#1HyperloopTT Investor Presentation QUINTERO HYPERLOOPTT HYPERLOOPTT#2H N Confidential and Proprietary 2 Disclaimer This presentation (together with oral statements made in connection herewith, 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 Hyperloop Transportation Technologies, Inc. ("HyperloopTT" or the "Company") and Forest Road Acquisition Corp. II ("Forest Road") and related transactions (the "Proposed Business Combination") and for no other purpose. The descriptions of HyperloopTT and its performance are based on management's calculations and estimates given that Hyperloop is still in the design stage and actual performance could be different. By accepting this Presentation, you acknowledge and agree that all of the information contained herein or disclosed orally during this Presentation is confidential, that you will not distribute, disclose and use such information for any purpose other than for the purpose of your firm's participation in the potential financing, that you will not distribute, disclose or use such information in any way detrimental to HyperloopTT or Forest Road, and that you will return to HyperloopTT and Forest Road, delete or destroy this Presentation upon request. No representations or warranties, express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. You are also being advised that the United States securities laws restrict persons with material non-public information about a company obtained directly or indirectly from that company from purchasing or selling securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities on the basis of such information. To the fullest extent permitted by law, in no circumstances will Forest Road, HyperloopTT or any of their respective subsidiaries, shareholders, 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, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. 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 HyperloopTT or the Proposed Business Combination. Viewers of this Presentation should each make their own evaluation of HyperloopTT and of the relevance and adequacy the information and should make such other investigations as they deem necessary. Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning the opportunity described herein. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. Forest Road and HyperloopTT have executed a letter of intent ("LOI") with respect to the Proposed Business Combination. The Proposed Business Combination is subject to, among other things, the negotiation and execution of a definitive agreement providing for the Proposed Business Combination, the approval by Forest Road's shareholders, satisfaction of the conditions stated in the LOI and other customary closing conditions. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the Proposed Business Combination will be consummated. Investing in the securities to be issued in connection with the potential financing involves a high degree of risk. Investors should carefully consider the risks and uncertainties inherent in an investment in the securities before subscribing for the securities. Please refer to a summary of such risk factors separately made available. The risk factors contained in the summary are not the only ones the parties face. Additional risks that the parties currently do not know about or that they currently believe to be immaterial may also impair their business, financial condition or results of operations. You should perform your own due diligence prior to making an investment in Forest Road and HyperloopTT. NO OFFER OR SOLICITATION This Presentation relates to the potential financing of a portion of the Proposed Business Combination through a private placement of Forest Road's Class A common stock. This Presentation shall not constitute a "solicitation" as defined in Section 14 of the Securities Exchange Act of 1934, as amended. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of securities (the "Securities") will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and will be offered as a private placement to a limited number of institutional "accredited investors" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and "Institutional Accounts" as defined in FINRA Rule 4512(c). Accordingly, the Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Neither HyperloopTT nor Forest Road is making an offer of the Securities in any state where the offer is not permitted. NEITHER THE SECURITIES AND EXCHANGE COMMISSION ("SEC") NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "predict," "potential," "seem," "seek," "future," "outlook," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. In addition, statements contained in this Presentation related to the product features, characteristics and performance of HyperloopTT 's products are forward-looking statements. These statements are based on management's current estimations and analysis, and are subject to various assumptions, whether or not identified in this Presentation, reflect the current expectations of HyperloopTT's and Forest Road's management and are not predictions of actual product features, characteristics or performance. These forward- looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such differences may be material. Many actual events and circumstances are beyond the control of HyperloopTT and Forest Road. