#1ΑΓΓΙVAL Investor presentation INVESTOR PRESENTATION T CONFIDENTIAL - ARRIVAL SARL#2INTRODUCTION Disclaimer 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 Arrival S.à.r.l. ("Arrival" or the "Company"), CIIG Merger Corp. ("CIIG") and Arrival Group, a subsidiary of Arsenal that will become the holding company of CIIG and Arsenal at the closing of the proposed business combination ("Arrival Group") and related transactions (collectively, the "proposed transaction") and for no other purpose. Forward-Looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of the proposed transaction, the anticipated timing of the proposed transaction, the products offered by Arrival and the markets in which it operates, the anticipated timing of the commencement of vehicle production, the expected number of Microfactories in operation by 2024, and Arrival Group's projected future results, including estimates related to revenue, gross margins, EBITDA and gross margins. 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. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's belief or interpretation of information currently available. 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 CIIG's securities, (ii) the risk that the transaction may not be completed by CIIG's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by CIIG, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the business combination agreement by the stockholders of CIIG and Arrival, the satisfaction of the minimum trust account amount following redemptions by CIIG's public stockholders 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 business combination agreement, (vi) the impact of COVID-19 on Arrival's business and/or the ability of the parties to complete the proposed transaction; (vii) the effect of the announcement or pendency of the transaction on Arrival's business relationships, performance, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Arrival and potential difficulties in Arrival employee retention as a result of the proposed transaction, (ix) the outcome of any legal proceedings that may be instituted against Arrival Group, Arrival or CIIG related to the business combination agreement or the proposed transaction, (x) the ability to maintain the listing of CIIG's securities on the NASDAQ Stock Market, (xi) the price of CIIG's and the post-combination company's securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Arrival operates, variations in performance across competitors, changes in laws and regulations affecting Arrival business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, (xiii) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Arrival operates, (xiv) the risk that Arrival and its current and future collaborators are unable to successfully develop and commercialize Arrival's products or services, or experience significant delays in doing so, (xv) the risk that the post-combination company may never achieve or sustain profitability; (xvi) the risk that the post-combination company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (xvii) the risk that the post-combination company experiences difficulties in managing its growth and expanding operations, (xviii) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations; (xix) the risk that the utilization of Microfactories will not provide the expected benefits due to, among other things, the inability to locate appropriate buildings to use as Microfactories, Microfactories needing a larger than anticipated factory footprint, and the inability of Arrival to deploy Microfactories in the anticipated time frame; (xx) the risk that the orders that have been placed for vehicles, including the order from UPS, are cancelled or modified; (xxi) the risk of product liability or regulatory lawsuits or proceedings relating to Arrival's products and services; (xxii) the risk that Arrival is unable to secure or protect its intellectual property; and (xxiii) the risk that the post-combination company's securities will not be approved for listing on the NASDAQ Stock Market 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 CIIG's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form F-4 and proxy statement/ prospectus discussed below and other documents filed by CIIG from time to time with 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 Arrival Group, Arrival and CIIG 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 Arrival Group, Arrival nor CIIG gives any assurance that either Arrival Group, Arrival or CIIG will achieve its expectations. Additional Information and Where to Find It In connection with the proposed transaction, a registration statement on Form F-4 (the "Form F-4") is expected to be filed by Arrival Group with the U.S. Securities and Exchange Commission (the "SEC") that will include a proxy statement of CIIG that will also constitute a prospectus of Arrival Group. CIIG and Arrival Group urge investors, stockholders and other interested persons to read, when available, the Form F-4, including the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus and documents incorporated by reference therein, as well as other documents filed with the SEC in connection with the proposed transaction, as these materials will contain important information about Arrival Group, Arrival, CIIG and the proposed transaction. Such persons can also read CIIG's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, for a description of the security holdings of CIIG's officers and directors and their respective interests as security holders in the consummation of the proposed transaction. When available, the definitive proxy statement/prospectus will be mailed