#1TM INNOVIZ TECHNOLOGIES Enabling the Autonomous Vehicle Revolution Analyst Day February 2021#2Disclaimer This presentation (this "Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Innoviz Technologies Ltd. ("the "Company" or "Innoviz") and Collective Growth Corporation ("Collective Growth") and related transactions (the "Proposed Business Combination") and for no other purpose. No representations or warranties, express or implied are given in, or respect of, this Presentation. To the fullest extent permitted by law, in no circumstances will Innoviz, Collective Growth, Antara Capital LP or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from 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. 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 Innoviz or the Proposed Business Combination. Viewers of this Presentation should each make their own evaluation of Innoviz and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward-Looking Statements This Presentation contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Innoviz and Collective Growth, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the services offered by Innoviz and the markets in which it operates, and Innoviz's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Presentation, 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 Collective Growth's securities, (ii) the risk that the transaction may not be completed by Collective Growth's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Collective Growth, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the business combination agreement by the shareholders of Collective Growth and Innoviz, the satisfaction of the minimum trust account amount following redemptions by Collective Growth's public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement, (vi) the effect of the announcement or pendency of the transaction on Innoviz's business relationships, performance, and business generally, (vii) risks that the proposed transaction disrupts current plans of Innoviz and potential difficulties in Innoviz employee retention as a result of the proposed transaction, (viii) the outcome of any legal proceedings that may be instituted against Innoviz or against Collective Growth related to the business combination agreement or the proposed transaction, (ix) the ability of Innoviz to list its ordinary shares on the Nasdaq, (x) the price of Innoviz's securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Innoviz plans to operate, variations in performance across competitors, changes in laws and regulations affecting Innoviz's business and changes in the combined capital structure, and (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities. 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 Collective Growth's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other documents filed by Collective Growth from time to time with the U.S. Securities and Exchange Commission (the "SEC") and the registration statement on Form F-4 and proxy statement/prospectus discussed below. 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 Innoviz and Collective Growth 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 Innoviz nor Collective Growth gives any assurance that either Innoviz or Collective Growth will achieve its expectations. Additional Information and Where to Find It This Presentation relates to a proposed transaction between Innoviz and Collective Growth. This Presentation does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Innoviz intends to file a registration statement on Form F-4 that will include a proxy statement of Collective Growth and a prospectus of Innoviz. The proxy statement/prospectus will be sent to all Collective Growth stockholders. Collective Growth and Innoviz also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Collective Growth are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Collective Growth or Innoviz through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Collective Growth may be obtained free of charge from Collective Growth's website at www.collectivegrowthcorp.com or by