Nomura-Greentech-Gen

Sustainable Technology and Infrastructure Monthly Market Update // May 2020 Performance of Key Market Indices(1) 80.0% 60.0% 40.0% 39.4% 20.0% 25.7% 0.0% 9.4% (20.0%) 1.0% (40.0%) May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500

Index Performance(1) May Ending Versus First Day of the May YTD CY 2019 52 Wk High 52 Wk Low Dow Jones Industrial Average 4.3% (11.1%) 22.3% (14.1%) 36.5% NASDAQ Composite 6.8% 5.8% 35.2% (3.3%) 38.3% S&P 500 4.5% (5.8%) 28.9% (10.1%) 36.1% NASDAQ Clean Edge Green Energy 9.6% 7.8% 40.7% (13.4%) 58.5%

Notable Recent Transactions & Capital Raises

Target Acquirer Transaction Description Intel, a multinational technology company, acquired Moovit, a Moovit Intel provider of a mobility-as-a-service and journal planner app, for $900mm M&A SunPower’s Clairvest Clairvest Group, an alternative asset manager, acquired Transactions O&M Group SunPower’s solar O&M Business for an undisclosed sum Business Omnitracs, a global provider of fleet management solutions, VisTracks Omnitracs acquired VisTracks, a provider of logistics compliance solutions, for an undisclosed sum

Company Transaction Description Lime, a provider of electric scooters and micro-mobility solutions, raised a $170mm Lime round led by Uber, Bain Capital Ventures and Alphabet. As part of the raise, Uber will transfer its electric bike and scooter subsidiary, Jump, to Lime Capital Samsara Networks, a provider of fleet management and connectivity solutions, raised Samsara Raises a $400mm round led by Dragoneer Investment Group, Warburg Pincus and General Networks Atlantic, with participation from Andreessen Horowitz and General Catalyst

Waymo, a developer of autonomous driving solutions, raised a $750mm round led by Waymo T. Rowe Price, Perry Creek Capital and Fidelity Management and Research, on top of the $2.25bn it had raised in early March

About Nomura Greentech Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to assist our clients in achieving success. Our team of experienced bankers are sector experts and understand our clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with opportunities to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 65 professionals working seamlessly on our clients' behalf in New York, Zürich and San Francisco.

Source: FactSet, SEC filings and third-party providers. 1 (1) Performance does not include reinvestment of dividends. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/4)

Corporate Transactions

Transaction Transaction Multiple(1) Date Target Acquirer Transaction Description Subsector Value ($mm) Revenue EBITDA

Origin Energy, an integrated energy company, acquired a 20% stake in Ocotopus Energy, an Energy 5/1/2020 Octopus Energy Origin Energy electricty and gas supplier that sources only $507 ND ND Technology renewable energy, for $134mm upfront, with an additional $373mm over the next four years

Cimarron, a provider of environmental and emissions control equipment and services, Environmental 5/4/2020 Aereon Cimarron ND ND ND acquired Aereon, a provider of emissions control Services solutions, for an undisclosed sum

ComplianceQuest, provider of an enterprise quality management system, acquired LifeGuard Environmental 5/4/2020 LifeGuard Solutions ComplianceQuest ND ND ND Solutions, a health and safety management Services platform, for an undisclosed sum

Intel, a multinational technology company, Advanced 5/4/2020 Moovit Intel acquired Moovit, a provider of a mobility-as-a- $900 ND ND Transportation service and journal planner app, for $900mm

VertexOne, a leading provider of enhanced SaaS solutions to the utility industry, acquired 5/6/2020 WaterSmart VertexOne Water ND ND ND WaterSmart, a behavioral customer engagement and analytics platform, for an undisclosed sum

Acea, an electricity and water utility company, acquired a 70% stake in Simam, a provider of Energy (2) 5/7/2020 Simam Acea $23 ND 4.3x environmental and industrial management Technology services, for $23mm

NIBE Industrier, a manufacturer and seller of energy-efficient products, acquired a 60% stake in 5/7/2020 VEÅ NIBE Industrier Water ND ND ND VEÅ, a designer of steam, hot water boilers and pressure vessels, for an undisclosed sum

INVL Baltic Sea Growth, an asset management firm specific to the Baltic region, acquired a INVL Baltic Sea Environmental 5/8/2020 Eco Baltia controlling stake in Eco Baltia, a provider of ND ND ND Growth Fund Services plastic and waste collection services, for an undisclosed sum

Generation Capital, an investment fund focused GES Global on infrastructure, energy and transportation, 5/10/2020 Environmental Generation Capital acquired Azireli's stake in GES Global Water $30 ND ND Solutions Environmental Solutions, an operator of seawater desalination facilities, for $30mm

Omnitracs, a global provider of fleet management solutions, acquired VisTracks, a provider of Advanced 5/11/2020 VisTracks Omnitracs ND ND ND logistics compliance solutions, for an undisclosed Transportation sum

Tanknology, a provider of tank testing and environmental compliance services, acquired Compliance Testing Environmental 5/13/2020 Tanknology Compliance Testing & Technology, a provider of ND ND ND & Technology Services storage tank compliance services, for an undisclosed sum

Clairvest Group, an alternative asset manager, SunPower's O&M 5/14/2020 Clairvest Group acquired SunPower’s solar O&M Business for an Solar ND ND ND Business undisclosed sum

Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. (1) Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. 2 (2) Based on an implied $33mm enterprise value. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/4)

Corporate Transactions

Transaction Transaction Multiple(1) Date Target Acquirer Transaction Description Subsector Value ($mm) Revenue EBITDA

Air Pros USA, a Colorado Springs-based provider of residential and commercial air conditioning Wright Total Indoor 5/22/2020 Air Pros USA services, acquired Wright Total Indoor Comfort, a Energy Efficiency ND ND ND Comfort provider of HVAC and plumbing services, for an undisclosed sum

Polygon, a provider of damage restoration services, acquired Hiotlabs, a developer of 5/25/2020 Hiotlabs Polygon insurance technology solutions aimed at detecting Water ND ND ND and preventing water damages, for an undisclosed sum

Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 3 (1) Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/4)

Asset Transactions

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

Capital Dynamics, an investor in renewable 5/6/2020 WElink Group Capital Dynamics energy projects, acquired a 133 MW solar farm in Solar ND 133 Spain from WElink Group for an undisclosed sum

CPPIB, a Canadian pension fund, acquired ~25% stakes in three offshore wind farms totaling 1.4 5/11/2020 Enbridge CPPIB GW in France from Enbridge for $89mm, with an Wind $222 1,428 additional $133mm committed as follow-on investment

Scottish Power, a subsidiary of Iberdrola, 3R Energy and acquired a 165 MW wind project pipeline in 5/13/2020 Scottish Power Wind $211 165 Mitchell Energy Scotland from 3R Energy and Mitchell Energy for $211mm

Spruce Finance, a consumer finance company specializing in the residential solar sector, 5/14/2020 Clearway Energy Spruce Finance Solar ND 53 acquired a 53 MW residential solar asset portfolio from Clearway Energy for an undisclosed sum

Clearway Energy, an investor in energy Clearway Energy infrastructure, acquired a 283 MW wind portfolio 5/14/2020 Clearway Energy Wind $70 283 Group in Texas from Clearway Energy Group under a drop-down transaction for $70mm

Etrion, Total Solar Innergex, a developer and operator of renewable 5/14/2020 Latin America, Innergex energy, acquired a 68 MW solar facility in Chile Solar $47 68 Solventus Salvador from a consortium of investors for $47mm

Partners Group, APG Asset APG Asset Management and The Renewables Infrared Capital Management, The Infrastructure Group acquired a 396 MW offshore 5/14/2020 Partners, DEME Wind ND 396 Renewables wind farm in Germany from a consortium of Concessions NV, Infrastructure Group investors for an undisclosed sum GE EFS, ADEME

Illinois American Water, a subsidiary of investor- Illinois American 5/15/2020 Village of Shiloh owned American Water, acquired wastewater Water $4 NA Water systems from the Village of Shiloh for $4mm

Vertuous Energy, a subsidiary of Public Sector Pension Fund, acquired a 49% stake in 2 wind 5/18/2020 Pattern Energy Vertuous Energy Wind ND 324 farms totaling 324 MW in New Mexico from Pattern Energy for an undisclosed sum

Bunge, an agribusiness and food company, 5/20/2020 Imcopa Bunge acquired two soy crushing plants in Brazil from AgTech ND NA Imcopa for an undisclosed sum

Southern Power, a gas and electric utility company, acquired a 90% stake in a 56 MW wind 5/21/2020 Invenergy Southern Power Wind ND 56 farm in West Virginia from Invenergy for an undisclosed sum

Capital Dynamics, an investor in renewable energy projects, acquired a 23 MW wind farm in 5/26/2020 ABO Wind Capital Dynamics Wind ND 23 Northern Ireland from ABO Wind for an undisclosed sum

4 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure M&A Transactions (4/4)

Asset Transactions

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

Harrison Street, a real estate investment BlackRock's Global management firm, acquired a stake in a district Harrison Street Real Energy 5/26/2020 Energy and Power energy system in Maryland from BlackRock's ND NA Estate Capital Technology Infrastructure Fund Global Energy and Power Infrastructure Fund for an undisclosed sum

BayWa, a German company which operates in the agriculture, building materials and energy 5/26/2020 Brockwell Energy BayWa Wind ND 45 sectors, acquired a 45 MW wind farm in Scotland from Brockwell Energy for an undisclosed sum

