Rocket Lab USA
SPACE IS OPEN FOR BUSINESS
Investor Presentation
March 2021 rocketlabusa.com DISCLAIMER AND FORWARD LOOKING STATEMENTS
This presentation (this “Presentation”) was based on Vector’s and Rocket Lab’s current are not undertaking any obligation to update and unanticipated events may occur that non-GAAP measures to compare Rocket statement, the proxy statement/prospectus prepared for informational purposes only expectations and beliefs concerning future or revise any forward-looking statements could affect results. Therefore, actual results Lab’s performance to that of prior periods and all other relevant documents filed or that to assist interested parties in making their developments and their potential effects on whether as a result of new information, future achieved during the periods covered by the for trend analyses and for budgeting and will be filed with the SEC by Rocket Lab and own evaluation of the proposed transaction Vector, Rocket Lab or any successor entity events or otherwise. projections may vary and may vary materially planning purposes. 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All of such (the “SEC”), which will include a document combined capital structure, (vii) the ability can give any assurance that the forecasts November 16, 2020, and such information looking statements” within the meaning or projections contained herein accurately references are based on the belief of Rocket that serves as a joint prospectus and proxy and names of Rocket Lab’s directors of the Private Securities Litigation Reform to implement business plans, forecasts and Lab’s management based on ubliclyavailable statement, referred to as a proxy statement/ other expectations after the completion represents Rocket Lab’s future operations and executive officers will also be in the Act of 1995, Section 27A of the Securities or financial conditions. Such information information known to Rocket Lab’s prospectus. A proxy statement/prospectus Registration Statement on Form S-4 to be Act 1933, as amended, and Section 21E of of the Transaction, and identify and realize management. will be sent to all Rocket Lab and Vector additional opportunities, and (viii) the risk is subject to a wide variety of significant filed with the SEC by Rocket Lab and Vector, the Securities Exchange Act of 1934, as business, economic and competitive risks Non-GAAP Financial Measures. The financial shareholders. Rocket Lab and Vector will which will include the proxy statement of amended, including statements regarding of downturns in the commercial launch also file other documents regarding the services, satellite and spacecraft industry. and uncertainties, including but not limited information and data contained in this Vector Additional information regarding the Vector’s, Rocket Lab’s on their management to those set forth in the second paragraph Presentation is unaudited and does not proposed transaction with the SEC. 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Vector and the proxy statement/prospectus and all prospectus) and other relevant documents “intends”, “may”, “might”, “plan”, “possible”, forward-looking statements involve a number other relevant documents filed or that will of risks, uncertainties (some of which are that the prospective results are indicative Rocket Lab believe that these non-GAAP when they are filed with the SEC. “potential”, “predict”, “project”, “should”, of the future performance of Vector or measures of financial results provide useful be filed with the SEC in connection with “would” and similar expressions may beyond Vector’s or Rocket Lab’s control) or the proposed transaction as they become other assumptions that may cause actual Rocket Lab or that actual results will not information to management and investors identify forward-looking statements, but differ materially from those presented in the regarding certain financial and business available because they will contain important the absence of these words does not mean results or performance to be materially information about the proposed transaction. different from those expressed or implied by prospective financial information. Some of trends relating to Rocket Lab’s financial that a statement is not forward-looking. the assumptions upon which the projections condition and results of operations. Rocket Investors and security holders will be able These forward-looking statements are these forward-looking statements. Except to obtain free copies of the registration as required by law, Vector and Rocket Lab are based inevitably will not materialize Lab’s management uses certain of these
2 Rocket Lab USA FROM THE FOUNDER
Space has defined some of humanity’s greatest achievements, and it continues to shape our future.
I’m motivated by the enormous impact we can have on Earth by making it easier to get to space and to use it as a platform for innovation, exploration, and infrastructure. We go to space to improve life on Earth.”
