Nomura-Greentech-AT

Advanced Transportation Market Update January 2021

Electric Mobility-as- Autonomous Data & Trucking & Non-Road Vehicles a-Service Infrastructure Analytics Logistics Transportation

Selected Business ■ Amazon announced that it will allow third-party companies, starting with Fiat Chrysler, access to the core AI underpinning its Alexa digital assistant (The Verge) Updates ■ BMW announced the suspension of “Access by BMW”, its two-year-old car subscription service, as the program had reached its capacity limits (The Verge) ■ Didi announced it will subsidize trips for passengers going to vaccination appointments and frontline healthcare workers in 13 markets with a $10mm global fund (Tech Crunch) ■ Fiat Chrysler and PSA Group merged creating Stellantis, a global auto making giant that ranks as the world’s third-largest automaker by sales, according to 2019 figures (WSJ) ■ General Motors announced the creation of a new division BrightDrop, a delivery and Nomura Greentech’s logistics business that produces electrified pallet and delivery vans (The Verge) Take: ■ Li-Cycle, a Canada-based battery recycling company, announced plans to construct a ■ EU regulations $175mm battery recycling plant in New York (Press Release) requiring automakers ■ Mercedes-Benz unveiled the production version of its EQA, a new electric crossover with to reduce average 265 miles of range and a starting price point of approximately $46,000 (Electrek) fleet emissions are ■ Renault presented its new five-year strategy which includes seven new EVs (Electrive) driving higher-volume ■ Siemens Smart Infrastructure released its new public fast charger that features scalable, EV programs, high charging power of up to 300 kW and dynamic power-sharing (Press Release) resulting in ■ Tesla reduced Model 3 prices in several European markets to keep up with competition accelerated transition from legacy automakers, which are launching higher-volume EV programs (Electrek) away from ICE by traditional OEMs ■ VW announced plans to produce a new next-generation electric car called Trinity (Electrek) ■ VW Components announced their new Charging & Energy business, which will focus on pooling and managing existing activities in the energy and charging sectors (Electrive)

Selected Regulatory ■ British Columbia announced a $31mm incentive program to increase maximum rebates Developments for medium and heavy-duty electric vehicles (Electrive) Nomura Greentech’s ■ California proposed a $1.5bn plan to invest in the construction of charging and fueling Take: infrastructure to help progress its zero emissions vehicle goal (H2 View) ■ A continued state-level ■ Colorado approved a $110mm electrification plan, which will allow Xcel Energy, a utility push for low-carbon holding company, to deploy approximately 20,000 EV charging stations (CleanTechnica) transport legislation, ■ New York announced electrification efforts that include $16mm in incentives for electric combined with Federal bus usage and $3mm for school bus operators to acquire cleaner vehicles (Electrive) support from the Biden ■ President Biden announced plans to roll out tougher emissions standards and various Administration, will subsidies for electric mobility during his presidency (Electrive) further accelerate ■ The National Highway Traffic Safety Administration issued a new rule that allows investments in the EV manufacturers of automated vehicles to bypass some crash standards (VentureBeat) ecosystem Selected ■ Archer, a developer of urban transport eVTOLs, announced a partnership with Fiat Partnerships Chrysler to improve design via FCA’s expertise (TechCrunch) ■ Aurora, an autonomous driving company, announced a partnership with Paccar, a maker Nomura Greentech’s of medium and heavy-duty trucks, to build and deploy autonomous trucks (VentureBeat) Take: ■ Enel X, a provider of demand response services, announced a partnership with WM ■ Increasingly, Motor, an EV manufacturer, to improve charging experience (Electrive) companies are ■ Foxconn, a manufacturer of electronics, announced a JV with Geely to build electric, pursuing strategic autonomous and shared vehicles for automakers (TechCrunch) partnerships to meet ■ Renault announced a JV with Plug Power, a provider of fuel cell systems, to serve the low-carbon 1 transportation market of fuel cell LCV , taxis and commercial passenger transportation (H2 View) initiatives and growing ■ Tesla announced a partnership with Panasonic, a Japanese multinational electronics consumer demand company, for supply of lithium-ion battery cells manufactured in Japan (Electrek) ■ Velodyne, a provider of sensor technologies for AVs, partnered with Trunk.Tech, a developer of driverless trucks, to develop autonomous heavy trucks (New Mobility) Source: Nomura Greentech Analysis, Public Disclosures. 1. Light Commercial Vehicles.