NextEra Energy, Alliant Energy, the parent company of two public Ranger Power, utilities, announced plans to acquire and advance 5/26/2020 Alliant Energy Solar $900 675 Savion, Geronimo a 675 MW portfolio of six solar projects in Energy Wisconsin for $900mm

Energy Impact Partners acquired a 102 MW Energy Impact 5/27/2020 Undisclosed community solar portfolio in New York for an Solar ND 102 Partners undisclosed sum

Illinois American Water, a subsidiary of investor- Illinois American owned American Water, acquired water and 5/27/2020 Village of Andalusia Water $3 NA Water wastewater systems from the Vilage of Andalusia for $3mm

EDF EN do Brasil Participacoes, a subsidiary of EDF Energies Nouvelles, obtained approval EDF EN do Brasil without conditions from Brazil's Administrative 5/28/2020 PEC Energia Wind ND 600 Participacoes Council for Economic Defense to acquire a 600 MW wind power complex from PEC Energia for an undisclosed sum

Naturwärme ENGIE acquired a biomass cogeneration plant Montafon capable of supplying 24 GWh of heat per year 5/29/2020 ENGIE Biofuel ND ND Biomasseheizkraftw from Naturwärme Montafon erk Biomasseheizkraftwerk for an undisclosed sum

5 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (1/4)

Corporate Transactions

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

Developer of high-end smart home 5/1/2020 Josh.ai $11 Energy Efficiency Undisclosed sytems

Developer of a refurbished electronics Environmental Goldman Sachs, Algaé Ventures, Eurazeo 5/4/2020 Back Market $120 marketplace platform Services Growth

Provider of supply chain security and Industrial Energy Impact Partners, Zetta Venture 5/5/2020 Finite State risk management services for IoT $13 Technology Partners devices

Developer of a logistics platform serving GeoPost, B Capital Group, Monk's Hill Advanced 5/5/2020 Ninja Van e-commerce deliveries in six Southeast $279 Ventures, Carmenta, Golden Gate Ventures Transportation Asian countries Growth Fund, Intouch Holding, Grab

Vickers Venture Partners, Koch Industries' Flint Hills Resources, CPV/CAP Producer of biodegradable alternatives Environmental 5/5/2020 RWDC Industries $133 Pensionskasse, International SA, Eversource to single-use plastic Services Retirement Plan Master Trust, WI Harper Group

Manufacturer of energy-efficient 5/6/2020 SaveMoneyCutCarbon ND Energy Efficiency Barclays (Sustainable Impact Capital Initiative) products

Advanced ALPANA Ventures, Basinghall Partners, In-Q- 5/6/2020 Toposens Developer of 3D echolocation sensors ND Transportation Tel

Developer of single-use plastics Environmental Alibaba Hong Kong Entrepreneurs Fund, 5/7/2020 Ecoinno $6 alternatives Services Alibaba Taiwan Entrepreneurs Fund

Provider of electric scooters and micro- Advanced 5/7/2020 Lime $170 Uber, Bain Capital Ventures, Alphabet, GV Nomura Greentech’s mobility solutions Transportation Take: In part due to an extended social distancing period DST Global, Hillhouse Capital, Sequoia Developer of a Korean grocery delivery Advanced Capital China, Fuse Venture Partners, SK associated with 5/8/2020 Kurly $164 COVID-19, there has app Transportation Networks, Translink Capital, Aspex been an uptick of Management investment in grocery and food delivery platforms Developer of an online wholesale and CDH Investments, Longzhu Capital, 5/11/2020 Lehe Food supply chain platform for agricultural $56 AgTech Guanzhou Hezhi Investment Management produce

Developer of a Chinese fresh food Advanced 5/12/2020 Dingdong Maicai $300 General Atlantic delivery app Transportation

Developer of a web-based delivery and Advanced 5/12/2020 DispatchTrack $144 Spectrum Equity last mile logistics management platform Transportation

6 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (2/4)

Corporate Transactions

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

Fosun RZ Capital, JAL Ventures, Entrée Advanced 5/12/2020 IRP Systems Provider of electric powertrain products $17 Capital, Tal Capital, Union Tech Ventures, Transportation Cendana Capital, Champion Motors

Developer of low-power software and Advanced Dell Technologies Capital, Amplify Partners, 5/12/2020 SiMa.ai $30 chip solutions Transportation Wing Venture Capital, +ND Capital

Developer of residential energy smart Capricorn Investment Group, Incite Ventures, 5/12/2020 Span.IO $10 Energy Efficiency home products ArcTern Ventures

Developer of a data analytics platform 5/12/2020 The Yield $7 AgTech Yamaha Motor Ventures for farmers

Advanced 5/12/2020 VanMoof Developer of electric bikes $14 Balderton Capital, SINBON Electronics Transportation

Developer of autonomous driving Advanced T. Rowe Price, Fidelity Management & 5/12/2020 Waymo $750 solutions Transportation Research, Perry Creek Capital

Environmental 5/12/2020 Wynd Technologies Developer of portable smart air purifiers ND GreenGen Ventures Services

Saama Capital, Omnivore, Nexus Venture Developer of analytical tools used to 5/13/2020 Intello Labs $6 AgTech Partners, SVG Ventures Thrive, AgFunder's assess the quality of food GROW Asia Fund

Advanced 5/13/2020 Wallbox Provider of EV charging products $13 Seaya Ventures, Endeavor Catalyst, Iberdrola Transportation

EQT Ventures, 83North, Highland Europe, Advanced 5/15/2020 Wolt Developer of a Finnish food delivery app $108 ICONIQ Capital, Goldman Sachs Growth Transportation Equity

Supplier of graphene-powered energy Renewable 5/18/2020 Nanotech Energy $28 ND storage products Energy

S2G Ventures, Syngesta Ventures, Cavallo Provider of hydraulic enhancement 5/19/2020 Sound Agriculture $22 AgTech Ventures, Fall Line Capital, Cultivian Sandbox products for harvest yield improvement Ventures

Anthemis Exponential Ventures, Leaps by Developer of a financing and products Bayer, Flourish Ventures, Sage Hill Capital, 5/20/2020 Apollo Agriculture platform geared toward small-scale $6 AgTech To Ventures Food, Breyer Labs, Accion farmers in Kenya Venture Lab, Newid Capital

7 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (3/4)

Corporate Transactions

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

Alliance Bernstein, Franklin Templeton, General Atlantic, Sands Capital Management, Provider of fleet management and Advanced 5/20/2020 Samsara Networks $400 Warburg Pincus, Andreessen Horowitz, connectivity solutions Transportation Dragoneer Investment Group, General Catalyst, Tiger Global

Developer of autonomous aviation Advanced R7 Partners, VC Alven, Eniac Ventures, 5/20/2020 Xwing $10 technology Transportation Thales Corporate Ventures

Advanced 5/21/2020 Imperfect Foods Provider of a grocery delivery service $72 Insight Partners, Norwest Venture Partners Transportation

Provider of trucking and logistics Advanced 5/24/2020 Platform Science $42 Prologis, Daimler Nomura Greentech’s software Transportation Take: Apeel Sciences’ latest financing round demonstrates how GIC, Viking Global Investors, Upfront investors are 5/26/2020 Apeel Sciences Developer of a food waste reduction app $250 AgTech Ventures, Tao Capital Partners, Rock Greek increasingly focused Group, Oprah Winfrey, Katy Perry, AgFunder on tools and technologies that support a circular Shenzen Sequoia Hanchen Equity Investment economy Advanced Partnership, Sequoia Capital China, CICC 5/27/2020 BYD Semiconductor Manufacturer of semiconductors $266 Transportation Capital Management, SDIC Fund Management, Himalaya Capital

Developer of soluble and biodegradable Environmental Bpifrance's SPI Fund, Diamond Edge 5/27/2020 Lactips $14 thermoplastics Services Ventures

Developer of a China-based mobile ride- Advanced 5/29/2020 Didi $500 Softbank hailing app Transportation

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

Initial Public Offerings

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

Operator of parking lots, priced its initial Advanced 5/13/2020 Allpark public offering on the B3 Brazilian Stock $59 ND Transportation Exchange for total proceeds of $59mm