Peter J. Beck Founder, CEO, Chief Engineer, Adjunct Professor
3 Rocket Lab USA Today’s Presenters
ROCKET LAB VECTOR ACQUISITION CORPORATION
Peter Beck Adam Spice Alex Slusky Founder, CEO, Chief Engineer Chief Financial Officer CEO, Vector Acquisition Corporation CIO, Founder, and Managing Director, Vector Capital
4 Rocket Lab USA Vector Capital Overview
OUR PEDIGREE Our Value Add for Rocket Lab
Tech-only Investment Fund Executing Accretive Acquisitions
$320M SPAC
25-Year Track Record Sales, Operations, Strategy
HIGHLIGHTS $3B+ 40+ 100+ 39% Capital Under Investing and Operating Tech Companies Gross IRR Since Management Professionals Acquired Since 1997 Inception
5 Rocket Lab USA CONTENTS
SECTION SECTION SECTION SECTION 01 02 03 04 Rocket Lab Overview Launch Space Systems Transaction Overview & Introduction & Financials
6 Rocket Lab USA SECTION 01 ROCKET LAB OVERVIEW & Introduction
7 Rocket Lab USA Section 1 In the history of spaceflight, only two private companies have delivered regular and reliable access to orbit
&
8 Rocket Lab USA Section 1 Rocket lab at a glance
A vertically integrated provider of small launch services, satellites and spacecraft components
Delivering end-to-end IN UNDER 6 YEARS space solutions
Launch: Proven rocket delivering dedicated access to orbit for 3+ years ND Space Systems: Manufacturing satellites and 18 97 3 2 2 7 best-in-class heritage spacecraft components Launches Satellites Launch Most frequently Mission Successful to space deployed pads built launched control missions to orbit U.S. rocket centers for USG customers Space Applications: Uniquely positioned to leverage launch and satellite capabilities and infrastructure to build and operate our own constellations 1 2 1 1 3 1 Strategic Factories of our own Recovered Interplanetary Awarded acquisition built satellites on rocket missions propellant orbit (+ more scheduled depot mission to come) (Moon, Mars, on orbit for Venus) NASA
9 Rocket Lab USA Section 1 Rocket Lab is way out in front Uniquely compelling investment opportunity in a generational space leader
› Unprecedented commercial investment and government expenditures are driving LIFT-OFF ELECTRON LAUNCH COMPLEX 1 Large, Rapidly rapid growth in the space economy Growing Market › Market forecast to grow to $1.4T by 20301
Pioneer with Commanding › One of only two commercial companies delivering regular access to orbit Leadership Position › Strong first-mover advantage in small launch category
› 18 launches since 2017 with cadence increasing Proven Business › Rocket Lab-built satellites and components on orbit Execution › Extensive launch and development facilities across U.S. and NZ
› Aggressive organic and inorganic expansion of Space Systems business Expanding Scope & Seizing › Missions scheduled to the Moon and Mars for NASA Growth Opportunities › Uniquely positioned to access expanding space applications TAM
› Current bookings for 2021 represent 90% of $69M forecast revenue (96% Y/Y growth) Attractive › Forecast EBITDA positive in 2023 and cash flow positive in 2024 Financial Model › Forecast crossing $1B revenue in 2026
› Peter Beck is a visionary in the space industry, leading Rocket Lab to a series of Successful Executive industry-defining firsts Team Driving Innovation › Adam Spice has public company CFO credentials and deep M&A experience › Motivated and passionate team of 530 employees LAUNCH COMPLEX 1 MAHIA, NEW ZEALAND
10 Rocket Lab USA Section 1 1 Wall Street Research $3 50 B+ TAM forecast to grow to $1.4T by 20301 Uniquely positioned to exploit a growing market
1 2 3 Launch SPACE SYSTEMS SPACE APPLICATIONS PHOTON COMPLEX PRODUCTION LAB ROCKET Electron & Neutron Photon TAM ~$320B 1 TAM ~$10B2 TAM ~$20B2
› TAM growth driven › Significant growth in › Market growth driven by historic levels small satellite mega by demand for space- of demand for constellations driven by based connectivity, Earth responsive small demand for commercial observation (including satellite launch Earth observation and synthetic aperture radar, and constellation telecom applications electro-optical and RF) deployments › DoD focused on resiliency and other services › Small satellite of space infrastructure › Significant untapped constellations will and satellite constellation potential for value-added account for ~83% deployment and services including data of all satellites replenishment management & analytics launched by 20283 to support end › Increased focus from multiple governments on customer insights high value deep space planetary exploration and discovery missions ELECTRON LIFT OFF LIFT ELECTRON LAUNCH COMPLEX 1
11 Rocket Lab USA Section 1 1 Wall Street Research 2 Allied Market Research 3 Bryce Reports WORLD LEADING TECHNOLOGY
