Sustainable Technology and Infrastructure Monthly Market Update // November 2020 Performance of Key Market Indices1 200.0% 160.0% 176.9% 120.0% 80.0% 40.8% 40.0% 15.3% 0.0% 12.7% (40.0%) Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500

Index Performance1 November Ending Versus First Day of the November YTD CY 2019 52 Wk High 52 Wk Low MSCI World Index 12.7% 9.5% 25.2% (0.7%) 61.2% NASDAQ Composite 11.8% 36.0% 35.2% (0.1%) 77.8% S&P 500 10.8% 12.1% 28.9% (0.5%) 61.9% NASDAQ Clean Edge Green Energy 33.8% 154.5% 40.7% (2.6%) 274.1%

Denotes Nomura Notable Recent Transactions & Capital Raises Greentech Transaction

Date Target Acquiror Transaction Description

State Grid State Grid International Development (SGID), a subsidiary of State Grid Corp. of China, Compañía General de Nov. 16 International acquired a 96% stake in Compañía General de Electricidad, a Chilean electricity grids Electricidad Corporate M&A Development business, from Naturgy Energy Group for $3.0bn Transactions

John Swire & Sons, a U.K. conglomerate, acquired WesTech Engineering, a Utah- Nov. 24 WesTech Engineering John Swire & Sons based process solutions and services provider for water and wastewater treatment, for an undisclosed amount

Date Company Transaction Description

Plug Power, a New York-based provider of hydrogen engines and fueling solutions, raised approximately $1bn Nov. 24 Plug Power in a bought equity transaction to accelerate on its green hydrogen strategy Capital Raises

Manbang, a Chinese mobile truck-hailing platform, raised $1.7bn led by SoftBank Vision Fund, Sequoia Capital Nov. 24 Manbang China, Permira and Fidelity with participation from Hillhouse Capital, GGV Capital, Lightspeed China Partners, Tencent and YF Capital

Date Company Transaction Description

PureCycle PureCycle Technologies, a U.S. developer of proprietary polypropylene recycling technology, announced to go Nov. 16 Technologies public through a SPAC merger with Roth CH Acquisition I Co. at an implied valuation of $826mm SPAC Transactions

Arrival, a U.K. maker of electric vans and buses, agreed to go public through a SPAC merger with CIIG Merger Corp. at an implied valuation of $5.4bn. With this transaction, Arrival raised $400mm in PIPE from investors Nov. 18 Arrival including Fidelity Management & Research Company, Wellington Management and BNP Paribas Asset Management Energy Transition Fund

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 135 transactions with sustainable technology and infrastructure companies and investors.

Source: FactSet, SEC filings and third-party providers. 1 1. Performance does not include reinvestment of dividends. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/6)

Corporate Transactions

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

Ingredion, a U.S. provider of ingredient solutions to the food and beverage manufacturing industry, Nov. 1 Verdient Foods Ingredion ND AgTech acquired Verdient Foods, a sustainable plant- ND ND based protein food producer, for an undisclosed amount

Ahlsell Norge, a Nordic distributor of installation products for the water sector, acquired Weels Weels Betong & Nov. 2 Ahlsell Norge ND Water Betong & Plast, a Nordic supplier of water and ND ND Plast sewage systems in both concrete and plastic pipes, for an undisclosed amount

Frontenac Company, a private equity firm, acquired Newterra Group, a Canadian water Nov. 2 Newterra Group Frontenac Company ND Water ND ND treatment company, from XPV Water Partners and Angeleno Group, for an undisclosed amount

Statkraft, a Norwegian utility firm, acquired Power Infra / Nov. 2 Solarcentury Statkraft $152 Solarcentury, a U.K.-based renewable energy ND ND Smart Grid developer, for $152mm

Franklin Electric, a U.S. manufacturer of water and fuel equipment, acquired Waterite, a Nov. 2 Waterite Franklin Electric ND Water Canadian provider of residential and commercial ND ND water treatment products and services, for an undisclosed amount

Wienerberger, an international supplier of building materials and infrastructure solutions, acquired Nov. 3 Inter Act Wienerberger ND Water ND ND Inter Act, a Dutch provider of cloud-based solutions for smart city and water management

Badger Meter, a U.S.-based global provider of flow measurement and water quality solutions, Nov. 3 s::can Badger Meter $32 Water 2.2x ND acquired s::can, an Austrian provider of water quality monitoring systems, for $32mm

Chart Industries, a U.S. manufacturer of cryogenic equipment, acquired BlueInGreen, a U.S. Nov. 3 BlueInGreen Chart Industries $20 Water dissolved-gas expert that provides custom- ND ND engineered solutions for water treatment, for $20mm

Baker Hughes, a U.S. energy services company, Compact Carbon Environmental acquired Compact Carbon Capture, a technology Nov. 3 Baker Hughes ND ND ND Capture Services development company specializing in carbon capture solutions, for an undisclosed amount

Ardian, a French private equity firm, acquired Industrial IoT & Nevel Oy, a Finnish district heating and industrial Nov. 3 Nevel Oy Ardian $656 6.5x ND Software energy solutions company from Vapo Group, for an undisclosed amount

Court Square Capital Partners, a private equity Court Square firm, acquired Veregy, a U.S. energy efficiency Nov. 3 Veregy ND Energy Efficiency ND ND Capital services and smart building company, from Bow River Capital for an undisclosed amount

2 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/6)

Corporate Transactions

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

V99, a corporation led by HP Jin, co-founder of Advanced Telenav, acquired Telenav, a provider of Nov. 6 Telenav V99 $241 1.0x 24.6x Transportation connected car and location-based services, for $241mm

Descartes Systems, a Canadian developer of Advanced shipping communication software, acquired Nov. 6 ShipTrack Descartes Systems $19 ND ND Transportation ShipTrack, a developer of Excel add-ins to track shipments, for $19mm

Traton, a Volkswagen subsidiary focused on Advanced commercial vehicles, acquired the remaining Nov. 7 Navistar Traton $3,700 0.5x 6.5x Transportation shares it did not previously own of Navistar, a provider of trucks and vehicle engines, for $3.7bn

Esdec, a Dutch solar mounting and racking company, acquired PanelClaw, a U.S. solar Renewable Nov. 9 PanelClaw Esdec ND mounting and racking company serving ND ND Energy commercial solar developers and installers, for an undisclosed amount

Blackstone acquired Therma Holdings, a U.S. provider of mechanical, electrical and energy Nov. 9 Therma Holdings Blackstone ND Energy Efficiency ND ND efficiency services, from Gemspring Capital for an undisclosed amount

Blackstone acquired RE Tech Advisors, a U.S. Nov. 9 RE Tech Advisors Blackstone ND Energy Efficiency energy and sustainability consulting firm for an ND ND undisclosed sum

American Allwaste, a Texas-based provider of nonhazardous liquid waste transportation and Walker Aero Environmental Nov. 10 American Allwaste ND disposal, acquired Walker Aero Enterprises, a ND ND Enterprises Services Texas-based provider of composting services, for an undisclosed amount

BlackRock acquired the remaining 20% stake in Distributed Solar Development, a U.S. company Distributed Solar Renewable Nov. 10 BlackRock ND focused on commercial and industrial markets, ND ND Development Energy from GE Renewable Energy for an undisclosed amount

Quench, a U.S. provider of filtered water solutions, announced the acquisition of Sunnybrook Water Sunnybrook Water Company, a U.S. provider of Nov. 11 Quench ND Water ND ND Company point-of-use drinking water systems for the Portland metropolitan area, for an undisclosed amount

METAWATER, a Japanese provider of water and wastewater treatment technologies and Rood Wit Blauw Nov. 11 METAWATER ND Water equipment, acquired the remaining 75.3% stake in ND ND Holding Rood Wit Blauw Holding, a Dutch water treatment engineering company, for an undisclosed amount

Ancala Partners, an infrastructure investment Renewable fund, acquired a 49% stake in Ence Energía SLU, Nov. 12 Ence Energía SLU Ancala Partners $430 ND ND Energy a renewable energy subsidiary of ENCE Energía y Celulosa for $430mm

3 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/6)

Corporate Transactions

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

Total acquired Charging Solutions, a subsidiary of Advanced Nov. 12 Charging Solutions Total ND Digital Energy Solutions and provider of EV ND ND Transportation charging infrastructure, for an undisclosed amount

SPI Energy, a Hong Kong-based provider of EV Advanced solutions, acquired Phoenix Motorcars, a Nov. 13 Phoenix Motorcars SPI Energy $27 ND ND Transportation California-based provider of EVs for fleet and transit markets, for $27mm

State Grid International Development (SGID), a State Grid subsidiary of State Grid Corp. of China, acquired Compañía General Power Infra / Nov. 16 International $3,040 a 96% stake in Compañía General de ND ND de Electricidad Smart Grid Development Electricidad, a Chilean electricity grids business, from Naturgy Energy Group for $3.0bn

Magnetar Capital, a U.S. alternative asset Renewable manager, acquired Vesper Energy, Lendlease’s Nov. 16 Vesper Energy Magnetar Capital ND ND ND Energy renewable energy development business, for an undisclosed amount

Gryphon Investors, a middle-market private equity firm, acquired Vessco, a U.S. distributor of Nov. 16 Vessco Gryphon Investors ND Water automation equipment and services to water and ND ND wastewater treatment utilities, for an undisclosed amount

Canstar Restorations, a Canadian full-service provider of restoration services, acquired ABK ABK Restoration Canstar Environmental Restoration Services, a provider of property Nov. 17 Services / Norhaz ND ND ND Restorations Services restoration services, and NorHaz Solutions, a Solutions provider of hazardous materials removal and remediation services, for an undisclosed amount

BP Energy Partners, a U.S. private equity firm, Encino Environmental acquired Encino Environmental Services, an Nov. 17 Environmental BP Energy Partners ND ND ND Services environmental consulting company, for an Services undisclosed amount

Veolia North America, subsidiary of Veolia, a water/waste management and energy services Veolia North Industrial IoT & Nov. 17 Energenix ND provider, acquired Energenix, a U.S. utility meter ND ND America Software reading and billing service provider, for an undisclosed amount

