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Advanced Mobility Market Update

February 2019

Electric Ecosystem Mobility-as- Autonomous Data & Vehicles Intelligence a-Service Infrastructure Analytics

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Greentech Capital Advisors / 1 Advanced Mobility Market Update February 2019 News

Selected Business > CityMapper, a public transportation navigation app, launched PASS, a mobility- Developments as-a-service subscription program that includes public transportation, shared bycicles and ride-hailing solutions (Medium) > Chauffeur-Prive, a French ride-hailing company owned by Jurbey, the Daimler- BMW mobility JV, is rebranding to Kapten (TechCrunch) > HERE is launching the Institute for Advanced Research in Artificial Intelligence, an independent machine learning institute that will process geolocation data on an industrial scale, with an initial $25mm investment (VentureBeat) > Lucid Motors, a developer of EVs who recently received funding from Saudi Arabia’s , is planning on unveiling an SUV (The Verge) > Lyft is rolling out “Green Mode” to its service which allows riders to request an EV or hybrid vehicle as part of the Green Cities Initiative (Electrek) > Lyft’s IPO roadshow is expected to start in March, with valuations expected in Greentech’s Take: the $20-25bn range, as they race to the public market () > While Tesla has controlled the > Polestar, Volvo’s EV subsidiary, unveiled its first fully electric car, a $45,000 performance EV five-door fastback that will go into production next year (TechCrunch) market since the release of the Tesla S, > Porsche will convert its best-selling U.S. car, the Macan SUV, into an EV after new competitors are the introduction of its first EVs, the Taycan and Cross Tourismo (TechCrunch) converting existing > Tesla is borrowing $2bn from local Chinese banks to build its Chinese models or launching new ones to compete Gigafactory, which is expected to start production in 2019 (Electrek) in the space > Tesla revealed a $35,000 Model 3, likely at the expense of a profitable Q1 2019, and announced the closing of all brick-and-mortar stores (Bloomberg) > is launching a car subscription company, Kinto, that will gamify its service by rewarding drivers for safe driving (TechCrunch) > Uber added public transportation options to its services in Denver, aiming to become a one-stop-shop mobility provider (TechCrunch) > VW plans to make its electric vehicle skateboard platform, the MEB, available to other automakers in an effort to create an industry standard (Smart Cities Dive) > VW is converting Jetta, which has a long history in China, into a new and separate company that will exclusively make cars for China (The Verge)

Selected > Beijing, which historically used European fuel standards, adopted the stricter Regulatory Californian standards, which limit the allowed carbon output from light duty Developments vehicles, in an effort to stem the growing air pollution issues (CleanTechnica) > Talks between California and the U.S. government regarding uniform vehicle emission standards have formally ended after a lengthy standstill (Reuters) Greentech’s Take: > The California DMV released its annual report of disengagement data for AV > California’s testing in the state, with Waymo and GM Cruise having the lowest aggressive fuel standards are widely disengagement rate and accounting for ~85% of miles tested (DMV) becoming industry > The Canadian government pledged C$400mm to subsidize a new AV-focused standard, being Blackberry research center in Ottawa (CBC) adopted by 12 other U.S. states and many > The E.U. is stimulating the market for zero- and low-emission vehicles by foreign countries encouraging their use in public procurement (EUMonitor) > The French government is investing $700mm to support new battery cell factories over the next five years (CleanTechnica) > German Finance Minister Olaf Scholz plans to retain the tax credit on electric cars, extending it beyond the expected 2021 current end date (Reuters) Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 2 Advanced Mobility Market Update Partnerships & Transactions

