Sustainable Technology and Infrastructure Monthly Market Update // January 2021 Performance of Key Market Indices1 280.0% 203.4% 240.0% 200.0% 160.0% 120.0% 80.0% 42.8% 40.0% 15.2% 0.0% 13.6% (40.0%) Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500

1 Index Performance January Ending Versus January YTD CY 2019 52 Wk High 52 Wk Low MSCI World Index (1.1%) (1.1%) 14.1% (3.8%) 66.1% NASDAQ Composite 1.4% 1.4% 43.6% (4.1%) 90.5% S&P 500 (1.1%) (1.1%) 16.3% (3.7%) 66.0% NASDAQ Clean Edge Green Energy 13.8% 13.8% 182.4% (7.9%) 372.5%

Denotes Nomura Notable Recent Transactions & Capital Raises Greentech Transaction Date Target Acquiror Transaction Description

Naturgy, a Spanish multinational natural gas and electric utilities company, acquired Jan. 15 Hamel Renewables Hamel Renewables, a solar and energy storage development platform in the U.S., for an Corporate M&A undisclosed amount Transactions

Enphase, a supplier of microinverter-based solar-plus-storage systems, acquired Jan. 26 Sofdesk Enphase Sofdesk, a developer of a residential solar software platform, for an undisclosed amount

Date Company Transaction Description

esVolta, a U.S.-based developer, owner and operator of utility-scale energy storage projects across North Jan. 19 esVolta America, raised an undisclosed amount from Macquarie Green Investment Group Capital Raises

Rivian, a U.S.-based developer of electric vehicles raised $2.7bn led by T. Rowe Price Associates with Jan. 19 Automotive participation from Fidelity, Amazon, Coatue and D1 Capital Partners

Date Company Transaction Description

Proterra, a U.S.-based manufacturer of e-buses and power train solutions, announced plans to merge with Jan. 12 Proterra ArcLight Clean Transition Corp., a SPAC, at a valuation of $1.6bn2

EVgo, a U.S.-based provider of public fast-charging stations, announced plans to merge with Climate Change Jan. 22 EVgo Crisis Real Impact I Acquisition Corp., a SPAC, at a valuation of $2.1bn2 SPAC Transactions

Sunlight Financial, a U.S.-based residential solar financing platform, announced plans to merge with Spartan Jan. 25 Sunlight Financial Acquisition Corp., a SPAC, at a valuation of $1.3bn2

Faraday Future, a U.S.-based manufacturer of EVs, announced plans to merge with Property Solutions Jan. 28 Future Acquisition Corp., a SPAC, at a valuation of $2.6bn2

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 (1/5)

Corporate Transactions

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

Vortex Companies, a global provider of trenchless infrastructure products and services, acquired North American Jan. 3 Vortex Companies ND Water North American Pipeline Services, one of the ND ND Pipeline Services largest pipe rehabilitation contractors in the New Jersey tristate area, for an undisclosed amount

Sphere 3D, a provider of cloud and on premise data management solutions, has agreed to Jan. 5 Rainmaker Holland Sphere 3D ND Water acquire Rainmaker Holland, a water treatment ND ND subsidiary of Rainmaker Worldwide, for an undisclosed amount

Cox Automotive, a business unit of Cox Advanced Jan. 5 Fyusion Cox Automotive ND Enterprises, acquired Fyusion, a developer of AI ND ND Transportation and 3D capture tools, for an undisclosed amount

Ideanomics, a developer of fintech solutions Advanced Jan. 5 WAVE Ideanomics $50 acquired WAVE, a provider of wireless charging 7.1x ND Transportation systems, for $50mm

Neste, a Finland-based manufacturer of renewable fuels and chemicals, acquired a Environmental Jan. 5 Alterra Energy Neste ND minority stake in Alterra Energy, an Ohio-based ND ND Services chemical recycling technology company, for an undisclosed amount

Lakeshore Recycling Systems, waste and recycling company providing comprehensive, fully Environmental integrated waste diversion and recycling services, Jan. 5 Roy Strom Company Lakeshore Recycling ND ND ND Services acquired Roy Strom Company, a Chicago-based independent waste hauler, for an undisclosed amount

The Carlyle Group, a private equity firm, acquired Renewable Jan. 6 Amp Solar Group Carlyle Group $374 Amp Solar Group, Canada-based developer and ND ND Energy operator of clean energy assets, for $374mm

Badger Meter, a global provider of flow Analytical measurement and water quality solutions, Jan. 8 Badger Meter $44 Water 11.0x ND Technology (ATi) acquired Analytical Technology (ATi), a provider of water quality monitoring systems, for $44mm

GBA Group Environment, a provider of environmental analytics, acquired GEOTAIX GEOTAIX GBA Group Jan. 8 ND Water Umwelttechnologie, a provider of sampling and ND ND Umwelttechnologie Environment expert assessments for the water supply, for an undisclosed amount

SUEZ, a French water and waste management Heritage Hills Water utility company, acquired Heritage Hills Water Jan. 8 Works and Heritage SUEZ $9 Water Works and Heritage Hills Sewage Works, ND ND Hills Sewage Works providers of water utility services in New York, for €7.3mm

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 (2/5)

Corporate Transactions

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

AQUALIS, a portfolio company of DFW Capital Partners, acquired the assets of Weeks Utility Weeks Utility Jan. 11 AQUALIS ND Water Services, a provider of storm water lift station and ND ND Services pumping services in Florida, for an undisclosed amount

IDEX Corporation, a developer of fluidics systems and specialty engineered products, acquired Jan. 11 ABEL Pumps IDEX Corporation $104 Water ABEL Pumps, a manufacturer of highly- ND ND engineered reciprocating positive displacement pumps, for $104mm in cash

Waste Connections, a North America-based integrated waste services company, acquired Springs Waste Environmental Jan. 11 Waste Connections ND Springs Waste Systems, a Colorado-based family- ND ND Systems Services owned waste collection and recycling service company, for an undisclosed amount

SK Capital, a private investment firm focused on the specialty materials, chemicals and Environmental pharmaceuticals sectors, acquired Lacerta Group, Jan. 11 Lacerta Group SK Capital ND ND ND Services a designer and manufacturer of specialty thermoformed packaging solutions, for an undisclosed amount

Total, a French multinational integrated oil and gas company, acquired Fonroche Biogaz, a Renewable Jan. 11 Fonroche Biogaz Total ND French company that designs, builds and ND ND Energy operates anaerobic digestion units, for an undisclosed amount

Sulzer, a Swiss industrial engineering and manufacturing firm, acquired Nordic Water, a Jan.11 Nordic Water Sulzer $143 Water 1.6x 9.8x provider of screening, sedimentation and filtration solutions, for CHF 128mm

DHI, a provider of water management services, Blazer Water acquired Blazer Water Transfer, a leading water Jan. 12 DHI ND Water ND ND Transfer transfer service provider in the Permian Basin, for an undisclosed amount

ProAmpac, a provider of flexible packaging, acquired Rapid Action Packaging, a U.K.-based Rapid Action Environmental Jan. 12 ProAmpac ND manufacturer of cellulose-based food packaging ND ND Packaging Services products for prepared foods sold at retail, for an undisclosed amount

TPG Rise Fund, the impact investing arm of TPG, has acquired a majority stake in Element Markets, Environmental Jan. 12 Element Markets TPG Rise Fund ND a U.S.-based provider of environmental asset ND ND Services management and compliance services, for an undisclosed amount

Novatus Energy, a U.S. independent power Southwest producer, acquired Southwest Generation Power Infra / Jan. 12 Generation Novatus Energy ND Operating Co., another U.S. independent power ND ND Smart Grid Operating Co. producer, to create Onward Energy for an undisclosed amount

3 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/5)

Corporate Transactions

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

Marlowe, a U.K. specialist services company, Jan. 13 WPL Marlowe $14 Water acquired WPL, a wastewater treatment and ND ND compliance services provider, for £10M

May River Capital, a Midwest-based private equity Jan. 14 Unibloc Pump May River Capital ND Water firm, acquired Unibloc Pump, a leader in pump ND ND manufacturing, for an undisclosed amount

Jabil, a global manufacturing solutions provider, acquired Ecologic Brands, a U.S. provider of Environmental Jan. 14 Ecologic Brands Jabil ND sustainable packaging specializing in paper bottle ND ND Services and paper-based packaging solutions, for an undisclosed amount

Naturgy, a Spanish multinational natural gas and electric utilities company, acquired Hamel 2 Renewable Jan. 15 Hamel Renewables Naturgy ND Renewables, a solar and energy storage ND ND Energy development platform in the U.S., for an undisclosed amount

Trinity Consultants, a portfolio company of Levine Leichtman Capital Partners, acquired SESPE Environmental Jan. 15 SESPE Trinity Consultants ND Consulting, a California-based provider of ND ND Services environmental compliance and permitting services, for an undisclosed amount

District Management Inframark, an infrastructure services company, Services and acquired District Management Services and Community Jan. 20 Inframark ND Water Community Association Management Services, ND ND Association two subsidiaries of Meritus Corp., for an Management undisclosed amount Services Stella Environmental Holdings, a transfer station management and municipal waste logistics Central Missouri Stella Environmental Environmental services company, acquired Central Missouri Jan. 20 ND ND ND Transfer Holdings Services Transfer, a provider of transfer station management services throughout Missouri and Arkansas, for an undisclosed amount

H.I.G. Capital, a global alternative investment Advanced firm, acquired Continental Batteries, a distributor Jan. 21 Continental Batteries H.I.G. Capital ND ND ND Transportation of aftermarket batteries for electric vehicles, for an undisclosed amount

GPD Companies, an affiliate of One Rock Capital Partners, acquired Distrupol, a subsidiary of Environmental Jan. 22 Disrupol GPD Companies ND Univar Solutions and European distributor of ND ND Services thermoplastics to the polymer processing industry, for an undisclosed amount

AEA Investors, a private equity firm, acquired Verdesian Life Jan. 22 AEA Investors ND AgTech Verdesian Life Sciences, a plant health and ND ND Sciences nutrition startup, for an undisclosed 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 advisor. Select Recent Sustainable Technology & Infrastructure M&A Transactions (4/5)

Corporate Transactions

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

Royal Dutch Shell, a multinational energy Advanced company, acquired Ubitrcity, a provider of on- Jan. 25 Ubitricity Royal Dutch Shell ND ND ND Transportation street charging for electric vehicles, or an undisclosed amount

