#1s AEVA s AEVA 2547 Investor Presentation November 2020#2Legal Disclaimer AEVA Disclaimers and Other Important Information This presentation (this "Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Aeva, Inc. ("Aeva" or the "Company") and InterPrivate Acquisition Corp. ("IPV") and related transactions (the "Potential Business Combination") and for no other purpose. By reviewing or reading this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below. Without the express prior written consent of IPV and Aeva, this Presentation and any information contained within it may not be (i) reproduced (in whole or in part), (ii) copied at any time, (iii) used for any purpose other than your evaluation of Aeva and the Potential Business Combination or (iv) provided to any other person, except your employees and advisors with a need to know who are advised of the confidentiality of the information. This Presentation supersedes and replaces all previous oral or written communications between the parties hereto relating to the subject matter hereof. This Presentation and any oral statements made in connection with this Presentation do not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the Potential Business Combination or any related transactions, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This Presentation does not constitute either advice or a recommendation regarding any securities. Any offer to sell securities will be made only pursuant to a definitive Subscription Agreement and will be made in reliance on an exemption from registration under the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. IPV and Aeva reserve the right to withdraw or amend for any reason any offering and to reject any Subscription Agreement for any reason. The communication of this Presentation is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law, in no circumstances will IPV, Aeva or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither IPV nor Aeva has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. Recipients of this Presentation are not to construe its contents, or any prior or subsequent communications from or with IPV, Aeva or their respective representatives as investment, legal or tax advice. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Aeva or the Potential Business Combination. Recipients of this Presentation should each make their own evaluation of Aeva and the Potential Business Combination and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward-Looking Statements Legend This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Aeva, Inc. ("Aeva") and InterPrivate Acquisition Corp. ("InterPrivate"), including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the services offered by Aeva and the markets in which it operates, and Aeva's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of InterPrivate's securities, (ii) the risk that the transaction may not be completed by InterPrivate's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by InterPrivate, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the business combination agreement by the shareholders of InterPrivate and Aeva, the satisfaction of the minimum trust account amount following redemptions by InterPrivate's public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement and plan of merger, (vi) the effect of the announcement or pendency of the transaction on Aeva's business relationships, performance, and business generally, (vii) risks that the proposed transaction disrupts current plans of Aeva and potential difficulties in Aeva employee retention as a result of the proposed transaction, (viii) the outcome of any legal proceedings that may be instituted against Aeva or against InterPrivate related to the agreement and plan of merger or the proposed transaction, (ix) the ability to maintain the listing of InterPrivate's securities on the New York Stock Exchange, (x) the price of InterPrivate's securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Aeva plans to operate, variations in performance across competitors, changes in laws and regulations affecting Aeva's business and changes in the combined capital structure, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, (xii) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Aeva operates, (xiii) the risk that Aeva and its current and future collaborators are unable to successfully develop and commercialize Aeva's products or services, or experience