to CIIG's stockholders. Stockholders will also be able to obtain copies of such documents, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to: CIIG Merger Corp., 40 West 57th Street, 29th Floor, New York, NY 10019. Participants in Solicitation CIIG, Arrival Group and Arrival and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of CIIG's stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of CIIG's directors and executive officers in CIIG's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 27, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CIIG's stockholders in connection with the proposed transaction will be set forth in the proxy statement/prospectus for the proposed transaction when available. Information concerning the interests of CIIG's participants in the solicitation, which may, in some cases, be different than those of CIIG's equity holders generally, will be set forth in the proxy statement/prospectus relating to the proposed transaction when it becomes available. INVESTOR PRESENTATION CONFIDENTIAL - ARRIVAL SARL#3INTRODUCTION Disclaimer (Cont.) Use of projections This presentation contains projected financial information with respect to the business of Arrival. 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. Because no assurance can be provided by the projections, no promise, representation or warranty is made with respect to the projections or future performance, and no investor should rely upon the projections. Financial Information; Non-GAAP Financial Terms The financial information and data contained in 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 CIIG, Arrival Group or any entity that is party to the proposed transaction with the SEC. Furthermore, some of the projected financial information and data contained in this presentation, such as EBITDA, has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Arrival and CIIG believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Arrival's financial condition, performance and results of operations. Arrival's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. Arrival and CIIG 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 Arrival's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management of Arrival 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 Arrival'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 Arrival's audited financial statements, which will be presented in the proxy statement, prospectus and registration statement to be filed with the SEC in connection with the proposed transaction, and not rely on any single financial measure to evaluate Arrival'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, Arrival 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. The non-GAAP financial measures included in this presentation may not be comparable to similarly-titled. measures presented by other companies. No Offer or Solicitation This presentation is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of CIIG, Arrival or Arrival Group, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or exemptions therefrom. Any offer of securities to which this announcement relates is only addressed to and directed at persons in member states the European Economic Area which apply Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (this Regulation together with any implementing measures in any member state, the Prospectus Regulation) who are qualified investors for the purposes of the Prospectus Regulation in such member state or in any other circumstances falling within Article 1(4) of the Prospectus Regulation, and no person in member states of the European Economic Area that is not a relevant person or qualified investor may act or rely on this announcement or any of its contents. PRIIPS / IMPORTANT - EEA AND UK RETAIL INVESTORS The ordinary shares to be issued by Arrival Group in the proposed transaction (the "Ordinary Shares") are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently, no key information document required by Regulation (EU) No. 1286/2014 (as amended the "PRIIPs Regulation") for offering or selling the Ordinary Shares or otherwise making them available to retail investors in the EEA or in the UK will be prepared and therefore offering or selling the Ordinary Shares or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPS Regulation. INVESTOR PRESENTATION CONFIDENTIAL - ARRIVAL SARL#4INTRODUCTION Transaction summary overview Summary of Arrival and CIIG proposed business combination Transaction structure Valuation Capital structure On November 18th, 2020, Arrival, CIIG and other parties thereto entered into a business combination agreement The transaction is expected to close in Q1 2021 - It is anticipated that the post-closing company, Arrival Group, will be listed on Nasdaq INVESTOR PRESENTATION - Transaction implies a fully diluted pro forma enterprise value of $5.39 billion, representing 0.4x based on 2024E revenue of $14.1 billion Existing Arrival shareholders are expected to receive 88.1% of the pro forma equity¹ The transaction will be funded by a combination of CIIG cash held in a trust account, Arrival Group ordinary shares and proceeds from CIIG PIPE Transaction is expected to result in $660 million of total proceeds raised to fund growth¹,2 Note: 1) Assumes no redemption by CIIG's existing stockholders. 