1 Advanced Transportation January 2021 Transactions

Select Private ■ Rivian raised $2.7bn led by T. Row Price Associates with participation from Amazon, Company Capital Coatue, D1 Capital Partners and Fidelity (TechCrunch) Raises ■ Cruise raised $2.0bn from GM, Honda, Microsoft and other investors (TechCrunch) ■ Sila Nanotechnologies, a manufacturer of battery materials, raised $590mm led by Nomura Greentech’s Coatue with participation from Sutter Hill Ventures and other investors (Press Release) Take: ■ WeRide, a developer of AV systems, raised $310mm led by Yutong with participation from ■ The timeline for CMC Capital Partners, CDB Equipment Manufacturing and other investors (VentureBeat) commercialization of ■ Uisee, a developer of autonomous driving technology, raised $150mm from National AV technology may Manufacturing Transformation and Upgrade Fund and other investors (TechCrunch) come sooner than ■ Volta, an operator of EV charging networks focused on retail locations, raised $125mm led expected, supported by Energize Ventures with participation from other investors (Press Release) by significant capital ■ Gett, a provider of ground transportation services for business clients, raised $115mm led investments. Large by Pelham Capital with participation from other investors (TechCrunch) raises from Cruise and recent and ■ Budbee, a provider of last-mile delivery services for e-commerce businesses, raised upcoming SPAC $63mm led by Kinnevik with participation from other investors (Press Release) deals highlight both ■ Wenea, a provider of charging infrastructure, received a $61mm investment from The financial and strategic European Investment Bank (EIB) to fund more than 470 fast chargers (Electrive) investors’ focus on the ■ Oxbotica, a developer of AV software, raised $47mm led by BP ventures with participation AV space from BGF, Halma, HostPlus, IP Group, Tencent and other investors (TechCrunch) ■ Wingcopter, a developer of remote-controlled drones, raised $22mm led by Xplorer Capital and Futury Regio Growth with participation from other investors (VentureBeat) ■ Weezy, a developer of an online, on-demand grocery delivery platform, raised $20mm led by Left Lane Capital with participation from DN Capital and other investors (TechCrunch) ■ MotoRefi, a developer of an auto refinancing platform, raised $10mm led by Moderne Ventures with participation from other investors (TechCrunch) ■ Kyte, a fleet-logistics platform for car delivery, raised $9mm led by Amplo VC and DN Capital with participation from Urban Innovation Fund (TechCrunch) ■ CameraMatics, a developer of an IoT-enabled fleet management system, raised $5mm led by Puma Private Equity with participation from other investors (Press Release)

Selected Public ■ Faraday Future, a manufacturer of EVs, announced plans to merge with Property 1 Equity Deals Solutions Acquisition Corp., a SPAC , at an implied valuation of $3.4bn (The Verge) ■ EVgo, a provider of public fast-charging stations, announced plans to merge with Climate 1 Change Crisis Real Impact I, a SPAC , at an implied valuation of $2.6bn (TechCrunch) ■ Proterra, a manufacturer of e-buses and powertrain solutions, announced plans to merge 1 with ArcLight Clean Transition Corp., a SPAC , at an implied valuation of $2.4bn (GTM) ■ Plug Power, a manufacturer of fuel cells, raised a $1.5bn PIPE from SK Group, who acquired approximately 10% of Plug Power’s shares in return (Electrive) ■ FREYR, a developer of battery cell production capacity, announced plans to merge with 1 Alussa Energy Acquisition Corp., a SPAC , at an implied valuation of $1.4bn (Electrive)

Selected Mergers & ■ Cox Automotive, a provider of vehicle re-marketing services, acquired Fyusion, a Acquisitions developer of AI and 3D capture tools, for an undisclosed amount (VentureBeat) ■ H.I.G. Capital, a private equity firm, acquired Continental Batteries, a distributor of aftermarket batteries for electric vehicles, for an undisclosed amount (Press Release) ■ Ideanomics, a company that facilitates the adoption of commercial EVs, acquired WAVE, a provider of wireless charging systems, for an undisclosed amount (CleanTechnica) ■ Royal Dutch Shell announced the acquisition of Ubitricity, a provider of on-street charging for electric vehicles, for an undisclosed amount (Electrek)

Source: Nomura Greentech Analysis, Public Disclosures, Pitchbook. 1. The special purpose acquisition vehicles (SPACs), Property Solutions Acquisition Corp. (NASDAQ: PSAC), Climate Change Crisis Real Impact I Acquisition Corp. (NYSE: CLII), ArcLight Clean Transition Corp. (NASDAQ: ACTC) and Alussa Energy Acquisition Corp. (ALUS: NYSE), announced they will acquire Faraday Future, Evgo, Proterra and FREYR respectively. These transactions have not yet closed. Upon close, these companies will 2 become publicly listed. Advanced Transportation Transactions Capital Raises

