Sustainable Technology and Infrastructure Monthly Market Update // February 2021 Performance of Key Market Indices1 280.0% 178.7% 240.0% 200.0% 160.0% 120.0% 54.0% 80.0% 40.0% 29.0% 0.0% 27.4% (40.0%) Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500

Index Performance1 February Ending Versus First Day of the February YTD CY 2020 52 Wk High 52 Wk Low MSCI World Index 1.4% 1.4% 14.1% (3.6%) 70.2% NASDAQ Composite 2.4% 2.4% 43.6% (6.4%) 92.3% S&P 500 1.5% 1.5% 16.3% (3.1%) 70.3% NASDAQ Clean Edge Green Energy 4.1% 4.1% 182.4% (17.1%) 332.2%

Denotes Nomura Notable Recent Transactions & Capital Raises Greentech Transaction

Date Target Acquirer Transaction Description

Resilient Infrastructure Group, a provider of distributed water and wastewater solutions, WOF PNW Threemile Resilient Infrastructure Feb. 16 acquired a renewable natural gas facility owned by WOF PNW Threemile Project, a Project Group portfolio company of Equilibrium Capital, for an undisclosed amount

Corporate M&A Rexnord Corporation’s Regal Beloit, a manufacturer of motion equipment, will acquire Rexnord Corporation's Transactions Feb. 16 Process & Motion Regal Beloit Process & Motion Control division, through a Reverse Morris Trust transaction, while Control division Rexnord will become a pure-play water business, for 3.7bn

Shell acquired Next Kraftwerke, a European virtual power plant operator, for an Feb. 24 Next Kraftwerke Shell undisclosed amount

Date Company Transaction Description

Little Leaf Farms, a U.S.-based producer of greenhouse-grown lettuce, raised $90mm from Happiness Capital Feb. 17 Little Leaf Farms Hanaco Ventures, CPT Capital, Losa Group, Sake Bosch and K3 Ventures Capital Raises

Highland Electric Highland Electric, a U.S.-based provider of electric fleet solutions, raised $253mm from Vision Ridge Partners Feb. 22 Transportation and Fontinalis Partners

Date Company Transaction Description

Hyzon Motors, a U.S.-based hydrogen fuel cell heavy vehicle company, announced plans to merge with Feb. 9 Hyzon Motors Decarbonization Plus Acquisition Corp., a SPAC, at a valuation of $2.7bn2

SPAC Transactions Lucid Motors, a U.S.-based maker of all-electric luxury vehicles, announced plans to merge with Churchill Feb. 22 Lucid Motors Capital Corp. IV, a SPAC, at a valuation of $11.8bn2

ReNew Power, an India-based integrated renewable power IPP, announced plans to merge with RMG Feb. 24 ReNew Power Acquisition Corp. II, a SPAC, at a valuation of $4.4bn2

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 (1/6)

Corporate Transactions

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

Rumpke, a family-owned waste and recycling provider, acquired select assets including a facility Central Kentucky Rumpke Waste & Environmental Feb. 1 ND in Lexington, from Central Kentucky Fiber ND ND Fiber Resources Recycling Services Resources, a provider of turnkey recycling programs, for an undisclosed sum

United Utilities, a U.K.-based water and wastewater services provider, agreed to sell its Feb. 3 United Utilities Tallinn ND Water 35.3% take in Tallinn Water, an Estonian utility ND ND company, to a consortium led by the Cirty of Tallinn, for an undisclosed amount

CHA Consulting, a provider of engineering, design and consulting services, acquired Reiss Feb. 4 Reiss Engineering CHA Consulting ND Water Engineering, a provider of water- and wastewater- ND ND focused consultancy services, for an undisclosed amount

Parkson, a manufacturer of wastewater equipment, acquired Schreiber, a developer and Feb. 4 Schreiber Parkson ND Water manufacturer of biological wastewater treatment ND ND technology and equipment, for an undisclosed amount

Drax Group, a U.K.-based electricity generator Pinnacle Renewable Renewable and supplier, acquired Pinnacle Renewable Feb. 8 Drax Group $650 1.7x 13.4x Energy Energy Energy, a producer of industrial wood pellets for electricity generation, for C$831mm (~$650mm)

Statkraft, a Norway-based generator of renewable Bee Charging Renewable energy, acquired a 51% stake in Bee Charging Feb. 8 Statkraft ND ND ND Solutions Energy Solutions, a Sweden-based electric vehicle charging company, for an undisclosed amount

SyBridge Technologies, backed by Crestview Active Industrial Partners, acquired Active Industrial Solutions and Solutions, Active SyBridge Advanced Active Industrial Solutions Tennessee, a Canada- Feb. 8 ND ND ND Industrial Solutions Technologies Transportation based maker of plastic injection molds and Tennessee lighting reflex components for the mobility industry, for an undisclosed amount

Adey Innovation, a manufacturer of water treatment equipment and products, acquired Feb. 10 Polypipe Group Adey Innovation $292 Water ND ND Polypipe Group, a manufacturer of plastic piping systems, for $292mm

iQ International, a sustainable technology Environmental company, acquired Ever Resource, a U.K.-based Feb. 12 Ever Resource iQ International ND ND ND Services battery recycling company, for an undisclosed sum

Denali Water Solutions, a specialty waste and environmental services company owned by TPG, Denali Water Environmental Feb. 12 Organix Recycling ND acquired Organix Recycling, the largest pre- ND ND Solutions Services consumer food waste collector and recycler in the U.S., for an undisclosed sum

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 (2/6)

Corporate Transactions

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

Sensata Technologies, a telematics company, Xirgo Technologies Sensata Advanced acquired Xirgo Technologies Intermediate, Feb. 14 400.0x 4.0x 16.0x Intermediate Technologies Transportation California-based telematics and data provider, for $400mm

General Kinematics, a manufacturer of separating and screening technology, acquired CYRUS CYRUS Environmental Feb. 15 General Kinematics ND Schwingtechnik, a manufacturer of screening ND ND Schwingtechnik Services machines for the recycling and raw material sectors, for an undisclosed sum

BorgWarner, a supplier of auto components, Advanced acquired a majority stake in AKASOL, a Feb. 15 AKASOL BorgWarner $915 15.8x NM Transportation manufacturer of battery packs for commercial vehicles, for €754mm ($915mm)

Resilient Infrastructure Group, a provider of distributed water and wastewater solutions, WOF PNW 2 Resilient Renewable acquired a renewable natural gas facility owned Feb. 16 ND ND ND Threemile Project Infrastructure Group Energy by WOF PNW Threemile Project, a portfolio company of Equilibrium Capital, for an undisclosed amount

EW Group acquired Hygiena, a California-based Environmental food safety and environmental testing solutions Feb. 16 Hygiena EW Group ND ND ND Services company, from Warburg Pincus, for an undisclosed amount

New Mountain Capital, a private equity firm, entered into a definitive agreement to acquire New Mountain Feb. 16 Aegion $995 Water Aegion Corporation, a provider of water 1.0x 12.0x Capital infrastructure maintenance and rehabilitation solutions, for $963mm

One Rock Capital and Metropoulos & Co, two Nestle's North One Rock Capital private equity firms, acquired Nestle's North Feb. 16 American water Partners and $4,300 Water ND ND American water brands, including Pure Life and brands Metropoulos & Co Poland Spring, for $4.3bn

Regal Beloit, a manufacturer of motion Rexnord equipment, will acquire Rexnord Corporation's Corporation’s Feb. 16 Regal Beloit $3,690 Water Process & Motion Control division, through a ND 14.2x Process & Motion Reverse Morris Trust transaction, while Rexnord Control division will become a pure-play water business, for 3.7bn

Sims Ltd., an electronics recycler, acquired select commercial and operating assets of Alumnisource Environmental Feb. 16 Alumnisource Corp. Sims Ltd. ND Corp., an aluminum scrap processor, for $23mm ND ND Services upfront with an undisclosed earnout over the next 3-5 years

BW Offshore, an owner and operator of offshore production solutions, acquired a majority stake in 3 Renewable Ideol, a provider of floating foundations for Feb. 17 Ideol BW Offshore ND ND ND Energy offshore wind, for an undisclosed amount, and agreed to invest $72mm in the newly-renamed BW Ideol entity

Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. 3 2. Nomura Greentech acted as the exclusive financial advisor to WOF PNW Threemile Project on this transaction. 3. Nomura Greentech acted as the exclusive financial advisor to Ideol on this transaction. 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

Forks Over Knives and The Beet, two plant-based Agricultural Feb. 17 Forks Over Knives The Beet ND lifestyle brands, merged to form Upbeet Brands, ND ND Technology for an undisclosed amount

Comstock Mining, a minerals company, and Aqua Comstock Mining Environmental Metals, a lead battery metal recycler, acquired a Feb. 17 LiNiCo $13 ND ND and Aqua Metals Services combined stake of 74% of LiNiCo, a litihium-ion battery recycler, for $13mm

Revolution, a manufacturer of sustainable Environmental plastics, acquired Jadcore, a full-service post- Feb. 17 Jadcore Revolution ND ND ND Services industrial plastic waste recycling company, for an undisclosed sum

Faurecia, a manufacturer of automotive Advanced components, acquired a majority stake in CLD, a Feb. 17 CLD Faurecia ND ND ND Transportation Chinese manufacturer of high-pressure tanks, for an undisclosed amount

Surf Air Mobility, a platform for regional air travel, Advanced Feb. 19 Ampaire Surf Air Mobility ND acquired Ampaire, a hybrid electric aviation ND ND Transportation technology company, for an undisclosed amount

Danone has agreed to acquire Earth Island, a Agricultural Feb. 19 Earth Island Danone ND U.S. plant-based foods maker, for an undisclosed ND ND Technology amount

Mill Rock Packaging Partners acquired All All Packaging Mill Rock Packaging Environmental Feb. 22 ND Packaging Company, a specialty paper packaging ND ND Company Partners Services company, for an undisclosed amount

Quikrete, a manufacturer of packaged concrete materials, acquired Forterra, a manufacturer of Feb. 22 Forterra Quikrete $2,740 Water concrete pipe and precast products for 1.7x 11.2x construction and replacement of water drainage and distribution systems, for $2.74bn

Partners Group, a global private equity firm, Resilient acquired Resilient Infrastructure, a provider of Feb. 23 Partners Group ND Water ND ND Infrastructure distributed water and wastewater solutions, for an undisclosed amount

Shell acquired Next Kraftwerke, a European 2 Renewable Feb. 24 Next Kraftwerke Shell ND virtual power plant operator, for an undisclosed ND ND Energy amount

Source: FactSet, Press releases, SEC filings and Third-party providers. 4 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. 2. Nomura Greentech acted as the exclusive financial advisor to Next Kraftwerke on its sale to Shell. 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