2) Based on $260 million in cash from CIIG's trust account and a $400 million PIPE (40 million shares @ $10.00/share). CONFIDENTIAL - ARRIVAL SARL#5Arrival INVESTOR PRESENTATION CONFIDENTIAL - ARRIVAL SARL#6ARRIVAL Investment highlights Arrival is revolutionizing the electric vehicle industry Four vehicle designs expected in market by 2023, with start of production for the first vehicle planned for Q4 2021 $1.2 Billion in orders¹ Unit economics enable price competitiveness and lower total cost of ownership to fossil fuel equivalents Game changing Microfactories enable flexible low capex production - Vertically integrated · Arrival expects industry leading profitability enabled by proprietary hardware, software and robotics platforms - Leadership team with a proven track record from a variety of industries LinkedIn named Arrival #1 startup to work for in the UK in 2020 Validated by blue chip strategic and commercial partners 1) Based on spot Euro to USD exchange rate as of Aug 17, 2020 of 1.1863; includes option to order additional 10,000 units. Primarily includes order from UPS, that can be cancelled or modified. INVESTOR PRESENTATION St. Giles High Street LD69 ZVJ Ups Bectric Vehicle#7ARRIVAL Arrival partners Commercial and strategic validation of Arrival's new method Partnership Description COMMERCIAL ups INVESTOR PRESENTATION Orders worth $1.2 Billion¹ for 10,000 units plus option for an additional 10,000 Investment and strategic cooperation Delivery of prototypes starts in 2020 Long standing trial partnership since 2016 UPS and Arrival have created purpose-built vehicles based on UPS requirements - a first for UPS Leading global logistics operator with 5.2B deliveries p.a. Automotive fleet size of ~120k vehicles Daily global delivery volume of 21.9 Million Aiming for 25% of total vehicles purchased annually to be alternate fuel Sources: Company filings, website, fact sheet and estimates. https://pressroom.ups.com/pressroom/Content Details Viewer.page?ConceptType=FactSheets&id=1426321563187-193. https://insideevs.com/news/386308/hyundai-strategy-2025/. 1) Includes upside from priority access to purchase additional vehicles. STRATEGIC ||||| HYUNDAI KIA KIA MOTORS Investment of €100 Million and business collaboration agreement Joint development of vehicles using Arrival platform Leverage Arrival Microfactories and software innovation Benefit from the OEM's global footprint and economies of scale Future potential for licensing and ongoing vehicle updates Hyundai Motors Group is one of the largest global OEMs Brands include Hyundai Motor and Kia Motors Target sales of 670,000 BEVs and FCEVS annually by 2025 Want to become top three EV manufacturer by 2025 CONFIDENTIAL - ARRIVAL SARL#8ARRIVAL Arrival A revolution in commercial electric vehicles - Best in class zero-emission vehicles Competitively priced to ICE vehicles Hardware and software upgradability over the lifetime of the vehicle Autonomous ready Durable proprietary composite material used for exterior and interior panels High margin vehicles, with unrivalled unit economics Elevated user experience 1) Depending on configuration. 2) Includes UPS order. INVESTOR PRESENTATION PRODUCT PIPELINE Electric bus 2021 Electric van 2022 Large electric van 2022 Small vehicle platform 2023 Range¹: 240-400km Payload: 80-125 Passengers Expected start of production: Q4 2021 Orders: In advanced discussions Range¹: 150-340km Payload: 975-2,000kg Cargo mass Expected start of production: Q3 2022 Orders: >10,000² Range¹: 190-400km Payload: 4,000kg Expected start of production: Q3 2022 Orders: >2,500² Range¹: 100-300km Payload: 450-800kg Expected start of production: Q3 2023 Orders: TBD CONFIDENTIAL - ARRIVAL SARL#9ARRIVAL Commercial vehicle focus Capitalizing on key industry trends. - Industry shift favoring zero emission vehicles with public policy driving electrification Rise in e-commerce (37% increase from 2020-2024²) has resulted in a fast-growing van market segment Superior total cost of ownership compared to both fossil fuel and electric vehicles on the market Commercial fleet operators thoroughly understand their range requirements Charging infrastructure concentrated in depots simplifies deployment compared to retail 1) Based on multiple sources. 2) Statista Digital Market Outlook 2020. INVESTOR PRESENTATION Sizeable market opportunity (~$430B)¹ Initial addressable market of BE LCV vans -$70B¹ Initial addressable market of BE LCV buses -$40B¹ Total van addressable market -$280B¹ Total bus addressable market -$154B1 CONFIDENTIAL - ARRIVAL SARL#10ARRIVAL Superior total cost of ownership Arrival Van and Bus Vehicle Highly competitive purchase price due to design and vertical integration Best in class product attributes - weight, cargo volume, payload - Infrastructure Scalable design allowing for multiple power configurations Smart charging software enabled Energy Optimized energy efficiency kWh/km for specific use cases Flexible battery pack configuration Maintenance costs Modular components for ease of replacement Quick, simple and cost-effective serviceable panels - Engineered to serve 10+ years 3) Competitor's data is provided by Arrival internal market research team. 4) Diesel vehicle is compliant to Euro 6 standard. Van total cost of ownership¹ 100km per day, 365 days per year over 10 years INVESTOR PRESENTATION -$92K -17% improvement Arrival Van² -$0.25 per km -$111K -28% improvement Note: Vehicle chassis has been designed to endure daily vehicle operation based on UK duty cycle for 20 years. 1) Total Cost of Ownership = Purchase price + fuel cost +infrastructure cost + maintenance cost less residual value divided by 365,000 kilometers. 