9 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 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 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Diversified Industrials Danaher $166.61 98.3% $117,943 $141,158 26.7x 22.3x 33.6x 28.8x 4.1x 19.5% Raytheon Technologies $64.52 41.1% $97,684 $140,747 14.7x 12.0x 19.3x 15.1x 4.2x 34.4% Siemens €98.53 82.2% $89,461 $130,736 14.6x 12.6x 17.6x 14.3x 4.4x 37.2% Honeywell $145.85 79.6% $104,574 $112,867 14.9x 13.6x 20.9x 18.8x 1.1x 14.9% GE $6.57 49.9% $57,481 $100,467 17.4x 11.6x NM 17.2x 7.1x 87.8% Caterpillar $120.13 79.8% $66,204 $95,784 16.2x 12.8x 24.0x 17.2x 5.1x 38.7% Mitsubishi Corporation ¥2515 85.0% $35,942 $68,988 11.2x 10.4x 9.1x 8.7x 8.7x 97.7% Schneider Electric €89.24 86.7% $55,318 $61,890 13.1x 11.4x 21.6x 17.7x 1.1x 15.2% Hyundai W98,000 68.3% $20,638 $59,197 10.1x 8.4x 9.8x 6.1x 8.4x 118.0% ABB CHF18.89 77.3% $42,039 $49,644 18.7x 13.7x 27.7x 18.5x 2.7x 27.6% Roper Technologies $393.80 100.0% $41,467 $45,744 24.0x 22.7x 32.2x 30.2x 2.2x 11.5% Eaton $84.90 80.8% $34,902 $43,291 15.3x 13.6x 23.3x 17.9x 3.0x 20.2% Emerson Electric $61.02 78.4% $37,283 $42,948 12.8x 12.2x 20.0x 18.6x 1.7x 19.1% Johnson Controls $31.41 70.6% $23,781 $31,060 10.6x 9.8x 16.0x 14.2x 2.4x 26.3% Rockwell Automation $216.16 98.6% $25,204 $27,273 21.6x 19.6x 29.5x 27.1x 1.4x 8.8% Legrand €61.30 79.2% $18,378 $21,561 15.0x 13.0x 23.1x 19.0x 2.2x 24.2% Dover $97.25 81.1% $14,177 $17,131 15.1x 13.4x 19.8x 17.5x 2.6x 20.2% OMRON ¥7,140 97.5% $13,589 $11,902 16.2x 14.7x 42.4x 32.5x (2.0x) 2.4% Hitachi Construction Machinery ¥2,830 84.1% $5,586 $8,890 7.1x 6.7x 16.1x 12.4x 2.5x 41.7% Alstom €37.84 75.2% $9,548 $8,237 9.1x 8.2x 19.3x 16.1x (1.5x) 14.1% Woodward $68.58 53.6% $4,428 $5,404 13.4x 12.5x 19.8x 20.4x 2.4x 20.2% Regal Beloit $79.54 88.6% $3,245 $4,108 10.6x 9.0x 20.4x 14.7x 2.2x 35.0% Moog $54.29 56.5% $1,829 $2,879 10.1x 10.2x 13.8x 13.6x 3.7x 40.6% Bharat Heavy Electricals ₹27.95 37.2% $1,287 $1,012 5.0x 4.1x 12.3x 9.5x (1.3x) 64.0% CG Power & Industrial Solutions ₹5.97 16.4% $49 $337 5.6x 4.2x 3.0x 0.9x 4.7x 95.3% Mean 73.8% 14.0x 12.1x 20.6x 17.1x 2.9x 37.4% Median 79.6% 14.6x 12.2x 19.9x 17.2x 2.5x 26.3%

Energy Infrastructure Primary Equipment and Power Electronics TE Connectivity $81.25 81.0% $27,138 $31,268 13.2x 11.1x 20.2x 16.2x 1.7x 15.4% Delta Electronics NT$138.00 86.0% $11,993 $12,707 10.7x 8.9x 19.5x 15.6x (0.3x) 10.6% Yaskawa Electric ¥3,870 86.5% $9,414 $9,730 30.3x 22.2x NM 46.9x 0.9x 6.8% Sensata Technologies Holding $35.65 65.8% $5,646 $8,099 13.7x 10.2x 20.3x 11.9x 4.2x 40.2% NGK Insulators ¥1,579 79.5% $4,701 $5,935 6.7x 5.6x 15.1x 11.1x 1.3x 36.7% Fuji Electric ¥2,879 74.0% $3,817 $5,605 8.0x 7.1x 11.3x 10.0x 2.0x 35.8% LS Industrial Systems W45,550 83.1% $1,079 $1,133 5.2x 5.0x 11.2x 9.5x 0.2x 44.6% Mean 79.4% 12.5x 10.0x 16.3x 17.3x 1.4x 27.2% Median 81.0% 10.7x 8.9x 17.3x 11.9x 1.3x 35.8%

EPC and Services Jacobs $84.02 80.9% $11,135 $13,482 13.0x 11.6x 16.3x 13.9x 2.3x 30.0% Acciona €89.80 71.6% $5,449 $10,951 8.3x 7.4x 18.9x 15.0x 4.9x 71.8% ACS Group €22.95 58.5% $7,659 $9,339 3.6x 2.8x 12.5x 8.6x 2.0x 163.5% Skanska KR188.10 78.7% $8,272 $8,516 8.6x 7.9x 12.6x 12.8x 0.6x 22.1% AECOM $38.77 74.7% $6,147 $7,927 10.8x 9.9x 17.4x 14.4x 2.6x 38.3% Quanta $36.93 84.4% $5,421 $7,000 8.0x 6.9x 11.7x 9.7x 1.8x 27.9% MasTec $39.15 53.8% $2,952 $4,528 5.8x 6.4x 8.5x 10.3x 2.0x 36.3% Stantec C$41.60 97.3% $3,366 $4,415 10.8x 9.7x 21.1x 17.4x 2.6x 26.5% EMCOR $63.55 68.3% $3,572 $3,980 9.1x 8.0x 14.3x 13.0x 0.9x 19.0% Dycom Industries $42.10 70.2% $1,331 $2,144 7.0x 6.3x 21.5x 16.5x 2.6x 68.0% Balfour Beatty £2.51 85.4% $2,136 $1,514 5.8x 4.6x 18.6x 9.6x 0.1x 66.6% Primoris Services $16.69 70.7% $811 $1,318 7.0x 5.9x 13.8x 9.4x 2.7x 45.5% STRABAG €26.90 83.3% $3,070 $1,125 1.1x 1.1x 8.5x 7.5x (1.4x) 140.7% Granite Construction $17.60 36.5% $830 $1,028 4.8x 4.0x 12.7x 7.5x 1.1x 44.7% Trevi Finanziaria Industriale €0.01 34.0% $155 $971 17.3x 12.0x NM 15.1x 14.6x 93.2% Fluor $11.61 34.5% $1,627 $966 2.2x 2.1x 10.1x 9.0x 0.2x 203.0% Bilfinger €17.14 49.6% $768 $954 8.7x 4.6x NM 16.0x 2.0x 68.8% Aegion $15.01 63.6% $461 $765 8.8x 7.7x 17.4x 12.4x 3.4x 48.5% Team $4.93 26.3% $150 $540 11.2x 5.6x NM 28.7x 8.1x 74.5% Mistras $4.04 24.3% $117 $420 8.9x 6.3x NM 11.2x 6.4x 76.2% Willdan $24.45 61.8% $281 $420 16.4x 9.7x 47.9x 11.6x 5.4x 35.9% Mean 62.3% 8.4x 6.7x 16.7x 12.8x 3.1x 66.7% Median 68.3% 8.6x 6.4x 14.3x 12.4x 2.3x 48.5%

Oil and Gas Services Liberty Oilfield Services $5.15 31.8% $592 $966 19.7x 17.0x NM NM 3.0x 21.2% NexTier Oilfield Solutions $2.90 38.2% $617 $699 21.4x 24.3x NM NM 2.5x 81.7% Select Energy Services $5.94 48.1% $511 $613 NM 33.9x NM NM (2.1x) 14.1% ProPetro Holding $4.95 23.5% $510 $529 5.2x 7.2x NM NM 0.2x 31.7% Secure Energy Services C$1.16 15.8% $133 $509 6.3x 5.8x NM NM 4.4x 70.5% Mean 31.5% 13.2x 17.6x NM NM 1.6x 43.8% Median 31.8% 13.0x 17.0x NM NM 2.5x 31.7%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share (4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for prices shown in local currencies. companies with negative 2020E EBITDA. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority (5) (Debt + Preferred Stock)/EV. Interest - Investments in Affiliates - Cash and Marketable Securities. (6) United Technologies merged with Raytheon Company on April 3 and renamed (2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x. to Raytheon Technologies Corporation. 10 (3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. (7) Pro forma for C&J and Keane acquisitions. 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 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Energy Technology Smart Grid Solutions AMETEK $91.71 90.0% $21,173 $23,347 18.7x 16.8x 25.5x 22.9x 1.7x 14.7% Terna €6.07 89.4% $13,571 $22,490 11.3x 11.1x 16.0x 16.0x 4.5x 47.6% Keysight Technologies $108.13 99.1% $20,437 $20,546 19.0x 16.2x 25.6x 21.4x 0.1x 9.5% Itron $64.42 72.9% $2,607 $3,477 17.9x 10.3x 48.4x 15.9x 4.3x 40.3% ESCO Technologies $82.61 79.2% $2,155 $2,255 16.4x 13.6x 31.6x 24.4x 0.7x 8.9% Landis+Gyr Group CHF63.20 60.1% $1,905 $1,986 10.2x 9.3x 19.4x 15.2x 0.5x 21.4% S&T €23.60 91.1% $1,741 $1,745 13.7x 11.2x 32.0x 24.2x (0.1x) 17.1% Smart Metering Systems £6.30 95.3% $881 $1,156 19.7x 17.0x NM NM 4.7x 29.2% Mean 84.7% 15.9x 13.2x 28.4x 20.0x 2.1x 23.6% Median 89.7% 17.1x 12.4x 25.6x 21.4x 1.2x 19.3%