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Business Combination or that the approval of the shareholders of Forest Road or HyperloopTT is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; risks relating to the uncertainty of the projected financial information with respect to HyperloopTT; risks related to the rollout of HyperloopTT's business and the timing of expected business milestones; the effects of competition on HyperloopTT's business; the amount of redemption requests made by Forest Road's public shareholders; the ability of Forest Road or the combined company to issue equity or equity -linked securities in connection with the Proposed Business Combination or in the future; and those factors discussed in Forest Road's Annual Report on Form 10-K filed with the SEC on April 15, 2022 under the heading "Risk Factors" and other documents of Forest Road filed, or to be filed, with the SEC. If any of these risks materialize or Forest Road's or HyperloopTT's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Forest Road nor HyperloopTT presently know or that Forest Road and HyperloopTT currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Forest Road's and HyperloopTT's expectations, plans or forecasts of future events and views as of the date of this Presentation. Forest Road and HyperloopTT anticipate that subsequent events and developments will cause Forest Road's and HyperloopTT's assessments to change. However, while Forest Road and HyperloopTT may elect to update these forward-looking statements at some point in the future, Forest Road and HyperloopTT specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Forest Road's and HyperloopTT's assessments as of any date after the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. This presentation also contains information regarding our market and industry that is derived from third-party research and publications. Although we believe that such information is reliable for the purposes used herein, it may be subject to a number of assumptions and limitations. Each trademark, trade name or service mark by any other company appearing in this presentation belongs to its holder. Use or display by us of other parties' trademarks, trade names or service marks is not intended to and does not imply a relationship with, or endorsement or sponsorship by us of, the trademark, trade name or service mark owner.#3H The opportunity HYPERLOOPT A#4H A Confidential and Proprietary 4 We're a century overdue for a transportation breakthrough E, 1807 ·O· (1769 TU POTTE 1812 1903 ·O· ‒‒‒‒‒ ‒‒‒‒‒‒‒‒‒‒‒‒‒ ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ → A hyperloop is a tube-based system that moves people and goods at airplane speeds on the ground; capsules levitate inside a partial vacuum using next-generation passive magnetic technology and a linear electric motor → Through the use of unique, patented technology and a collaborative business model, HyperloopTT has spent nearly a decade developing the technology for the first new form of transportation in over a century#5H Confidential and Proprietary 5 HyperloopTT was the first hyperloop company formed 44 A new mode of transport - a fifth mode after planes, trains, cars, and boats Hyperloop Alpha | Elon Musk In August 2013, Elon Musk and SpaceX published a 58-page white paper about a safer, faster, cheaper, and more energy efficient alternative to high-speed rail This white paper was a call-to-action, “Hyperloop is considered an open-source transportation concept" → In November 2013, HyperloopTT was the first company formed in response to the hyperloop white paper Since 2013, 800+ contributors and 50+ organizations have worked together to develop critical IP that is owned or licensed to HyperloopTT THE PLANTED Intro +++ ARCUSHION Hyperloop Alpha Cha PLATTORE LEVEL The first several pages will attempt to describe the design in everyday language, keeping numbers to a minimum and avoiding formulas and jargon. I apologize in advance for my loose use of language and imperfect analogies. - to The second section is for those with a technical background. There are no doubt errors of various kinds and superior optimizations for elements of the system. Feedback would be most welcome please send [email protected] or [email protected]. I would like to thank my excellent compadres at both companies for their help in putting this together. 