2) Based on current design. Diesel Van3 -$0.30 per km -$127K Competitor E-Van³ -$0.35 per km Transit bus total cost of ownership¹ 250km per day, 365 days per year over 10 years -47% improvement -$396K Arrival Bus² -$0.43 per km -50% improvement -$752K Diesel Bus4 -$0.82 per km -$790K 10 Competitor E-Bus³ -$0.87 per km CONFIDENTIAL - ARRIVAL SARL#11Next generation electric vehicles INVESTOR PRESENTATION 11 CONFIDENTIAL - ARRIVAL SARL#12Arrival Van ~2.0M Annual addressable market volume by 2025¹ 10k ups Vehicle orders (with an option for an additional 10k) 5k Vehicles in late stage sales discussions (3k subject to LOIS) 1) Based on multiple sources. * ups Ⓡ® Electric Vehicle Worldwide Services#13NEXT GENERATION ELECTRIC VEHICLES Arrival Van Best in class¹ Unladen weight (kg) 2,275 Arrival Van H3L4 12.9 Arrival Van H3L4 2,439 Mercedes Sprinter Turning circle - Curb (m) H2L3 INVESTOR PRESENTATION 14.8 Mercedes Sprinter H2L3 Source: Company websites (September 2020). 1) Based on current designs. 2,390 Ford Transit H3L4 13.3 Ford Transit H3L4 Payload (kg) 1,975 Arrival Van H3L4 N2 Floor to ground (mm) 450 Arrival Van H3L4 1,061 Mercedes Sprinter H2L1 620 Mercedes Sprinter H2L3 1,100 Ford Transit H3L4 640 Ford Transit H3L4 Cubic meters of cargo volume per meter of length 2.40 Arrival Van H3L4 N1 Gross vehicle weight (kg) 4,250 Arrival Van H3L4 N2 2.00 Mercedes Sprinter H2L3 3,500 Arrival Van H3L4 N1 2.25 Ford Transit H3L4 3,500 Mercedes Sprinter H2L3 3,500 13 Ford Transit H3L4 CONFIDENTIAL - ARRIVAL SARL#14Arrival Van T5 ARVL VAN#15Arrival Bus ~131k Annual addressable marke volume by 20251 LOI customer ember 1) Based on multiple sources. City Centre AFFIVAL 15 I ATTIVAL#16NEXT GENERATION ELECTRIC VEHICLES Arrival Bus Best in class¹ Gross vehicle weight (kg) 16,000 Arrival Bus B12 Payload (kg) 8,000 Arrival Bus B12 20,000 INVESTOR PRESENTATION Mercedes E-Citaro 6,500 Mercedes E-Citaro 18,500 Yutong E12 5,300 Yutong E12 Unladen weight (kg) 8,000 Arrival Bus B12 Max gradeability 25% Arrival Bus B12 Source: Company websites (September 2020). 1) Based on current designs. 2) Lower area interior height; 3) Not including driver. 4) +3 is additional seating in wheelchair. 13,500 Mercedes E-Citaro N/A Mercedes E-Citaro 13,200 Yutong E12 18% Yutong E12 Height (mm) 2,575 Interior 3,000 Total Arrival Bus B12 Seating capacity³ Yutong E12 Mercedes E-Citaro Arrival Bus B124 2,313 Interior 2 Total Mercedes E-Citaro 1 Door 35 NA 3,400 33+3 2 Door 32 29 29+3 2,400 Interior Total Yutong E12 3 Door 26 26 3,300 25+3 16 CONFIDENTIAL - ARRIVAL SARL#17Arrival Bus Gallery O ΑΓΓΙVAL 26 ARRIVING Now City Centre Exit for Bus Station Change for 3 to Blue Hill 16 min Middleton Road 19 min Park Grove 11 ӘИІVІЯ 913 noit IliHe bвоя по 9VC City Centre Station#18NEXT GENERATION ELECTRIC VEHICLES Arrival vehicles Projected start of production timelines 2021 INVESTOR PRESENTATION BUS - Q4 2022 VAN & LARGE VAN - Q3 2023 SMALL VEHICLE PLATFORM - Q3 18 CONFIDENTIAL - ARRIVAL SARL#19A new method of design and production INVESTOR PRESENTATION 19 CONFIDENTIAL - ARRIVAL SARL#20ARRIVAL'S NEW METHOD Arrival's new method Arrival is a technology company NEW METHOD In-house Plug & Play components Substantial cost reduction Upgradeable Designed for Microfactories Proprietary composite materials Low tooling and overall cost Lightweight and highly durable Designed for Microfactories Modular skateboard platform Modular Efficient package Highly flexible Designed for Microfactories INVESTOR PRESENTATION 114 11 Microfactories Low footprint Low capex Deployed rapidly in response to local demand In-house vehicle software Plug & Play - Complete control of user experience Access to all vehicle data to optimize total cost of ownership LEADS TO Arrival's new method of design and assembly provides greater profitability at lower capex compared to existing OEMs, and the ability to scale rapidly. 20 CONFIDENTIAL - ARRIVAL SARL#21Industry changing Microfactory approach KUKA TALAKAZ PASATZ TTTT 4444 www.#22Bicester, Unit 10 & 11 Van Microfactory Ephulartest MMINIIIIII //////////////////// ////////////#23Rock Hill, South Carolina Bus Microfactory mm T A TISSARS ko#24ARRIVAL'S NEW METHOD Industry changing Microfactory approach. Flexible, scalable and local to customers Overview Arrival's Microfactories change the way vehicles are produced Process uses 'technology cells' with vehicle moved between cells by autonomous mobile robots (AMR) - Traditional assembly line operates at one speed with stations in specific order - Order of technology cells can be changed, or the same cell can be used multiple times on the same vehicle - Enables Microfactory to build multiple different vehicle types Projected Microfactory timeline² U.S. Q4 UK, E.U. & US. INVESTOR PRESENTATION Q3 TBC x 2 TBC Q1 2021 2022 1) Based on spot Euro to USD exchange rate as of Aug 17 2020 of 1.1863. 2) Initial launch based on vehicle certification. Q2 Advantages 4 TBC x 3 TBC Q3 2023 Q4 ■ Materially lower cost • OpEx of $120M¹ 100,000 units/year vs. $240M¹+ . Highly scalable layout 20k m² factories vs. -2,000k m²+ for traditional OEMs . per traditional factory. Low CapEx . Deployed in areas of demand with six month setup time Status ✓ Small footprint як • Deployed in existing warehouses No paint shop No metal stamping Deployed locally • Built for customer needs Reduced logistics costs . Located close to customers Process finalized Initial process layout developed with Comau (a subsidiary of Fiat Chrysler Automotive), an experienced blue chip automotive factory automation system provider |||| |||| Design • Vehicle designed for robofacturing Robotics 24 Off-the-shelf robots controlled by in-house software Ready Fully integrated plant in Bicester being set up with several others in development, including the USA CONFIDENTIAL - ARRIVAL SARL#25ARRIVAL'S NEW METHOD Industry changing Microfactory approach Arrival vs. traditional OEM Volume PA Factory size CapEx³ OpEx³ Time to open new factory Arrival Microfactory¹ Low break even point Lower capital requirements Deployed locally worldwide Lower number of employees per vehicle INVESTOR PRESENTATION Arrival Microfactory - 1 factory 10,000 Vans / year (2 shifts) 20,000 sqm $44M $12M 6 Months 1) Represents management expectations. 