Large technology moat PRODUCTION COMPLEX COMPLEX PRODUCTION AUCKLAND, NEW ZEALAND 1st 1st 1st 1st 3D printed Electric-pump Fully carbon And only rocket engine -fed rocket composite private orbital engine launch vehicle launch site
FIRST Unique O n ly FIRST Rocket that Kick Stage Reusable Private converts to a enabling small launch interplanetary satellite on orbit in-space vehicle mission transportation PHOTON ENCAPSULATION ENCAPSULATION PHOTON LAUNCH COMPLEX 1, 2020 ELECTRON LIFT-OFF LIFT-OFF ELECTRON LAUNCH COMPLEX 1, 2020
12 Rocket Lab USA Section 1 vertically integrated space company From raw material to orbit 1 2
1 2 5 6 Rocket Lab HQ Sinclair Auckland Mission Control Space Systems Interplanetary Production New Zealand Mission Control U.S. by Rocket Lab Complex
3 4
5 6
3 4 7 8 Global Tracking Launch Propulsion Test Launch Systems Complex 2 Complex Complex 1
13 Rocket Lab USA Section 1 7 8 PROVEN TEAM led by industry veterans
EXECUTIVE LEADERSHIP
Peter Beck Adam Spice Shaun O’Donnell Lachlan Matchett Founder, CEO, Chief Engineer Chief Financial Officer EVP – Global Operations VP – Propulsion
Shaun D’Mello Doug Sinclair Lars Hoffman Shane Fleming, VP – Global VP – Launch Space Systems Engineering Fellow SVP – Global Launch Services Commercial Launch Services
Ehson Mosleh Richard French, Director – Business Robbie Hurwitz Morgan Bailey Space Systems Chief Engineer Development & Strategy Space Systems Senior Legal Counsel Head of Communications
14 Rocket Lab USA Section 1 Our execution history
We do what we say we will do ELECTRON LIFT-OFF ELECTRON MAHIA, NEW ZEALAND
Launch 6 YEARS 2014 2018 2020 1st venture NZ launch 1st flight Factory built First NRO U.S. launch Successful 4th most Monthly launch capital site built to orbit to support 1 launch site built reuse mission frequent cadence into raised rocket per week launcher in 2021 production the world in ‘19 & ‘20
Space Systems 1 YEAR FIRST NASA MISSION 2018 2019 2020 Photon program Acquired Sinclair Awarded Awarded NASA Developed KSAT First Scheduled announced Interplanetary NASA CAPSTONE propellant multiple partnership Photon missions to the mission depot mission Rocket Lab launched Moon (2021), to the Moon in LEO satellite Venus (2023) and components Mars (2024)
Space Applications 0.5 YEARS
2020 First Rocket Lab Positioned to provide satellite on orbit space data to the market PHOTON FIRST LIGHT NOVEMBER 2020
15 Rocket Lab USA Section 1 SECTION 02 LAUNCH
16 Rocket Lab USA Section 2 dedicated small launch is critical Not all space access is the same
Rocket Lab delivers the first dedicated ride to orbit for small satellites, providing customers control over launch schedule and enabling tailored orbits that cannot be matched by large rocket rideshare
Launch Frequent On demand launch Strategically critical for 132 launch slots every year Small satellites More than 50% Large rockets do not military space resilience and (more than all U.S. launch face costly delays of small satellites provide adequate commercial constellation sites combined) when flying launched in control for many replenishment rideshare on large the past 5 years small satellite orbital rockets due to low were delayed from destinations launch frequency 4 months to 2 years
Tai lore d SCHEDULE orbits CONTROL Small satellite customers in control Ability to control launch time of exact orbits. Wide range of down to the second launch azimuths
17 Rocket Lab USA Section 2 Meet electron Fairing
Payload SIGNIFICANT plate technology Kick stage
m oats ELECTRON LAUNCH COMPLEX 1 SECOND stage
RUTHERFORD VACUUM ENGINE
INTERSTAGE 97 1st 132 180 Satellites Carbon Launch 3D printed deployed to composite opportunities engines orbit to date orbital launch every year delivered FIRST STAGE vehicle in across 3 to space
the world launch pads ELECTRON ON LAUNCH PAD LAUNCH COMPLEX 1
Powered by the Unique Kick Stage Designed for Tailored for world’s first 3D standard with every manufacturability satellites up printed and electric- launch to provide and reliability to 300 kg pump-fed rocket industry-leading (660 pounds) engine technology, precision and payload class Power Pack backed by a growing flexibility IP portfolio and 9x Rutherford patent filings Sea Level Engines ELECTRON COMPLEX PRODUCTION
18 Rocket Lab USA Section 2 2nd most frequently launched rocket in the U.S.
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1 SPACEX 2 ROCKET LAB MAY JANUARY NOVEMBER DECEMBER MARCH MAY 2017 2018 2018 2018 2019 2019
4th most frequent launcher globally
JUNE AUGUST OCTOBER DECEMBER JANUARY JUNE 2019 2019 2019 2019 2020 2020 1 CHINA 4 ROCKET LAB 2 RUSSIA 5 EUROPE 3 SPACEX 6 JAPAN
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