Amount Raised Date Company ($mm) Disclosed Investors Company Description Jan. 5 Oxbotica $47 BGF, BP Ventures, Halma, Hostplus Superannuation Fund, U.K.-based developer of AV software IP Group, Tencent, Venture Science

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

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

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

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

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

Jan. 13 WeRide $310 CDB Equipment Manufacturing Fund, CMC Capital, Hengjian China-based developer of AV systems Emerging Industries Fund, Kinzon Capital, Tryin Capital, Zhengzhou Yutong Bus Company, Zhuhai Huajin Capital Jan. 14 Budbee $63 AMF Pensionsförsäkring, H&M CO:LAB, Kinnevik, Stena Sweden-based provider of last-mile home Investment delivery services for e-commerce businesses

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

Jan. 19 Rivian $2,650 Amazon’s Climate Pledge Fund, Coatue Management, D1 U.S.-based developer of electric vehicles Capital Partners, Fidelity Management & Research, T. Rowe Price Jan. 19 Cruise $2,000 General Motors, Honda Motor Company, Microsoft U.S.-based autonomous vehicles company

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

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

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

Jan. 25 Uisee $154 National Manufacturing Transformation and Upgrade Fund China-based developer of autonomous driving technology

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

Source: FactSet, PitchBook, Public Disclosures. 3 Advanced Transportation Transactions M&A

EV EV / Date Target Acquiror ($mm) Revenue EBITDA Target Description Jan. 5 Fyusion Cox Automotive ND ND ND U.S.-based developer of AI and 3D capture tools

Jan. 5 WAVE Ideanomics $50 7.1x1 ND U.S.-based provider of wireless charging systems

Jan. 21 Continental Batteries H.I.G. Capital ND ND ND U.S.-based distributor of aftermarket batteries for electric vehicles

Jan. 25 Ubitricity Royal Dutch Shell ND ND ND Germany-based provider of on-street charging for electric vehicles

Special Purpose Acquisition Corporation (SPAC2) Transactions

Implied EV EV / 2023E Date Company SPAC ($mm) Revenue EBITDA Company Description Jan. 12 Proterra ArcLight Clean Transition $1,600 1.9x NM U.S.-based manufacturer of e-buses and powertrain Corp. solutions

Jan. 22 EVgo Climate Change Crisis $2,056 12.4x NM U.S.-based provider of public fast-charging stations Real Impact I Acquisition Corp. Jan. 28 Faraday Future Property Solutions $2,622 0.6x NM U.S.-based manufacturer of EVs Acquisition Corp.

Jan. 29 FREYR Alussa Energy $529 1.6x NM Norway-based developer of battery cell production Acquisition Corp. capacity

PIPE 2 2

Amount Raised Date Company ($mm) Disclosed Investors Company Description Jan. 6 Plug Power $1,500 SK Group U.S.-based manufacturer of fuel cells

Source: FactSet, PitchBook, Public Disclosures. 1. Based on FY2020 estimated revenue. 4 2. Upon closing of the transactions, the target companies will become publicly listed. Advanced Transportation Trading Comparables