Enphase, a supplier of microinverter-based solar- Energy and plus-storage systems, acquired Sofdesk, a Jan. 26 Sofdesk Enphase 2 ND Industrial ND ND developer of a residential solar software platform, Technology for an undisclosed amount

Climate Adaptive Infrastructure, an infrastructure Climate Adaptive Renewable investment firm acquired an equity stake from, Jan. 26 Intersect Power $127 ND ND Infrastructure Energy Intersect Power, a U.S.-based developer of renewable energy projects, for $127mm

EDF Renewables, a clean energy utility, acquired Renewable the remaining 50% stake in EnterSolar, a Jan. 27 EnterSolar EDF Renewables ND ND ND Energy distributed solar provider for C&I customers, for an undisclosed amount

GIC, a Singapore-based sovereign wealth fund, Power Infra / will acquire a 20% interest in Duke Energy Jan. 28 Duke Energy GIC $2,100 ND ND Smart Grid Indiana, a subsidiary of the U.S.-based electric power holding company, for $2,100mm

Tighe & Bond, an environmental consulting firm, acquired RT Group, a Rhode Island-based Jan. 29 RT Group Tighe & Bond ND Water ND ND waterfront engineering firm, for an undisclosed amount

Source: FactSet, Press releases, SEC filings and Third-party providers. 5 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. 2. Nomura Greentech acted as advisor. Select Recent Sustainable Technology & Infrastructure M&A Transactions (5/5)

Asset Transactions

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

Axium Infrastructure, an infrastructure investment firm acquired a 49% stake in a 396 MW wind and Jan. 1 Coredlio Power Axium Infrastructure NA 396 Solar, Wind solar portfolio in Canada from Coredlio Power, an energy developer, for an undisclosed amount

Distributed Solar Development, a solar developer, Distributed Solar acquired a 10 MW community solar portfolio in Jan. 5 Undisclosed ND 10 Solar Development New York from an undisclosed seller for an undisclosed amount

Duke Energy Renewables, a developer of renewable projects, acquired a 144 MW solar Duke Energy Jan. 7 Recurrent Energy ND 144 Solar project in Texas from Recurrent Energy, an owner Renewables and operator of solar projects, for an undisclosed amount

Brookfield Asset Management, an infrastructure Brookfield Asset investment firm, acquired an 845 MW wind farm Jan. 8 Caithness Energy ND 845 Wind Management in Oregon from Caithness Energy, an IPP, for an undisclosed amount

Total, a multinational integrated oil and gas Solar, Energy company, formed a 50/50 JV with 174 Power Jan. 14 174 Power Global Total ND 16,000 Storage Global, a developer of solar projects, to develop 1.6 GW of capacity

EDPR, a developer of renewable energy projects, acquired an 85% stake in C2 Omega, which holds Jan. 18 C2 Omega EDPR $119 209 Solar a portfolio of 209MW, at an enterprise value of $119mm

Greencoat, an asset manager, acquired a 24% stake in an 861 MW portfolio of onshore wind Jan. 19 RWE Greencoat $160 861 Wind farms in Texas from RWE, an energy generation and distribution company, for $160mm

Leeward Renewable Energy, an owner and operator of renewable energy projects, acquired Leeward Renewable Jan. 25 First Solar ND 10,000 Solar the 10 GW utility-scale solar platform of First Energy Solar, a solar panel manufacturer, for an undisclosed amount

Nautilus Solar Energy, a developer of solar projects acquired a 19 MW distributed solar Nautilus Solar DC Jan. 27 Walden Renewables ND 19 Solar portfolio in Maine from Walden Renewables, a Energy developer of renewable projects, for an undisclosed amount

Allstate Investments, a private equity firm Greenskies Clean acquired an indirect interest in Greenskies Clean Jan. 27 Investments ND 200 Solar Focus Focus, a JLC Infrastructure portfolio company, for an undisclosed amount

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

Corporate Transactions

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

XN, Valor Equity Partners, GV, Sequoia U.S.-based developer of robotic systems Capital, Sidewalk Infrastructure Partners, Environmental Jan. 4 AMP Robotics $55 and AI that sort mixed material streams Congruent Ventures and Closed Loop Services for recycling Partners

U.S.-based developer and manufacterer New Hope Group, Meituan, Gaorong Capital, of 'adaptive robots' for use across Jan. 4 Flexiv GSR Ventures, Longwood, Meta Capital, Plug ND AgTech multiple industries including food and and Play, YF Capital agriculture

Newlight Partners, Cottonwood Technology Renewable U.S.-based hydrogen production Jan. 5 Bayo Tech $157 Funds, Sun Mountain Capital, Fortistar Energy company

Advanced U.S.-based fleet-logistics platform for Jan. 5 Kyte Amplo VC, DN Capital, Urban Innovation Fund $9 Transportation delivery

BGF, BP Ventures, Halma, Hostplus Advanced Jan. 5 Oxbotica Superannuation Fund, IP Group, Tencent, $47 U.K.-based developer of AV software Transportation Venture Science

U.S.-based maker of a shrimp New Enterprise Associates, Evolution VC Jan. 6 New Wave Foods $18 AgTech alternative made of sustainable Partners, Tyson Ventures seaweed and plant proteins

Advanced -based provider of charging Jan. 6 Wenea The European Investment Bank (EIB) $61 Transportation infrastructure

U.S.-based based alternative meat Jan. 7 Air Protein ADM Ventures, Barclays, GV $32 AgTech company

Advanced U.S.-based manufacturer of clean Jan. 7 Plug Power SK Group $1,500 Transportation hydrogen and zero emission fuel cells

ABC World Asia with participation from CDC India-based ag-tech startup offering a Group, Pratithi Investment Trust, Ankur Jan. 8 CropIn $20 AgTech variety of AI-driven data and software Capital, Chiratae Ventures, Invested solutions to the agricultural industry Development

Intel Capital, Africa Internet Ventures, Ronald U.S. AI-powered insights company Lauder, Eric Zinterhofer, DCVC, GGV Capital, providing decision-making solutions and Jan. 8 Gro Intelligence $85 AgTech Schusterman Family Investments, Dick analytics for the food, agriculture and Parsons, Rethink Food climate markets

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

Corporate Transactions

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

Devonshire Investors, Piva Capital, U.S.-based provider of industrial-scale Environmental Jan. 11 Boston Metal Breakthrough Energy Ventures, Prelude $50 metals production solutions developing Services Ventures, The Engine emissions-free steel

Enterprise Ireland, Puma Private Equity, Sure Advanced Ireland-based developer of an IoT- Jan. 11 CameraMatics $5 Valley Ventures Transportation enabled fleet management system

U.S.-based provider of omega-3 Jan. 11 Qualitas Health PeakBridge VC, Minrav, Arancia $10 AgTech supplements and algae-derived product offerings for alternative protein

U.K.-based provider of ground Advanced Jan. 12 Gett Pelham Capital Management $115 transportation services for business Transportation clients

Chris Muhr, DN Capital, Heartcore Capital, Advanced U.K.-based developer of an online, on- Jan. 13 Weezy $20 Left Lane Capital Transportation demand grocery delivery platform

CDB Equipment Manufacturing Fund, CMC Capital Partners, Hengjian Emerging Advanced Jan. 13 WeRide Industries Fund, Kinzon Capital, Tryin Capital, $310 China-based developer of AV systems Transportation Zhengzhou Yutong Bus Company, Zhuhai Huajin Capital

Sweden-based provider of last-mile AMF Pensionsförsäkring, H&M CO:LAB, Advanced Jan. 14 Budbee $63 home delivery services for e-commerce Kinnevik, Stena Investment Transportation businesses

Environmental Denmark-based developer of food waste Jan. 15 Too Good To Go Blisce $31 Services solutions

Prosus Ventures with participation from RTP India-based online platform offering end- Jan. 18 DeHaat Global, Sequoia India, FMO, Omnivore, $30 AgTech to-end agricultural services to farmers AgFunder

General Motors, Honda Motor Company, Advanced U.S.-based autonomous vehicle Jan. 19 Cruise $2,000 Microsoft Transportation company

U.S.-based developer, owner and Jan. 19 esVolta 1 Macquarie Green Investment Group ND Energy Storage operator of utility-scale energy storage projects across North America

8 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Nomura Greentech acted as advisor. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (3/5)

Corporate Transactions

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

Amazon’s Climate Pledge Fund, Coatue Advanced Jan. 19 Rivian Automotive Management, D1 Capital Partners, Fidelity $2,650 U.S.-based developer of electric vehicles Transportation Management & Research, T. Rowe Price

Advanced Israel-based developer of automated Jan. 19 UVEye Hyundai Motor ND Transportation vehicle-inspection systems

Advanced U.S.-based operator of EV charging Jan. 19 Volta Energize Ventures $125 Transportation networks focused on retail locations

Canada-based distributor of plant-based Jan. 20 Above Food Corp. Gravitas Securities $40 AgTech alternatives to animal products

Rage Capital, Lewis & Clark AgriFood, Agronomics, McWin, Radicle Growth, Rich U.S.-based seafood company that Products Corporation, Thai Union, Clear Jan. 20 Bluenalu $60 AgTech develops seafood products directly from Current Capital, CPT Capital, Flat World fish cells Partners, KBW Ventures, Losa Group, OurCrowd

Energy and U.S.-based developer of smart electrical Jan. 20 Span Munich Re Ventures, Alexa Fund $20 Industrial panels Technology

Naspers, Cathay AfricInvest Innovation, FMO: South Africa-based provider of Jan. 21 Aerobotics Entrepreneurial Development Bank, Platform $17 AgTech agriculture analysis Investment Partners

Australia-based provider of livestock Jan. 21 AgriWebb Telus Ventures $23 AgTech management software

U.S.-based provider of autonomous Jan. 21 Bear Flag Robotics True Ventures $8 AgTech technology for farm tractors

U.S.-based grocery delivery company Jan. 21 Imperfect Foods Insight Partners, Norwest Venture Partners $95 Agtech that sells imperfect, dicontinued, and surplus produce and grocery products

Andreessen Horowitz, Addition Ventures, Elad U.S.-based developer of a corporate Advanced Jan. 21 TripActions Gil, Greenoaks Capital, Lightspeed Venture $155 travel management and payments Transportation Partners, Zeev Ventures platform

