#1INNOVIZ TECHNOLOGIES TM Enabling the Autonomous Vehicle Revolution Investor Presentation December 2020#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. TM 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 non- GAAP 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. INNOVIZ TECHNOLOGIES Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 3#4The Innoviz Team Making the Impossible Possible Omer Keilaf Co-founder & Chief Executive Officer Oren Rosenzweig > 20+ years of experience in developing complex technologies › Previously held senior management roles in start-ups, and led complex R&D projects > > Former senior officer in the Elite Technological Unit of the Intelligence Corps ("Unit 81") BSc and MSc in Electrical Engineering and MBA from Tel Aviv University > 20+ years at the intersection of Advanced Technologies, Products and Business > Previously served as a consultant with the Boston Consulting Group advising leading technology companies Co-founder & Chief Business Officer > Former senior officer in the Elite Technological Unit of the Intelligence Corps ("Unit 81") > BSc in Electrical Engineering from the Technion and MBA from the University of Chicago Oren Buskila > Previously held senior management roles in start-ups > Former senior officer in the Elite Technological Unit of the Intelligence Corps ("Unit 81") Co-founder & Chief R&D Officer > BSc in Physics, BSc in Electrical Engineering, MSc in Electro-optical Engineering and MBA from Tel Aviv University Eldar Cegla Chief Financial Officer > 20+ years of senior management roles in various high tech companies > Extensive experience in equity- and debt-financing and managing Finance & Operations departments in technology companies > BSc in Chemistry (Cum Laude) from Tel Aviv University INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 4#5Antara Capital, Perception Capital Partners and Collective Growth Corp. Antara Capital Himanshu Gulati Founder and Chief Investment Officer > Founder and CIO, Antara Capital LP, an event driven credit and special situations hedge fund, with over $1 billion of AUM > Antara takes a partnership approach with management teams to create shareholder value, and has provided creative financing solutions to a number of advanced stage technology companies > Mr. Gulati has over 18 years of experience as an investment professional specializing in underappreciated assets and complex capital structures in public markets > BA in Management with a concentration in Finance from Binghamton University Perception Capital Partners Scott Honour Chairman James Sheridan Chief Executive Officer > > 30 years of experience in investing in technology companies › Managing Partner of Northern Pacific Group. Former Senior Managing Director at The Gores Group and investment banker at UBS Warburg and Donaldson, Lufkin & Jenrette > BS/BA in Business Administration/Economics from Pepperdine University and MBA from The Wharton School of the University of Pennsylvania > 25 years of operating experience with automotive industry focus > Held senior procurement positions at Ford Motor Company and led multiple purchasing transformations while at McKinsey BA in Economics from the College of the Holy Cross and MBA from Carnegie Mellon University Collective Growth Corp. Bruce Linton Chief Executive Officer TM INNOVIZ™ TECHNOLOGIES > Founder and former Chairman of Canopy Growth Corporation, where he led over 31 acquisitions and $6 bn of capital raises Former CEO and current Co-Chairman of the Board of communications company Martello Technologies Corporation > Holds a Bachelor's Degree from Carleton University > © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 5#6Transaction Overview Transaction Structure > Innoviz to become publicly listed through business combination with Collective Growth Corporation (NASDAQ: CGRO) in a transaction sponsored by Antara Capital LP and Perception Capital Partners LLC › CGRO is a publicly listed special purpose acquisition company with over $150m cash held in trust > Following the targeted closing of the transaction in the first quarter of 2021, the combined company is expected to be listed on NASDAQ under the ticker symbol "INVZ" > Innoviz existing shareholders would retain 100% of their equity > Innoviz existing shareholders and management would own c.71% of the combined entity post-closing Valuation & Financing > Pro forma enterprise value of ~$1.0 billion, implying a 1.8x EV / 2025E revenue multiple, an attractive valuation versus peer averages › Transaction is expected to provide up to $350 million in gross proceeds comprised of: > › CGRO's $150m of cash held in trust, assuming no redemption by public shareholders > $200 million fully committed ordinary share PIPE at $10.00 per share, led by Antara Capital and includes strategic investments from Magna International, Innoviz's Tier-1 partner, Phoenix Insurance and other institutional investors Pro forma for the transaction, Innoviz is expected to have c.