written request to Collective Growth at Collective Growth Corporation, 1805 West Avenue, Austin, TX 78701 and the documents filed by Innoviz may be obtained free of charge from Innoviz's website at www.innoviz.tech or by written request to Innoviz at Innoviz Technologies Ltd., 2 Amal Street, Rosh HaAin, 4809202, Israel. INNOVIZ™ TECHNOLOGIES Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 2#3Disclaimer Participants in Solicitation Collective Growth and Innoviz and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Collective Growth's stockholders in connection with the proposed transaction. Information about Collective Growth's directors and executive officers and their ownership of Collective Growth's securities is set forth in Collective Growth's filings with the SEC, including Collective Growth's final prospectus filed with the SEC on May 1, 2020. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction. You may obtain a free copy of these documents as described in the preceding paragraph. Industry and Market Data This presentation has been prepared by Innoviz and Collective Growth and includes market data and other statistical information from sources believed by Innoviz and Collective to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on the good faith estimates of Innoviz or Collective Growth, which in each case are derived from its review of internal sources as well as the independent sources described above. Although Innoviz and Collective Growth believe these sources are reliable, Innoviz and Collective Growth have not independently verified the information and cannot guarantee its accuracy and completeness. Antara Capital LP has not made any verification of the market data and other statistical information included in this presentation. Financial Information; Non-GAAP Financial Measures The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in the registration statement to be filed by Innoviz with the SEC and the proxy statement/prospectus contained therein. Some of the financial information and data contained in this Presentation, such as EBITDA and free cash flow, has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Innoviz and Collective Growth believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Innoviz's financial condition and results of operations. Innoviz's management uses these non-GAAP measure for trend analyses and for budgeting and planning purposes. Innoviz and Collective Growth believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in comparing Innoviz's financial condition and results of operations with other similar companies, many of which present similar nonGAAP financial measures to investors. Management 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 Innoviz's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded and included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Innoviz's audited financial statements, which will be included in the registration statement. No Offer or Solicitation This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities 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. No offering of securities shall be made except by means of a prospectus meeting the requirements of the U.S. Securities Act of 1933, as amended. Use of Projections Any financial information or projections in this Presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Innoviz's and Collective Growth's control. While such information and projections are necessarily speculative, Innoviz and Collective Growth believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of financial information or projections in this Presentation should not be regarded as an indication that Innoviz or Collective Growth, or their respective representatives and advisors, considered or consider the information or projections to be a reliable prediction of future events. This Presentation is not intended to be all-inclusive or to contain all the information that a person may desire in considering in an investment in Innoviz or Collective Growth and is not intended to form the basis of an investment decision in either company. All subsequent written and oral forward-looking statements concerning Innoviz and Collective Growth, the proposed transactions or other matters and attributable to Innoviz and Collective Growth or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of Innoviz, Collective Growth and other companies, which are the property of their respective owners. TM INNOVIZ™ TECHNOLOGIES 3 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner.#4Company Overview INNOVIZ TECHNOLOGIES TM#5Innoviz Was Built Around the Values of “Unit 81" Unparalleled Concentration of Unit 81 Talent > Unit 81 is Israel's most elite technology unit in the Israeli Defense Forces › Complex technology across multi-disciplinary fields › Uncompromising level of reliability > Unit 81 values of excellence, quality and speed are core to Innoviz > "Making the Impossible Possible" Dozens of companies started by alumni of Unit 81 XIV Omer Keilaf Co-founder, Chief Executive Officer Oren Buskila Co-founder, Chief R&D Officer Oren Rosenzweig Co-founder, Chief Business Officer David Elooz Chief Photonics Officer 25% of Innoviz's R&D Force are alumni of Unit 81 ■ R&D RAD Pri PrimeSense CERAGON ■ S&M PowerDsine R&D 72% ■G&A solaredge Operations етого anobit ADALLOM Gilat TM c.270 Employees INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 5#6Innoviz at a Glance 2016 Series A $9 Million Tier 1 Partnership \\MAGNA Founded InnovizOne Announced Global Presence c. 280 Employees 2017 APTIV Tier 1 Partnership Series B $73 Million M Selection by BMW for Series Production $251 Million Capital Raised MAGNA magma • APTIV SAMSUNG SoftBank Korea vertex VENTURES 2018 Tier 1 Partnership HIRAIN TECHNOLOGIES BUSINESS MODEL BUILT ON DEEPLY-ROOTED, STRUCTURAL, COMPETITIVE ADVANTAGES Steps of COM INNOVIZ 2019 SAMSUNG HARMAN Tier 1 Partnership Unique Offering DELEK MOTORS InnovizOne PERCEPTION INNOVIZONE SOFTWARE Series C $169 Million Perception 2020 INNOVIZ INNOVIZ Certes www sa Parker te bring C Samples Production InnovizTwo Announced 2021 $380M funding via SPAC to support growth plans Partnerships with Tier 1 Companies and OEM Partners Ai MAGNA ⚫APTIV. M INNOVIZ™ © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. TECHNOLOGIES HIRAIN TECHNOLOGIES HARMAN 6#7The Innoviz Team Making the Impossible Possible Omer Keilaf CEO & CO-FOUNDER Oren Rosenzweig CBO & CO-FOUNDER Oren Buskila C-R&D-O & CO-FOUNDER > Sales > VLSI / ASIC > Product > MEMS > Strategy > Detector > Business Development > System > Marketing > Hardware Application Engineering > Software, Embedded & Tools > Computer Vision > Algorithms / Signal processing Mechanics TM INNOVIZ™ TECHNOLOGIES >280 Employees >20 Departments R&D ■ S&M ■ G&A Operations David Elooz CHIEF PHOTONICS OFFICER > Photonics/Optics > Physics Udy Gal-On Eldar Cegla COO CFO Operations & Supply Chain > > Finance Legal > Engineering > NPI > Quality & Testing Joining the Innoviz team > on March 1, 2021 Sales ° Production ° R&D Shiri Hilton VP HR Ido Luski VP Delivery > > Recruitment Retention & Training > Program Management > Technical Support © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 7#8Meet our New COO UDY GAL-ON "From Thousands to Millions" Professional Expirience: Managed SolarEdge Operations activities for 9 years, from design handoff through prototyping to mass production: Established production capacity Purchasing and cost reduction activities Led engineering and manufacturing groups. О Total organization size was 15 when Udy joined and had grown to nearly 300 at the time of his departure Managed ECI Engineering Unit for 6 years: O Launched multiple product lines to production Led cost reduction execution reducing overall BOM cost of HW dramatically (nominated best team of 2008) Led customer crisis management – headed management level task forces - Managed Marvell (formerly Intel) Engineering Department of the Cellular & Handheld Group for 3 years: Product Development Engineering Post Silicon Execution O High Volume Manufacturing Education: ➤ M.Sc Quality and Reliability - Technion. B.Sc Mechanical Engineering - Technion solaredge eci M MARVELL® TM INNOVIZ™ TECHNOLOGIES