global Investments, Advanced Canada-based manufacturer of smart Mar. 10 Damon Motors $30 Zirmania Transportation electric motor bikes

Bessemer Venture Partners, Insight Partners, Advanced Israel-based developer of an urban Mar. 10 Optibus Verizon Ventures, Pitango, New Era Capital $107 Transportation mobility analytics platform Partners, Dynamic Loop, Blue Red Partners

DST Global, General Catalyst, Taavet Advanced U.K.-based developer of a tech-enabled Mar. 10 Zego Hinrikus, Target Global, Balderton Capital, $150 Transportation commercial motor insurance platform Latitude

Kindred Ventures, CRE Venture Capital, Advanced South Africa-based developer of an Mar. 11 FlexClub $5 Endeavor Transportation online car subscription marketplace

7 Source: FactSet, Press releases, SEC filings and Third-party providers. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (3/6)

Corporate Transactions

Selected Disclosed Amount Date Company Investors Raised ($mm) Subsector Company Description

Center for Innovative Technology, Hull Street Agricultural Mar. 12 Babylon Micro-Farms $3 U.S.-based indoor farming platform Capital, VentureSouth, CAV Angels Technology

Advanced Mar. 12 Lightyear Zero Point Holding $48 Netherlands-based developer of EVs Transportation

Luminate NY, Rockstart, SOSV, PreSeed Agricultural Denmark-based agritech startup building Mar. 15 Nordetect $2 Ventures, Vækstfonden Technology portable water and soil testing solutions

Novo Holdings, DSM Venturing, Total Carbon Environmental U.K.-based carbon dioxide recycling Mar. 16 Deep Branch Neutrality Ventures, Barclays Sustainable $10 Services company Impact Capital

Agricultural Israel-based grocery technology solution Mar. 16 Stor.ai Meitav Dash, Mizrahi Tefahot $21 Technology provider

U.S.-based infrastructure intelligence Mar. 17 Utilis Beringea $6 Water company

Ecosystem Integrity Fund, Menlo Ventures, Advanced U.S.-based manufacturer of electric Mar. 17 Unagi $11 Broadway Angels, Gaingels Transportation scooters

Energy and India-based provider of energy efficiency Mar. 17 Smart Joules Sangram, ADB Ventures $4 Industrial services for hospitals and large Technology commercial buildings

Mann+Hummel Corporate Ventures, R-Cubed U.S.-based fouling-resistant membrane Mar. 18 ZwitterCo Capital Partners, Burnt Island Ventures, $6 Water technologies provider individual investors

Advanced Mar. 18 Euler Motors ADB Ventures, Blume Ventures $12 India-based manufacturer of EVs Transportation

Vertex Ventures, 10D, The Phoenix, Leumi Environmental Israel-based startup and provider of a Mar. 18 Seebo $24 Partners Services Predictive Quality and Yield solution

8 Source: FactSet, Press releases, SEC filings and Third-party providers. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (4/6)

Corporate Transactions

Selected Disclosed Amount Date Company Investors Raised ($mm) Subsector Company Description

Energy and Cota Capital, Accel Partners, Neotribe U.S.-based additive manufacturing Mar. 18 Fortify $20 Industrial Ventures, Prelude Ventures startup Technology

Suncor, Carbon Direct, Temasek, Chart Energy and Industries, OGCI Climate Investments, BDC Canada-based developer of industrial- Mar. 18 Svante $100 Industrial Cleantech Practice, Chevron, Roda, Chrysalix scale carbon capture solutions Technology Ventures, Export Development Canada

Sweden-based developer of smart Advanced Mar. 19 Charge Amp Swedbank Robur $15 charging stations, cables and cloud Transportation software

SAIC Motor, Toyota, Bosch, Temasek, Advanced Mar. 19 Momenta Yunfeng Capital, Mercedes-Benz AG, Xiaomi, $500 China-based developer of AVs Transportation Shunwei Capital, Tencent, Cathay Capital

Temaske, Pavilion, Future Capital, Discovery Environmental China-based container trucking and Mar. 20 Duckbill $50 Fund, Shunwei Capital and Furong Capital Services drayage service platform

SHUAA Capital, Franklin Templeton, Sancta Agricultural UAE-based developer of technology- Mar. 22 Pure Harvest $60 Capital Technology enhanced greenhouses

U.S.-based startup focused on Agricultural Mar. 23 Amfora Spruce Capital Partners, Leaps by Bayer $6 enhancing the nutritional content of Technology crops

Agricultural Netherlands-based cell-cultured meat Mar. 23 Meatable DSM, Section 32 $47 Technology company

Qatar Investment Authority (QIA), Agricultural Mar. 23 Eat Just $200 U.S.-based plant-based food company Charlesbank Capital Partners, Vulcan Capital Technology

D1 Capital Partners, Fidelity Management and Research Company, Baillie Gifford, Eldridge, Agricultural U.S.-based instant needs delivery Mar. 23 GoPuff $1,500 Reinvent Capital, Luxor Capital, SoftBank Technology platform Vision Fund

Energy and U.S. AI-powered HVAC management Mar. 23 75F Wind Ventures $5 Industrial startup Technology

9 Source: FactSet, Press releases, SEC filings and Third-party providers. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (5/6)

Corporate Transactions

Selected Disclosed Amount Date Company Investors Raised ($mm) Subsector Company Description

U.S.-based provider of safety, Agricultural traceability and quality management Mar. 24 iFoodDS Insight Partners $15 Technology data solutions for the fresh food supply chain

Blackbird Ventures, Hitachi Construction Advanced Australia-based producer of LiDAR Mar. 24 Baraja $31 Machinery Transportation sensors

Thomas H. Lee Partners, Zebra Technologies, Environmental U.S.-based supply chain visibility Mar. 24 FourKites $100 Volvo Group, Qualcomm Ventures Services platform

Agricultural Australia-based manufacturer of plant- Mar. 25 Nourish Ingredients Horizon Ventures, Main Sequence Ventures $11 Technology based fats

Advocate Aurora Enterprises, Mayfield Fund, Agricultural U.S.-based personalized telenutrition Mar. 25 Foodsmart Seventure Partners (Health for Life Capital), $25 Technology platform New Ground Ventures

Coatue Management, DST Global, Tencent, Germany-based operator of a chain of Agricultural Mar. 25 Gorillas Green Oaks, Fifth Wall, Dragoneer, Atlantic $290 dark grocery stores that offer quick Technology Food Labs delivery

Manta Ray Ventures, CPT Capital, Lever VC, Agricultural Germany-based cultivated seafood Mar. 26 Bluu Biosciences $8 Norrsken, Be8 Technology platform

Mohamed Yousuf Naghi Group, AlTouq Group, Derayah Ventures, B&Y Venture Agricultural Mar. 29 iKcon $20 UAE-based provider of ghost kitchens Partners, AbdulMohsin Al Houkair Holding Technology Group, Nazer Group

LIVEKINDLY The Rise Fund, Rabo Corporate Investments, Agricultural U.S.-based collection of brands focused Mar. 29 $335 Collective S2G Ventures Technology on plant-based foods

Bain Capital, Joy Capital, CMB International, Energy and CICC Capital, Xiaomi Corp., Nio Capital, Mar. 29 Newlink Group $200 Industrial China-based energy startup Korea Investment Partners China, SME Technology Development Fund, Hongtai Aplus

Rhapsody Venture Partners, Impossible Advanced Mar. 30 WaveSense $15 U.S.-based developer of AV sensors Ventures Transportation

10 Source: FactSet, Press releases, SEC filings and Third-party providers. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (6/6)

Corporate Transactions

Selected Disclosed Amount Date Company Investors Raised ($mm) Subsector Company Description

Verlinvest, Luxor, DN Capital, C4 Ventures, Agricultural Mar. 30 Everli Convivialité Ventures, FITEC, 360 Capital, $100 Italy-based online grocery platform Technology Innogest, DIP

Agricultural Mar. 30 Getir Sequoia Capital, Tiger Global $300 Turkey-based grocery delivery company Technology

FountainVest Partners, ClearVue Partners, Quanta Computer Inc., Millennium Advanced U.S.-based developer of autonomous Mar. 31 Plus $220 Technology Value Partners, Sequoia Capital Transportation trucks China, SAIC Capital, Full Truck Alliance

11 Source: FactSet, Press releases, SEC filings and Third-party providers. Select Recent Sustainable Technology & Infrastructure SPAC Transactions

Special Purpose Acquisition Company (SPAC) Transactions

Implied EV EV / Transaction Date Company SPAC Value ($mm) Subsector Company Description ($mm) Revenue1 EBITDA1

The Metals 2 Sustainable Company Advanced Developer of battery metals for Mar. 8 Opportunities $630 $2,378 2.0x 5.6x (f.k.a DeepGreen Transportation EVs Acquisition Corp. Metals)

Industrial Tech Advanced Mar. 18 Arbe Robotics $176 Provider of radar solutions $573 1.8x 4.4x Acquisitions Corp. Transportation

Spring Valley Agriculutural Mar. 26 AeroFarms $357 Vertical farming platform $856 2.6x 10.4x Acquisition Corp. Technology

Qell Acquisition Advanced Electric vertical take off and Mar. 30 Lilium $830 $2,374 1.8x 33.9x Corp. Transportation landing OEM

Source: FactSet, Press releases, SEC filings and Third-party providers. 12 1. Transaction multiples based on 2025E revenue and EBITDA. 2. Nomura Greentech served as exclusive financial advisor to DeepGreen Metals on its merger with Sustainable Opportunities Acquisition Corp. Comparable Companies Trading Analysis Diversified Industrials and Energy Infrastructure

