#1March 23, 2023 CREDIT SUISSE Project Flash Board of Directors Presentation These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit Suisse Group AG and/or its Affiliates (hereafter "Credit Suisse").#2Table of contents 1 Sumo Offer Terms 2 Bravo Financials 3 Valuation Analysis Appendix 1#31 Sumo transaction terms summary Consideration Closing conditions Other ▪ Class A and Class C common stock (excluding stock currently owned by Sumo): $1.40 per share in cash ("Merger Consideration") Equity Awards Vested in-the-money options and vested RSUS will receive Merger Consideration less exercise price, if applicable ■ Company warrants: will be paid warrant price (Black Scholes value) in cash upon exercise ▪ FedEx warrants: shares from proper exercise of vested warrants are eligible to receive the Merger Consideration, but the Merger Consideration is below the exercise price ($1.67) Unvested in-the-money options, RSAs and unvested RSUS will be converted to cash award (with same vesting terms and conditions as current awards) - All options (vested or unvested) out-of-money will be cancelled - Unvested RSAs will be converted into a cash award that will be subject to the same vesting terms and conditions associated with the RSAS ■ - Vested RSUS will be cashed out for the Merger Consideration - Unvested RSUS will be converted into a cash award that will be subject to the same vesting terms and conditions associated with such RSUS ▪ Shareholder Approval via simple majority vote Expiration of HSR Waiting Period ■ Up to $60m interim financing from Sumo between signing and closing Customary no solicitation ▪ Provisions allowing Berkshire Grey to terminate the agreement to accept a superior offer ■ Termination fee: $13.7m ▪ Outside date: 9 months from signing with 3-month regulatory extension for regulatory clearance ▪ Voting and Support Agreements with key insider shareholders 2#42 Projected financial summary - Bravo management projections Calendar year ended 2028E ($ in millions) Total revenue % growth EBITDA (burdened w/ SBC) % margin EBIT % margin Capital expenditures % of sales (Increase) / decrease in NWC Source: Bravo management. 2020A $35 ($61) n.m. Historical 2021A $51 46.0% ($162) n.m. ($164) n.m. ($4) 2022A ($2) $69 36.5% ($107) n.m. ($111) n.m. ($3) (8.0%) (4.8%) $2 2023E $101 45.1% n.m. ($119) ($116) ($100) n.m. ($2) (2.0%) 2024E ($15) $168 66.6% n.m. ($104) n.m. ($4) 2025E ($0) $282 68.1% ($59) n.m. ($64) n.m. ($5) 2026E ($5) $436 54.4% ($7) n.m. ($13) n.m. (2.4%) (1.8%) (1.1%) ($5) ($3) 2027E $639 46.7% $67 10.5% $59 9.3% ($8) (1.2%) ($10) $767 20.0% $93 12.1% $83 10.9% ($9) (1.1%) ($16) 2029E $882 15.0% $120 13.7% $110 12.4% ($10) (1.1%) ($15) 2030E $970 10.0% $148 15.3% $136 14.0% ($11) (1.1%) ($12) 2031E $1,043 7.5% $176 16.8% $163 15.6% ($12) 2032E ($10) $1,095 5.0% $202 18.4% $188 17.2% ($13) 2033E ($8) $1,128 3.0% $226 20.0% $212 18.8% (1.1%) (1.1%) (1.2%) ($14) ($7) CAGR '22-'33E 28.8% n.m. n.m. 3#52 Review of Bravo projected cash needs Cash balance over time ($ in millions) Quarterly / Annual cash burn(1). Source: (1) ($157) ($107) ($45) ($30) ($33) ($25) ($29) ($24) ($30) ($21) ($28) ($11) ($12) ($17) $171 $64 $19 2023: ($133) ($11) FY'21 FY'22 Q1 Q2 ($44) 2023 ($68) Bravo management. Defined as NOPAT + D&A - capex +/- change in NWC. I 2024: ($104) ($97) Q3 Q4 Q1 Q2 ($121) ($151) ($172) Q3 Q4 2024 2025: ($68) ($200) ($212) ($224) ($241) 2025 ($14) $4 Q1 Q2 Q3 Q4 Q1 ($5) $0 2026: ($14) Q2 ($255)($250) ($255)($255)($258) ($3) 2026 $23 ($10) 2027: $32 ($235) ($246) Q3 Q4 Q1 Q2 Q3 Q4 Total financing requirements! $23 2027 ($223)#63 Summary analytical methodologies Discounted cash flow analysis Selected companies analysis Each methodology yields an implied range of values for Bravo Selected transactions analysis For the purpose of its analysis, Credit Suisse compared the Merger Consideration per share indicated in draft merger agreement with the ranges of values for one share of Bravo as implied by these methodologies. 