77 Hyperloop Preliminary Design Study Technical Section 1. Abstract Existing conventional modes of transportation of people consists of four unique types: rail, road, water, and air. These modes of transport tend to be either relatively slow (i.e., road and water), expensive (i.e., air), or a combination of relatively slow and expensive (i.e., rail). Hyperloop is a new mode of transport that seeks to change this paradigm by being both fast and inexpensive for people and goods. Hyperloop is also unique in that it is an open design concept, similar to Linux. Feedback is desired from the community that can help advance the Hyperloop design and bring it from concept to reality. Hyperloop consists of a low pressure tube with capsules that are transported at both low and high speeds throughout the length of the tube. The capsules are supported on a cushion of air, featuring pressurized air and aerodynamic lift. The capsules are accelerated via a magnetic linear accelerator affixed at various stations on the low pressure tube with rotors contained in each capsule. Passengers may enter and exit Hyperloop at stations located either at the ends of the tube, or branches along the tube length. In this study, the initial route, preliminary design, and logistics of the Hyperloop transportation system have been derived. The system consists of capsules that travel between Los Angeles, California and San Francisco, California. The total trip time is approximately half an hour, with capsules departing as often as every 30 seconds from each terminal and carrying 28 people each. This gives a total of 7.4 million people each way that can be transported each year on Hyperloop. The total cost of Hyperloop in this analysis is under $6 billion USD. Amortizing this capital cost over 20 years and adding daily operational costs gives a total of about $20 USD (in current year dollars) plus operating costs per one-way ticket on the passenger Hyperloop. Useful feedback is welcomed on aspects of the Hyperloop design. E-mail feedback to [email protected] or [email protected].#6H Confidential and Proprietary 6 What is HyperloopTT? The leading technology licensing platform holding the key to the future of transportation HYPERLOOPTT HyperloopTT will license its proprietary and patented technology to infrastructure and transportation operators around the world Note This slide intends to explain what type of company HyperloopTT seeks to become in the future#7H Confidential and Proprietary 7 Now, creating first-ever publicly-traded hyperloop company → Forest Road Acquisition Corp. Il ("Forest Road") and Hyperloop Transportation Technologies, Inc. ("HyperloopTT") have entered into a definitive business combination agreement → HyperloopTT is an asset-light technology licensing business for hyperloop systems → Opportunity to invest in a company pioneering a potential new mode of transportation →Anticipated close in first half of 2023; the post-closing company will retain the HyperloopTT name and will be listed under the ticker HYPE on the NYSE Overview Valuation Ownership Proceeds → HyperloopTT outstanding shares and convertible notes valued at $289 million¹, with all options and warrants remaining outstanding for future exercise → Existing HyperloopTT shareholders will roll 100% of their equity in the transaction and will own ~40%2 of combined company, assuming no redemptions → Up to $330 million3 of net proceeds to fund growth and accelerate commercialization, assuming no redemptions ¹ Based on total consideration to all equity holders of $600.0mm, which calculates to 60.0mm shares at an assumed price of $10 per share. Such 60.0mm shares will be allocated across the equity and equity-equivalent securities of HyperloopTT as follows: (i) 28.9mm shares will be issued upon the consummation of the transaction in exchange for the issued and outstanding common stock, preferred stock, and convertible notes of HyperloopTT and (ii) 31.1mm shares will be reserved for issuance upon the exercise of 21.5mm options and 9.6mm warrants of HyperloopTT, which will remain outstanding following the consummation of the transaction | 2 Excludes 21.5 million options and 9.6 million warrants in HyperloopTT that will remain outstanding following the transaction | 3 Assumes no redemptions from SPAC public shareholders and $20.0mm of transaction expenses#8H 00 Confidential and Proprietary 8 HyperloopTT model - "Hyperloop-as-a-Service" INFRASTRUCTURE OPERATORS HYPERLOOPTT Technology Licensor and Network Orchestrator Earns upfront and recurring licensing fees for sharing its technological IP and know-how so customers can build, own, and operate hyperloop systems POTENTIAL CUSTOMERS OF HYPERLOOPTT 22 0 A A → Build, own, and operate the physical tubes, tracks and stations of the hyperloop system → Client examples: operators of airports, train stations, train tracks, and highways TRANSPORTATION OPERATORS 3 11100 → Own and operate the capsules within the hyperloop system → Client examples: operators of airlines, railways, express freight, cargo, and other destination/entertainment providers#9H Confidential and Proprietary Our competitive advantage and wide moat UNMATCHED INTELLECTUAL PROPERTY UNIQUE BUSINESS MODEL CROWD-POWERED APPROACH TRANSFORMATIVE MOBILITY SOLUTION UNMATCHED INTELLECTUAL PROPERTY 60+ patents 80+ trademarks . ● UNIQUE BUSINESS MODEL Hyperloop-as-a-Service Technology licensor and network orchestrator ● CROWD-POWERED APPROACH 800+ contributors worldwide 50+ corporate and university