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Diversified Industrials Danaher $225.08 91.5% $163,070 $182,492 22.5x 21.0x 29.5x 27.3x 2.0x 13.9% Siemens €140.00 99.2% $133,279 $162,598 14.7x 12.8x 20.8x 18.1x 3.1x 31.4% Honeywell $217.07 99.2% $154,120 $162,360 19.0x 17.6x 27.5x 24.4x 0.9x 14.3% Caterpillar $231.87 99.2% $127,413 $155,402 19.0x 15.9x 28.4x 21.9x 3.5x 24.3% GE $13.13 92.7% $115,268 $151,754 18.9x 14.1x NM 26.3x 4.3x 51.7% Raytheon Technologies $77.27 84.6% $116,987 $143,727 14.3x 11.7x 20.9x 15.5x 2.5x 23.5% Schneider Electric €130.25 100.0% $85,360 $93,685 15.7x 14.3x 25.2x 21.9x 0.9x 14.4% Hyundai W218,000 81.5% $50,132 $93,644 9.6x 8.8x 9.8x 8.7x 5.7x 87.0% Mitsubishi Corporation ¥3130 95.5% $41,904 $73,199 8.8x 8.6x 11.5x 9.6x 6.2x 91.0% Eaton $138.28 98.2% $55,492 $62,933 19.2x 17.1x 24.4x 20.8x 2.3x 13.5% ABB CHF28.56 97.4% $62,482 $62,425 14.4x 12.8x 23.6x 20.2x 0.3x 11.4% Emerson Electric $90.22 97.9% $54,303 $60,309 14.8x 13.8x 23.4x 21.1x 1.5x 13.5% Roper Technologies $403.34 89.0% $42,754 $52,297 23.1x 21.8x 27.5x 25.9x 4.2x 18.8% Johnson Controls $59.67 95.8% $43,350 $50,990 14.5x 13.3x 22.3x 19.2x 2.1x 18.1% Rockwell Automation $265.44 97.0% $31,083 $33,161 22.6x 20.4x 29.3x 27.3x 1.2x 7.5% Legrand €79.32 98.0% $25,049 $28,118 15.6x 14.9x 25.1x 23.5x 1.7x 22.5% Dover $137.13 98.0% $19,933 $22,722 15.9x 14.9x 21.3x 19.7x 1.9x 14.5% OMRON ¥8,640 86.4% $15,769 $13,864 15.8x 13.6x 35.2x 28.9x NM 1.8% Alstom €42.52 87.3% $12,292 $12,041 9.3x 7.3x 21.6x 16.4x NM 16.6% Hitachi Construction Machinery ¥3,545 93.3% $6,822 $9,966 10.5x 8.8x 22.1x 17.0x 3.1x 35.9% Woodward $120.63 94.9% $7,828 $8,385 18.7x 15.8x 33.2x 26.5x 1.3x 9.2% Regal Beloit $142.68 92.7% $5,836 $6,405 12.1x 11.2x 20.0x 17.5x 1.0x 17.9% Moog $83.15 96.0% $2,681 $3,639 11.2x 10.3x 18.0x 15.5x 3.0x 29.0% Bharat Heavy Electricals ₹48.75 88.2% $2,322 $2,114 26.1x 9.5x NM 17.3x NM 32.8% CG Power & Industrial Solutions ₹66.85 98.4% $803 $1,174 8.8x 5.7x NM NM 2.8x 34.5% Mean 94.1% 15.8x 13.4x 23.7x 20.4x 2.5x 26.0% Median 95.8% 15.6x 13.6x 23.5x 20.5x 2.2x 18.1%

Energy Infrastructure Primary Equipment and Power Electronics TE Connectivity $129.11 95.8% $42,994 $46,215 14.1x 13.4x 21.6x 19.2x 0.9x 9.1% Delta Electronics NT$288.00 91.1% $26,319 $26,825 13.8x 12.2x 24.0x 20.3x NM 5.6% Yaskawa Electric ¥5,510 91.4% $13,040 $13,312 24.5x 19.7x NM 35.3x 0.5x 5.4% Sensata Technologies Holding $57.95 90.7% $9,189 $11,381 13.1x 11.9x 17.6x 15.3x 2.5x 35.6% Fuji Electric ¥4,610 95.6% $5,959 $7,719 9.8x 8.4x 17.9x 15.4x 1.7x 30.3% NGK Insulators ¥2,024 94.8% $5,807 $6,995 6.9x 6.2x 14.4x 12.3x 1.1x 34.2% LS Industrial Systems W60,900 82.7% $1,578 $1,524 6.3x 5.9x 14.0x 12.1x NM 36.4% Mean 91.8% 12.7x 11.1x 18.2x 18.6x 1.4x 22.4% Median 91.4% 13.1x 11.9x 17.7x 15.4x 1.1x 30.3%

EPC and Services Jacobs $129.27 100.0% $16,954 $18,317 15.4x 13.8x 21.3x 18.8x 1.1x 14.7% Acciona €142.90 99.1% $9,163 $13,971 9.3x 8.4x 25.8x 20.6x 3.9x 61.9% Quanta $87.98 99.0% $12,759 $13,946 12.3x 11.1x 20.4x 18.3x 1.1x 10.4% ACS Group €28.26 96.6% $9,484 $12,282 4.3x 4.3x 12.1x 10.9x 2.4x 130.9% AECOM $64.11 98.2% $9,857 $11,688 14.3x 13.4x 23.1x 20.1x 2.4x 25.6% Skanska KR219.00 94.2% $10,413 $9,719 9.2x 8.5x 16.3x 14.9x NM 17.8% MasTec $93.70 94.7% $6,887 $7,959 9.1x 8.5x 18.7x 17.0x 1.2x 18.7% EMCOR $112.16 97.3% $6,187 $5,819 9.7x 9.2x 17.4x 16.1x NM 9.2% Stantec C$53.80 99.7% $4,794 $5,604 12.0x 11.3x 23.1x 20.3x 1.7x 18.7% Dycom Industries $92.85 92.1% $2,920 $3,553 10.6x 9.2x 30.8x 21.9x 1.9x 18.2% Ameresco $48.63 70.1% $2,404 $2,776 19.9x 16.9x 40.5x 32.6x 2.4x 15.2% Fluor $23.09 98.3% $3,249 $2,702 8.7x 6.4x 37.2x 18.2x NM 73.1% Balfour Beatty £2.95 97.4% $2,810 $1,867 5.5x 5.0x 14.4x 11.8x NM 48.3% Primoris Services $33.13 80.6% $1,604 $1,805 6.2x 5.7x 13.7x 12.3x 0.7x 29.2% Granite Construction $40.25 99.1% $1,863 $1,753 7.7x 6.7x 34.4x 23.1x NM 22.0% STRABAG €30.15 97.6% $3,636 $1,580 1.3x 1.2x 9.2x 9.1x NM 105.8% Aegion $28.75 98.6% $881 $1,067 11.1x 11.1x 22.8x 23.0x 1.8x 25.6% Bilfinger €31.18 97.0% $1,486 $989 4.0x 3.2x 23.2x 13.0x NM 67.5% Team $11.53 92.2% $355 $712 12.3x 8.9x NM NM 6.2x 53.7% Willdan $41.05 75.4% $493 $600 15.9x 10.1x 18.7x 16.4x 2.8x 22.5% Mistras $11.41 96.9% $339 $596 9.3x 7.9x NM 26.5x 4.0x 47.5% Mean 94.0% 9.9x 8.6x 22.3x 18.3x 2.4x 39.8% Median 97.3% 9.3x 8.5x 21.3x 18.2x 2.1x 25.6%

Oil and Gas Services Liberty Oilfield Services $11.29 77.6% $1,028 $1,330 8.5x 4.0x NM 43.4x 0.9x 15.9% ProPetro Holding $10.66 77.5% $1,076 $1,008 7.4x 4.8x NM NM NM 0.1% NexTier Oilfield Solutions $3.72 67.0% $797 $899 10.3x 5.0x NM NM 1.2x 42.2% Secure Energy Services C$3.63 82.1% $458 $822 6.8x 2.6x NM NM 2.8x 42.0% Select Energy Services $4.98 67.5% $429 $260 6.3x 4.2x NM NM NM NM Mean 74.4% 7.9x 4.1x NM 43.4x 1.6x 25.1% Median 77.5% 7.4x 4.2x NM 43.4x 1.2x 29.0%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 13 5. (Debt + Preferred Stock)/EV. Comparable Companies Trading Analysis Energy Technology

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Energy Technology Smart Grid Solutions AMETEK $127.73 99.6% $29,619 $30,993 21.5x 20.0x 29.7x 27.5x 1.0x 8.3% Keysight Technologies $143.40 93.4% $26,959 $27,074 19.2x 17.5x 24.5x 22.4x 0.1x 7.4% Terna €6.44 98.2% $15,208 NA NM NM 16.5x 16.9x NM NA Generac $327.45 90.1% $20,952 $21,312 26.9x 24.2x 37.9x 35.3x 0.4x 4.5% Itron $88.65 73.7% $3,614 $4,434 19.7x 15.6x 37.5x 27.2x 3.5x 22.6% ESCO Technologies $108.89 95.8% $2,851 $2,900 18.4x 15.8x 33.8x 28.4x 0.3x 3.7% Landis+Gyr Group CHF63.60 79.8% $1,948 $2,053 13.2x 10.4x 21.9x 16.1x 0.7x 23.0% S&T €21.20 83.9% $1,621 $1,684 9.5x 8.4x 19.4x 15.7x 0.3x 23.0% Smart Metering Systems £8.30 100.0% $1,301 $1,251 17.4x 15.6x NM NM NM 0.6% Mean 90.5% 18.2x 15.9x 27.7x 23.7x 0.9x 11.6% Median 93.4% 18.8x 15.7x 27.1x 24.8x 0.4x 7.9%