Autodesk, a developer of software for EPC applications, acquired Innovyze, a developer of Feb. 25 Innovyze Autodesk $1,000 Water ND ND business analytics and performance monitoring software, for $1bn

UAT Group, a technology holding company, acquired H2O Processing, a provider of water Feb. 25 H2O Processing UAT Group ND Water ND ND treatment components, for an undisclosed amount

Harman, a manufacturer of connected Advanced technologies for automotive, acquired Savari, a Feb. 26 Savari Harman ND ND ND Transportation developer of systems for V2X technology, for an undisclosed amount

Norvestor, a Norway-based private equity firm, acquired Smartvatten, a Germany-based provider Feb. 26 Smartvatten Norvestor ND Water ND ND of water management services, 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 M&A Transactions (5/6)

Asset Transactions

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

Ares Management acquired the 302 MW Lincoln Feb. 2 Apex Clean Energy Ares Management ND 302 Wind Land wind project in Morgan County, Illinois from Apex Clean Energy for an undisclosed amount

Boralex, a renewables IPP, acquired the controlling interests in a 209 MW portfolio of Feb. 2 ND Boralex $216 118 Solar seven solar plants located in the U.S. for $215.6mm

Indianapolis Power & Light, a subsidiary of AES, Indianapolis Power announced an agreement to acquire a 195 MW Feb. 5 Invenergy ND 195 Solar & Light Company solar project under development in Clinton County, Indiana, from Invenergy

Total, a French energy company, acquired a 2.2 GW solar and 600 MW battery storage Feb. 5 SunChase Power Total ND 2,800 Solar, Storage development pipeline in Texas from SunChase Power for an undisclosed amount

Eagle Creek Renewable Energy, an investor in North American hydropower, acquired the 48 MW American Electric Eagle Creek Feb. 9 ND 48 Hydro Racine hydroelectric plant in Racine, Ohio, from Power Renewable Energy American Electric Power, a U.S.-based investor owned utility, for an undisclosed amount

Castleton Clearway Energy acquired the 264 MW Mt. Storm Feb. 10 Commodities Clearway Energy $96 264 Wind wind project in Grant County, West Virginia, from International Castleton Commodities for $96mm

Vitol, a Dutch energy and commodity trading company, requested FERC approval to acquire 1 Feb. 12 BlackRock Vitol ND 240 Wind the 240 MW Big Sky wind project in Bureau and Lee Counties, Illinois, from BlackRock for an undisclosed amount

Longroad Energy Holdings announced the acquisition of a 900 MWdc solar portfolio in Longroad Energy Feb. 15 First Solar ND 900 Solar Arizona, with the potential for 1-2 GWh of battery Holdings storage, from First Solar, for an undisclosed amount

Xcel Energy announced the planned acquisition of the 120 MW Northern Wind Site in southwest ALLETE Clean Feb. 16 Xcel Energy ND 120 Wind Minnesota following its repowering in 2022 from Energy ALLETE Clean Energy, for an undisclosed amount

Greenbacker Renewable Energy requested FERC Greenbacker approval to acquire the 57.5 MW Summit Winds Feb. 22 Castlelake ND 58 Wind Renewable Energy Facility in Alameda County, California, from Castlelake, for an undisclosed amount

6 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Nomura Greentech acted as the exclusive financial advisor to BlackRock on the sale of Big Sky to Vitol. Select Recent Sustainable Technology & Infrastructure M&A Transactions (6/6)

Asset Transactions

Transaction Capacity Date Seller Acquirer Value ($mm) (MW) Subsector Transaction Description CenterPoint Energy, a U.S. electric and natural gas utility, and Capital Dynamics, an asset Arevon Energy CenterPoint Energy, manager, requested regulatory approval to Feb. 23 Management, ND 300 Solar Capital Dynamics acquire a 300 MW solar project under Tenaska development from Arevon Energy Management and Tenaska, for an undisclosed amount

Cordelio Power announced the acquisition of the 400 MW Firebrick wind project under Feb. 23 Tenaska Cordelio Power ND 400 Wind development in Audrain County, Missouri, from Tenaska, for an undisclosed amount

Hydroland, a hydropower owner and operator, Enel Green Power acquired a 25 MW portfolio of 13 run-of-river Feb. 25 HydroLand ND 25 Hydro North America hydroelectric facilities in the U.S. From Enel Green Power for an undisclosed amount

7 Source: FactSet, Press releases, SEC filings and Third-party providers. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (1/3)

Corporate Transactions

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

Cathay Innovation, Wind Ventures, Iberdrola, Advanced Spain-based provider of charging Feb. 2 Wallbox $40 Seaya Ventures Transportation infrastructure

Brabantse Ontwikkelings Maatschappij, Aqua- Agricultural Netherlands-based provider of insect- Feb. 2 Protix Spark, Rabo Corporate Investments, Invest- $19 Technology based animal feed NL

Deerfield Management, Pontifax Global Food U.S.-based developer of an agricultural Agricultural Feb. 3 Pairwise and Agriculture Technology Fund, Bayer, $90 program to focus on the use of gene Technology Temasek Holdings editing

Counterpoint Global, Fidelity, The Rise Fund, Advanced Feb. 4 Rad Power Bikes $150 U.S.-based electric bicycle maker Durable Capital Partners, Vulcan Capital Transportation

Ontario Teachers' Pension Plan, 5Y Capital, Advanced U.S.-based developer of AV Feb. 7 Pony.ai $100 ClearVue Partners Transportation technologies

Hamilton Lane, Blisce, Insight Partners, Agricultural U.S.-based reject groceries delivery Feb. 8 Imperfect Foods $15 Norwest Venture Partners Technology company

Guotai Junan International, CPE, Wanxiang Advanced U.S.-based provider of self-driving truck Feb. 9 Plus $200 International, FTA Transportation technology

Advanced U.S.-based developer of a freight Feb. 10 SmartHop Union Square Ventures, Equal Ventures $12 Transportation dispatching and planning platform

Founders Fund, Accompliance, Sozo Advanced U.S.-based developer of smart loading Feb. 11 Kargo $6 Ventures Transportation docks for supply chain processes

Industrifonden, SEB Greentech VC, Sofinnova Environmental Sweden-based maker of technology in Feb. 11 EnginZyme $13 Partners Services the sustainable production of chemicals

8 Source: FactSet, Press releases, SEC filings and Third-party providers. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (2/3)

Corporate Transactions

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

Fidelity, Inifinite Potential Group, Mission Advanced U.S.-based developer of lithium-ion Feb. 15 Enevate $81 Ventures Transportation battery technologies

3L, Starwood Capital, Dick Costolo, Advanced U.S.-based startup focused on valet Feb. 16 Metropolis Dragoneer, Slow Ventures, Zigg Capital, $41 Transportation parking DivcoWest, RXR, Dan Doctoroff

Happiness Capital Hanaco Ventures, CPT Agricultural Feb. 16 Redefine Meat Capital, Losa Group, Sake Bosch, K3 $29 Israeli 3D printed meat substitute startup Technology Ventures

Equillbrium Capital, Coppermine Capital, Bill Agricultural U.S.-based producer of greenhouse- Feb. 17 Little Leaf Farms $90 Helman, Pilot House Associates Technology grown lettuce

WRVI Capital, Toyota AI Ventures, BMW i Ventures, Fluxunit - OSRAM Ventures, Advanced U.S.-based developer of vision Feb. 17 Recogni Continental, Robert Bosch Venture Capital, $49 Transportation technology for autonomous vehicles GreatPoint Ventures, Mayfield Fund, DNS Capital

Breakthrough Energy Ventures, GV, NEA, Lennar Corporation, Collaborative Fund, Renewable Feb. 17 Dandelion Energy $30 U.S.-based geothermal company Building Ventures, Catchlight Venters, Energy GroundUp

Advanced Feb. 17 SUPER73 Volition Capital $20 U.S.-based electric bike company Transportation

U.S.-based producer of regenerative Agricultural Feb. 18 Cooks Venture ND $20 food products intended to offer chicken Technology and beef

Advanced South Korea-based transportation unit of Feb. 18 Kakao Mobility The Carlyle Group $200 Transportation Kako

Energy and U.S.-based warehouse robotics Feb. 18 Locus Robotics Tiger Global Management, BOND Capital $150 Industrial company Technology

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

Corporate Transactions

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

Renewable Sweden-based manufacturer of wooden Feb. 18 Modvion Vestas ND Energy wind towers

IQ Capital, Parkwalk Advisors, BGF, Foresight Energy and Cambridge GaN Williams, Cambridge Enterprise, Martlet U.K.-based maker of energy-efficient Feb. 19 $10 Industrial Devices Capital, Cambridge Angels and Cambridge devices Technology Capital Group

CPE Funds Management, Paul Run Holding, Agricultural China-based operator of an agricultural Feb. 22 Wangjiahuan $124 Hidden Hill Capital Technology products logistics platform

Highland Electric Advanced U.S.-based provider of electric fleet Feb. 22 Vision Ridge Partners, Fontinalis Partners $253 Transportation Transportation solutions

Accelerate Diagnostics, Goldman Sachs, American Family Insurance, Salesforce Ventures, Exelon, OpenGov, New York Energy and U.S.-based energy efficiency company Feb. 22 BlocPower Ventures, Bristlecone Capital, Andreessen $63 Industrial retrofitting existing buildings with electric Horowitz, Kapor Capital, Cleo Capital, Technology heating and cooling systems Operator Collective, CityRock Venture Partners, The Schmidt Family Foundation

Advanced U.S.-based developer autonomous Feb. 22 Perrone Robotics CapStone Holdings $10 Transportation vehicle systems

TPG ART, Pontifax Global Food, Agriculture Environmental U.S.-based maker of sustainable Feb. 23 Anuvia Plant Nutrients Technology Fund, Generate Capital, Piva $103 Services fertilizer products Capital

Agronomics, Bell Food Ground, Beyond Investing, Blue Horizon Ventures, CPT Agricultural Netherlands-based company with a Feb. 23 Mosa Meat $85 Capital, Glass Wall Syndicate, Jitse Groen, Technology cultivated beef hamburger Lowercarbon Capital, Mitsubishi, M Ventures

Energy and Switzerland-based startup developing Breakthrough Energy Ventures, Beyond Black Feb. 23 Bloom Biorenewables $5 Industrial products designed to substitute fossil- Venture Capital Technology sourced carbon in materials and fuels

U.S.-based operator of a SaaS-based Agricultural Feb. 25 iFoodDS ND $14 platform intended to collect data for food Technology safety

10 Source: FactSet, Press releases, SEC filings and Third-party providers. Select Recent Sustainable Technology & Infrastructure SPAC Transactions (1/2)

Special Purpose Acquisition Company (SPAC) Transactions

Implied EV EV / Transaction 1 Date Company SPAC Value ($mm) Subsector Company Description ($mm) Revenue1 EBITDA

10X Capital Venture Advanced Israeli manufacturer of modular Feb. 3 Ree Automotive $501 $3,100 0.6x 3.5x Acquisition Corp. Transportation electric vehicle architecture

U.S.-based manufacturer of GreenVision Advanced micromobility solutions including Feb. 8 Helbiz $88 $321 0.7x 1.7x Acquisition Corp. Transportation schooters, electric bikes and mopeds

Energy and U.S.-based owner-operator of Tortoise Acquisition Feb. 8 Volta $645 Industrial public electric vehicle charging $1,422 1.7x 3.3x Corp. II Technology infrastructure

Atlas Crest Advanced U.S.-based electric vertical take off Feb. 9 Archer $1,100 $2,713 2.6x 10.6x Investment Corp. Transportation and landing aircraft startup

Decarbonization Advanced U.S.-based hydrogen fuel cell Feb. 9 Hyzon Motors Plus Acquisition $626 $2,100 0.6x 4.2x Transportation heavy vehicle company Corp.