Selected > Aurora Innovation, an autonomous vehicle startup led by former Waymo Capital Raises CTO Chris Urmson, raised $530mm in funding from Sequoia, Amazon, Greylock Partners, Shell Ventures and T. Rowe Price (CNBC) > Chehaoduo, a Chinese startup developing new and used car marketplaces, received a $1.5bn investment from SoftBank (TechCrunch) > DoorDash, an on-demand service, raised a $400mm round co- led by Temasek and Dragoneer Investment Management (Axios) > Go-Jek added $1bn to its ongoing Series F from existing investors , Alphabet and JD as it gears up to compete with (Reuters) Greentech’s Take: > Ike, an autonomous trucking startup, raised a $52mm round led by Bain > Startups developing Capital Ventures, with participation from Fontinalis (TechCrunch) autonomous solutions for the > Lalamove, a Hong Kong-based on-demand logistics startup, raised a logistics space are $300mm round led by Sequoia Capital China (TechCrunch) raising large rounds > Lime, the micro mobility startup, raised a $310mm round led GV with as investors expect participation from Bain Capital Ventures, Andreessen Horowitz, Fidelity these applications to Venture and IVP, with a $2.4bn post-money valuation (TechCrunch) be the first commercially viable > May Mobility, a developer of autonomous shuttles, raised a $22mm round applications of co-led by Millennium New Horizons and Cyrus Capital (Automotive News) autonomous vehicles > Nuro, the autonomous last-mile delivery startup, raised a $940mm round from SoftBank at a $1.7bn pre-money valuation (TechCrunch) > Roadie, the developer of an on-the-way delivery platform intended to facilitate urgent delivery, raised a $37mm round led by Home Depot, with participation from TomorrowVentures (VentureBeat) > Rivian, a developer of electric pickup trucks, raised a $700mm round led by Amazon, with participation from existing investors (Electrek) > TuSimple, an autonomous trucking startup, raised a $95mm round led by Sina Corp at a $1bn pre-money valuation (TechCrunch) > Zūm, a ridesharing service for children, raised a $40mm round led by BMW i Ventures, with participation from Sequoia Capital (TechCrunch) Selected Mergers & > Groupe PSA acquired TravelCar, a peer-to-peer car sharing platform, for an Acquisitions undisclosed sum (New Mobility) > Dynamic Map Platform acquired Ushr, a provider of HD mapping and navigation technology for AVs, for $200mm (Reuters) > Tesla acquired Maxwell Technologies, a developer of ultracapacitors that use dry electrode technology, in an all-stock deal worth $218mm (TechCrunch) Selected > Daimler and BMW are forming a JV to develop AVs (Reuters) Partnerships > Daimler and BMW’s mobility JV will be made up of five components – Reach Now, Charge Now, Park Now, Free Now and Share Now – and both companies will invest $1.1bn into these services over the coming years (TechCrunch) > FedEx partnered with DEKA to develop an autonomous delivery pod (Reuters) Greentech’s Take: > Ford partnered with what3words, a mapping startup that broke the world > Legacy OEMs into 3x3 meter squares each assigned a three-word string (TechCrunch) continue to partner in an effort to spread > MaaS provider Moovit, TomTom and Microsoft are developing a mobility out the high costs of app that identifies all of the driving, parking, and public transit options, and developing new surfaces them in a single package for map users (New Mobility) mobility and > Via partnered with HP Transportes Coletivos, a Brazilian public transport autonomous technology operator, to launch CityBus 2.0, an on-demand shuttle service (TechCrunch) > VW’s Electrify America equipped 100 charging stations with Tesla batteries to minimize the cost of charging during peak electricity hours (TechCrunch) > Waymo is in advanced talks with the Renault--Mitsubishi Alliance to form a partnership to build AVs (Bloomberg) Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 3 Advanced Mobility Market Update Transactions

Capital Raises Amount Raised Date Company ($mm) Disclosed Investors Company Description 2/1 Go-Jek $1,500 Tecent Holdings, JD.com, Alphabet South-East Asian ride-hailing provider

2/5 Ike $52 Bain Capital Ventures, Basis Set Autonomous trucking startup Ventures, Fontinalis Ventures, NEO Ventures, Redpoint Ventures 2/6 Lime $310 Alphabet, Andreessen Horowitz, Bain Micro mobility startup Capital Ventures, Bling Capital, Coature Management, DCM Ventures, Fidelity Management, Fifth Wall Ventures, FJ Labs, GGV Capital, GIC Private GR Capital, GSV Capital, GV, IVP

2/7 Aurora $530 Sequoia, Amazon, Geodesic, Greylock Self-driving technology developer Partners, Index Ventures, Lightspeed Venture Partners, Reinvent Capital, Shell Ventures, T. Rowe Price