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

Corporate Transactions

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

Advanced U.S.-based developer of an auto Jan. 22 MotoRefi Moderne Ventures $10 Transportation refinancing platform

National Manufacturing Transformation, Advanced China-based developer of autonomous Jan. 24 Uisee $150 Upgrade Fund Transportation vehicle systems

BMH, Futury Regio Growth Fund, Futury Advanced Germany-based developer of remote- Jan. 25 Wingcopter $22 Ventures, Hessen Kapital III, Xplorer Capital Transportation controlled drones

Coatue, funds advised by T. Rowe Price, 8VC, Energy and U.S.-based manufacturer of battery Jan. 26 Sila Nanotechnologies Bessemer Venture Partners, Canada Pension $590 Industrial materials Plan Investment Board, Sutter Hill Ventures Technology

NEA, WestCap Group, Brookfield Asset Renewable U.S.-based lender for residential solar Jan. 27 Loanpal $800 Management, Riverstone Holding Energy installations

TDK Ventures, Goodyear Ventures, Ambient Advanced U.S.-based developer of autonomous Jan. 27 Starship Technologies $17 Sound Investments Transportation delivery robots

Kubota, Forbon, Maverick Ventures, Israel-based developer of autonomous Jan. 27 Tevel $20 AgTech OurCrowd, AgFunder fruit-picking drones

Renewable Jan. 28 Social Energy CarVal Investors NA U.K.-based residential solar aggregator Energy

Berkeley Catalyst Fund and Fulcrum Global U.S. based-developer of microbiome- Jan. 29 Resilient Biotics Capital, Elanco Animal Health, Innovation in $7 AgTech based biotherapeutics Motion, Global Investors

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

Public Trading Debuts

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

China-based micro-mobility and e-bike Advanced Jan. 25 EZGO $11 ND solutions provider Transportation

U.S.-based provider of electrical balance Shoals Technologies Renewable Oaktree Capital Management, GFI Energy Jan. 27 of system (EBOS) solutions for solar $1,900 Group Energy Group energy projects

U.S.-based developer of precision Arcadian Capital, LDA Capital, Phyto Jan. 27 Agrify hardware and software grow solutions for $54 AgTech Partners indoor agriculture

U.S.-based renewable natural gas (RNG) Renewable CFB Clean Energy Capital, Axxion, Jan. 28 Montauk Renewables producer from alndfills and other non- $23 Energy Circumference Investments fossil fuel sources

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

Special Purpose Acquisition Company (SPAC) Transactions

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

ArcLight Clean Advanced U.S.-based manufacturer of e- Jan. 12 Proterra ND $1,600 1.9x NM Transition Corp. Transportation buses and powertrain solutions

Climate Change Advanced U.S.-based provider of public fast- Jan. 22 EVgo Crisis Real Impact I ND $2,056 12.4x NM Transportation charging stations Acquisition Corp.

Spartan Acquistion Renewable U.S.-based residential solar Jan. 25 Sunlight Financial ND $1,267 6.4x 11.3x Corp. Energy financing platform

Property Solutions Advanced Jan. 28 ND U.S.-based manufacturer of EVs $2,642 0.7x NM Acquisition Corp. Transportation

Alussa Energy Advanced Norway-based developer of next- Jan. 29 FREYR ND $529 1.6x NM Acquisition Corp. Transportation generation battery cells

12 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples based on 2023E revenue and EBITDA. Excludes multiples greater than 50.0x and multiples for companies with negative 2023E 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 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Diversified Industrials Danaher $237.84 96.9% $172,315 $190,763 23.6x 22.0x 31.3x 29.0x 1.9x 12.8% Siemens €127.94 96.3% $125,923 $156,103 13.9x 12.1x 20.4x 17.3x 3.2x 34.7% Honeywell $195.37 91.0% $138,713 $145,884 17.3x 16.0x 24.9x 22.3x 0.8x 15.3% Caterpillar $182.84 92.6% $100,471 $127,840 16.7x 13.3x 23.9x 18.0x 3.6x 29.1% Raytheon Technologies $66.73 42.5% $101,029 $127,287 13.0x 10.5x 18.4x 13.4x 2.5x 26.2% GE $10.68 81.2% $93,760 $126,405 14.2x 11.2x 41.1x 21.4x 3.5x 59.4% Hyundai W229,000 85.6% $53,280 $96,297 9.8x 9.0x 10.1x 9.1x 5.6x 84.9% Schneider Electric €120.95 94.6% $81,928 $89,525 15.0x 13.7x 23.9x 20.5x 1.0x 14.3% Mitsubishi Corporation ¥2648 90.2% $37,401 $69,944 9.1x 8.5x 11.1x 8.6x 7.0x 100.0% ABB CHF26.34 97.0% $62,741 $63,357 14.7x 13.1x 23.7x 19.5x 0.1x 15.3% Eaton $117.70 91.2% $47,351 $55,154 17.4x 15.7x 24.6x 20.9x 2.4x 15.5% Emerson Electric $79.35 94.0% $47,697 $52,431 13.5x 12.3x 22.0x 19.6x 1.2x 15.3% Roper Technologies $392.91 86.7% $41,648 $50,907 22.0x 21.1x 26.7x 25.4x 4.0x 18.8% Johnson Controls $49.82 95.0% $36,194 $43,745 12.7x 11.9x 19.1x 16.9x 2.2x 21.1% Rockwell Automation $248.53 92.8% $29,103 $31,181 21.2x 19.3x 27.4x 25.6x 1.2x 8.0% Legrand €75.90 93.8% $24,810 $28,114 15.3x 14.5x 24.0x 22.6x 1.8x 23.5% Dover $116.49 89.9% $16,932 $19,528 13.6x 12.9x 18.1x 16.8x 1.8x 15.9% OMRON ¥9,240 93.2% $18,096 $16,036 18.3x 15.9x 38.8x 33.1x NM 1.6% Alstom €44.86 92.2% $13,406 $12,311 10.4x 8.8x 20.5x 17.3x NM 16.8% Hitachi Construction Machinery ¥3,040 80.0% $6,175 $9,521 9.6x 7.6x 18.7x 14.1x 3.1x 39.7% Woodward $111.95 88.1% $7,164 $7,860 17.4x 14.9x 30.9x 24.6x 1.6x 10.9% Regal Beloit $125.48 88.2% $5,120 $5,810 11.2x 10.4x 18.5x 16.7x 1.3x 19.8% Moog $73.87 77.4% $2,381 $3,340 10.3x 9.4x 16.5x NM 3.0x 31.6% Bharat Heavy Electricals ₹36.05 81.8% $1,721 $1,536 14.8x 7.0x 34.8x 13.9x NM 43.3% CG Power & Industrial Solutions ₹39.70 77.2% $341 $419 NM NM NM NM NM 28.4% Mean 87.6% 14.8x 13.0x 23.7x 19.4x 2.5x 28.1% Median 91.0% 14.5x 12.6x 23.8x 19.5x 2.2x 19.8%

Energy Infrastructure Primary Equipment and Power Electronics TE Connectivity $120.40 92.3% $40,093 $43,314 13.3x 12.5x 20.1x 18.0x 0.9x 9.7% Delta Electronics NT$282.50 89.4% $26,297 $27,266 14.2x 12.6x 23.6x 21.0x NM 6.4% Yaskawa Electric ¥5,360 89.9% $13,388 $13,676 23.9x 19.6x 49.9x 39.2x 0.5x 5.6% Sensata Technologies Holding $54.50 94.2% $8,610 $10,998 12.6x 11.3x 16.7x 14.0x 2.7x 36.4% Fuji Electric ¥4,165 99.5% $5,683 $7,350 9.0x 7.9x 17.1x 14.3x 1.8x 33.6% NGK Insulators ¥1,828 95.3% $5,601 $6,701 6.5x 5.8x 15.1x 12.3x 1.1x 37.7% LS Industrial Systems W61,500 83.6% $1,612 $1,626 6.7x 6.3x 14.3x 12.3x 0.1x 36.9% Mean 92.0% 12.3x 10.9x 22.4x 18.7x 1.2x 23.7% Median 92.3% 12.6x 11.3x 17.1x 14.3x 1.0x 33.6%

EPC and Services Jacobs $100.96 87.9% $13,271 $14,677 12.6x 11.5x 17.0x 15.1x 1.2x 17.6% €123.70 93.3% $8,196 $14,082 9.0x 8.1x 22.0x 18.2x 4.4x 62.9% ACS Group €25.72 80.4% $9,076 $11,751 3.5x 3.4x 10.5x 9.3x 2.1x 141.4% Quanta $70.47 88.9% $10,173 $11,444 10.5x 9.7x 17.0x 15.0x 1.2x 13.0% Skanska KR216.60 90.7% $10,766 $10,589 9.7x 8.2x 16.2x 13.8x 0.2x 18.8% AECOM $50.10 91.1% $8,017 $9,008 11.1x 10.4x 18.2x 15.6x 1.3x 31.2% MasTec $77.15 93.7% $5,639 $6,908 8.4x 8.1x 15.8x 14.0x 1.5x 21.8% Stantec C$45.40 99.6% $3,995 $4,841 10.8x 10.0x 21.0x 18.9x 1.9x 21.3% EMCOR $88.30 87.3% $4,874 $4,729 8.5x 8.3x 15.1x 14.4x NM 11.3% Dycom Industries $81.14 90.3% $2,631 $3,252 9.4x 8.5x 24.7x 20.0x 1.8x 19.5% Ameresco $56.09 91.5% $2,754 $3,108 23.5x 19.9x 46.4x 37.9x 2.4x 12.2% Balfour Beatty £2.69 91.8% $2,543 $2,531 8.2x 6.6x 13.7x 10.1x NM 42.3% Primoris Services $29.11 91.6% $1,414 $1,742 6.1x 6.0x 13.2x 11.5x 1.2x 32.0% Fluor $17.29 82.4% $2,441 $1,699 4.1x 3.9x 14.5x 12.1x NM 101.2% Granite Construction $29.61 85.4% $1,397 $1,594 6.3x 6.0x 17.1x NM 0.9x 28.8% STRABAG €28.40 90.2% $3,540 $1,415 1.1x 1.1x 8.7x 8.6x NM 122.1% Bilfinger €27.92 80.9% $1,367 $1,407 5.8x 4.6x 24.3x 12.4x 0.3x 49.4% Aegion $18.37 79.2% $565 $791 7.9x 8.0x 14.7x 13.9x 2.2x 37.2% Team $9.88 69.9% $303 $695 9.7x 7.9x NM NM 5.5x 59.3% Willdan $44.69 87.3% $555 $682 16.3x 11.6x 20.3x 19.7x 3.0x 20.3% Mistras $6.91 61.0% $203 $479 7.6x 6.2x 32.9x 6.3x 4.4x 62.3% Mean 86.4% 9.1x 8.0x 19.2x 15.1x 2.1x 44.1% Median 88.9% 8.5x 8.1x 17.0x 14.0x 1.8x 31.2%