Peridot Acquisition Environmental Canadian recycler of lithium-ion Feb. 16 Li-Cycle Corp. $690 $1,099 1.1x 2.0x Corp. Services batteries

CF Finance Advanced U.S.-based AI-based LIDAR Feb. 17 AEye $455 $2,003 6.6x 21.8x Acquisition III Transportation systems manufacturer

Energy and Artius Acquisition U.S.-based maker of carbon Feb. 17 Origin Materials $925 Industrial $999 2.1x 7.2x Corp. negative materials Technology

U.S.-based OEM of medium- and NextGen Acquisition Advanced Feb. 22 Xos $595 heavy-duty last mile commercial $1,450 0.3x 1.2x Corp. Transportation electric vehicles

Churchill Capital Advanced U.S.-based maker of all-electric Feb. 22 Lucid Motors $4,570 $11,750 0.8x 7.0x Corp. IV Transportation luxury vehicles

11 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples based on 2025E revenue and EBITDA. Select Recent Sustainable Technology & Infrastructure SPAC Transactions (2/2)

Special Purpose Acquisition Company (SPAC) Transactions

Implied EV EV / Transaction 1 Date Company SPAC Value ($mm) Subsector Company Description ($mm) Revenue1 EBITDA

Rodgers Silicon Energy and U.S.-based manufacturer of silicon- Feb. 23 Enovix Valley Acquisition $405 Industrial $1,128 1.4x 3.6x anode lithium-ion batteries Corp. Technology

RMG Acquisition Renewable India-based integrated renewable Feb. 24 ReNew Power $1,200 $7,846 4.0x 4.6x Corp. II Energy power IPP

U.S.-based manufacturer of an all- Reinvent Advanced Feb. 24 Joby Aviation $1,600 electric, vertical take-off and $4,629 9.2x 35.7x Technology Partners Transportation landing aircraft

12 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples based on 2025E 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 2021E Debt/ 4 5 Company 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Diversified Industrials Danaher $219.67 89.3% $159,151 $178,573 22.1x 20.6x 28.9x 26.8x 2.0x 14.2% Siemens €127.98 94.0% $125,827 $156,147 13.7x 12.0x 19.2x 16.9x 3.1x 33.8% Honeywell $202.35 94.3% $143,669 $151,909 17.9x 16.5x 25.7x 22.8x 0.9x 15.3% Caterpillar $215.88 97.0% $118,626 $146,615 17.9x 15.0x 26.4x 20.8x 3.5x 25.8% GE $12.54 95.6% $110,089 $146,575 18.1x 13.2x NM 26.6x 4.3x 53.5% Raytheon Technologies $71.99 51.8% $108,993 $135,733 13.5x 11.0x 19.6x 14.4x 2.5x 24.9% Hyundai W237,000 88.6% $54,901 $98,733 10.1x 9.2x 10.4x 9.4x 5.7x 83.1% Schneider Electric €122.85 94.8% $83,145 $90,435 14.6x 13.4x 23.7x 20.9x 0.7x 14.0% Mitsubishi Corporation ¥3003 98.7% $41,698 $73,894 9.8x 9.1x 11.9x 9.5x 7.0x 93.5% Eaton $130.19 98.1% $52,245 $59,686 18.2x 16.2x 23.0x 19.9x 2.3x 14.2% ABB CHF26.12 95.1% $59,407 $59,350 13.7x 12.2x 22.9x 19.3x 0.3x 12.0% Emerson Electric $85.90 96.5% $51,703 $57,709 14.1x 13.1x 22.3x 20.1x 1.5x 14.1% Roper Technologies $377.62 83.3% $40,028 $49,570 21.9x 20.7x 25.8x 24.2x 4.2x 19.9% Johnson Controls $55.79 99.1% $40,531 $48,082 13.7x 12.7x 21.0x 18.3x 2.1x 19.2% Rockwell Automation $243.28 90.9% $28,488 $30,566 20.8x 18.9x 26.9x 25.1x 1.2x 8.2% Legrand €71.92 88.9% $23,456 $26,626 14.3x 13.6x 22.9x 21.3x 1.7x 24.6% Dover $123.26 95.1% $17,916 $20,706 14.5x 13.6x 19.1x 17.7x 1.9x 16.0% OMRON ¥8,580 85.8% $16,241 $14,217 16.3x 14.2x 35.8x 30.0x NM 1.8% Alstom €41.34 84.9% $12,342 $11,249 8.6x 6.7x 18.8x 15.3x NM 18.4% Hitachi Construction Machinery ¥3,275 86.2% $6,537 $9,825 10.2x 8.9x 20.2x 15.6x 3.2x 37.8% Woodward $114.22 89.9% $7,412 $7,970 17.8x 15.0x 31.4x 25.1x 1.3x 9.6% Regal Beloit $136.67 96.1% $5,590 $6,159 11.7x 10.7x 19.2x 17.2x 1.0x 18.6% Moog $77.66 92.4% $2,504 $3,462 10.7x 9.8x 16.8x 14.5x 3.0x 30.5% Bharat Heavy Electricals ₹47.65 100.0% $2,258 $2,052 25.5x 9.3x NM 17.0x NM 33.7% CG Power & Industrial Solutions ₹56.70 98.8% $677 $1,047 NM NM NM NM NM 38.5% Mean 91.4% 15.4x 13.2x 22.4x 19.5x 2.5x 27.0% Median 94.3% 14.4x 13.2x 22.6x 19.6x 2.1x 19.2%

Energy Infrastructure Primary Equipment and Power Electronics TE Connectivity $130.03 98.3% $43,300 $46,521 14.2x 13.4x 21.6x 19.4x 0.9x 9.0% Delta Electronics NT$280.50 88.8% $26,260 $26,778 13.5x 12.0x 23.2x 19.8x NM 5.7% Yaskawa Electric ¥5,320 88.2% $13,058 $13,341 23.7x 19.1x 49.5x 38.9x 0.5x 5.6% Sensata Technologies Holding $57.29 96.5% $9,084 $11,276 13.0x 11.8x 17.4x 15.1x 2.5x 35.9% Fuji Electric ¥4,420 94.7% $5,926 $7,564 9.3x 8.1x 17.2x 14.8x 1.8x 32.1% NGK Insulators ¥1,880 96.8% $5,595 $6,826 6.5x 5.8x 13.4x 11.5x 1.1x 36.3% LS Industrial Systems W57,500 78.1% $1,501 $1,514 6.2x 5.8x 13.2x 11.4x 0.1x 39.4% Mean 91.6% 12.3x 10.9x 22.2x 18.7x 1.1x 23.5% Median 94.7% 13.0x 11.8x 17.4x 15.1x 1.0x 32.1%

EPC and Services Jacobs $115.08 96.1% $15,093 $16,316 13.8x 12.5x 19.2x 17.0x 1.1x 16.5% Acciona €133.40 92.5% $8,834 $13,799 8.9x 8.1x 24.6x 19.3x 3.9x 64.8% Quanta $83.85 99.1% $12,160 $13,347 11.8x 10.7x 19.5x 17.4x 1.1x 10.9% ACS Group €25.34 86.6% $8,783 $11,672 3.6x 3.6x 10.7x 9.7x 2.1x 142.3% AECOM $57.89 96.7% $8,900 $10,706 13.1x 12.3x 20.8x 18.0x 2.4x 28.0% Skanska KR204.80 89.1% $10,105 $9,385 8.6x 7.9x 15.2x 13.8x NM 19.1% MasTec $86.75 97.3% $6,376 $7,448 8.5x 8.3x 17.4x 16.2x 1.2x 20.0% Stantec C$50.07 100.0% $4,429 $5,233 11.3x 10.7x 21.5x 18.9x 1.7x 19.9% EMCOR $97.37 96.3% $5,371 $5,004 8.3x 7.9x 15.1x 14.2x NM 10.7% Ameresco $57.12 82.3% $2,824 $3,196 24.1x 20.5x 47.2x 38.6x 2.5x 13.2% Dycom Industries $76.58 83.0% $2,408 $3,041 8.8x 8.0x 24.3x 18.9x 1.8x 21.3% Fluor $17.16 81.8% $2,415 $1,868 5.2x 4.8x 26.2x 14.5x NM 105.7% Primoris Services $33.47 93.5% $1,620 $1,821 6.2x 5.8x 13.7x 12.4x 0.7x 29.0% Balfour Beatty £2.75 96.4% $2,657 $1,700 5.4x 4.4x 14.0x 10.3x NM 53.7% STRABAG €30.10 99.5% $3,749 $1,626 1.3x 1.2x 9.2x 9.1x NM 106.2% Granite Construction $34.38 94.8% $1,570 $1,590 6.3x 5.9x 19.9x NM 0.3x 29.3% Aegion $25.85 97.3% $792 $978 9.8x 9.8x 20.7x 19.6x 1.8x 27.9% Bilfinger €29.50 92.2% $1,452 $939 3.8x 3.0x 25.7x 12.9x NM 73.4% Willdan $43.86 80.6% $527 $634 15.1x 10.7x 19.9x 18.9x 2.5x 21.3% Team $11.09 86.7% $341 $629 8.8x 7.2x NM NM 4.0x 49.7% Mistras $7.96 86.1% $233 $510 8.1x 6.6x 37.9x 7.2x 4.4x 58.5% Mean 91.8% 9.1x 8.1x 21.1x 16.2x 2.1x 43.9% Median 93.5% 8.6x 7.9x 19.9x 16.2x 1.8x 28.0%