significant delays in doing so, (xiv) the risk that Aeva may never achieve or sustain profitability: (xv) the risk that Aeva will need to raise additional capital to execute its business plan, which many not be available on acceptable terms or at all; (xvi) the risk that the post-combination company experiences difficulties in managing its growth and expanding operations, (xvii) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (xviii) the risk of product liability or regulatory lawsuits or proceedings relating to Aeva's products and services, (xix) the risk that Aeva is unable to secure or protect its intellectual property and (xx) the risk that the post-combination company's securities will not be approved for listing on the New York Stock Exchange or if approved, maintain the listing. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of InterPrivate's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed below and other documents filed by InterPrivate from time to time with the U.S. Securities and Exchange Commission (the "SEC"). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva and InterPrivate assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Aeva nor InterPrivate gives any assurance that either Aeva or InterPrivate will achieve its expectations. 2#3Legal Disclaimer (Cont'd) Use of Projections This Presentation contains projected financial information with respect to Aeva. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. Financial Information; Non-GAAP Financial Terms The financial information and data contained this Presentation is unaudited and does not conform to Regulation S-X promulgated by the SEC. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any proxy statement/prospectus or registration statement or other report or document to be filed or furnished by IPV with the SEC. AEVA Furthermore, some of the projected financial information and data contained in this Presentation, such as Adjusted EBITDA (and related measures), has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Aeva and IPV believe these non GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Aeva's financial condition and results of operations. Aeva's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. Aeva and IPV believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Aeva's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management of Aeva does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Aeva's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. You should review Aeva's audited financial statements, which will be presented in IPV's preliminary proxy statement to be filed with the SEC, and not rely on any single financial measure to evaluate Aeva's business. A reconciliation of non-GAAP financial measures in this Presentation to the most directly comparable GAAP financial measures is not included, because, without unreasonable effort, Aeva is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these Non-GAAP financial measures. Trademarks This Presentation contains trademarks, service marks, trade names, and copyrights of Aeva, IPV and other companies, which are the property of their respective owners. Additional Information and Where to Find It This document relates to a proposed transaction between Aeva and InterPrivate. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. InterPrivate intends to file a registration statement on Form S-4 that will include a proxy statement of InterPrivate, a consent solicitation statement of Aeva and a prospectus of InterPrivate. The proxy statement/consent solicitation statement/prospectus will be sent to all InterPrivate and Aeva stockholders. InterPrivate also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of InterPrivate and Aeva are urged to read the registration statement, the proxy statement/consent solicitation statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and all other relevant documents filed or that will be filed with the SEC by InterPrivate through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by InterPrivate may be obtained free of charge from InterPrivate's website at https://ipvspac.com/ or by written request to InterPrivate at InterPrivate Acquisition Corp., 1350 Avenue of the Americas, New York, NY 10019. Participants in Solicitation InterPrivate and Aeva and their respective directors and officers may be deemed to be participants in the solicitation of proxies from InterPrivate's stockholders in connection with the proposed transaction. Information about InterPrivate's directors and executive officers and their ownership of InterPrivate's securities is set forth in InterPrivate's filings with the SEC, including InterPrivate's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 30, 2020. To the extent that holdings of InterPrivate's securities have changed since the amounts printed in InterPrivate's proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/consent solicitation statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.