2/7 Zubie ND BP Ventures, Melody Capital Telematics startup Management 2/11 Nuro $940 SoftBank Group Autonomous delivery startup

2/12 May Mobility $22 BMW i Ventures, Cyrus Capital Partners, Developer of autonomous shuttles LG Technolgy Ventures, Maven Ventures, Millennium Technology Value Partners, Thayer Ventures, Toyota AI Ventures, Y Combinator

2/13 TuSimple $95 Composite Capital, Sina Corp Autonomous trucking startup

2/17 Rivian $700 Amazon.com Electric truck developer

2/20 Mojio $40 Amazon Alexa Fund, Mojio, Bosch, Relay Hardware-enabled platform that collects and analyzes driver data Ventures, Capital Partners, Assurant, Innogy Ventures, Iris Capital, Ventures, Trend Forward, BDC IT Venture Fund

2/21 DoorDash $400 Coatue Management, Dragoneer On demand food delivery service Investment Group, DST Global, GIC Private, Sequoia Capital, SoftBank Group, Temasek Holdings, Y Combinator

2/21 Lalamove $300 Eastern Bell Venture Capital, Hillhouse Hong Kong-based on-demand logistics platform Capital Group, WindWorks Ventures, Sequoia Capital China, Shunwei Capital, Xian He Capital 2/25 Roadie $37 The Home Depot, TomorrowVentures, Developer of an on-the-way delivery platform Warren Stephens

2/27 Remix $15 Energy Impact Partners, Sequoia Capital Cloud-based municipal transportation strategy platform

2/28 Chehaoduo $1,500 SoftBank Group Chinese online used car marketplace

2/28 Zūm $40 BMW i Ventures, Clearvision Ventures, Ridesharing service for kids Draper Nexus, NGP Capital, Sequoia Capital, Spark Capital, Volvo Car

M&A EV EV Date Target Acquiror ($mm) Revenue EBITDA Target Description 2/3 Maxwell Technologies Tesla $218 1.8x ND Developer of ultracapacitors that use dry electrode technology 2/12 Ushr Dynamic Map Platform $200 ND ND Provider of HD mapping and navigation technology for AVs

2/8 TravelCar Groupe PSA ND ND ND Peer-to-peer car sharing platform

Greentech Capital Advisors / 4 Source: Greentech Estimates, FactSet, Public Disclosures. Advanced Mobility Market Update Trading Comparables