Energy Storage Tesla $835.00 91.0% $166,165 $174,591 NM 28.8x NM NM 1.8x 8.7% BYD Company HK$43.50 81.2% $15,311 $25,145 11.7x 10.0x NM 36.1x 4.4x 45.2% Panasonic ¥963.00 76.9% $20,853 $23,689 5.1x 4.8x 14.5x 12.4x 0.9x 57.7% Samsung W359,000 92.5% $19,385 $16,260 12.1x 8.9x 47.4x 24.0x 1.5x 19.3% EnerSys $63.30 81.2% $2,712 $3,645 10.0x 8.2x 14.1x 11.5x 2.6x 33.0% Ballard Power Systems C$14.72 78.9% $2,506 $2,320 NM NM NM NM NM 0.8% Plug Power $4.21 73.6% $2,222 $2,230 NM NM NM NM 0.5x 3.7% FuelCell Energy $2.13 74.0% $431 $630 NM NM NM NM NM 39.0% Ultralife $8.35 85.4% $134 $147 11.8x 9.7x NM NM 1.0x 12.6% Mean 81.6% 10.1x 11.7x 25.3x 21.0x 1.8x 24.4% Median 81.2% 11.7x 9.3x 14.5x 18.2x 1.5x 19.3%

LED Lighting Hubbell Incorporated $122.42 81.9% $6,684 $8,187 12.6x 11.5x 18.2x 15.9x 2.3x 22.0% Universal Display Corporation $146.60 65.2% $6,908 $6,276 33.9x 22.3x NM 34.0x (3.4x) 0.1% Cree $52.69 83.6% $5,697 $5,351 NM 34.8x NM NM (5.1x) 9.4% OSRAM €39.53 82.5% $4,141 $4,734 17.4x 11.1x NM NM 2.2x 26.2% Acuity Brands $86.15 60.2% $3,420 $3,510 7.7x 7.2x 11.2x 10.8x 0.2x 13.4% Epistar NT$36.00 89.4% $1,293 $1,284 16.7x 7.9x NM NM (0.7x) 14.1% Fagerhult KR34.85 54.0% $652 $1,087 13.9x 8.1x 39.6x 12.0x 5.5x 50.5% Veeco $11.74 64.9% $561 $636 13.7x 10.3x 17.5x 11.5x 1.6x 49.8% Zumtobel €6.20 61.8% $298 $493 4.8x 4.4x 12.7x 10.6x 1.9x 49.3% Dialight £2.35 41.2% $95 $131 10.3x 6.5x 41.9x 12.4x 2.8x 27.8% Beghelli €0.17 62.2% $37 $109 10.3x 10.9x NM NM 6.8x 83.5% Mean 67.9% 14.1x 12.3x 23.5x 15.3x 1.3x 31.5% Median 64.9% 13.1x 10.3x 17.9x 12.0x 1.9x 26.2%

Market Enterprise Net Debt/ (1) (2) (3) Price as of % of 52 Wk Value Value EV/EBITDA P/E 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Advanced Transportation Automotive Companies Toyota Motor ¥6,755 85.2% $178,446 $289,025 11.1x 10.6x 12.7x 10.8x 5.3x 67.6% Volkswagen €142.40 77.8% $79,404 $257,803 8.3x 6.1x 14.1x 6.6x 6.0x 93.0% Tesla $835.00 91.0% $166,165 $174,591 NM 28.8x NM NM 1.8x 8.7% BMW €52.60 69.3% $38,550 $152,728 14.2x 11.5x 14.8x 8.2x 10.9x 86.8% Ford Motor Company $5.71 54.3% $22,629 $141,525 NM 14.5x NM 19.0x 59.9x 119.2% General Motors Company $25.88 63.3% $37,267 $112,149 12.8x 8.7x 33.3x 6.8x 8.9x 112.8% Honda Motor ¥2,784 86.2% $45,274 $86,260 10.3x 8.8x 13.1x 9.3x 5.3x 80.4% Nissan Motor ¥400.90 50.8% $14,561 $76,059 16.3x 16.8x NM 26.7x 12.4x 96.5% Hyundai W98,000 68.3% $20,638 $59,197 10.1x 8.4x 9.8x 6.1x 8.4x 118.0% IC Motor Y17.92 66.4% $29,300 $38,509 10.3x 7.8x 9.3x 7.5x 2.7x 90.4% Renault €20.21 34.8% $6,544 $30,164 9.3x 5.7x NM 6.5x 14.6x 217.7% BYD Company HK$43.50 81.2% $15,311 $25,145 11.7x 10.0x NM 36.1x 4.4x 45.2% Suzuki Motor ¥3,746 70.1% $16,300 $17,282 6.1x 5.3x 17.1x 14.0x (0.7x) 21.7% Fiat Chrysler Automobiles €7.94 54.1% $13,852 $12,859 2.0x 1.2x NM 5.8x 0.2x 122.9% Tata Motors ₹86.90 43.4% $3,995 $11,594 3.5x 2.6x NM 14.6x 2.4x 108.9% Subaru ¥2,379 75.8% $16,929 $11,152 4.5x 4.1x 16.9x 12.8x (2.3x) 19.9% Geely Auto HK$10.60 64.9% $12,623 $9,818 5.7x 4.8x 10.8x 8.6x (1.0x) 10.9% NIO $3.98 77.0% $4,129 $5,901 NM NM NM NM NM 32.2% Mazda Motor ¥689.00 60.1% $4,029 $4,786 7.4x 4.8x NM 49.7x 0.7x 120.2% Peugeot €12.81 49.2% $13,435 $4,384 0.7x 0.5x 10.7x 4.4x (1.3x) 296.7% Mitsubishi Motors ¥304.00 57.0% $4,200 $3,412 7.6x 4.1x NM NM (2.1x) 81.4% Guangzhou Automobile HK$6.37 63.9% $8,414 $1,408 NM 5.2x 8.2x 6.5x NM 126.4% Dongfeng Motor Group HK$4.86 57.4% $5,402 $181 0.5x 0.4x 3.6x 3.0x 7.8x 3,510.2% FAW Car Group Y10.07 85.7% $2,294 $142 0.4x 0.3x 17.1x 12.0x (4.4x) 1,055.5% KIA Motors W34,250 73.8% $11,088 ($1,530) NM NM 9.9x 6.4x (0.5x) (379.1%) Mean 66.4% 7.6x 7.4x 13.4x 12.8x 6.1x 250.6% Median 66.4% 8.0x 5.7x 12.7x 8.4x 2.7x 93.0%

Truck Companies Daimler €33.38 61.9% $39,722 $184,877 19.8x 11.2x 40.2x 8.7x 16.1x 95.3% Volvo KR133.25 76.8% $28,769 $39,141 11.2x 8.0x 23.2x 12.7x 3.3x 46.9% PACCAR $73.86 89.0% $25,652 $32,370 22.4x 15.9x 26.9x 17.4x 4.7x 34.4% Nikola Motors $28.70 94.7% $11,974 $11,261 NM NM NM NM NM (6.3%) MAN €44.00 65.9% $7,197 $9,084 5.7x 5.4x NM NM 1.8x 45.5% Isuzu Motors ¥1009.50 72.4% $6,911 $8,728 5.7x 4.9x 13.4x 10.6x 0.1x 35.8% Navistar $25.14 66.8% $2,501 $6,268 13.7x 10.0x NM 19.5x 8.3x 77.3% Mean 75.4% 13.1x 9.2x 25.9x 13.8x 5.7x 47.0% Median 72.4% 12.4x 9.0x 25.0x 12.7x 4.0x 45.5%

Tier 1 Suppliers DENSO ¥4,131 80.2% $29,712 $29,013 7.1x 5.2x 28.0x 14.5x (0.3x) 14.9% Bridgestone ¥3,577 77.0% $23,415 $27,964 5.4x 5.0x 12.7x 10.5x 0.9x 27.9% Continental €88.44 66.7% $19,676 $24,334 6.3x 4.2x 37.7x 11.3x 1.2x 31.3% Michelin €90.86 77.7% $18,174 $23,214 6.3x 4.9x 17.1x 10.2x 1.7x 33.9% Aptiv $75.35 77.0% $19,277 $21,806 16.2x 9.8x NM 18.7x 3.4x 30.4% Magna C$58.06 77.7% $12,715 $16,656 8.2x 5.1x 31.1x 9.1x 1.8x 29.5% Valeo €22.15 60.6% $5,920 $10,065 5.1x 3.8x NM 14.1x 1.7x 53.4% Faurecia €34.66 68.4% $5,300 $8,204 4.6x 3.5x 30.9x 7.9x 1.6x 65.7% Lear $106.05 74.9% $6,435 $8,090 8.7x 5.1x 45.9x 9.2x 1.5x 47.6% Goodyear $7.61 44.5% $1,781 $8,088 15.0x 5.5x NM 9.3x 11.8x 91.6% BorgWarner $32.15 69.4% $6,629 $7,503 7.2x 5.2x 18.7x 9.8x 1.0x 26.0% Delphi $12.88 64.4% $1,110 $2,659 8.7x 5.9x NM 9.1x 4.8x 78.7% Visteon $72.00 75.1% $2,009 $2,197 17.4x 8.6x NM 21.8x 1.0x 43.4% Automation Tooling Systems C$20.01 88.5% $1,334 $1,556 12.0x 10.2x 26.5x 18.3x 1.7x 30.9% Stoneridge $20.58 60.6% $568 $655 29.9x 10.1x NM 21.9x 4.5x 27.6% Veoneer $10.78 58.7% $1,202 $437 NM NM NM NM NM 65.0% Mean 70.1% 10.5x 6.1x 27.6x 13.0x 2.6x 43.6% Median 72.2% 8.2x 5.2x 28.0x 10.5x 1.7x 32.6%