5#73 Preliminary Bravo standalone financial analyses Overview of key assumptions: ■ Selected companies analysis: - ■ Selected transactions analysis: 2.0x-5.0x 2023E Revenue ■ Discounted cash flow analysis: Source: Note: (1) (2) 4.0x-8.0x 2022A Revenue 13.0% -16.0% WACC 2.0% - 4.0% terminal value perpetuity growth rate ($ in millions except per share values) Implied equity value (2) Implied enterprise value Implied share price Implied multiples (EV) FY 2022A Revenue FY 2023E Revenue FY 2024E Revenue FY 2027E EBITDA Merger Consideration: $1.40 Metric: $69 I r- |$101 $168 $67 Selected companies Selected transactions analysis analysis ($ indicates value per Bravo share) $260 201 $0.98 $2.03 - $0.98 2.9x 2.0x ——— 1.2x 3.0x Primary methodologies Without PIPE financing $562 504 $2.03 7.3x 5.0x I 3.0x 7.5x $336 278 $1.26 L 4.0x 2.8x 1.7x 4.1x $2.20 $1.26 - - $614 555 $2.20 8.0x I 5.5x 3.3x 8.3x Discounted cash flow analysis incl. tax benefits w/o S382 limitation I $274 216 $1.03 3.1x 2.1x 1.3x 3.2x $2.09 $1.31 $1.03 $0.80 - $567 509 $2.09 7.3x 5.0x 3.0x 7.6x Discounted cash flow analysis incl. tax benefits w/ S382 limitation - $248 189 $0.93 2.7x 1.9x 1.1x 2.8x $1.96 With $200m PIPE financing (¹) $4.12 $1.25 $0.93 $0.75 Reference data - - $533 475 $1.96 6.8x 4.7x 2.8x 7.1x 52-week high / low (reference only) Company filings, Bravo management, FactSet as of 3/22/23, IRS bulletin as of 2/23. Share price based on current shares of 322.2m, including 242.5m common shares outstanding, 20.2m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx warrants. Common shares outstanding include 2.9m unvested RSAs. Stock options exclude 1.1m of Bravo CEO's unvested performance-based options. Assumes a treasury stock method for purposes of calculations. Assumes $200m convertible PIPE with $180m net proceeds, conversion price based on closing price as of 3/22/23 at no conversion premium, 12% PIK rate. Assumes conversion at end of 5-year term. Per Bravo management, corporate adjustments based on $64m of cash as of 12/31/22. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share. $135 76 $0.51 1.1x 0.8x 0.5x 1.1x $0.51 $1,201 1,142 $4.12 16.5x 11.3x 6.8x 17.1x 6#83 Selected companies analysis ($ in millions, except per share values) Company Berkshire Grey (consensus) Berkshire Grey (management) Emerging industrial technology Desktop Metal Fathom Digital Markforged Sarcos Technology and Robotics Velo3D Emerging fulfillment technology AutoStore Symbotic (2) Automation-oriented industrial technology Cognex Hexagon Rockwell Automation Trimble ($ in millions, except per share amounts) 2023E Revenue (1) (2) Metric $101 Low Share price as of 3/22/23 2.0x Selected multiple ranges High $1.16 $1.16 $2.12 $0.64 $0.91 $0.43 $2.23 €21.69 $22.79 $48.41 NOK 1 13.50 $277.63 $48.53 5.0x Equity value 309 309 676 87 177 429 7,009 13,719 Low $201 8,458 29,672 32,085 11,969 Ent. value Mean Median Mean Median (1) Mean Median 250 250 623 402 58 (36) 372 7,328 13,322 8,017 30,022 34,239 13,248 Overall Mean Overall Median (1) Implied enterprise value EV / Revenue CY'23E 2.1x 2.5x High $504 2.6x 2.4x 0.5x NM 3.0x 2.1x 2.5x 10.1x 11.9x 11.0x 11.0x 8.5x 5.3x 3.9x 3.5x 5.3x 4.6x 4.7x 3.3x CY'24E NM 1.5x 2.2x 2.2x 0.5x NM 2.0x 1.7x 2.1x 8.5x 7.8x 8.1x 8.1x 7.5x 5.0x 3.7x 3.3x 4.9x 4.3x 4.0x 3.3x EV / EBITDA Low $260 CY'23E NM NM NM 11.2x NM NM NM 11.2x 11.2x 21.3x NM 21.3x 21.3x 33.5x 14.4x 17.8x 13.8x 19.9x 16.1x 18.7x 16.1x CY'24E NM NM NM 9.8x NM NM NM 9.8x 9.8x 17.6x NM 17.6x 17.6x 25.0x 13.2x 16.7x 13.0x 17.0x 15.0x 15.9x 15.0x Implied equity value High CY'22E-24E CAGR EBITDA NM NM Revenue NM 55.4% $562 15.1% 6.4% 12.4% 137.0% 50.3% 44.3% 15.1% 23.3% 57.2% 40.2% 40.2% 3.0% 4.4% 7.3% 4.2% 4.7% 4.3% 31.3% 13.8% NM NM NM NM NM NM NM 34.3% NA 34.3% 34.3% 5.7% 6.8% 10.7% 5.6% 7.2% 6.2% 12.6% 6.8% Source: Company filings and FactSet as of 3/22/23. Note: Equity value per share based on current shares of 322.2m, including 242.5m common shares outstanding, 20.2m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx warrants. Common shares outstanding include 2.9m unvested RSAs. Stock options exclude 1.1m of Bravo CEO's unvested performance-based options. Assumes a treasury stock method for purposes of calculations. Assumes Bravo cash balance as of 12/31/22 per Bravo management. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share. Per Bravo management. EBITDA margin CY'24E NM NM CY¹23E NM NM NM 21.1% NM NM NM 21.1% 21.1% 47.4% 1.2% 24.3% 24.3% 25.5% 36.7% 21.9% 25.4% 27.4% 25.5% 25.6% 25.4% NM 22.1% NM NM NM 22.1% 22.1% 47.9% 13.5% 30.7% 30.7% 30.1% 37.5% 22.3% 25.5% 28.8% 27.8% 28.4% 25.5% Implied equity value per share Low High $0.98 $2.03 7#93 Selected transactions analysis ($ in millions) Year Aug-22 Mar-22 Feb-22 Jul-21 Mar-21 Nov-20 Feb-20 Sep-19 Apr-19 Oct-18 Jul-16 May-16 May-15 Mar-12 Acquirer Amazon Source: Note: (1) Zebra Koerber ABB CMCO Ocado Atlas Copco Sep-18 Apr-18 Apr-18 Teradyne Honeywelll Shopify Hitachi Honeywell Barnes Patricia Midea Teradyne Amazon Average Median ($ in millions, except per share amounts) 2022A Revenue Metric $69 Selected multiple ranges High Low 4.0x 8.0x Target Low iRobot Matrox Siemens Logistics ASTI Dorner Kindred ISRA Vision 6 River Systems JR Automation Transnorm Gimatic PIAB MiR Intelligrated Kuka Universal Robots KIVA Implied enterprise value (1) $278 High $555 Transaction value Low $336 $1,700 $875 $1,311 $290 $485 $262 $1,208 $456 $1,425 $494 $422 $801 $272 $1,500 $4,200 $286 $775 Implied equity value High $614 Sales $1,183 $100 529 $24 $125 $35 $162 $25 $603 $116 $55 $141 $12 $750 $2,625 $38 $100 $1.26 EV / LTM Sales Company filings, Merger Market and other public sources. Equity value per share based on current shares of 322.2m, including 242.5m common shares outstanding, 20.2m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx warrants. Common shares outstanding include 2.9m unvested RSAs. Stock options exclude 1.1m of Bravo CEO's unvested performance-based options. Assumes a treasury stock method for purposes of calculations. Assumes Bravo cash balance as of 12/31/22 per Bravo management. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share. 1.4x 8.8x 2.5x 7.8x 3.9x 7.5x 7.5x 18.0x 2.4x 4.3x 7.7x 5.7x 22.7x 2.0x 1.6x 7.5x 7.8x 7.0x Implied equity value per share Low High 7.5x $2.20 8#103 Discounted cash flow analysis - excluding tax benefits ($ in millions, except per share amounts) Revenue % growth EBITDA (1) % margin (-) Depreciation EBIT (-) Taxes % tax rate NOPAT (+) Depreciation & amortization (-) Capital expenditures (-) Change in working capital Unlevered free cash flow Sensitivities Discount rate (%) (1) (2) 13.0% 14.5% 16.0% Source: Note: 2.0% ($88) 414 $326 127.0% 59 $384 268.550 $1.43 ($100) 321 $221 145.5% 59 $279 265.758 $1.05 ($111) 253 $142 178.2% 59 $201 265.295 $0.76 2022A $69 ($107) (154%) Perpetuity growth rate 3.0% ($88) 455 $367 124.0% 59 $426 269.648 $1.58 ($100) 349 $249 140.4% 59 $307 266.093 $1.15 ($111) 273 $162 168.8% 59 $220 265.358 $0.83 2023E $101 45% ($116) (115%) (4) ($119) 29% ($119) 4 (2) (15) ($133) 2024E $168 67% ($100) (59%) ($111) 296 $184 (5) ($104) 29% ($104) 5 (4) (0) ($104) 2025E $282 68% ($59) (21%) (5) ($64) 29% ($64) 5 (5) (5) ($68) Equity value per share 2026E $436 54% ($7) $243 Equity value 265.440 Fully diluted shares $0.92 Equity value per share (2%) (6) ($13) 4.0% ($88) Present value of cash flows 506 Present value of terminal value $418 Enterprise value 121.1% PV of terminal value as % of enterprise value Corporate Adjustments (2) 59 $476 Equity value 271.880 Fully diluted shares $1.75 29% ($13) 6 (5) (3) ($14) ($100) PV of cash flows 382 PV of terminal value $282 Enterprise value 135.6% PV of terminal value as % of enterprise value (2) 59 Corporate Adjustments $341 Equity value 267.275 Fully diluted shares $1.27 Equity value per share PV of cash flows PV of terminal value Enterprise value 160.3% PV of terminal value as % of enterprise value 59 Corporate Adjustments (2) Calendar year ended 2027E 2028E $639 47% $67 10% (8) $59 (17) 29% $42 8 (8) (10) $32 $767 20% $93 12% (9) $83 (24) 29% $60 9 (9) (16) $45 ■ 2029E $882 15% $120 - 14% (11) $110 (31) 29% $78 11 (10) (15) Assumptions $65 2030E $970 10% $148 15% (12) $136 (39) 29% $97 12 (11) (12) $87 2031E $1,043 8% $176 17% (13) $163 (46) 29% $116 13 (12) (10) $107 2032E $1,095 5% $202 18% (13) $188 Company filings, Bravo management. Fully diluted shares based on current shares of 322.2m, including 242.5m common shares outstanding, 20.2m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx warrants. Common shares outstanding include 2.9m unvested RSAS. Stock options exclude 1.1m of Bravo CEO's unvested performance-based options. Assumes a treasury stock method for purposes of Burdened by SBC. calculations. Assumes Bravo cash balance as of 12/31/22 per Bravo management. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share. (54) 29% $135 13 (13) (8) $127 Mid-year discounting convention Terminal 2033E $1,128 3% $226 10-year DCF discounted to 12/31/2022 20% (14) $212 (60) 29% $152 14 (14) (7) $145 '23E-¹32E CAGR 30% ▪ Assumes unlevered free cash flow projections discounted using assumed 13.0%-16.0% WACC ▪ Assumes 2.0% -4.0% terminal value perpetuity growth rate per Bravo management ΝΑ ▪ Assumes tax rate of 29.0% per Bravo management 9#113 Tax benefit analysis - no S382 limitation ($ in millions, except per share amounts) EBIT Tax shielding NOLs used % tax rate Annual savings Limitation on pre-tax income for NOL usage Post-2022 NOL schedule NOL starting balance NOLS generated NOLs expired NOL usage NOL ending balance Sensitivities Discount rate (%) 13.0% 14.5% 16.0% Discount rate (%) 13.0% 14.5% 16.0% 2.0% Source: (1) (2) $91 268.550 $0.34 $82 265.758 $0.31 $73 265.295 $0.28 2.0% $1.43 $0.34 $1.77 $1.05 $0.31 $1.36 2022A $0.76 $0.28 $1.03 $601 Perpetuity growth rate 3.0% $91 269.648 $0.34 $82 266.093 $0.31 $73 265.358 $0.28 Reconciliation to total equity value per share Perpetuity growth rate 3.0% $1.58 $0.34 $1.92 $1.15 $0.31 $1.46 2023E ($119) $0.83 $0.28 $1.11 29% $601 $119 $720 4.0% $91 271.880 $0.33 $82 267.275 $0.31 $73 265.440 $0.28 4.0% 2024E ($104) 29% $720 $104 $824 2025E ($64) 29% $824 $64 $889 Implied net present value Fully diluted shares(1) Implied net present value per share Implied net present value Fully diluted shares(1) Implied net present value per share Implied net present value Fully diluted shares(1) Implied net present value per share 2026E ($13) $1.75 Equity value per share standalone DCF $0.33 Net present value per share - tax benefits $2.09 Implied total equity value per share $1.27 Equity value per share standalone DCF $0.31 Net present value per share - tax benefits $1.58 Implied total equity value per share $0.92 Equity value per share - standalone DCF $0.28 Net present value per share - tax benefits $1.19 Implied total equity value per share 29% $889 $13 $902 2027E $59 47 29% $13 $902 ■ $47 ■ Calendar year ended 2028E $83 ($47) $854 67 29% $19 $67 $854 ($67) Assumptions $788 2029E $110 88 29% $25 $88 $788 ($88) $700 2030E $136 109 29% $31 $109 $700 ($109) $591 2031E $163 130 29% $37 $130 $591 ($130) $461 2032E $188 Company filings, Bravo management, IRS bulletin as of 2/23. Based on fully diluted shares derived from discounted cash flow analysis excluding tax benefits. Per Bravo management, for the purposes of computing the maximum amount of tax savings usable each year beyond 2033, top line assumed to grow at 3.0% in perpetuity with constant EBITDA and D&A margin. 151 29% $43 $151 $461 ($0) ($151) $310 2033E $212 170 29% $48 $170 ■ DCF discounted to 12/31/2022 Mid-year discounting convention Assumes beginning tax asset balance of $600.7m as of 12/31/22 ($589.0m federal and state NOLs and $11.7m R&D tax credits) per Bravo management $310 ($1) ($170) $140 Implied net present value of tax benefits assumes full utilization of NOLs by 2034 per Bravo management (taking into account NOL expiration) (2) Limitation on pre-tax income for NOL usage is equal to 80% of pre-tax income Assumes unlevered free cash flow projections discounted using assumed 13.0%-16.0% WACC Assumes tax rate of 29.0% per Bravo management 10#123 Discounted cash flow analysis - excluding tax benefits Including $200m convertible notes issuance Calendar year ended 2027E 2028E ($ in millions, except per share amounts) Revenue % growth (1) % margin EBITDA (-) Depreciation EBIT (-) Taxes % tax rate NOPAT (+) Depreciation & amortization (-) Capital expenditures (-) Change in working capital Unlevered free cash flow Sensitivities Discount rate (%) (1) (2) 13.0% 14.5% 16.0% Source: Note: 2.0% ($88) 414 $326 127.0% 239 $564 569.476 $0.99 ($100) 321 $221 145.5% 239 $459 569.191 $0.81 ($111) 253 $142 178.2% 239 $381 569.052 $0.67 2022A $69 ($107) (154%) Perpetuity