2) Company website - https://volkswagen-poznan.pl/en/plants/wrzesnia. 3) Based on spot Euro to USD exchange rate as of Aug 17, 2020 of 1.1863. Arrival Microfactory - 10 factories 100,000 Vans / year (2 shifts) 200,000 sqm $440M $120M 6 Months Traditional OEM 2.2x Cost 6x Commissioning time 11x Footprint VW Factory - Wrzesnia, Poland² 100,000 Vans / year (3 shifts) 2,200,000 sqm (land size) $950M $240M 36 Months 25 CONFIDENTIAL - ARRIVAL SARL#26In-house Plug & Play components * *#27ARRIVAL'S NEW METHOD In-house Plug & Play components Modular and upgradable Overview Arrival has developed cutting edge hardware Arrival focuses on components that meet one or more of the following criteria: Cost reduction opportunity Important to the customer experience Modules that are 'Plug & Play' connected by software INVESTOR PRESENTATION Advantages EA Status Quicker time to market - 18 months vs. 3+ years ▪ 20% overall cost reductions in supplier margins 2-3 Years of on-road testing GA Upgradeability through lifecycle of vehicle • Designed for automated Microfactory assembly Components meeting cost targets o SI Designed to maximize interchangeability across various vehicle platforms Meeting automotive-grade requirements Ready for mass production CONFIDENTIAL - ARRIVAL SARL#28Modular skateboard platform#29ARRIVAL'S NEW METHOD Modular skateboard platform Design for flexibility and Microfactory assembly Overview Arrival has designed a skateboard that allows for maximum flexibility Designed for purpose-built vehicles Aluminum structure to optimize strength and stiffness Modular, flexible for wheelbase FWD, RWD, AWD with same platform Low tooling and capital investment through the use of extrusions and castings Elimination of welding and high-wage skilled labor; minimal number of interfaces and specialist fixings Different pack sizes with same battery module INVESTOR PRESENTATION Advantages Status Production Designed for Microfactory production and automated assembly . Scalability Highly flexible for use across multiple classes of vehicles . Ready for mass production Crash Tests Simulation crash tests passed and physical tests commenced with positive results to date Design Fully flat floor front to rear including motor which, leads to increased passenger/cargo capacity and low step-in height 29 CONFIDENTIAL - ARRIVAL SARL#30Proprietary composite materials#31ARRIVAL'S NEW METHOD Proprietary composite materials Lightweight and 25x reduced tooling costs Overview Arrival has reinvented the way the auto industry approaches materials Composite tooling goes from CAD data to production in two weeks Used for exterior and interior body panels Allows bespoke panel design for fleet owners Arrival vehicles do not require traditional metal stamping or paint shop techniques that are cumbersome and expensive INVESTOR PRESENTATION Advantages Status O Materials Lightweight proprietary composite materials . Widely available raw materials. and automotive grade Cost ▪ Low cost, light and versatile raw materials with 25x tooling cost reduction Materials used are widely available d Time • Shorter tooling time enables significantly shorter vehicle development program (18 months) Durability ▪ Ultra tough, even at extreme temperatures Reduces the cost of repairs and lowers total cost of ownership Ready for mass production PT Lightweight 31 Automotive-grade composites used. for bodywork CONFIDENTIAL - ARRIVAL SARL#32Proprietary composite materials Low speed impact test at 10mph O Arrival composite body panel Generic steel body panel#33Digital ecosystem 9:41 11 Rd BUS 0956 77A Charterhouse St 1.6 km AFFIVAL <1 min 240 MI »k 83% East Beckton Sainsbury's Pick up Bus 0956 Map Shift Breakdown Total hours: Meal break: 9:41 S Route(s): 9:15 Start shift East Beckton Sainsbury's Pick up Bus 0956 9:15 - 9:30 Preshift check 9:30 - 13:15 Route 488 SWAP THIS SHIFT DROP THIS SHIFT 13:15 - 14:45 Forest Road Meal Break 90 mins 9 hrs 15 mins 13:15 (90 mins) 488 462#34ARRIVAL'S NEW METHOD Digital ecosystem Enabling innovative solutions Overview Proprietary software systems are the fabric of the company INVESTOR PRESENTATION Advantages Ele {0} Team ▪ 500+ Software engineers ED ((191) Range of in-house developed software Connectivity . Cloud-connected ▪ Over-the-air ("OTA") upgradable Internal tools In-house developed software that enables company hardware and streamlines manufacturing and design process In-Vehicle software Vehicle software that elevates user experience and creates easy 'Plug & Play' convertibility, along with access to vehicle data through an API Customer-facing software Cloud-based tools designed to maximize customer ownership experience and lower total cost of ownership 700 |||| DE |||| Technology ▪ Self-aware module Microservice architecture . • Open APIs Autonomous AV-ready 34 CONFIDENTIAL - ARRIVAL SARL#35* Birmingham Depot Board+ 281763 281732 347562 Billesley West Midlands Resort Hotel... O John Radcliffe Hospital Hotel We 281763 O Midlands Resort OVERVIEW DETAILS Midlands Resort Trip: 1 min 10 mil Speed 0 mph (P Battery 100% (248 mil Range 234 mi 35 m 124 mi 209 mi Northway, opp Snowdon Mede Northway, opp Copse Lane Marston, adj Ewin Close Oxford, adj Park Town John Radcliffe Hospital JR Hos... Oxford, adj Park Town N Thursday 20 August 5:30-13:15 View att tala August 2920 9:10-18.30 Ⓒ Rest 5:30-13:15 Tare 45 9:10-18:30 br 20 min East Beckton Sainsbury's Pick up Bus 0956 THE Shift Breakdown Total hours Mal break Start East Beckton Sainsbury's Pick up