Ovivo, a Canadian provider of water and wastewater treatment systems, acquired Alar Alar Water Nov. 20 Ovivo ND Water Water Treatment, an Illinois-based manufacturer ND ND Treatment of wastewater treatment systems, for an undisclosed amount

Chemtron Corporation, an Ohio-based provider of Tonawanda waste services, acquired the assets of Chemtron Environmental Nov. 24 Environmental ND Tonawanda Environmental Corporation, a ND ND Corporation Services Corporation provider of hazardous and non-hazardous waste management services, for an undisclosed amount

John Swire & Sons, a U.K. conglomerate, acquired WesTech Engineering, a Utah-based WesTech 2 Nov. 24 John Swire & Sons ND Water process solutions and services provider for water ND ND Engineering and wastewater treatment, for an undisclosed amount

Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 4 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. 2. Nomura Greentech acted as financial advisor to John Swire & Sons. Select Recent Sustainable Technology & Infrastructure M&A Transactions (4/6)

Corporate Transactions

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

Hive Energy, a U.K. developer of solar PV, Renewable acquired a 50% stake in Ethical Power Group, a Nov. 25 Ethical Power Group Hive Energy ND ND ND Energy U.K. sustainable energy generation company, for an undisclosed amount

Blue Leaf Energy, a Singapore-based solar developer company, acquired a majority stake in Vibrant Energy Renewable Vibrant Energy Holdings, a solar power plant Nov. 30 Blue Leaf Energy ND ND ND Holdings Energy developer with projects in India and Southeast Asia, from ATN International, for an undisclosed amount

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

Asset Transactions

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

KKR acquired a majority stake in two renewable energy portfolios in the U.S. representing 1.6 GW Nov. 2 NextEra Energy KKR $1,400 1,600 Wind from NextEra Energy, a U.S. energy company, for $1.4bn

Neste, a Finnish producer of renewable diesel, Bunge Loders acquired a bio refinery plant in the Netherlands Nov. 3 Neste $307 ND Biomass Croklaan from Bunge Loders Croklaan, a U.S. producer and supplier of sustainable oils, for $307mm

RWE, a German energy company, acquired a 2.7 GW wind and solar development platform from Nov. 3 Nordex SE RWE $475 2,700 Wind Nordex, a German developer of renewable energy projects, for $475mm

Luxcara, a German asset manager, acquired a development-phase 172 MW portfolio in Germany Nov. 3 Belectric Luxcara ND 172 Solar from Belectric, a German renewable energy developer, for an undisclosed amount

Southern Power, a Georgia-based renewable energy provider, acquired an 80% stake in a 301 Nov. 4 Invenergy Southern Power ND 301 Wind MW wind project in South Dakota from Invenergy for an undisclosed amount

ESB, an Irish utility company, acquired a 50% stake in a 1 GW Inch Cape offshore wind project Nov. 9 Red Rock Power ESB ND 1,000 Wind in the Scottish North Sea, from Red Rock Power, a subsidiary of China state-owned SDIC Power Holdings, for an undisclosed amount

The Renewables Infrastructure Group, a British Macquarie Green renewable asset investment trust, acquired a The Renewable Nov. 11 Investment Group ND 714 Wind 14.3% stake in East Anglia One, a 714 MW wind Infrastructure Group (GIG) farm located off the coast of Suffolk in the North Sea, from Macquarie GIG for an undisclosed sum

Copenhagen Infrastructure Partners, a Danish Copenhagen Rye Development fund manager, acquired two pumped storage Nov. 11 Infrastructure ND 1,593 Hydro and National Grid JV hydro projects in Oregon and Washington totaling Partners 1,593 MW for an undisclosed amount

Copenhagen Infrastructure Partners, a Danish Copenhagen fund manager, acquired an undisclosed stake in a Nov. 16 Forestalia Infrastructure ND 1,000 Wind 1 GW onshore wind project portfolio in Aragon, Partners Spain being developed by Forestalia, a Spanish IPP for an undisclosed amount

Greenbacker Renewable Energy, a manager of income-generating renewable energy, acquired a Greenbacker Nov. 16 Broad Reach Power ND 80 Solar to-be-constructed 80 MW solar project in South Renewable Energy Dakota from Broad Reach Power, a Houston- based IPP, for an undisclosed amount

Spruce Finance, a residential solar operator, acquired a 60 MW solar asset portfolio in U.S. Nov. 17 NRG Energy Spruce Finance ND 60 Solar from NRG, a U.S. energy company, for an undisclosed amount

6 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure M&A Transactions (6/6)

Asset Transactions

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

Spruce Finance, a residential solar operator, acquired a solar asset portfolio of 1,047 systems Nov. 17 WEC Energy Group Spruce Finance ND ND Solar in the U.S. from WEC Energy Group, a U.S. energy company, for an undisclosed amount

Broad Reach Power, a U.S. utility-scale energy storage IPP, acquired the 25 MW Cascade Nov. 23 Enel Broad Reach Power ND 25 Storage energy storage project in California from a subsidiary of Enel, an Italian multinational energy company, for an undisclosed amount

7 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (1/5)

Corporate Transactions

Selected Disclosed Amount Date Company Investors Raised ($mm) Subsector Company Description Wheatsheaf, GV, Argonautic Ventures, Caisse de dépôt et placement du Québec U.S. food technology company that Benson Hill (CDPQ), Emart, GS Group, Louis Dreyfus Nov. 2 $150 AgTech combines data science and machine Biosystems Company, iSelect Fund, Fall Line Capital, learning with biology and genetics Mercury Fund, Prelude Ventures, Prolog Ventures, S2G Ventures

U.S. developer of wireless power Stage 1 Ventures, Air Waves Wireless Power Infra / Nov. 2 WiTricity $34 solutions using its patented magnetic Electricity, Mitsubishi Corporation (Americas) Smart Grid resonance technology

Advanced U.S. developer of last mile delivery Nov. 2 Onfleet Flight Ventures, Kennet Partners $14 Transportation management software

Novo Growth, Roquette Ventures, Unovis Dutch developer of protein-rich, animal- Nov. 3 The Protein Brewery $26 AgTech Asset Management free food ingredients

Harbert Growth Partners, MissionOG, Grotech Industrial IoT & U.S. provider of supply chain automation Nov. 3 Apkudo $14 Ventures, Lavrock Ventures Software solutions for connected devices

Food and Israeli developer of industrial-scale Psagot Provident and Pension Funds, More Nov. 3 Meat-Tech $7 Consumer cultivated meat production technologies Investment House Products based on advanced 3D bioprinting

Industrial IoT & Indonesian provider of logistics trucking Nov. 3 Logisly Monk's Hill Ventures $7 Software platform

Bobby Hambrick, European Innovation Advanced Irish provider of sensor platforms for Nov. 5 Provizio $6 Council, ACT Venture Capital Transportation preventing car accidents

TIP, Fidelity China Special Situations PLC, 5Y Advanced Nov. 5 Pony.ai $267 Chinese autonomous vehicle startup Capital, ClearVue Partners, Eight Roads Transportation

Advanced Nov. 7 Ather Energy Hero MotoCorp, Sachin Bansal $35 Indian developer of electric two-wheelers Transportation

International Finance Corporation, U.S. provider of edible coating to prolong Nov. 9 Apeel Sciences Andreessen Horowitz, Bill & Melinda Gates $30 AgTech fruit shelf life Foundation, Rockefeller Foundation

8 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (2/5)

Corporate Transactions

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

T. Rowe Price, Fidelity Management & Advanced U.S. autonomous on-road delivery Nov. 9 Nuro Research Company, Baillie Gifford, SoftBank, $500 Transportation company Greylock Partners

Advanced Chinese developer of autonomous Nov. 9 Inceptio Technology CATL, G7, GLP, NIO Capital $120 Transportation trucks

Gaja Capital Partners, Investcorp Bank, Advanced Indian developer of a same-day delivery Nov. 9 Xpressbees $30 Norwest Venture Partners Transportation e-commerce logistics platform

SoftBank Vision Fund, Mubadala Capital, Advanced Nov. 10 Tier Mobility Northzone, Goodwater Capital, White Star $250 German shared micro-mobility operator Transportation Capital, Novator, RTP Global

Tikehau Capital SCA, IDIA Capital Renewable Nov. 10 Amarenco Solar $178 Irish solar developer Investissement Energy

Shell Ventures, Building Ventures, DENSO, Advanced U.S. provider of electric vehicle-sharing Nov. 12 Envoy Technologies Goodyear Ventures, GroundBreak Ventures, $11 Transportation services Los Angeles Cleantech Incubator Impact Fund

Nov. 12 Kate Farms Goldman Sachs, Kaiser Permanente Ventures $51 AgTech U.S. provider of plant-based nutrition

Powerplant Ventures, Unovis Asset U.S. provider of plant-based egg Nov. 12 Zero Egg Management-New Crop Capital, Strauss $5 AgTech alternative Group-The Kitchen Hub

Baidu Ventures, Softbank Vision Fund II, Sinovation Ventures, Guangzhou Yuexiu Chinese provider of agriculture drone Nov. 16 XAG Industrial Investment Fund Management, $182 AgTech services Guangzhou Emerging Industry Development Fund, Chengwei Capital, Mingtai Capital

Coatue Management, Energy Impact Partners, Temasek, NGP Energy Technology Renewable U.S. developer of battery systems for Nov. 16 Form Energy Partners, Breakthrough Energy Ventures, $76 Energy wind and solar energy Prelude Ventures, MIT’s The Engine, Capricorn, Eni Next, Macquarie Capital

U.K. developer of a collaborative data Dawn Capital, Tiger Global Management, Data exchange platform designed to support Nov. 16 Harbr Boldstart Ventures, Crane Venture Partners, $39 Management full-lifecycle data sharing and Seedcamp collaboration

9 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (3/5)

Corporate Transactions

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

Advanced Swedish developer of an online Nov. 17 Adnavem Volvo Group Venture Capital ND Transportation marketplace for freight services

Advanced Indonesian developer of an on-demand Nov. 17 Gojek Telkomsel $150 Transportation ride-hailing operator

Balderton Capital, Compound Ventures, Advanced Nov. 17 Wayve Eclipse Ventures, First Minute Capital, Fly $20 U.K. developer of AV technology Transportation Ventures

Altimeter Capital, T. Rowe Price, BlackRock, AI / Analytics Nov. 17 DataRobot $270 U.S. provider of enterprise A.I. platform Silver Lake, NEA, Tiger Software

Eight Roads Ventures, Balderton Capital, Swedish provider of real-time analytics Nov. 17 Tibber $65 Energy Efficiency Founders Fund on energy usage

WTT Investment, DCVC Bio, AgFunder, Novo Holdings, 8VC, SOSV, Wireframe Ventures, U.S. developer of animal-free leather Nov. 17 MycoWorks $45 AgTech Valor Equity Partners, Humboldt Fund, Gruss alternative & Co.