Energy Storage Tesla $667.93 75.6% $749,801 $744,980 NM NM NM NM NM 1.8% BYD Company HK$164.90 59.2% $57,865 $68,055 19.5x 17.3x NM NM 2.6x 16.3% Samsung W660,000 82.0% $38,998 $35,008 16.9x 13.7x 40.7x 32.9x 1.0x 10.0% Panasonic ¥1423.50 95.0% $30,073 $29,751 5.6x 5.0x 15.9x 13.0x 0.5x 49.5% EnerSys $90.80 88.5% $3,931 $4,608 11.3x 9.7x 17.2x 14.4x 1.7x 25.2% Stem 6 $26.58 53.2% $3,700 $3,175 NM NM NM NM NM NM Eos $19.72 64.8% $1,173 $967 NM NM NM NM NM NM Ultralife $8.28 96.6% $133 $127 12.4x 9.9x 21.2x 16.2x NM 2.8% Mean 76.9% 13.1x 11.1x 23.7x 19.1x 1.4x 17.6% Median 78.8% 12.4x 9.9x 19.2x 15.3x 1.3x 13.2%

Hydrogen Plug Power $35.84 49.0% $20,630 $20,671 NM NM NM NM 1.8x 11.3% Ballard Power Systems C$30.65 58.7% $6,553 $5,778 NM NM NM NM NM 0.3% Bloom Energy $27.05 63.4% $4,490 $5,164 NM 33.3x NM NM 7.1x 17.7% FuelCell Energy $14.41 51.5% $4,498 $4,467 NM NM NM NM NM 3.6% Nel NOK25.19 72.9% $4,155 $3,896 NM NM NM NM NM 0.4% ITM Power £4.74 66.0% $3,110 $3,083 NM NM NM NM NM 0.3% 7 Hexagon Purus NOK51.75 63.0% $1,389 $1,265 NM NM NM NM NM 1.8% McPhy €32.60 81.0% $1,066 $842 NM NM NM NM NM 1.0% Mean 63.2% NM 33.3x NM NM 4.4x 4.5% Median 63.2% NM 33.3x NM NM 4.4x 1.4%

LED Lighting Cree $108.13 84.3% $11,969 $11,832 NM NM NM NM NM 7.0% Hubbell Incorporated $186.89 98.4% $10,204 $11,648 15.4x 14.1x 22.4x 20.2x 1.9x 14.6% Universal Display Corporation $236.77 91.0% $11,199 $10,478 NM 30.8x NM 44.8x NM 0.1% OSRAM €53.16 100.0% $5,891 $6,404 10.9x 9.4x 41.3x 27.8x 1.0x 14.3% Acuity Brands $165.00 100.0% $5,973 $6,042 11.8x 11.3x 18.0x 17.2x 0.1x 9.4% Fagerhult KR50.30 96.5% $1,017 $1,343 9.5x 8.7x 17.5x 15.1x 2.3x 37.9% Veeco $20.74 91.4% $1,003 $1,014 12.3x 9.8x 18.3x 13.8x 0.1x 32.7% Zumtobel €7.84 100.0% $398 $568 4.1x 3.7x 11.5x 9.2x 1.2x 44.9% Beghelli €0.36 86.1% $84 $154 12.4x 10.0x NM 44.8x 5.7x 57.6% Dialight £2.61 76.8% $117 $148 9.3x 6.4x 30.1x 12.8x 1.9x 25.2% Mean 92.4% 10.7x 17.0x 22.7x 22.8x 2.7x 14.3% Median 94.0% 11.4x 10.6x 18.3x 17.2x 1.9x 8.2%

6 Recent SPACs Stem $26.58 53.2% $3,700 $3,175 NM NM NM NM NM NM Eos $19.72 64.8% $1,173 $967 NM NM NM NM NM NM Mean 59.0% NM NM NM NM NM NM Median 59.0% NM NM NM NM NM NM

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 5. (Debt + Preferred Stock)/EV. 6. For transactions that have not yet closed, the share price reflects that of the acquiring SPAC. 14 7. Hexagon Purus began trading publicly on 12/15/2020 on the Oslo Stock Exchange. Comparable Companies Trading Analysis Advanced Transportation (1/3)

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Advanced Transportation Automotive Companies Tesla $667.93 75.6% $749,801 $744,980 NM NM NM NM NM 1.8% Toyota Motor ¥8,616 99.6% $221,524 $370,304 11.9x 10.6x 11.0x 9.7x 5.7x 58.6% Volkswagen €309.20 94.5% $182,172 $363,037 7.7x 7.2x 12.3x 10.5x 4.1x 71.0% Daimler €76.01 100.0% $95,573 $229,330 8.9x 8.6x 8.9x 7.7x 5.3x 74.7% BMW €88.47 99.6% $68,593 $171,497 10.5x 9.7x 9.9x 8.4x 6.5x 71.3% General Motors Company $57.46 95.7% $83,374 $159,068 11.2x 9.4x 11.0x 9.1x 5.6x 69.8% Ford Motor Company $12.25 91.6% $50,176 $156,733 13.2x 11.3x 10.8x 8.0x 9.5x 104.0% Hyundai W218,000 81.5% $50,132 $93,644 9.6x 8.8x 9.8x 8.7x 5.7x 87.0% Honda Motor ¥3,319 95.6% $51,862 $90,621 8.7x 7.3x 9.1x 7.5x 4.1x 76.2% Nissan Motor ¥615.90 94.3% $21,811 $74,891 20.4x 13.5x NM 10.9x 13.5x 92.6% BYD Company HK$164.90 59.2% $57,865 $68,055 19.5x 17.3x NM NM 2.6x 16.3% NIO $38.98 62.0% $55,403 $51,081 NM NM NM NM NM 2.8% SAIC Motor Y19.67 69.3% $34,824 $45,545 7.9x 7.4x 8.5x 7.6x 2.1x 92.9% Renault €36.93 89.9% $12,638 $44,523 6.9x 5.7x 17.8x 5.2x 7.8x 171.3% 6 Lucid $ 23.18 39.9% $38,506 $33,501 NM NM NM NM NM NM Stellantis € 15.08 97.7% $35,304 $28,790 1.3x 1.2x 7.1x 6.0x NM 86.2% KIA W82,900 81.7% $29,368 $25,579 4.3x 3.9x 8.8x 7.9x NM 36.0% Tata Motors ₹301.85 86.6% $14,957 $25,328 5.0x 4.1x 25.1x 11.1x 2.2x 67.4% Suzuki Motor ¥5,025 88.3% $22,076 $22,653 6.2x 5.5x 14.4x 12.3x NM 31.4% XPeng $36.51 50.6% $27,295 $22,264 NM NM NM NM NM 1.6% Geely Auto HK$19.78 58.5% $24,326 $21,139 9.8x 8.4x 18.4x 14.8x NM 5.3% Li Auto 6 $25.00 56.9% $21,588 $17,378 NM NM NM NM NM 2.0% Dongfeng Motor 7 HK$7.22 72.9% $8,002 $12,209 24.9x 20.4x 4.3x 4.1x 6.9x 124.5% Subaru ¥2,204 83.0% $15,296 $10,843 4.0x 3.5x 11.5x 9.3x NM 27.9% Arrival 6 $16.06 44.3% $9,760 $9,091 NM NM NM NM NM NM Mazda Motor ¥902.00 93.4% $5,145 $6,823 5.2x 3.9x 23.1x 8.7x 1.2x 121.9% FAW Car Group Y10.92 72.0% $7,679 $4,728 6.5x 5.7x 12.6x 11.4x NM 12.5% Mitsubishi Motors ¥315.00 90.5% $4,240 $4,430 8.9x 4.4x NM 17.1x 0.1x 103.9% Fisker $17.22 60.4% $5,221 $4,181 NM NM NM NM NM NM Faraday 6 $ 12.06 62.9% $4,077 $3,329 NM 4.6x NM NM NM NM Canoo 6 $9.03 41.0% $2,211 $1,604 NM NM NM NM NM NM Guangzhou Automobile HK$6.53 68.9% $8,752 $1,500 4.7x 3.6x 7.0x 5.8x NM 141.7% Lordstown $11.77 37.5% $1,934 $1,259 NM NM NM NM NM NM Electric Last Mile $9.97 68.8% $1,451 $1,222 NM NM NM NM NM 12.3% XL Fleet $8.98 27.6% $1,291 $941 NM NM NM NM NM NM Lightning eMotors $10.67 63.7% $894 $721 NM NM NM NM NM NM Mean 73.8% 9.4x 7.8x 12.1x 9.2x 5.2x 63.0% Median 74.3% 8.7x 7.2x 10.9x 8.7x 5.5x 70.4%