#4InterPrivate Acquisition Corp Overview Highly Experienced IPV Management Team Ahmed Fattouh CEO Brian Pham Partner, Tech & Life Sciences Alan Pinto Partner, Industrials and Capital Markets Brandon Bentley General Counsel Minesh Patel Vice President ● . . . · • . . ♦ . · . 20+ years of experience in private equity and M&A Founder of InterPrivate and Landmark Value Investments, invested over $1Bn in public and private market strategies Private equity at Investcorp M&A at Morgan Stanley 10+ years experience as tech investor, entrepreneur, advisor Founding team, Sherpa Capital, multi-stage venture capital firm that grew to over $700M AUM Morgan Stanley tech banking - 20+ IPOs and follow-ons, $20Bn+ raised 20+ years experience in financial industry across shipping, industrials, energy, real estate, technology Advisor to Inter Private since 2015, participating in tran tion execution alongside IPV Founding Managing Director Dahlman Rose 20+ years M&A and securities legal experience GC and COO of InterPrivate, Landmark Value M&A and securities attorney at White & Case 10+ years financial services experience Principal InterPrivate Principal Fiduciary Network LLC executing private equity transactions INTERPRIVATE InterPrivate Acquisition Corp. ("IPV.U") is a NYSE listed SPAC which completed its $240MM IPO in February 2020 . IPV team comprised of long-term oriented active investors and advisors, with a breadth of experience across venture capital, growth equity, public markets, and private equity buyout IPV Investments and Affiliations Pill Pack i slack X MAVEN Opendoor IPV Independent Directors Jeffrey Harris airbnb Curology Uber sumo logic -chargepoin+ Pietro Cinquegrana Matthew Luckett . AEVA . . . Founder Global Reserve Group Partner Quantum Energy, 30 years with Warburg Pincus Former Chairman of NVCA; over 40 boards including: Knoll, Rigup, Foro, and ChargePoint Managing Director Private Equity CDIB Numerous boards including Maurices Inc, Core Metals, GST Telecom. 25 years PE across Viton, Fosun, Apollo, Ospraie, MS Managing Partner ALBA Holdings, GP Lampros Capital Investment committee of Global Customised Wealth and Co-Portfolio Manager of Balestra Capital Partners 25 years investing SoundView Technology, Balestra Capital#5InterPrivate Investment Thesis Enormous TAM in its Infancy Automotive applications alone >$100Bn • Aeva significantly expands the TAM: Consumer, Consumer Health, Industrial and Security Commercial Partnerships with Undisputed Industry Leaders Top automotive OEMs World's leading mobility and technology players Validates superiority and provides clear revenue visibility s AEVA AEVA Breakthrough Technology with Profound Competitive Advantages 4D LIDAR on a Chip: superior performance at lower cost The "end state" for automotive applications The only viable solution for other verticals Superior Business Model Asset light and highly scalable Proven production processes & manufacturing partners High confidence in path to profitability 5#6InterPrivate Transaction Summary Attractive Transaction Parameters Investing at the inflection point Underwriting only what we know Upside from robust pipeline of additional customers Priced at compelling valuation against recent comps Transaction Summary $1,700MM pre-money equity valuation - Highly attractive opportunity to invest in a leader in next-generation 4D LIDAR Technology $120MM PIPE resulting in +$325MM net proceeds from the Transaction Net proceeds to Aeva balance sheet Fully funded to cash flow profitability in 2024 $1,803MM post-money Enterprise Value - Attractive entry multiple relative to comparable companies universe AEVA 6#7AEVA Perception for All Devices AEVA 2547 0 m/s +10 m/s +13 m/s +7 m/s -10 m/s -7 mic 2-13 m/s -10 m/s Velocity Depth Reflectivity Vision#8Aeva's Experienced Team Founded in 2017 by former leaders from Apple and Nikon Soroush Salehian CEO and Co-Founder Mina Rezk CTO and Co-Founder Saurabh Sinha CFO