Price as of % 52-Week Market Firm EV/Revenue EV/EBITDA P / E Company 1/31/21 High Cap ($mm) Value ($mm) 2021E 2022E 2021E 2022E 2021E 2022E Automotive Companies Tesla $ 793.53 89.9% $876,851 $878,778 18.0x 13.6x NM NM NM NM Toyota ¥ 7,300 91.1% $194,952 $340,160 1.3x 1.2x 11.7x 10.2x 10.6x 9.2x Volkswagen € 174.50 97.2% $106,275 $302,870 1.0x 1.0x 6.3x 6.3x 7.3x 6.1x Daimler € 58.12 98.4% $75,539 $223,868 1.1x 1.0x 9.5x 8.6x 8.4x 7.2x BMW € 70.01 91.3% $56,040 $171,291 1.4x 1.3x 10.4x 9.5x 8.0x 7.0x General Motors $ 50.68 90.7% $72,929 $156,793 1.1x 1.1x 9.8x 9.6x 8.6x 7.8x Ford $ 10.53 91.3% $42,173 $155,939 1.0x 1.0x 13.1x 12.0x 9.6x 7.3x Hyundai W 229,000 85.6% $53,280 $108,103 1.0x 1.0x 11.1x 10.1x 10.1x 9.1x BYD HK$ 237.40 85.3% $83,528 $92,738 3.3x 2.8x 29.4x 25.8x NM NM Honda ¥ 2,765 88.3% $45,593 $86,381 0.6x 0.6x 8.3x 7.1x 8.2x 6.7x Nissan ¥ 532 88.1% $19,887 $68,364 0.8x 0.7x 22.3x 13.9x NM 9.9x NIO $ 57.00 90.9% $69,005 $68,023 13.1x 8.0x NM NM NM NM Renault € 35.24 92.3% $11,601 $66,583 1.1x 1.1x 10.2x 8.2x 20.9x 5.6x SAIC Motor Y 21.94 77.3% $39,587 $58,205 0.5x 0.4x 11.3x 10.4x 9.1x 8.0x Xpeng $ 48.18 66.8% $38,058 $35,327 16.4x 8.8x NM NM NM NM Geely HK$ 28.35 83.9% $33,992 $32,055 1.9x 1.7x 13.5x 12.2x 21.8x 18.0x KIA 2 W 82,500 88.4% $29,570 $25,503 0.4x 0.4x 4.2x 4.0x 8.9x 7.9x Li Auto $ 32.25 73.4% $26,972 $24,372 8.3x 4.5x NM NM NM NM Stellantis1 € 12.53 84.2% $24,044 $23,495 0.1x 0.1x 1.1x 0.9x 5.3x 4.2x Tata Motors RS 262.60 90.4% $13,040 $23,323 0.6x 0.5x 4.7x 3.9x 33.9x 12.0x Suzuki ¥ 4,708 82.7% $21,828 $22,081 0.7x 0.6x 5.8x 5.1x 14.1x 11.8x Arrival 3 $ 26.95 74.4% $16,420 $15,751 NM NM NM NM NM NM Dongfeng Motor 2 HK$ 7.67 77.5% $8,523 $11,680 0.7x 0.7x 31.7x 25.8x 4.5x 4.2x Subaru ¥ 2,006 68.6% $14,693 $9,396 0.3x 0.3x 3.3x 2.8x 10.5x 8.5x Guangzhou Automobile HK$ 7.07 74.6% $9,335 $7,808 0.8x 0.7x 25.1x 18.0x 6.6x 5.6x Faraday Future 3 $ 18.45 100.0% $6,481 $5,733 NM 11.4x NM 7.9x NM NM FAW Car Group Y 11 71.7% $7,763 $5,405 0.3x 0.3x 8.2x 7.0x 11.4x 10.0x Mazda ¥ 744 78.6% $4,475 $4,435 0.1x 0.1x 4.3x 3.1x NM 10.7x Lordstown $ 25.18 80.2% $4,327 $3,652 34.4x 2.5x NM 23.1x NM NM Fisker $ 15.03 69.6% $4,516 $3,476 NM 7.7x NM NM NM NM Canoo $ 15.07 68.5% $3,776 $3,169 26.4x 9.6x NM NM NM NM Mitsubishi ¥ 237 55.8% $3,369 $2,993 0.2x 0.2x 7.0x 3.1x NM 22.4x XL Fleet $ 18.98 58.2% $2,818 $2,468 32.8x 8.8x NM NM NM NM Electric Last Mile 3 $ 12.24 84.5% $1,759 $1,530 12.5x 2.5x NM NM NM NM Lightning eMotors 3 $ 14.82 88.5% $1,240 $1,067 16.9x 3.0x NM NM NM NM

Mean 82.2% 6.2x 2.9x 11.4x 9.9x 11.5x 9.1x Median 84.5% 1.1x 1.0x 9.8x 8.6x 9.1x 8.0x Heavy Duty Commercial Vehicle OEMs Daimler € 58.12 98.4% $75,539 $223,868 1.1x 1.0x 9.5x 8.6x 8.4x 7.2x Volvo KR 206.80 95.1% $50,479 $61,102 1.4x 1.3x 9.2x 8.5x 15.3x 13.1x PACCAR $ 91.22 92.3% $31,745 $37,303 1.7x 1.5x 14.8x 12.3x 16.1x 13.6x Traton SE € 22.59 90.2% $13,719 $24,747 0.8x 0.8x 7.4x 6.1x 11.9x 7.8x MAN SE € 45.00 85.7% $8,039 $11,470 0.7x 0.7x 6.3x 6.0x NM NM Isuzu ¥ 1,000 87.6% $7,045 $8,319 0.4x 0.4x 5.0x 4.3x 12.1x 8.6x Nikola $ 23.09 29.0% $9,185 $8,282 NM 34.8x NM NM NM NM Proterra 3 $ 23.97 82.3% $5,822 $5,174 21.0x 11.8x NM NM NM NM Lion Electric 3 $ 25.44 76.0% $5,034 $4,591 22.5x 6.9x NM 38.6x NM NM

Mean 81.8% 6.2x 6.6x 8.7x 12.1x 12.8x 10.1x Median 87.6% 1.2x 1.3x 8.3x 8.5x 12.1x 8.6x Mobility-as-a-Service Uber $ 50.93 85.7% $86,581 $90,239 5.2x 3.8x NM NM NM NM Lyft $ 44.46 82.4% $13,984 $12,553 3.8x 2.7x NM NM NM NM