Balderton Capital, Compound Ventures, Advanced Nov. 18 Fenix Eclipse Ventures, First Minute Capital, Fly $20 U.K. developer of AV technology Transportation Ventures

U.S. developer of a nuclear waste Environmental Nov. 18 Deep Isolation NAC International Inc. $20 disposal platform designed for safe Services waste treatment

Clearvision Ventures, Splunk, GingerBread Analytics U.S. cloud-based data visualization and Nov. 19 Aclima Capital, KTB Network, ACVC Partners, $40 Software analytics software company Womens VC Fund II

AI / Analytics Nov. 19 Abacus.ai Decibel Ventures, Index Partners $22 U.S. provider of AI platform Software

BlackRock, TFI International, Maersk, Perry AI / Industrial Nov. 20 Loadsmart $90 U.S. digital freight technology company Capital, Bramalea Partners Software

10 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (4/5)

Corporate Transactions

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

Wittington Ventures, Innovation Endeavors, Advanced U.S. provider of autonomous vehicles for Nov. 23 Gatik FM Capital, Intact Ventures, Dynamo, $25 Transportation business-to-business short-haul logistics Fontinalis Partners, AngelPad

U.S. advanced nano-materials developer Nov. 23 Carbice Downing Ventures, Toyota AI Ventures $15 Energy Efficiency for devices such as LEDs, computers and mobile devices

Nov. 23 CricketOne Corecam Capital Partners, Masik Enterprises ND AgTech Vietnamese insect protein startup

Koch Disruptive Technologies, State of Mind Ventures, Atento Capital, Summit Peak AI / Analytics Israeli drone maker for industrial site and Nov. 24 Percepto $45 Investments, Delek-US, U.S. Venture Software physical work area analysis Partners, Spider Capital, Arkin Holdings

Renewable U.S. provider of hydrogen fuel cell Nov. 24 Plug Power Public market offering $1,000 Energy technology and fueling solutions

SoftBank Vision Fund, Sequoia Capital China, Permira, Fidelity, Hillhouse Capital, GGV Advanced Nov. 24 Manbang $1,700 Chinese mobile truck-hailing platform Capital, Lightspeed China Partners, Tencent, Transportation YF Capital

Advanced U.K. developer of a fresh food delivery Nov. 24 Dija Blossom Capital $20 Transportation services platform

Forage Capital Partners, Export Development Canadian producer of plant-powered Nov. 25 Mother Raw $6 AgTech Canada, Whitecap Venture Partners condiments

VectoIQ, Navistar, Volkswagen’s Traton Advanced U.S. autonomous driving technology Nov. 25 TuSimple $350 Group Transportation developer for trucks

DST Global, EXOR Seeds, Moore Strategic Advanced Nov. 25 Cars 24 $200 Indian car buying platform Ventures, Unbound Transportation

Australian provider of metals recovery Nov. 25 Clean TeQ Private Placement $14 Water and industrial water treatment

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

Corporate Transactions

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

ICONIQ Capital, Energize Ventures, Fifth U.S. 3D modeling developer for solar Nov. 30 Aurora Solar $50 Energy Services Wall, Pear VC panel installation automation

Public Trading Debuts

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

U.S. provider of enterprise AI software for Industrial IoT & Baker Hughes, BlackRock, Shell Ventures, Nov. 16 C3.ai $504 accelerating digital transformation Software The Rise Fund

12 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure SPAC Transactions (1/1)

Special Purpose Acquisition Company (SPAC) Transactions

Implied EV EV / Transaction Date Company SPAC Value ($mm) Subsector Company Description ($mm) Revenue EBITDA

U.S. provider of comprehensive InterPrivate Advanced perception solutions on Silicon 1 1 Nov. 2 Aeva ND $2,100 2.4x 6.1x Acquisition Corp. Transportation Photonics for mass scale application

Newborn Acquisition Advanced U.S. electric-vehicle-to-grid (V2G) 2 Nov. 13 Nuvve ND $132 1.4x ND Corp. Transportation company

PureCycle Roth CH Environmental U.S. developer of proprietary 3 Nov. 16 ND $826 1.0x ND Technologies Acquisition I Co. Services polypropylene recycling technology

Advanced U.K. developer of electric vans and 3 3 Nov. 18 Arrival CIIG Merger Corp. ND $5,400 0.4x 1.7x Transportation buses

INSU Acquisition Advanced Canadian manufacturer of electric 4 Nov. 24 MetroMile ND $956 28.4x ND Corp. II Transportation buses and trucks

Northern Genesis Advanced U.S. provider of a digital platform 4 4 Nov. 30 Lion Electric ND $1,505 0.9x 5.1x Acquisition Corp. Transportation for pay-per-mile insurance

CF Finance Industrial 1 1 Nov. 30 View ND U.S. smart glass window producer $1,600 0.8x 2.2x Acquisition Corp. Technology

Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 1. Transaction multiples based off 2025E revenue and EBITDA. 2. Transaction multiples based off 2022E revenue and EBITDA. 3. Transaction multiples based off 2024E revenue and EBITDA. 13 4. Transaction multiples based off 2023E revenue and EBITDA. 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 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Diversified Industrials Danaher $224.63 91.5% $162,700 $182,117 28.9x 24.1x 37.2x 31.2x 2.6x 13.8% Honeywell $203.92 97.4% $144,702 $152,938 20.0x 18.1x 29.0x 26.0x 1.0x 15.0% Siemens €112.00 93.3% $108,538 $139,755 14.2x 12.7x 21.4x 17.9x 3.7x 38.1% Raytheon Technologies $71.72 45.7% $108,584 $134,746 14.8x 13.2x 23.2x 20.6x 2.7x 25.6% GE $10.18 77.4% $89,136 $134,408 22.9x 15.7x NM 28.3x 7.4x 61.3% Caterpillar $173.59 98.1% $94,850 $123,213 18.6x 15.9x 32.1x 23.5x 4.3x 30.9% Hyundai W181,500 97.1% $42,688 $86,409 13.8x 8.7x 23.3x 8.2x 8.9x 95.9% Schneider Electric €116.65 96.8% $77,799 $84,585 16.6x 14.3x 28.5x 22.8x 1.1x 14.9% Mitsubishi Corporation ¥2433 82.5% $34,509 $67,565 9.5x 8.8x 12.3x 10.4x 7.6x 103.9% Eaton $121.11 98.3% $48,723 $56,526 19.2x 17.4x 29.2x 24.6x 2.6x 15.1% ABB CHF23.97 94.7% $56,106 $54,941 16.4x 13.2x 32.9x 21.8x 0.1x 17.6% Roper Technologies $427.00 94.2% $45,219 $54,621 27.6x 23.6x 33.8x 29.1x 4.8x 17.8% Emerson Electric $76.82 96.1% $46,177 $50,911 13.9x 13.3x 23.3x 21.6x 1.3x 15.7% Johnson Controls $46.04 98.7% $33,982 $41,220 14.9x 12.2x 36.7x 17.8x 2.6x 21.9% Rockwell Automation $255.56 99.5% $29,875 $31,852 24.4x 21.7x 29.2x 28.8x 1.3x 7.4% Legrand €70.98 91.7% $22,845 $26,098 15.9x 14.8x 25.6x 22.3x 2.0x 24.9% Dover $122.03 96.6% $17,730 $20,440 16.4x 14.8x 22.2x 19.9x 2.2x 15.4% OMRON ¥9,430 99.7% $18,238 $16,255 21.6x 20.0x NM 41.9x NM 1.7% Alstom €44.70 95.8% $13,152 $12,074 12.3x 10.4x 25.0x 21.3x NM 16.9% Hitachi Construction Machinery ¥2,891 76.1% $5,896 $9,243 10.1x 9.3x 23.5x 18.0x 3.5x 41.1% Woodward $111.83 87.5% $7,157 $7,852 18.5x 17.8x 30.7x 31.8x 1.7x 10.9% Regal Beloit $119.04 96.4% $4,857 $5,547 12.1x 10.7x 21.3x 17.6x 1.4x 20.7% Moog $77.36 81.0% $2,517 $3,452 10.3x 10.9x NM 17.8x 2.8x 29.5% Bharat Heavy Electricals ₹32.85 60.6% $1,545 $1,361 NM 11.2x NM 25.1x NM 48.1% CG Power & Industrial Solutions ₹41.15 100.0% $348 $425 NM NM NM NM NM 27.5% Mean 89.9% 17.1x 14.7x 27.0x 22.8x 3.1x 29.3% Median 95.8% 16.4x 13.8x 27.0x 22.1x 2.6x 20.7%

Energy Infrastructure Primary Equipment and Power Electronics TE Connectivity $113.97 97.5% $37,838 $41,614 16.1x 14.0x NM 21.1x 1.4x 11.1% Delta Electronics NT$224.50 100.0% $20,531 $21,484 13.3x 11.7x 23.0x 20.1x NM 8.0% Yaskawa Electric ¥5,030 99.2% $12,615 $12,956 33.1x 25.4x NM NM 0.8x 5.8% Sensata Technologies Holding $48.83 90.1% $7,714 $10,102 15.3x 12.0x 23.8x 15.4x 3.6x 39.6% Fuji Electric ¥3,710 100.0% $5,082 $6,485 9.1x 8.0x 18.8x 15.6x 1.7x 41.6% NGK Insulators ¥1,659 83.6% $5,044 $6,259 7.4x 6.3x 19.3x 14.3x 1.5x 40.7% LS Industrial Systems W55,100 78.5% $1,460 $1,474 6.8x 6.0x 16.6x 12.6x 0.1x 41.1% Mean 92.7% 14.4x 11.9x 20.3x 16.5x 1.5x 26.8% Median 97.5% 13.3x 11.7x 19.3x 15.5x 1.5x 39.6%