Bus 0956 415-30 Preshift check -930-1918 Route 488 #hrv 15 mins 15:13 19 minal Forest Road Meal Break-90 mins DROP THIS SHIFT SMAP THIS SHIFT 15 BUS 0956 240 MI CONNECT 35#36ARRIVAL'S NEW METHOD Extensive portfolio of intellectual property The Arrival patent portfolio is comprised of approximately 180 innovations which have been filed in various patent applications. The filed innovations can be broadly categorised as follows: 11 Van innovations 12 Bus innovations 13 Small vehicle innovations 24 Battery related innovations 31 Composite material innovations 15 Microfactory and vehicle design flow innovations 14 Modular hardware and modular software innovations 20 Robotics related innovations 40 Miscellaneous innovations INVESTOR PRESENTATION Robotics 11% Modular HW & SW 8% Composites 17% Microfactories 8% Van 6% Miscellaneous 22% Bus 7% Small vehicle 7% Battery 13% 36 CONFIDENTIAL - ARRIVAL SARL#37ARRIVAL'S NEW METHOD Benefits of Arrival's new method Distributed production Arrival's new method of design and production along with its decentralized Microfactory model enable the development of vehicles customized to local needs Significantly reduced vehicle development time facilitates a rapid response to shifts in demand for different vehicle types Arrival's anticipated profitability at low volumes removes traditional restrictions of legacy manufacturing which only sees profitability at millions of units Cities and communities benefit from products purpose-built for specific use cases in order to support each end market's unique geography, climate, socioeconomic structure Arrival is creating local solutions that address local needs to improve mobility ecosystems and revitalize communities INVESTOR PRESENTATION City Centre ΑΓΓΙVΑΙ 15#38Financials and transaction overview INVESTOR PRESENTATION 38 CONFIDENTIAL - ARRIVAL SARL#39FINANCIALS AND TRANSACTION OVERVIEW Industry-leading financial profile High volume and revenue growth Supported by $1.2 Billion in orders¹ and notable commercial and strategic partnerships Significant interest in bus sector Further upside potential from taxi and small vehicle sales Low cost model Early projected profitability even at low volumes A benefit from flexible and scalable cell-based assembly and lean company setup without legacy costs Strong cash generation Driven by anticipated high profitability Higher margin vehicles vs. traditional approach Low CapEx requirements for cell-based Microfactories - Expected to be cash positive in 2023 Note: Financial data and orders converted via spot Euro to USD exchange rate as of Aug 17, 2020 of 1.1863. 1) Includes option to order additional 10,000 units. Primarily includes order from UPS, that can be cancelled or modified. 2) EBITDA less CapEx is projected to be ($292) in 2021P and turn positive beginning March 2023. INVESTOR PRESENTATION Revenue (USD M) US$1,009 2022P EBITDA (USD M) US$60 2022P EBITDA less CapEx (USD M)² (US$409) 2022P US$5,099 2023P US$1,115 2023P US$176 2023P US$14,135 2024P US$3,243 2024P US$1,400 2024P 39 CONFIDENTIAL - ARRIVAL SARL#40FINANCIALS AND TRANSACTION OVERVIEW Business plan highlights Arrival projected volumes (#k) Bus 1.0 Large Van 4.4 I 2022P 5.2 INVESTOR PRESENTATION Van Small vehicle platform 15.6 31.2 15.6 6.0 2023P Note: Financial data converted via spot Euro to USD exchange rate as of Aug 17, 2020 of 1.1863. 78.7 136.5 31.5 11.3 2024P Arrival projected revenue distribution (2024) Revenue $14.1B Gross profit - $3.7B 38% Van 49% Arrival projected gross margin (2024) Bus 34% Large Van 17% Large Van Bus 22% Small Vehicle Platform 12% 21% Van 18% Small Vehicle Platform 40 CONFIDENTIAL - ARRIVAL SARL#41FINANCIALS AND TRANSACTION OVERVIEW Pro forma equity ownership USD and share data (except share price) in millions Estimated source and uses Sources Arrival Group ordinary shares issued to Arrival and CIIG stockholders $5,338 Estimated cash held in trust¹ Estimated cash contributed from balance sheet2 Proceeds from PIPE Total sources Uses Cash on balance sheet Payment of transaction expenses Total uses 260 Arrival Group ordinary shares issued to Arrival and CIIG stockholders $5,338 69 INVESTOR PRESENTATION 400 $6,068 669 60 $6,068 Illustrative pro forma valuation Share price Pro forma shares outstanding3,4 Equity value Plus: Debt Less: Cash Enterprise value Illustrative pro forma ownership¹,3,4 CIIG sponsor shareholders CIIG public shareholders PIPE investors Existing Arrival shareholders 88% 1% 4% 7% $10.00 606.179 $6,062 (669) $5,392 1) Assumes no redemptions from SPAC existing public shareholders. 2) Cash balance shown as expected ending January 2021 and EUR conversion spot rate as of Aug 17, 2020 of 1.1863. 3) Assumes new shares are issued at price of $10.00. 4) Excludes the dilutive impact of SPAC warrants. 41 CONFIDENTIAL - ARRIVAL SARL#42FINANCIALS AND TRANSACTION OVERVIEW Relative electric vehicle company comparison ΑΓΓΙVAL Employees Vehicle type TCO vs ICE savings Intellectual property Global footprint Contracted order book¹ Key strategic partnerships Investment: EV / TAM Commercial: Enterprise value ($B)5 Primary market TAM6 ($B) -1,200 INVESTOR PRESENTATION Commercial Vehicles (Van and Bus first) -17% (Van) -47% (Bus) Components, batteries, skateboard, materials, software, Microfactories UK, US, Germany, Netherlands, Israel & Russia 20,000 units2 ($1.2B) Hyundai & Kia Motors, UPS Hyundai & Kia Motors, UPS & Comau $5.4 $430 1.3% I CANO 0 -300 Lifestyle, Delivery & Sport ΝΑ Skateboard & software US ΝΑ ΝΑ Hyundai $1.9 $51 3.7% -50 SUV ΝΑ Design (outsourced skateboard, manufacturing, & battery pack) US & Europe ΝΑ ΝΑ Volkswagen, Cox, & Electrify America $2.2 ΝΑ ΝΑ ⒸHYLIION -60 Truck 6% Battery systems & software US & Canada 1,000 Trucks ($220M) Dana & Sensata Technologies Dana, Sensata Technologies, IAV, & Fontaine $3.2 $947 3.4% LORDSTOWN. -70 Pickup Truck 16% Licensed US ΝΑ General Motors General Motors, Elaphe, Goodyear, & Workhorse $2.3 $65 3.5% NIKOLA MOTOR COMPANY -250 Truck, Pickup Truck, Off- Highway & Watercraft 2% 100+ Patents North America & Europe 5,800 Truck orders³ (-$1.4B) CNHI / Iveco, Bosch CNHI / Iveco, Bosch, Ryder & General Motors $8.0 $130 6.2% WORKHORSE -115 Cargo Vans ΝΑ Battery, drive train, chassis, software, telematics US 1,3454 ΝΑ UPS, Duke Energy, & Ryder $2.0 $187 10.9% Source: Investor presentations, company filings, company website, and industry research. 