#1GreenMobility YOUR CITY CAR INVESTOR PRESENTATION October 2019 ELEKRISKE GreenMobility BYBILER S ANO ELEKTRISKE BYBILER ELEKTRISKE BYBILER GreenMobility DIN BYBIL#2IMPORTANT NOTICE GreenMobility YOUR CITY CAR This presentation does not constitute a prospectus and has been prepared for information purposes only and under no circumstances does it constitute the basis for a public offering. This document is not intended to be and does not constitute an offer, or a solicitation of any offer, to buy or sell securities in any jurisdiction where the distribution or release would be unlawful. Neither this document nor any copy of it nor the information contained herein may be distributed or redistributed, directly or indirectly to or into any jurisdiction if such distribution would be contrary to applicable laws. No decision has been made on whether to complete a transaction regarding the Company, but if such decision is made, any investment decision, this presentation (i) is by necessity a summary of more detailed information, (ii) is not intended and should not be used to form the basis of any investment decision, and (iii) does not purport to be full or complete. Neither the receipt of this document, nor any information contained herein constitutes, or shall be relied upon as constituting, the giving of investment advice by the Company or any of its advisors. The Company makes no representation or warranty, expressed or implied, as to the accuracy or completeness of this presentation and the information contained herein. Accordingly, none of the Company, or any of its principal shareholders, subsidiary undertakings or advisors or any of such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. This presentation is governed by and shall be construed in accordance with Danish law and subject to Danish jurisdiction. Forward-looking statement This company presentation may contain certain forward-looking statements. Although Green Mobility (the "Company" or the "Group") believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this company announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as "target," "believe," "expect,” “aim,” “intend,” “may,” “anticipate," "estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could”, and other words and terms of similar meaning or the negative thereof. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. 县开 COOCO 000000 DO DO DOOO 00 000 000000 ToToT ப 2#3INTRODUCTION TO GREENMOBILITY 2016 Inverness Year of establishment Aberdeen SCOTLAND 71,877 Total number of customers (September 2019) 1,147,045 Total number of trips driven (from Q1'17 to Q2'19) 1,265.9 alway Dublin Dundee Edinburgh Glasgow United Kingdom Isle of Man Ireland Total tonnes CO₂ saved (September 2019) Cork Despite operating in a young industry, GreenMobility is one of the most experienced car-sharing operators and has built a robust foundation of proprietary data and know-how WALES Plymouth ster Liverpool ENGLAND Cambridge Oxford 0 Bristol London Cardiff North Sea Amsterdam The Hague Netherlands Kristiansand Dortmu 0 Esseno Bru els Cologne Brighton Southampton oLille Belgium Bremen ° Drammen Borlänge Karlstad Örebro Fredrikstad Vendsyssel Aalborg HD Västerå © Norrköping Linköping Goth urg Jönköping Cop GA Denmark ° Sjælland Malmö Odense Kiel Lübeck Hamburg GreenMobility Rosto Failedparken Nordhavns Jagtvej Blegdamsve CHS nhagen Poz YOUR CITY CAR Wro#4Mobility is the lifeblood of our cities and essential for urban life, but urban mobility is primed for dramatic change Urbanization, the loss of public space and traffic congestion are impacting urban transportation GreenMobility YOUR CITY CAR THE FUTURE OF MOBILITY Green Mobility takes an active part in changing mobility patterns and is part of a swiftly developing market Green Mobility helps create more liveable cities and make urban life more pleasant by giving current and future citizens the benefits of a sustainable mobility concept With a 100% green fleet, we are one of few players seeking to expand the market for "Cars on Demand" with an easy, economical and eco-friendly concept Global OEMs are actively looking for new EV1 mobility solutions and Green Mobility is already aligned with new emission requirements 03 11.06 Green Mobility OSTERBRO To the benefit of current and future generations, mobility solutions need to focus on innovation, adopt new technologies and introduce advanced services to meet new city dynamics Copen ENGHA BRYGG Tivoli HS Nyhan STIANSHAVN HS BRO Hands Brys trivej Amager Fælled Upla 1) EV Electrical Vehicles 4#5THE MARKET FOR MOBILITY IS DEVELOPING SWIFTLY GreenMobility YOUR CITY CAR Individual transportation is creating ever-more congested cities The average car is utilised only 5% of