EPC and Services Jacobs $107.84 100.0% $14,175 $15,582 13.9x 13.5x 30.0x 18.2x 1.2x 16.5% Acciona €106.70 85.0% $6,961 $12,748 9.4x 8.1x 32.5x 18.1x 5.0x 68.4% ACS Group €26.49 74.2% $9,204 $12,051 3.8x 3.5x 13.2x 9.9x 2.2x 135.8% Quanta $68.34 96.8% $9,866 $11,136 11.2x 10.2x 19.0x 16.3x 1.3x 13.3% Skanska KR203.80 85.3% $9,870 $9,767 7.2x 9.3x 11.6x 15.5x 0.1x 19.9% AECOM $51.89 99.3% $8,303 $9,294 12.7x 11.4x NM 19.1x 1.5x 30.2% MasTec $56.71 87.3% $4,145 $5,414 6.8x 6.7x 11.2x 12.0x 1.6x 27.8% EMCOR $86.18 96.1% $4,757 $4,612 8.1x 8.3x 14.4x 14.8x NM 11.6% Stantec C$39.14 88.4% $3,395 $4,228 9.6x 9.5x 19.1x 18.1x 1.9x 24.0% Dycom Industries $62.86 80.4% $2,038 $2,659 8.4x 7.6x 24.1x 18.8x 2.0x 23.9% Ameresco $44.55 98.9% $2,187 $2,540 22.3x 18.9x 44.6x 37.0x 2.8x 14.9% Fluor $17.27 83.1% $2,427 $1,717 33.4x 4.0x NM 13.6x NM 99.4% Balfour Beatty £2.55 87.0% $2,346 $1,550 8.9x 4.8x 34.5x 13.0x NM 68.6% Primoris Services $24.25 94.2% $1,178 $1,506 6.6x 6.6x 12.7x 12.4x 1.4x 37.0% Granite Construction $24.62 86.4% $1,161 $1,359 5.4x 4.8x NM NM 0.9x 33.8% STRABAG €26.60 83.1% $3,265 $1,172 1.0x 0.9x 8.8x 8.1x NM 145.1% Bilfinger €23.16 67.0% $1,116 $1,158 12.0x 5.0x NM 21.4x 0.8x 59.1% Aegion $17.15 72.6% $528 $753 8.5x 7.5x 18.7x 13.7x 2.5x 39.1% Team $8.71 53.5% $267 $659 14.6x 8.8x NM NM 8.7x 62.5% Willdan $38.88 98.8% $483 $610 20.0x 14.6x 31.1x 17.7x 4.2x 22.7% Mistras $5.22 35.7% $153 $429 9.1x 6.8x NM 24.9x 5.9x 69.5% Mean 83.5% 11.1x 8.1x 21.7x 17.0x 2.6x 48.7% Median 86.4% 9.1x 7.6x 19.0x 16.3x 1.9x 33.8%

Oil and Gas Services Liberty Oilfield Services $9.30 81.8% $790 $1,082 27.1x 8.8x NM NM 3.1x 19.2% NexTier Oilfield Solutions $2.80 39.9% $600 $682 9.9x 8.4x NM NM 1.2x 56.8% Secure Energy Services C$2.17 42.3% $266 $643 6.3x 6.1x NM NM 3.5x 56.1% ProPetro Holding $5.77 48.2% $582 $529 3.9x 4.8x NM NM NM 0.2% Select Energy Services $4.23 44.2% $364 $179 15.7x 5.8x NM NM NM NM Mean 51.3% 12.6x 6.8x NM NM 2.6x 33.1% Median 44.2% 9.9x 6.1x NM NM 3.1x 37.7%

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. 14 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 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Energy Technology Smart Grid Solutions AMETEK $118.53 97.8% $27,435 $29,103 22.2x 20.1x 30.4x 28.0x 1.3x 10.2% Terna €6.27 92.4% $15,079 $25,336 11.8x 11.5x 16.4x 16.1x 4.8x 49.0% Keysight Technologies $120.04 100.0% $22,568 $22,793 20.8x 16.8x 32.6x 21.3x 0.2x 8.7% Generac $215.60 92.5% $13,747 $14,186 25.4x 22.3x 34.1x 30.1x 0.7x 6.3% Itron $78.61 89.0% $3,171 $4,014 24.0x 16.8x NM 32.0x 4.9x 35.0% ESCO Technologies $98.90 94.8% $2,588 $2,614 18.6x 16.2x NM 30.9x 0.2x 3.0% Landis+Gyr Group CHF65.40 62.2% $2,082 $2,161 14.3x 12.2x 26.8x 20.8x 0.7x 21.9% S&T €19.18 74.1% $1,524 $1,542 10.5x 8.5x 24.2x 17.8x 0.1x 20.4% Smart Metering Systems £6.44 97.0% $976 $915 14.0x 13.1x NM NM NM 2.4% Mean 88.9% 18.0x 15.3x 27.4x 24.6x 1.6x 17.4% Median 92.5% 18.6x 16.2x 28.6x 24.7x 0.7x 10.2%

Energy Storage Tesla $567.60 96.9% $627,198 $629,125 NM NM NM NM 0.1x 2.4% BYD Company HK$182.10 91.1% $64,082 $74,758 25.3x 23.6x NM NM 3.5x 16.5% Samsung W533,000 96.6% $32,211 $28,540 17.7x 13.2x NM 33.8x 1.4x 12.5% Panasonic ¥1112.50 88.9% $24,905 $26,170 5.2x 5.2x 18.7x 16.0x 0.8x 61.2% Plug Power $26.39 98.2% $15,130 $15,171 NM NM NM NM 1.5x 11.3% Ballard Power Systems C$26.76 94.8% $5,081 $4,707 NM NM NM NM NM 0.4% EnerSys $81.81 97.7% $3,525 $4,255 11.8x 10.1x 20.0x 15.6x 2.0x 26.8% Bloom Energy $24.52 89.3% $3,407 $4,132 NM NM NM NM 17.3x 25.0% FuelCell Energy $10.20 100.0% $2,223 $2,406 NM NM NM NM NM 10.6% Ultralife $6.75 79.0% $109 $101 8.2x 6.7x NM NM NM 6.0% Mean 93.3% 13.6x 11.8x 19.4x 21.8x 3.8x 17.3% Median 95.7% 11.8x 10.1x 19.4x 16.0x 1.5x 11.9%

LED Lighting Universal Display Corporation $229.04 100.0% $10,825 $10,158 NM NM NM NM NM 0.1% Hubbell Incorporated $161.59 98.4% $8,807 $10,096 14.5x 13.6x 21.4x 19.9x 1.8x 15.4% Cree $90.39 98.1% $9,916 $9,603 NM NM NM NM NM 8.5% OSRAM €51.80 98.5% $5,836 $6,410 NM 16.1x NM NM 3.7x 16.1% Acuity Brands $118.72 83.0% $4,689 $4,598 9.7x 9.5x 17.5x 14.6x NM 10.3% Epistar NT$38.00 82.6% $1,438 $1,455 NM 11.3x NM NM NM 17.0% Fagerhult KR44.00 71.1% $907 $1,299 11.7x 8.8x 26.3x 14.9x 3.5x 43.3% Veeco $16.62 91.9% $817 $839 13.3x 10.5x 19.0x 14.9x 0.3x 39.5% Zumtobel €6.25 62.3% $323 $519 4.3x 3.9x 18.5x 11.4x 1.7x 54.7% Dialight £2.50 73.5% $109 $149 10.9x 12.3x NM NM 2.9x 41.1% Beghelli €0.22 86.0% $51 $123 10.7x 11.4x NM NM 6.3x 73.7% Mean 85.9% 10.7x 10.8x 20.6x 15.1x 2.9x 29.1% Median 86.0% 10.9x 11.3x 19.0x 14.9x 2.9x 17.0%