Tier 1 Suppliers Denso ¥7,347 94.8% $51,520 $52,934 8.4x 7.1x 20.0x 15.1x 0.1x 23.4% Aptiv $137.90 87.8% $37,358 $37,077 15.2x 13.0x 36.8x 27.5x 0.7x 12.1% Michelin €127.65 98.8% $26,780 $33,838 6.6x 6.0x 14.6x 11.7x 1.4x 30.6% Continental €112.70 87.5% $26,492 $31,537 5.2x 4.4x 14.5x 10.0x 0.8x 27.3% Bridgestone ¥4,475 96.7% $28,516 $30,474 6.3x 5.6x 11.1x 13.3x 0.4x 29.9% Magna C$110.68 95.3% $26,498 $28,796 6.5x 6.1x 11.7x 10.1x 0.6x 20.8% Knorr-Bremse €106.42 91.5% $20,162 $21,063 14.1x 12.8x 28.2x 24.5x 0.6x 16.6% QuantumScape $44.75 34.0% $20,030 $18,877 NM NM NM NM NM NM BorgWarner $46.36 91.7% $11,077 $13,432 6.0x 5.5x 11.5x 9.6x 1.1x 29.8% Lear $181.25 93.3% $10,966 $12,662 6.9x 6.0x 12.9x 10.3x 0.8x 22.7% Valeo €28.97 85.7% $8,180 $12,508 4.4x 3.7x 19.7x 11.0x 1.3x 57.2% Faurecia €45.43 91.1% $7,344 $11,201 4.0x 3.4x 11.7x 7.8x 1.3x 65.3% Goodyear $17.57 93.5% $4,129 $9,481 6.4x 5.0x 19.3x 11.9x 3.6x 72.5% Gentex $35.67 95.0% $8,693 $8,242 12.0x 11.2x 17.4x 15.5x NM NM Luminar Technologies $24.31 58.2% $8,353 $7,865 NM NM NM NM NM 0.4% Dana $24.33 90.6% $3,545 $5,715 6.1x 5.3x 10.6x 7.8x 2.2x 46.4% American Axle & Manufacturing Holdings $9.66 74.9% $1,094 $4,134 4.6x 4.5x 6.9x 5.7x 3.4x 86.9% Visteon $121.95 84.0% $3,439 $3,529 13.6x 10.0x 39.0x 21.4x 0.1x 14.9% Nexteer HK$9.53 66.6% $3,074 $2,843 5.3x 4.7x 12.3x 10.2x NM 10.8% Gentherm $74.11 91.7% $2,466 $2,421 12.3x 11.2x 20.8x 19.0x NM 9.2% 6 Ree Automotive $10.00 61.2% $2,631 $2,385 NM NM NM NM NM 8.0% Veoneer $24.48 80.3% $2,732 $2,239 NM NM NM NM NM 18.7% 6 Li-Cycle $10.65 74.7% $2,802 $2,236 NM NM NM NM NM NM 6 AEye $10.00 72.9% $2,631 $2,216 NM NM NM NM NM 0.2% Aeva 6 $11.60 58.0% $2,473 $2,145 NM NM NM NM NM NM 6 Freyr $10.00 67.0% $2,631 $1,782 NM NM NM NM NM NM Velodyne $11.40 37.5% $1,965 $1,624 NM NM NM NM NM 0.6% Ouster $8.50 52.3% $1,580 $1,487 NM NM NM NM NM 12.6% Hyliion $10.67 19.1% $1,806 $1,287 NM NM NM NM NM 0.1% Innoviz 6 $9.96 62.3% $1,397 $1,027 NM NM NM NM NM NM Stoneridge $31.81 85.5% $859 $935 14.3x 11.4x 48.2x 27.7x 1.4x 17.5% Romeo Power $8.33 24.5% $1,111 $735 NM NM NM NM NM NM Advent Technologies $13.39 71.5% $643 $602 NM NM NM NM NM 13.4% Mean 74.8% 8.3x 7.2x 19.3x 14.2x 1.2x 24.9% Median 84.0% 6.5x 6.0x 14.6x 11.7x 1.0x 18.1% Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 5. (Debt + Preferred Stock)/EV. 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 15 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 6. For transactions that have not yet closed, the share price reflects that of the acquiring SPAC. 2020E EBITDA. 7. Dongfeng: excluding investments in unconsolidated subsidiaries. Comparable Companies Trading Analysis Advanced Transportation (2/3)

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Mobility-as-a-Service Uber $54.51 86.3% $97,741 $101,447 NM NM NM NM NM 10.2% Lyft $63.18 93.7% $20,239 $19,010 NM NM NM NM NM 5.4% Helbiz 6 $10.16 93.6% $2,673 $2,601 NM NM NM NM NM 0.3% Mean 91.2% NM NM NM NM NM 5.3% Median 93.6% NM NM NM NM NM 5.4%

Autonomous Driving Chip Makers Nvidia $533.93 87.1% $336,910 $333,067 32.3x 28.9x 41.4x 36.0x NM 2.3% Intel $64.00 97.3% $263,616 $273,327 8.2x 8.0x 14.0x 13.5x 0.4x 13.5% Texas Instrument $188.99 100.0% $176,139 $176,663 21.5x 20.6x 28.3x 26.2x 0.1x 4.0% Qualcomm $132.59 80.5% $153,274 $156,546 13.5x 12.8x 17.7x 16.3x 0.3x 10.0% Advanced Micro Devices $78.50 80.7% $96,241 $94,460 30.8x 25.8x 40.6x 31.9x NM 0.6% NXP $201.34 96.6% $57,434 $63,212 16.8x 15.3x 21.6x 19.5x 1.5x 12.4% Analog $155.08 94.7% $57,861 $61,960 21.1x 19.7x 25.3x 23.0x 1.4x 8.3% Infineon €36.16 98.8% $55,368 $60,998 16.3x 14.5x 31.1x 26.4x 1.5x 15.8% STMicro €32.49 91.4% $35,478 $34,623 11.9x 10.5x 23.5x 20.7x NM 8.1% Renesas ¥1200.00 89.0% $19,500 $23,816 11.0x 10.3x 23.1x 19.6x 2.0x 26.4% ON Semi $41.61 98.4% $17,959 $20,536 14.8x 13.0x 26.2x 20.9x 1.8x 17.7% 6 Indie semiconductor $10.42 74.0% $1,508 $1,043 NM NM NM NM NM NM Mean 90.7% 18.0x 16.3x 26.6x 23.1x 1.1x 10.8% Median 93.0% 16.3x 14.5x 25.3x 20.9x 1.4x 10.0%

Intelligent Transport / ITS / Smart Tolling Atlantia €15.95 98.2% $15,334 NA NM NM 28.0x 16.0x NM NA Roper Technologies $403.34 89.0% $42,754 $52,297 23.1x 21.8x 27.5x 25.9x 4.2x 18.8% FLIR Systems $56.47 100.0% $7,440 $7,918 17.1x 16.6x 23.8x 22.5x 1.0x 9.8% Autostrada €25.80 99.9% $4,013 $5,924 5.7x 6.1x 13.2x 17.0x 1.4x 51.8% Vera Mobility $13.54 90.6% $3,561 $4,313 NM NM NM NM NM 20.2% LS Corporation W68,500 87.3% $1,681 $3,978 5.5x 5.3x 10.2x 9.3x 3.2x 96.8% Verra Mobility $74.57 97.7% $2,354 $3,157 17.2x 16.0x 21.6x NM 4.2x 29.2% Conduent $6.66 94.1% $1,398 $2,880 6.2x 6.1x 12.3x 10.6x 2.9x 67.4% Vaisala €31.85 74.8% $1,355 $1,368 18.1x 16.1x 35.4x 28.1x 0.2x 4.9% Kapsch TrafficCom €14.90 67.4% $228 $471 NM 9.3x NM 20.7x 28.3x 74.1% INIT Innovation in Traffic Systems €34.90 85.1% $408 $434 13.1x 10.7x 24.5x 19.5x 0.8x 14.8% Iteris $6.17 82.2% $254 $244 23.8x 12.5x 38.0x 19.4x NM 5.2% Q-Free NOK6.45 96.3% $84 $111 8.7x 7.5x 21.5x 14.7x 2.1x 32.1% Image Sensing Systems $4.51 74.7% $24 $16 11.8x 13.1x NM NM NM 6.4% Mean 88.4% 13.7x 11.8x 23.3x 18.5x 4.8x 33.2% Median 89.8% 13.1x 11.6x 23.8x 19.4x 2.5x 20.2%

Telematics Descartes Systems $60.91 95.1% $5,147 $5,026 31.5x 27.5x NM NM NM 0.3% Inseego $10.00 48.4% $990 $1,125 NM NM NM NM NM 15.6% TomTom €7.88 80.2% $1,206 $809 NM NM NM NM NM 6.3% ORBCOMM $7.63 84.1% $596 $792 12.1x 10.2x NM NM 3.0x 29.7% CalAmp $10.85 89.7% $375 $495 12.8x 11.3x 30.6x 24.8x 3.1x 42.6% Ituran $21.23 90.0% $442 $422 6.2x 5.5x 12.8x 10.9x NM 13.5% Quartix £5.60 98.2% $373 $359 NM NM NM NM NM 0.3% MiX Telematics R8.05 89.9% $305 $273 8.6x 7.5x 29.3x 26.2x NM 1.2% Quarterhill C$2.57 84.0% $233 $119 6.5x 6.7x 32.1x 18.4x NM 2.5% TeleNav $NA NA NA NA NM NM NM NM NM NA Mean 84.4% 13.0x 11.5x 26.2x 20.1x 3.0x 12.4% Median 89.7% 10.4x 8.8x 29.9x 21.6x 3.0x 6.3%

Logistics UPS $169.99 96.3% $148,061 $169,511 13.6x 12.6x 18.9x 17.6x 1.7x 16.4% FedEx $284.04 94.2% $76,691 $106,401 10.1x 9.3x 15.1x 13.5x 2.8x 36.2% Deutsche Post €46.72 100.0% $69,750 $84,833 7.3x 7.1x 16.1x 15.2x 1.3x 25.5% AP Moeller Maersk DKK14735.00 97.1% $45,191 $53,491 4.9x 5.8x 9.1x 12.6x 0.9x 28.7% Hapag Lloyd €132.40 71.0% $27,350 $32,217 6.7x 8.5x 10.1x 15.9x 1.1x 18.7% XPO Logistics $123.30 96.0% $12,577 $19,649 11.1x 10.1x 22.6x 19.7x 3.9x 45.7% J.B. Hunt $168.07 99.3% $17,939 $19,067 13.1x 11.7x 27.3x 23.2x 0.8x 7.6% C.H. Robinson $95.43 89.9% $13,091 $14,275 16.1x 15.0x 22.1x 20.3x 1.3x 10.0% Knight-Swift Trucking $48.09 98.0% $8,126 $8,877 7.0x 6.8x 14.2x 13.7x 0.7x 11.6% Schneider Trucking $24.97 89.9% $4,437 $4,301 6.2x 5.8x 15.6x 14.5x NM 7.1% Werner $47.17 98.2% $3,257 $3,438 6.2x 6.0x 14.9x 14.5x 0.3x 6.1% Mean 93.6% 9.3x 9.0x 16.9x 16.4x 1.5x 19.4% Median 96.3% 7.3x 8.5x 15.6x 15.2x 1.2x 16.4%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - companies with negative 2020E EBITDA. Investments in Affiliates - Cash and Marketable Securities. 5. (Debt + Preferred Stock)/EV. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 6. For transactions that have not yet closed, the share price reflects that of the acquiring 16 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. SPAC. Comparable Companies Trading Analysis Advanced Transportation (3/3)