O Innoviz Technologies Ltd. 2019 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 8#9Innoviz Leads on Commercial Partnerships, Maturity, performance and Pricing First Significant OEM Contract with BMW • Awarded BMW Series Production Program for multiple vehicle lines • Modeled total lifetime . projected revenues from BMW's contract total $2.0 Billion • Global manufacturing capabilities enable deployment worldwide Four Major Tier I Partners Mature Automotive- Grade High-Performance • A MAGNA • ⚫APTIV HARMAN • LiDAR • Approaching D-Sample middle 2021 Full Automation of the production and supply chain. Ramping up high-volume production line with Magna Automotive-Grade towards end of 2021 • Low Cost At Highest Performance - Best Market Fit Breaking cost barriers by developing the full chip-set and Computer Vision to allow high-performance at 905nm MEMS DETECTOR B M W $2.0B HIRAIN TECHNOLOGIES Signal Processing ASIC Computer Vision INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 6#10Winning Strategy Differentiation Innoviz is able to offer a <$500 High Performance LiDAR to enable market adoption Safe & Collect Data STEP 1 STEP 售2 Affordable L2+ & Validate • • Safer L2+ Platform • Shorter time to market • Low risk on Car Makers Early incumbency for a wide range of OEMS INNOVIZ™ TECHNOLOGIES • Incremental SW improvements . Save cost on Platform Validation • Large scale validation in real conditions . • STEP 3 Software Upgrade to L3 Allow upgrade to L3 only once SW is mature enough Reach L3 faster, with lower expenses and with lower program risk © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 10#11Innoviz Investment Highlights 1 Large and Growing TAM for LIDAR 2 Innoviz is positioned to win in LIDAR 3 Large pipeline with significant contracted order book 4 Attractive business model, margins and valuation INNOVIZ™ 11 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. TECHNOLOGIES#12Innoviz's Total Addressable Market LiDARS for Consumer Vehicles expected to be ~70% of Innoviz $55B 2030 TAM $70B $6B Trucking $11B Robotaxis & Shuttles $15B Consumer L3 $38B Consumer $23B Consumer L2+ $60B $50B 23% CAGR ~$55B $0.5k ASP1 $40B $30B ~$20B $1k ASP1 $20B $10B $ 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Only LiDAR companies who will be able to meet the low-priced, high performance LiDARs that OEMs demand will be able to monetize the consumer cars' TAM Source: Company analysis, IHS Markit (Dec-2020) and Frost and Sullivan (August-2020). 1 Illustrative weighted average ASP per LiDAR INNOVIZ™ TECHNOLOGIES Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No Part Of This Document May Be Reproduced Or Disclosed In Any Manner. 14 12#13Each Industry Has Its Own Requirements Lowest Market Price TM INNOVIZ™ TECHNOLOGIES Range L3 HWP for Consumer Vehicles Trucking Industrial Drones L2+ for Consumer Vehicles Full L3 for Consumer Vehicles Robotaxis Shuttles nauya Parking Chauffer Heavy Machinery 111653 Logistics & Sidewalk Delivery 60 Field Of View Highest Market Price Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No Part Of This Document May Be Reproduced Or Disclosed In Any Manner. 13 33#14Each Industry Has Its Own Requirements Range Lowest Market Price TM INNOVIZ™ TECHNOLOGIES L3 HWP for Consumer Vehicles Trucking Industrial Drones L2+ for Consumer Vehicles Robotaxis InnovizTwo+ ADA InnovizTwo Full L3 for Consumer Vehicle nouvo Parking Chauffer Shuttles 雨 Heavy Machinery Logistics & Sidewalk Delivery Field Of View Highest Market Price 14 Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No Part Of This Document May Be Reproduced Or Disclosed In Any Manner.