Tushar Moorti Systems Engineering 20 years of systems and algorithms leadership Director of System Algorithms @ Apple Director of Systems Architecture @ Broadcom 4 • · O n D 10 10 10 Head of Sensing Program Management at Apple SPG Led System Program Management for Apple Watch 1 Founder at BlueLibris (Acq'd) - wearable health sensing Product Stanford Mechatronics Head of Optical Sensing - Apple SPG Led World's 1st Commercial Precision LiDAR at Nikon 17 years Developing Sensor Fusion Systems for Autos, Aero 25+ Patents on sensing technology design and commercialization CFO/SVP & Chief Accounting Officer at JUUL Labs Corporate Controller & FP&A at InvenSense Sr. Director of Finance and Accounting at Symmetricom The Wharton School Peter Kuepper Business 16 years of automotive development and leadership for vehicle series production Director of Program Management @ BMW Nikon JUUL InvenSense Pradeep Srinivasan Silicon Photonics F MAR Wharton UNIVERSITY of PENNSYLVANIA 17 years of Silicon Photonics development and engineering leadership Head of Silicon Photonics @ Rockley Led Silicon Photonics Integration @ Intel 8#9Industry Disruptor Positioned For Long-Term and Sustainable Growth Only provider of comprehensive perception solutions across devices developed on Silicon Photonics for mass market Large TAM of $118Bn+ in 2025E with significant penetration opportunity in automotive, consumer electronics and consumer health, industrial and security First sensing platform to provide groundbreaking 4D LIDAR On Chip combining instant velocity measurements, long range performance at affordable costs for commercialization at scale AEVA Breakthrough core technology in FMCW LIDAR that provides superior performance compared to legacy Time of Flight LIDAR while drawing significantly less power Integrated perception software on device drives high margins using Aeva's unique 4D raw data across broad applications Multiple strategic partners for production provide revenue visibility to 2025. Proven high demand and validation from leading Automotive customers across Passenger Cars, Trucking and Mobility Highly scalable and capital efficient business model. Leveraging strategic manufacturing partners including first-of-its-kind production partnership with Tier 1 manufacturer ZF to industrialize Aeva's technology Rapidly scaling revenue growth with attractive margin and cash flow profile Multi-disciplinary team of experienced leaders, engineers and operators with track record of delivering products across automotive, consumer and beyond#10Evolution of Sensing for Machine Perception Sensing Requirement Camera Radar Legacy ToF LIDAR Other LIDARs today AEVA Aeva 4D LIDAR COLOR VELOCITY •)) DEPTH REFLECTIVITY INERTIAL MOTION Meets Perception Partially Meets Does Not Meet AEVA Machine perception has evolved from using basic vision sensors to multiple sensing solutions for new capability and safe function Today's devices require color, velocity, depth, reflectivity and inertial motion Camera measures color at high resolutions and can infer depth Radar measures velocity and depth at lower resolutions Legacy LIDAR is based on Time of Flight (TOF) technology and measures depth and reflectivity, but with limitations in performance and costs Aeva 4D LIDAR is the first sensing solution to meet all machine perception requirements and is built on Silicon Photonics enabling broad adoption at Industry Leading Costs 10#11Massive Opportunity Across Multiple Large Markets Contracted Projects Underway in Automotive... ... Drive Expansion into Proven Applications Using 4D LIDAR Technology Trucking Consumer Electronics +$13Bn Sources: Gartner, IDC, Deloitte, IHS Markit, International Federation of Robotics, Aeva estimates +$26Bn Automotive Passenger Cars +$100Bn ADAS+AV 2025E TAM Other Markets Consumer Health +$1Bn +$160Bn ADAS+AV 2030E TAM +$18Bn 2025E TAM +$12Bn +$46Bn 2030E TAM Mobility Production Start 2024 +$4Bn Industrial Robotics & Security +$7Bn AEVA Production Start 2025 11#12Aeva's Rapid Pace of Breakthrough Technology To Market BUSINESS AEVA Founded By Soroush Salehian and Mina Rezk 2017 TECHNOLOGY The New York Times VOLKSWAGEN 7F Aeva's Publicly Featured by NYT "New Eyes for Driverless Cars" 2018 First 4D LIDAR Sample Initial Prototype Data Confidential Released A-Series 4D LiDAR to Key Partners Aeva A-Series 4D LIDAR First 4D LIDAR with Long Range and Velocity KEY PARTNERS AND INVESTORS LUX 2019 C (II) Audi Revealed Partnership with Audi AID