Oil and Gas Services Liberty Oilfield Services $11.69 87.8% $1,064 $1,366 8.8x 4.4x NM 48.7x 0.9x 15.5% NexTier Oilfield Solutions $4.65 99.4% $997 $1,098 12.5x 6.3x NM NM 1.2x 34.5% ProPetro Holding $11.47 100.0% $1,157 $1,089 8.2x 5.7x NM NM NM 0.1% Secure Energy Services C$3.26 81.3% $409 $770 6.8x 6.1x NM NM 3.0x 44.6% Select Energy Services $6.32 93.9% $544 $375 8.5x 7.0x NM NM NM NM Mean 92.5% 8.9x 5.9x NM 48.7x 1.7x 23.7% Median 93.9% 8.5x 6.1x NM 48.7x 1.2x 25.0%

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/ Price as of % of 52 Wk Value Value 1 EV/EBITDA 2 P/E 3 2021E Debt/ Company 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA 4 EV 5 Energy Technology Smart Grid Solutions AMETEK $117.97 94.8% $27,356 $28,730 19.9x 18.6x 27.4x 25.4x 1.0x 9.0% Keysight Technologies $141.52 92.2% $26,606 $26,721 18.9x 17.2x 24.2x 22.1x 0.1x 7.5% Terna €5.77 88.0% $14,072 $24,579 11.0x 10.9x 14.8x 14.8x 4.7x 51.2% Generac $329.56 90.7% $21,087 $21,447 27.1x 24.5x 38.3x 35.6x 0.4x 4.4% Itron $117.24 100.0% $4,779 $5,600 24.3x 19.6x NM 35.6x 3.5x 17.9% ESCO Technologies $105.67 95.8% $2,767 $2,816 17.9x 15.3x 32.8x 27.6x 0.3x 3.8% Landis+Gyr Group CHF63.10 75.5% $2,009 $2,088 13.4x 10.6x 22.6x 16.6x 0.7x 22.6% S&T €22.16 87.7% $1,786 $1,805 9.8x 8.4x 20.5x 16.5x 0.1x 17.7% Smart Metering Systems £6.96 93.0% $1,105 $1,041 14.2x 12.7x NM NM NM 2.2% Mean 90.9% 17.4x 15.3x 25.8x 24.3x 1.3x 15.2% Median 92.2% 17.9x 15.3x 24.2x 23.7x 0.5x 9.0%

Energy Storage Tesla $675.50 76.5% $758,299 $753,478 NM NM NM NM NM 1.8% BYD Company HK$197.20 70.8% $69,352 $79,691 23.0x 20.9x NM NM 2.7x 14.1% Samsung W674,000 83.7% $40,118 $36,098 17.1x 13.8x 40.0x 32.3x 0.9x 9.8% Panasonic ¥1365.50 91.2% $29,919 $29,668 5.3x 4.8x 16.8x 13.7x 0.5x 51.4% EnerSys $90.28 95.4% $3,908 $4,585 11.2x 9.7x 17.1x 14.3x 1.6x 25.3% Stem 6 $34.18 68.4% $4,781 $4,256 NM NM NM NM NM NM Eos $21.26 69.8% $1,277 $1,072 NM NM NM NM NM NM Ultralife $6.81 80.3% $110 $103 9.6x 9.5x NM NM NM 3.5% Mean 79.5% 13.2x 11.7x 24.6x 20.1x 1.4x 17.7% Median 78.4% 11.2x 9.7x 17.1x 14.3x 1.3x 11.9%

Hydrogen Plug Power $48.38 66.1% $27,928 $27,969 NM NM NM NM 1.2x 11.3% Ballard Power Systems C$35.60 68.2% $7,557 $6,782 NM NM NM NM NM 0.3% Bloom Energy $28.53 66.9% $4,735 $5,410 NM NM NM NM 7.4x 16.9% FuelCell Energy $16.94 60.6% $4,343 $4,439 NM NM NM NM NM 5.7% Nel NOK25.22 73.0% $4,123 $3,867 NM NM NM NM NM 0.4% ITM Power £5.13 71.5% $3,414 $3,387 NM NM NM NM NM 0.3% McPhy €27.80 69.1% $939 $708 NM NM NM NM NM 1.3% Hexagon Purus 7 NOK50.94 62.0% $1,355 NM NM NM NM NM NM 1.8% Mean 67.2% NM NM NM NM 4.3x 4.7% Median 67.5% NM NM NM NM 4.3x 1.5%

LED Lighting Cree $113.46 88.4% $12,559 $12,422 NM NM NM NM NM 6.6% Hubbell Incorporated $177.51 98.5% $9,692 $11,136 14.7x 13.5x 21.3x 19.2x 1.9x 15.2% Universal Display Corporation $211.69 81.3% $10,013 $9,291 NM 27.3x NM 40.1x NM 0.1% OSRAM €51.28 97.0% $5,869 $6,398 11.1x 9.2x 40.2x 27.1x 1.1x 14.8% Acuity Brands $123.30 94.1% $4,661 $4,724 9.6x 9.3x 14.4x 13.7x 0.1x 12.2% Fagerhult KR46.50 87.7% $975 $1,375 9.4x 8.6x 16.2x 13.9x 2.7x 41.7% Veeco $21.50 95.2% $1,039 $1,051 12.7x 10.2x 18.9x 14.2x 0.1x 31.6% Zumtobel €5.94 74.3% $311 $487 4.1x 4.2x NM NM 1.5x 54.1% Dialight £2.59 76.0% $118 $160 9.7x 6.8x 27.3x 12.4x 2.5x 40.1% Beghelli €0.33 78.4% $79 $152 11.8x 9.5x NM 40.8x 5.7x 60.6% Mean 87.1% 10.4x 10.9x 23.1x 22.7x 2.7x 16.1% Median 88.1% 10.4x 9.3x 20.1x 16.7x 2.2x 9.0%

6 Recent SPACs Stem $34.18 68.4% $4,781 $4,256 NM NM NM NM NM NM Eos $21.26 69.8% $1,277 $1,072 NM NM NM NM NM NM Mean 70.7% NM NM NM NM NM NM Median 70.7% 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 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Advanced Transportation Automotive Companies Tesla $675.50 76.5% $758,299 $753,478 NM NM NM NM NM 1.8% Toyota Motor ¥7,873 93.1% $206,613 $360,553 11.5x 10.3x 10.9x 9.4x 5.8x 61.8% Volkswagen €193.70 99.3% $117,861 $312,290 6.5x 6.5x 8.1x 6.7x 4.1x 87.4% Daimler €66.25 98.6% $86,030 $224,168 8.4x 8.1x 8.2x 7.1x 5.4x 79.0% BMW €71.50 93.2% $57,181 $172,328 10.5x 9.6x 8.3x 7.1x 6.9x 80.9% Ford Motor Company $11.70 95.4% $47,923 $154,480 12.9x 11.1x 10.4x 7.7x 9.4x 105.5% General Motors Company $51.33 90.2% $74,480 $150,174 10.1x 8.9x 9.8x 8.3x 5.3x 74.0% Hyundai W237,000 88.6% $54,901 $109,484 11.2x 10.3x 10.4x 9.4x 5.7x 83.1% Honda Motor ¥2,912 93.0% $47,185 $86,805 8.2x 7.3x 8.4x 7.1x 4.2x 82.5% BYD Company HK$197.20 70.8% $69,352 $78,564 22.7x 20.9x NM NM 2.7x 14.1% Nissan Motor ¥574.70 88.0% $21,108 $65,889 19.7x 12.6x NM 10.3x 15.5x 109.2% SAIC Motor Y21.25 74.8% $38,347 $56,967 11.7x 10.4x 8.8x 7.7x 2.3x 81.8% NIO $45.78 72.9% $55,422 $54,440 NM NM NM NM NM 2.4% Renault €37.13 91.8% $12,228 $46,307 7.1x 5.7x 20.7x 5.4x 7.9x 171.0% Lucid 6 $ 30.75 53.0% $51,220 $46,215 NM NM NM NM NM NM Geely Auto HK$25.20 74.6% $30,201 $28,264 12.0x 10.8x 19.2x 15.5x NM 4.2% Tata Motors ₹323.00 96.2% $15,924 $26,135 5.2x 4.3x 29.4x 12.3x 2.2x 64.7% Fiat Chrysler Automobiles €13.43 90.3% $32,472 $25,745 1.1x 1.0x 6.8x 5.2x NM 99.6% Stellantis € 13.43 90.3% $25,756 $25,207 1.1x 1.0x 5.9x 4.5x NM NM KIA W79,400 78.2% $28,335 $24,286 4.0x 3.7x 8.5x 7.6x NM 37.9% XPeng $34.11 47.3% $26,944 $24,213 NM NM NM NM NM 8.3% Suzuki Motor ¥4,599 80.8% $20,956 $20,956 5.7x 4.9x 13.6x 11.5x NM 34.8% Li Auto 6 $25.37 57.7% $22,615 $18,318 NM NM NM NM NM 1.9% Arrival 6 $22.93 63.3% $13,962 $13,293 NM NM NM NM NM NM Dongfeng Motor 7 HK$7.14 72.1% $7,930 $11,088 23.6x 20.4x 4.2x 3.9x 6.7x 113.4% Subaru ¥1,989 73.1% $14,313 $9,695 3.5x 3.0x 10.5x 8.4x NM 32.4% Guangzhou Automobile HK$7.20 75.9% $9,502 $7,975 25.6x 18.4x 6.8x 5.8x NM 24.2% Fisker $28.50 100.0% $8,848 $7,808 NM NM NM NM NM NM FAW Car Group Y11.17 73.6% $8,041 $5,683 8.7x 7.4x 11.6x 10.4x NM 59.7% Mazda Motor ¥839.00 86.9% $4,964 $5,277 4.3x 3.2x 47.4x 9.4x 1.3x 163.5% Faraday 6 $ 14.09 73.5% $4,817 $4,069 NM 5.6x NM NM NM NM Mitsubishi Motors ¥302.00 80.3% $4,216 $3,435 6.9x 3.3x NM 17.9x 0.1x 139.0% Lordstown $19.34 61.6% $3,285 $2,610 NM 26.4x NM NM NM NM Canoo 6 $12.86 58.5% $3,181 $2,574 NM NM NM NM NM NM XL Fleet $14.17 43.5% $2,069 $1,719 NM NM NM NM NM NM Mean 78.8% 10.1x 9.0x 12.8x 8.6x 5.3x 67.3% Median 78.2% 8.5x 7.7x 9.8x 7.7x 5.3x 74.0%