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Truck Companies Daimler €76.01 100.0% $95,573 $229,330 8.9x 8.6x 8.9x 7.7x 5.3x 74.7% Volvo KR220.90 92.5% $51,523 $58,142 9.2x 8.3x 15.9x 13.6x 1.2x 30.3% PACCAR $92.92 93.3% $32,336 $38,262 15.2x 12.6x 16.2x 13.3x 2.4x 28.5% Traton €23.00 89.9% $13,516 $22,045 7.1x 5.9x 11.9x 8.0x 3.2x 65.6% MAN €53.40 99.3% $9,228 $12,547 7.4x 7.1x NM NM 2.0x 36.3% Isuzu Motors ¥1189.00 98.9% $7,936 $9,367 5.2x 4.5x 12.5x 9.3x NM 29.8% Nikola Motors $13.89 17.4% $5,444 $6,141 NM NM NM NM NM 11.5% Lion Electric6 $16.31 48.7% $4,291 $4,291 NM NM NM NM NM NM Proterra6 $17.88 61.4% $4,293 $3,492 NM NM NM NM NM 1.5% Hyzon Motors 6 $10.49 59.1% $2,760 $2,184 NM NM NM NM NM NM Xos 6 $9.92 56.3% $2,610 $2,095 NM NM NM NM NM NM Mean 83.7% 11.6x 10.4x 21.0x 17.2x 2.2x 20.7% Median 89.9% 10.2x 9.3x 19.7x 16.3x 1.4x 14.2%

Communications / Infrastructure AT&T $30.27 91.1% $216,431 $405,424 7.5x 7.4x 9.6x 9.4x 3.2x 45.1% Verizon $58.15 94.2% $240,915 $368,937 7.6x 7.4x 11.4x 11.3x 2.6x 40.8% T-Mobile $125.29 92.8% $156,809 $253,671 9.4x 8.9x NM 39.9x 3.6x 42.3% Cisco Systems $51.71 98.4% $218,940 $202,653 11.0x 10.7x 15.7x 14.9x NM 7.7% Hitachi ¥5,004 92.1% $43,799 $61,372 6.5x 5.8x 11.4x 9.8x 1.6x 38.3% Toshiba ¥3,740 96.1% $15,354 $12,684 5.5x 4.8x 16.0x 10.8x 0.1x 36.6% ChargePoint $26.70 57.9% $9,089 $8,441 NM NM NM NM NM NM Evgo6 $13.70 62.1% $3,604 $3,821 NM NM NM NM NM 5.7% EVBox 6 $21.04 61.7% $3,115 $2,690 NM NM NM NM NM NM Volta Industries 6 $10.95 63.5% $2,881 $2,271 NM NM NM NM NM 2.3% Blink Charging $41.10 67.7% $1,380 $1,359 NM NM NM NM NM 0.1% Nuvve 6 $10.10 45.4% $1,159 $1,089 NM NM NM NM NM NM Mean 76.5% 8.7x 8.0x 14.2x 14.0x 2.4x 28.0% Median 89.9% 8.2x 7.8x 14.1x 11.3x 2.3x 29.8%

6 Recent SPACs Lucid $ 23.18 39.9% $38,506 $33,501 NM NM NM NM NM NM QuantumScape $ 44.75 34.0% $20,030 $18,877 NM NM NM NM NM NM Arrival $16.06 44.3% $9,760 $9,091 NM NM NM NM NM NM ChargePoint $26.70 57.9% $9,089 $8,441 NM NM NM NM NM NM Luminar Technologies $24.31 58.2% $8,353 $7,865 NM NM NM NM NM 0.4% Nikola Motors $13.89 17.4% $5,444 $6,141 NM NM NM NM NM 11.5% Lion Electric $16.31 48.7% $4,291 $4,291 NM NM NM NM NM NM Fisker $17.22 60.4% $5,221 $4,181 NM NM NM NM NM NM Evgo $13.70 62.1% $3,604 $3,821 NM NM NM NM NM 5.7% Proterra $17.88 61.4% $4,293 $3,492 NM NM NM NM NM 1.5% Faraday $ 12.06 62.9% $4,077 $3,329 NM 4.6x NM NM NM NM EVBox $21.04 61.7% $3,115 $2,690 NM NM NM NM NM NM Reinvent Technology Partners Class A $10.15 64.6% $2,670 $2,669 NM NM NM NM NM NM Atlas Crest Investment Corp. Class A $10.05 58.6% $2,644 $2,643 NM NM NM NM NM NM Helbiz $10.16 93.6% $2,673 $2,601 NM NM NM NM NM 0.3% Ree Automotive $10.00 61.2% $2,631 $2,385 NM NM NM NM NM 8.0% The Metals Company (f.k.a. DeepGreen) $ 9.93 81.9% $2,927 $2,357 NM NM NM NM NM NM Volta Industries $10.95 63.5% $2,881 $2,271 NM NM NM NM NM 2.3% Li-Cycle $10.65 74.7% $2,802 $2,236 NM NM NM NM NM NM AEye $10.00 72.9% $2,631 $2,216 NM NM NM NM NM 0.2% Hyzon Motors $10.49 59.1% $2,760 $2,184 NM NM NM NM NM NM Aeva $11.60 58.0% $2,473 $2,145 NM NM NM NM NM NM Xos $9.92 56.3% $2,610 $2,095 NM NM NM NM NM NM Freyr $10.00 67.0% $2,631 $1,782 NM NM NM NM NM NM Velodyne $11.40 37.5% $1,965 $1,624 NM NM NM NM NM 0.6% Canoo $ 9.03 41.0% $2,211 $1,604 NM NM 36.1x NM 4.7x NM Ouster $8.50 52.3% $1,580 $1,487 NM NM NM NM NM 12.6% Hyliion $10.67 19.1% $1,806 $1,287 NM NM NM NM NM 0.1% Lordstown $11.77 37.5% $1,934 $1,259 NM NM NM NM NM NM Electric Last Mile $9.97 68.8% $1,451 $1,222 NM NM NM NM NM 12.3% Nuvve $10.10 45.4% $1,159 $1,089 NM NM NM NM NM NM Indie semiconductor $10.42 74.0% $1,508 $1,043 NM NM NM NM NM NM Innoviz $9.96 62.3% $1,397 $1,027 NM NM NM NM NM NM XL Fleet $8.98 27.6% $1,291 $941 NM NM NM NM NM NM Arbe Robotics $ 10.02 91.9% $725 $883 NM NM NM NM NM NM Romeo Systems $ 8.33 24.5% $1,111 $735 NM NM NM NM 20.9x NM Lightning eMotors $10.67 63.7% $894 $721 NM NM NM NM NM NM Advent Technologies $13.39 71.5% $643 $602 NM NM NM NM NM 13.4% Mean 56.3% NM NM 36.1x NM NM NM Median 59.7% NM NM 36.1x NM NM NM

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - companies with negative 2020E EBITDA. Investments in Affiliates - Cash and Marketable Securities. 5. (Debt + Preferred Stock)/EV. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 6. For transactions that have not yet closed, the share price reflects that of the acquiring 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. SPAC. 17 Comparable Companies Trading Analysis Renewables

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Renewables Integrated PV and PV Manufacturing Hanwha W31,850 88.1% $1,952 $24,648 9.0x 8.6x 6.8x 5.4x 4.5x 72.2% Enphase $162.16 75.9% $21,935 $21,606 NM NM NM NM NM 1.6% Sungrow Y71.78 60.3% $15,957 $16,229 28.5x 21.4x 35.4x 26.9x 0.5x 7.0% SolarEdge $287.44 78.5% $15,377 $15,008 NM 32.3x NM NM NM 4.4% TBEA Solar Y11.19 79.0% $6,341 $11,226 9.9x 8.8x 14.3x 12.4x 3.5x 62.5% First Solar $87.30 81.2% $9,336 $8,070 10.6x 12.2x 20.2x 26.9x NM 6.0% JinkoSolar $41.69 47.6% $1,855 $4,129 7.9x 8.6x 9.9x 8.4x 3.6x 93.3% Array $29.82 58.4% $3,787 $4,107 23.8x 20.2x 34.1x 28.7x 1.9x 10.4% Daqo New Energy $75.50 60.8% $5,743 $5,899 9.7x 8.6x 13.1x 12.8x 0.2x 4.1% Canadian Solar $49.63 77.4% $3,035 $4,533 9.4x 7.6x 19.5x 13.4x 2.6x 63.8% GCL Y3.30 55.2% $2,549 $2,887 20.6x 14.1x NM NM 4.1x 24.4% SMA €50.10 74.1% $2,043 $1,765 17.2x 13.7x NM 40.4x NM 2.7% Foxconn Technology NT$72.60 92.8% $3,613 $1,328 8.3x 7.4x 16.0x NM NM 43.0% ReneSola $12.33 36.8% $600 $741 32.2x 17.9x NM 33.3x 4.2x 15.3% Mersen €29.70 99.0% $718 NA NM NM 14.1x 11.4x NM NA Maxeon $31.56 57.2% $782 $631 NM 10.4x NM NM NM 28.9% Manz €53.00 94.6% $482 $502 12.1x 9.6x 37.6x 24.2x 0.5x 21.8% Soltec €10.52 70.9% $1,130 NA NM NM NM 30.2x NM NA 6 Ecoppia NIS8.11 53.9% $238 NA NM NM NM NM NM NA Mean 70.6% 15.3x 13.4x 20.1x 21.1x 2.6x 28.9% Median 74.1% 10.6x 10.4x 16.0x 24.2x 3.0x 18.6%