Mean 84.1% 4.5x 3.3x NM NM NM NM Median 84.1% 4.5x 3.3x NM NM NM NM Intelligent Transport / ITS / Smart Tolling Atlantia € 13.11 56.9% $13,024 $64,362 5.3x 5.0x 8.9x 8.3x 20.6x 13.1x Roper Technologies $ 392.91 86.7% $41,648 $50,907 8.1x 7.8x 22.4x 21.3x 26.9x 25.3x FLIR Systems $ 52.05 88.5% $6,854 $7,365 3.8x 3.6x 16.0x 15.1x 22.1x 20.4x LS Corp W 64,400 82.0% $1,599 $5,224 0.5x 0.5x 7.7x 7.2x 9.9x 8.8x Autostrada € 18.36 68.3% $2,952 $4,489 1.6x 1.6x 4.2x 4.0x 10.1x 11.8x Verra Mobility $ 12.80 75.2% $2,081 $2,826 6.8x 5.8x 13.8x 10.5x 18.8x 14.6x Cubic Corporation $ 61.18 90.3% $1,917 $2,683 1.7x 1.6x 14.5x 13.1x 18.0x NM Conduent $ 4.82 88.6% $1,009 $2,455 0.6x 0.6x 5.4x 5.4x 9.5x 8.4x Vaisala € 39.65 93.1% $1,744 $1,779 3.8x 3.6x 20.9x 19.8x 37.1x 34.3x Kapsch TrafficCom € 15.70 58.4% $248 $471 0.7x 0.7x 18.5x 9.2x NM 30.0x INIT Innovation in Traffic Systems € 36.10 96.0% $438 $464 1.9x 1.6x 12.0x 9.7x 24.7x 17.3x Iteris $ 6.51 86.7% $273 $248 1.8x 1.6x 21.8x 12.2x 32.1x 19.4x Q-Free NOK 5.20 77.6% $54 $81 0.7x 0.7x 6.7x 6.1x 37.1x NM Image Sensing Systems $ 4.43 76.1% $24 $17 1.1x 1.1x 6.4x 6.3x NM NM

Mean 80.3% 2.8x 2.6x 12.8x 10.6x 22.2x 18.5x Median 84.4% 1.8x 1.6x 12.9x 9.4x 21.3x 17.3x Source: FactSet, SEC Filings and Third Party Providers. Values in U.S. Dollars. Share prices shown in local currencies. Multiples above 50.0x not shown. 1. Investors approved the merger of Fiat Chrysler with Peugeot on January 4, 2021. The combined business is called Stellantis and began trading in Milan and Paris on January 18 and in New York on January 19. 2. Firm value excludes investments in unconsolidated subsidiaries. 3. Upon closing on the transactions, the companies will become publicly listed. For transactions which have not yet closed, the share price reflects that of the acquiring SPAC. 5 Advanced Transportation Trading Comparables (cont.)