$370m cash on balance sheet › No additional capital is expected to be required between now and achieving positive cash flow TM INNOVIZ™ TECHNOLOGIES 6 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner.#7Company Overview INNOVIZ TECHNOLOGIES TM#8Innoviz at a Glance Series A Founded $9 Million 2016 Tier 1 Partnership A MAGNA InnovizOne Announced 2017 • APTIV Tier 1 Partnership MW Selection by BMW for Series Production Series B $73 Million Global Presence c. 280 Employees $251 Million Capital Raised A MAGNA SAMSUNG SoftBank Korea magma . APTIV⚫ vertex VENTURES 2018 Tier 1 Partnership HIRAIN TECHNOLOGIES Unique Offering PERCEPTION DELEK MOTORS InnovizOne Perception 2019 SAMSUNG HARMAN Tier 1 Partnership I C Samples Production I Series C $169 Million 2020 InnovizTwo Announced Partnerships with Tier 1 Companies and OEM Partners A MAGNA • APTIV. HIRAIN TECHNOLOGIES HARMAN M W INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. صحت 8#9Innoviz 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.280 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. 6#10Innoviz Was First To Win An OEM Production Contract For L3 LiDAR Awarded BMW Series Production Program for multiple vehicle lines B M W + MAGNA + TM INNOVIZ™ TECHNOLOGIES > Multi-year development > Hundreds of millions of dollars spent > Hundreds of top engineers > Tens of millions of kilometers driven for validation › Only selected OEMs are able to go through such a long and rigorous process TM INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 10 10#11However, Level 2+ is the Largest Opportunity in the Next 10 Years Vehicles (in millions)1 1 1 12 million L2 and 3 million L3 vehicles by 2025 2020E 2021E 2022E Level2 HANDS TEMP. OFF EYES TEMP. OFF PARTLY AUTOMATED 3 1 1 12 12 17 2 3 12 44 38 32 16 12 234 21 264 27 9 3 4 26 22 19 17 15 2024E 2025E 2026E 2023E Level3 HANDS OFF, EYES OFF HIGHLY AUTOMATED 2027E 2028E 2029E 2030E Level4 Level5 HANDS OFF, MIND OFF PASSENGER FULLY AUTOMATED AUTONOMOUS 1 Source: Company analysis; IHS Markit; Frost & Sullivan: LiDAR for Automotive and Industrial Applications report; Yole Développement, 2020 Note: Level 2+ ("L2+"), Level 3 ("L3"). INNOVIZ™ TECHNOLOGIES 11 Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner.#12But L2+ is Still Not Safe... Will not scale without solving serious safety issues first A LiDAR would have prevented this accident¹ Truck not detected due to saturated camera¹ Direct sun 1 Illustrative LiDAR image recreation of the incident's camera image. INNOVIZ™ TECHNOLOGIES Rain Dark 12 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 12#13Innoviz's L3 Technology is Also Affordable for L2+ M W Current InnovizOne > 0.1°x0.1° (256 Lines) > 115°×25° > Price & Price fit for Level 3-5 INNOVIZ TECHNOLOGIES TM 70% Cost Reduction 15 10 543 Next Generation InnovizTwo > 0.1x0.1° (256 Lines) > 100x25° › Longer Range and Smaller Size > Price & Price fit for Level 2-5 13 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner.#14TM INNOVIZ™ TECHNOLOGIES STEP L2+ Transforms Into L3 Through Software Updates Major cost reduction in Innoviz's high-end LiDAR to put market on track towards autonomous driving Safe & STEP 售2 Affordable L2+ Collect Data & Validate STEP © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 3 Software Upgrade to L3 14#15Innoviz Uniquely Meets All Automotive OEM Requirements Real Automotive-Grade Certified by BMW and Tier 1 Partners Most Advanced Automotive-Grade Perception M W APTIV A MAGNA HARMAN | 恒润科技 HIRAIN TECHNOLOGIES Multiple Tier 1 Partners Enabling Market Penetration $$ Superior Performance Affordable Pricing INNOVIZ™ 15 TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner.#16Innovation Comes From Those Who Dare 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 High Resolution High Sensitivity Signal Processing ASIC 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 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#17Industry-Leading LiDAR-Based Perception Software Built on Proprietary Building Blocks > Most Mature LiDAR-based perception software - with over 4 years of development > Automotive-Grade - automotive spice implementation > Millions of object data are collected > Ability To Leverage Existing Partners - automotive Tier 1s and OEMs › Lean Algorithms - optimized to run on lean low-cost automotive-grade chip > Enables L3 Driving - best-in-class accuracy Innoviz's Perception Software INNOVIZONE (I INNOVIZONE PERCEPTION SOFTWARE *Offered at market price as benchmarked by the camera sector (~$50) INNOVIZ™ TECHNOLOGIES 17 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner.#18Layered Patent Structure Protects Innoviz Unique IP From Chip Level to System KOUPAED 1210 FALED 1204 122 1122 FIG. 12 FIG. 31 1106 110 NO LIGHT FLUK LOW LIGHT LE FIG. 5B TM INNOVIZ™ TECHNOLOGIES 1238 66 In Process | 17 | 5 Areas of Jurisdiction 5 (US/EU/China/Japan/Korea) 1104 Granted/ Allowed Proprietary design of Innoviz unique silicon components with sole ownership and access, patent protected System Architecture Optics ASIC INNOVIZONE LiDAR Algo Detector Perception Algo 112 216 MEMS FIG. 32A Lasers 17A 2001 VEHICLE LE NAVIGATION SYSTEM SCANNING UNIT/ RADAR 2205 CAMERA 2207 GPS 2209 LIDAR © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. FOV 3222 EQV 3220 180 местои FIG. 35C FIG. 22 112 FOV 12 18#19NOVIZ NOLOGIES TM INNOVIZ™ TECHNOLOGIES 1.ก בטיחות במוסך - ליוז AS SIV INNOVIZ TECHNOLOGIES A VISION YOU CAN TRUST VIZ R GIES וי 1 19 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner.#20"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 By Q4'20 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 Verband der VDA Automobilindustria 6 Auth Eluwed peaca 2.PX, PA, P5, P7 80% 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. 20#21The Only LiDAR Company That Meets Both Performance AND Cost Requirements Level 2+ Price Barrier of $500 Level 3-4 Price Barrier of $1,000 InnovizTwo Competitor A (Tier 1) Competitor B (Tier 1) Performance 250m 150m 40m Performance InnovizTwo 250m InnovizSLR 250m Competitor C (Tier 2) 250m Number of lines @10Hz 256 16 32 Number of lines @10Hz 256 400 64 No Ability to detect No Ability to detect No Yes small objects Limited resolution Limited range and resolution Yes Yes small objects Limited resolution Size (cm) Volume (liters) 10x5x5 (0.25L) 12x10x8 (0.96L) Solid state MEMS - Technology Mechanical 905nm 905nm 10x12x6.5 (0.78L) Flash - 1064nm Size (cm) 10x5x5 Volume (litres) (0.25L) 10x10x5 (0.50L) Technology Solid state MEMS 905nm - 30x18x8 (4.32L) Mechanical 1550nm, high cost challenges T1 Partners - LiDAR ⚫APTIV. HARMAN ⚫APTIV⚫ HARMAN T1 Partners IMAGNA | 恒润科技 And Others Tier1 Tier1 HIRAIN TECHNOLOGIES and SW automotive validation and integration ΝΑ A MAGNA R 恒润科技 HIRAIN TECHNOLOGIES And Others Source: Company data and competitors' website, analysis of core technology's physics INNOVIZ TM TECHNOLOGIES Can't support path to L3 Competitor C offers the Perception Software for an additional >$400; too expensive for L2+ © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 21#22Global Manufacturing Capabilities and Supply Chain Already in Place Efficient combination of contract manufacturing and Tier 1s coupled with global supply base for the different components JABIL Ai MAGNA flex INNOVIZ™ TECHNOLOGIES Innoviz Technologies Ltd. 2019 All Rights Reserved - Proprietary & Confidential. No Part of this Document May be Reproduced or Disclosed in Any Manner. 22 22#23Innoviz Product Portfolio Spans All Key LIDAR Markets Consumer Vehicles InnovizOne InnovizTwo Robotaxis & Shuttles AUTONOMOUS InnovizOne Innoviz Two FCA FIAT CHRYSLER MO NISSAN จ * 上汽集团 Audi GEELY 7F MOBILEVE MILE DiDi ERGO ATTIVAL Motional Ford PSA GM ⚫APTIV⚫ RIVIAN TECHNOLOGIES HIRAIN HARMAN A ZOOX SLR GROUPE Go Further A MAGNA NIO pony navyO MAY may mobility cruise Uber Yandex SLR 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 TM 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 SLR Heavy Machinery InnovizOne InnovizTwo KOMATSU CARGOTEC OBAYASH HONDA JOHN DEERE Vestas SIEMENS SANDVIK SLR © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 23 23#24Robust Sales Funnel Covers Entire Addressable Market Tangible Opportunities > Funnel towards multi-year series production contracts > All projected revenues of Innoviz are from parties in the sales funnel > In multiple cases, RFQs are defined based on price performance balance that only Innoviz can provide 2025E LIDARS Sold by Vertical (revenues) 2025E LIDARS Multi-Year Contracts Funnel Sold by Stage (revenues) L2+ 36 Evaluation ■L3 7% 8% 8% Awarded 4% 34% ■ Robotaxi/Shuttle $581m 39% ■ RFQ ■Trucking 14% RFI $581m 26% 13 RFI Total Total ■ Others Software Evaluation ■Engaged 13% 28% 19% 12 RFQ Source: Company estimates. INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. M W 24 24#25Financial Overview INNOVIZ TECHNOLOGIES TM#26Summary 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 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 26 26#27Gross Profit and EBITDA In $M, Non-GAAP 10% 26% 52% 50% 300 45% 118 (78)% 