AEVA TODAY A ALVA VOLKSWAGEN Canaan Adage Capital Management PARTNERS VW Porsche SE Investment in Aeva Revealed Announced First 4D LiDAR Fully Integrated on Chip 2020 Aeva's 2nd Gen 4D LIDAR on Chip • All LiDAR Optics Fully integrated on Silicon Photonics 30 Partner Pipeline 4 Strategic Manufacturing Partners ● 7F . ZF Production Partnership Revealed Multi-year Production Partnership to bring first 4D LIDAR to Automotive Mass Scale Aeries Deployment • 120° Field of View Long Range KEY STATS AEVA 100+ Team Members 75 Engineers 30+ Patents 12#13s AEVA Groundbreaking Technology LOVE LIND LIBERTYY ENTERICA TRACE QUARTERDOLTAR O s AEVA 4D LIDAR E M#14Differentiated 4D LIDAR Core Design... Aeva is the Only FMCW LIDAR Company Meeting Perception Needs Aeva 4D LIDAR FMCW¹ / Coherent Detection Vs Legacy LIDAR (Time of Flight) AM / Direct Detection AEVA Silicon Photonics Chip Frequency Modulated Continuous Wave FM Laser Detector Optical Processing AM Laser Detector Low Continuous Power Eye Safety Margin Low High Pulsed Power n High Eye Safety Margin Low High All LIDARS Today AEVA 4D LIDAR Superior Capability ✓ Instant Velocity for every pixel • Provides unprecedented perception capability ✓ Free from all interference (LiDAR or Sun) Drives mass market adoption AEVA ✓ 100x higher sensitivity • Enables ultra long range of detection. at a fraction of the power First LIDAR Integrated on Silicon Photonics • Enables large volume scalability at low cost Only Sensing Solution Built from the Ground Up on Silicon Photonics for Mass Scale Application in Automotive, Consumer Electronics and Beyond 14#15...Underpinned by Proprietary Breakthrough Technology * s AEVA Custom Semiconductor Fiber-less Laser 麻麵 Custom Receiver (HH) Silicon Photonics Optical Engine Super Pixel Density Per Beam ASIC Processor with Unique DSP Perception Software 0 a Proprietary semiconductor laser based on proven processes 30x Lower costs vs Legacy LiDAR Proven CMOS based photodetector integrated on Silicon Photonics without the use of exotic processes Key LIDAR components integrated on Silicon Photonics leveraging proven CMOS processes in telecom Unique modulation breaks legacy LiDAR dependency between max range and pixel density Each beam capable of millions of pixels / sec Custom ASIC built from ground up for 4D LIDAR unique data stream qualified for automotive and beyond Proprietary DSP software algorithms for long range Proprietary low power perception software purpose built on Aeva ASIC to leverage unique raw 4D data AEVA First 4D LIDAR on Chip Aeva Brings Perception to Broad Applications at Industry Leading Cost 15#16...and Coupled with Uniquely Capable Application Software s AEVA Fast Object Detection and Classification 5x Faster Detection and 40m Increased Stopping Distance High Precision Object Tracking at 10x Less Power ID 726 36.4 m 25.6 m/s 1m .2 m 4 m/s 9 m/s ID 701 39.1 m 12.1 m/s ID 665 23.6m 14.2 m/s Centimeter Precision Motion Tracking for All Objects Using Instant Velocity per Pixel at 10x Less Power 00 Speed MPH Speed (mph) 40 200 -0.1 0.4 201 17.3 Motion State Estimation Accel 9 Yaw rate deg/s Acceleration (g) 0.2 Yaw rate (deg/s) 20 AEVA Centimeter Grade Motion State Without Costly Inertial Motion Sensors Low Power Perception Software Purpose Built on Aeva Custom ASIC using Unique 4D Raw Data 16#17Aeva 4D LIDAR Technology Snapshot Long Range and High Pixel Density 1000x Higher Dynamic Range Reflectivity Aeva 4D LIDAR Measure Instant Motion for Every Pixel 10% +10 m/s -12 m/s High Definition Camera AEVA 17#18Aeva 4D LIDAR in Action Depth Reflectivity $ Instant Velocity Vision KUTS DES AEVA 18#194D Perception Software Fast Object Detection and Classification High Precision Object Tracking Drivable Region Motion State Estimation 20 m 0m -35 dB -60 dB AEVA Focal point [X:33.94, Y:5.04] 8.4 m/s -8.4 m/s Focal point [X:31.50, Y:3.37] Focal point [X:33.00, Y:-0.81] AEVA 19#20Only Solution Meeting Next-ADAS and AV Requirements at Cost Automotive Requirements Next-ADAS and AV Automotive Grade Range @10% (m) Best Resolution (*) Field of View () Instant Velocity Light Interference LIDAR Interference Weather Performance Optical Power Costs Sources: Company public data and physics Requirement Automotive / Tier 1 >200 <0.1 >100 x 30 Major Advantage Expected Requirement None None 200 m inclement weather Low s AEVA Yes 250 <0.05 120 x 30 5 cm/s IMMUNE IMMUNE Yes Low Continuous Competitor 1 In House Dev 220 0.11 360 x 40 No Degraded Poor No Med Pulse $$$ Meets Performance Competitor 2 In House Dev 250 0.07 120 x 30 No Degraded Poor Yes High Pulse $$ Partially Meets Competitor 3 Yes 110/170 0.1/0.2 115 x 25 No Degraded Poor No High Pulse $$ Does Not Meet Competitor 4 Yes 80 0.8 145 x 3.2 No Degraded Poor No Low Pulse AEVA 20#21Partnering with Top Automotive Industry Players ZF Automotive Production Partner PORSCHE SE VW Majority Owner Strategic Partner Porsche SE Majority Owner of VW Group Investments in Aeva in 2018 and 2019 Partnership with Audi AID announced in 2019 • Aeva is Engaged with VW Group on LIDAR for Next Generation Vehicle Platforms Targeted for 2024 Production B BENTLEY DUCATI PORSCHE SE Co Audi BUGATTI VOLKSWAGEN AKTIENGESELLSCHAFT Commercial Vehicles SEAT CAMBOGH SCANIA SKODA PORSCHE MAN AEVA ZF is one of the world's largest automotive Tier1 manufacturers to most top OEMs • Production partnership with ZF to manufacture, qualify and supply the first automotive grade 4D LiDAR at ZF's automotive qualified production plants AEVA 21#22Partnering with World's Top OEMs to Bring 4D LIDAR to Mass Production Aeva is actively engaged with 30 of the top players in automated and autonomous driving across Trucking, Passenger and Mobility/Tech Top 7 partners, including 3 Partners in Production Selection Stage and 4 Strategic Partners for Production, represent +80% of 2025E Automotive revenue Current Customer Pipeline In Series In Production Validation Stage 23 Selection Stage 3 Strategic Partners for Production¹ 4 Top 7 Partners Represent +80% of Aeva's 2025E Automotive Revenue Aeva Strategic Partners & Partners in Production Selection Tier-1 and Manufacturing Partners Select Current and Target Partners ¹ Reflects terms and conditions for agreements and production MOUS. Do not reflect production purchase orders unless and until received Trucking Top 2 Truck Programs 7F + DAIMLER (MAN) NAVISTAR plus.ai SCANIA tu simple VOLVO 3 Global Luxury Sedan Makers Passenger Confidential Audi Ford JAGUAR ANTO + Confidential M Mercedes-Benz GM NIO TOYOTA + Mobility/Tech Top 2 Mobility/Tech Confidential ARGO AEVA SAMSUNG VOLKSWAGEN GROUP amazon z O ox cruise nuro Uber ox w/Google 22#23Development Timeline to Deploy Global Scale by 2024 Utilizing production ready automotive Tier1 manufacturing partners for rapid and global scale to customers by 2024 Illustrative Timeline to Series Production 2021 Q1 Q2 Q3 A Series Platform Production & Qualification Auto-B Sample Development Q4 2022 Q1 Q2 Q3 Auto-B Production & Qualification Series Development Auto-C Sample Development Q4 2023 Q1 Auto-C Production & Qualification Production at Automotive Plant Q2 Q3 Auto-D Production & Qualification Start of Production Q4 SOP AEVA 23#24Bringing Perception to Broad Applications Diverse Applications Automotive Consumer Electronics Consumer Health Industrial & Security 2547 Detection Module 0000 Classification Module VELOCITY Powerful Software Stack Silicon Photonics Chip Motion State Estimation Unprecedented Raw Data "")) Device Positioning DEPTH REFLECTIVITY Bio metrics Custom Processor O Proprietary Hardware Developed On Proven Semiconductor Process COLOR Scanning AEVA Remote ID 24#25s AEVA Financial Summary#26Robust Growth Trajectory We sell perception solutions across four verticals 4D LIDAR System + Perception Software for Automotive, Industrial, and Security - Silicon Photonics Engine+ Software algorithms for Consumer Electronics Sales to Automotive OEMs for production vehicles expected to commence in 2024 and include ADAS and Autonomous solutions for Passenger Vehicles, Trucks and Mobility / Tech Top 7 partners represent +80% of 2025E Automotive revenue Strategic partnerships across trucking, passenger car, and mobility drive broad adoption across Automotive and represent high-growth revenue opportunities Multi-year manufacturing partnership agreement for production with ZF significantly expands Aeva's 4D LIDAR distribution reach to the world's top OEMS Existing customer demand beyond automotive to deploy Aeva's 4D LiDAR for production in: Depth sensing and Biometric applications for consumer electronics Autonomous navigation and safety function for industrial robotics Next generation security application Prior to series production which is expected to occur in 2024E, revenue is primarily from: Automotive development unit sales Non-automotive development unit sales NRE revenue Source: Aeva estimates Estimated Annual Revenue (2020-2025) Annual Revenue ($MM) $5 2020E $11 2021E