Price as of % 52-Week Market Firm EV/Revenue EV/EBITDA P / E Company 1/31/21 High Cap ($mm) Value ($mm) 2021E 2022E 2021E 2022E 2021E 2022E Tier 1 Suppliers Denso ¥ 5,807 93.7% $42,979 $45,340 0.9x 0.9x 7.8x 6.6x 19.0x 13.6x Aptiv $ 133.60 88.4% $36,123 $38,584 2.5x 2.3x 16.0x 13.9x 32.6x 25.4x Continental € 115.75 94.1% $28,126 $34,725 0.7x 0.6x 5.3x 4.6x 13.2x 10.2x Michelin € 113.90 100.0% $24,701 $31,996 1.2x 1.1x 6.2x 5.6x 12.9x 10.7x Bridgestone ¥ 3,868 94.3% $26,014 $30,077 0.9x 0.9x 5.8x 5.1x 12.3x 11.2x Magna C$ 90.06 92.6% $21,108 $25,432 0.7x 0.6x 6.4x 5.8x 10.8x 9.1x Knorr-Bremse € 109.18 93.8% $21,382 $22,848 2.8x 2.6x 14.9x 13.4x 28.4x 25.3x QuantumScape $ 43.75 33.2% $19,583 $18,428 NM NM NM NM NM NM Valeo € 30.84 91.2% $8,964 $14,165 0.6x 0.6x 4.9x 4.1x 18.5x 11.4x Faurecia € 43.35 94.6% $7,210 $12,111 0.6x 0.5x 4.5x 3.8x 11.5x 7.6x Lear $ 150.76 88.5% $9,095 $10,969 0.5x 0.5x 5.9x 5.1x 10.4x 8.4x Luminar Technologies $ 32.70 78.2% $11,360 $10,872 NM NM NM NM NM NM BorgWarner $ 41.99 93.5% $8,705 $9,581 0.6x 0.6x 4.6x 4.0x 10.9x 9.0x Goodyear $ 10.55 76.0% $2,469 $9,048 0.6x 0.6x 6.2x 5.2x 12.4x 6.1x Gentex $ 33.05 88.0% $8,099 $7,676 3.8x 3.5x 11.2x 10.3x 16.1x 14.4x Dana $ 19.36 85.5% $2,811 $5,138 0.6x 0.6x 5.6x 5.0x 9.2x 7.0x American Axle & Manufacturing Holdings $ 8.81 85.2% $998 $4,045 0.7x 0.7x 4.6x 4.6x 7.6x 6.0x Nexteer HK$ 12.52 87.4% $4,049 $4,033 1.1x 1.0x 7.2x 6.5x 16.5x 13.7x Visteon $ 127.48 87.8% $3,569 $3,775 1.2x 1.1x 12.8x 10.4x 28.6x 19.9x Velodyne $ 21.71 71.3% $3,757 $3,469 30.7x 15.1x NM NM NM NM Aeva 1 $ 14.76 79.1% $3,185 $2,857 NM NM NM NM NM NM Hyliion $ 16.61 29.7% $2,782 $2,665 0.2x 0.0x NM NM NM NM Veoneer $ 26.29 95.4% $2,934 $2,471 1.5x 1.2x NM NM NM NM Romeo Systems $ 17.77 52.3% $2,447 $2,106 15.0x 5.1x NM NM NM NM Gentherm $ 61.26 86.4% $2,019 $2,006 2.0x 1.8x 12.3x 11.0x 23.9x 20.8x Ouster 1 $ 11.74 72.2% $2,173 $1,893 NM 17.7x NM NM NM NM Innoviz $ 13.00 81.3% $1,855 $1,485 NM NM NM 16.7x NM NM Stoneridge $ 27.45 85.7% $747 $846 1.2x 1.1x 11.6x 9.8x 32.3x 21.1x FREYR 1 $ 11.68 100.0% $1,612 $763 NM NM NM NM NM NM Advent Technologies 1 $ 14.95 79.8% $756 $634 48.8x 24.8x NM NM NM NM

Mean 82.6% 5.0x 3.4x 8.1x 7.6x 17.2x 13.2x Median 87.6% 1.0x 1.0x 6.2x 5.7x 13.2x 11.2x Autonomous Driving Chip Makers Nvidia $ 519.59 89.2% $327,342 $324,884 16.6x 14.9x 35.5x 31.9x 45.6x 39.4x Intel $ 55.51 82.3% $228,646 $238,357 3.3x 3.3x 7.0x 6.9x 11.4x 11.0x Qualcomm $ 156.28 94.9% $179,409 $184,395 5.9x 5.6x 16.0x 15.2x 21.0x 19.3x Texas Instruments $ 165.69 94.6% $154,423 $154,653 9.3x 8.9x 18.8x 18.4x 24.8x 23.0x Advanced Micro Devices $ 85.64 88.1% $104,995 $103,214 7.7x 6.8x 33.6x 28.4x 44.6x 35.2x Analog Devices $ 147.33 91.8% $54,854 $59,272 9.4x 8.8x 20.9x 19.4x 25.3x 22.6x Infineon € 33.13 93.3% $52,397 $58,734 4.4x 4.0x 16.1x 13.8x 31.6x 26.4x NXP $ 160.47 89.2% $44,846 $51,056 5.3x 4.9x 14.4x 12.9x 19.5x 15.9x STMicro € 33.27 96.7% $37,554 $36,513 3.1x 2.9x 12.7x 11.3x 25.0x 21.6x Renesas ¥ 1200 89.0% $20,127 $25,186 3.3x 3.2x 11.0x 10.3x 25.5x 22.1x ON Semi $ 34.49 89.5% $14,886 $17,316 3.0x 2.8x 13.4x 11.2x 24.2x 17.5x indie semiconductor 1 $ 11.24 79.8% $1,626 $1,161 26.4x 12.8x NM NM NM NM