Oil and Gas Services Liberty Oilfield Services $12.02 90.6% $1,021 $1,313 7.9x 4.1x NM NM 0.7x 15.9% NexTier Oilfield Solutions $3.32 57.8% $711 $793 10.4x 4.5x NM NM 1.1x 48.8% ProPetro Holding $7.99 74.3% $806 $753 6.2x 4.2x NM NM NM 0.1% Secure Energy Services C$2.57 51.0% $319 $702 6.3x 5.7x NM 25.7x 3.2x 52.1% Select Energy Services $5.02 67.5% $432 $247 8.2x 4.6x NM NM NM NM Mean 68.3% 7.8x 4.6x NM 25.7x 1.7x 29.2% Median 67.5% 7.9x 4.5x NM 25.7x 1.1x 32.3%

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

Market Enterprise Net Debt/ 1 2 3 Price as of % of 52 Wk Value Value EV/EBITDA P/E 2021E Debt/ 4 5 Company 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Energy Technology Smart Grid Solutions AMETEK $113.26 91.0% $26,215 $27,884 19.4x 18.0x 26.5x 24.0x 1.2x 10.7% Keysight Technologies $141.59 93.7% $26,619 $26,835 19.8x 18.1x 25.2x 23.0x 0.2x 7.4% Terna €5.99 88.3% $14,636 $25,153 11.3x 11.2x 15.3x 15.4x 4.7x 50.1% Generac $246.42 88.8% $15,712 $16,151 23.8x 21.8x 32.9x 31.0x 0.6x 5.5% Itron $86.02 80.2% $3,470 $4,313 18.3x 15.1x 35.0x 25.0x 3.5x 32.5% ESCO Technologies $95.08 86.2% $2,488 $2,519 15.6x 13.6x 29.9x NM 0.2x 3.3% Landis+Gyr Group CHF65.80 70.0% $2,132 $2,210 13.5x 10.5x 23.9x 17.6x 0.6x 21.4% S&T €21.66 85.1% $1,748 $1,766 9.6x 8.2x 20.1x 16.5x 0.1x 18.1% Smart Metering Systems £6.83 91.3% $1,065 $1,002 13.9x 12.4x NM NM NM 2.2% Mean 86.1% 16.1x 14.3x 26.1x 21.8x 1.4x 16.8% Median 88.3% 15.6x 13.6x 25.8x 23.0x 0.6x 10.7%

Energy Storage Tesla $793.53 89.9% $876,851 $878,778 NM NM NM NM 0.1x 1.7% BYD Company HK$237.40 85.3% $83,528 $93,866 29.8x 26.1x NM NM 2.9x 12.0% Samsung W734,000 92.7% $43,880 $40,248 18.7x 15.3x 43.6x 35.9x 1.0x 8.8% Panasonic ¥1351.50 92.3% $30,134 $32,893 6.4x 5.6x 18.5x 14.9x 0.8x 48.5% EnerSys $82.23 88.2% $3,543 $4,273 10.2x 9.4x 15.7x NM 1.7x 26.7%

Stem6 $27.10 75.3% $3,774 $3,249 NM 28.8x NM NM NM NM Eos 6 $22.35 73.4% $1,351 $1,149 NM NM NM NM NM NM Ultralife $5.87 69.2% $94 $87 5.7x 4.7x NM NM NM 7.0% Mean 83.3% 14.2x 15.0x 25.9x 25.4x 1.3x 17.4% Median 86.8% 10.2x 12.3x 18.5x 25.4x 1.0x 10.4%

Hydrogen Plug Power $63.17 86.3% $36,536 $36,577 NM NM NM NM 0.8x 11.3% Ballard Power Systems C$43.73 92.3% $8,423 $8,054 NM NM NM NM NM 0.2% Bloom Energy $34.91 84.2% $4,851 $5,576 NM NM NM NM 7.1x 18.6% FuelCell Energy $20.76 94.4% $5,322 $5,418 NM NM NM NM NM 4.7% Nel NOK30.76 89.0% $4,772 $4,490 NM NM NM NM NM 0.3% ITM Power £5.50 76.7% $3,596 $3,568 NM NM NM NM NM 0.2% McPhy €30.75 76.4% $729 $710 NM NM NM NM NM 1.4% 7 Hexagon Purus NOK60.10 73.2% $1,610 NM NM NM NM NM NM NA Mean 84.1% NM NM NM NM 3.9x 5.2% Median 85.2% NM NM NM NM 3.9x 1.4%

LED Lighting Cree $101.08 81.8% $11,188 $11,052 NM NM NM NM NM 7.5% Universal Display Corporation $230.82 88.7% $10,909 $10,242 NM 27.6x NM 41.3x NM 0.1% Hubbell Incorporated $155.60 90.5% $8,480 $9,770 13.2x 12.1x 19.1x 17.2x 1.7x 15.9% OSRAM €51.40 97.3% $5,881 $6,465 15.2x 11.7x NM NM 1.6x 16.2% Acuity Brands $120.24 91.8% $4,545 $4,614 9.4x 9.1x 14.1x 13.4x 0.1x 12.5% Epistar NT$41.40 90.0% $1,594 $1,595 11.0x 8.7x NM NM NM 15.7% Fagerhult KR50.50 84.9% $1,068 $1,471 9.9x 9.1x 17.6x 15.1x 2.7x 39.3% Veeco $18.46 88.7% $908 $930 11.6x 9.7x 16.9x 13.2x 0.3x 35.7% Zumtobel €6.79 74.4% $356 $532 4.4x 4.5x NM NM 1.5x 49.6% Dialight £2.50 73.5% $112 $153 9.4x 6.6x 26.4x 12.0x 2.5x 41.1% Beghelli €0.30 72.4% $73 $146 11.4x 9.1x NM 37.6x 5.7x 63.1% Mean 84.9% 10.6x 10.8x 18.8x 21.4x 2.7x 17.0% Median 88.7% 11.0x 9.1x 17.6x 15.1x 2.1x 11.9%