partners ● TRANSFORMATIVE MOBILITY SOLUTION $2 trillion+ TAM¹, 2 10%+ CAGR¹, 2 ● Nearly a decade of technology development has resulted in a deep portfolio of patents protecting the core technology; robust library of trade secrets and engineering assets; unparalleled technological know-how As a technology licensor, HyperloopTT expects to maintain an asset-light and capital efficient business model with neutral positioning in the transportation value chain; recurring revenues expected in commercialization Global network of technology partners, scientists, and engineers have helped to accelerate development while minimizing costs; public and private partnerships will drive global hyperloop commercial adoption Cleaner, safer, healthier, and more efficient, HyperloopTT's solution has zero operating emissions; this new fifth mode of transportation is positioned to disrupt a massively outdated transportation market ¹ Source: The Business Research Company; Includes forecasts for Specialized Freight Trucking Market, Air Cargo Services Market, Passenger Rail Transportation Market, Freight Rail Market, Passenger Air Transportation Market 2 Research estimates consolidated 2022-2026 CAGR of 11.3%; used to assume market size in years 2023 and 2030#10H Confidential and Proprietary 10 Our illustrative services provided to prospective clients PHASE 1 Feasibility study PHASE 2 Advanced program planning PHASE 3 Licensing and permitting PHASE 4 Final design and construction PHASE 5 Commercialization SERVICES PROVIDED BY HYPERLOOPTT ● . ● ● ● ● ● Technical and economic feasibility study Service development plan Preliminary business case Environmental documentation Business case refinement Preferred corridor selection Cost and schedule refinement Financing plan Preliminary engineering Infrastructure developer engagement System operator engagement Licensing and permitting completion Right-of-way agreements Station development agreements License IP Final design Construction startup and operations Station and service level activation Begin commercial revenue service CLIENTS SUPPORTED BY HYPERLOOPTT ● ● ● ● ● ● ● Government (all levels) Public Private Partnerships Developers Government (all levels) Public Private Partnerships Developers Infrastructure operators Transportation operators Investors Infrastructure operators Transportation operators Transportation operators Infrastructure operators#11H Confidential and Proprietary 11 Collaboration with strong partners IP DEVELOPED WITH WORLDCLASS PARTNERS ENGINEERING Capgemini engineering CT ferrovial icomera S SAFRAN Lawrence Livermore National Laboratory RESEARCH & SERVICES AIRTIFICIAL HHLA HITACHI Inspire the Next Leybold KGNB GROUP ENGINEERING DRIVEN PEOPLE Thornton Tomasetti NASA LOGISTICS & MANUFACTURING GATEWAY TO THE ********************* cea tech DESIGN dar mad architects swa PERKINS+WILL PriestmanGoode. Munich RE ICONA mormedi CERTIFICATION SUPPORT LEONARDO webuild Tangerine ITALY PROJECT CONSORTIUM TUV SUD PUBIC + PRIVATE PARTNERSHIPS DRIVING DEMAND ILLUSTRATIVE POTENTIAL CUSTOMERS B|R|N|O| NT OF ANDRE PER Sh सत्यमेव जयत European Commission Da T dar CN GOVERNMENT AGENCIES 2221 Thornton Tomasetti KICT European Rail Infrastructure Managers STRATEGIC INVESTORS EIM HITACHI Inspire the Next NORTHEAST OHID AREANIDE COORDINATING AGENCY WONK FELD دائــــــــرة الـنـقـل DEPARTMENT OF TRANSPORT LASTRAN LABORATORIO DE SISTEMAS DE TRANSPORTES PARTMENT T OF TRANSPORTATI UNITED STATES TAS ON OF AMERICA HARVARD UNIVERSITY SN WORLD ECONOMIC FORUM OTS B REPU LIKA THOUGHT LEADERSHIP toulouse métropole JETRO Japan External Trade Organization ENSCO UN K GLOBAL COMPACT Att AT#12H Confidential and Proprietary 12 Why now? HYPERLOOP#13H Confidential and Proprietary 13 Hyperloop can solve the problems of today's alternatives The HyperloopTT system, due to its inherent efficiencies, is a high-speed transportation system that truly makes economic sense."" U.S. Great Lakes Hyperloop Feasibility Study Sustainable → Low operating emissions and energy efficient by design Fast → Unparalleled speed at up to 760 mph Convenient → Non-stop city center to city center class-free travel Profitable → Low cost to maintain and operate Note The comparison is management's best estimate based on available public information Note Information based on Great Lakes Hyperloop Feasibility Study 1 Ground Air High-Speed Rail HYPERLOOPTT ✓ Ù « ✓#14H Confidential and Proprietary 14 Cleaner transportation is not a "nice to have" How Short-Haul Flight Bans Are Transforming European Travel 44 44 Condé Nast Traveler Recognized as a game-changer for ESG Banning flights on UK routes with fast rail Guardian links 'could cut flight emissions by third' The Hyperloop is a great opportunity... to deliver energy efficient, carbon- free land transport. " Elisabeth Werner, European Commission Forbes Venice is the first region to launch [a hyperloop tender], and the advantages will be transversal: the region will benefit in terms of sustainability and ecological and energy impact. "" Luca Zaia President, Veneto → Low operating emissions and energy