the time, at other times it remains parked and unused¹ Consumers are seeking better ways to get around They have grown accustomed to the convenience and immediacy of the on- demand economy MOBILITY-as-a-SERVICE Existing transport options have failed to meet this shift in demand, creating the opportunity for a better solution This has led to a shift towards digitally-enabled mobility services, or Mobility-as-a-Service (MaaS) GreenMobility operates in the MaaS market within the Cars-on-Demand segment as a truly green mobility² provider THE FUTURE OF MOBILITY? Many people are expected to drop their own cars and instead use shared car services - mostly handled via subscription services³4 Following initial tests, self-driving cars are believed to handle the majority of car-on-demand services in the future5 Consumers, OEMs and policy makers alike are looking for sustainable, shared mobility solutions to lessen congestion and pollution GreenMobility DIN BYBIL Hubs for shared electrical cars may begin to form part of the electrical grid through Smart Grid 1) Shoup. The High Cost of Free Parking; 2) by truly green, we mean running on an entirely electrical fleet, which is powered by sustainable energy sources; 3) Accenture - Mobility as a Service (2018), 3) BCG - What's Ahead for Car Sharing? (2016), 4) Deloitte - the Future of Mobility: What's next? (2016), 5) management consideration, 6) Dansk El-Forbund - Elbiler skal indgå I elnettet (2018) 5#6GREENMOBILITY IN THE MARKET FOR MOBILITY-as-a-SERVICE 02 The outlook for Cars on Demand² EU market size development (USD) Short distance Micro mobility Bicycles - e-scooter, walk Mid distance Daily commute GreenMobility - Rejseplanen The principle behind MaaS is to gather all modes of transportation in one place, allowing consumers to easily 15.311 ◄Seg <Rejser tir. 29.01.2019 15:27 Bybil find the solution that best fits their needs Detaljer 叻 24 min., 1 skift, 61,50 DKK Samlet Pris 15:51 Pris Your City Car is part of the wider MaaS market and is especially strong on the mid-distance segment igen 25bn 2017 CAGR overmarken 29.5% GreenMobility YOUR CITY CAR Rejsekort + Bybil DKK 61,50 Rejsekort Pris Rejsekort (Voksen) Køb DKK 16,00 Bybil The Cars on Demand market: Car sharing, taxi, Uber Hillerødgade 34, 2200 København N, Frederiksberg Kommu - Flintholm St. (Grøndals Parkvej) Long distance Commuting specific Car rental, trains, bus Source: PwC - Digital Auto Report 2018 GreenMobility Du har mulighed for at tilkøbe pakker i udbyderens app. Du kan få en billigere pris ved at have abonnement. Læs mere om, hvilket produkt der pass bedst til dit behov, i udbyderens app eller på deres. hjemmeside. Pris Køb DKK 45,50 Green Mobility's new partnership with Rejseplanen will allow consumers to plan their trip across metro, train, bus and now also Your City Car GreenMobility does not seek to compete with public transportation. Instead a recent study from Oslo shows that Green Mobility is often used as an alternative to the personal car¹ 1) TU.no - Vys bildeling har ført til nesten 500 færre privatbiler så langt (August 30, 2019). 2) Also called Vehicle-based MaaS-marked. Based on PwC - Digital Auto Report 2018 Fælled Kongelundsvej England Irlandsvej 198bn 2025 CAGR 17.9% ngvej 451bn Kastrup B E20 2030 vel Kastrup Lyst Copenhagen 6#7MULTIPLE PLAYERS ARE EXPANDING A MARKET STILL IN ITS INFANCY CITY CAR BRAND CARS CITIES TYPE1 LAUNCH OWNER VW announced the ShareNow 15,485 21 ICE / EV 2010 BMW & Daimler Share'n'go Enjoy 2,000 4 EV 2015 C.S. Group 2,000 6 ICE 2013 Eni WeShare 1,500 Panek 1,100 Miles 1,400 GreenMobility 750 emov 750 12432 EV 2019 Volkswagen HEV 2017 ICE/EV/HEV 2018 EV 2016 intend to enter the market with 2,000 EVS starting in Berlin in 2019 Panek Car Rent Service Privately held start-up Listed on Nasdaq FN EV 2016 PSA (Peugeot, Citroën) Free2Move 550 1 EV 2018 PSA Moov'in 520 1 EV 2018 Renault / G7 Wible 500 1 PHEV 2018 Repsol / KIA Zity 660 1 EV 2017 Ferrovial/Renault Mol Limo 450 1 ICE / EV/HEV 2018 Mol Group Oil & Gas 4Mobility 330 2 ICE / EV 2015 Poppy 300 2 EV/HEV 2018 Listed on New Connect Privately held start-up DriversNext 300 1 ICE 2018 Aimo 300 1 EV 2018 Privately held start-up Sumitomo Catch a car 250 2 ICE 2014 Fetch 100 1 EV 2019 Mobility Cooperative European Lease Co. Total 29,245 312 Free float cars share of EU passenger cars (2017) 0.01%4 D D D THE GREENMOBILITY ADVANTAGE One of few with a 100% green fleet Green Mobility is an independent provider - allows free choice of cars Only provider with a franchise/partner focus - ability to tap into strong ET partners' customer bases Has mastered the operational backbone with hotspots and runners Share of large European cities5 with a city car brand present -9% One of few operating