growth rate 3.0% ($88) 455 $367 124.0% 239 $606 569.635 $1.06 ($100) 349 $249 140.4% 239 $487 569.230 $0.86 ($111) 273 $162 168.8% 239 $400 569.092 $0.70 2023E $101 45% ($116) (115%) (4) ($119) 29% ($119) 4 (2) (15) ($133) 2024E $168 67% ($111) 296 $184 ($100) (59%) (5) ($104) 29% ($104) 5 (4) (0) ($104) 2025E $282 68% ($59) (21%) (5) ($64) 29% ($64) 5 (5) (5) ($68) Equity value per share 2026E PV of cash flows PV of terminal value $436 54% $423 Equity value 569.133 Fully diluted shares $0.74 Equity value per share ($7) (2%) 4.0% ($88) Present value of cash flows 506 Present value of terminal value $418 Enterprise value 121.1% PV of terminal value as % of enterprise value 239 Corporate Adjustments (2) $656 Equity value 569.907 Fully diluted shares $1.15 (6) ($13) 29% ($100) 382 $282 Enterprise value 135.6% PV of terminal value as % of enterprise value (2) 239 Corporate Adjustments $521 Equity value 569.289 Fully diluted shares $0.91 Equity value per share ($13) 6 (5) (3) ($14) PV of cash flows PV of terminal value Enterprise value 160.3% PV of terminal value as % of enterprise value 239 Corporate Adjustments (2) $639 47% $67 10% (8) $59 (17) 29% $42 8 (8) (10) $32 $767 $93 20% $83 ■ 12% $60 (9) (24) 29% ■ I $45 ■ 9 (9) (16) 2029E $882 - 15% $120 14% (11) Assumptions $110 (31) 29% $78 11 (10) (15) $65 2030E $970 10% $148 15% (12) $136 (39) 29% $97 12 (11) (12) $87 2031E $1,043 8% $176 17% (13) $163 (46) 29% $116 13 (12) (10) $107 2032E $1,095 5% $202 18% (13) Company filings, Bravo management. Fully diluted shares based on current shares of 322.2m, including 242.5m common shares outstanding, 20.2m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx warrants. Common shares outstanding include 2.9m unvested RSAs. Stock options exclude 1.1m of Bravo CEO's unvested performance-based options. Assumes a treasury stock method for purposes of calculations. Burdened by SBC. Assumes Bravo cash balance as of 12/31/22 per Bravo management. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share. $188 (54) 29% $135 13 (13) (8) 10-year DCF discounted to 12/31/2022 Mid-year discounting convention $127 Terminal 2033E $1,128 3% $226 20% (14) $212 (60) 29% $152 14 (14) (7) $145 '23E-¹32E CAGR 30% ΝΑ Assumes unlevered free cash flow projections discounted using assumed 13.0%-16.0% WACC Assumes 2.0% -4.0% terminal value perpetuity growth rate per Bravo management Assumes tax rate of 29.0% per Bravo management Per Bravo management, assumes $200m convertible PIPE issued - $180m net proceeds Conversion price based on closing price as of 3/22/23 at no conversion premium 12% PIK rate Assumes conversion at end of 5-year term. 11#133 Tax benefit analysis - no S382 limitation Including $200m convertible notes issuance Calendar year ended 2028E ($ in millions, except per share amounts) EBIT Tax shielding NOLs used % tax rate Annual savings Limitation on pre-tax income for NOL usage Post-2022 NOL schedule NOL starting balance NOLS generated NOLs expired NOL usage NOL ending balance Sensitivities Discount rate (%) 13.0% 14.5% (1) (2) 16.0% Discount rate (%) 13.0% 14.5% 2.0% 16.0% $91 569.476 $0.16 $82 569.191 $0.14 $73 569.052 $0.13 2.0% $0.99 $0.16 $1.15 $0.81 $0.14 $0.95 2022A $0.67 $0.13 $0.80 $601 Perpetuity growth rate 3.0% $91 569.635 $0.16 $82 569.230 $0.14 $73 569.092 $0.13 Reconciliation to total equity value per share Perpetuity growth rate 3.0% $1.06 $0.16 $1.22 $0.86 $0.14 $1.00 2023E ($119) $0.70 $0.13 $0.83 29% $601 $119 $720 4.0% $91 569.907 $0.16 $82 569.289 $0.14 $73 569.133 $0.13 2024E ($104) 29% $720 $104 $824 2025E ($64) 29% $824 $64 $889 Implied net present value Fully diluted shares(1) Implied net present value per share Implied net present value Fully diluted shares(1) Implied net present value per share Implied net present value Fully diluted shares(1) Implied net present value per share 2026E 4.0% $1.15 Equity value per share standalone DCF $0.16 Net present value per share - tax benefits $1.31 Implied total equity value per share $0.91 Equity value per share - standalone DCF $0.14 Net present value per share - tax benefits $1.06 Implied total equity value per share $0.74 Equity value per share - standalone DCF $0.13 Net