Auto 78% $35 2022E 2025E Revenue Breakdown By Vertical Consumer 12% Security 7% Industrial 3% Includes +$550MM from Aeva's Top 7 Current Partners $75 2023E NRE Revenue 4% $286 2024E By Type $880 2025E AEVA Solutions Revenue 96% 26#27Attractive Margin and Free Cash Flow Profile Highly profitable business model demonstrated by healthy margins Aeva system is composed of 3 core components, each is already being produced based on proven high volume semiconductor processes providing high visibility into production COGS. Significant operating leverage from R&D, S&M and G&A Breakeven profitability and free cash flow in 2024 • Leveraging world's top manufacturing partners for production and distribution · Existing partnerships for key component production including with leading Semiconductor foundries on proven processes for telecom Manufacturing and distribution partnership with top Tier-1s for Automotive (e.g. ZF) and other contract manufacturing partners enable scale across all four verticals Resulting in no manufacturing CapEx Foundational technology platform drives mass adoption of Aeva perception solutions across devices Same silicon photonics technology validated by Automotive requirement enables broad adoption into Consumer Electronics, Industrial and Security Scaling of feature set possible at core component level for cost-optimized solutions Additional revenue opportunity with new software feature set with OTA updates leveraging Aeva's unique 4D data Estimated Gross Profit Gross Profit ($MM) Adj. EBITDA ($MM) Total gross profit% margin 2020E Adj. EBITDA Less CapEx ($MM) Adjusted EBITDA ($27) 2020E ($28) 43% ($65) 2021E Estimated Free Cash Flow 2020E $5 2021E ¹Adjusted EBITDA defined as Operating Income (Loss) plus Depreciation and Amortization and stock based compensation; Free Cash Flow defined as Adjusted EBITDA minus Capital Expenditures Source: Aeva estimates ($69) 2021E 53% $19 2022E ($82) 2022E ($91) 2022E 57% $43 2023E EBITDA Margin ($88) 2023E ($100) 2023E 62% $177 2024E 7% $21 2024E $15 2024E $552 63% 2025E 39% $347 2025E $343 2025E AEVA % Margin 27#28Path to ~$3Bn 2030E Adjusted EBITDA Potential Long-Term Growth Vectors • Further adoption of L2+/3 ADAS and L4/5 Autonomy in passenger cars, trucks and mobility platforms Proliferation of LiDAR for use in consumer electronics (phones, tablets, and smart devices in the home) AEVA Broad use of LiDAR for health measurements in wearables and consumer health products Increased distribution of LiDAR to supplement comprehensive security systems and protocols Deployment of autonomous robots and manufacturing in smart factories 2030E Targets Sources: Gartner, IDC, Deloitte, IHS Markit, International Federation of Robotics, Aeva estimates ~$200Bn TAM (Auto, Consumer Electronics, Consumer Health, Industrial & Security) ~3% Penetration Rate >$6Bn Revenue AEVA 45%+ EBITDA Margin Opportunity Aeva is Uniquely Positioned to Realize Broad Adoption of Perception Across Devices by 2030 ~$3Bn EBITDA 28#29s AEVA Transaction Overview#30Transaction Overview Transaction Structure InterPrivate and Aeva entered into a business combination agreement on November 1, 2020 The transaction is expected to close in Q1 2021 It is anticipated that the post-closing company will be listed on the NYSE and retain the Aeva name AEVA Valuation Transaction reflects a $1,700MM pre-money equity valuation for Aeva, representing a highly attractive opportunity to invest in a leader in next-generation 4D LIDAR Technology Aeva to receive $328MM cash at closing to fund its attractive growth opportunities $2,131MM post-money Equity Value¹ $1,803MM Enterprise Value, with no material debt outstanding at closing¹ Capital Structure The transaction will be funded by a combination of $243MM cash held in trust and $120MM in PIPE proceeds All-primary transaction; existing Aeva shareholders, including management, are rolling all of their equity and collectively are expected to own 80% of the pro forma company at closing 'Assumes no redemptions from the public shareholders of IPV 30#31Pro Forma Equity Ownership Sources and Uses¹,2 $ in millions InterPrivate Trust³ Rollover Equity PIPE Total Sources Debt Repayment Cash to Balance Sheet (Cash in) Rollover Equity Fees & Other Transaction Expenses Total Uses O ● Sources Uses $243 $1,700 $120 $2,063 $328 $1,700 $35 $2,063 All Aeva preferred and common equity holders will receive stock in public company Proceeds from transaction will be used to capitalize balance