5% 12 31% 179 4% 35 6 1 (65) (63) (87) (89) (363)% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Gross Profit Gross Margin EBITDA EBITDA Margin Note: Preliminary management projections TM INNOVIZ 27 27 © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. TECHNOLOGIES#28Transaction Overview INNOVIZ TECHNOLOGIES TM#29Pro Forma Valuation³ Transaction Overview Pro Forma Equity Ownership Sources ($m) Equity of Existing Innoviz Shareholders SPAC Cash in Trust¹ Total PIPE Proceeds Uses ($m) $975 Equity of Existing Innoviz Shareholders $975 Share Price $150 Cash to Balance Sheet $370 Existing Innoviz Cash² $200 Estimated Fees and Expenses $50 $30 x Pro Forma Shares Outstanding (M) Market Cap ($M) Less: Net Cash ($M) Total Sources $1,375 Total Sources $1,375 Enterprise Value ($M) $10.00 140.3 $1,403 $(370) $1,033 Commentary > All Innoviz existing shareholders retain stake in the company › Transaction proceeds will be used for development of Innoviz next generation products and continued commercialization efforts > > The transaction, which has been unanimously approved by the boards of directors of both Innoviz and Collective Growth, is targeted to close in the first quarter of 2021 Additional shares to be granted pursuant to an earn-out to certain members of Innoviz management (1.25m)³, Antara Capital (325k)³ and Perception Capital (2.125m)³, if the stock trades at or above 125% of the implied Innoviz share value for 10 out of 20 trading days at any time before 4 years following completion of the business combination Pro Forma Ownership4 11% 4% Innoviz Existing Shareholders 14% Public SPAC Shareholders 71% PIPE Investors Sponsor Shares 1 Assumes no redemptions from SPAC's existing public shareholders; 2 Expected cash on Innoviz balance sheet as of the end of 2020; 3 Assumes new shares issued at $10.00 per share following expected reverse stock split prior to the effective time of the merger; 4 Illustrative pro forma ownership reflects ownership before taking into account a post-closing management incentive equity plan and assumes no redemptions from SPAC's existing public shareholders. Innoviz existing shareholders include 2.5m shares issued to management as part of this transaction. Sponsor Shares includes shares owned both by Antara Capital, Perception Capital and Collective Growth Corp. sponsors. Note: all share counts and ownership data do not take into account 20.9m warrants with $11.50 exercise price held by SPAC public shareholders, the co-sponsors and Innoviz shareholders and management INNOVIZ™ TECHNOLOGIES © Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 29 29#30Operational 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: 31.8% Median: 39.4% 43.6% 47.2% 39.4% 30.8% 31.8% 21.8% Innoviz 2025E Luminar 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. 30#31Valuation 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 14.5 x 13.2 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 2025E NVIDIA Xilinx Ambarella Cree Tesla NIO Xpeng Li Auto EV/2021E EBITDA Median: 23.8x Median: 35.2x 43.4 x 33.4 x 27.1 x 23.8 x 5.8 x Velodyne 8.0 x 2024E Luminar 2025E NVIDIA Xilinx Innoviz 2025E AEVA 2025E LiDAR 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. TM 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#32Innoviz Intrinsic Value Potential Well Above Transaction Value Transaction Value $1.0bn Comparable Valuation Sensitivity Analysis LiDAR Peers¹ Broader Peer Group² $3.6bn $3.5bn $2.3bn Current Enterprise Value based on LiDAR peers' '24E/ '25E EV/Revenue multiple $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 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. TM 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#33Appendix INNOVIZ TECHNOLOGIES TM#34Revenues Breakdown In $M, Non-GAAP 0.5 24 21 117 446 1,175 581 43 148 165 237 17 59 79 23 5 953 70 11 4 st 226 8 23 1 5 25 90 4 27 2020 2021 2022 2023 2024 2025 Level 2+ OEM ■Level 3 OEM ■Level 4 Robo Vehicles & Others Total Software Income Number of LiDARS in '000 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. 34 34#35Projected Opex and Capex In $M, Non-GAAP % of Total Revenues Average # NM NM 406.8% 129.8% 48.1% 22.6% 264 357 420 477 535 595 of FTEs 131 114 16 103 15 95 28 90 14 11 19 11 14 11 68 9 9698 71 73 53 75 75 80 87 80 2020 2021 2022 2023 2024 2025 ■ R&D ■ S&M ■G&A Select Cash Flow Items Capex NRE¹ (4) 1 (6) 3 (8) 4 Note: Preliminary management projections. 1 NRE cash inflows are recognized as deferred revenues over the lifetime of the different programs. INNOVIZ™ TECHNOLOGIES (14) 7 (19) (29) 8 9 Innoviz Technologies Ltd. 2020 All Rights Reserved - Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. 35 35