Tier 1 Suppliers Denso ¥6,388 91.7% $46,460 $47,914 7.7x 6.6x 18.9x 14.2x 0.1x 26.8% Aptiv $149.84 95.4% $40,593 $40,312 16.5x 14.2x 39.7x 30.0x 0.7x 11.2% Continental €118.90 95.2% $28,865 $35,458 5.5x 4.7x 13.4x 10.4x 0.8x 26.1% Michelin €119.75 99.8% $25,946 $33,235 6.3x 5.7x 13.7x 10.9x 1.4x 32.2% Bridgestone ¥4,161 93.4% $27,499 $29,531 5.6x 5.1x 12.6x 12.4x 0.3x 32.0% Magna C$107.19 97.8% $25,477 $28,558 6.5x 6.1x 11.3x 9.7x 0.6x 21.6% QuantumScape $54.93 41.7% $24,587 $23,433 NM NM NM NM NM NM Knorr-Bremse €105.54 90.7% $20,650 $22,115 14.3x 12.8x 27.3x 24.4x 0.9x 17.8% BorgWarner $45.00 97.8% $10,752 $13,107 5.8x 5.4x 11.1x 9.3x 1.0x 30.6% Valeo €29.24 86.5% $8,527 $12,078 4.2x 3.5x 20.0x 11.1x 1.3x 56.8% Lear $166.09 97.5% $10,048 $11,745 6.4x 5.7x 11.9x 9.5x 0.8x 24.4% Faurecia €42.81 91.8% $7,114 $11,016 3.9x 3.3x 11.1x 7.4x NM NA Goodyear $16.81 98.8% $3,950 $9,302 6.3x 5.0x 18.1x 10.3x 3.5x 73.9% Luminar Technologies $27.13 64.9% $9,357 $8,869 NM NM NM NM NM 0.4% Gentex $35.38 94.2% $8,622 $8,171 11.9x 11.1x 17.3x 15.4x NM NM Dana $23.81 95.6% $3,469 $5,639 6.0x 5.2x 10.4x 7.7x 2.2x 47.0% American Axle & Manufacturing Holdings $9.77 88.6% $1,107 $4,146 4.6x 4.5x 6.6x 5.7x 3.3x 86.7% Visteon $127.17 87.6% $3,586 $3,676 14.2x 10.4x 40.4x 22.1x 0.1x 14.3% Ree Automotive 6 $ 11.14 68.1% $3,989 $3,553 NM NM NM NM NM NM Nexteer HK$10.26 71.6% $3,317 $3,301 5.8x 5.3x 13.2x 11.1x NM 10.8% Aeva 6 $13.86 69.3% $2,982 $2,654 NM NM NM NM NM NM Veoneer $27.48 90.1% $3,067 $2,583 NM NM NM NM NM 16.2% Gentherm $70.79 95.3% $2,356 $2,310 14.1x 12.6x 27.4x 23.0x NM 9.6% Ouster 6 $ 13.52 83.2% $2,513 $2,233 NM NM NM NM NM NM Velodyne $14.69 48.3% $2,532 $2,191 NM NM NM NM NM 0.5% AEye 6 $ 10.48 76.4% $2,534 $2,119 NM NM NM NM NM NM Hyliion $ 15.12 27.1% $2,513 $1,928 NM 21.3x NM 35.2x 41.7x NM 6 Innoviz $ 13.45 84.1% $1,928 $1,558 NM 17.5x NM NM NM NM Li-Cycle 6 $ 12.00 84.2% $2,004 $1,438 NM NM NM NM NM NM Romeo Power $ 12.33 36.3% $1,655 $1,314 NM NM NM NM NM NM Stoneridge $30.66 95.8% $828 $828 13.7x 10.6x 42.9x 25.0x 1.3x 18.1% Freyr 6 $ 11.00 73.7% $1,515 $666 NM NM NM NM NM NM Advent Technologies $13.69 73.1% $665 $631 NM NM NM NM NM 20.7% Mean 81.4% 8.4x 8.4x 19.3x 15.2x 3.8x 27.5% Median 88.6% 6.3x 5.7x 13.7x 11.1x 1.0x 21.6% 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. 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 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Mobility-as-a-Service Uber $51.75 81.9% $92,792 $96,498 NM NM NM NM NM 10.8% Lyft $55.70 94.2% $17,843 $16,614 NM NM NM NM NM 6.2% Helbiz 6 $ 10.18 93.8% $415 $343 26.4x 7.6x NM NM NM NM Mean 90.0% 26.4x 7.6x NM NM NM 8.5% Median 93.8% 26.4x 7.6x NM NM NM 8.5%

Autonomous Driving Chip Makers Nvidia $548.58 89.5% $346,154 $342,311 33.1x 29.7x 42.8x 37.3x NM 2.3% Intel $60.78 94.5% $250,353 $260,064 7.7x 7.5x 12.5x 12.2x 0.4x 14.2% Texas Instrument $172.27 95.3% $160,556 $161,080 19.6x 19.2x 25.8x 23.9x 0.1x 4.4% Qualcomm $136.19 82.6% $157,436 $160,869 13.8x 13.2x 18.1x 16.8x 0.3x 9.8% Advanced Micro Devices $84.51 86.9% $103,609 $101,828 33.1x 27.4x 43.8x 34.4x NM 0.6% Infineon €36.00 98.4% $56,937 $62,761 16.4x 14.5x 31.4x 26.7x 1.6x 15.9% Analog $155.82 95.1% $58,137 $62,236 21.2x 19.8x 25.4x 23.1x 1.4x 8.3% NXP $182.55 93.4% $52,074 $57,852 15.3x 14.0x 19.5x 17.7x 1.5x 13.6% STMicro €31.97 89.9% $36,054 $35,199 12.1x 10.8x 23.8x 20.9x NM 8.0% Renesas ¥1169.00 86.7% $19,279 $23,624 10.2x 9.8x 22.3x 19.1x 1.9x 27.0% ON Semi $40.27 96.2% $17,381 $19,958 14.4x 12.8x 25.3x 20.2x 1.8x 18.2% 6 indie semiconductor $ 10.63 75.4% $1,538 $1,073 NM NM NM NM NM NM Mean 90.3% 17.9x 16.2x 26.4x 22.9x 1.1x 11.1% Median 91.7% 15.3x 14.0x 25.3x 20.9x 1.4x 9.8%

Intelligent Transport / ITS / Smart Tolling Atlantia €15.53 76.2% $15,415 $66,706 9.4x 8.6x 25.7x 15.5x 7.1x 81.6% Roper Technologies $377.62 83.3% $40,028 $49,570 21.9x 20.7x 25.8x 24.2x 4.2x 19.9% FLIR Systems $53.40 95.5% $7,036 $7,513 16.2x 15.7x 22.5x 21.4x 1.0x 10.3% Autostrada €25.40 98.9% $4,080 $5,616 5.2x 5.2x 12.9x 16.3x 1.4x 52.4% LS Corporation W69,900 89.0% $1,728 $4,304 6.1x 5.6x 10.5x 9.3x 3.6x 91.9% Verra Mobility $ 14.25 93.9% $2,317 $3,061 15.0x 11.7x 20.6x 15.7x NM NM Cubic Corporation $69.45 99.5% $2,192 $2,996 16.3x 15.2x 19.7x NM 4.2x 30.8% Conduent $5.38 92.0% $1,130 $2,612 5.7x 5.6x 10.0x 8.5x 2.9x 74.3% Vaisala €32.40 76.1% $1,424 $1,437 18.4x 16.3x 36.0x 28.5x 0.2x 4.8% Kapsch TrafficCom €14.80 66.7% $234 $456 49.8x 8.8x NM 20.6x 28.3x 80.4% INIT Innovation in Traffic Systems €34.90 85.1% $423 $449 11.7x 9.4x 23.9x 16.7x 0.7x 15.7% Iteris $5.51 73.4% $227 $217 21.2x 11.1x 33.9x 17.4x NM 5.9% Q-Free NOK6.25 93.3% $81 $107 8.5x 7.3x 20.8x 14.2x 2.1x 32.9% Image Sensing Systems $4.59 76.0% $24 $18 6.7x 6.6x NM NM NM 6.3% Mean 85.6% 15.1x 10.6x 21.9x 17.4x 5.1x 39.0% Median 87.1% 13.3x 9.1x 21.7x 16.5x 2.9x 30.8%

Telematics Descartes Systems $58.56 91.4% $5,031 $4,930 31.5x 27.7x NM NM NM 0.3% Inseego $14.59 70.6% $1,430 $1,561 38.2x 19.9x NM 28.1x 3.3x 11.1% TomTom €7.78 79.2% $1,230 $820 NM 43.2x NM NM NM 6.5% ORBCOMM $7.63 84.1% $596 $792 12.0x 10.3x NM NM 2.9x 29.7% CalAmp $11.17 95.4% $386 $506 13.3x 11.1x 31.5x 27.4x 3.1x 41.7% Ituran $21.68 92.1% $451 $467 6.5x 5.8x 13.6x 11.3x NM 13.2% Quartix £4.70 100.0% $317 $303 43.3x 39.4x NM NM NM 0.4% MiX Telematics R8.48 94.7% $313 $281 8.9x 7.7x 30.1x 26.9x NM 1.1% Quarterhill C$2.79 91.2% $256 $159 9.1x 10.7x 19.9x NM NM 2.2% TeleNav $4.79 78.3% $229 $124 6.7x 6.0x NM NM NM 7.6% Mean 87.7% 18.8x 18.2x 23.8x 23.4x 3.1x 11.4% Median 91.3% 12.0x 10.9x 25.0x 27.1x 3.1x 7.0%

Logistics UPS $157.83 89.4% $137,470 $158,920 12.7x 11.9x 17.6x 16.3x 1.7x 17.5% FedEx $254.50 84.4% $68,461 $98,572 9.7x 9.0x 13.9x 12.6x 3.0x 39.0% Deutsche Post €41.06 94.2% $63,377 $80,847 7.1x 6.8x 14.4x 13.8x 1.3x 28.3% AP Moeller Maersk DKK13240.00 87.3% $42,015 $54,101 5.1x 5.9x 8.7x 11.4x 0.9x 30.6% Hapag Lloyd €121.80 65.3% $25,990 $32,247 8.1x 8.4x 13.3x 14.9x 1.6x 22.7% XPO Logistics $116.60 91.9% $11,893 $18,965 10.7x 9.8x 21.4x 18.6x 3.9x 47.4% J.B. Hunt $146.87 96.7% $15,677 $16,804 11.5x 10.3x 23.9x 20.3x 0.8x 8.6% C.H. Robinson $90.85 85.6% $12,462 $13,647 15.3x 14.5x 21.0x 19.3x 1.3x 10.5% Knight-Swift Trucking $43.20 92.3% $7,300 $8,050 6.4x 6.2x 12.7x 12.3x 0.7x 12.8% Schneider Trucking $23.13 83.3% $4,110 $3,974 5.7x 5.3x 14.7x 13.5x NM 7.7% Werner $42.92 91.2% $2,964 $3,145 5.6x 5.5x 13.6x 13.1x 0.3x 6.7% Mean 87.4% 8.9x 8.5x 15.9x 15.1x 1.5x 21.1% Median 89.4% 8.1x 8.4x 14.4x 13.8x 1.3x 17.5%