1) Does not include reservations. 2) Includes option to order additional 10,000 units. 3) Includes option to order additional 2,500 units. 4) Represents 6 orders placed by UPS. 5) Canoo, Fisker, Hyliion, Lordstown, Nikola and Workhorse market data as of November 6, 2020. Arrival, Canoo, Fisker, Hyliion, Lordstown, and Nikola Sales and EBITDA per management estimates. Canoo EV based on Hennessey Capital Acquisition Corp (NASDAQ:HCAC), XLFleet EV based on Pivotal Investment Corp. II (NYSE: PIC)). 6) Primary market TAM, Canoo, Fisker, Hyliion, Lordstown, Nikola and Workhorse data from investor presentations. 7) Annual addressable market. 42 CONFIDENTIAL - ARRIVAL SARL#43FINANCIALS AND TRANSACTION OVERVIEW Enterprise value benchmarking (based on current market pricing) ENTERPRISE VALUE / SALES Assumed EV of $5.39B 1.1x 2023E ΑΓΓΙVAL 0.4x 2024E Assumed EV of $5.39B 4.9x 2023E 1.7x 2024E ΑΓΓΙVAL 2.3x INVESTOR PRESENTATION 2023E I I 1.3x CANO 0 NM 2023E I 2024E I 1 10.1x 2024E I CANO 0 I 0.6x - 2023E 4.9x 2023E 0.2x 2024E 1.1x 2024E 3.1x 2023E 14.7x 1.5x ⒸHYLIION 2023E 2024E 5.2x 2024E 0.6x 2023E LORDSTOWN 0.4x 2024E 7.6x 2023E 3.8x 2024E 4.6x 2023E LORDSTOWN 2.3x ENTERPRISE VALUE / EBITDA 2024E NIKOLA MOTOR COMPANY NM 2023E NM 2024E 3.8x NIKOLA MOTOR COMPANY 2023E WORKHORSE 36.2x 1.9x 2023E 2024E 15.5x 2024E L WORKHORSE 2.0x 2023E 11.1x 0.9x XLFleet 2023E 2024E 4.2x 2024E ΑΓΓΙVAL 2023E 2024E ΑΓΓΙVAL 2023E Implied enterprise value Median multiple 2.3x 2024E 1.3x Implied discount to 2024E median EV Implied 2024E money multiple upside¹ Arrival revenue Median multiple 11.1x $5,099M 4.7x $14,135M Arrival EBITDA $3,243M Implied discount to 2024E median EV Implied 2024E money multiple upside¹ $1,115M EV Implied enterprise value $11.6B $18.9B 71% 3.5x EV ⒸHYLIION XLFleet | Source: Canoo, Fisker, Hyliion, Lordstown, Nikola, Workhorse and XLFleet market data as of November 6, 2020. Arrival, Canoo, Fisker, Hyliion, Lordstown, and XLFleet Sales and EBITDA per management estimates. Nikola Sales and EBITDA per research consensus. Canoo EV based on Hennessey Capital Acquisition Corp (NASDAQ:HCAC), XLFleet EV based on Pivotal Investment Corp. II (NYSE: PIC). Note: Arrival financial data converted via spot Euro to USD exchange rate as of Aug 17, 2020 of 1.1863. Multiples <0.0x or >75.0x deemed not meaningful or "NM". (1) Implied Money Market Multiple Upside calculated using Implied Enterprise Valuations based on median 2024E Revenue and EBITDA multiples. $12.4B $15.4B 65% 2.9x 43 CONFIDENTIAL - ARRIVAL SARL#44FINANCIALS AND TRANSACTION OVERVIEW Future opportunities Multiple vehicles Multiple vehicle platforms and variants from modular skateboard platform - All designed to be built by robots in the same Microfactory Configurable design enables rapid customization for local markets and highly accelerated entry into new segments 1) ZEV: Zero Emission Vehicle. 2) ACT: Advanced Clean Truck. INVESTOR PRESENTATION Autonomous - Flexible hardware configuration Currently undergoing trials in depot environments SaaS platform Currently building multiple customer-facing software packages such as vehicle health monitoring, fleet optimization tools, and driver applications - Potential recurring revenue over time Emissions credits Several vehicles positioned to generate emission credit sales under ZEV¹ and ACT2 regulations 44 Traditional OEMs under pressure from government CO₂ targets - Surplus Arrival credits can be sold to other OEM's that are not producing EVs Continued adoption of EV regulation across other states will further facilitate credits CONFIDENTIAL - ARRIVAL SARL#45FINANCIALS AND TRANSACTION OVERVIEW Investment highlights Arrival is revolutionizing the electric vehicle industry Four vehicle designs expected in market by 2023, with start of production for the first vehicle planned for Q4 2021 $1.2 Billion in orders¹ Unit economics enable price competitiveness and lower total cost of ownership to fossil fuel equivalents Game changing Microfactories enable flexible low capex production - Vertically integrated Expect industry leading profitability enabled by proprietary hardware, software and robotics platforms - Leadership team with a proven track record from a variety of industries Linked nam Arrival #1 startup - Validated by blue chip strategic and commercial partners 1) Based on spot Euro to USD exchange rate as of Aug 17, 2020 of 1.1863; includes option to order additional 10,000 units. Primarily includes order from UPS, that can be cancelled or modified. INVESTOR PRESENTATION for in the in 2020 City Centre 15 HEE ARRIVAL#46ΑΓΓΙVAL Thank you INVESTOR PRESENTATION * CONFIDENTIAL - ARRIVAL SARL#47Appendix INVESTOR PRESENTATION 47 CONFIDENTIAL - ARRIVAL SARL#48APPENDIX Arrival management team Denis Sverdlov Founder and CEO Founder with record of successful technology innovation including exit of $1.5B Experience managing large distributed organizations with leading operational efficiency Tim Holbrow Finance Finance lead at Symbian through 8 