efficient by design 44 France Travel: Many Short-Haul Flights Outlawed From April 77 Carbon Dioxide (CO2) emissions will be reduced by 143 million tons. Great Lakes Feasibility Study Single Passenger Trip CO2 Emissions¹ DUÝ D 0 ¹ Graph figures based on single passenger (Carbon Calculator, 2019 and Amtrak, 2019) traveling from Chicago to Cleveland 2 The hyperloop carbon footprint is effectively zero in operation with 100% renewable energy, Great Lakes Feasibility Study Fully electric, low-carbon emissions² 0.03 0.01 0.05 0.08 tons CO2 0.06 tons CO₂ 0.07 0.09 0.11 0.12 tons CO2#15HH Confidential and Proprietary 15 Changing how the world connects Removing continental barriers Redefining urban landscape Creating new economic opportunities Seattle San Francisco Las Vegas Los Angeles Note Travel time on the map is calculated based on the average travel speed of 680 mph, Travel time = distance/average speed. The map is for illustrative purposes only, not based on current projects. San Diego Salt Lake City 30 min Phoenix 60 min Denver 90 min Oklahoma City Kansas City 120 min Dallas Austin San Antonio Houston#16H Confidential and Proprietary 16 Disrupting a $2+ trillion market opportunity GLOBAL TRANSPORTATION MARKET (1) (2) CAGR: 11.3% $2.4T 2023E $5.0T 2030E → Hyperloop is positioned to capture early market share from domestic air travel and high-speed rail 4 Research estimates 2021-2027 CAGR of 3.2%; used to assume market size in 2023 5 Source: Data Intelo Market Research; High-Speed Rail includes freight and passenger 6 Research estimates 2020-2030 CAGR of 9.1%; used to assume market size in 2023 → 2023E Domestic Air Travel Market (3)(4): $997bn → 2023E High-Speed Rail Market (5)(6): $279bn ¹ Source: The Business Research Company; Includes forecasts for Specialized Freight Trucking Market, Air Cargo Services Market, Passenger Rail Transportation Market, Freight Rail Market, Passenger Air Transportation Market 2 Research estimates consolidated 2022-2026 CAGR of 11.3%; used to assume market size in years 2023 and 2030 3 Source: Maximize Market Research#17H Confidential and Proprietary 17 HyperloopTT overview QUINTERO HYPERLOOP PriestmanGoode.#18HH Confidential and Proprietary 18 Investment highlights Nearly a decade of proprietary critical IP development Passenger and cargo applications Asset-light technology licensing business model Model safety & certification guidelines developed Projects entering commercialization in coming years 800+ contributors worldwide since inception Experienced leadership team#19H Confidential and Proprietary 19 I I 9+ years advancing from concept to commercialization 2013 'Hyperloop Alpha' white paper (August) HyperloopTT incorporated (November) TECHNOLOGY DEVELOPMENT I 1 2014 I 1 I 1 1 1 ● 2015 ● ● Vacuum technology Patents and trademarks HyperloopTT technology feasibility study First partnerships 2016 ● 2017 ● Hyperloop insurance framework R&D facility opening PRODUCT DEFINITION InductrackTM exclusive license First government agreements 1 2018 ● 1 I 2019 ● ● ● Full-scale hyperloop test track Great Lakes Hyperloop Feasibility Study Guidelines presented to EC and USDOT Full-scale passenger capsule Hyperloop safety and certification guidelines I 2020 ● 1 2021 Full-scale isolation valves United Nations Global Compact U.S. Infrastructure Law BEGAN COMMERCIALIZATION Ongoing full-scale testing Hyperloop US regulatory agency assignment EU's Green Deal 2022 ● Reuters Top 100 Energy Transition Innovators 'iF Design Award' Italy public tender invitation#20H Confidential and Proprietary 20 Patented technology critical for commercialization 66 Global patents for hyperloop technologies 40 patents granted 26 patents processing → 11 granted patents | HyperloopTT applied → 29 granted patents | Exclusive license for HyperloopTT system → 22 processing patents | HyperloopTT applied → 4 processing patents | External partner applied for HyperloopTT license package#21H Confidential and Proprietary 21 HyperloopTT key proprietary IP Levitation and propulsion Low pressure system Passenger experience Low latency communication → Multiple patents for magnetic levitation and related technology → Exclusive perpetual license for InductrackTM passive magnetic levitation technology Multiple patents for the use of noble gases in low-pressure tube transportation → Design of standard modular vacuum unit → Design of safety isolation valve → Patent for a hyperloop station design with a loop configuration → Patent processing for passenger boarding docking mechanism → Exclusive licenses granted for virtual window and virtual skylight for use inside capsule → Design and development of passenger capsule fuselage and interior → Wireless communications system in capsule for ultra-high-speeds → Development of cloud-based traffic management system for capsules VOIR L#22H Confidential and Proprietary 22 Passenger and freight systems developed MENEA VATO HYPERLOOP → of PASSENGER SYSTEM HYPERL Mixed-use passenger and express freight system Up to 160,000+ passengers a day¹; 4,000+ express freight loads daily2 Class-free travel, latest built-in