Mean 89.9% 8.1x 6.6x 18.1x 16.3x 27.1x 23.1x Median 89.4% 5.6x 5.2x 16.0x 13.8x 25.0x 22.1x Telematics Descartes Systems $ 61.06 96.5% $5,246 $5,145 13.5x 12.1x 32.8x 28.9x NM NM Inseego $ 18.36 88.8% $1,800 $1,930 5.3x 4.2x 47.2x 24.6x NM 35.3x TomTom € 9.58 89.6% $1,990 $1,618 2.3x 2.1x NM 29.0x NM NM Orbcomm $ 7.49 82.6% $584 $774 2.9x 2.6x 12.0x 10.1x NM NM CalAmp $ 10.01 85.9% $346 $465 1.4x 1.3x 12.3x 10.2x 28.2x 24.5x Ituran $ 19.14 73.1% $398 $414 1.5x 1.3x 5.8x 5.1x 12.0x 10.0x Quartix £ 4.37 99.1% $289 $276 7.9x 7.3x 40.2x 36.6x NM 47.2x MiX Telematics R 8.20 95.1% $304 $273 2.2x 2.0x 8.6x 7.5x 29.3x 26.2x Quarterhill C$ 2.57 91.1% $233 $138 1.3x 1.5x 8.0x 9.3x 18.4x NM TeleNav 2 $ 4.76 75.3% $228 $134 0.5x 0.4x 6.5x 5.9x NM NM

Mean 87.7% 3.9x 3.5x 19.3x 16.7x 22.0x 28.6x Median 89.2% 2.3x 2.1x 12.0x 10.2x 23.3x 26.2x Logistics UPS $ 155.00 87.8% $135,160 $154,684 1.8x 1.7x 12.9x 11.7x 18.1x 16.3x FedEX $ 235.34 78.1% $63,306 $93,417 1.1x 1.1x 9.2x 8.5x 12.8x 11.7x Deutsche Post € 40.81 93.6% $63,048 $80,534 1.0x 0.9x 7.1x 6.8x 14.8x 14.1x AP Moeller Maersk DKK 12,720 83.8% $40,393 $52,479 1.2x 1.2x 5.3x 5.5x 10.3x 10.9x Hapag Lloyd € 93.10 49.9% $19,884 $26,146 1.7x 1.6x 7.6x 7.7x 14.5x 16.3x XPO Logistics $ 110.41 87.0% $11,262 $18,272 1.1x 1.0x 10.6x 9.9x 28.2x 22.1x J.B. Hunt $ 134.66 88.6% $14,373 $15,365 1.4x 1.3x 10.5x 9.4x 21.9x 18.6x C.H. Robinson $ 85.56 80.6% $11,737 $12,921 0.7x 0.7x 14.5x 13.7x 19.8x 18.2x Knight-Swift Trucking $ 40.00 85.5% $6,759 $7,373 1.4x 1.4x 5.9x 5.7x 11.8x 11.4x Schneider Trucking $ 21.00 75.6% $3,732 $3,224 0.7x 0.6x 4.7x 4.3x 13.5x 12.5x Werner $ 39.24 83.4% $2,725 $2,870 1.1x 1.1x 5.3x 5.1x 12.9x 12.3x

Mean 81.3% 1.2x 1.2x 8.5x 8.0x 16.2x 14.9x Median 83.8% 1.1x 1.1x 7.6x 7.7x 14.5x 14.1x Source: FactSet, SEC Filings and Third Party Providers. Values in U.S. Dollars. Share prices shown in local currencies. Multiples above 50.0x not shown. 1. Upon closing on the transactions, the companies will become publicly listed. For transactions which have not yet closed, the share price reflects that of the acquiring SPAC. 6 2. TeleNav announced it entered into a definitive merger agreement to be acquired by V99 on 11/3/2020 for $4.80 per share in an all-cash transaction. Advanced Transportation Trading Comparables (cont.)

Price as of % 52-Week Market Firm EV/Revenue EV/EBITDA P / E Company 1/31/21 High Cap ($mm) Value ($mm) 2021E 2022E 2021E 2022E 2021E 2022E Infrastructure AT&T $ 28.63 74.2% $205,449 $390,943 2.3x 2.2x 7.2x 7.0x 9.1x 8.8x Verizon $ 54.75 88.7% $226,829 $356,046 2.7x 2.6x 7.3x 7.1x 10.8x 10.6x T-Mobile $ 126.08 93.4% $157,575 $253,591 3.3x 3.1x 9.2x 8.7x 47.4x 36.2x Cisco Systems $ 44.58 89.3% $189,198 $173,501 3.5x 3.4x 9.7x 9.5x 13.8x 13.0x Hitachi ¥ 4,306 97.3% $39,775 $58,185 0.7x 0.6x 5.8x 5.2x 10.3x 9.1x ChargePoint 1 $ 38.06 82.6% $13,275 $12,627 NM NM NM NM NM NM Toshiba ¥ 3,415 92.3% $14,795 $12,295 0.4x 0.4x 5.2x 4.6x 13.2x 9.8x EVgo 1 $ 20.90 94.7% $5,499 $4,924 NM NM NM NM NM NM EVBox 1 $ 25.19 79.4% $3,717 $3,292 22.7x 12.1x NM NM NM NM Blink Charging $ 49.43 81.4% $1,551 $1,538 NM NM NM NM NM NM Nuvve 1 $ 18.37 82.5% $401 $330 10.2x 3.5x NM 13.0x NM NM