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. 15 5. (Debt + Preferred Stock)/EV. 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 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Advanced Transportation Automotive Companies Tesla $567.60 96.9% $627,198 $629,125 NM NM NM NM 0.1x 2.4% Toyota Motor ¥6,999 88.4% $190,826 $334,084 12.8x 12.1x 12.8x 11.0x 6.6x 67.6% Volkswagen €155.50 84.9% $93,245 $274,768 7.7x 6.5x 16.7x 6.9x 5.4x 98.6% Daimler €56.45 97.4% $72,239 $212,234 13.6x 10.1x 22.5x 9.2x 9.3x 85.8% BMW €73.04 95.3% $57,565 $166,879 13.1x 10.6x 13.6x 8.7x 8.9x 80.3% Ford Motor Company $9.08 95.2% $36,365 $143,690 24.8x 12.1x NM 8.3x 19.6x 110.3% General Motors Company $43.84 94.4% $63,086 $138,904 11.0x 9.2x 9.2x 7.2x 6.3x 85.3% Honda Motor ¥2,872 89.1% $47,548 $87,667 8.1x 8.9x 11.6x 9.3x 4.1x 83.6% Hyundai W181,500 97.1% $42,688 $86,409 13.8x 8.7x 23.3x 8.2x 8.9x 95.9% BYD Company HK$182.10 91.1% $64,082 $74,758 25.3x 23.6x NM NM 3.5x 16.5% Nissan Motor ¥492.50 71.6% $18,482 $67,154 31.6x 22.7x NM NM 26.3x 118.5% NIO $50.53 91.2% $61,172 $60,208 NM NM NM NM NM 2.5% SAIC Motor Y26.51 93.3% $46,951 $56,794 14.3x 10.9x 13.4x 10.7x 2.7x 69.2% Renault €33.36 75.9% $10,812 $46,006 14.4x 7.4x NM 24.6x 16.9x 157.1% Li Auto $35.99 81.9% $30,100 $27,548 NM NM NM NM NM 1.2% Suzuki Motor ¥5,604 98.5% $26,087 $26,341 8.5x 7.4x 23.7x 19.3x NM 28.9% Geely Auto HK$21.55 90.0% $25,843 $22,625 12.6x 9.6x 24.4x 17.6x NM 5.2% Fiat Chrysler Automobiles €13.07 95.7% $24,687 $21,744 2.3x 1.6x 38.2x 5.9x NM 145.3% XPeng $58.76 81.4% $23,485 $20,805 NM NM NM NM NM 1.7% Tata Motors ₹180.25 90.0% $8,818 $18,692 5.7x 4.3x NM NM 3.2x 83.3% Peugeot €19.77 88.2% $22,310 $18,357 2.5x 1.9x 11.1x 5.6x NM 91.8% KIA W57,800 96.7% $20,942 $17,244 4.6x 3.2x 16.1x 6.9x NM 61.7% Dongfeng Motor 6 HK$7.98 90.7% $8,869 $12,877 NM NM 6.2x 5.0x 45.8x 103.9% Arrival 7 $22.00 81.0% $13,393 $12,724 NM NM NM NM NM NM Subaru ¥2,073 70.9% $15,245 $9,927 3.8x 3.5x 15.6x 11.7x NM 32.4% FAW Car Group Y12.83 84.6% $8,985 $5,920 7.1x 5.5x 13.4x 11.7x NM 49.4% Guangzhou Automobile HK$8.34 83.7% $11,014 $4,942 31.8x 15.8x 11.0x 8.2x NM 39.1% Fisker $19.38 89.7% $5,915 $4,875 NM NM NM NM NM NM Mazda Motor ¥617.00 60.7% $3,726 $3,686 4.8x 3.6x NM NM 1.5x 249.5% Lordstown 7 $24.60 78.3% $4,223 $3,548 NM NM NM NM NM NM Canoo 7 $13.00 100.0% $3,219 $2,612 NM NM NM NM NM NM Mitsubishi Motors ¥188.00 37.9% $2,683 $2,306 NM 5.5x NM NM NM 224.0% XL Fleet 7 $14.04 96.2% $2,049 $1,699 NM NM NM NM NM NM Mean 86.6% 12.5x 8.9x 16.6x 10.3x 10.6x 78.2% Median 90.0% 11.8x 8.7x 13.6x 8.7x 6.5x 81.8% Truck Companies Daimler €56.45 97.4% $72,239 $212,234 13.6x 10.1x 22.5x 9.2x 9.3x 85.8% Volvo KR194.80 95.8% $46,331 $55,087 11.2x 8.7x 22.3x 14.7x 2.0x 36.4% PACCAR $87.06 94.0% $30,262 $36,116 21.8x 14.8x 23.3x 15.9x 3.5x 28.8% Traton €21.95 86.6% $13,125 $22,236 14.1x 6.8x NM 11.5x 6.7x 65.4% MAN €44.10 84.0% $7,757 $10,111 5.9x 5.6x NM NM 2.0x 45.8% Isuzu Motors ¥1018.00 73.0% $7,200 $9,252 6.1x 5.6x 18.9x 12.7x 0.3x 31.9% Nikola Motors $20.41 25.6% $7,839 $8,544 NM NM NM NM NM 8.3% Mean 79.5% 12.1x 8.6x 21.7x 12.8x 4.0x 43.2% Median 86.6% 12.4x 7.8x 22.4x 12.7x 2.8x 36.4% Tier 1 Suppliers Denso ¥4,929 93.1% $36,628 $39,036 9.3x 6.7x 43.7x 17.0x 0.4x 29.2% Continental €114.20 94.5% $27,322 $33,353 8.1x 5.3x NM 13.6x 1.5x 27.6% Aptiv $118.70 97.4% $32,094 $32,406 21.0x 13.7x NM 29.3x 1.5x 13.7% Bridgestone ¥3,644 82.4% $24,606 $28,465 8.6x 5.6x NM 13.3x 1.1x 35.1% Michelin €104.45 92.6% $22,303 $28,248 7.1x 5.5x 24.0x 12.0x 1.8x 37.3% Knorr-Bremse €107.28 98.5% $20,687 $22,109 17.2x 14.4x 36.0x 27.6x 1.0x 17.5% Magna C$79.64 96.7% $18,400 $21,812 8.1x 5.6x 20.1x 9.9x 1.5x 26.3% QuantumScape 7 $47.00 100.0% $21,037 $19,882 NM NM NM NM NM NM Valeo €32.52 91.2% $9,307 $15,228 9.6x 5.3x NM 20.7x 3.2x 50.8% Faurecia €41.70 82.3% $6,829 $11,853 6.6x 4.5x NM 11.8x 2.7x 66.2% Lear $142.95 95.1% $8,624 $10,498 9.4x 5.8x 28.7x 10.2x 1.4x 27.4% Goodyear $10.42 62.8% $2,438 $8,932 15.5x 6.4x NM 17.4x 11.1x 84.3% BorgWarner $38.85 86.0% $8,054 $8,625 6.3x 4.2x 16.3x 10.1x 0.5x 32.9% Gentex $32.60 98.1% $7,916 $7,491 15.3x 11.6x 24.0x 16.7x NM 0.4% Luminar Technologies 7 $18.40 100.0% $6,267 $5,779 NM NM NM NM NM 0.6% Dana $16.84 88.8% $2,445 $4,598 8.0x 5.2x 34.4x 8.1x 3.6x 66.8% American Axle & Manufacturing Holdings $7.96 72.1% $902 $3,949 5.9x 4.6x NM 7.3x 4.5x 90.7% Visteon $120.85 97.5% $3,384 $3,539 18.3x 12.1x NM 26.9x 0.5x 14.8% Hyliion $20.08 36.0% $3,399 $2,880 NM NM NM NM NM NM Nexteer HK$8.23 94.6% $2,662 $2,659 7.7x 5.1x 24.8x 11.8x NM 13.5% Velodyne 7 $15.92 52.3% $2,746 $2,556 NM NM NM NM NM 0.4% Aeva7 $11.05 100.0% $2,354 $2,026 NM NM NM NM NM NM Gentherm $56.86 99.8% $1,874 $1,861 15.2x 11.5x 31.8x 22.2x NM 11.6% Veoneer $19.93 94.1% $2,224 $1,632 NM NM NM NM NM 23.5%

Stoneridge 7 $26.86 83.9% $731 $817 24.0x 11.2x NM 31.6x 2.9x 20.4% Advent Technologies $13.00 100.0% $615 $634 NM NM NM NM NM 22.2% Mean 88.1% 11.6x 7.6x 28.4x 16.7x 2.5x 31.0% Median 94.3% 9.3x 5.6x 26.7x 13.6x 1.5x 26.3% 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 - 5. (Debt + Preferred Stock)/EV. Cash and Marketable Securities. 6. Dongfeng: excluding investments in unconsolidated subsidiaries. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 7. Companies that were acquired by SPACs in July, August, September, October and November 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 16 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020. For transactions which have not yet closed, the share price reflects that of the acquiring 2020E EBITDA. SPAC. 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 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Mobility-as-a-Service Uber $49.66 96.9% $87,155 $89,623 NM NM NM NM NM 11.1% Lyft $38.17 70.8% $12,006 $10,575 NM NM NM NM NM 9.7% Mean 83.8% NM NM NM NM NM 10.4% Median 83.8% NM NM NM NM NM 10.4%

Autonomous Driving Chip Makers Nvidia $536.06 92.0% $337,718 $335,260 NM NM NM 47.0x NM 2.3% Intel $48.35 70.6% $203,602 $218,714 6.3x 6.9x 9.9x 10.5x 0.5x 16.7% Qualcomm $147.17 98.7% $168,951 $173,937 20.6x 15.7x 28.6x 20.4x 0.6x 9.4% Texas Instrument $161.25 100.0% $149,801 $151,053 23.3x 21.3x 29.4x 28.1x 0.2x 4.5% Advanced Micro Devices $92.66 100.0% $112,582 $111,325 NM NM NM NM NM 0.5% Analog $139.08 100.0% $51,783 $56,200 23.0x 20.1x 37.8x 24.1x 1.8x 9.7% Infineon €29.52 99.7% $45,976 $52,215 21.3x 14.6x NM 28.5x 2.6x 19.5% NXP $158.42 99.7% $44,273 $50,483 18.7x 14.8x 26.4x 19.7x 2.2x 19.0% STMicro €32.82 98.8% $36,177 $35,583 16.7x 13.1x 36.4x 24.5x NM 8.1% Renesas ¥928.00 97.4% $15,628 $20,707 10.2x 9.7x 30.7x 23.9x 2.5x 32.5% ON Semi $28.75 100.0% $12,026 $14,783 14.7x 11.5x 37.8x 21.5x 2.7x 29.7% Mean 96.1% 17.2x 14.2x 29.6x 24.8x 1.6x 13.8% Median 99.7% 18.7x 14.6x 30.0x 24.0x 2.0x 9.7%