6 Recent SPACs Stem $27.10 75.3% $3,774 $3,249 NM 28.8x NM NM NM NM Eos $22.35 73.4% $1,351 $1,149 NM NM NM NM NM NM Freyr $11.68 100.0% $420 $419 NM NM NM NM NM NM Mean 82.9% NM 28.8x NM NM NM NM Median 82.9% NM 28.8x 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 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Advanced Transportation Automotive Companies Tesla $793.53 89.9% $876,851 $878,778 NM NM NM NM 0.1x 1.7% Toyota Motor ¥7,300 91.1% $198,235 $343,442 11.8x 10.3x 10.6x 9.2x 5.9x 66.9% Volkswagen €174.50 97.2% $106,275 $302,870 6.3x 6.3x 7.3x 6.1x 4.1x 90.8% Daimler €58.12 98.4% $75,539 $217,876 9.2x 8.3x 8.5x 7.2x 6.2x 84.9% BMW €70.01 91.3% $56,040 $167,095 10.2x 9.3x 8.0x 7.0x 7.0x 81.5% $10.53 91.3% $42,173 $149,688 12.6x 11.5x 9.6x 7.3x 9.6x 105.9% Company $50.68 90.7% $72,929 $149,069 9.3x 9.2x 8.6x 7.8x 4.9x 79.5% Hyundai W229,000 85.6% $53,280 $96,297 9.8x 9.0x 10.1x 9.1x 5.6x 84.9% BYD Company HK$237.40 85.3% $83,528 $93,866 29.8x 26.1x NM NM 2.9x 12.0% Honda Motor ¥2,765 88.3% $45,593 $86,381 8.3x 7.1x 8.2x 6.7x 4.3x 84.5% Motor ¥532.10 88.1% $19,887 $68,364 22.3x 13.9x NM 9.9x 18.2x 115.9% NIO $57.00 90.9% $69,005 $68,023 NM NM NM NM NM 2.2% Renault €35.24 92.3% $11,601 $67,261 10.3x 8.3x 20.9x 5.6x 8.5x 109.1% SAIC Motor Y21.94 77.3% $39,587 $50,139 9.7x 9.0x 9.1x 8.0x 2.1x 79.8% XPeng $48.18 66.8% $38,058 $37,122 NM NM NM NM NM 5.8% Auto HK$28.35 83.9% $33,992 $32,142 13.5x 12.2x 21.8x 18.0x NM 3.7% Li Auto $32.25 73.4% $26,972 $26,060 NM NM NM NM NM 7.7% W82,500 88.4% $29,570 $25,503 4.2x 4.0x 8.9x 7.9x NM 35.6% €21.85 95.8% $25,049 $24,848 2.5x 2.2x 6.5x 5.3x NM 68.9% Tata Motors ₹262.60 90.4% $13,040 $23,435 5.2x 4.2x NM 14.4x 2.4x 73.0% Motor ¥4,708 82.7% $21,828 $22,081 5.8x 5.1x 14.1x 11.8x NM 34.3% Fiat Automobiles €12.53 84.2% $24,044 $21,122 1.0x 0.8x 5.3x 4.2x NM 151.9% Arrival 7 $26.95 74.4% $16,420 $15,751 NM NM NM NM NM NM Dongfeng Motor 6 HK$7.67 77.5% $8,523 $12,606 34.2x 27.8x 4.5x 4.2x 8.6x 108.1% Subaru ¥2,006 68.6% $14,693 $9,396 3.3x 2.8x 10.5x 8.5x NM 34.1% Guangzhou Automobile HK$7.07 74.6% $9,335 $7,972 25.6x 18.3x 6.6x 5.6x NM 24.7% FAW Car Group Y10.88 71.7% $7,763 $4,783 7.3x 6.2x 11.4x 10.0x NM 62.3% Motor ¥744.00 78.6% $4,475 $4,435 4.3x 3.1x NM 10.7x 1.1x 206.5% Fisker 7 $15.03 69.6% $4,516 $4,016 NM NM NM NM NM 13.4% Lordstown $25.18 80.2% $4,327 $3,652 NM NM NM NM NM NM 7 $15.07 68.5% $3,776 $3,169 NM NM NM NM NM NM Mitsubishi Motors ¥237.00 55.8% $3,369 $2,993 7.2x 3.0x NM 24.9x 1.2x 171.9% XL Fleet 7 $18.98 58.2% $2,818 $2,468 NM NM NM NM NM NM Mean 81.8% 11.0x 9.1x 10.0x 9.1x 5.4x 69.0% Median 84.2% 9.3x 8.3x 8.9x 7.9x 4.9x 73.0% Truck Companies Daimler €58.12 98.4% $75,539 $217,876 9.2x 8.3x 8.5x 7.2x 6.2x 84.9% Volvo KR206.80 95.1% $50,479 $59,437 9.0x 8.3x 15.3x 13.1x 1.5x 34.6% $91.22 92.3% $31,745 $37,303 14.8x 12.3x 16.1x 13.7x 2.2x 27.9% Traton €22.59 90.2% $13,719 $23,070 6.9x 5.7x 11.9x 7.8x 3.2x 64.0% MAN €45.00 85.7% $8,039 $11,470 6.3x 6.0x NM NM 1.9x 41.0% Nikola Motors $23.09 29.0% $8,869 $9,574 NM NM NM NM NM 7.4% Motors ¥1000.00 87.6% $7,045 $8,319 5.0x 4.3x 12.1x 8.6x 0.3x 35.4% Mean 82.6% 8.5x 7.5x 12.8x 10.1x 2.6x 42.2% Median 90.2% 7.9x 7.1x 12.1x 8.6x 2.0x 35.4% Tier 1 Suppliers Denso ¥5,807 93.7% $42,979 $45,340 7.8x 6.6x 19.0x 13.6x 0.3x 25.0% $133.60 88.4% $36,123 $36,410 15.1x 13.1x 32.6x 25.4x 0.9x 12.2% Continental €115.75 94.1% $28,126 $34,258 5.2x 4.6x 13.2x 10.2x 0.9x 27.3% Michelin €113.90 100.0% $24,701 $31,996 6.2x 5.6x 12.9x 10.7x 1.4x 33.5% Bridgestone ¥3,868 94.3% $26,014 $29,857 5.7x 5.1x 12.3x 11.2x 0.7x 33.4% Magna C$90.06 92.6% $21,108 $24,294 6.1x 5.6x 10.8x 9.1x 1.0x 23.6% Knorr-Bremse €109.18 93.8% $21,382 $22,826 14.9x 13.4x 28.4x 25.3x 0.9x 17.2% 7 QuantumScape $43.75 33.2% $19,583 $18,428 NM NM NM NM NM NM Valeo €30.84 91.2% $8,964 $15,109 5.2x 4.4x 18.5x 11.4x 1.8x 52.0% Faurecia €43.35 94.6% $7,210 $12,501 4.6x 3.9x 11.5x 7.6x 1.8x 63.7% Lear $150.76 88.5% $9,095 $10,969 5.9x 5.1x 10.4x 8.4x 0.9x 26.2% Luminar Technologies 7 $32.70 78.2% $11,360 $10,872 NM NM NM NM NM 0.3% BorgWarner $41.99 93.5% $8,705 $9,266 4.4x 3.9x 10.9x 9.0x 0.3x 30.6% Goodyear $10.55 76.0% $2,469 $8,960 6.1x 5.1x 12.4x 6.1x 4.4x 84.0% Gentex $33.05 88.0% $8,099 $7,676 11.5x 10.3x 16.5x 14.4x NM 0.4% Dana $19.36 85.5% $2,811 $4,974 5.4x 4.8x 9.2x 7.0x 2.3x 61.7% Nexteer HK$12.52 87.4% $4,049 $4,066 7.3x 6.6x 16.5x 13.7x NM 8.8% American Axle & Manufacturing Holdings $8.81 85.2% $998 $4,045 4.6x 4.6x 7.6x 6.0x 3.5x 88.5% $127.48 87.8% $3,569 $3,725 12.7x 10.2x 28.6x 19.9x 0.3x 14.1% 7 Velodyne $21.71 71.3% $3,757 $3,469 NM NM NM NM NM 0.3% 7 Aeva $14.76 79.1% $3,185 $2,857 NM NM NM NM NM NM Veoneer $26.29 95.4% $2,934 $2,397 NM NM NM NM NM 16.0% Hyliion $16.61 29.7% $2,812 $2,293 NM NM NM NM NM NM Gentherm $61.26 86.4% $2,019 $2,006 12.3x 11.0x 23.9x 20.8x NM 10.8% Stoneridge $27.45 85.7% $747 $834 11.5x 9.7x 32.3x 21.1x 1.4x 20.0% 7 Advent Technologies $14.95 79.8% $756 $776 NM NM NM NM NM 18.3% Mean 83.6% 8.0x 7.0x 17.2x 13.2x 1.4x 29.0% Median 87.9% 6.1x 5.6x 13.2x 11.2x 1.0x 23.6% 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. Dongfeng: excluding investments in unconsolidated subsidiaries. 2020E EBITDA. 7. For transactions that have not yet closed, the share price reflects that of the acquiring 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 2021E Debt/ 4 5 Company 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Mobility-as-a-Service Uber $50.93 85.7% $89,384 $91,980 NM NM NM NM NM 10.8% Lyft $44.46 82.4% $13,984 $12,553 NM NM NM NM NM 8.2% Mean 84.1% NM NM NM NM NM 9.5% Median 84.1% NM NM NM NM NM 9.5%

Autonomous Driving Chip Makers Nvidia $519.59 89.2% $327,342 $324,884 NM 31.9x 45.6x 39.4x NM 2.4% Intel $55.51 82.3% $228,646 $238,357 7.0x 6.9x 11.4x 11.0x 0.4x 15.5% Qualcomm $156.28 94.9% $179,409 $184,395 16.4x 15.5x 21.1x 19.7x 0.5x 8.9% Texas Instrument $165.69 94.6% $154,423 $154,626 18.8x 18.4x 24.8x 23.0x 0.0x 4.4% Advanced Micro Devices $85.64 88.1% $104,995 $103,214 33.6x 28.4x 44.6x 35.2x NM 0.6% Analog $147.33 91.8% $54,854 $59,272 20.9x 19.4x 25.3x 22.6x 1.6x 9.2% Infineon €33.13 93.3% $52,397 $58,734 16.1x 13.8x 31.6x 26.4x 1.8x 17.6% NXP $160.47 89.2% $44,846 $51,056 14.4x 13.2x 19.5x 15.9x 1.7x 18.8% STMicro €33.27 96.7% $37,554 $36,513 12.7x 11.3x 25.2x 21.9x NM 7.2% Renesas ¥1200.00 89.0% $20,127 $25,186 11.0x 10.3x 25.5x 22.1x 2.2x 26.6% ON Semi $34.49 89.5% $14,427 $17,184 13.4x 11.4x 25.1x 18.5x 2.1x 25.5% Mean 90.8% 16.4x 16.4x 27.3x 23.2x 1.3x 12.4% Median 89.5% 15.2x 13.8x 25.2x 22.1x 1.6x 9.2%

Intelligent Transport / ITS / Smart Tolling Atlantia €13.11 56.9% $13,024 $73,906 10.2x 9.5x 20.6x 13.1x 7.1x 84.3% Roper Technologies $392.91 86.7% $41,648 $50,907 22.0x 21.1x 26.7x 25.4x 4.0x 18.8% FLIR Systems $52.05 88.5% $6,854 $7,365 16.0x 15.1x 22.1x 20.4x 1.1x 11.3% Autostrada €18.36 68.3% $2,952 $4,927 4.6x 4.4x 10.1x 11.8x 1.4x 64.4% LS Corporation W64,400 82.0% $1,599 $4,228 6.2x 5.9x 9.9x 8.8x 3.8x 94.4% Cubic Corporation $61.18 90.3% $1,917 $2,683 14.5x 13.1x 18.0x NM 4.0x 33.6% Conduent $4.82 88.6% $1,009 $2,597 5.7x 5.8x 9.5x 8.4x 3.2x 80.3% Vaisala €39.65 93.1% $1,744 $1,778 20.9x 19.8x 37.1x 34.3x 0.4x 4.6% INIT Innovation in Traffic Systems €36.10 96.0% $438 $463 12.0x 9.7x 24.7x 17.3x 0.7x 15.2% Kapsch TrafficCom €15.70 58.4% $248 $463 18.2x 9.0x NM 30.0x 10.2x 77.9% Iteris $6.51 86.7% $273 $248 21.8x 12.2x 32.1x 19.4x NM 5.2% Q-Free NOK5.20 77.6% $54 $81 6.7x 6.1x 37.1x NM 2.2x 45.1% Image Sensing Systems $4.43 76.1% $24 $17 6.4x 6.3x NM NM NM 6.5% Mean 80.7% 12.7x 10.6x 22.5x 18.9x 3.5x 41.7% Median 86.7% 12.0x 9.5x 22.1x 18.4x 3.2x 33.6%

Telematics Descartes Systems $61.06 96.5% $5,246 $5,145 32.8x 28.9x NM NM NM 0.3% Inseego $18.36 88.8% $1,800 $1,930 NM 24.6x NM 35.3x 3.2x 9.0% TomTom €9.58 89.6% $1,990 $1,612 NM 28.9x NM NM NM 3.0% ORBCOMM $7.49 82.6% $584 $775 12.0x 10.1x NM NM 2.9x 34.3% CalAmp $10.01 85.9% $346 $465 12.3x 10.2x 28.2x 24.5x 3.1x 45.3% Ituran $19.14 73.1% $398 $413 5.8x 5.1x 12.0x 10.0x 0.2x 18.2% Quartix £4.37 99.1% $289 $276 NM NM NM 47.2x NM 0.4% MiX Telematics R8.20 95.1% $304 $273 8.6x 7.5x 29.3x 26.2x NM 1.2% TeleNav $4.76 75.3% $228 $134 6.5x 5.9x NM NM NM 5.6% Quarterhill C$2.57 91.1% $233 $133 7.7x 9.0x 18.4x NM NM 4.2% Mean 87.7% 12.2x 14.5x 22.0x 28.6x 2.4x 12.1% Median 89.2% 8.6x 10.1x 23.3x 26.2x 3.0x 4.9%