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 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Truck Companies Daimler €66.25 98.6% $86,030 $224,168 8.4x 8.1x 8.2x 7.1x 5.4x 79.0% Volvo KR216.30 97.7% $52,349 $59,217 8.7x 8.3x 15.1x 13.5x 1.2x 30.8% PACCAR $90.99 91.4% $31,665 $37,591 15.0x 12.4x 15.8x 13.4x 2.4x 29.0% Traton €23.05 92.1% $13,989 $25,007 7.5x 6.2x 12.2x 8.0x 3.1x 65.5% MAN €48.10 91.6% $8,585 $12,013 6.6x 6.3x NM NM 1.9x 39.1% Isuzu Motors ¥1114.00 95.2% $7,712 $8,441 5.0x 4.3x 13.0x 9.1x NM 34.3% Nikola Motors $18.10 22.7% $7,176 $6,265 NM NM NM NM 2.9x 9.1% Proterra 6 $ 20.79 71.4% $5,024 $4,376 NM NM NM NM NM NM Lion Electric 6 $ 19.91 59.5% $3,926 $3,483 NM 29.3x NM NM NM NM 6 Hyzon Motors $ 11.77 66.3% $3,157 $2,581 NM NM NM NM NM NM Xos 6 $ 11.53 65.5% $2,266 $1,751 NM NM NM NM NM NM Mean 85.1% 13.6x 11.2x 20.3x 17.2x 3.0x 23.1% Median 90.0% 11.6x 8.9x 19.4x 15.7x 1.5x 15.9%

Communications / Infrastructure AT&T $27.89 73.0% $200,139 $385,633 7.1x 7.0x 8.8x 8.5x 3.2x 47.1% Verizon $55.30 89.6% $229,108 $357,130 7.3x 7.2x 10.9x 10.6x 2.6x 42.2% T-Mobile $119.97 88.8% $150,150 $247,012 9.1x 8.5x 49.8x 34.3x 3.6x 43.4% Cisco Systems $44.87 91.7% $189,980 $173,693 9.6x 9.4x 13.7x 13.0x NM 9.0% Hitachi ¥4,876 94.7% $44,265 $62,744 6.4x 5.7x 11.0x 9.6x 1.6x 38.9% Toshiba ¥3,355 91.4% $14,285 $11,368 4.8x 4.1x 15.2x 12.9x 0.1x 42.3% ChargePoint $30.83 66.9% $10,592 $9,944 NM NM NM NM NM NM EVgo 6 $ 15.48 70.1% $4,073 $3,498 NM NM NM NM NM NM EVBox 6 $22.81 66.9% $3,349 $2,924 NM NM NM NM NM NM Volta Industries 6 $ 12.74 73.9% $2,606 $1,996 NM NM NM NM NM NM Blink Charging $38.24 63.0% $1,200 $1,187 NM NM NM NM NM 0.1% Nuvve 6 $ 14.18 63.7% $298 $228 NM 9.0x NM NM NM NM Mean 78.4% 8.6x 9.1x 16.4x 13.3x 2.5x 34.3% Median 85.1% 8.0x 8.2x 13.7x 12.9x 2.6x 36.6%

6 Recent SPACs Lucid $ 30.75 53.0% $51,220 $46,215 NM NM NM NM NM NM QuantumScape $54.93 41.7% $24,587 $23,433 NM NM NM NM NM NM Arrival $22.93 63.3% $13,962 $13,293 NM NM NM NM NM NM ChargePoint $30.83 66.9% $10,592 $9,944 NM NM NM NM NM NM Luminar Technologies $27.13 64.9% $9,357 $8,869 NM NM NM NM NM 0.4% Fisker $28.50 100.0% $8,848 $7,808 NM NM NM NM NM NM Nikola Motors $18.10 22.7% $7,176 $6,265 NM NM NM NM 2.9x 9.1% Joby Aviation $ 11.74 74.8% $7,748 $5,777 NM NM NM NM NM NM Proterra $20.79 71.4% $5,024 $4,376 NM NM NM NM NM 1.2% Faraday $14.09 73.5% $4,817 $4,069 NM NM NM NM NM NM Ree Automotive $ 11.14 68.1% $3,989 $3,553 NM NM NM NM NM NM EVGo $15.48 70.1% $4,073 $3,498 NM NM NM NM NM NM Lion Electric $ 19.91 59.5% $3,926 $3,483 NM NM NM NM NM NM Archer Aviation $ 11.90 69.4% $4,463 $3,426 NM NM NM NM NM NM EVBox $22.81 66.9% $3,349 $2,924 NM NM NM NM NM NM Aeva $13.86 69.3% $2,982 $2,654 NM NM NM NM NM NM Lordstown $19.34 61.6% $3,285 $2,610 NM NM NM NM NM NM Hyzon Motors $ 11.77 66.3% $3,157 $2,581 NM NM NM NM NM NM Canoo $12.86 58.5% $3,181 $2,574 NM NM NM NM NM NM Ouster $13.52 83.2% $2,513 $2,233 NM NM NM NM NM 7.7% Velodyne $14.69 48.3% $2,532 $2,191 NM NM NM NM NM 0.5% AEye $ 10.48 76.4% $2,534 $2,119 NM NM NM NM NM NM Volta Industries $ 12.74 73.9% $2,606 $1,996 NM NM NM NM NM NM Hyliion $ 15.12 27.1% $2,513 $1,928 NM NM NM NM 41.7x NM Xos $ 11.53 65.5% $2,266 $1,751 NM NM NM NM NM NM XL Fleet $14.17 43.5% $2,069 $1,719 NM NM NM NM NM NM Innoviz $13.45 84.1% $1,928 $1,558 NM NM NM NM NM NM Li-Cycle $ 12.00 84.2% $2,004 $1,438 NM NM NM NM NM NM Romeo Power $12.33 36.3% $1,655 $1,314 NM NM NM NM NM NM Electric Last Mile $10.46 72.2% $1,491 $1,262 NM NM NM NM NM 11.6% Indie semiconductor $10.63 75.4% $1,538 $1,073 NM NM NM NM NM NM Lightning eMotors $11.79 70.4% $970 $798 NM NM NM NM NM NM CarLotz $8.92 72.5% $1,024 $703 NM NM NM NM NM NM Freyr $ 11.00 73.7% $1,515 $666 NM NM NM NM NM NM Advent Technologies $13.69 73.1% $631 $509 NM NM NM NM NM 20.7% Helbiz $ 10.18 93.8% $415 $343 NM NM NM NM NM NM Nuvve $ 14.18 63.7% $298 $228 NM NM NM NM NM NM Mean 65.9% NM NM NM NM NM NM Median 69.3% NM NM NM 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 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Renewables Integrated PV and PV Manufacturing Hanwha W29,350 81.2% $1,812 $25,759 9.3x 8.9x 6.1x 4.9x 4.7x 69.0% Enphase $176.06 82.4% $23,816 $23,487 NM NM NM NM NM 1.5% Sungrow Y86.48 72.6% $19,508 $19,784 34.9x 26.8x 42.6x 32.8x 0.5x 5.8% SolarEdge $298.31 81.5% $15,959 $15,589 NM 33.6x NM NM NM 4.3% TBEA Solar Y12.13 85.7% $6,974 $11,932 10.8x 9.7x 16.5x 15.0x 3.6x 59.7% First Solar $81.02 75.3% $8,665 $7,398 10.8x 11.2x 21.6x 23.3x NM 6.5% Array $37.08 72.6% $4,709 $5,029 29.4x 25.5x 42.5x 36.9x 1.9x 8.5% JinkoSolar $51.34 58.6% $2,285 $4,592 8.8x 9.6x 12.2x 10.3x 3.7x 85.1% Daqo New Energy $104.25 84.0% $7,930 $8,086 14.6x 13.4x 21.1x 18.0x 0.2x 3.0% Canadian Solar $46.93 73.2% $2,804 $4,356 11.1x 9.8x 20.8x 13.3x 3.3x 65.8% GCL Y3.49 58.4% $2,736 $3,078 21.7x 14.9x NM NM 4.1x 23.3% SMA €53.25 78.8% $2,243 $2,022 19.2x 15.2x NM 40.3x NM 2.1% Foxconn Technology NT$70.00 89.5% $3,563 $1,306 4.4x 4.4x 15.4x 13.6x NM 59.9% ReneSola $14.94 44.5% $727 $868 26.2x 20.6x 48.2x 33.2x 2.9x 13.1% Mersen €28.45 94.8% $710 NA NM NM 13.1x 10.5x NM NA Maxeon $33.67 61.1% $834 $683 NM 11.3x NM NM NM 26.7% Manz €46.90 83.8% $441 $472 10.1x 7.2x 29.7x 16.2x 1.3x 24.1% Soltec €8.03 54.1% $891 NA NM NM 48.0x 23.8x NM NA Ecoppia6 NIS10.56 70.2% $312 NA NM NM NM NM NM NA Mean 73.8% 16.2x 14.8x 26.0x 20.9x 2.6x 28.6% Median 75.3% 11.1x 11.3x 21.1x 17.1x 3.1x 18.2%

Solar Development Sunrun $62.58 64.8% $12,053 $17,758 NM NM NM NM NM 29.7% BayWa €31.60 91.1% $1,352 $7,157 13.9x 13.5x 28.3x 22.0x 10.9x 81.7% SunPower $34.77 64.4% $6,959 $6,790 NM NM NM NM 3.6x 10.2% Sunnova $44.84 82.9% $4,287 $6,379 NM NM NM NM 21.2x 32.1% Mean 75.8% 13.9x 13.5x 28.3x 22.0x 11.9x 38.4% Median 73.9% 13.9x 13.5x 28.3x 22.0x 10.9x 30.9%

Wind Development Energiekontor €53.40 82.2% $929 $1,187 12.1x 10.3x 29.6x 23.9x 2.6x 28.6% PNE Wind €7.53 84.7% $697 $940 22.7x 13.1x NM 44.3x 6.1x 38.7% ABO Wind €45.60 88.5% $469 $538 11.5x 10.4x 24.8x 21.7x 1.5x 19.6% Arise KR47.10 85.6% $199 $264 9.0x 3.0x 12.9x 4.1x 2.2x 28.5% Mean 85.3% 13.8x 9.2x 22.5x 23.5x 3.1x 28.9% Median 85.2% 11.8x 10.3x 24.8x 22.8x 2.4x 28.6%