present value per share - tax benefits Implied total equity value per share $0.87 ($13) 29% $889 $13 $902 2027E $59 47 29% $13 $902 ■ $47 ($47) $854 ■ $83 67 29% - $19 $67 $854 Assumptions ($67) $788 2029E $110 88 29% $25 $88 $788 ($88) $700 2030E $136 109 29% $31 $109 $700 ($109) $591 2031E $163 130 29% $37 $130 $591 ($130) $461 Source: Company filings, Bravo management, IRS bulletin as of 2/23. Note: Per Bravo management, assumes $200m convertible PIPE with $180m net proceeds, conversion price based on closing price as of 3/22/23 at no conversion premium, 12% PIK rate. Assumes conversion at end of 5-year term. Based on fully diluted shares derived from discounted cash flow analysis excluding tax benefits. For the purposes of computing the maximum amount of tax savings usable each year beyond 2033, top line assumed to grow at 3.0% in perpetuity with constant EBITDA and D&A margin per Bravo management. 2032E $188 151 29% $43 $151 $461 ($0) ($151) $310 2033E $212 170 ■ DCF discounted to 12/31/2022 Mid-year discounting convention Assumes beginning tax asset balance of $600.7m as of 12/31/22 ($589.0m federal and state NOLS and $11.7m R&D tax credits) per Bravo management 29% $48 $170 $310 ($1) ($170) $140 Limitation on pre-tax income for NOL usage is equal to 80% of pre-tax income Assumes unlevered free cash flow projections discounted using assumed 13.0%-16.0% WACC Assumes tax rate of 29.0% per Bravo management Implied net present value of tax benefits assumes full utilization of NOLs by 2034 per Bravo management (taking into account NOL expiration) (2) 12#14Appendix CREDIT SUISSE 13#15Equity value to enterprise value build A B D E F G Source: ($ in millions except per share amounts) Share value Total Class A common shares outstanding Total Class C common shares outstanding Shares converted from outstanding options (WAEP: $0.04) Shares converted from outstanding options (WAEP: $0.33) Shares converted from outstanding options (WAEP: $0.91) Shares converted from outstanding options (WAEP: $0.98) Shares converted from outstanding options (WAEP: $1.14) Shares converted from outstanding options (WAEP: $1.42) Shares converted from outstanding options (WAEP: $2.18) Shares converted from outstanding options (WAEP: $3.34) Shares converted from outstanding options (WAEP: $4.75) Shares converted from outstanding options (WAEP: $8.75) RSUS Shares converted from FedEx warrants (WAEP: $1.67) Fully diluted shares outstanding Equity Value (+) Value to public/private warrants (-) Cash and cash equivalents Enterprise value Bravo management, Goodwin as of 2/16/23, Bloomberg as of 3/22/23. Current price 03/22/23 $1.16 236.7 5.8 1.8 0.8 0.4 0.0 0.2 I I 19.5 265.1 $308 6 (64) $249 Potential offer price $1.40 236.7 5.8 1.8 0.8 0.6 0.0 2.0 19.5 267.3 $374 6 (64) $315 Commentary A 236.7m of Class A common shares Includes 2.9m unvested RSAs B 5.8m of Class C common shares Class C common shares automatically convert into Class A common shares on a one-for-one basis in a Change of Control C Treasury stock method applied to 20.2m total stock options outstanding with various WAEP F Excludes 1.1m of Bravo CEO's unvested performance- based options 19.5m unvested RSUS E 25.3m vested FedEx warrants outstanding with WAEP of $1.67 out of money - Assumes zero Merger Consideration at closing Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share. G $64m cash balance as of 12/31/22 14#16Bravo trading performance Price $10.00 $8.00 $5.00 $3.00 $0.00 Jul-21 Source: Company filings and FactSet as of 3/22/23. Note: VWAPs are to current date of 3/22/23. 