Price as of Market Firm EV / Revenue EV / EBITDA P / E Company 2/28/2019 Cap ($mm) Value ($mm) 2019E 2020E 2019E 2020E 2019E 2020E Automotive Companies Toyota ¥ 6697.00 $196,302 $341,373 1.3x 1.2x 9.7x 9.3x 8.2x 7.6x Volkswagen € 155.40 87,650 254,397 0.9x 0.9x 6.3x 6.0x 5.7x 5.5x Daimler € 52.66 64,152 201,895 1.1x 1.0x 9.9x 9.8x 6.8x 6.8x BMW € 74.31 55,048 157,087 1.4x 1.4x 10.0x 9.3x 7.1x 6.9x Ford $ 8.77 34,893 155,289 1.0x 1.0x 12.6x 12.7x 7.4x 6.5x General Motors $ 39.48 55,646 135,621 0.9x 0.9x 9.2x 9.1x 6.0x 6.1x Nissan ¥ 962.40 36,490 101,059 1.0x 0.9x 9.9x 9.4x 7.3x 6.7x ¥ 3153.00 51,306 98,267 0.7x 0.7x 7.6x 7.2x 7.4x 7.0x Hyundai W 126500.00 28,387 81,049 0.9x 0.9x 12.0x 11.2x 8.9x 7.8x Tesla $ 319.88 55,250 66,589 3.1x 2.1x 18.1x 13.5x 56.4x 31.2x Renault € 60.23 20,282 63,199 1.0x 0.9x 8.8x 8.6x 4.4x 4.3x SAIC Motor Y 28.32 49,486 62,508 0.5x 0.4x 10.1x 8.8x 8.7x 8.1x BYD HK$ 50.20 20,633 33,410 1.7x 1.3x 12.7x 11.3x 28.3x 23.9x Fiat Chrysler € 12.98 28,967 30,862 0.2x 0.2x 2.1x 2.1x 4.5x 4.2x ¥ 5701.00 25,148 25,659 0.7x 0.7x 5.2x 4.8x 10.7x 10.2x Peugeot € 22.36 23,038 19,604 0.2x 0.2x 2.2x 2.1x 6.2x 5.9x Geely HK$ 14.74 16,870 14,989 1.0x 0.9x 5.8x 5.2x 8.8x 7.9x NIO $ 9.57 10,049 14,574 21.7x 2.8x NM NM NM NM Guangzhou Automobile HK$ 9.65 16,519 13,260 1.2x 1.0x 11.8x 10.2x 6.4x 5.8x Tata Motors RS 177.85 7,846 13,079 0.3x 0.3x 2.6x 2.2x 13.6x 7.9x Subaru ¥ 2826.50 19,530 12,221 0.4x 0.4x 3.4x 3.0x 9.6x 8.4x KIA W 36550.00 13,173 11,547 0.2x 0.2x 3.6x 3.3x 8.0x 7.1x Dongfeng Motor HK$ 8.35 9,165 10,394 0.6x 0.7x 10.8x 13.5x 4.4x 4.4x ¥ 1307.50 7,421 7,000 0.2x 0.2x 4.0x 3.6x 10.3x 8.6x Mitsubishi ¥ 625.00 8,367 6,608 0.3x 0.3x 3.6x 3.2x 7.8x 7.2x FAW Car Goup Y 8.40 2,045 1,954 0.5x 0.4x 11.9x 9.3x 56.0x 25.5x Navya € 1.56 51 47 2.2x 0.2x NM 6.0x NM NM Mean 1.7x 0.8x 8.2x 7.5x 12.4x 9.3x Median 0.9x 0.9x 9.2x 8.7x 7.8x 7.1x Truck Companies Daimler € 52.66 $64,152 $201,895 1.1x 1.0x 9.9x 9.8x 6.8x 6.8x Volvo KR 136.00 31,385 41,267 1.0x 1.0x 6.9x 7.4x 9.9x 10.7x PACCAR $ 67.80 23,507 28,564 1.3x 1.4x 9.7x 11.3x 10.6x 12.0x MAN SE € 90.20 15,103 18,471 1.1x NM NM NM 31.3x 26.3x ¥ 1595.50 12,160 13,766 0.7x 0.7x 5.8x 5.4x 9.4x 8.7x Navistar $ 38.37 3,796 7,787 0.8x 0.8x 9.0x 9.7x 10.9x 12.5x Mean 1.0x 1.0x 8.3x 8.7x 13.2x 12.8x Median 1.0x 1.0x 9.0x 9.7x 10.2x 11.4x Tier 1 Suppliers Continental € 144.00 $32,796 $36,780 0.7x 0.7x 5.1x 4.8x 10.4x 9.3x ¥ 4782.00 33,848 33,846 0.7x 0.7x 5.3x 4.9x 11.7x 10.7x ¥ 4393.00 30,052 28,871 0.9x 0.8x 5.1x 4.9x 10.7x 10.3x Michelin € 105.50 21,606 26,218 1.1x 0.9x 5.1x 4.8x 9.6x 8.8x Aptiv $ 83.11 21,612 25,593 1.8x 1.6x 10.3x 9.5x 15.5x 13.7x Magna C$ 69.44 17,611 21,630 0.5x 0.5x 5.0x 4.9x 7.7x 6.9x Valeo € 27.75 7,592 11,182 0.5x 0.5x 4.2x 3.8x 10.1x 8.1x Lear $ 152.07 9,507 10,282 0.5x 0.5x 4.7x 4.5x 8.3x 7.5x BorgWarner $ 40.61 8,435 9,928 0.9x 0.9x 5.8x 5.4x 9.5x 8.7x Goodyear $ 19.78 4,593 9,689 0.6x 0.6x 5.4x 4.7x 9.0x 7.0x Faurecia € 41.94 6,592 7,548 0.4x 0.3x 3.0x 2.7x 7.5x 6.7x Delphi $ 21.81 1,930 3,247 0.7x 0.7x 5.0x 4.5x 7.0x 5.9x Visteon $ 85.66 2,419 2,474 0.8x 0.8x 8.4x 6.7x 17.1x 12.2x (1) Veoneer $ 30.56 2,662 1,908 0.9x 0.8x NM NM NM NM ATS Automation Tooling Systems C$ 18.53 1,324 1,295 1.4x 1.2x 9.3x 8.4x 18.3x 16.6x Stoneridge $ 29.57 842 860 1.0x 0.9x 8.2x 7.5x 16.1x 14.0x Mean 0.8x 0.8x 6.0x 5.5x 11.2x 9.8x Median 0.8x 0.7x 5.1x 4.9x 10.1x 8.8x