Solar Development Sunrun $60.48 62.7% $11,648 $17,354 NM NM NM NM 60.0x 30.4% BayWa €37.60 98.9% $1,559 $6,681 11.4x 11.1x 39.2x 23.9x 8.6x 78.5% SunPower $33.45 61.9% $6,694 $6,525 NM NM NM NM 3.6x 10.6% Sunnova $40.82 75.4% $3,902 $5,995 NM NM NM NM 21.3x 34.1% Mean 74.7% 11.4x 11.1x 39.2x 23.9x 23.4x 38.4% Median 69.0% 11.4x 11.1x 39.2x 23.9x 15.0x 32.2%

Wind Development Energiekontor €58.20 89.5% $980 $1,231 13.3x 9.9x 28.1x 19.2x 2.7x 26.8% PNE Wind €7.40 83.2% $664 $951 23.7x 13.7x NM 43.5x 7.4x 45.1% ABO Wind €46.60 90.5% $505 $517 11.4x 10.1x 26.4x 22.1x 0.3x 16.6% Arise KR49.70 90.4% $203 $265 9.4x 3.2x 14.2x 4.4x 2.2x 27.4% Mean 88.4% 14.4x 9.2x 22.9x 22.3x 3.2x 28.9% Median 90.0% 12.4x 10.0x 26.4x 20.6x 2.5x 27.1%

IPPs Enel €8.49 94.9% $101,457 $179,297 8.2x 7.7x 15.8x 14.6x 2.8x 38.7% Iberdrola €10.99 87.8% $79,459 $133,776 10.3x 9.4x 18.6x 16.9x 3.2x 35.3% ENGIE €12.11 87.4% $34,384 $62,533 5.2x 5.2x 12.3x 11.1x 2.8x 78.7% AES $26.81 92.7% $17,936 $38,529 10.8x 10.2x 17.2x 15.9x 5.2x 54.7% EDP Renovaveis €18.22 70.6% $18,680 $23,889 12.5x 11.5x 33.7x 29.4x 2.2x 20.2% Northland Power C$45.55 89.6% $7,327 $13,459 14.6x 14.6x 32.4x 27.9x 6.1x 46.7% NRG $37.73 85.9% $9,215 $13,437 7.6x 5.6x 10.0x 7.1x 2.6x 67.3% Neoen €42.75 66.8% $5,374 $8,033 21.5x 16.9x NM NM 7.1x 38.6% Innergex C$21.97 68.3% $2,682 $6,265 12.6x 12.2x NM NM 7.6x 65.0% Boralex C$39.52 71.1% $3,406 $6,130 13.9x 13.4x NM NM 6.3x 49.0% ERG €25.34 92.9% $4,434 NA NM NM 34.6x 28.8x NM NA Scatec Solar NOK258.60 65.0% $4,117 $4,736 11.2x 8.0x 34.4x 25.6x 1.4x 32.2% Falck Renewables €6.11 86.5% $2,075 $3,051 12.9x 11.7x NM 38.2x 3.6x 36.9% Voltalia €23.00 86.6% $1,899 $2,689 14.0x 10.7x NM 48.8x 3.8x 36.7% Alerion Clean Power €12.90 86.0% $809 $1,316 10.3x 9.3x 23.2x 20.4x 4.4x 55.8% Solarpack €20.90 60.6% $817 $1,199 15.3x 12.4x NM 30.7x 4.6x 38.9% Atlantic Power C$3.61 94.8% $256 $863 4.6x 4.8x 35.9x 26.1x 2.8x 85.5% Etrion C$0.40 69.3% $105 $100 6.7x 3.5x NM NM NM 41.2% Mean 80.9% 11.3x 9.8x 24.4x 24.4x 4.2x 48.3% Median 86.3% 11.2x 10.2x 23.2x 25.9x 3.7x 41.2%

Wind and Other Vestas DKK1302.00 83.5% $40,503 $38,355 16.4x 14.7x 40.0x 34.0x NM 4.1% Siemens Gamesa €33.00 85.8% $26,355 $26,835 23.5x 16.7x NM 40.7x 0.5x 8.8% Xinjiang Goldwind HK$14.60 76.8% $7,934 $11,308 11.6x 10.3x 13.7x 12.2x 4.5x 50.4% Ormat $78.53 62.3% $4,205 $5,200 12.8x 11.1x NM 39.3x 2.3x 28.5% Nordex €27.38 100.0% $3,610 $3,765 13.6x 8.3x NM 30.9x 0.6x 28.7% TPI Composites $56.43 71.7% $2,150 $2,419 19.6x 14.3x NM 30.7x 2.2x 16.5% Suzlon ₹4.98 59.9% $570 $2,354 2.4x 0.5x NM NM 1.8x 76.8% Bonheur NOK226.00 90.9% $1,126 $1,888 11.9x 9.5x NM NM 4.7x 67.0% China High Speed Transmission HK$7.85 87.3% $1,651 $1,226 6.1x 5.9x 14.0x 13.6x NM 61.3% Sif Holding €16.18 86.2% $485 $547 8.5x 8.0x 16.7x 14.7x 1.0x 11.8% Mean 80.4% 12.6x 9.9x 21.1x 27.0x 2.2x 35.4% Median 84.6% 12.3x 9.9x 15.3x 30.8x 2.0x 28.6%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 5. (Debt + Preferred Stock)/EV. 18 6. Ecoppia began trading publicly on 12/1/2020 on the Tel Aviv Stock Exchange. Comparable Companies Trading Analysis Yield Vehicles

Market Enterprise Dividend CAFD Net Debt/ 1 2 Price as of % of 52 Wk Value Value EV/EBITDA Yield Yield 2021E Debt/ 3 4 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2020A 2021E EBITDA EV Yield Vehicles North American Yield Vehicles Brookfield Renewable Partners C$53.65 85.6% $13,291 $48,123 25.0x 24.1x 5.8% 4.3% 9.3x 41.8% NextEra Energy Partners $72.88 85.6% $12,924 $19,782 13.7x 12.3x 3.4% 4.4% 2.3x 17.3% Clearway Energy $28.14 77.1% $5,647 $12,653 11.1x 10.5x 4.6% 4.7% 6.0x 57.9% Atlantica Sustainable Infrastructure $36.63 78.9% $3,762 $9,111 10.8x 9.9x 4.6% 5.3% 6.2x 69.4% Hannon Armstrong $56.10 80.0% $4,760 $5,342 NM NM 2.5% NM 16.7x 40.5% TransAlta Renewables C$20.57 85.7% $4,368 $3,786 9.7x 9.4x 4.6% 5.5% 0.6x 18.6% Mean 82.1% 14.1x 13.2x 4.2% 4.8% 6.9x 40.9% Median 82.8% 11.1x 10.5x 4.6% 4.7% 6.1x 41.2%

European Yield Vehicles Greencoat UK Wind £1.29 86.9% $2,828 $4,335 NM NM 5.5% NM NM 35.0% Renewables Infrastructure Group £1.22 87.7% $2,391 NA NM NM 5.5% NM NM NA NextEnergy Solar Fund £1.00 80.6% $1,052 $1,309 NM NM 7.1% NM NM 20.9% John Laing Environmental £1.12 91.1% $845 $843 NM NM 6.0% NM NM NM Bluefield Solar Income £1.31 93.9% $680 $680 17.4x 17.4x 6.1% NM NM NM Octopus Renewables £1.14 98.3% $551 $551 NM NM 0.3% NM NM NM Mean 89.7% 17.4x 17.4x 5.1% NM NM 27.9% Median 89.4% 17.4x 17.4x 5.8% NM NM 27.9%

MLPs Enviva $48.33 90.5% $1,923 $2,702 12.1x 9.8x 6.5% 4.5% 4.4x 36.3% Mean 90.5% 12.1x 9.8x 5.0% 4.5% 4.4x 36.3% Median 90.5% 12.1x 9.8x 5.9% 4.5% 4.4x 36.3%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 19 4. (Debt + Preferred Stock)/EV. Comparable Companies Trading Analysis Environmental Services and Technologies

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Environmental Services and Technologies Solid Waste Waste Management $129.02 99.0% $54,846 $68,167 14.1x 13.3x 27.6x 24.7x 2.8x 21.0% Republic Services $99.35 96.9% $31,782 $40,923 12.9x 12.3x 26.8x 24.5x 2.9x 22.4% Veolia €21.86 93.3% $14,496 $32,822 6.8x 6.3x 16.7x 13.4x 3.9x 78.6% Waste Connections C$135.77 95.1% $28,475 $32,774 18.0x 16.6x 35.9x 32.5x 2.4x 15.0% SUEZ €18.06 98.7% $13,334 $27,476 7.4x 6.8x 22.9x 19.6x 3.6x 71.7% GFL Environmental $34.95 100.0% $11,408 $17,549 15.9x 14.0x NM NM 5.6x 35.1% Casella $63.57 96.0% $3,224 $3,679 19.6x 17.7x NM NM 2.4x 16.6% Danimer $37.75 58.7% $3,474 $3,109 NM NM NM NM NM 0.6% PureCycle $25.50 78.0% $3,032 $2,743 NM NM NM NM NM 13.8% Biffa £2.66 97.1% $1,051 $1,521 6.8x 5.9x 21.5x 14.6x 2.1x 41.1% Séché Environnement €51.10 91.9% $468 $1,002 5.5x 5.0x 15.1x 11.9x 2.9x 65.1% Mean 91.3% 11.9x 10.9x 23.8x 20.2x 3.2x 34.6% Median 96.0% 12.9x 12.3x 22.9x 19.6x 2.9x 22.4%