30-day $1.40 Dec-21 45-day $1.67 Volume weighted average price 120-day $1.49 60-day $1.59 Bravo and FedEx expand robotic automation solutions relationship; grants FedEx warrants to purchase common stock ($1.78) May-22 Volume (Ms) Price 180-day $1.75 Bravo enters into $75m equity purchase agreement with Lincoln Park Capital ($1.80) 1-year $2.66 2/7: Sumo proposes to acquire all outstanding stock it does not already own at $1.30/share; Bravo share price (2/3): $1.30 Oct-22 2/10: Public disclosure of Sumo's 13D and offer; pre offer disclosure Bravo share price (2/9): $1.71 20.00 15.00 10.00 5.00 0.00 Mar-23 Volume (Ms) $1.16 15#17Share price performance vs. peers Since Bravo de-SPAC 225.0 200.0 175.0 150.0 125.0 100.0 75.0 50.0 25.0 BGRY Emerging industrial technology Emerging fulfillment technology Automation-oriented industrial technology S&P 500 Jul-21 BGRY wy Dec 21 Share price change (1) Since BGRY de-SPAC (88%) (87%) 48% Emerging industrial technology (30%) (10%) 1-year wurth (72%) (79%) 52% (22%) (13%) May-22 YTD 92% (3%) 47% 3% 3% Emerging fulfillment technology Oct-2 Automation-oriented industrial technology Source: Company filings and FactSet as of 3/22/23. Note: Emerging fulfillment technology: Symbotic and AutoStore; Emerging industrial technologies: Desktop Metal, Velo3D, Inc., Sarcos Technology and Robotics Corporations, Markforged Holding, Fathom Digital Manufacturing Corporation; Automation-oriented industrial technology: Rockwell Automation, Hexagon, Trimble, Cognex. Bravo de-SPAC closed on 7/21/21. (1) Mar-23 S&P 500 48% (10%) (30%) (87%) (88%) 16#18EV / NTM revenue vs. peers Since Bravo de-SPAC 45.0x (1) (2) 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x 5.0x Source: Note: BGRY Emerging industrial technology Emerging fulfillment technology (2) Automation-oriented industrial technology nh prophe Jul-21 BGRY Dec-21 Bravo de-SPAC closed on 7/21/21. Symbotic dataset excluded due to a lack of FactSet data. Average multiple Since (1) BGRY de-SPAC 5.1x 5.0x ΝΑ 6.2x 1-year 2.3x 3.2x 9.9x 5.4x Lumbin на Emerging industrial technology YTD 1.6x 2.1x 10.3x 5.5x May-22 Emerging fulfillment technology Oct-22 Company filings and FactSet as of 3/22/23. Emerging fulfillment technology: AutoStore; Emerging industrial technologies: Desktop Metal, Velo3D, Inc., Markforged Holding, Fathom Digital Manufacturing Corporation; Automation-oriented industrial technology: Rockwell Automation, Hexagon, Trimble, Cognex. Mamma سمله Automation-oriented industrial technology Mar-23 9.5x 5.3x 2.0x 1.8x 17#19Tax benefit analysis - including S382 limitation ($ in millions, except per share amounts) EBIT Tax shielding NOLS used % tax rate Annual savings Limitation on pre-tax income for NOL usage NOL S382 usage limit Existing NOL schedule NOL starting balance NOLS expired NOL usage NOL ending balance Post-2022 NOL schedule NOL starting balance NOLS generated NOL usage NOL ending balance Sensitivities Discount rate (%) 13.0% 14.5% 16.0% Discount rate (%) 13.0% 14.5% 2.0% 16.0% $57 268.550 $0.21 $52 265.758 $0.19 $47 265.295 $0.18 2.0% $1.43 $0.21 $1.64 $1.05 $0.19 $1.25 2022A $0.76 $0.18 $0.93 Perpetuity growth rate 3.0% $57 269.648 $0.21 $52 266.093 $0.19 $47 265.358 $0.18 $1.58 $0.21 $1.79 $601 $1.15 $0.19 $1.35 $0.83 $0.18 $1.01 2023E Source: Company filings, Bravo management, IRS bulletin as of 2/23. (1) ($119) Reconciliation to total equity value per share Perpetuity growth rate 3.0% 29% $12 $601 $601 $119 $119 $52 267.275 $0.19 $47 265.440 $0.18 2024E 4.0% ($104) 29% $12 $601 $601 4.0% $57 271.880 Fully diluted shares(1) $0.21 $119 $104 $224 Implied net present value 2025E ($64) 29% $12 $601 Based on fully diluted shares derived from discounted cash flow analysis excluding tax benefits. $601 $224 $64 Implied net present value per share $288 Implied net present value Fully diluted shares(1) Implied net present value per share Implied net present value Fully diluted shares(1) Implied net present value per share $1.75 Equity value per share - standalone DCF Net present value per share - tax benefits $0.21 $1.96 Implied total equity value per share $1.27 Equity value per share - standalone DCF $0.19 Net present value per share - tax benefits $1.47 Implied total equity value per share $0.92 Equity value per share standalone DCF $0.18 Net present value per share - tax benefits Implied total equity value per share $1.09 2026E ($13) 29% $12 $601 $601 $288 $13 $301 2027E ■ $59 I ■ 59 29% $17 $47 $12 $601 ($12) $589 Calendar year ended 2028E $301 ($47) $254 $83 Assumptions 79 29% $22 $67 $12 $589 ($12) $577 $254 ($67) $187 2029E $110 100 29% $28 $88 $12 $577 ($12) $565 $187 ($88) $99 2030E $136 111 29% $32 $109 $12 $565 ($12) $552 ■ DCF discounted to 12/31/2022 Mid-year discounting convention $99 ($99) 2031 E $163 12 29% $3 $130 $12 $552 ($12) $540 