#15Innoviz Investment Highlights 1 Large and Growing TAM for LIDAR 2 Innoviz is positioned to win in LIDAR 3 Large pipeline with significant contracted order book 4 Attractive business model, margins and valuation INNOVIZ™ 15 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. TECHNOLOGIES#16Innovation Comes From Those Who Dare To Make a Difference Ground-up approach solving the performance-cost challenge High Performance Proprietary Architecture MEMS Proprietary MEMS High Field-Of-View Scanning Solid-State Industry-Leading LiDAR Perception Total: 45 + + Innovine DETECTOR Signal Processing ASIC High Resolution High Sensitivity Long Range > Proprietary Signal Processing Immunity to Crosstalk and Ambient Light Small form-factor Low cost Superior performance / 256 lines @10Hz Total: 116 › Object Detection and Classification (Cars, Trucks, Pedestrians, Motorcycles, unknown moving objects) › Shape, Orientation and Occlusion status > Absolute and Relative Velocity & Acceleration Proprietary and Efficient Design to Unlock the Mass Market TM INNOVIZ™ © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. TECHNOLOGIES 16#17Automotive Feature Adoption Increases with Increasing Production Volume New Feature Cost Gen I Volume Innovation Gen II Standard Upgrade Upgrade Premium Cars INNOVIZ™ TECHNOLOGIES Volume a Innovation Standard Upgrade Non-Premium Cars Adoption Gen III Volume Standard Low Cost Cars • Cost is the main driver for adoption in the automotive space • • Cost reduction occurs at greater production volume but mostly from innovation Every cent counts in driving increased customer adoption Technology expectations are becoming more demanding over time © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 17#18Innoviz's Superior IP Breaks Cost Barriers $$ $$$ Stereo Camera Mono Camera 1550nm Fiber Laser 905nm Diode Laser + Mono cameras dominated the market by saving only a few tens of dollars. Using Innoviz 905nm technology saves hundreds of dollars by using a low-cost chipset $ $ $5K INNOVIZ™ TECHNOLOGIES Volume $1K @1M Based on quote from a lead Supplier in China Jan 2021 $10 905nm Diode Laser Volume $4 @1M 18 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner.#19Customers Expect Improved Performance Over Time Others Cannot Deliver The Performance Automakers Require Pixels/Sec (Spinners) 200Kp/sec 0.3°x0.5°@10Hz 2016 INNOVIZ™ TECHNOLOGIES >3Mp/sec 0.1°x0.1°@10Hz 2021 >15Mp/sec 0.05°x0.05°@20Hz . 1550nm TOF 1.2Mp/sec FMCW 200Kp/sec Time 2025 • . FMCW has very limited performance and is not expected to reach the market until 2025 Innoviz's performance in 2021 exceeds FMCW's expected performance in 2025 FMCW requires a wavelength of 1300nm-1550nm, resulting in the need for a larger module Production cost will not enable market penetration Laser wavelength stability requires active cooling (will not meet the wide dynamic range of temperatures experienced in daily use) © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 19 19#20™M INNOVIZ TECHNOLOGIES Front View O Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 20 20#21"Automotive Grade" - More Than Just a Buzzword The only certified automotive-grade high-performance LiDAR on the market in the near future ISO 26262 Automotive Functional Safety - Q4'20 ISO 9001:2015 CERTIFI ISO 9001:2015 IATF 16949:2016 ALITY SYS IATF 16949 Compliant Thermal Shock Automotive SPICE Window Resilience Q2'21 Audit report VDA 63 Evaluation of quality capability Уцерії: Innoviz Technologies JN 3 No D: T Vibration Show TONet CERTIFICATE Tide is to cerify that the Quality Management System of INNOVIZ TECHNOLOGIES LTD. 15, At Yoda S., Kar Saba, luzaci Has been assessed and complies with the requirements of ISO 9001:2015 This Certificate in Applicable to Desics develoment production masasenest and service for LIDAR cemon and solutions for autonomous vehicles. NGNI SYS Prá 196 25/07/2015 IAF Initial Certification Date: 75/17/20 Certification Expiry Date: 14/07/2021 Camificate N VDA By Q4'20 Verband der 6 Auth Eluwed peaca 2.PX, PA, P5, P7 80% Automobilindustria Quality Management in the Automotive Industry C Ad T 29364 כמתי A Gentl 'ge 1 of 1 Argan, Ona & Dam Process Audit Our Via Torce the Capetitors with our composed Quad and P-53-301-0-4-06-2 thegs were denied nem level om repute Enance cartond Conective Action Action Q || | | Water Pressure Wind Water Seal Mechanical Shock • BMW certification process is one of the most rigorous in the industry • Continuous and extensive auditing by BMW and Magna over the past 3 years • Millions of kilometers required to successfully complete validation EMC Salt Spray INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 21 21#22Environmental testing Night www.BANDICAM.COM Footnote Rain TE tary & Conne Snow Direct Sun#23Device Assembly Device Calibration & Testing Full automation of the entire Supply chain Component Assembly & Testing INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 23 23#24Innoviz Expects To Be The First To Market The Only Certified Automotive-Grade High-Performance LiDAR Expected on The Market In The Near Future OM HW Configurations OM DV/PV 2019 Q1 Q2 Q3 Q4 Q1 Q2 C1 ISO 9001:2015 Net MGMI SYS RVA 096 IAF מתי C2 Pre-DV1 2020 2021 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 C3 C4 ◇ C5 CERT ISO IATF 16949:2016 9001:2015 Pre-DV2 DV PV MAILAGEMENTS INNOVIZ SOP TECHNOLOGIES Automotive SPICE - Q2'21 6 Suppiler: Innoviz Technologies IATF 16949 Location CERTIFICATE This is to certify that the Quality Management System of INNOVIZ TECHNOLOGIES LTD. 15, Ali Yoda Saba, Israel Has been assessed and complies with the requirements of ISO 9001:2015 This Cute Applicate to Design, development production management and service for LIDAR sensors and solutions for autonomous vehicles. Certificate Na To Dul Codification ion Expiry Date: 4/07/201 Initial Certification Date: Tablay in any party on them the ridest, and then melyre dann with the agreed p The evite the median sh C Avital Win Axting Doct Ang Onakly de Crete chama Devrem That 1 of 1 Our Vision To Inne BotComptes of our Services our compeabed Quality and Verband der VDA Automobilind ustria Quality Management in the Automotive Industry Process Audit INNOVIZ™ TECHNOLOGIES Compliant Audit report VDA 63 Evaluation of quality capability Elwed peac 12, PSP, PS.PT R Last Audit Re 24 Suppl. No.: JN 3 No.: D: STAND Qu Summary of the carried Toch det sig, and new in alvored DEM/T Innocharged dispose of Jong the outtheloflowy spartners were denied odontobet den he PLC peen fee, eg Gfs lo at flow he proceed and headed inpro Conective Action and ayboy jog mat Competitor 1 SOP Competitor 2 SOP INNOVIZ TECHNOLOGIES TM We are years ahead of our competitors © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 24 24#25Innoviz Investment Highlights 1 Large and Growing TAM for LIDAR 2 Innoviz is positioned to win in LIDAR 3 Large pipeline with significant contracted order book 4 Attractive business model, margins and valuation INNOVIZ™ © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. TECHNOLOGIES 25 25#26Robust Sales Funnel Covers Entire Addressable Market Order Book Total lifetime projected revenues from awarded accounts $2.0B B M W 2025E Revenue Projected revenues from awarded and pipeline accounts $582M Source: Company estimates. INNOVIZ™ TECHNOLOGIES Companies Stage 137 Evaluation ~50% Expected Conversion 25 Advanced Technical Evaluation ~40% Expected Conversion 3-6 months Up to 12 months 5 Commercial and Requirements Negotiation ~30% Expected Conversion Up to 12 months 1 Awarded © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 26 26#27Key Strategic Advantages of Innoviz's Perception Software 1. High Switching Costs Millions of Kms driven by partners to generate data • Data validity strongly tied to specific LiDAR hardware used 2. Recurring Revenue Model to support SW updates after SOP • New needs may arise based on input data from the field New locations may require adjustments/updates INNOVIZ™ TECHNOLOGIES M W A MAGNA ⚫APTIV⚫ HIRAIN TECHNOLOGIES HARMAN Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No Part Of This Document May Be Reproduced Or Disclosed In Any Manner. 