technologies, passenger-centric design HYPERLOOPTT CARGO SYSTEM 7275 POLB warehouse 07 HYPERLOOPT WELCOM HYPERLOGORT Fully automated system with intermodal connectivity → Up to 2,800 TEU (standard containers) a day on a single line system³ Expanding port capacity, reducing congestion, pollution, and footprint → ¹ Maximum capacity per dual-tube system; assumes 38 passengers / capsule with 40 seconds of headway, for a system operating 24 hours / day, equaling 4,320 trips, or 164,160 passengers / day per line (dual tube) | 2 Based on mixed passenger and cargo traffic; assumes 55 capsules / tube, 8 ULD/capsule average, with 65 seconds of headway, for a system operating 5 hours / day, equaling ~550 capsules / day, or ~4,400 ULD/ day per line (dual tube); ULD = Unit Load Device | 3 Based on HyperPort project analysis, design under development; assumes 55 capsules / HyperPort tube, 1.45 TEU/capsule average, with 65 seconds of headway, for a system operating 18 hours / day, equaling ~2,000 capsules/day, or ~2,800 TEU / day per line (dual tube); TEU = twenty-foot equivalent unit, representing the standard unit of cargo capacity#23H Confidential and Proprietary 23 Illustrative hyperloop system economics Infrastructure / capsule construction costs Infrastructure construction costs Passenger / freight usage revenue Note Reflects anticipated business model X X X License fee during system construction Annual license fee throughout life of system Annual HyperloopTT take-rate of sales || || = || = One-time revenues Recurring revenue Transactional revenue#24H Confidential and Proprietary 24 Pioneering essential safety certification with partners Abstract: Hyperloop Transportation Technologies Risk Report Expanding together the boundaries of transportation and insurability Risk Solutions TUV SUD Industrie Service - Add value. Inspire trust. Hyperloop Application Generic Guideline for Design, Operation and Certification in optation with HYPERLOOPTT European Commission Munich RE Pathways to the Future of Transportation A Non-Traditional and Emerging Transportation Technology (NETT) Council Guidance Document COMMISSION WORK 2023 PROGRAMME A Union standing firm and united INSURANCE FRAMEWORK | WITH MUNICH RE → HyperloopTT technology deemed insurable and feasible → Comprehensive risk report for the technology, projects and company MODEL CERTIFICATION GUIDELINES | WITH TÜV SÜD First model guidelines for design, operation and certification of hyperloop systems created Model guidelines shared with the European Commission and U.S. Department of Transportation ŕ GOVERNMENT GUIDANCE & TECHNOLOGY ADOPTION | USDOT → Hyperloop assigned to Federal Railroad Administration (FRA) making systems eligible for federal funding → Hyperloop included in U.S. Infrastructure Law marking government acceptance as relevant technology GOVERNMENT GUIDANCE & TECHNOLOGY ADOPTION | EU REGULATION → Hyperloop technology included in European Union Sustainable and Smart Mobility Strategy Commission adopts Work Programme to include regulatory framework for hyperloop in support of Green Deal goals#25H Confidential and Proprietary 25 Robust near-term project pipeline WHOOPIT COMMERCIAL PROTOTYPE Hyper Transfer Demonstrator | Italy → Public tender issued by CAV in Veneto region → Demonstrator for passengers and freight → Aiming to showcase the project by the 2026 Winter Olympics CARGO HYPERLOOP TECHNOLOGY HyperPort Cargo Solution | Germany → Joint Venture with HHLA → Integration with port automation → Pre-commercialization ready technology TESTING & CERTIFICATION Transportation Technology Center | U.S. → MOU signed to build a U.S. testing facility → Federal Railroad Administration site → Opportunity to certify hyperloop systems PROJECT CONSORTIUM 150+ projects¹ → HyperloopTT: Technology provider → Webuild: Site planning & civil construction → Leonardo: Capsule systems, HAMS Note Select opportunities shown for illustrative purposes; list is not exhaustive or indicative of the full project pipeline 1 Represents identified projects, not currently under any formal agreements 5 continents 4,000+ total miles PROJECT STATUS → Submitting final proposal to the tender in Q4'22 → Tender to choose the contract winner by Q1'23 COMMERCIAL PROTOTYPE Commercial Prototype | Canada → 3-mile passenger system → R&D and Experience Center → Site location exploration in progress COMMERCIAL LINE | MULTI-STATE Great Lakes Hyperloop | U.S. → Chicago-Cleveland: 343 miles → Cleveland-Pittsburgh: 134 miles → Feasibility study completed#26HH Confidential and Proprietary 26 Crowd-powered approach fuels large global network DE COS HARVARD BUSINESS SCHOOL → Studied by Harvard Business School Largest network of experts 800+ contributors worldwide I Catalyzing High Impact Innovation to Transform Global Transportation " I IP owned by HyperloopTT Contributors own equity options LYNDA M. APPLEGATE TERRI L. GRIFFITH ANN MAJCHRZAK HARVARD BUSINESS SCHOOL Hyperloop Transportation Technologies: Building Breakthrough Innovations in Crowd-Powered Ecosystems I believe that entrepreneurs can change the world. Elon Musk and Jeff Bezos are trying to change the world but they have billions of dollars. What if you have a passion to change the world but don't have access to that kind of personal wealth? We believe that we are not only transforming the nature of transportation, we are also defining the future of work in the 21st century. Dirk Ahlborn, co-founder and CEO of Hyperloop Transpor of Jumpstarter, Inc.