Mobility-as-a-Service Uber $36.32 78.3% $62,629 $62,441 NM NM NM NM NM 14.9% Lyft $31.26 46.3% $9,519 $7,380 NM NM NM NM NM 7.2% Mean 62.3% NM NM NM NM NM 11.1% Median 62.3% NM NM NM NM NM 11.1%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + 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) Signifcant cash and investments in affiliates balances. (7) On March 2, 2020, Nikola and VectoIQ, a special purpose acquisition company, agreed to enter into a business combination funded by VectoIQ cash held in a trust account 12 ($237mm), VectoIQ common stock, and proceeds from VectoIQ PIPE ($525mm). Comparable Companies Trading Analysis Advanced Transportation (2/2)

Market Enterprise Net Debt/ (1) (2) (3) Price as of % of 52 Wk Value Value EV/EBITDA P/E 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Autonomous Driving Chip Makers Intel $62.93 91.9% $271,354 $286,920 8.2x 8.4x 13.2x 12.8x 0.5x 13.9% NVIDIA $355.02 98.3% $220,822 $212,046 NM 30.7x 45.7x 36.9x (1.5x) 3.6% QUALCOMM $80.88 84.3% $93,093 $99,273 14.5x 10.9x 19.1x 13.7x 1.0x 16.6% Advanced Micro Devices $53.80 91.3% $65,851 $65,103 NM 30.1x NM 37.4x (0.5x) 1.1% Mean 91.5% 11.3x 20.0x 26.0x 25.2x (0.1x) 8.8% Median 91.6% 11.3x 20.5x 19.1x 25.3x 0.0x 8.7%

Intelligent Transport Roper Technologies $393.80 100.0% $41,467 $45,744 24.0x 22.7x 32.2x 30.2x 2.2x 11.5% Fortive $60.98 73.8% $20,733 $25,988 17.6x 15.0x 21.2x 17.8x 3.6x 24.2% FLIR Systems $46.20 78.6% $6,234 $6,800 15.7x 14.4x 22.1x 20.1x 1.3x 12.9% LS Corporation W37,400 73.8% $839 $3,385 6.6x 5.9x 9.2x 6.0x 5.1x 106.5% Conduent $2.39 24.2% $505 $2,201 6.1x 5.5x 10.4x 6.1x 4.3x 95.8% Cubic $41.21 55.0% $1,290 $2,100 13.3x 11.0x 13.3x 11.0x 5.1x 45.3% Vaisala €35.65 96.6% $1,433 $1,431 21.2x 18.7x 40.5x 34.8x (0.0x) 4.0% Kapsch TrafficCom €17.50 48.7% $253 $442 10.6x 8.1x NM 12.9x 4.5x 63.2% INIT Innovation in Traffic Systems €27.60 99.3% $307 $318 10.7x 9.1x 21.5x 17.6x 0.4x 13.4% Iteris $4.81 73.5% $195 $182 NM 22.3x NM 43.7x (4.2x) 7.7% Q-Free NOK3.80 48.7% $35 $58 7.6x 7.1x NM NM 3.0x 47.4% Image Sensing Systems $3.66 61.9% $19 $14 5.3x 5.2x NM NM (2.0x) 0.8% Mean 69.5% 12.6x 12.1x 21.3x 20.0x 1.9x 36.1% Median 73.7% 10.7x 10.1x 21.3x 17.7x 2.6x 18.8%

ITS / Smart Tolling Atlantia €14.60 59.1% $13,280 $61,615 11.0x 8.4x 36.7x 12.2x 7.9x 82.0% Ferrovial €24.42 80.2% $19,817 $22,639 NM 33.4x NM 48.8x 10.0x 45.9% ASTM €18.50 58.5% $2,687 $3,498 5.1x 4.1x 15.7x 10.1x 2.0x 81.1% Allpark R$9.50 95.9% $282 $346 NM NM NM NM NM 25.4% Mean 73.4% 8.1x 15.3x 26.2x 23.7x 6.7x 58.6% Median 69.6% 8.1x 8.4x 26.2x 12.2x 7.9x 63.5%

Telematics Descartes Systems $47.59 100.0% $4,067 $4,033 30.0x 26.3x NM NM (0.3x) 0.5% Inseego $10.62 75.5% $965 $1,032 NM 19.3x NM 37.9x 3.6x 9.5% TomTom €7.63 66.1% $1,117 $680 NM NM NM NM NM 7.0% ORBCOMM $2.74 33.8% $215 $428 8.4x 6.2x NM NM 4.2x 65.9% Ituran $17.11 52.3% $356 $395 7.0x 6.3x 15.6x 11.9x 0.6x 21.2% CalAmp $7.70 64.7% $261 $393 14.0x 9.6x NM 18.8x 4.7x 60.9% Quartix £3.85 87.3% $230 $222 26.8x 26.4x 33.8x 33.5x (1.0x) 0.2% MiX Telematics R5.90 56.7% $183 $173 7.4x 6.8x NM 24.9x (0.4x) 5.2% TeleNav $4.95 42.8% $237 $121 23.5x NM NM NM (22.7x) 7.4% Quarterhill C$2.01 96.2% $173 $99 7.0x 3.9x NM 12.6x (4.9x) 5.2% Mean 67.5% 15.5x 13.1x 24.7x 23.3x (1.8x) 18.3% Median 65.4% 11.2x 8.2x 24.7x 21.9x (0.3x) 7.2%

Logistics UPS $99.71 80.2% $86,648 $108,822 13.0x 10.6x 17.8x 14.2x 2.6x 29.1% FedEx $130.56 74.2% $34,207 $65,883 9.3x 8.5x 13.0x 11.2x 4.5x 50.8% Deutsche Post €27.98 80.2% $39,109 $55,264 6.6x 5.8x 14.5x 11.3x 1.9x 34.9% XPO Logistics $78.81 79.5% $8,117 $15,352 12.2x 9.5x NM 21.0x 5.6x 53.5% J.B. Hunt $119.67 99.2% $12,799 $14,053 12.0x 10.6x 28.8x 22.0x 1.1x 9.3% Werner $46.22 100.0% $3,217 $3,407 7.8x 7.0x 24.7x 19.8x 0.4x 7.7% Mean 85.5% 10.1x 8.7x 19.8x 16.6x 2.7x 30.9% Median 80.2% 10.6x 9.0x 17.8x 17.0x 2.3x 32.0%

Communications / Infrastructure AT&T $30.86 77.9% $222,624 $415,943 7.4x 7.2x 9.5x 9.3x 3.2x 45.5% Verizon $57.38 92.4% $237,611 $369,494 7.9x 7.7x 12.0x 11.7x 2.8x 37.7% Cisco Systems $47.82 82.4% $202,900 $190,153 10.6x 10.6x 15.1x 14.7x (0.6x) 9.0% T-Mobile $100.04 98.2% $86,634 $127,543 6.1x 5.7x NM 45.1x 2.0x 32.9% Hitachi ¥3,455 73.9% $31,007 $43,065 4.4x 4.1x 6.9x 6.4x 0.6x 32.0% Toshiba ¥2,944 74.0% $12,536 $9,364 4.4x 3.9x 41.6x 11.8x (0.7x) 42.1% Xerox $15.88 40.4% $3,378 $5,567 6.0x 4.6x 9.1x 5.7x 2.2x 87.1% Mean 77.0% 6.7x 6.3x 15.7x 15.0x 1.3x 40.9% Median 77.9% 6.1x 5.7x 10.8x 11.7x 2.0x 37.7%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + 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. 13 (6) Allpark priced its initial public offering on 5/13/2020. Comparable Companies Trading Analysis Renewables

Market Enterprise Net Debt/ (1) (2) (3) Price as of % of 52 Wk Value Value EV/EBITDA P/E 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Renewables Integrated PV and PV Manufacturing Hanwha W20,100 73.4% $1,128 $22,263 11.0x 10.3x 5.6x 4.5x 6.0x 79.3% TBEA Solar Y6.87 82.8% $3,571 $7,714 9.6x 8.8x 11.7x 10.9x 4.1x 81.9% Enphase $58.19 86.8% $7,819 $7,636 NM 27.4x NM 39.7x (1.1x) 5.4% SolarEdge $141.90 99.8% $7,403 $6,994 24.5x 19.1x 47.9x 30.1x (1.4x) 0.6% First Solar $46.62 69.3% $4,960 $4,010 7.8x 5.5x 15.6x 13.0x (1.8x) 15.2% Sungrow Y11.25 81.8% $2,296 $2,401 12.0x 9.6x 14.0x 11.1x 0.5x 33.3% Canadian Solar $18.80 76.3% $1,130 $2,363 5.9x 5.2x 7.8x 7.1x 3.1x 100.4% GCL Y2.55 37.0% $1,807 $2,110 33.8x 16.4x NM NM 8.2x 37.0% JinkoSolar $15.81 55.2% $678 $2,076 4.6x 4.7x 3.3x 3.4x 2.1x 134.9% SunPower $7.22 47.8% $1,219 $1,777 20.4x 10.1x NM 26.7x 8.9x 57.3% Daqo New Energy $51.17 65.9% $751 $986 5.1x 4.1x 6.4x 4.6x 1.2x 36.1% Mersen €20.55 58.5% $486 $822 6.0x 5.3x 10.2x 7.9x 2.3x 44.4% SMA €26.72 67.6% $1,031 $777 11.4x 8.6x NM 45.3x (3.7x) 5.8% Foxconn NT$53.90 77.8% $2,552 $567 2.1x 1.6x 11.4x 10.6x (6.6x) 84.1% Manz €18.80 67.4% $162 $194 7.8x 4.6x NM 9.4x 2.4x 49.7% ReneSola $1.02 53.7% $49 $188 20.7x 14.5x NM 25.5x 10.6x 64.4% Mean 68.8% 12.2x 9.7x 13.4x 16.6x 2.2x 51.9% Median 68.4% 9.6x 8.7x 10.8x 10.9x 2.2x 47.0%