Logistics UPS $155.00 87.8% $135,160 $154,684 12.9x 11.7x 18.1x 16.3x 1.6x 18.6% FedEx $235.34 78.1% $63,306 $93,417 9.2x 8.5x 12.8x 11.7x 3.0x 41.2% Deutsche Post €40.81 93.6% $63,048 $80,410 7.1x 6.8x 14.8x 14.1x 1.5x 29.1% AP Moeller Maersk DKK12720.00 83.8% $40,393 $52,479 5.3x 5.5x 10.3x 10.9x 1.1x 32.2% Hapag Lloyd €93.10 49.9% $19,884 $25,723 7.5x 7.5x 14.5x 16.3x 1.8x 28.1% XPO Logistics $110.41 87.0% $11,262 $18,313 10.6x 9.9x 28.2x 22.1x 4.0x 48.8% J.B. Hunt $134.66 88.6% $14,373 $15,365 10.5x 9.4x 21.9x 18.6x 0.7x 8.5% C.H. Robinson $85.56 80.6% $11,737 $12,921 14.5x 13.7x 19.8x 18.2x 1.3x 11.1% Knight-Swift Trucking $40.00 85.5% $6,759 $7,336 5.8x 5.7x 11.8x 11.4x 0.5x 11.1% Schneider Trucking $21.00 75.6% $3,732 $3,224 4.7x 4.3x 13.5x 12.5x NM 9.5% Werner $39.24 83.4% $2,725 $2,870 5.3x 5.1x 12.9x 12.3x 0.3x 6.5% Mean 81.3% 8.5x 8.0x 16.2x 14.9x 1.6x 22.2% Median 83.8% 7.5x 7.5x 14.5x 14.1x 1.4x 18.6%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 16 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 2021E Debt/ 4 5 Company 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Communications / Infrastructure AT&T $28.63 74.2% $205,449 $390,943 7.2x 7.0x 9.1x 8.8x 3.1x 45.9% Verizon $54.75 88.7% $226,829 $356,046 7.3x 7.1x 10.8x 10.6x 2.6x 42.3% T-Mobile $126.08 93.4% $157,575 $253,591 9.2x 8.7x 47.4x 36.2x 3.5x 40.5% Cisco Systems $44.58 89.3% $189,198 $173,501 9.7x 9.5x 13.8x 13.0x NM 9.0% Hitachi ¥4,306 97.3% $39,775 $58,185 5.8x 5.2x 10.3x 9.1x 1.7x 41.2% ChargePoint 6 $38.06 82.6% $13,275 $12,627 NM NM NM NM NM NM Toshiba ¥3,415 92.3% $14,795 $12,295 5.2x 4.6x 13.2x 9.8x 0.2x 44.6% EVBox 6 $25.19 79.4% $3,730 $3,305 NM NM NM NM NM NM Nuvve 6 $18.37 82.5% $2,254 $2,184 NM 29.7x NM NM NM NM Blink Charging $49.43 81.4% $1,551 $1,538 NM NM NM NM NM 0.1% Mean 86.1% 7.4x 10.3x 17.4x 14.6x 2.2x 31.9% Median 85.6% 7.2x 7.1x 12.0x 10.2x 2.6x 41.2%

Recent SPACs 6 QuantumScape $43.75 33.2% $19,583 $18,428 NM NM NM NM NM NM Arrival $26.95 74.4% $16,420 $15,751 NM NM NM NM NM NM ChargePoint $38.06 82.6% $13,275 $12,627 NM NM NM NM NM NM Luminar Technologies $32.70 78.2% $11,360 $10,872 NM NM NM NM NM 0.3% Nikola Motors $23.09 29.0% $8,869 $9,574 NM NM NM NM NM 7.4% Faraday $18.45 100.0% $6,236 $5,498 NM NM NM NM NM NM Proterra $23.97 82.3% $5,755 $4,954 NM NM NM NM NM 1.0% EVGo $20.90 94.7% $5,499 $4,924 NM NM NM NM NM NM Fisker $15.03 69.6% $4,516 $4,016 NM NM NM NM NM 13.4% Lordstown $25.18 80.2% $4,327 $3,652 NM NM NM NM NM NM Velodyne $21.71 71.3% $3,757 $3,469 NM NM NM NM NM 0.3% EVBox $25.19 79.4% $3,730 $3,305 NM NM NM NM NM NM Canoo $15.07 68.5% $3,776 $3,169 NM NM NM NM NM NM Aeva $14.76 79.1% $3,185 $2,857 NM NM NM NM NM NM XL Fleet $18.98 58.2% $2,818 $2,468 NM NM NM NM NM NM Hyliion $16.61 29.7% $2,812 $2,293 NM NM NM NM NM NM Nuvve $18.37 82.5% $2,254 $2,184 NM 29.7x NM NM NM NM Romeo Systems $17.77 52.3% $2,447 $2,106 NM NM NM NM NM NM Ouster $11.74 72.2% $2,182 $1,902 NM NM NM NM NM NM Electric Last Mile $12.24 84.5% $1,781 $1,552 NM 6.3x NM NM NM 9.7% Innoviz $13.00 81.3% $1,855 $1,485 NM NM NM NM NM NM Indie semiconductor $11.24 79.8% $1,626 $1,161 NM NM NM NM NM NM Lightning eMotors $14.82 88.5% $1,241 $1,069 NM 21.4x NM NM NM NM CarLotz $10.44 84.9% $1,199 $878 NM NM NM NM NM NM Advent Technologies $14.95 79.8% $756 $776 NM NM NM NM NM 18.3% Mean 72.6% NM 19.1x NM NM NM 7.2% Median 79.4% NM 21.4x NM NM NM 7.4%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. 4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for 1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - companies with negative 2020E EBITDA. Investments in Affiliates - Cash and Marketable Securities. 5. (Debt + Preferred Stock)/EV. 2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 6. For transactions that have not yet closed, the share price reflects that of the acquiring 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 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Renewables Integrated PV and PV Manufacturing Hanwha W32,150 88.9% $1,999 $25,824 9.2x 8.7x 5.4x 5.0x 4.7x 68.8% Enphase $182.35 85.3% $24,667 $24,382 NM NM NM NM NM 1.5% Sungrow Y104.80 100.0% $23,638 $23,913 NM 34.0x NM 43.4x 0.5x 4.8% SolarEdge $288.33 78.8% $15,323 $14,758 NM 32.6x NM NM NM 4.2% TBEA Solar Y12.75 90.0% $7,330 $12,287 11.1x 10.0x 18.5x 15.2x 3.6x 58.0% First Solar $99.15 92.2% $10,584 $9,409 13.4x 13.9x 27.0x 30.8x NM 4.9% Array $40.76 79.8% $5,176 $5,149 30.1x 26.2x 46.5x 40.1x NM NM JinkoSolar $61.99 70.8% $2,758 $5,065 9.7x 10.6x 14.8x 12.5x 3.7x 77.2% Daqo New Energy $88.06 84.8% $6,748 $6,997 13.5x 12.2x 21.9x 19.1x 0.4x 4.8% Canadian Solar $54.75 85.3% $3,271 $4,823 12.2x 10.8x 24.2x 15.6x 3.3x 59.4% GCL Y4.04 67.6% $3,167 $3,509 24.7x 16.9x NM NM 4.1x 20.4% SMA €60.20 89.1% $2,538 $2,317 22.4x 19.0x NM NM NM 1.9% Technology NT$74.80 95.7% $3,787 $1,542 5.3x 5.2x 14.8x 14.5x NM 50.4% ReneSola $20.70 61.7% $1,008 $1,149 34.6x 27.2x NM 46.0x 2.9x 9.9% Mersen €25.20 81.7% $647 $1,028 6.4x 5.9x 11.6x 9.3x 2.2x 45.3% Maxeon $40.60 84.6% $1,006 $855 NM 14.1x NM NM NM 21.4% Manz €50.80 96.2% $478 $509 10.8x 7.8x 32.2x 17.5x 1.3x 22.4% Soltec €10.52 70.9% $192 $275 7.1x 4.2x NM 30.4x 2.1x 34.1% 6 Ecoppia NIS14.27 94.8% $426 NM NM NM NM NM NM NA Mean 84.1% 15.1x 15.3x 21.7x 23.0x 2.6x 28.8% Median 85.3% 11.7x 12.2x 20.2x 17.5x 2.9x 21.4%

Solar Development Sunrun $69.27 71.8% $9,320 $12,712 NM NM NM NM 37.4x 22.6% SunPower $54.01 100.0% $10,722 $11,035 NM NM NM NM 4.7x 8.5% BayWa €32.40 93.4% $1,388 $7,198 13.9x 13.6x 29.1x 22.5x 10.9x 81.3% Sunnova $43.85 81.0% $3,849 $5,913 NM NM NM NM 21.6x 32.4% Mean 86.5% 13.9x 13.6x 29.1x 22.5x 18.7x 36.2% Median 87.2% 13.9x 13.6x 29.1x 22.5x 16.3x 27.5%

Wind Development Energiekontor €53.80 82.8% $936 $1,195 12.3x 10.5x 31.5x 24.3x 2.7x 28.5% PNE Wind €7.76 87.3% $719 $963 21.5x 14.3x NM NM 5.7x 37.8% ABO Wind €49.00 95.1% $504 $574 11.8x 11.1x 22.8x 21.7x 1.4x 18.4% Arise KR49.60 90.2% $204 $268 8.3x 3.9x 11.0x 5.4x 2.0x 34.2% Mean 88.8% 13.5x 10.0x 21.8x 17.1x 2.9x 29.7% Median 88.7% 12.0x 10.8x 22.8x 21.7x 2.3x 31.3%