Intelligent Transport / ITS / Smart Tolling Atlantia €15.28 66.3% $14,952 $73,222 14.2x 9.6x NM 16.0x 9.8x 83.8% Roper Technologies $427.00 94.2% $45,219 $54,621 27.6x 23.6x 33.8x 29.1x 4.8x 17.8% FLIR Systems $38.24 65.0% $5,036 $5,547 12.1x 12.1x 16.5x 16.1x 1.1x 15.0% Autostrada €20.90 73.6% $3,309 $4,318 5.8x 4.2x 17.4x 11.0x 2.0x 72.4% LS Corporation W63,200 97.7% $1,586 $4,222 6.7x 6.2x 14.7x 9.8x 4.2x 95.5% Cubic Corporation $58.56 83.8% $1,835 $2,601 14.9x 14.2x NM 17.2x 4.3x 34.7% Conduent $4.22 62.1% $883 $2,471 5.2x 5.5x 6.9x 8.3x 3.0x 84.3% Vaisala €37.20 91.5% $1,611 $1,644 20.2x 19.6x 38.9x 34.8x 0.4x 4.9% Kapsch TrafficCom €12.50 41.1% $194 $399 NM 15.9x NM NM NM 89.8% INIT Innovation in Traffic Systems €31.10 82.7% $371 $396 12.0x 10.4x 24.9x 21.3x 0.8x 17.4% Iteris $4.88 83.7% $205 $180 29.7x 17.3x 26.9x 27.5x NM 7.2% Q-Free NOK4.86 70.9% $49 $75 8.2x 6.4x NM 34.7x 2.9x 47.1% Image Sensing Systems $4.53 76.6% $24 $18 6.7x 6.6x NM NM NM 6.3% Mean 76.1% 13.6x 11.7x 22.5x 20.5x 3.3x 44.3% Median 76.6% 12.0x 10.4x 21.1x 17.2x 2.9x 34.7%

Telematics Descartes Systems $59.29 95.0% $5,084 $5,016 NM 32.8x NM NM NM 0.3% Inseego $9.93 67.4% $973 $1,104 NM 27.0x NM NM 7.7x 15.7% TomTom €6.85 64.0% $1,400 $1,026 NM NM NM NM NM 4.7% ORBCOMM $5.72 88.7% $446 $637 11.8x 9.9x NM NM 3.5x 41.7% CalAmp $9.12 76.9% $312 $441 18.2x 10.9x NM 23.8x 5.3x 53.5% Ituran $18.39 70.0% $383 $397 8.6x 5.3x 12.7x 11.2x 0.3x 18.9% Quartix £3.86 87.5% $248 $236 22.4x 29.4x 29.5x 38.2x NM 0.5% MiX Telematics R5.79 67.2% $209 $178 5.8x 6.3x 28.5x 27.3x NM 1.8% Quarterhill C$2.66 94.3% $238 $138 4.3x 8.2x 21.3x 19.0x NM 4.0% TeleNav $4.75 75.2% $227 $134 10.0x 6.4x 37.9x NM NM 5.6% Mean 78.6% 11.6x 15.1x 26.0x 23.9x 4.2x 14.7% Median 76.0% 10.0x 9.9x 28.5x 23.8x 4.4x 5.1%

Logistics UPS $171.07 96.9% $149,173 $168,697 15.7x 14.0x 22.3x 20.1x 1.8x 17.0% FedEx $286.58 98.3% $75,371 $106,446 13.3x 11.1x 25.5x 17.4x 3.9x 35.7% Deutsche Post €40.50 96.5% $61,606 $78,705 7.8x 7.2x 17.6x 14.9x 1.7x 29.3% AP Moeller Maersk DKK12735.00 100.0% $39,788 $49,733 5.9x 5.9x 14.4x 14.1x 1.3x 34.0% Hapag Lloyd €65.20 34.9% $13,711 $19,491 6.6x 6.7x 15.4x 16.6x 2.1x 36.6% XPO Logistics $106.68 100.0% $10,881 $17,932 13.3x 10.4x NM 28.6x 5.1x 49.9% J.B. Hunt $135.28 94.7% $14,448 $15,432 12.6x 10.7x 29.1x 22.6x 0.8x 8.4% C.H. Robinson $93.97 88.5% $12,886 $14,132 18.9x 15.9x 26.1x 22.4x 1.7x 10.6% Knight-Swift Trucking $41.29 88.2% $7,062 $7,545 6.9x 6.1x 15.3x 12.5x 0.5x 10.7% Schneider Trucking $20.90 75.3% $3,714 $3,207 5.5x 4.7x 17.4x 13.9x NM 9.6% Werner $39.99 85.0% $2,777 $2,923 6.0x 5.3x 16.0x 13.3x 0.3x 6.4% Mean 87.1% 10.2x 8.9x 19.9x 17.9x 1.9x 22.6% Median 94.7% 7.8x 7.2x 17.5x 16.6x 1.7x 17.0%

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. 17 5. (Debt + Preferred Stock)/EV. 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 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Communications / Infrastructure AT&T $28.75 73.0% $206,224 $397,997 7.2x 7.1x 9.1x 8.9x 3.2x 46.3% Verizon $60.41 97.3% $250,218 $378,295 8.1x 7.8x 12.4x 12.1x 2.7x 36.3% T-Mobile $132.94 100.0% $166,148 $262,164 10.8x 9.8x NM NM 3.9x 39.1% Cisco Systems $43.02 86.2% $182,577 $166,758 10.0x 9.4x 15.1x 13.3x NM 9.4% Hitachi ¥3,966 84.8% $36,782 $55,462 6.3x 5.8x 13.0x 9.8x 1.9x 43.4% ChargePoint 6 $33.61 90.5% $11,623 $10,975 NM NM NM NM NM NM Toshiba ¥2,922 73.4% $12,710 $10,159 5.2x 4.3x 43.0x 9.8x 0.2x 54.2% Nuvve 6 $14.89 66.9% $1,773 $1,703 NM NM NM NM NM NM Blink Charging $25.25 75.1% $792 $779 NM NM NM NM NM 0.2% Mean 83.0% 7.9x 7.4x 18.5x 10.8x 2.4x 32.7% Median 84.8% 7.7x 7.4x 13.0x 9.8x 2.7x 39.1%

Recent SPACs 6 QuantumScape $47.00 100.0% $21,037 $19,882 NM NM NM NM NM NM Arrival $22.00 81.0% $13,393 $12,724 NM NM NM NM NM NM ChargePoint $33.61 90.5% $11,623 $10,975 NM NM NM NM NM NM Nikola Motors $20.41 25.6% $7,839 $8,544 NM NM NM NM NM 8.3% Luminar Technologies $18.40 100.0% $6,267 $5,779 NM NM NM NM NM 0.6% Fisker $19.38 89.7% $5,915 $4,875 NM NM NM NM NM NM Lordstown $24.60 78.3% $4,223 $3,548 NM NM NM NM NM NM Hyliion $20.08 36.0% $3,399 $2,880 NM NM NM NM NM NM Canoo $13.00 100.0% $3,219 $2,612 NM NM NM NM NM NM Velodyne $15.92 52.3% $2,746 $2,556 NM NM NM NM NM 0.4% Romeo Systems $17.75 100.0% $2,445 $2,104 NM NM NM NM NM NM Aeva $11.05 100.0% $2,354 $2,026 NM NM NM NM NM NM Nuvve $14.89 66.9% $1,773 $1,703 NM NM NM NM NM NM XL Fleet $14.04 96.2% $2,049 $1,699 NM NM NM NM NM NM CarLotz $10.20 97.3% $1,171 $850 NM NM NM NM NM NM Advent Technologies $13.00 100.0% $615 $634 NM NM NM NM NM 22.2% Eos $11.30 93.0% $619 $417 NM NM NM NM NM NM Shift Technologies $9.39 67.2% $697 $389 8.3x NM NM NM NM 8.0% MetroMile $12.80 94.0% $601 $276 NM NM NM NM NM NM Mean 82.5% NM NM NM NM NM 7.9% Median 93.0% NM NM NM NM NM 8.0%

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 companies with negative 2020E EBITDA. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - 5. (Debt + Preferred Stock)/EV. Investments in Affiliates - Cash and Marketable Securities. 6. Companies that were acquired by SPACs in July, August, September, October and 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. November 2020. For transactions which have not yet closed, the share price reflects 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. that of the acquiring SPAC. 18 Comparable Companies Trading Analysis Renewables

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Renewables Integrated PV and PV Manufacturing Hanwha W25,800 80.1% $1,622 $25,935 9.7x 9.2x 4.5x 4.2x 5.0x 69.6% Enphase $136.57 97.2% $18,472 $18,187 NM NM NM NM NM 2.1% SolarEdge $277.98 89.7% $14,773 $14,207 NM NM NM NM NM 4.3% Sungrow Y48.06 93.8% $10,640 $10,910 32.4x 21.2x 37.0x 26.7x 0.8x 10.4% TBEA Solar Y8.53 89.3% $4,813 $9,683 10.6x 9.4x 13.4x 11.6x 4.3x 72.2% First Solar $93.43 98.7% $9,974 $8,799 14.7x 12.5x 24.3x 25.4x NM 5.2% JinkoSolar $69.04 78.9% $3,067 $5,181 11.8x 10.8x 23.0x 18.9x 3.5x 68.5% Canadian Solar $42.76 96.8% $2,555 $4,107 11.8x 10.7x 23.9x 25.8x 3.8x 69.7% GCL Y3.98 62.2% $3,062 $3,393 NM 24.3x NM NM 8.4x 20.7% SMA €48.26 97.0% $2,003 $1,786 23.4x 17.6x NM NM NM 2.4% Mersen €24.40 69.4% $617 $987 7.3x 6.7x 22.1x 11.3x 2.6x 46.4% Daqo New Energy $43.02 88.9% $659 $909 3.9x 2.4x 22.0x 12.6x 1.0x 36.7% ReneSola $7.93 100.0% $381 $520 NM 32.9x NM NM 6.9x 20.9% Maxeon $24.42 39.4% $605 $453 NM NM NM NM NM 40.3% Foxconn Technology NT$52.60 76.0% $2,616 $414 1.4x 1.3x 10.0x 9.2x NM 184.3% Manz €33.80 97.4% $313 $340 13.8x 7.3x NM 21.4x 2.5x 33.0% Mean 84.7% 12.8x 12.8x 20.0x 16.7x 3.9x 42.9% Median 89.5% 11.8x 10.7x 22.1x 15.7x 3.6x 34.8%

Solar Development Sunrun $64.08 80.1% $8,622 $11,948 NM NM NM NM NM 24.1% BayWa €30.75 100.0% $1,297 $7,014 14.0x 13.9x 28.7x 23.6x 11.1x 82.1% Sunnova $40.51 90.0% $3,556 $5,620 NM NM NM NM 28.9x 34.1% SunPower $22.16 94.9% $4,399 $4,662 NM NM NM 47.7x 19.4x 20.2% Mean 91.3% 14.0x 13.9x 28.7x 35.7x 19.8x 40.1% Median 92.5% 14.0x 13.9x 28.7x 35.7x 19.4x 29.1%