Solar Development BayWa €27.75 94.4% $1,088 $6,263 15.1x 14.1x 44.0x 27.5x 12.2x 83.3% Sunrun $16.70 71.4% $1,991 $5,208 NM NM NM 28.0x 49.1x 54.6% Vivint Solar $7.52 58.5% $932 $2,590 NM NM NM NM NM 61.6% Mean 74.8% 15.1x 14.1x 44.0x 27.8x 30.6x 66.5% Median 71.4% 15.1x 14.1x 44.0x 27.8x 30.6x 61.6%

Wind Development Energiekontor €20.50 89.5% $320 $549 8.2x 6.6x 19.3x 13.9x 3.4x 55.2% PNE Wind €4.88 93.1% $414 $547 22.0x 13.3x NM NM 6.0x 52.2% ABO Wind €21.00 97.2% $179 $246 6.7x 5.4x 13.2x 9.5x 1.8x 36.6% Arise KR40.00 75.8% $143 $177 8.1x 6.1x 21.4x 9.6x 1.6x 32.8% Mean 88.9% 11.3x 7.8x 18.0x 11.0x 3.2x 44.2% Median 91.3% 8.2x 6.3x 19.3x 9.6x 2.6x 44.4%

IPPs Enel €6.90 80.6% $78,007 $154,295 7.7x 7.3x 13.7x 12.7x 3.1x 45.4% Iberdrola €9.69 86.3% $67,245 $117,619 10.0x 9.4x 17.6x 16.4x 3.8x 41.1% ENGIE €10.64 63.9% $28,547 $56,249 5.4x 4.8x 12.8x 9.9x 3.3x 84.0% Innogy €43.60 95.2% $26,944 $44,978 10.4x 10.1x 29.1x 28.1x 4.3x 44.3% AES $12.49 59.4% $8,343 $29,248 7.7x 7.1x 9.1x 8.1x 5.0x 75.1% EDP Renovaveis €11.92 90.6% $11,566 $15,578 9.7x 9.0x 33.1x 27.1x 1.9x 24.4% NRG $36.05 88.3% $8,976 $13,966 7.1x 7.2x 8.9x 7.6x 2.7x 50.1% Northland Power C$31.84 96.6% $4,596 $10,465 12.1x 11.9x 16.4x 17.1x 6.1x 59.1% Neoen €33.50 91.2% $3,332 $5,414 17.2x 13.1x NM NM 6.6x 47.7% Innergex C$18.94 86.0% $2,102 $4,712 11.7x 10.9x NM 45.1x 7.1x 67.7% ERG €19.85 85.5% $3,287 $5,018 9.2x 8.6x 29.0x 24.4x 3.2x 49.0% Boralex C$28.65 89.9% $2,002 $4,092 11.1x 11.5x NM NM 6.1x 59.9% Scatec Solar NOK164.30 89.9% $2,175 $3,408 13.3x 10.9x 49.6x 42.9x 4.8x 45.6% Falck Renewables €5.39 87.1% $1,739 $2,597 11.8x 11.0x 38.4x 34.7x 3.7x 37.2% Voltalia €15.12 85.4% $1,181 $1,662 10.8x 8.6x NM 29.1x 2.8x 43.9% Solarpack €13.60 85.1% $503 $912 10.9x 11.1x 13.5x 14.9x 4.9x 50.5% Atlantic Power C$2.91 84.3% $196 $808 4.3x 4.3x 11.7x 11.7x 2.9x 94.6% Alerion Clean Power €5.78 96.0% $324 $747 10.4x 8.3x NM NM 6.1x 94.5% Etrion C$0.23 86.8% $56 $257 19.6x 16.1x NM NM 15.4x 120.7% Mean 85.7% 10.5x 9.5x 21.8x 22.0x 4.9x 59.7% Median 86.8% 10.4x 9.4x 16.4x 17.1x 4.3x 50.1%

Wind and Other Vestas DKK683.80 94.6% $19,981 $18,392 10.5x 9.1x 26.4x 19.2x (0.8x) 5.2% Siemens Gamesa €15.14 90.8% $11,438 $11,689 12.8x 8.9x 37.7x 22.2x 0.4x 16.3% Xinjiang Goldwind HK$6.98 67.4% $3,805 $7,010 8.0x 7.9x 7.5x 6.7x 4.1x 66.9% Ormat $72.81 84.3% $3,752 $4,932 12.1x 11.0x 41.9x 32.9x 2.7x 29.2% Suzlon ₹2.83 47.8% $199 $1,565 NM NM NM NM 89.1x 88.6% Bonheur NOK222.50 98.9% $974 $1,428 31.4x 7.3x NM 12.7x 9.6x 78.3% Nordex €8.69 59.4% $1,031 $1,321 7.4x 5.1x NM 37.9x 1.6x 58.4% TPI Composites $20.75 76.1% $731 $1,007 12.5x 7.0x NM 14.7x 3.4x 38.4% China High Speed Transmission HK$4.20 73.0% $886 $957 5.3x 5.1x 11.2x 15.0x 0.5x 133.4% Sif Holding €10.14 69.6% $288 $377 12.8x 6.3x NM 10.2x 3.0x 24.2% Sinovel Y0.19 14.3% $160 $246 NM NM NM NM NM 70.9% Mean 70.6% 12.5x 7.5x 24.9x 19.1x 11.4x 55.4% Median 73.0% 12.1x 7.3x 26.4x 15.0x 2.9x 58.4%

Market Enterprise Net Debt/ (1) (2) (3) Price as of % of 52 Wk Value Value EV/EBITDA P/E 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Yield Vehicles North American Yield Vehicles Brookfield Renewable Partners C$67.40 89.2% $15,181 $36,718 24.7x 22.3x NM NM 6.6x 31.8% TerraForm Power $18.38 86.1% $4,163 $11,495 14.6x 13.5x NM NM 8.6x 61.3% NextEra Energy Partners $51.11 83.5% $3,348 $10,304 7.9x 7.2x NM 33.7x 3.1x 42.5% Clearway Energy $21.91 94.8% $4,369 $10,093 9.0x 8.9x 20.7x 20.8x 5.7x 67.3% Atlantica Yield $26.20 81.3% $2,662 $7,491 8.7x 7.9x 28.8x 17.4x 5.6x 75.2% Hannon Armstrong $29.01 74.0% $2,122 $2,776 30.2x 25.2x 20.0x 19.3x 13.4x 51.6% TransAlta Renewables C$14.33 79.0% $2,758 $2,290 6.9x 6.9x 23.9x 17.7x 1.8x 27.1% Enviva $34.98 89.7% $1,240 $1,794 10.7x 8.5x 23.8x 14.2x 4.2x 39.6% Mean 84.7% 14.1x 12.6x 23.4x 20.5x 6.1x 49.5% Median 84.8% 9.8x 8.7x 23.8x 18.5x 5.6x 47.0%

European Yield Vehicles Encavis €12.24 94.6% $1,866 $3,584 14.6x 12.7x 29.1x 24.5x 7.4x 57.9% Greencoat UK Wind £1.41 92.1% $2,584 $3,295 30.8x 23.6x NM NM 6.6x 22.5% Renewables Infrastructure Group £1.22 87.6% $2,146 $1,988 6.1x 3.8x NM NM (0.5x) 0.0% NextEnergy Solar Fund £1.07 84.7% $923 $1,161 7.5x 5.5x NM NM 1.5x 21.1% John Laing Environmental £1.21 97.2% $744 $741 2.5x 1.1x NM NM (0.0x) 0.0% Bluefield Solar Income £1.32 90.7% $604 $602 10.4x 10.1x NM NM (0.0x) 0.0% Octopus Renewables £1.03 92.8% $446 $446 NM NM NM NM NM 0.0% Athena Investments DKK3.15 42.6% $48 $16 NM NM NM NM NM 0.0% Mean 85.3% 12.0x 9.5x 29.1x 24.5x 2.5x 12.7% Median 91.4% 8.9x 7.8x 29.1x 24.5x 0.8x 0.0%

MLPs Enviva $34.98 89.7% $1,240 $1,794 10.7x 8.5x 23.8x 14.2x 4.2x 39.6% Mean 89.7% 10.7x 8.5x 23.8x 14.2x 4.2x 39.6% Median 89.7% 10.7x 8.5x 23.8x 14.2x 4.2x 39.6%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + 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. 15 (6) On January 13, 2020, Brookfield proposed to acquire TerraForm Power in an all-stock transaction assuming a 0.36 BEP-to-TERP exchange ratio. 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 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Environmental Services and Technologies Solid Waste Waste Management $106.75 84.6% $45,518 $55,356 13.8x 12.5x 29.0x 26.0x 2.6x 24.3% Republic Services $85.46 85.1% $27,367 $36,298 13.4x 12.3x 31.6x 26.5x 3.3x 25.4% Waste Connections C$129.58 93.4% $24,783 $28,953 18.8x 16.6x 40.2x 32.9x 2.7x 18.5% GFL Environmental $19.17 100.0% $6,257 $10,307 13.8x 12.1x NM NM 5.4x 39.9% Advanced Disposal Services $31.18 94.2% $2,808 $4,644 12.4x 11.5x NM NM 4.9x 40.2% Covanta Holding $9.00 49.1% $1,179 $3,717 9.2x 8.7x NM NM 6.4x 70.2% Casella Waste Systems $50.95 92.4% $2,459 $3,066 20.0x 18.0x NM NM 4.0x 20.7% Biffa £2.50 81.4% $773 $1,364 8.4x 7.4x 22.9x 17.0x 3.6x 49.2% Seche Environnement €33.15 70.8% $288 $804 5.4x 5.0x 16.7x 15.2x 3.4x 75.9% Mean 83.4% 12.8x 11.6x 28.1x 23.5x 4.0x 40.5% Median 85.1% 13.4x 12.1x 29.0x 26.0x 3.6x 39.9%