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. Greentech Capital Advisors / 5 (1) Denotes limited equity research coverage. Advanced Mobility Market Update Trading Comparables (cont.)

Price as of Market Firm EV / Revenue EV / EBITDA P / E Company 2/28/2019 Cap ($mm) Value ($mm) 2019E 2020E 2019E 2020E 2019E 2020E Autonomous Driving Chip Makers $ 52.96 $238,161 $253,289 3.6x 3.4x 7.7x 7.5x 11.8x 11.2x $ 154.26 93,482 88,048 7.5x 6.6x 24.0x 19.2x 31.1x 24.1x $ 53.39 64,618 70,689 3.1x 3.0x 11.5x 9.3x 13.4x 11.4x Advanced Micro Devices $ 23.53 23,655 23,744 3.7x 2.9x 24.5x 17.2x 36.6x 24.6x Mean 4.5x 4.0x 16.9x 13.3x 23.2x 17.9x Median 3.6x 3.2x 17.7x 13.3x 22.2x 17.8x Intelligent Transport Roper Technologies $ 323.65 $33,533 $38,110 7.3x 6.9x 20.2x 19.3x 26.4x 25.2x FLIR Systems $ 51.45 6,970 6,880 3.9x 3.4x 14.1x 13.0x 21.9x 19.7x LS Corp W 60500.00 1,732 5,357 0.6x 0.5x 7.5x 7.2x 8.0x 7.3x Conduent $ 14.62 3,089 4,033 0.7x 0.9x 6.7x 6.0x 14.7x 12.7x Cubic Corporation $ 61.70 1,922 2,123 1.8x NM 13.0x NM 37.4x 21.6x Vaisala € 16.95 703 667 1.7x 1.5x 10.8x 10.6x 21.3x 17.7x Kapsch TrafficCom(1) € 33.95 503 553 NM NM NM NM NM NM INIT Innovation in Traffic Systems(1) € 15.75 180 208 NM NM NM NM NM NM Iteris, Inc $ 4.32 144 133 1.4x 1.0x NM 9.2x NM 15.3x Q-Free NOK 7.70 80 95 0.9x 0.8x 6.6x 5.6x 14.5x 11.1x Image Sensing Systems(1) $ 4.90 26 22 NM NM NM NM NM NM Mean 2.3x 2.1x 11.3x 10.1x 20.6x 16.3x Median 1.5x 1.0x 10.8x 9.2x 21.3x 16.5x ITS / Smart Tolling Atlantia € 21.38 $20,104 $37,379 4.7x 2.8x 4.3x 4.3x 10.9x 10.2x Ferrovial € 20.26 17,036 22,439 3.4x 1.5x 22.0x 20.1x 35.5x 30.3x Autostrada € 23.05 2,598 5,860 NM NM NM NM 8.7x NM Mean 4.1x 2.2x 13.2x 12.2x 18.4x 20.3x Median 4.1x 2.2x 13.2x 12.2x 10.9x 20.3x Telematics Descartes Systems $ 34.54 $2,653 $2,671 9.7x 7.5x 23.5x 20.7x 63.7x 52.3x TomTom € 7.26 1,946 1,708 1.7x 1.9x 11.1x 10.9x 41.7x 36.8x Ituran $ 36.90 788 828 3.1x 2.0x 7.7x NM 12.2x 11.0x Orbcomm $ 7.05 556 751 2.7x 2.4x 10.4x 8.8x NM NM Inseego $ 5.34 396 502 2.5x 1.8x 18.2x 10.7x NM 18.8x CalAmp $ 13.90 476 447 1.2x 1.1x 8.8x 8.1x 12.8x 12.0x MiX Telematics R 10.500 450 431 3.1x 2.6x 9.5x 8.3x 23.8x 20.4x TeleNav (1) $ 5.98 272 184 1.7x NM NM NM NM NM Quartix £ 2.50 