IPPs Enel €7.84 87.7% $96,773 $180,993 8.0x 7.6x 14.5x 13.5x 3.1x 42.1% Iberdrola €10.43 83.4% $77,745 $133,101 9.9x 9.0x 17.7x 16.0x 3.1x 36.1% ENGIE €12.09 75.5% $35,440 $64,513 5.2x 5.2x 12.1x 11.0x 2.8x 78.7% AES $26.56 91.9% $17,769 $38,362 10.1x 9.5x 17.0x 15.7x 4.8x 54.9% EDP Renovaveis €18.10 70.2% $19,164 $24,545 12.5x 11.5x 32.9x 29.0x 2.2x 20.3% NRG $36.51 84.7% $8,917 $13,139 5.4x 5.3x 7.1x 6.5x 1.9x 68.8% Northland Power C$42.25 83.1% $6,747 $12,835 14.0x 14.0x 30.1x 25.9x 6.0x 48.7% Neoen €48.40 69.5% $5,011 $7,757 19.2x 15.1x NM NM 6.8x 41.3% Boralex C$44.28 79.7% $3,789 $6,493 14.8x 14.3x NM NM 6.3x 45.9% Innergex C$24.08 74.9% $2,918 $6,476 13.1x 12.7x NM NM 7.6x 62.4% ERG €23.72 87.0% $4,286 $6,163 9.5x 9.0x 27.6x 24.9x 2.9x 43.9% Scatec Solar NOK251.00 63.1% $4,013 $5,140 12.2x 8.0x 41.8x 35.6x 2.7x 31.1% Falck Renewables €5.64 79.9% $1,980 $2,988 11.9x 10.8x 43.4x 33.2x 3.5x 38.9% Voltalia €22.70 85.5% $1,935 $2,547 12.6x 9.7x NM NM 2.8x 29.9% Solarpack €19.05 55.2% $769 $1,163 13.5x 10.5x 39.7x 25.4x 4.3x 41.4% Alerion Clean Power €12.05 80.3% $737 $908 6.9x 6.2x 21.6x 19.1x 1.3x 38.3% Atlantic Power C$3.67 96.3% $259 $865 4.6x 4.8x 12.6x 18.7x 2.8x 85.2% Etrion C$0.40 69.3% $108 $143 9.5x 4.9x NM NM 2.3x 28.2% Mean 78.7% 10.7x 9.3x 24.5x 21.1x 3.7x 46.5% Median 80.1% 11.0x 9.3x 21.6x 19.1x 3.0x 41.7%

Wind and Other Vestas DKK1154.50 74.0% $37,097 $34,878 14.4x 12.9x 34.9x 30.0x NM 4.7% Siemens Gamesa €30.80 80.0% $25,404 $25,898 24.2x 15.7x NM 37.2x 0.5x 9.4% Xinjiang Goldwind HK$16.60 87.4% $9,041 $12,534 11.4x 10.0x 15.1x 13.5x 3.0x 35.7% Ormat $85.67 68.0% $4,588 $5,582 13.8x 11.9x NM 42.8x 2.3x 26.6% Nordex €22.20 84.0% $2,875 $3,583 12.8x 8.3x NM 26.7x 2.5x 33.6% Suzlon ₹5.81 69.8% $661 $2,437 NM NM NM NM NM 73.8% TPI Composites $47.66 60.5% $1,816 $2,085 16.8x 12.3x NM 25.1x 2.2x 19.1% Bonheur NOK227.50 91.5% $1,124 $1,878 11.9x 9.6x NM NM 4.7x 66.7% China High Speed Transmission HK$7.54 83.9% $1,589 $861 4.3x 4.2x 13.2x 12.9x NM 87.3% Sif Holding €15.76 84.0% $488 $510 7.7x 7.3x 15.5x 14.9x 0.3x 13.5% Mean 78.3% 13.0x 10.2x 19.7x 25.4x 2.2x 37.0% Median 82.0% 12.8x 10.0x 15.3x 25.9x 2.3x 30.1%

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. 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 2/28/21 High ($mm) ($mm) 2021E 2022E 2020A 2021E EBITDA EV Yield Vehicles North American Yield Vehicles Brookfield Renewable Partners C$53.95 86.0% $13,268 $48,100 25.2x 24.1x 5.7% 4.3% 9.4x 41.8% NextEra Energy Partners $72.64 85.3% $12,880 $19,738 13.7x 12.3x 3.4% 4.4% 2.3x 17.4% Clearway Energy $27.46 75.2% $5,511 $12,517 11.1x 10.6x 4.7% 4.8% 6.1x 58.5% Atlantica Sustainable Infrastructure $36.15 77.9% $3,713 $9,062 10.6x 9.4x 4.6% 5.4% 6.1x 69.8% Hannon Armstrong $56.23 80.2% $4,771 $5,353 NM NM 2.4% NM 16.7x 40.4% TransAlta Renewables C$20.18 84.1% $4,254 $3,676 9.6x 9.3x 4.7% 5.6% 0.6x 19.1% Mean 81.5% 14.0x 13.1x 4.3% 4.9% 6.9x 41.2% Median 82.2% 11.1x 10.6x 4.7% 4.8% 6.1x 41.1%

European Yield Vehicles Encavis €17.54 69.6% $2,949 $5,036 16.3x 15.6x 2.1% NM 6.8x 47.1% Greencoat UK Wind £1.27 86.1% $2,839 $4,366 NM NM 5.6% NM NM 35.2% Renewables Infrastructure Group £1.28 92.4% $2,553 NA NM NM 5.2% NM NM NA NextEnergy Solar Fund £0.99 80.1% $1,059 $1,320 NM NM 7.1% NM NM 21.0% John Laing Environmental £1.14 92.7% $871 $869 NM NM 5.9% NM NM NM Bluefield Solar Income £1.34 96.4% $708 $707 17.9x 17.8x 6.0% NM NM NM Octopus Renewables £1.13 97.0% $551 $551 NM NM 0.3% NM NM NM Mean 87.8% 17.1x 16.7x 4.6% NM 6.8x 34.4% Median 92.4% 17.1x 16.7x 5.6% NM 6.8x 35.2%

MLPs Enviva $53.03 99.3% $2,110 $2,889 13.0x 10.5x 5.9% 4.1% 4.4x 33.9% Mean 99.3% 13.0x 10.5x 4.7% 4.1% 4.4x 33.9% Median 99.3% 13.0x 10.5x 5.7% 4.1% 4.4x 33.9%

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. 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 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Environmental Services and Technologies Solid Waste Waste Management $110.89 89.9% $47,139 $60,460 11.8x 11.0x 21.4x 18.9x 2.8x 23.7% Republic Services $89.09 86.9% $28,500 $37,641 11.3x 10.7x 22.0x 19.4x 2.9x 24.4% Veolia €22.35 78.8% $15,732 $33,393 6.3x 5.9x 13.7x 11.6x 3.9x 76.7% Waste Connections C$124.27 87.0% $25,751 $30,050 15.3x 14.3x 29.4x 25.8x 2.4x 16.3% SUEZ €17.25 98.6% $13,152 $26,975 6.5x 6.1x 19.1x 15.9x 3.6x 73.3% GFL Environmental $31.02 98.5% $10,925 $17,020 14.6x 13.8x 49.7x NM 5.6x 37.7% Casella $57.92 92.2% $2,938 $3,392 16.6x 14.5x 47.5x 37.1x 2.4x 18.0% Danimer $38.13 59.3% $3,510 $3,145 NM NM NM NM NM 0.6% PureCycle 6 $24.00 82.6% $2,851 $2,494 NM NM NM NM NM 12.4% Biffa £2.55 88.9% $1,021 $1,491 6.5x 5.9x 18.4x 13.5x 2.2x 42.5% Séché Environnement €51.90 93.3% $491 $1,032 5.6x 5.0x 15.2x 11.4x 3.0x 64.7% Mean 86.9% 10.5x 9.7x 26.3x 19.2x 3.2x 35.5% Median 88.9% 11.3x 10.7x 21.4x 17.4x 2.9x 24.4%

Specialty Waste Darling Ingredients $63.04 87.8% $10,527 $12,144 13.0x 8.8x 28.8x 16.0x 1.7x 14.5% Stericycle $64.87 87.1% $5,955 $8,071 14.9x 13.3x 23.3x 19.4x 4.2x 26.8% Clean Harbors $85.15 95.5% $4,706 $5,904 9.9x 9.5x 32.5x 31.2x 2.1x 30.0% Covanta Holding $14.05 91.9% $1,897 $4,384 10.4x 10.1x NM 45.3x 5.6x 61.2% Harsco $16.36 75.1% $1,293 $2,656 7.6x 7.2x 13.4x NM 4.6x 52.2% US Ecology $38.21 85.6% $1,187 $1,952 9.8x 8.6x 36.2x 27.3x 4.4x 43.6% Renewi £0.44 100.0% $484 $1,293 5.4x 4.8x 11.7x 7.6x 3.5x 76.1% Heritage-Crystal Clean $26.22 93.8% $616 $676 12.4x 10.0x 36.4x 24.1x 0.8x 16.6% Mean 89.6% 10.4x 9.0x 26.0x 24.4x 3.4x 40.1% Median 89.8% 10.1x 9.2x 28.8x 24.1x 3.8x 36.8%

Environmental Assessment Donaldson Company $58.91 94.5% $7,552 $7,841 14.4x 13.1x 22.5x 19.2x 0.6x 6.6% Montrose Environmental $48.88 100.0% $1,217 $1,355 21.9x 18.9x NM 39.3x 2.2x 2.9% CECO Environmental $8.20 92.1% $290 $333 10.6x 7.8x 16.1x 14.4x 1.7x 26.4% Advanced Emissions Solutions $5.70 59.7% $104 $92 NM NM NM NM NM 29.3% Mean 86.6% 15.6x 13.3x 19.3x 24.3x 1.5x 16.3% Median 93.3% 14.4x 13.1x 19.3x 19.2x 1.7x 16.5%

Recent SPACs 6 Danimer $38.13 59.3% $3,510 $3,145 NM NM NM NM NM 0.6% PureCycle $24.00 82.6% $2,851 $2,494 NM NM NM NM NM 12.4% Mean 71.0% NM NM NM NM NM 6.5% Median 71.0% NM NM NM NM NM 6.5%

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. 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 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Water Efficiency / Process Pentair $55.93 95.5% $9,368 $10,213 16.7x 15.7x 20.5x 18.9x 1.4x 9.1% Rexnord $44.95 95.4% $5,374 $6,386 13.5x 12.5x 22.6x 19.8x 2.1x 19.8% Flowserve $37.00 88.8% $4,847 $5,720 13.3x 11.7x 24.2x 19.9x 2.0x 33.9% Evoqua $24.55 79.1% $2,984 $3,731 15.0x 13.9x 35.5x 30.9x 3.0x 25.3% Kemira €13.37 92.2% $2,489 $3,421 6.7x 6.6x 14.9x 13.9x 1.8x 32.6% Badger Meter $108.59 99.1% $3,177 $3,114 31.8x 29.0x NM NM NM 0.3% Thermon Group $20.43 92.2% $683 $813 15.5x 13.4x 29.9x 23.8x 2.5x 22.4% Wabag ₹285.80 99.0% $242 $246 6.7x 5.9x 12.6x 10.8x 0.2x 21.7% Mean 92.7% 14.9x 13.6x 22.9x 19.7x 1.9x 20.6% Median 93.8% 14.3x 13.0x 22.6x 19.8x 2.0x 22.1%