IPPs Enel €8.19 91.5% $101,146 $185,442 8.2x 7.7x 15.2x 14.1x 3.1x 41.1% €11.19 89.4% $82,562 $138,650 10.2x 9.3x 18.7x 17.2x 3.5x 36.8% ENGIE €12.82 77.0% $37,585 $80,833 6.5x 6.4x 12.6x 11.8x 3.0x 67.0% AES $24.39 86.9% $16,219 $37,444 9.8x 9.3x 15.6x 14.4x 5.0x 59.3% EDP Renovaveis €22.55 87.4% $23,898 $29,450 15.1x 14.0x 42.5x 41.0x 2.0x 14.8% NRG $41.41 98.8% $10,145 $14,653 6.0x 5.9x 8.1x 7.7x 2.0x 42.0% Northland Power C$46.85 92.2% $7,395 $13,472 14.0x 14.6x 24.5x 25.2x 5.8x 46.7% Neoen €58.20 83.6% $6,691 $9,167 21.8x 17.6x NM NM 5.9x 34.8% Innergex C$29.32 91.2% $3,521 $6,858 13.9x 13.4x NM NM 7.2x 55.6% ERG €25.18 92.3% $4,554 $6,432 9.9x 9.4x 29.3x 27.2x 2.9x 42.1% Scatec Solar NOK326.00 82.0% $5,248 $6,382 17.7x 12.4x NM NM 3.2x 25.2% Boralex C$50.17 90.3% $3,874 $5,971 13.7x 13.1x NM NM 5.2x 41.0% Falck Renewables €6.37 90.2% $2,243 $3,234 12.4x 11.6x 42.4x 36.4x 3.3x 33.2% Voltalia €24.50 92.3% $2,091 $2,703 13.3x 10.3x NM NM 2.8x 28.2% Solarpack €20.80 60.3% $840 $1,240 14.3x 11.5x 43.3x 27.7x 4.4x 38.6% Alerion Clean Power €13.10 87.3% $802 $973 9.9x 7.9x NM NM 1.7x 35.8% Atlantic Power C$3.78 99.2% $264 $881 4.6x 4.9x 12.9x 19.1x 2.9x 84.5% Etrion C$0.50 87.7% $135 $170 11.3x 5.9x NM NM 2.3x 23.7% Mean 87.8% 11.8x 10.3x 24.1x 22.0x 3.7x 41.7% Median 89.8% 11.9x 9.9x 18.7x 19.1x 3.1x 39.8%

Wind and Other Vestas DKK1334.00 85.5% $42,687 $40,700 17.1x 16.5x 35.7x 33.2x NM 2.8% €33.89 88.1% $27,978 $27,700 24.7x 16.6x NM 40.3x NM 7.3% Xinjiang Goldwind HK$16.18 87.9% $8,816 $12,309 11.2x 9.8x 14.8x 13.1x 3.0x 36.4% Ormat $114.16 98.9% $5,854 $7,104 16.9x 15.1x NM NM 2.8x 20.9% Nordex €23.52 90.4% $3,048 $3,757 13.4x 8.7x NM 28.8x 2.5x 32.1% TPI Composites $59.91 85.7% $2,242 $2,519 16.6x 14.0x 40.1x 29.6x 1.8x 17.0% Bonheur NOK223.50 89.9% $1,111 $1,866 11.8x 9.1x NM NM 4.7x 72.6% Suzlon ₹6.30 75.7% $459 $1,317 NM NM NM NM NM 67.6% China High Speed Transmission HK$7.30 81.2% $1,540 $812 4.1x 3.9x 12.8x 12.5x NM 92.6% Sif Holding €17.78 94.8% $551 $574 8.8x 8.9x 22.9x 19.0x 0.3x 12.0% Mean 87.8% 13.8x 11.4x 25.3x 25.2x 2.5x 36.1% Median 88.0% 13.4x 9.8x 22.9x 28.8x 2.7x 26.5%

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. 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 1/31/21 High ($mm) ($mm) 2021E 2022E 2019A 2020E EBITDA EV Yield Vehicles North American Yield Vehicles Brookfield Renewable Partners C$58.05 92.6% $14,149 $41,329 22.2x 20.9x 5.3% 4.6% 9.0x 42.5% NextEra Energy Partners $81.50 95.9% $14,453 $21,213 14.6x 13.4x 2.9% 4.2% 2.6x 19.3% Clearway Energy $30.98 84.8% $6,217 $12,049 10.7x 10.2x 4.1% 5.0% 5.7x 58.0% Atlantica Sustainable Infrastructure $41.35 89.1% $4,201 $9,585 10.5x 9.8x 4.1% 5.3% 5.8x 65.6% Hannon Armstrong $59.15 84.4% $4,503 $5,218 NM 34.6x 2.3% NM 12.2x 41.6% TransAlta Renewables C$21.50 89.6% $4,477 $4,010 10.5x 10.2x 4.4% 5.5% 1.6x 15.9% Mean 89.4% 13.7x 16.5x 3.8% 4.9% 6.2x 40.5% Median 89.3% 10.7x 11.8x 4.1% 5.0% 5.8x 42.1%

European Yield Vehicles Encavis €22.45 89.1% $3,778 $5,867 18.7x 18.1x 1.6% NM 6.7x 40.5% Greencoat UK Wind £1.37 92.4% $2,851 $3,673 23.6x 18.1x 5.2% NM 5.3x 23.4% Renewables Infrastructure Group £1.27 91.0% $2,481 $2,448 6.2x 4.6x 5.3% NM NM NM NextEnergy Solar Fund £1.05 84.6% $1,099 $1,355 NM NM 6.7% NM NM 20.0% John Laing Environmental £1.16 93.9% $867 $865 NM NM 5.9% NM NM NM Bluefield Solar Income £1.35 97.1% $687 $686 17.6x 17.6x 6.1% NM NM NM Octopus Renewables £1.08 92.7% $517 $517 NM NM 1.1% NM NM NM Mean 91.5% 16.5x 14.6x 4.6% NM 6.0x 28.0% Median 92.4% 18.2x 17.9x 5.3% NM 6.0x 23.4%

MLPs Enviva $49.82 100.0% $1,981 $2,739 12.2x 13.0x 6.2% 4.4% 4.3x 35.0% Mean 100.0% 12.2x 13.0x 4.9% 4.4% 4.3x 35.0% Median 100.0% 12.2x 13.0x 5.6% 4.4% 4.3x 35.0%

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. 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 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Environmental Services and Technologies Solid Waste Waste Management $111.32 88.2% $47,266 $56,506 11.6x 11.0x 24.5x 22.0x 2.0x 18.4% Republic Services $90.52 88.3% $28,942 $37,572 12.0x 11.4x 24.4x 22.5x 2.7x 24.0% Veolia €22.06 76.3% $14,862 $31,575 6.4x 5.9x 16.9x 14.1x 3.1x 76.0% SUEZ €16.95 96.9% $12,918 $31,365 8.2x 7.8x 22.1x 18.8x 3.9x 68.3% Waste Connections C$125.98 88.2% $25,987 $30,010 16.6x 15.4x 32.9x 30.2x 2.2x 16.3% GFL Environmental $28.29 89.8% $9,234 $13,561 12.4x 11.3x NM NM 4.0x 42.4% Danimer 6 $42.50 85.0% $3,925 $3,560 NM NM NM NM NM 0.6% Casella $57.24 91.1% $2,783 $3,377 18.1x 16.3x NM 47.7x 3.2x 18.2% PureCycle 6 $17.69 93.2% $2,093 $1,736 NM 17.4x NM NM NM 17.9% Biffa £2.30 74.9% $904 $1,366 6.5x 5.7x 20.3x 13.8x 2.2x 45.5% Séché Environnement €42.55 90.9% $403 $951 5.3x 4.8x 14.0x 10.5x 3.0x 84.4% Mean 87.5% 10.8x 10.7x 22.2x 22.5x 2.9x 37.5% Median 88.3% 11.6x 11.2x 22.1x 20.4x 3.0x 24.0%

Specialty Waste Darling Ingredients $62.01 90.0% $10,355 $11,243 12.5x 8.5x 27.8x 15.2x 1.7x 14.4% Stericycle $65.48 87.9% $5,991 $8,335 16.2x 15.0x 26.6x 23.0x 4.5x 28.8% Clean Harbors $77.46 87.7% $4,317 $5,490 10.2x 9.5x 37.4x 31.0x 2.2x 31.1% Covanta Holding $14.15 89.3% $1,896 $4,450 10.1x 9.8x NM NM 5.9x 58.7% Harsco $16.63 85.2% $1,314 $2,634 9.1x 7.7x 21.7x 13.0x 4.4x 51.4% US Ecology $33.00 60.5% $1,034 $1,833 10.1x 9.5x 40.7x 30.6x 4.4x 49.2% Renewi £0.40 88.2% $434 $1,245 5.3x 4.7x 11.9x 7.4x 3.5x 79.2% Heritage-Crystal Clean $21.70 74.1% $509 $570 10.6x 8.4x 31.9x 19.9x 1.1x 19.8% Mean 82.9% 10.5x 9.2x 28.3x 20.0x 3.5x 41.6% Median 87.8% 10.1x 9.0x 27.8x 19.9x 3.9x 40.1%

Environmental Assessment Montrose Environmental $36.98 85.7% $12,071 $12,502 NM NM NM 29.7x 2.2x 3.8% Donaldson Company $59.44 98.2% $7,608 $7,916 16.0x 14.0x 25.6x 21.3x 0.6x 7.4% CECO Environmental $6.93 77.9% $245 $288 9.2x 6.7x 13.6x 12.2x 1.3x 30.8% Advanced Emissions Solutions $5.07 40.6% $92 $87 NM NM NM NM NM 38.3% Mean 75.6% 12.6x 10.4x 19.6x 21.1x 1.4x 20.1% Median 81.8% 12.6x 10.4x 19.6x 21.3x 1.3x 19.1%

Recent SPACs 6 Danimer $42.50 85.0% $3,925 $3,560 NM NM NM NM NM 0.6% PureCycle $17.69 93.2% $2,093 $1,736 NM 17.4x NM NM NM 17.9% Mean 89.1% NM 17.4x NM NM NM 9.2% Median 89.1% NM 17.4x NM NM NM 9.2%

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 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV Water Efficiency / Process Pentair $54.46 93.0% $9,122 $9,880 16.2x 15.2x 20.0x 18.3x 1.2x 8.5% Flowserve $35.56 72.4% $4,655 $5,642 12.6x 11.3x 21.3x 18.1x 2.1x 33.3% Rexnord $37.86 80.9% $4,638 $5,581 12.2x 11.4x 19.6x 17.4x 2.1x 22.7% Evoqua $27.25 87.8% $3,289 $4,062 16.3x 15.2x 40.6x 34.3x 3.1x 23.7% Kemira €13.97 97.1% $2,602 $3,565 7.1x 7.0x 15.7x 14.9x 1.9x 33.1% Badger Meter $91.71 85.9% $2,683 $2,611 27.3x 24.6x NM 46.0x NM NM Thermon Group $14.59 59.1% $488 $623 11.6x 10.4x 21.9x 17.6x 2.5x 30.3% Wabag ₹187.15 82.3% $140 NM NM NM 9.9x NM NM NA Mean 82.3% 14.8x 13.6x 21.3x 23.8x 2.2x 25.3% Median 84.1% 12.6x 11.4x 20.0x 18.1x 2.1x 27.0%