-a crowdsourcing incubator and platform a long day of meetings ahead of him. He had boarded a fligl from Los Angeles International Airport on the first Southwe April 2017 and would be heading back to Los Angeles on the irony of launching a new venture that, he believed, would tr that this morning had taken him hours--counting security and future, would only take 30 minutes was not lost on him. His barriers that limit where we go and how we get there. Transp sustainable - economically, environmentally, and politically. N9-817-134 MAY 8, 2017 To change the world's view of transportation, Ahlborn, HTT. But Ahlborn and Gresta wanted to do more: they wante building new companies. From its launch in 2013, HTT was in by crowdsourcing the design and early financing of the new HTT would build, but also in its development and launch. "V of passionate engineers, designers, programmers, lawyers, transportation agencies, research and development labs, uni with ideas from around the world," Ahlborn explained.² In Ja to begin construction of a Hyperloop in the Quay Valley, Calif between San Francisco and Los Angeles. Between March 2016 LYNDA M. APPLEGATE TERRI L. GRIFFITH ANN MAJCHRZAK ANKITA PANDA HARVARD | BUSINESS |SCHOOL N9-821-032 REV: NOVEMBER 2, 2020 Hyperloop Transportation Technologies: Catalyzing High Impact Innovation to Transform Global Transportation In July 2020, Dirk Ahlborn, founder and chairman of Hyperloop Transportation Technologies (HyperloopTT) sat in his home office in Santa Monica, California. Originally, he was supposed to be in Brazil, supporting the opening of the company's first innovation center. The innovation center-called XO Square-would house the company's HyperloopTT logistics research division, a fabrication lab.#27H Confidential and Proprietary 27 Experienced leadership team prepared for next chapter Headquarters | Los Angeles, CA A NASA Andres de Leon Chief Executive Officer Carlos Ulecia Palacios General Counsel Julia Soriano VP of Marketing and Passenger Experience Pit JumpStartFund Ideas Powered by the Crowd Massachusetts Institute of Technology UCLA IBM Watson™ Dirk Ahlborn Co-Founder & Chairman Chris Bobko, PhD Chief Engineering Officer Michael Hengst VP of Operations BITFURY COTTON USA" *DAHER STANFORD BUSINESS Note Logos reflect companies where management team members previously worked in some capacity Andrea La Mendola Chief Operating Officer Derya Thompson Chief Engineering Council Member Alexandre Zisa VP of Programs LIEBHERR NC STATE UNIVERSITY Trimble GRUPC TERRATEST Robert Miller Chief Marketing Officer David Doll Chief Engineering Council Member Francois-Xavier Fenet VP of Engineering ingenics GENERAL ATOMICS AIRBUS pwe Michael Golomb Chief Financial Officer Jose Morey, MD Chief Engineering Council Member Yaya Zhou Head of Design R3LØV nH HOTEL GROUP#28CAUTION COMPRESSOR W ACCESS PANEL ONLY TO OPENED AT BELOW Transaction overview 28 Confidential and Proprietary H#29H Confidential and Proprietary 29 Transaction overview → HyperloopTT outstanding shares and convertible notes valued at $289 million¹ →➜ Transaction funded by ~$330 million of cash held in trust² → 100% rollover by existing HyperloopTT shareholders → Completion of transaction expected in first half of 2023 PRO FORMA OWNERSHIP Forest Road Sponsor 12.0% Forest Road Public Shareholders 48.2% HyperloopTT Shareholders5 39.8% ILLUSTRATIVE PRO FORMA VALUATION Share price at merger Total shares outstanding at closing3 Equity value (-) Net cash Enterprise value SOURCES & USES4 HyperloopTT shareholders5 Forest Road cash in trust Forest Road sponsor equity Total sources HyperloopTT shareholders5 Cash to HyperloopTT balance sheet Estimated transaction costs Forest Road sponsor equity Total uses ($ in millions, except per share data) $10.00 72.7 $727 (330) $397 ($ in millions, except per share data) $289 350 88 $727 $289 330 20 88 $727 ¹ Based on total consideration to all equity holders of $600.0mm, which calculates to 60.0mm shares at an assumed price of $10 per share. Such 60.0mm shares will be allocated across the equity and equity-equivalent securities of HyperloopTT as follows: (i) 28.9mm shares will be issued upon the consummation of the transaction in exchange for the issued and outstanding common stock, preferred stock, and convertible notes of HyperloopTT and (ii) 31.1mm shares will be reserved for issuance upon the exercise of 21.5mm options and 9.6mm warrants of HyperloopTT, which will remain outstanding following the consummation of the transaction | 2 Assumes no redemptions from SPAC public shareholders and $20.0mm of transaction expenses | 3 Pro forma share count allocates 28.9mm shares to existing HyperloopTT shares, 35.0mm