Specialty Waste Darling Ingredients $73.58 92.9% $12,356 $13,189 13.5x 9.7x 30.1x 17.4x 1.6x 12.6% Stericycle $67.51 90.6% $6,197 $8,314 16.6x 15.6x 27.4x 24.9x 4.2x 26.0% Clean Harbors $84.06 93.2% $4,645 $5,844 10.3x 9.8x 35.9x 32.1x 2.1x 30.3% Covanta Holding $13.86 90.6% $1,871 $4,384 10.4x 10.1x NM NM 5.6x 61.5% Harsco $17.15 78.8% $1,355 $2,718 9.6x 7.9x 24.9x 16.2x 4.6x 51.0% US Ecology $41.64 92.2% $1,294 $2,080 11.6x 10.0x NM 34.7x 4.4x 41.3% Renewi £0.48 95.6% $523 $1,307 5.7x 5.1x 13.6x 9.3x 3.4x 72.9% Heritage-Crystal Clean $27.13 91.4% $637 $678 10.0x 9.2x 23.6x 23.0x 0.6x 16.1% Mean 90.7% 10.9x 9.7x 25.9x 22.5x 3.3x 39.0% Median 91.8% 10.3x 9.8x 26.1x 23.0x 3.8x 35.8%

Environmental Assessment Donaldson Company $58.16 93.3% $7,456 $7,743 15.3x 13.7x 24.7x 21.0x 0.6x 6.7% Montrose Environmental $50.19 100.0% $1,251 $1,545 24.2x 21.2x NM NM 2.2x 2.0% CECO Environmental $7.93 85.0% $283 $337 11.0x 8.2x 15.0x 12.4x 1.8x 27.1% Mean 92.8% 16.8x 14.4x 19.8x 16.7x 1.5x 11.9% Median 93.3% 15.3x 13.7x 19.8x 16.7x 1.8x 6.7%

Recent SPACs 6 Danimer $37.75 58.7% $3,474 $3,109 NM NM NM NM NM 0.6% PureCycle $25.50 78.0% $3,032 $2,743 NM NM NM NM NM 13.8% Origin Materials $10.66 69.5% $1,965 $1,817 NM NM NM NM NM 26.9% Li-Cycle $10.65 74.7% $1,779 $1,213 NM NM NM NM NM NM Mean 70.2% NM NM NM NM NM 13.8% Median 72.1% NM NM NM NM NM 13.8%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 5. (Debt + Preferred Stock)/EV. 20 6. For transactions that have not yet closed, the share price reflects that of the acquiring SPAC. Comparable Companies Trading Analysis Water

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Water Efficiency / Process Pentair $62.32 100.0% $10,439 $11,283 18.5x 17.3x 22.9x 21.1x 1.4x 8.2% Rexnord $47.09 92.1% $5,757 $6,769 14.3x 13.3x 23.8x 20.7x 2.1x 18.7% Flowserve $38.81 93.7% $5,084 $5,957 13.9x 12.2x 25.4x 20.9x 2.0x 32.5% Evoqua $26.30 84.7% $3,197 $3,944 15.8x 14.7x 37.6x 32.1x 3.0x 23.9% Kemira €13.09 90.3% $2,360 $3,262 6.6x 6.5x 14.5x 13.6x 1.8x 33.1% Badger Meter $93.07 85.0% $2,723 $2,660 27.1x 24.9x NM 46.5x NM 0.3% Thermon Group $19.49 88.0% $651 $782 14.8x 12.7x 28.5x 21.5x 2.5x 23.3% Wabag ₹250.65 86.8% $213 $217 5.8x 5.2x 11.1x 9.4x 0.2x 24.7% Mean 90.1% 14.6x 13.3x 23.4x 23.2x 1.8x 20.6% Median 89.1% 14.5x 13.0x 23.8x 21.0x 2.0x 23.6%

Infrastructure, Monitoring and Compliance Ecolab $214.07 93.0% $61,802 $67,690 23.6x 21.0x 41.2x 34.9x 2.0x 10.5% Xylem $105.18 97.0% $19,090 $20,586 22.9x 20.6x 40.8x 34.3x 1.7x 16.3% Watts Water $118.81 91.0% $4,028 $4,068 17.5x 16.3x 31.1x 28.0x 0.2x 6.4% Mueller Water Products $13.89 97.0% $2,206 $2,457 11.8x 11.0x 23.5x 20.9x 1.2x 19.3% Aegion $28.75 98.6% $881 $1,067 11.1x 11.1x 22.8x 23.0x 1.8x 25.6% Select Energy Services $4.98 67.5% $429 $260 6.3x 4.2x NM NM NM NM Mean 90.7% 15.5x 14.1x 31.9x 28.2x 1.4x 15.6% Median 95.0% 14.6x 13.7x 31.1x 28.0x 1.7x 16.3%

Heating and Cooling Lennox $311.59 97.1% $12,027 $13,040 20.2x 18.8x 28.0x 25.0x 1.6x 9.0% A.O. Smith $67.61 97.3% $11,011 $10,480 17.2x 15.9x 26.8x 24.1x NM 1.5% AAON $70.01 86.6% $3,743 $3,667 30.5x 27.1x NM 46.4x NM 0.2% SPX $58.27 95.0% $2,689 $3,072 12.6x 11.9x 18.5x 17.1x 1.6x 14.7% Comfort Systems USA $74.77 99.4% $2,734 $3,012 12.5x 11.8x 22.1x 20.7x 1.2x 11.1% Mean 95.1% 18.6x 17.1x 23.9x 26.7x 1.5x 7.3% Median 97.1% 17.2x 15.9x 24.5x 24.1x 1.6x 9.0%

Distribution American Water Works Company $149.92 90.6% $27,136 $37,574 18.3x 17.1x 35.4x 32.7x 5.1x 29.3% Veolia €21.86 93.3% $14,496 $32,822 6.8x 6.3x 16.7x 13.4x 3.9x 78.6% SUEZ €18.06 98.7% $13,334 $27,476 7.4x 6.8x 22.9x 19.6x 3.6x 71.7% Essential Utilities $44.75 91.9% $11,401 $17,174 17.4x 16.1x 26.8x 24.9x 5.8x 33.6% Severn Trent £23.06 89.1% $7,610 $16,466 13.0x 12.0x 19.2x 16.3x 7.0x 54.0% American States Water $75.62 83.9% $2,798 $3,348 19.0x 18.0x 31.6x 29.7x 3.1x 17.5% SJW $62.99 88.5% $1,809 $3,339 14.5x 13.5x 26.4x 24.7x 6.6x 46.1% Middlesex Water Company $79.02 92.7% $1,381 $1,667 27.9x 26.8x 35.0x 33.2x 4.7x 17.4% York Water Company $48.97 95.5% $649 $767 22.8x 22.3x 37.4x 36.0x 3.5x 16.1% Artesian Resources $39.38 92.6% $370 $541 13.4x 13.0x 20.5x 19.2x 4.3x 31.7% Global Water Resources $16.31 90.7% $368 $465 25.6x 22.1x NM NM 5.3x 24.7% Consolidated Water $13.45 81.6% $205 $175 10.9x 9.3x 24.2x 19.4x NM 1.0% Mean 90.7% 16.4x 15.3x 26.9x 24.5x 4.8x 35.1% Median 91.3% 15.9x 14.8x 26.4x 24.7x 4.7x 30.5%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 21 5. (Debt + Preferred Stock)/EV. Comparable Companies Trading Analysis AgTech, Industrial Biotechnology and Building Materials

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 3/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV AgTech Large Crop / Life Science Bayer €53.96 74.3% $62,305 $96,894 7.7x 7.1x 9.4x 8.5x 2.8x 50.5% BASF €70.84 97.6% $76,471 $81,072 7.5x 7.3x 16.0x 14.8x 1.8x 30.7% DuPont $77.28 89.5% $56,832 $76,364 19.5x 18.1x 22.7x 19.1x 5.1x 29.4% Archer-Daniels-Midland $57.00 97.3% $32,091 $37,661 9.9x 9.6x 14.8x 14.2x 2.7x 29.3% Bunge $79.27 97.3% $11,811 $19,798 10.6x 10.5x 12.5x 12.4x 4.0x 44.4% Mosaic $31.61 92.3% $12,085 $15,755 6.3x 6.8x 13.2x 15.1x 1.7x 30.2% AeroFarms 6 $10.11 86.3% $2,660 $2,285 NM NM NM NM NM NM AppHarvest $18.30 47.9% $1,982 $1,518 NM NM NM NM NM NM Mean 85.3% 10.2x 9.9x 14.8x 14.0x 3.0x 35.8% Median 90.9% 8.8x 8.5x 14.0x 14.5x 2.8x 30.4%

Irrigation / Equipment Deere $374.14 98.4% $118,266 $156,742 22.0x 19.1x 22.8x 19.7x 5.4x 29.5% CNH Industrial $15.64 99.1% $21,175 $37,253 15.0x 13.2x 19.6x 16.1x 6.8x 71.2% Kubota ¥2,520 97.5% $27,542 $34,381 13.4x 12.7x 19.2x 17.8x 2.4x 24.1% Mahindra & Mahindra ₹795.10 85.7% $12,159 $20,940 20.1x 17.6x 27.8x 30.9x 9.0x 53.9% Toro Company $103.14 98.5% $11,262 $11,586 19.2x 17.7x 29.2x 26.2x 0.6x 6.7% AGCO $143.65 97.4% $10,903 $11,178 10.2x 9.5x 19.8x 17.4x 0.6x 16.1% Valmont $237.67 95.6% $5,072 $5,559 14.2x 12.8x 25.4x 22.2x 1.2x 15.5% Hydrofarm Holdings 7 $60.32 64.7% $2,021 $2,328 NM NM NM NM NM 16.5% Lindsay $166.62 97.4% $1,814 $1,813 24.0x 20.5x 44.3x 36.4x NM 8.0% Raven Industries $38.33 90.3% $1,389 $1,365 28.8x 18.7x NM 33.7x NM 0.7% Jain ₹18.45 73.5% $130 $961 NM NM NM NM NM 89.7% Mean 90.7% 18.5x 15.8x 26.0x 24.5x 3.7x 30.2% Median 97.4% 19.2x 17.6x 24.1x 22.2x 2.4x 16.5%