27 27#28Innoviz Investment Highlights 1 Large and Growing TAM for LIDAR 2 Innoviz is positioned to win in LIDAR 3 Large pipeline with significant contracted order book 4 Attractive business model, margins and valuation INNOVIZ™ 28 28 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. TECHNOLOGIES#29Summary P&L and Cash Flow In $M, Non-GAAP FYE December Hardware Income Software Income Total Revenue Growth (%) 2020E - 2021E 9 2022E 2023E 2024E 2025E 23 75 220 539 4 17 43 5 9 23 79 237 581 90% 161% 238% 199% 146% COGS 5 8 17 44 118 281 Gross Profit 0 1 6 35 118 300 Gross Profit Margin (%) 4% 10% 26% 45% 50% 52% OPEX R&D 53 71 73 75 80 87 S&M 6 9 11 14 19 28 G&A 9 11 11 14 15 16 Total OPEX 68 90 95 103 114 131 Total OPEX as % of Revenues 1,445% 1,005% 407% 130% 48% 23% EBIT (68) (89) (89) (67) 4 169 EBIT Margin (%) (1,440)% (995)% (380)% (85)% 2% 29% Depreciation & Amortization 3 3 4 6 8 10 EBITDA (65) (87) (85) (62) 12 179 EBITDA Margin (%) (1,384)% (964)% (363)% (78)% 5% 31% Free Cash Flow Net Operating Cash Flow (65) (84) (85) (69) (19) 104 Total Capital Expenditure Free Cash Flow Note: Preliminary management projections INNOVIZ™ TECHNOLOGIES (4) (6) (8) (14) (19) (29) (69) (90) (93) (82) (38) 75 29 29 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner.#30Gross Profit and EBITDA In $M, Non-GAAP 10% 26% 52% 50% 300 45% 118 (78)% 12 5% 31% 179 4% 35 6 1 (65) (63) (87) (89) (363)% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Gross Profit Gross Margin EBITDA EBITDA Margin Note: Preliminary management projections INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 30#31Operational Benchmarking Median: 159.8% 242.5% 171.0% 159.8% 2020E-2022E Revenue Growth Median: 17.2% Median: 72.3% 115.2% 82.4% 72.3% 34.5% 66.0% 17.5% 17.2% 8.9% 6.0% Innoviz 2023E-2025E AEVA 2023E-2025E Luminar 2023E-2025E Velodyne 2023E-2024E Ambarella NVIDIA Xilinx Xpeng NIO Li Auto Tesla Cree Median: 62.7% 69.2% 63.4% 62.7% 57.8% 51.6% 2021E Gross Profit Margin Median: 66.0% 66.0% 60.4% Innoviz 2025E Luminar 2025E AEVA 2025E Velodyne 2024E Xilinx NVIDIA Median: 17.5% 37.5% 21.8% 17.5% 16.5% 12.9% Ambarella Cree Tesla NIO Li Auto Xpeng 2021E EBITDA Margin Median: 39.4% Median: 31.8% 47.2% 43.6% 39.4% 30.8% 31.8% 21.8% Innoviz Luminar 2025E 2025E AEVA 2025E Velodyne 2024E ■LiDAR NVIDIA - 19.0% 11.9% 9.0% Xilinx Ambarella Tesla High-Growth Semis ■Disruptive AutoTech Median: 14.0% NM NM NM Cree Li Auto NIO Xpeng Source: Latest publicly available financial statements. Market data as of 09-Dec-2020. Note: Equity Market Cap based on diluted shares outstanding. Projections for the High-Growth Semis and Disruptive AutoTech peers are based on IBES median estimates and/or other Wall Street research. Projections for the LiDAR peers are based on publicly available investor presentations. All research estimates have been calendarized to December. Negative margins are presented as "NM". INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 31#32Valuation Benchmarking EV/2021E Revenues Median: 21.4x Median: 5.2x Median: 13.2x 36.1 x 26.2 x 21.4 x 20.8 x 14.0 x 20.3 x 13.2 x 14.5 x 8.3 x 5.2 x 3.2 x 1.8 x Innoviz 2025E Luminar 2025E Velodyne 2024E AEVA 2025E NVIDIA Ambarella Xilinx Xpeng NIO Tesla Li Auto Cree EV/2021E Revenue Growth Adjusted Median: 0.32x Median: 0.08x Median: 0.93x 2.33 x 1.18 x 0.93 x 0.76 x 0.62 x 0.32 x 0.31 x 0.29 x 0.01 x 0.09 x 0.08 x 0.01 x Innoviz 2025E Velodyne 2024E Luminar 2025E AEVA NVIDIA Xilinx Ambarella Cree Tesla NIO Xpeng Li Auto 2025E EV/2021E EBITDA Median: 23.8x Median: 35.2x 43.4 x 27.1 x 33.4 x 23.8 x 8.0 x 5.8 x Innoviz 2025E Velodyne 2024E Luminar 2025E AEVA 2025E LiDAR NVIDIA Xilinx High-Growth Semis NM NM NM NM NM NM Ambarella Tesla Cree Li Auto NIO Xpeng Disruptive AutoTech Source: Latest publicly available financial statements. Market data as of 09-Dec-2020. Note: Equity Market Cap based on diluted shares outstanding. Projections for the High-Growth Semis and Disruptive AutoTech peers are based on IBES median estimates and/or other Wall Street research. Projections for the LiDAR peers are based on publicly available investor presentations. All research estimates have been calendarized to December. Negative multiples, or multiples greater than 50 are presented as "NM". 