shares to Forest Road public common shares, and 8.75mm shares to Class B Founder shares; excludes potential incremental shares from Forest Road warrants, management incentive shares, and outstanding contributor options and warrants | 4 Assumes no redemptions from SPAC public stockholders and excludes potential dilution from warrants | 5 Excludes the impact of outstanding contributor options (21.5mm) and warrants (9.6mm)#30H Confidential and Proprietary 30 Exercise of options & warrants may increase cash proceeds ($ in millions, except per share data) AT-CLOSE DE-SPAC CAPITALIZATION & OWNERSHIP Total common shares outstanding at close¹ Exercised options and warrants Total shares outstanding Share price at merger Equity value (-) Net cash from Transaction² (-) Cash from exercise of options and warrants Enterprise value INITIAL DE-SPAC OWNERSHIP Forest Road Sponsor 12.0% Forest Road Public Shareholders 48.2% 72.7 72.7 $10.00 $727 (330) $397 HyperloopTT Common Shareholders 39.8% FULLY DILUTED DE-SPAC CAPITALIZATION & OWNERSHIP Total common shares outstanding at close¹ Exercised options and warrants³ Total shares outstanding Share price at merger Equity value (-) Net cash from Transaction² (-) Cash from exercise of options and warrants4 Enterprise value FULLY DILUTED OWNERSHIP Forest Road Sponsor 8.4% Forest Road Public Shareholders 33.7% HyperloopTT Common Shareholders 27.9% 72.7 31.1 103.8 $10.00 $1,038 (330) (142) $565 HyperloopTT Options/Warrant Holders 30.0% 1 Pro forma share count allocates 28.9mm shares to existing HyperloopTT shares, 35.0mm shares to Forest Road public common shares, and 8.75mm shares to Class B Founder shares; excludes potential incremental shares from Forest Road warrants, management incentive shares, and outstanding contributor options and warrants | 2 Assumes no redemptions from SPAC public stockholders, $20.0mm of transaction expenses, and excludes potential dilution from warrants | 3 Includes the exercise of 31.1mm options and warrants | 4 Includes proceeds from the exercise of options and warrants at various pro forma strike prices ranging from $0.23 to $8.25 (weighted-average exercise price of $4.57)#31H Confidential and Proprietary 31 The future is boarding now Sustainable mobility Proven technology Full-scale system Safety certification Asset-light model World-changing impact#32H Confidential and Proprietary 32 Appendix CALI HYPERLOOPTT#33H Confidential and Proprietary 33 Hyperloop system Electromagnetic propulsion enables emission-free transport Levitated capsule reduces friction, increases efficiency HYPERLOOP Fully enclosed environment protects from weather and traffic crossing Alternative energy and system automation minimizes operational costs#34H Confidential and Proprietary 34 Passenger capsule 8.5-foot height Passive magnetic levitation → 760 Maximum speed QUINTERO MPH 105-foot length | 20-ton weight HYPERLOOP S 28-48 Passenger capacity PriestmanGoode. Electromagnetic propulsion 160,000+ Passengers daily¹ ¹ Maximum capacity per dual-tube system; assumes 38 passengers / capsule with 40 seconds of headway, for a system operating 24 hours / day, equaling 4,320 trips, or 164,160 passengers / day per line (dual tube)#35H Confidential and Proprietary 35 Terrain-adaptable infrastructure Urban street section . Elevated height varies Adaptive to local street environment Multi-modal 1 1 I Typical section ● ● Upper cladding covered with solar panels Minimal visual impact Lean structure 1 Transition section . ● Typical cut and fill tunnel section Between elevated structure and underground tube system OO I 1 1 Underground section Minimal tunneling volume Depth varies depending on local conditions . O Ground level#36H Confidential and Proprietary 36 Above-ground corridor 13-foot diameter Low pressure environment < 100 Pa Elevated on pylons, height depending on terrain 98 feet wide Powered by alternative energy sources Seismic isolation technology#37H Confidential and Proprietary 37 Multi-modal station Energy net positive Terminal station & 6,840 PAX/H During peak hours 40 SEC Adaptive departure rate Community & transit hub On-demand boarding system ☹ 0.1 Acceleration G#38H Confidential and Proprietary 38 Integrated system with life above and below Minimal terrain footprint and terrain adaptability both above and below ground level CROWNE PLAZA Renewable energy collection No grade crossings through traffic and guideway for public space UN Global Compact signatory World Economic Forum Technology Pioneer Reuters Top 100 Energy Transition Innovator#39H Confidential and Proprietary 39 Reimagined passenger experience 12:30 ↑ Class-free and personalized → Modular approach → Designed for use case → Digital ecosystem Biometric intelligence HYPERLOOP 9:41 HYPERLOOPTT SAFEST THE MAY TO TRAVEL SafeTrip H Protect your ID. travel safe. 9:41 ← Activate Face ID Activate your Face ID for safer, faster access to your account. 3 ACTIVATE FACE ID 9:41 HYPERLOOPTT Share my SafeTrip ID Personal information My credentials Ⓒ3 documents Do you have Covid-19 symptoms? 器 9,9 8 LA#40HYPERLOOPTT www.hyperlooptt.com