Wind Development Energiekontor €44.90 99.1% $770 $1,024 13.2x 11.3x 33.8x 26.3x 3.3x 32.7% PNE Wind €7.67 97.1% $700 $940 33.4x 21.3x NM NM 8.9x 38.2% ABO Wind €37.80 100.0% $383 $451 12.0x 9.4x 25.4x 17.6x 1.8x 23.1% Arise KR40.30 76.3% $161 $224 19.7x 7.1x NM 9.0x 5.5x 39.9% Mean 93.1% 19.6x 12.3x 29.6x 17.6x 4.9x 33.5% Median 98.1% 16.4x 10.3x 29.6x 17.6x 4.4x 35.4%

IPPs Enel €8.37 97.7% $101,765 $184,823 8.6x 8.3x 16.7x 15.5x 3.2x 40.6% Iberdrola €11.45 99.8% $83,181 $138,506 11.3x 10.4x 20.2x 19.1x 3.8x 36.3% ENGIE €12.37 74.3% $35,707 $68,514 6.4x 5.6x 17.7x 11.9x 3.4x 77.9% AES $20.44 95.6% $13,593 $34,825 9.8x 9.1x 14.8x 13.1x 5.4x 63.8% EDP Renovaveis €17.76 99.7% $18,532 $23,448 11.7x 12.0x 29.8x 34.2x 1.9x 18.4% Northland Power C$44.51 96.1% $6,925 $12,916 14.1x 13.5x 21.9x 23.6x 5.9x 48.0% NRG $32.75 80.6% $8,024 $12,528 6.2x 6.4x 8.6x 7.2x 2.4x 49.2% Neoen €50.70 100.0% $5,739 $8,169 24.5x 19.6x NM NM 7.3x 38.4% Innergex C$25.70 97.1% $3,042 $6,337 14.8x 12.9x NM NM 8.2x 59.3% ERG €20.20 87.0% $3,597 $5,430 9.3x 8.6x 29.0x 25.3x 3.1x 49.1% Scatec Solar NOK278.20 100.0% $4,325 $5,423 21.6x 15.6x NM NM 4.4x 28.6% Boralex C$41.04 95.6% $3,124 $5,200 13.1x 12.1x NM NM 5.6x 46.4% Falck Renewables €5.44 88.0% $1,887 $2,829 12.2x 11.1x 46.8x 36.3x 3.7x 37.3% Voltalia €19.58 84.0% $1,645 $2,245 18.3x 11.6x NM NM 4.5x 33.4% Solarpack €21.20 100.0% $843 $1,237 14.2x 14.2x 39.3x 37.2x 4.3x 38.1% Atlantic Power C$2.70 80.6% $186 $806 4.4x 4.2x 7.4x 9.1x 2.9x 92.4% Alerion Clean Power €8.08 94.4% $487 $635 8.2x 6.6x NM NM 2.1x 54.0% Etrion C$0.33 77.6% $88 $123 8.2x 8.2x NM NM 2.3x 32.8% Mean 91.6% 12.0x 10.6x 22.9x 21.1x 4.1x 46.9% Median 95.6% 11.5x 10.7x 20.2x 19.1x 3.7x 43.5%

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. 19 5. (Debt + Preferred Stock)/EV. 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 2020E Debt/ 3 4 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2019A 2020E EBITDA EV Yield Vehicles North American Yield Vehicles Brookfield Renewable Partners C$82.54 100.0% $19,831 $49,278 31.2x 26.1x 3.8% 3.2% 10.6x 38.5% NextEra Energy Partners $63.47 93.2% $11,072 $17,797 13.8x 12.8x 3.7% 5.4% 2.9x 22.6% Clearway Energy $29.27 95.2% $5,874 $11,676 10.5x 10.4x 4.3% 5.3% 5.8x 59.8% Atlantica Sustainable Infrastructure $34.39 97.7% $3,494 $8,888 10.9x 9.8x 4.9% 6.4% 6.5x 70.8% Hannon Armstrong $54.66 98.9% $4,161 $4,714 NM NM 2.5% NA 16.0x 46.1% TransAlta Renewables C$17.94 98.8% $3,682 $3,109 8.8x 8.6x 5.2% 6.6% 1.7x 20.3% Mean 97.3% 15.0x 13.5x 4.1% 5.4% 7.3x 43.0% Median 98.3% 10.9x 10.4x 4.0% 5.4% 6.1x 42.3%

European Yield Vehicles Encavis €17.94 97.1% $2,972 $5,031 19.0x 16.2x 2.0% NA 7.8x 46.5% Greencoat UK Wind £1.30 85.3% $2,643 $3,442 29.8x 22.8x 5.4% NA 6.9x 24.3% Renewables Infrastructure Group £1.26 90.5% $2,401 $2,369 8.2x 6.1x 5.3% NA NM NM NextEnergy Solar Fund £1.07 84.4% $1,091 $1,340 NM NM 6.6% NA NM 19.7% John Laing Environmental £1.15 92.4% $839 $837 NM NM 5.9% NA NM NM Bluefield Solar Income £1.30 89.3% $643 $642 17.0x 17.0x 6.3% NA NM NM Octopus Renewables £1.08 93.1% $505 $505 NM NM 1.1% NA NM NM Mean 90.3% 18.5x 15.5x 4.7% NA 7.4x 30.2% Median 90.5% 18.0x 16.6x 5.4% NA 7.4x 24.3%

MLPs Enviva $44.64 98.2% $1,775 $2,533 14.8x 11.1x NA NA 5.6x 37.9% Mean 98.2% 14.8x 11.1x NA NA 5.6x 37.9% Median 98.2% 14.8x 11.1x NA NA 5.6x 37.9%

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. 20 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 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Environmental Services and Technologies Solid Waste Waste Management $119.13 94.4% $50,583 $59,837 13.8x 12.2x 29.8x 26.2x 2.2x 17.4% Republic Services $96.72 94.3% $30,925 $39,554 13.3x 12.6x 28.5x 26.1x 2.9x 22.8% Waste Connections C$135.01 94.5% $27,453 $31,476 19.2x 17.4x 40.2x 35.1x 2.5x 15.5% SUEZ €16.14 99.3% $12,107 $27,871 8.6x 7.6x NM 26.0x 4.6x 75.7% Veolia €19.26 66.6% $12,776 $27,002 6.3x 5.5x 25.2x 15.0x 3.5x 87.5% GFL Environmental $27.13 100.0% $8,856 $13,120 16.0x 11.8x NM NM 5.2x 43.2% Casella $60.18 98.3% $2,926 $3,520 20.7x 18.9x NM NM 3.5x 17.5% Biffa £2.25 73.3% $860 $1,309 7.1x 6.4x 30.5x 19.8x 2.5x 46.2% Séché Environnement €37.80 80.8% $353 $891 5.8x 5.2x 24.8x 14.4x 3.5x 88.6% Mean 89.1% 12.3x 10.9x 29.8x 23.2x 3.4x 46.1% Median 94.4% 13.3x 11.8x 29.2x 26.0x 3.5x 43.2%

Specialty Waste Darling Ingredients $48.28 98.3% $8,063 $8,936 11.0x 10.5x 26.0x 24.3x 1.9x 18.1% Stericycle $70.44 94.6% $6,445 $8,789 17.8x 17.1x 30.5x 27.8x 4.7x 27.3% Clean Harbors $72.37 81.9% $4,034 $5,207 9.6x 9.6x 34.4x 35.3x 2.2x 32.8% Covanta Holding $12.40 78.3% $1,662 $4,211 10.0x 9.6x NM NM 6.1x 62.0% Harsco $16.95 72.1% $1,339 $2,659 11.3x 9.2x 36.1x 22.2x 5.4x 50.9% US Ecology $33.89 58.5% $1,062 $1,861 10.9x 9.7x NM 34.9x 4.7x 48.4% Renewi £0.34 74.7% $357 $1,156 5.4x 5.0x NM 9.9x 3.7x 84.0% Heritage-Crystal Clean $19.27 59.4% $452 $512 13.7x 9.6x 42.8x 28.3x 1.6x 22.0% Mean 77.2% 11.2x 10.0x 33.9x 26.1x 3.8x 43.2% Median 76.5% 10.9x 9.6x 34.4x 27.8x 4.2x 40.6%

Environmental Assessment Donaldson Company $53.24 91.5% $6,799 $7,258 16.8x 15.7x 26.5x 24.7x 1.1x 9.7% Montrose Environmental $27.39 78.9% $8,941 $9,232 NM NM NM NM 2.7x 3.6% CECO Environmental $7.40 83.1% $262 $305 10.3x 9.7x 14.8x 14.5x 1.4x 29.1% Advanced Emissions Solutions $5.65 45.2% $102 $98 NM NM NM NM NM 34.1% Mean 74.7% 13.6x 12.7x 20.7x 19.6x 1.7x 19.1% Median 81.0% 13.6x 12.7x 20.7x 19.6x 1.4x 19.4%

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 Water

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Water Efficiency / Process Pentair $51.82 95.7% $8,659 $9,464 17.0x 15.5x 21.2x 19.4x 1.5x 9.4% Rexnord $37.51 95.6% $4,595 $5,538 12.8x 12.2x 22.2x 20.1x 2.2x 22.9% Flowserve $34.08 67.2% $4,461 $5,448 11.7x 12.1x 19.4x 20.9x 2.0x 34.5% Evoqua $26.09 92.0% $3,149 $3,922 14.4x 15.7x 30.1x 38.4x 2.8x 24.6% Kemira €12.05 83.3% $2,210 $3,158 6.3x 6.5x 13.1x 14.1x 1.9x 36.8% Badger Meter $82.44 100.0% $2,409 $2,322 25.8x 23.8x 48.9x 45.2x NM 0.3% Thermon Group $14.14 51.7% $473 $608 12.4x 11.2x 32.2x 20.6x 2.8x 31.1% Wabag ₹199.05 87.6% $147 NA NM NM 15.9x 10.5x NM NA Mean 84.2% 14.3x 13.9x 25.4x 23.6x 2.2x 22.8% Median 89.8% 12.8x 12.2x 21.7x 20.4x 2.1x 24.6%