Specialty Waste Stericycle $54.83 83.0% $5,006 $7,999 17.1x 15.8x 28.8x 24.2x 6.4x 37.8% Darling Ingredients $23.31 79.1% $3,914 $4,981 11.2x 10.0x 16.5x 14.1x 4.0x 37.7% Clean Harbors $59.39 67.2% $3,329 $4,706 10.6x 9.1x NM 34.1x 3.1x 39.8% US Ecology $33.67 50.6% $1,054 $1,882 10.4x 8.8x NM 30.6x 4.6x 49.8% Heritage-Crystal Clean $16.96 52.3% $397 $459 17.5x 8.4x NM 21.9x 2.3x 25.9% Charah Solutions $1.85 32.1% $55 $271 7.3x 6.7x 46.3x 10.3x 5.3x 91.5% Mean 60.7% 12.3x 9.8x 30.5x 22.5x 4.3x 47.1% Median 59.7% 10.9x 8.9x 28.8x 23.0x 4.3x 38.8%

Pollution Control Donaldson Company $47.45 81.6% $6,116 $6,655 16.8x 15.9x 26.4x 24.0x 1.4x 11.4% CECO Environmental $5.31 55.3% $188 $225 8.1x 6.5x 12.3x 8.9x 1.3x 53.9% Advanced Emissions Solutions $5.04 34.0% $90 $91 NM NM NM NM NM 47.3% Mean 56.9% 12.4x 11.2x 19.4x 16.4x 1.4x 37.5% Median 55.3% 12.4x 11.2x 19.4x 16.4x 1.4x 47.3%

Market Enterprise Net Debt/ (1) (2) (3) Price as of % of 52 Wk Value Value EV/EBITDA P/E 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV Water Efficiency / Process Pentair $39.14 82.8% $6,603 $7,967 16.0x 14.4x 19.1x 16.7x 2.7x 19.2% Rexnord $30.10 84.9% $3,743 $4,724 11.5x 11.2x 19.8x 16.8x 2.4x 32.9% Flowserve $26.10 48.8% $3,412 $4,366 10.5x 10.5x 18.0x 17.4x 2.2x 35.5% Evoqua $18.81 74.9% $2,273 $3,120 14.3x 13.3x 39.4x 33.8x 3.9x 30.6% Kemira €11.50 77.3% $1,962 $2,880 6.7x 6.6x 14.9x 14.4x 2.1x 38.1% Badger Meter $61.19 86.6% $1,788 $1,730 21.1x 19.1x 40.8x 35.5x (0.7x) 0.7% Thermon Group $16.03 58.7% $533 $687 10.8x 9.6x 20.1x 18.3x 2.4x 28.1% Wabag ₹91.20 26.4% $66 $107 2.8x 2.4x 4.1x 3.7x 1.1x 70.7% Mean 67.5% 11.7x 10.9x 22.0x 19.6x 2.0x 32.0% Median 76.1% 11.2x 10.8x 19.4x 17.1x 2.3x 31.7%

Infrastructure, Monitoring and Compliance Ecolab $212.58 100.0% $62,201 $68,919 23.7x 21.4x 44.8x 36.7x 2.3x 12.1% Xylem $66.34 74.4% $12,027 $13,843 21.7x 15.7x 44.1x 25.5x 2.8x 18.4% Watts Water $83.16 76.8% $2,836 $2,970 15.2x 12.7x 28.6x 23.2x 0.7x 12.8% Mueller Water Products $9.34 73.9% $1,482 $1,847 10.6x 9.4x 21.7x 16.8x 2.1x 25.8% Aegion $15.01 63.6% $461 $765 8.8x 7.7x 17.4x 12.4x 3.4x 48.5% Select Energy Services $5.94 48.1% $511 $613 NM 33.9x NM NM (2.1x) 14.1% Mean 72.8% 16.0x 16.8x 31.3x 22.9x 1.5x 21.9% Median 74.2% 15.2x 14.2x 28.6x 23.2x 2.2x 16.2%

Heating and Cooling Lennox $213.84 73.1% $8,276 $9,860 20.0x 17.9x 27.1x 22.9x 3.2x 16.5% A. O. Smith $47.50 91.2% $7,738 $7,577 16.8x 14.2x 27.1x 21.6x (0.4x) 5.2% AAON $54.17 90.6% $2,864 $2,818 21.6x 23.2x 36.4x 39.0x (0.4x) 0.2% SPX $39.98 75.0% $1,820 $2,169 10.8x 10.3x 15.7x 14.3x 1.7x 23.6% Comfort Systems USA $37.00 69.6% $1,365 $1,651 9.0x 9.4x 16.5x 18.5x 1.6x 25.4% Mean 79.9% 15.7x 15.0x 24.6x 23.2x 1.2x 14.2% Median 75.0% 16.8x 14.2x 27.1x 21.6x 1.6x 16.5%

Distribution American Water Works Company $127.00 90.1% $22,987 $32,800 17.1x 15.8x 33.0x 30.1x 5.1x 31.7% Veolia €19.69 68.1% $12,686 $24,120 5.7x 5.3x 20.9x 14.9x 2.9x 78.4% SUEZ €10.21 64.2% $7,237 $21,463 6.7x 6.3x 26.2x 15.7x 4.2x 81.5% Essential Utilities $43.76 80.9% $11,161 $16,410 20.6x 17.8x 28.2x 26.4x 6.6x 32.2% Severn Trent £24.41 90.5% $7,225 $15,118 13.3x 13.1x 23.8x 19.8x 7.0x 52.6% American States Water $82.01 86.2% $3,032 $3,558 21.0x 19.9x 36.0x 33.8x 3.1x 14.8% SJW $62.84 84.1% $1,802 $3,244 15.4x 14.0x 29.3x 25.4x 6.9x 45.3% Middlesex Water Company $67.86 97.7% $1,191 $1,459 26.8x 25.9x 32.5x 31.0x 4.9x 19.4% York Water Company $44.40 89.5% $578 $679 20.7x 20.1x 36.5x 34.8x 3.1x 14.9% Artesian Resources $35.11 89.1% $328 $482 13.1x 12.7x 20.9x 20.1x 4.2x 32.0% Global Water Resources $10.75 76.8% $241 $338 19.4x 19.4x NM NM 5.6x 33.9% Consolidated Water $14.83 79.6% $226 $205 13.5x 12.5x 27.5x 24.3x (1.9x) 2.0% Mean 83.1% 16.1x 15.2x 28.6x 25.1x 4.3x 36.6% Median 85.1% 16.3x 14.9x 28.2x 25.4x 4.5x 32.1%

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + 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. 17 (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 2020E Debt/ (4) (5) Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA EV AgTech Large Crop / Life Science Bayer €60.72 77.6% $66,355 $107,924 8.0x 7.4x 8.7x 7.7x 3.1x 41.2% DuPont $50.73 54.3% $37,469 $53,156 11.4x 10.3x 17.8x 14.7x 3.5x 34.1% BASF €48.65 68.1% $49,699 $55,122 7.0x 5.9x 19.6x 13.6x 2.7x 46.3% Archer-Daniels-Midland $39.31 84.8% $22,171 $25,879 8.7x 7.4x 13.9x 11.9x 3.0x 52.1% Bunge $39.02 66.8% $5,537 $11,275 8.9x 7.6x 14.5x 9.4x 4.1x 56.8% Mosaic $12.09 47.8% $4,580 $8,694 7.2x 5.6x NM 16.8x 3.9x 66.3% Mean 66.5% 8.5x 7.4x 14.9x 12.4x 3.4x 49.5% Median 67.4% 8.4x 7.4x 14.5x 12.8x 3.3x 49.2%

Irrigation / Equipment Deere $152.12 84.6% $48,100 $88,845 26.1x 19.4x 23.7x 17.2x 12.0x 56.8% CNH Industrial $6.15 52.9% $8,304 $26,561 21.4x 13.0x NM 13.4x 15.1x 88.5% Kubota ¥1,450 80.0% $16,413 $23,973 10.8x 9.4x 12.8x 11.5x 3.2x 35.2% Mahindra & Mahindra ₹436.40 65.0% $6,446 $12,949 17.4x 15.5x 15.9x 14.2x 9.3x 65.5% Toro Company $71.07 84.9% $7,722 $8,405 14.4x 13.3x 21.0x 19.0x 1.2x 9.4% AGCO $55.23 68.5% $4,192 $5,517 9.9x 7.7x 23.8x 14.2x 3.0x 36.9% Valmont $114.00 73.9% $2,457 $3,060 9.8x 8.9x 18.3x 15.0x 1.9x 28.6% Lindsay $93.92 85.6% $1,020 $1,046 16.0x 16.6x 33.0x 30.9x 0.4x 14.0% Jain ₹7.58 14.0% $52 $844 5.2x 4.7x NM NM 4.8x 95.5% Raven Industries $21.45 58.9% $774 $759 21.7x 15.4x NM 44.7x (0.4x) 7.8% Mean 66.8% 15.3x 12.4x 21.2x 20.0x 5.0x 43.8% Median 71.2% 15.2x 13.2x 21.0x 15.0x 3.1x 36.1%