Industrial Biotechnology Neste €45.26 70.5% $40,844 $40,472 18.0x 15.1x 29.0x 23.1x NM 3.8% Cosan R$91.42 95.9% $6,258 $6,496 5.2x 4.7x 16.8x 15.6x 1.3x 43.4% Amyris $19.10 84.4% $4,706 $4,965 NM NM NM NM 5.5x 5.8% Renewable Energy Group $66.04 58.1% $2,598 $2,455 9.7x 7.7x 16.5x 12.2x NM 3.9% Green Plains $27.07 97.7% $937 $1,379 11.7x 6.9x NM 23.7x 2.7x 42.8% MGP Ingredients $59.15 84.2% $1,001 $1,024 13.4x 12.5x 22.1x 20.2x 0.3x 4.4% Pacific Ethanol $5.43 50.1% $367 $427 5.4x 3.9x 8.6x 6.6x 0.8x 25.3% FutureFuel $14.53 82.2% $636 $374 12.9x 13.0x NM NM NM 0.4% REX American Resources $84.17 73.1% $506 $359 7.7x 5.5x 16.6x 10.7x NM 3.4% Mean 77.4% 10.5x 8.7x 18.3x 16.0x 2.1x 14.8% Median 82.2% 10.7x 7.3x 16.7x 15.6x 1.3x 4.4%

Building Materials Multi-Industry CRH $46.98 96.5% $37,190 $43,386 8.9x 8.5x 17.4x 15.8x 1.3x 31.9% Saint-Gobain €50.32 98.0% $31,865 $39,989 6.6x 6.2x 13.5x 12.2x 1.4x 45.6% Masco $59.90 99.6% $15,634 $17,506 11.6x 11.0x 17.8x 16.2x 1.1x 17.0% Owens Corning $92.09 99.4% $10,047 $12,611 8.0x 7.7x 14.2x 13.3x 1.6x 26.2% Beacon Roofing Supply $52.32 95.4% $3,662 $6,628 12.6x 11.9x 16.0x 14.7x 4.9x 51.7% Armstrong World Industries $90.09 93.5% $4,333 $4,911 13.5x 12.1x 22.8x 19.4x 1.7x 15.4% Simpson Manufacturing $103.73 94.9% $4,528 $4,297 14.6x 13.5x 24.6x 22.0x NM 1.1% Gibraltar $91.51 90.6% $2,994 $3,073 16.9x 14.3x 27.0x 22.6x 0.4x 3.6% Griffon $27.17 97.3% $1,445 $2,424 9.2x 8.6x 15.5x 13.3x 3.7x 50.0% Mean 96.1% 11.3x 10.4x 18.8x 16.6x 2.0x 26.9% Median 96.5% 11.6x 11.0x 17.4x 15.8x 1.5x 26.2%

Sustainable Products / Materials Kingspan €72.30 87.7% $15,551 $16,044 20.5x 18.9x 32.4x 29.5x 0.6x 12.5% Trex $91.54 86.1% $10,634 $10,548 32.7x 27.9x 49.5x 42.4x NM 0.3% Cabot Corporation $52.44 96.9% $2,968 $4,027 7.2x 7.0x 12.8x 12.0x 1.7x 27.5% Quanex $26.23 96.1% $871 $994 8.3x 7.8x 16.8x 15.1x 1.0x 16.8% Aspen Aerogels $20.34 78.2% $550 $542 NM NM NM NM NM 1.5% DIRTT Environmental Solutions C$3.86 92.3% $260 $255 NM 21.0x NM NM NM 15.9% Mean 89.6% 17.2x 16.5x 27.9x 24.7x 1.1x 12.4% Median 90.0% 14.4x 18.9x 24.6x 22.3x 1.0x 14.2%

Recent SPACs 6 AeroFarms $10.11 86.3% $2,660 $2,285 NM NM NM NM NM NM AppHarvest $18.30 47.9% $1,982 $1,518 NM NM NM NM NM NM Mean 67.1% NM NM NM NM NM NM Median 67.1% NM NM NM NM NM NM

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 5. (Debt + Preferred Stock)/EV. 6. For transactions that have not yet closed, the share price reflects that of the acquiring SPAC. 22 7. Hydrofarm Holdings began trading publicly on 12/14/2020 on the NASDAQ. Global Experts in Sustainable Technology and Infrastructure

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Nomura Greentech Transactions

Mergers & Asset Capital Strategic Acquisitions Transactions Raising Advisory

 Corporate sales  Acquisitions  Equity private placements  Strategic consulting  Acquisitions  Divestitures  Debt private placements  IPO preparation  Minority investments  Passive equity  Project finance advisory  Financial restructuring  Joint ventures  Development capital  Co-managed public  Specialized opinions  Fairness opinions formation offerings  Independent capital markets advice Operating Development >25 $47bn 27GW 70GW $4bn assignments

Note: As of March 31st, 2021. Highly Experienced Senior Leadership Supported by a Global Team of Professionals

Jeff Derek Laurent PJ Michael Olav John McDermott Bentley Dallet Deschenes Horwitz Junttila McClure Managing Managing Managing Managing Managing Managing Managing Director, Director Director Director Director Director Director Group Head New York Zürich New York San Francisco Chicago San Francisco New York derek.bentley@nomura laurent.dallet@nomura pj.deschenes@nomura michael.horwitz@nomura olav.junttila@nomura john.mcclure@nomura jeff.mcdermott@nomura greentech.com greentech.com greentech.com greentech.com greentech.com greentech.com  20+ years of  15+ years of  15+ years of  20+ years of  25+ years of greentech.com  20+ years of experience experience experience experience experience  30+ years of experience  >35 completed  >30 completed  >30 completed  >40 completed  >20 completed experience  >30 completed transactions transactions transactions transactions transactions  >150 completed transactions  Renewable energy  Renewable energy  Renewable energy  Energy efficiency  Advanced transactions  Energy software assets assets assets  Energy software and transportation  Founder and head and services  Energy storage  Distributed energy  Power infrastructure services  Edge computing of advisory business  Energy efficiency  Distributed production services  Energy storage  Semi-conductors  Large industrials and  Renewable energy generation  Energy efficiency and  Renewable energy  Renewable energy  Industrial sensors energy companies  Utilities  Broad coverage of  Water services value chain  Smart grid senior leaders  Environmental  Blockchain services

Steve Frank Diego Damien Alex Duncan Megyery Nicklaus Pignatelli Sauer Stein Williams Managing Managing Managing Managing Managing Managing Director Director Director Director Director Director New York New York Zürich Zürich Zürich San Francisco steve.megyery@nomura frank.nicklaus@nomura diego.pignatelli@nomura damien.sauer@nomura alex.stein@nomura duncan.williams@nomura greentech.com greentech.com greentech.com greentech.com greentech.com greentech.com  15+ years of  15+ years of  30+ years of  20+ years of  10+ years of  25+ years of experience experience experience experience experience experience  >40 completed  >30 completed  >25 completed  >60 completed  >50 completed  >20 completed transactions transactions transactions transactions transactions transactions  Sustainable Food &  Head of Private  Renewable energy  European coverage  Energy efficiency  Energy transition AgTech Placements assets  Industrials and energy  Power infrastructure  Industry 4.0  Advanced  Cleantech  Power infrastructure companies  Renewable energy  Environmental transportation  Power infrastructure services  Utilities value chain technology and  Industrial IoT &  Renewable energy  Smart grid services software value chain  Environmental services  Water

23 Disclaimer

This presentation is for discussion purposes only to assist the recipient in evaluating whether it wishes to proceed with a further investigation of the ideas and concepts presented herein. This presentation is not intended to form the basis of a decision to purchase or sell securities or enter into an investment banking transaction, and does not constitute (i) an offer, invitation or recommendation to purchase or sell securities or to dispose or acquire assets, (ii) an opinion as to the potential market price of any security, (iii) an opinion, invitation or recommendation to enter into a financial or capital markets transaction, including, without limitation, any public or private offering of securities, bank financing, interest rate, currency or foreign exchange, derivative or hedging arrangements or treasury products services, or any form of business combination, merger or acquisition or disposition of assets or securities or (iv) any form of legal or tax advice, opinion or recommendation. Neither the information contained in this presentation nor any further information made available in connection with the subject matter contained herein is intended to form or forms the basis of any future or present contract or arrangement or a fiduciary relationship with, or fiduciary duty to, the recipient. This presentation is subject to change without notice and does not purport to be comprehensive or contain all the information necessary to evaluate the subject matter discussed herein. The information contained herein is based on publicly available information and sources, which we believe to be reliable, but we do not represent it is accurate or complete, nor have we made any independent investigation in connection therewith. The recipient of this presentation must make its own investigation and assessment of the ideas and concepts presented herein. No representation, warranty or undertaking, express or implied, is or will be made or given and no responsibility or liability is or will be accepted by Nomura Securities International, Inc. (“Nomura”) or by any of its affiliates, directors, officers, employees, agents or advisers, in relation to the accuracy or completeness of this presentation or any other written or oral information made available in connection with the ideas and concepts presented herein. Any responsibility or liability for any such information is expressly disclaimed. “Nomura Greentech” is the marketing name that refers to the division in Nomura’s investment banking department that provides products and services to clients in the sustainable technology and infrastructure sectors. All activities of Nomura Greentech in the U.S. are conducted by Nomura Securities International, Inc. (“NSI”), a broker-dealer registered with the SEC and member SIPC. All services of Nomura Greentech conducted outside of the U.S. are provided by Nomura Greentech Capital Advisors, AG (“NGCA”) unless notified otherwise. NGCA, located in Switzerland, does not provide services that requires it to be licensed in Switzerland or any other jurisdiction. NSI has policies and guidelines designed to preserve the independence of research analysts. Such policies prohibit, among other things, investment banking employees from offering research coverage, a favorable research rating or a specific price target, or offering to change a research rating or price target, as consideration or inducement to obtain investment banking business. This presentation is the property of NSI or NGCA and the recipient acknowledges and agrees that, to the extent permitted by law, it will, on request, promptly return this presentation and all other information supplied in connection with the ideas and concepts presented herein, without retaining any copies.