159 150 4.5x 4.6x 16.9x 16.1x 21.8x 20.8x Quarterhill (fka Wi-LAN) C$ 1.34 121 54 2.5x 0.5x 3.3x 3.3x 12.7x 7.3x Mean 3.3x 2.7x 12.2x 10.9x 27.0x 22.4x Median 2.6x 2.0x 10.4x 9.8x 21.8x 19.6x Logistics UPS $ 110.20 $94,661 $112,378 1.6x 1.4x 10.4x 9.6x 14.6x 13.4x FedEx $ 181.00 47,249 62,417 0.9x 0.8x 6.7x 6.2x 10.6x 9.5x Deustche Post € 27.32 38,467 54,387 0.8x 0.7x 6.3x 5.8x 12.3x 11.0x Fortive $ 81.57 27,285 29,554 4.6x 3.9x 17.1x 15.5x 23.2x 21.3x J.B. Hunt $ 107.67 11,708 12,849 1.5x 1.2x 9.0x 8.5x 17.2x 15.5x Penske $ 44.44 3,773 9,767 0.4x 0.4x 11.6x 11.4x 7.9x 7.7x Mean 1.6x 1.4x 10.2x 9.5x 14.3x 13.1x Median 1.2x 1.0x 9.7x 9.0x 13.4x 12.2x Communications / Infrastructure AT&T $ 31.12 $226,696 $407,723 2.4x 2.2x 6.7x 6.7x 8.7x 8.5x Verizon $ 56.92 235,196 346,032 2.6x 2.6x 7.1x 7.0x 12.2x 11.9x Cisco Systems $ 51.77 227,893 213,140 4.3x 3.9x 11.3x 10.9x 16.2x 14.8x T-Mobile $ 72.21 61,394 90,295 2.1x 1.9x 7.0x 6.5x 18.5x 15.3x Sprint $ 6.35 25,904 58,930 1.8x 1.8x 4.6x 4.5x NM NM ¥ 3335.00 28,961 44,880 0.5x 0.5x 4.5x 4.1x 8.5x 7.1x ¥ 3490.00 18,372 11,717 0.4x 0.4x 7.3x 5.9x 6.4x 16.1x Xerox $ 30.90 7,099 11,492 1.2x 1.3x 6.6x 6.4x 8.2x 7.7x Mean 1.9x 1.8x 6.9x 6.5x 11.2x 11.6x Median 1.9x 1.8x 6.9x 6.4x 8.7x 11.9x

Aggregate Mean 1.9x 1.5x 9.0x 8.2x 14.5x 12.6x Aggregate Median 1.1x 0.9x 8.0x 7.5x 10.6x 10.2x

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. Greentech Capital Advisors / 6 (1) Denotes limited equity research coverage. Global Experts in Sustainable Technology and Infrastructure

Zürich New York Partnership with    Sangyo Sosei San Francisco Advisory Inc.

Mergers & Asset Capital Strategic Acquisitions Transactions Raising Advisory • Corporate sales • Strategic consulting • Acquisitions • Equity private • Asset sales • IPO preparation • Divestitures placements • Acquisitions • Financial restructuring • Passive equity • Debt private placements • Minority investments • Specialized opinions • Development capital • Project finance advisory • Joint ventures • Independent capital formation • Co-managed public • Fairness opinions offerings markets advice >20 $19bn >21 GW $4bn assignments

Note: As of February 28, 2019.

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