1 Xilinx undisrupted share price as of 08- Oct-2020, before it was reported that Advanced Micro Devices is interested in acquiring the company. INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 32 32#33Innoviz Intrinsic Value Potential Well Above Transaction Value Transaction Value Comparable Valuation Sensitivity Analysis LiDAR Peers¹ Broader Peer Group² $3.6bn $3.5bn $1.0bn $2.3bn Current Enterprise Value based on LiDAR peers' '24E/ '25E EV/Revenue multiple Post-Money Enterprise Value Note: Figures in bar charts represent current enterprise value 1 Includes Luminar, Velodyne and Aeva. 2 Includes NVIDIA, Ambarella, Xilinx, Xpeng, Li Auto, NIO, Tesla and CREE. INNOVIZ™ TECHNOLOGIES $3.0bn Midpoint EV $2.5bn Future Enterprise Value discounted back 4 years at 20% Discount Rate 5.0x +/- 20% 2025E Revenue - 9.0x 13.0x 2025E Revenue © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 33 33#34INNOVIZ TECHNOLOGIES TM Thank You#35BUSINESS MODEL BUILT ON DEEPLY-ROOTED, STRUCTURAL, COMPETITIVE ADVANTAGES As a Tier-2 Supplier, Innoviz is Strategically Positioned to Benefit From Multiple Relationships of its Tier-1 Clients With Many OEMs OEM OEM Innoviz (Tier-2) Tier-1 Tier-1 Tier-1 Tier-1 OEM OEM OEM OEM OEM OEM ➤ Tier-1 relationships serve as a “multiplier effect” in interactions with OEMs, as each Tier-1 has multiple OEM relationships ➤ Often, Innoviz bids on certain RFQs through multiple Tier-1s, thereby increasing the likelihood of being selected as vendor of choice Innoviz, while working through Tier-1s, maintains direct and continuous relationships with OEMs in order to enhance current product offerings and develop new ones TECHNOLOGIES INNOVIZ™ Innoviz Technologies Ltd. 2020 All Rights Reserved -- Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 35 55#36Driving Decision By BMW Object Detection and Classification Raw Data High Level Sensor Fusion By BMW CV by Innoviz CV by Mobileye Innoviz One CV LiDAR Camera Radar INNOVIZ TECHNOLOGIES TM MOBILEYEⓇ BMW is the first car marker to bring a fully autonomous car The biggest challenge to mass production is within the LiDAR and its Computer Vision INNOVIZ™ TECHNOLOGIES Innoviz Technologies Ltd. 2020 All Rights Reserved -- Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 36 36#37MARKET DYNAMICS - HIGH BARRIERS TO ENTRY LiDAR sensor is a mission critical element in autonomous driving which requires the highest level of automotive functional safety compliance LiDAR automotive requirements standards are high across multitude dimensions (e.g. FoV, resolution, frame rate, coexistence, computer vision capabilities, etc.) Innoviz advance technology encapsulates a multidisciplinary approach ➤ The advanced safety and technical requirements will lead, in our view, to only a few LiDAR companies dominating the market ➤ New technologies are driven into the automotive market by few leading OEMs and BMW is known to be a technological defining thought leader ➤ Innoviz is the only LiDAR company that was awarded an automotive grade contract by a leading OEM (BMW) ➤ Certain OEMs (FCA, Ford, [others]) look at BMW as proxy for their decisions on technologies Relevant Case Studies - Automotive Functions Dominated by Only Few Suppliers Image Sensing Air-Bag Commercial Vehicle Brakes BOSCH MOBILEYEⓇ 75 TRW 7F WABCO Autoliv Continental Autoliv KNORR-BREMSE INNOVIZ™ TECHNOLOGIES Seating LEAR ADIENT CORPORATION A MAGNA Faurecia Innoviz Technologies Ltd. 2020 All Rights Reserved -- Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 37#38Innoviz Product Portfolio Spans All Key LIDAR Markets Consumer Vehicles InnovizOne InnovizTwo Robotaxis & Shuttles AUTONOMOUS InnovizOne InnovizTwo FCA FIAT CHRYSLER MO NISSAN จ * 上汽集团 Audi GEELY 7F MOBILEVE MILE DiDi ERGO ATTIVAL Motional Ford PSA GM ⚫APTIV⚫ RIVIAN HIRAIN A ZOOX Go Further GROUPE A MAGNA NIO TECHNOLOGIES HARMAN InnovizTwo+ pony navyO MAY may mobility cruise Uber Yandex InnovizTwo+ Logistics & Sidewalk Delivery BUILT ROBOTICS amazonrobo robotics SEDUL SAMSUNG R RE ROBOTIC InnovizOne InnovizTwo Notes: Logos are for illustrative purpose and represent target eco-system INNOVIZ™ TECHNOLOGIES Industrial Drones NEAR EARTH AUTONOMY Yellow Scan zipline ELROY AIR InnovizOne Innoviz Two Trucking InnovizOne KOPTIMU kodiak PTIMUS RIDE MAN PACCAR Inc EMBARK INCEPTIO PRONTO Ike TORC Peloton E/NRIDE NIKOLA VOLVO 5 SHAANXI tu simple →plus.ai Innoviz Two InnovizTwo+ Heavy Machinery InnovizOne InnovizTwo KOMATSU CARGOTEC OBAYASH HONDA JOHN DEERE Vestas SIEMENS SANDVIK InnovizTwo+ © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 38 38