years high growth period from start up to $900M sale to Nokia - CFO at start ups in open source, fintech and digital product cons INVESTOR PRESENTATION Avinash Rugoobur President - Acquired Cruise for +$1B helping to accelerate the AV industry - Led vehicle programs and strategy for GM Cruise Experience in multiple startups in tech, healthcare and F&B Tracey Yi CEO Elements - Over 20 years experience in Procurement and Supply Chain across technology, manufacturing and Retail sectors - Previous roles with Intel, Apple, Nokia, Tesco and WPP Mike Ableson CEO Automotive Over 35 years experience in the auto industry Previous positions with GM include Head of Advanced Vehicle Development, VP of Engineering for GM Europe, and VP of Global Strategy and Innovation Daniel Chin General counsel Previously counsel at ITRS (global FinTech company) - Led the ITRS team through the Carlyle Group's sale of the business - Worked as a corporate lawyer at Weil, Gotshal & Manges and in-house at Morgan Stanley 48 CONFIDENTIAL - ARRIVAL SARL#49APPENDIX Arrival management team Sergey Malygin Technology - Over 15 years experience developing complex products in the technology sector focussing on telecoms and automotive Starting his career at CBOSS working on the end-to end automation of telecoms companies, Sergey went on to lead all software teams at Yota - the largest LTE company in Russia Rob Thompson Materials - Global materials expert and author of 7 books on manufacturing technology Globally recognized expert with career spanning LG Electronics, P&G, Panasonic, Nokia and numerous universities INVESTOR PRESENTATION Jeremy Offer Design - 30 Years experience in Industrial Design - The recipient of numerous international design awards - Notable clients include Sky, Vodafone, Google and PayPal Sergey Sulgin CEO Solutions 20 Years of experience within the IT industry working with global partners including Microsoft Dynamics, SAP, and Oracle - Founded MAYKOR, an IT outsourcing provider, in 2012. Grew the company to over 6,100 engineers Kwame Nyanning Experience - 20 Years experience leading experience design and product innovation. - Led numerous design programs for Disney, Apple, NASA, Toyota, Ford Past experience includes Sapient, frog design, Native Design, McKinsey & Co. Nick Arini Creation Platform - Extensive experience in creating industry disrupting technologies for Google, YouTube, Google Cloud, CapitalG - Authored or contributed to over 50 patents and founded several 49 CONFIDENTIAL - ARRIVAL SARL#50APPENDIX Arrival management team Alexey Kozyrev CEO Mobility Developed and launched one of Russia's first internet banks - Launched financial risk management platform based on machine learning and Al - Developed and launched e-government platform for Russian federal government - Karandeep Bhogal Advanced Programs Engineer with 8 years of automotive experience Jaguar Land Rover Special Vehicle Operations delivery Responsible for delivery of unique projects including Royal Family commissions INVESTOR PRESENTATION Ben Jardine Product Bus - 15 Years experience within the commercial vehicle industry in both public and private sectors - Worked for TVR as Development Engineer, designing sports cars and Le-Mans race cars. Patrick Bion Product Van 50 - 4 Years experience within the Tesla Design Studio on concept engineering, human factors, and vehicle architecture of new products - Involved in the design and build of advanced vehicle prototypes on programs including Model X and Model 3. CONFIDENTIAL - ARRIVAL SARL#51APPENDIX CIIG management team Peter Cuneo Chairman and CEO CEO, Chairman, President and other leadership positions at public and private companies including Marvel, Remington, Black & Decker and Bristol Myers Squibb - Named one of the 10 Greatest Turnaround CEOs by Business Insider for 10 year run as CEO and Vice Chairman of Marvel Entertainment, from bankruptcy to $4.5+ billion sale to Disney Chris Rogers Director - Partner, Lumia Capital, venture capital firm focused on category leaders in technology and telecom - Co-Founder of Nextel. 25 years, grew Nextel to $13B in sales and 19,000 employees before sale to Sprint for $35B. Became Senior Vice President of Sprint. INVESTOR PRESENTATION Michael Minnick Chief Investment Officer - Co-Founder and Managing Partner of IIG Holdings Previously Head of TMT Corporate Finance (Americas) for Royal Bank of Scotland and a TMT investment banker at JPMorgan Chase Ken West Director Recently retired as CFO of Fareportal, one of the largest travel technology companies in the world, multi billion $ revenue Previously CFO of Marvel Entertainment through sale to Disney and subsequently CFO of Martha Stewart Inc through its sale Dave Flowers Director COO and CFO of Valiant Entertainment, relaunch through successful exit to strategic buyer Gavin Cuneo Chief Operating Officer Previously investment banker with Merrill Lynch & Co and equity analyst at U.S. Trust Company - 19 Years with Liberty Media including SVP and MD Alternative Investments and Principal Financial Officer and Treasurer sible for the fina cing of all the Liberty entities, led Liberty's takeover of Sirius XM Kristen O'Hara Director - Chief Business Officer of Hearst Previously Chief Marketing Officer for Time Warner Inc. and other leadership positions over 16 year tenure with the company 51 CONFIDENTIAL - ARRIVAL SARL#52In-house Plug & Play components - Gallery INVESTOR PRESENTATION 52 CONFIDENTIAL - ARRIVAL SARL#53DCDC module 50mm | 200mm 200mm C#54Input-Output module. 200mm 100mm 40mm#55HMI module 100mm 300mm AFFIVAL O 100mm#56Battery module 100mm 350mm 350mm 269 AUST ACTIVAL He say#57Drive control unit 40mm 100mm APTIVAL 100mm