2032E $188 12 29% $3 $151 $12 $540 ($0) ($12) $528 2033E $902 $170 12 29% $3 $528 $12 $516 Limitation on pre-tax income for NOL usage is equal to 80% of pre-tax income ($1) ($12) Assumes beginning tax asset balance of $600.7m as of 12/31/22 per Bravo management ($589.0m federal and state NOLs and $11.7m R&D tax credits) Implied net present value of tax benefits assumes NOLs are fully utilized by 2055 (taking into account NOL expiration) Per Bravo management Assumes unlevered free cash flow projections discounted using assumed 13.0%-16.0% WACC Assumes tax rate of 29.0% per Bravo management NOL S382 limitation based on Merger Consideration of $1.40 and long-term tax-exempt rate of 3.29% 18#20Tax benefit analysis - including S382 limitation Including $200m convertible notes issuance Calendar year ended 2028E 2024E $83 ($ in millions, except per share amounts) EBIT Tax shielding NOLS used % tax rate Annual savings Limitation on pre-tax income for NOL usage NOL S382 usage limit Existing NOL schedule NOL starting balance NOLS expired NOL usage NOL ending balance Post-2022 NOL schedule NOL starting balance NOLS generated NOL usage NOL ending balance Sensitivities Discount rate (%) 13.0% 14.5% 16.0% Discount rate (%) 13.0% 14.5% 16.0% 2.0% Source: Note: (1) $57 569.476 $0.10 $52 569.191 $0.09 $47 569.052 $0.08 2.0% $0.99 $0.10 $1.09 $0.81 $0.09 $0.90 2022A $0.67 $0.08 $0.75 Perpetuity growth rate 3.0% $57 569.635 $0.10 $52 569.230 $0.09 $47 569.092 $0.08 $1.06 $0.10 $1.16 $601 $0.86 $0.09 $0.95 $0.70 $0.08 $0.79 2023E ($119) Reconciliation to total equity value per share Perpetuity growth rate 3.0% 29% $12 $601 $601 $119 $119 569.907 $0.10 $52 569.289 $0.09 $47 569.133 $0.08 ($104) 29% $12 $0.74 $0.08 $0.83 $601 $601 $119 $104 $224 2025E ($64) 29% $12 $601 4.0% $57 Implied net present value Fully diluted shares(1) Implied net present value per share $601 $224 $64 $288 Implied net present value Fully diluted shares(1) Implied net present value per share Implied net present value Fully diluted shares(1) Implied net present value per share 4.0% $1.15 Equity value per share standalone DCF $0.10 Net present value per share - tax benefits $1.25 Implied total equity value per share $0.91 Equity value per share - standalone DCF $0.09 Net present value per share - tax benefits $1.01 Implied total equity value per share Equity value per share standalone DCF Net present value per share - tax benefits Implied total equity value per share 2026E ($13) 29% $12 $601 $601 $288 $13 $301 2027E ■ ■ ■ $59 ■ 59 29% $17 $47 $12 $601 ($12) $589 $301 ($47) $254 Assumptions 79 29% - $22 $67 $12 $589 ($12) $577 $254 ($67) $187 2029E $110 100 29% $28 $88 $12 $577 ($12) $565 $187 ($88) $99 2030E $136 111 29% $32 $109 $12 $565 ($12) $552 $99 ($99) DCF discounted to 12/31/2022 Mid-year discounting convention 2031 E $163 12 29% $3 $130 $12 $552 Company filings, Bravo management, IRS bulletin as of 2/23. Per Bravo management, assumes $200m convertible PIPE with $180m net proceeds, conversion price based on closing price as of 3/22/23 at no conversion premium, 12% PIK rate. Assumes conversion at end of 5-year term. Based on fully diluted shares derived from discounted cash flow analysis including $200m convertible notes issuance and excluding tax benefits. ($12) $540 2032E $188 12 29% $3 $151 $12 $540 ($0) ($12) $528 2033E $902 $170 12 29% $3 $528 $12 Limitation on pre-tax income for NOL usage is equal to 80% of pre-tax income $516 Assumes beginning tax asset balance of $600.7m as of 12/31/22 per Bravo management ($589.0m federal and state NOLs and $11.7m R&D tax credits) Implied net present value of tax benefits assumes NOLs are fully utilized by 2055 (taking into account NOL expiration) per Bravo management ($1) ($12) Assumes unlevered free cash flow projections discounted using assumed 13.0%-16.0% WACC Assumes tax rate of 29.0% per Bravo management NOL S382 limitation based on Merger Consideration of $1.40 and long-term tax-exempt rate of 3.29% 19#21MetLife Credit Suisse does not provide any tax advice. Any tax statement herein regarding any U.S. federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. 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