Infrastructure, Monitoring and Compliance Ecolab $222.15 96.5% $64,068 $70,418 28.8x 24.4x NM 42.1x 2.6x 10.4% Xylem $95.97 98.4% $17,367 $18,927 24.9x 20.6x 49.6x 36.6x 2.0x 16.7% Watts Water $117.15 97.9% $3,971 $4,031 17.2x 16.9x 31.5x 30.9x 0.3x 6.1% Mueller Water Products $11.87 93.9% $1,884 $2,150 11.2x 10.4x 24.8x 20.6x 1.4x 22.1% Aegion $17.15 72.6% $528 $753 8.5x 7.5x 18.7x 13.7x 2.5x 39.1% Select Energy Services $4.23 44.2% $364 $179 15.7x 5.8x NM NM NM NM Mean 83.9% 17.7x 14.3x 31.2x 28.8x 1.7x 18.9% Median 95.2% 16.4x 13.6x 28.2x 30.9x 2.0x 16.7%

Heating and Cooling Lennox $287.83 93.9% $11,110 $12,263 21.9x 19.5x 30.3x 26.9x 2.1x 9.9% A.O. Smith $56.31 97.2% $9,149 $8,800 17.4x 15.4x 28.4x 23.8x NM 1.8% AAON $65.13 96.9% $3,462 $3,389 27.3x 28.2x 45.7x NM NM 0.2% SPX $51.23 96.2% $2,351 $2,744 12.8x 12.0x 18.2x 16.5x 1.8x 16.9% Comfort Systems USA $50.39 86.9% $1,852 $2,102 8.4x 9.8x 13.5x 16.6x 1.0x 15.2% Mean 94.2% 17.6x 17.0x 27.2x 20.9x 1.6x 8.8% Median 96.2% 17.4x 15.4x 28.4x 20.2x 1.8x 9.9%

Distribution American Water Works Company $153.38 92.6% $27,915 $38,076 19.8x 18.4x 39.3x 36.1x 5.3x 28.3% SUEZ €16.14 99.3% $12,107 $27,871 8.6x 7.6x NM 26.0x 4.6x 75.7% Veolia €19.26 66.6% $12,776 $27,002 6.3x 5.5x 25.2x 15.0x 3.5x 87.5% Essential Utilities $45.28 83.7% $11,554 $17,007 19.9x 17.7x 28.8x 27.1x 6.4x 32.1% Severn Trent £23.89 88.6% $7,629 $16,198 13.8x 13.3x 24.7x 19.9x 7.3x 53.1% SJW $65.60 87.8% $1,883 $3,368 16.0x 14.3x 32.3x 27.4x 7.0x 44.7% American States Water $73.82 78.7% $2,731 $3,268 19.5x 18.6x 32.8x 31.1x 3.2x 16.7% Middlesex Water Company $68.49 93.2% $1,204 $1,485 26.9x 26.0x 32.3x 30.9x 5.0x 19.3% York Water Company $45.04 88.9% $587 $693 21.0x 20.3x 35.3x 35.3x 3.2x 16.9% Artesian Resources $36.97 92.2% $347 $515 13.8x 13.3x 20.8x 20.0x 4.5x 32.7% Global Water Resources $12.88 92.1% $291 $388 21.3x 21.1x NM NM 5.3x 29.6% Consolidated Water $10.96 58.8% $166 $139 8.4x 8.7x 30.0x 19.7x NM 1.3% Mean 85.2% 16.3x 15.4x 30.2x 26.2x 5.0x 36.5% Median 88.8% 17.7x 16.0x 31.2x 27.1x 5.0x 30.9%

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. 22 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 2020E Debt/ 4 5 Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV AgTech Large Crop / Life Science Bayer €48.27 61.7% $56,725 $102,189 7.4x 7.5x 7.6x 7.7x 3.3x 50.9% BASF €61.33 89.1% $67,382 $70,642 8.5x 7.2x 23.1x 17.4x 2.3x 36.5% DuPont $63.44 95.8% $46,590 $66,984 13.6x 13.0x 19.9x 18.3x 4.2x 37.1% Archer-Daniels-Midland $49.77 96.0% $27,971 $31,602 9.3x 8.5x 14.4x 13.8x 2.4x 29.3% Bunge $58.89 94.0% $8,748 $16,135 8.5x 9.4x 8.9x 10.8x 3.5x 49.9% Mosaic $21.96 94.7% $8,325 $11,860 8.0x 6.7x NM 18.9x 2.7x 42.0% Mean 88.5% 9.2x 8.7x 14.8x 14.5x 3.1x 40.9% Median 94.4% 8.5x 8.0x 14.4x 15.6x 3.0x 39.5%

Irrigation / Equipment Jain ₹19.25 94.1% $134 NA NM NM NM NM NM NA Deere $261.62 99.9% $82,960 $121,065 17.0x 19.9x 27.9x 19.9x 5.4x 38.0% Kubota ¥2,071 93.4% $24,048 $31,608 14.3x 11.8x 20.1x 16.6x 3.2x 28.9% CNH Industrial $10.88 96.4% $14,845 $31,389 24.2x 13.5x NM 18.1x 13.5x 78.6% Mahindra & Mahindra ₹720.05 98.7% $11,170 $16,567 15.8x 17.7x 25.2x 28.0x 5.5x 57.4% Toro Company $90.71 98.6% $9,846 $10,400 19.9x 17.1x 30.7x 25.7x 1.1x 9.4% AGCO $92.51 95.8% $6,975 $7,795 9.0x 8.3x 18.0x 15.5x 1.4x 21.8% Valmont $162.98 97.8% $3,490 $3,948 11.9x 10.6x 20.9x 18.6x 1.3x 22.1% Lindsay $115.82 97.3% $1,260 $1,266 17.9x 18.1x 34.0x 34.6x 0.1x 11.6% Raven Industries $25.22 70.5% $912 $882 20.1x 15.1x 36.8x 29.9x NM 1.2% Mean 94.2% 16.7x 14.7x 26.7x 23.0x 3.9x 29.9% Median 96.8% 17.0x 15.1x 26.5x 19.9x 2.3x 22.1%

Industrial Biotechnology Neste €56.18 97.0% $51,601 $51,934 23.2x 20.6x 36.5x 32.3x 0.2x 2.9% Cosan R$77.54 85.8% $5,545 $5,942 5.7x 4.9x 29.6x 14.5x 1.7x 51.7% Renewable Energy Group $58.08 91.3% $2,534 $2,345 11.9x 8.2x 18.8x 11.0x NM 4.1% Green Plains $14.78 86.2% $512 $960 22.3x 6.8x NM NM 9.4x 61.1% Amyris $2.92 54.6% $664 $826 NM NM NM NM NM 24.3% MGP Ingredients $43.61 82.6% $738 $776 11.6x 10.6x 18.6x 16.9x 0.6x 7.4% Pacific Ethanol $6.13 56.6% $378 $525 6.5x 3.7x 16.6x 4.9x 1.8x 35.3% REX American Resources $78.50 84.0% $491 $339 NM 7.1x NM 12.8x NM 4.4% FutureFuel $11.99 83.8% $525 $281 5.1x 7.2x NM NM NM 0.2% Mean 80.2% 12.3x 8.6x 24.0x 15.4x 2.7x 21.3% Median 84.0% 11.6x 7.1x 18.8x 13.6x 1.7x 7.4%

Building Materials Multi-Industry CRH $39.25 92.4% $31,015 $38,879 8.7x 8.3x 17.6x 15.7x 1.8x 46.4% Saint-Gobain €39.82 98.1% $25,638 $37,126 7.2x 6.3x 17.7x 12.1x 2.3x 54.2% Masco $53.67 89.7% $14,008 $15,806 11.0x 10.9x 17.5x 16.6x 1.1x 18.6% Owens Corning $72.87 96.3% $7,979 $10,597 8.4x 7.5x 16.2x 13.1x 2.0x 30.5% Beacon Roofing Supply $36.39 95.5% $2,533 $5,506 11.9x 10.5x NM 12.5x 5.6x 65.3% Armstrong World Industries $77.06 69.3% $3,699 $4,237 13.0x 12.2x 21.3x 19.4x 1.8x 17.0% Simpson Manufacturing $91.90 88.9% $4,014 $3,818 13.0x 12.9x 21.6x 21.4x NM 3.1% Griffon $20.85 84.9% $1,012 $2,009 8.4x 8.0x 16.4x 13.1x 4.1x 60.5% Gibraltar $65.46 89.5% $2,158 $2,002 13.1x 11.0x 21.7x 18.8x NM 1.2% Mean 89.4% 10.5x 9.7x 18.8x 15.9x 2.7x 33.0% Median 89.7% 11.0x 10.5x 17.6x 15.7x 2.0x 30.5%

Sustainable Products / Materials Kingspan €73.15 88.7% $15,969 $16,761 22.6x 21.7x 35.5x 32.8x 1.0x 7.5% Trex $74.82 93.6% $8,689 $8,707 34.2x 28.5x 48.6x 41.8x 0.1x 0.4% Cabot Corporation $41.41 85.7% $2,340 $3,492 8.9x 6.8x NM 12.0x 2.7x 34.9% Quanex $20.60 94.0% $674 $836 8.4x 7.9x 19.9x 16.7x 1.6x 24.3% Aspen Aerogels $14.12 94.6% $377 $375 NM NM NM NM NM 2.3% DIRTT Environmental Solutions C$2.16 48.3% $141 $126 NM NM NM NM NM 28.3% Mean 84.2% 18.5x 16.2x 34.7x 25.8x 1.4x 16.3% Median 91.2% 15.8x 14.8x 35.5x 24.8x 1.3x 15.9%

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. 23 5. (Debt + Preferred Stock)/EV. Global Experts in Sustainable Technology and Infrastructure

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