sheet for $328MM Aeva will use proceeds to primarily fund: Operating expenses incurred to support significant demand from leading Automotive customers Substantial research and development activities devoted to developing the next generation of customized solutions for mass production Working capital to support increasing production demand Completion of the transaction is expected to occur during the first quarter of 2021 Pro Forma Valuation4 $ in millions (Share Price in $) Share Price Pro Forma Shares Outstanding Equity Value Plus: Debt Less: Cash to Balance Sheet Enterprise Value Pro Forma Post Money Ownership4 %/millions of shares Existing Avea Shareholders 80% / 170.0 IPV Shareholders 11%/ 24.2 $10.00 213.056 PIPE Investors 6% / 12.0 $2,131 0 $328 $1,803 IPV Sponsor Shares 3% / 6.9 'Based on Aeva capital structure as of June 30, 2020. Assumes no redemptions from the public shareholders of IPV. 3 Cash in Trust value at June 30, 2020. 4 Values shown assuming $10 per IPV share for illustrative purposes; does not include impact of 12.08 and 0.31 million public and sponsor out-of-the-money warrants AEVA 31#32Operational Benchmarking CY2019A-CY2022E Revenue CAGR 192% ALVA 2022-2025 63% AEVA 2025 1 I 39% CY2019A-CY2022E Average Gross Margin ALVA 2025 I I Median: 14% 24% I NVIDIA Median: 67% 69% XXILINX 4% XXILINX CY2019A-CY2022E Average EBITDA Margin 45% 65% Median: 38% NVIDIA. NVIDIA 31% XXILINX Overall Median: 16% Overall Median: 67% Overall Median: 38% 51% EM MOBILEVE 2014-2017¹ 75% Median: 30% 51% MOBILEVE 2014-2017¹ -8% Median: 68% Ambarella MOBILEVE 2014-2017¹ 60% Ambarella Median: 27% 3% Ambarella 'Mobileye financials dated to pre-announcement unaffected date of March 10, 2017, 2 Luminar investor presentation as of September 30, 2020: Velodyne investor presentation as of July 1, 2020. Sources: Factset, Capital IQ as of October 30, 2020, Company filings 187% Median: 126% LUMINAR 2022-20252 64% 44% LUMINAR 2025² 65% Median: 61% Velodyne 2021-2024² LUMINAR 20252 58% Velodyne 2024² Median: 33% --22% Velodyne 2024² Computing Platforms Vision Based AEVA 31% TESLA 21% TESLA 17% TESLA Traditional LiDAR Disruptive Autotech 32#33Valuation Benchmarking EV/CY2021 (CY+1) Revenue 2.0x ALVA 2025 EV/CY2021 (CY+1) EBITDA 5.2x ALVA 2025 Median: 12.4x 16.4x NVIDIA 33.2x 8.4x Median: 29.9x NVIDIA. XXILINX 26.7x XXXILINX Overall Median: 12.4x Overall Median: 36.6x; Median: 13.9x 21.7x ll MOBILEVE 2017¹ 68.0x 6.1x Median: 54.0x Ambarella Ambarella 40.1x MOBILEVE 2017¹ ¹Mobileye financials dated to pre-announcement unaffected date of March 10, 2017. Luminar investor presentation as of September 30, 2020. Velodyne projections as per investor presentation as of July 1, 2020. Sources: Factset, Capital IQ as of October 30, 2020, Company filings Median: 3.1x 3.5x LUMINAR 20252 12.8x 2.8x Median: 10.4x Velodyne 20243 Velodyne 2024³ 7.9x LUMINAR 2025² Computing Platforms Vision Based AEVA 8.1x TESLA 42.3x TESLA Traditional LiDAR Disruptive Autotech 33#34Valuation Multiple in Perspective EV / CY2021 (CY+1) EBITDA 70.0x 60.0x 50.0x 40.0x 30.0x 20.0x 10.0x 0.0x 0% Ambarella XXILINX 25% TESLA NVIDIA. 50% EM MOBILEVE 2014-2017¹ Velodyne 2021-2024² 75% 100% 125% 2019A-2022E Revenue CAGR (%) Mobileye financials dated to pre-announcement unaffected date of March 10, 2017. Velodyne projections as per investor presentation as of July 1, 2020. Luminar investor presentation as of September 30, 2020. Sources: Factset, Capital IQ as of October 30, 2020, Company Filings 150% LUMINAR 2022-2025³ 175% Computing Platforms Vision Based AEVA AEVA 2022-2025 200% Traditional LiDAR Disruptive Autotech 34#35Transaction Represents Attractive Discount to Peers ● Key Inputs and Assumptions The applied range of EBITDA multiples are centered around the median of Aeva's peer group 36.6x CY2021E (CY+1) EBITDA, with sensitivities built in on both the high and low ends Implied Future Enterprise Value calculated by applying a range of multiples to Aeva's 2025E EBITDA. That Implied Future Enterprise Value is discounted four years back at a 20% rate to arrive at an Implied Current Enterprise Value $13.9Bn $11.8Bn $6.7Bn $5.7Bn 34.0x 40.0x 2025E EBITDA Discount Rate: 20% AEVA 34.0x 40.0x 2025E EBITDA Implied Current Enterprise Value Implied Future Enterprise Value Implied EV Based on Comparable Companies' Current Trading Valuations $1.8Bn 5.2x 2025E EBITDA Post-Money Enterprise Value Transaction Value 86% Discount -71% Discount 35#36s AEVA AEVA Perception for All Devices