Industrial Biotechnology Neste €36.32 91.9% $31,016 $30,922 14.1x 12.9x 22.6x 20.5x (0.0x) 4.6% Cosan R$65.85 78.2% $4,746 $4,991 4.9x 4.2x 18.8x 12.6x 1.6x 52.5% Renewable Energy Group $28.45 92.2% $1,243 $1,335 6.1x 4.5x 7.0x 5.2x 0.4x 21.3% Amyris $3.73 77.5% $578 $802 NM 12.1x NM NM NM 28.7% MGP Ingredients $37.51 54.0% $638 $694 10.3x 10.6x 16.9x 16.7x 0.8x 14.2% Green Plains $8.55 52.8% $296 $675 NM 9.6x NM NM NM 89.1% FutureFuel $13.08 98.7% $572 $265 4.8x 6.8x NM NM (5.5x) 0.2% Pacific Ethanol $0.67 64.1% $36 $264 NM 10.6x NM NM NM 94.6% REX American Resources $58.65 62.7% $370 $210 11.9x 13.8x NM NM (10.3x) 7.7% Mean 74.7% 8.7x 9.4x 16.3x 13.7x (2.2x) 34.8% Median 77.5% 8.2x 10.6x 17.8x 14.6x 0.2x 21.3%

Building Materials Multi-Industry CRH $32.16 78.7% $25,976 $33,341 9.2x 8.2x 19.7x 16.1x 2.1x 35.1% Saint-Gobain €29.07 75.1% $17,630 $29,102 6.3x 5.6x 13.7x 10.4x 2.5x 58.8% Masco $46.65 93.5% $12,735 $15,073 14.4x 12.8x 23.6x 19.3x 2.1x 19.5% Owens Corning $52.50 76.6% $5,712 $8,852 9.5x 8.0x 21.5x 14.7x 3.3x 37.8% Beacon Roofing Supply $24.62 65.0% $1,694 $5,271 14.3x 12.1x 18.7x 13.0x 8.6x 82.7% Armstrong World Industries $75.39 67.8% $3,619 $4,168 11.6x 10.7x 18.4x 16.4x 1.7x 18.1% Simpson Manufacturing $80.06 92.0% $3,546 $3,426 19.2x 16.8x 35.9x 30.0x (0.7x) 5.4% Griffon $16.80 67.3% $735 $2,053 10.6x 10.4x 17.0x NM 6.8x 67.6% Gibraltar $44.01 78.3% $1,447 $1,386 11.2x 8.8x 18.5x 14.9x (0.5x) 1.8% Mean 77.2% 11.8x 10.4x 20.8x 16.9x 2.9x 36.3% Median 76.6% 11.2x 10.4x 18.7x 15.5x 2.1x 35.1%

Sustainable Products / Materials Kingspan €55.55 86.8% $11,282 $12,208 22.2x 19.2x 35.1x 29.6x 1.6x 8.9% Trex $120.12 93.8% $7,006 $7,069 33.7x 29.1x 48.1x 41.7x 0.3x 1.0% Cabot Corporation $35.72 71.1% $2,022 $3,220 7.8x 6.9x 16.3x 12.4x 2.7x 40.4% Quanex $12.40 62.8% $410 $597 6.8x 6.1x 20.2x 15.3x 2.1x 35.1% Aspen Aerogels $6.20 58.4% $156 $150 NM 16.3x NM NM (1.8x) 3.5% DIRTT Environmental Solutions C$1.57 19.0% $96 $72 NM 7.6x NM NM NM 27.0% Mean 65.3% 17.6x 14.2x 30.0x 24.7x 1.0x 19.3% Median 66.9% 15.0x 11.9x 27.7x 22.4x 1.6x 17.9%

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 Corporate sales  Acquisitions  Equity private placements  Strategic consulting  Acquisitions  Divestitures  Debt private placements  IPO preparation  Minority investments  Passive equity  Project finance advisory  Financial restructuring  Joint ventures  Development capital  Co-managed public  Specialized opinions  Fairness opinions formation offerings  Independent capital markets advice Operating Development >25 $33bn 27GW 50GW $4bn assignments

Note: As of May 31, 2020. Highly Experienced Senior Leadership Supported by 65 Professionals

Jeff Derek Laurent PJ Michael Olav John McDermott Bentley Dallet Deschenes Horwitz Junttila McClure Managing Managing Managing Managing Managing Managing Managing Director, Director Director Director Director Director Director Group Head New York Zürich New York San Francisco Chicago San Francisco New York derek.bentley@nomura laurent.dallet@nomura pj.deschenes@nomura michael.horwitz@nomura olav.junttila@nomura john.mcclure@nomura jeff.mcdermott@nomura greentech.com greentech.com greentech.com greentech.com greentech.com greentech.com  20+ years of  15+ years of  15+ years of  20+ years of  25+ years of greentech.com  20+ years of experience experience experience experience experience  30+ years of experience  >35 completed  >30 completed  >30 completed  >40 completed  >20 completed experience  >30 completed transactions transactions transactions transactions transactions  >150 completed transactions  Renewable energy  Renewable energy  Renewable energy  Energy efficiency  Advanced transactions  Energy software assets assets assets  Energy software and transportation  Founder and head and services  Energy storage  Distributed energy  Power infrastructure services  Edge computing of advisory business  Energy efficiency  Distributed production services  Energy storage  Semi-conductors  Large industrials and  Renewable energy generation  Energy efficiency and  Renewable energy  Renewable energy  Industrial sensors energy companies  Utilities  Broad coverage of  Water services value chain  Smart grid senior leaders  Environmental  Blockchain services

Steve Frank Diego Damien Alex Duncan Megyery Nicklaus Pignatelli Sauer Stein Williams Managing Managing Managing Managing Managing Managing Director Director Director Director Director Director New York New York Zürich Zürich Zürich San Francisco steve.megyery@nomura frank.nicklaus@nomura diego.pignatelli@nomura damien.sauer@nomura alex.stein@nomura duncan.williams@nomura greentech.com greentech.com greentech.com greentech.com greentech.com greentech.com  15+ years of  15+ years of  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  Sustainable Food & transactions  Head of Private  Renewable energy  Energy efficiency  Energy transition AgTech  European coverage Placements assets  Power infrastructure  Industry 4.0  Advanced  Industrials and energy  Cleantech  Power infrastructure  Renewable energy  Environmental transportation companies  Power infrastructure services value chain technology and  Industrial IoT &  Utilities  Renewable energy  Smart grid services software value chain  Environmental services  Water

19 Disclaimer

This presentation is for discussion purposes only to assist the recipient in evaluating whether it wishes to proceed with a further investigation of the ideas and concepts presented herein. This presentation is not intended to form the basis of a decision to purchase or sell securities or enter into an investment banking transaction, and does not constitute (i) an offer, invitation or recommendation to purchase or sell securities or to dispose or acquire assets, (ii) an opinion as to the potential market price of any security, (iii) an opinion, invitation or recommendation to enter into a financial or capital markets transaction, including, without limitation, any public or private offering of securities, bank financing, interest rate, currency or foreign exchange, derivative or hedging arrangements or treasury products services, or any form of business combination, merger or acquisition or disposition of assets or securities or (iv) any form of legal or tax advice, opinion or recommendation. Neither the information contained in this presentation nor any further information made available in connection with the subject matter contained herein is intended to form or forms the basis of any future or present contract or arrangement or a fiduciary relationship with, or fiduciary duty to, the recipient. This presentation is subject to change without notice and does not purport to be comprehensive or contain all the information necessary to evaluate the subject matter discussed herein. The information contained herein is based on publicly available information and sources, which we believe to be reliable, but we do not represent it is accurate or complete, nor have we made any independent investigation in connection therewith. The recipient of this presentation must make its own investigation and assessment of the ideas and concepts presented herein. No representation, warranty or undertaking, express or implied, is or will be made or given and no responsibility or liability is or will be accepted by Nomura Securities International, Inc. (“Nomura”) or by any of its affiliates, directors, officers, employees, agents or advisers, in relation to the accuracy or completeness of this presentation or any other written or oral information made available in connection with the ideas and concepts presented herein. Any responsibility or liability for any such information is expressly disclaimed. “Nomura Greentech” is the marketing name that refers to the division in Nomura’s investment banking department that provides products and services to clients in the sustainable technology and infrastructure sectors. All activities of Nomura Greentech in the U.S. are conducted by Nomura Securities International, Inc. (“NSI”), a broker-dealer registered with the SEC and member SIPC. All services of Nomura Greentech conducted outside of the U.S. are provided by Nomura Greentech Capital Advisors, AG (“NGCA”) unless notified otherwise. NGCA, located in Switzerland, does not provide services that requires it to be licensed in Switzerland or any other jurisdiction. NSI has policies and guidelines designed to preserve the independence of research analysts. Such policies prohibit, among other things, investment banking employees from offering research coverage, a favorable research rating or a specific price target, or offering to change a research rating or price target, as consideration or inducement to obtain investment banking business. This presentation is the property of NSI or NGCA and the recipient acknowledges and agrees that, to the extent permitted by law, it will, on request, promptly return this presentation and all other information supplied in connection with the ideas and concepts presented herein, without retaining any copies.