Mean 86.9% 5.7x 3.5x 7.4x 7.9x 17.4x 14.6x Median 88.7% 3.0x 2.9x 7.2x 7.1x 12.0x 10.2x

Price as of % 52-Week Market Implied EV/Revenue EV/EBITDA Company 1/31/21 High Cap ($mm) EV ($mm) 2023E 2024E 2023E 2024E Recent SPACs QuantumScape $ 43.75 33.2% $19,583 $18,428 NM NM NM NM Arrival 1 $ 26.95 74.4% $16,420 $15,751 3.6x 1.2x NM 4.9x ChargePoint 1 $ 38.06 82.6% $13,275 $12,627 36.5x 21.0x NM NM Luminar Technologies $ 32.70 78.2% $11,360 $10,872 NM 29.0x NM NM Nikola $ 23.09 29.0% $9,185 $8,282 6.8x 3.1x NM NM Faraday Future1 $ 18.45 100.0% $6,481 $5,733 1.4x 0.5x NM 6.3x Proterra 1 $ 23.97 82.3% $5,822 $5,174 6.2x 3.6x NM 27.2x EVgo1 $ 20.90 94.7% $5,499 $4,924 29.7x 15.1x NM NM Lion Electric1 $ 25.44 76.0% $5,034 $4,591 2.7x 1.3x 15.6x 6.5x Lordstown $ 25.18 80.2% $4,327 $3,652 1.3x 0.8x NM NM Fisker $ 15.03 69.6% $4,516 $3,476 1.6x 0.7x NM NM Velodyne $ 21.71 71.3% $3,757 $3,469 8.9x 5.5x NM NM EVBox1 $ 25.19 79.4% $3,717 $3,292 7.3x 4.4x NM NM Canoo $ 15.07 68.5% $3,776 $3,169 3.8x 2.2x NM 16.9x Aeva 1 $ 14.76 79.1% $3,185 $2,857 38.1x 10.0x NM NM Hyliion $ 16.61 29.7% $2,782 $2,665 0.0x 0.0x 0.0x NM XL Fleet $ 18.98 58.2% $2,818 $2,468 3.8x 1.8x 21.0x 8.0x Romeo Systems $ 17.77 52.3% $2,447 $2,106 2.8x 1.8x 23.1x 10.7x Ouster 1 $ 11.74 72.2% $2,173 $1,893 5.9x 2.3x NM 7.5x Electric Last Mile 1 $ 12.24 84.5% $1,759 $1,530 1.3x 0.8x 6.2x 3.3x Innoviz1 $ 13.00 81.3% $1,855 $1,485 18.8x 6.3x NM NM indie semiconductor 1 $ 11.24 79.8% $1,626 $1,161 5.7x 3.3x NM 15.1x Lightning eMotors 1 $ 14.82 88.5% $1,240 $1,067 1.7x 0.9x 21.3x 6.9x FREYR 1 $ 11.68 100.0% $1,612 $763 2.4x 0.5x NM 2.3x Advent Technologies 1 $ 14.95 79.8% $756 $634 10.6x 5.2x NM 26.6x Nuvve1 $ 18.37 82.5% $401 $330 1.2x 0.4x 4.5x 1.6x

Mean 73.4% 8.4x 4.9x 13.1x 10.3x Median 79.2% 3.8x 2.2x 15.6x 7.2x

Source: FactSet, SEC Filings and Third Party Providers. Values in U.S. Dollars. Share prices shown in local currencies. Multiples above 50.0x not shown. 1. Upon closing on the transactions, the companies will become publicly listed. For transactions which have not yet closed, the share price reflects that of the acquiring SPAC. 7 Global Experts in Sustainable Technology and Infrastructure

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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  20+ years of  10+ years of  25+ years of experience  30+ years of experience experience experience experience  >40 completed experience  >30 completed  >25 completed  >50 completed  >20 completed transactions  >60 completed transactions transactions transactions transactions  Advanced transactions  Head of Private  Renewable energy  Energy efficiency  Energy transition Transportation  European coverage Placements assets  Power infrastructure  Industry 4.0  Sustainable Food &  Industrials and energy  Cleantech  Power infrastructure  Renewable energy  Environmental AgTech companies  Power infrastructure services value chain technology and  Industrial IoT &  Utilities  Renewable energy  Smart grid services software value chain  Environmental services  Water

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