Infrastructure, Monitoring and Compliance Ecolab $209.36 91.0% $60,442 $66,330 23.0x 20.6x 40.2x 34.2x 2.0x 10.7% Xylem $99.56 91.8% $18,070 $19,566 21.8x 19.7x 38.6x 32.5x 1.7x 17.2% Watts Water $114.09 87.4% $3,868 $3,908 16.8x 15.6x 29.9x 26.9x 0.2x 6.6% Mueller Water Products $12.89 97.8% $2,047 $2,298 11.0x 10.3x 21.8x 19.4x 1.2x 20.6% Aegion $25.85 97.3% $795 $1,021 10.2x 10.2x 20.7x 19.6x 1.8x 27.9% Select Energy Services $6.32 93.9% $544 $375 8.5x 7.0x NM NM NM NM Mean 93.2% 15.2x 13.9x 30.2x 26.5x 1.4x 16.6% Median 92.8% 13.9x 13.0x 29.9x 26.9x 1.7x 17.2%

Heating and Cooling Lennox $279.77 91.2% $10,799 $11,812 18.3x 17.1x 25.2x 22.5x 1.6x 10.0% A.O. Smith $59.37 96.0% $9,669 $9,138 15.0x 13.9x 23.6x 21.2x NM 1.7% AAON $77.10 95.4% $4,123 $4,047 33.7x 29.9x NM 48.8x NM 0.2% SPX $55.59 92.9% $2,566 $2,949 12.1x 11.4x 17.7x 16.4x 1.6x 15.3% Comfort Systems USA $61.94 94.7% $2,265 $2,543 10.6x 10.0x 18.3x 17.2x 1.2x 13.1% Mean 94.0% 17.9x 16.5x 21.2x 25.2x 1.5x 8.1% Median 94.7% 15.0x 13.9x 21.0x 21.2x 1.6x 10.0%

Distribution American Water Works Company $141.88 85.7% $25,680 $36,118 17.6x 16.5x 33.5x 31.0x 5.1x 30.5% Veolia €22.35 78.8% $15,732 $34,726 7.0x 6.5x 17.5x 13.7x 3.9x 76.7% SUEZ €17.25 98.6% $13,153 $27,758 7.3x 6.8x 22.0x 19.0x 3.6x 73.3% Essential Utilities $42.06 86.3% $10,716 $16,375 16.5x 15.3x 25.2x 23.5x 5.8x 35.0% Severn Trent £21.90 82.1% $7,324 $16,298 12.7x 11.7x 18.2x 15.6x 7.0x 55.3% SJW $62.68 88.0% $1,800 $3,330 15.0x 13.9x 26.4x 24.6x 6.9x 46.2% American States Water $73.05 78.5% $2,703 $3,253 18.5x 17.5x 30.5x 28.7x 3.1x 18.0% Middlesex Water Company $68.67 80.6% $1,200 $1,486 24.8x 23.9x 30.4x 28.9x 4.7x 19.5% York Water Company $41.61 82.2% $542 $648 19.0x 18.6x 32.8x 30.8x 3.5x 18.4% Artesian Resources $37.00 90.2% $347 $515 13.3x 12.8x NM NM 3.4x 29.1% Global Water Resources $17.33 97.4% $391 $488 27.1x 23.1x NM NM 5.4x 23.5% Consolidated Water $12.95 71.7% $198 $169 10.6x 9.0x 23.3x 18.6x NM 1.1% Mean 85.0% 15.8x 14.6x 26.0x 23.4x 4.8x 35.6% Median 83.9% 15.7x 14.6x 25.8x 24.0x 4.7x 29.8%

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. 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 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV AgTech Large Crop / Life Science Bayer €50.12 69.0% $59,766 $95,489 7.1x 6.7x 8.4x 7.6x 2.7x 52.9% BASF €67.73 97.6% $75,509 $80,261 7.4x 7.0x 15.8x 14.3x 1.9x 32.1% DuPont $70.32 81.4% $51,713 $71,245 18.2x 17.0x 20.8x 17.8x 5.1x 31.5% Archer-Daniels-Midland $56.58 96.8% $31,855 $37,425 9.8x 9.7x 14.8x 14.2x 2.7x 29.5% Bunge $76.58 96.6% $11,410 $19,397 10.4x 10.3x 12.1x 12.0x 4.0x 45.3% Mosaic $29.40 91.5% $11,240 $14,910 6.4x 6.6x 13.0x 13.8x 1.8x 31.9% AppHarvest $30.45 79.7% $3,400 $2,936 NM NM NM NM NM NM Mean 87.5% 9.9x 9.5x 14.1x 13.3x 3.0x 37.2% Median 91.5% 8.6x 8.4x 13.9x 14.0x 2.7x 32.0%

Irrigation / Equipment Deere $349.12 100.0% $110,357 $148,833 20.8x 18.1x 21.5x 18.5x 5.4x 31.1% CNH Industrial $14.84 97.4% $20,092 $36,170 14.6x 12.7x 18.6x 15.3x 6.8x 73.3% Kubota ¥2,408 93.2% $27,437 $34,134 12.9x 12.0x 18.3x 17.1x 2.3x 24.0% Mahindra & Mahindra ₹804.85 86.7% $12,246 $21,067 20.2x 17.8x 28.1x 31.3x 8.9x 53.3% Toro Company $100.77 98.9% $10,979 $11,352 18.9x 17.1x 28.6x 25.2x 0.7x 7.7% AGCO $129.48 99.7% $9,828 $10,102 9.2x 8.5x 17.9x 15.9x 0.6x 17.8% Valmont $236.53 99.4% $5,048 $5,534 14.1x 12.8x 25.3x 22.1x 1.2x 15.6% Hydrofarm Holdings 7 $63.48 68.1% $2,096 $2,190 NM NM NM NM 3.5x 5.8% Lindsay $160.25 96.7% $1,745 $1,744 23.1x 19.8x 42.6x 35.0x NM 8.4% Raven Industries $39.20 92.7% $1,417 $1,388 23.6x 18.0x 46.5x 32.0x NM 0.7% Jain ₹19.00 80.5% $133 NA NM NM NM NM NM 89.4% Mean 92.1% 17.5x 15.2x 27.5x 23.6x 3.7x 29.7% Median 96.7% 18.9x 17.1x 25.3x 22.1x 2.9x 17.8%

Industrial Biotechnology Neste €54.46 84.9% $50,757 $50,372 20.8x 17.5x 34.4x 27.5x NM 3.1% Cosan R$81.40 90.0% $5,642 $5,883 4.7x 4.4x 15.0x 14.2x 1.3x 48.5% Amyris $13.80 82.5% $3,400 $3,659 NM NM NM NM NM 7.8% Renewable Energy Group $77.77 68.4% $3,059 $2,916 10.9x 9.1x 18.5x 13.7x NM 3.3% Green Plains $25.32 92.8% $877 $1,318 11.1x 6.6x NM 21.8x 2.7x 44.8% MGP Ingredients $63.88 91.0% $1,081 $1,104 13.9x 13.0x 23.7x 21.7x 0.3x 4.1% Pacific Ethanol $6.48 59.8% $437 $498 4.0x 5.8x 6.3x 8.1x 0.5x 21.7% REX American Resources $94.07 95.0% $578 $412 9.0x 6.4x 18.7x 11.9x NM 3.3% FutureFuel $14.68 83.0% $642 $399 10.2x 14.5x NM NM NM 0.1% Mean 83.1% 10.6x 9.6x 19.4x 17.0x 1.2x 15.2% Median 84.9% 10.5x 7.8x 18.6x 14.2x 0.9x 4.1%

Building Materials Multi-Industry CRH $43.33 91.0% $34,278 $40,474 8.6x 8.3x 17.4x 15.8x 1.3x 34.2% Saint-Gobain €44.42 100.0% $29,050 $37,440 6.0x 5.6x 12.1x 10.8x 1.4x 50.3% Masco $53.22 89.0% $13,890 $15,762 10.4x 9.9x 15.8x 14.4x 1.1x 18.9% Owens Corning $81.02 93.2% $8,839 $11,403 7.3x 7.0x 12.5x 11.6x 1.6x 28.9% Beacon Roofing Supply $47.83 97.6% $3,348 $6,314 12.0x 11.4x 14.8x 13.6x 4.9x 54.3% Armstrong World Industries $85.58 77.0% $4,116 $4,694 12.9x 11.6x 21.7x 18.2x 1.7x 16.1% Simpson Manufacturing $97.46 93.4% $4,254 $4,023 13.7x 12.7x 23.1x 20.8x NM 1.2% Gibraltar $87.35 86.5% $2,858 $2,937 15.3x 13.1x 24.3x 21.0x 0.4x 3.8% Griffon $24.60 96.1% $1,309 $2,287 8.7x 8.1x 14.0x 12.1x 3.7x 53.0% Mean 91.5% 10.5x 9.7x 17.3x 15.4x 2.0x 29.0% Median 93.2% 10.4x 9.9x 15.8x 14.4x 1.5x 28.9%

Sustainable Products / Materials Kingspan €60.25 73.1% $13,384 $13,893 17.3x 16.1x 27.5x 24.6x 0.6x 14.9% Trex $91.64 86.2% $10,646 $10,559 32.7x 27.9x 49.5x 42.2x NM 0.3% Cabot Corporation $49.23 95.4% $2,786 $3,843 6.9x 6.7x 12.0x 11.3x 1.7x 28.8% Quanex $24.33 92.1% $808 $931 8.2x 7.7x 17.2x NM 1.1x 17.9% Aspen Aerogels $22.25 85.6% $602 $594 NM NM NM NM NM 1.4% DIRTT Environmental Solutions C$2.88 91.7% $193 $187 NM 15.5x NM NM NM 21.6% Mean 87.3% 16.3x 14.8x 26.6x 26.0x 1.1x 14.1% Median 89.0% 12.8x 15.5x 22.3x 24.6x 1.1x 16.4%

Recent SPACs AppHarvest $30.45 79.7% $3,400 $2,936 NM NM NM NM NM NM Mean 79.7% NM NM NM NM NM NM Median 79.7% 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 $34bn 27GW 50GW $4bn assignments

Note: As of February 28th, 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.

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