Infrastructure, Monitoring and Compliance Ecolab $204.51 88.9% $58,981 $65,331 22.4x 19.9x 38.5x 32.7x 2.2x 11.3% Xylem $96.59 89.0% $17,480 $19,040 20.5x 18.9x 36.5x 31.2x 1.7x 16.6% Watts Water $120.07 91.9% $4,070 $4,130 17.3x 15.8x 31.5x 28.8x 0.2x 6.0% Mueller Water Products $11.99 91.2% $1,903 $2,169 10.4x 9.6x 20.8x 17.8x 1.3x 21.9% Aegion $18.37 79.2% $565 $791 7.9x 8.0x 14.7x 13.9x 2.2x 37.2% Select Energy Services $5.02 67.5% $432 $247 8.2x 4.6x NM NM NM NM Mean 84.6% 14.5x 12.8x 28.4x 24.9x 1.5x 18.6% Median 89.0% 13.9x 12.7x 31.5x 28.8x 1.7x 16.6%

Heating and Cooling Lennox $275.49 89.8% $10,634 $11,787 18.3x 17.1x 25.1x 22.8x 1.8x 10.3% A.O. Smith $54.30 92.4% $8,844 $8,302 13.7x 12.7x 21.9x 19.7x NM 1.8% AAON $74.00 97.9% $3,933 $3,861 32.0x 27.7x NM 46.8x NM 0.2% SPX $51.71 86.4% $2,373 $2,766 12.0x 10.9x 16.7x 15.0x 1.7x 16.8% Comfort Systems USA $55.43 94.7% $2,037 $2,287 10.3x 10.8x 18.2x 17.8x 1.1x 14.0% Mean 92.2% 17.3x 15.8x 20.5x 24.4x 1.5x 8.6% Median 92.4% 13.7x 12.7x 20.1x 19.7x 1.7x 10.3%

Distribution American Water Works Company $159.02 96.1% $28,942 $39,103 19.0x 17.8x 37.4x 34.8x 4.9x 27.6% Veolia €22.06 76.3% $14,862 $31,575 6.4x 5.9x 16.9x 14.1x 3.1x 76.0% SUEZ €16.95 96.9% $12,918 $31,365 8.2x 7.8x 22.1x 18.8x 3.9x 68.3% Essential Utilities $46.30 85.6% $11,814 $17,263 17.6x 16.3x 27.7x 25.9x 5.6x 31.6% Severn Trent £23.12 85.8% $7,594 $16,408 13.0x 12.1x 19.2x 16.5x 7.0x 53.9% American States Water $77.26 82.3% $2,859 $3,395 19.3x 18.3x 32.5x 30.6x 3.0x 16.0% SJW $66.17 89.0% $1,899 $3,384 14.3x 13.6x 27.8x 25.8x 6.3x 44.5% Middlesex Water Company $79.60 96.5% $1,399 $1,680 29.4x 28.8x 35.9x 34.8x 4.9x 17.0% York Water Company $43.44 85.8% $566 $672 19.7x 19.3x 34.1x 32.2x 3.1x 17.4% Artesian Resources $40.88 100.0% $383 $552 14.2x 13.7x 22.1x NM 4.3x 30.6% Global Water Resources $16.07 95.1% $363 $460 25.0x 22.2x NM NM 5.3x 25.0% Consolidated Water $12.67 68.0% $194 $163 10.2x 8.6x 22.8x 18.2x NM 1.1% Mean 88.1% 16.4x 15.4x 27.1x 25.2x 4.7x 34.1% Median 87.4% 16.0x 15.0x 27.7x 25.8x 4.9x 29.1%

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. 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 1/31/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV AgTech Large Crop / Life Science Bayer €49.92 63.8% $59,576 $105,753 7.7x 7.2x 8.1x 7.3x 3.4x 49.9% DuPont $79.45 92.0% $58,348 $78,481 19.6x 18.2x 24.4x 22.6x 5.2x 31.6% BASF €63.83 93.1% $71,225 $74,456 7.0x 6.6x 15.6x 13.7x 1.8x 35.2% Archer-Daniels-Midland $50.01 93.5% $28,156 $32,609 8.5x 8.5x 13.1x 12.5x 2.4x 30.4% Bunge $65.44 90.6% $9,721 $17,126 9.8x 10.3x 11.8x 11.8x 3.9x 47.0% Mosaic $25.96 89.8% $9,841 $13,346 6.5x 6.2x 16.7x 14.2x 2.0x 37.3% AppHarvest6 $24.95 93.4% $2,758 $2,294 NM NM NM NM NM NM Mean 88.0% 9.9x 9.5x 14.9x 13.7x 3.1x 38.6% Median 92.0% 8.1x 7.9x 14.3x 13.1x 2.9x 36.2%

Irrigation / Equipment Deere $288.80 94.5% $91,578 $130,285 20.9x 18.7x 21.3x 18.0x 6.2x 35.8% Kubota ¥2,299 94.3% $26,595 $34,132 12.8x 11.8x 17.8x 16.6x 2.6x 26.6% CNH Industrial $12.75 92.3% $17,396 $32,770 13.5x 11.8x 19.9x 14.0x 7.2x 75.3% Mahindra & Mahindra ₹749.90 90.4% $11,808 $17,371 17.8x 15.5x 26.2x 29.2x 6.0x 55.5% Toro Company $94.25 92.5% $10,268 $10,642 17.7x 16.0x 26.8x 23.6x 0.7x 8.2% AGCO $110.90 95.4% $8,362 $9,206 9.4x 8.4x 17.7x 15.3x 1.2x 18.5% Valmont $192.92 89.8% $4,132 $4,589 12.2x 11.1x 22.0x 19.4x 1.1x 19.0% Hydrofarm Holdings 7 $75.51 98.6% $2,493 $2,587 NM NM NM NM 3.5x 4.9% Lindsay $139.83 93.3% $1,522 $1,522 20.2x 17.2x 37.5x 30.7x NM 9.6% Raven Industries $32.27 85.6% $1,167 $1,137 19.4x 14.8x 38.3x 26.3x NM 0.9% Jain ₹21.00 89.0% $148 NA NM NM NM NM NM NA Mean 92.3% 16.0x 13.9x 25.3x 21.4x 3.6x 25.4% Median 92.5% 17.7x 14.8x 22.0x 19.4x 3.1x 18.8%

Industrial Biotechnology Neste €58.28 90.8% $54,366 $54,705 21.6x 18.7x 34.3x 28.3x 0.1x 2.8% Cosan R$75.06 83.0% $5,295 $5,697 4.6x 4.3x 14.1x 13.6x 1.4x 53.2% Renewable Energy Group $89.60 89.1% $3,909 $3,720 13.1x 10.6x 18.3x 13.2x NM 2.6% Amyris $9.40 82.8% $2,136 $2,299 NM NM NM NM NM 8.7% Green Plains $19.21 96.5% $665 $1,073 8.6x 5.6x NM 14.6x 3.2x 54.6% MGP Ingredients $57.90 96.4% $979 $1,017 13.9x 12.0x 21.4x 18.7x 0.5x 5.7% Pacific Ethanol $6.78 62.6% $418 $565 4.5x 6.6x 6.6x 8.5x 1.2x 32.8% FutureFuel $13.30 91.7% $582 $339 8.7x 12.3x NM NM NM 0.2% REX American Resources $76.50 79.1% $470 $304 6.3x 4.1x 12.4x 7.5x NM 4.5% Mean 85.8% 10.2x 9.3x 17.9x 14.9x 1.3x 18.3% Median 89.1% 8.6x 8.6x 16.2x 13.6x 1.2x 5.7%

Building Materials Multi-Industry CRH $41.14 86.4% $32,509 $41,109 8.8x 8.4x 16.6x 15.0x 1.7x 43.9% Saint-Gobain €41.08 94.4% $26,863 $39,083 6.3x 6.0x 11.3x 10.0x 1.9x 52.3% Masco $54.31 90.8% $14,175 $15,984 11.0x 10.7x 16.8x 15.3x 1.1x 18.4% Owens Corning $77.60 89.3% $8,497 $11,115 7.6x 7.3x 13.8x 12.3x 1.8x 29.1% Beacon Roofing Supply $39.77 90.5% $2,768 $5,741 11.0x 10.3x 13.5x 11.8x 4.9x 62.7% Armstrong World Industries $78.21 70.4% $3,754 $4,289 12.6x 11.8x 19.9x 17.0x 1.7x 16.8% Simpson Manufacturing $92.00 88.2% $4,019 $3,822 12.9x 12.3x 21.4x 20.2x NM 3.1% Gibraltar $89.63 88.8% $2,955 $2,799 13.7x 11.8x 23.3x 19.7x NM 0.8% Griffon $22.46 91.4% $1,195 $2,173 8.3x 7.7x 12.8x 11.0x 3.7x 55.8% Mean 87.8% 10.2x 9.6x 16.6x 14.7x 2.4x 31.4% Median 89.3% 11.0x 10.3x 16.6x 15.0x 1.8x 29.1%

Sustainable Products / Materials Kingspan €56.00 67.9% $12,416 $13,220 16.7x 15.5x 25.4x 23.6x 0.9x 9.6% Trex $91.77 93.2% $10,658 $10,676 34.8x 30.2x NM 43.7x 0.1x 0.4% Cabot Corporation $43.91 88.4% $2,481 $3,633 7.1x 6.7x 12.6x 11.2x 2.1x 33.6% Quanex $21.99 83.2% $722 $840 7.4x 7.0x 15.7x NM 1.0x 20.2% Aspen Aerogels $20.06 95.9% $536 $533 NM NM NM NM NM 1.6% DIRTT Environmental Solutions C$2.89 69.6% $192 $177 NM 22.1x NM NM NM 20.2% Mean 83.0% 16.5x 16.3x 17.9x 26.1x 1.0x 14.3% Median 85.8% 12.1x 15.5x 15.7x 23.6x 1.0x 14.9%

Recent SPACs 6 AppHarvest $24.95 93.4% $2,758 $2,294 NM NM NM NM NM NM Mean 93.4% NM NM NM NM NM NM Median 93.4% 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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