in more than one city with roaming option for travellers Know-how from difficult market: strong public transportation system, dominant bicycle culture and expensive parking Sources: Company analysis based on websites and announcements 1) EV (Electric Vehicle), ICE (Internal Combustion Engine), HEV (Hybrid Electric Vehicle), PHEV (Plug-In Hybrid Electric Vehicle), 2) # of unique cities, 3) Autovista Group, August 2018, 4) ACEA: 260m EU passenger cars, 5) Cities with 250,000+ citizens (309 from Worldpopulation review), 6) by truly green, we mean running on an entirely electrical fleet, which is powered by sustainable energy sources Gree DI V#8PLC G The potential evolution of the OEM value chain¹ Size of automotive market revenue pools (size indicative of revenue potential, OEM view) GREENMOBILITY IS WELL-SUITED TO MEET THE CHALLENGES OF AUTOMOTIVE OEMS Today Car sales After sales Add-on business includes services (e.g. concierge services, assistance etc.), as well as monetizing sensor and user data - either own or from partners Digital Mobility Car economy 2020 sales After sales on demand Add-on business Passenger Mobility Car economy sales After sales 2030-2040 on demand Add-on business RENAULT Generally, OEMs are aware of the large potential market for cars on demand and that new business models are necessary² It is expected that OEMs will continue to attempt to find solutions that work for the consumer, can gain acceptance in urban areas and help ease traffic congestion BMW and Mercedes investing in the joint venture ShareNow, Toyota and Fiat are investing and VW has stated that they will invest EUR 4bn in cars on demand solutions³ PERFECTLY ALIGNED WITH GREENMOBILITY'S AMBITION OF CREATING MORE LIVABLE CITIES BY BEING EASY TO USE, ECONOMICAL AND ECO-FRIENDLY Sources: 1) Accenture - Mobility as a Service (2018), 2) PwC - Digital Auto Report (2018), 3) Autovista Group - Volkswagen continues with investment in digital and sharing infrastructure, August 2018 ELECTRIC CAR SHARING 8#9NEW EU REGULATION IS EXPECTED TO DRIVE EXPANDED SUPPLY OF ELECTRICAL VEHICLES GreenMobility YOUR CITY CAR EU-Regulation 2019/631 EU is implementing a new regulation on emissions requirements for newly registered cars Electrical cars have zero emissions To incentivise car producers to prioritise production of EVS, EVS will count for more than one car when calculating average emissions in the coming years: 2015 2017 Max avg. 130 gram CO2/km Avg 118.5 gram CO2/km 2021 Phased in during 2020 Max avg. 951 1 EV = x2 cars during 2020 x1.67 cars during 2021 x1.33 cars during 2022 x1 car during 2023 gram CO2/km OEMs are expected to actively look for ways to increase their sales of electrical cars in order to avoid heavy fines EUR 95 fine per extra avg. gram CO2/km If an OEM's average CO2 emission on newly registered cars exceeds the maximum, OEMs must pay a fine of EUR 95 per exceeding gram CO2 on all new cars produced Example: OEM with average emission of 105 gram CO2/km selling 1m new cars per year (105-95) gram CO2/km x 95 EUR x 1m = Fine of EUR 1.14bn per year² Source: European Union Law - EU regulation 2019/631 as of 17 April 2019 1) Applies to OEMS with EU sales above 300,000 vehicles per year 2) KPMG ACOR TAX - EU CO₂-grænser - report developed for GreenMobility (2019) GreenMobility YEUROPY CAR Nordha Fælledparken Biegdam CHSonhagen YOUR CITY CAR Customers with a large demand for electrical vehicles, such as Green Mobility, may gain significantly stronger negotiation positions 6#10WHAT IS GREENMOBILITY? Your City Car - Cars on Demand with a single solution for all markets Simple KPIs based on minutes, trips, price and customers GreenMobility has built significant know- how and has developed a robust portfolio of proprietary systems Led by a highly competent management team with significant relevant experience mmfffffffff GreenMobility DIN SYBIL ELEKRISKE BYBILER GreenMobility YOUR CITY CAR 10#11THE GREENMOBILITY PRODUCT: YOUR CITY CAR 15 ONE APP IS THE KEY TO ALL CARS Your smart phone is all you need to use the city cars. The GreenMobility app is the key to find, reserve and unlock the city car 00 4G 11.06 Green Mobility [HS] ngbyvej !!! Jagtvej HS ØSTERBRO SUNDMOLEN Fælledparken MINUTE DAILY MONTHLY Drive as far and long as you want. You can pay by the minute, per day or drive on a monthly subscription ALL INCLUSIVE The price includes parking, power and insurance. Simple, flexible and transparent to use - no extra expenses Rovsingsgade Rådmandsa OPREBROS Tagensvej Guldbergsgade DESIGNATED HOTSPOTS Parking in the city can be a hassle- expensive and difficult to find. GreenMobility offers designated parking in Hotspots, making it easy to park the city car Ryesgade 回 HS 1 K Agade Cop hagen RED SSTADEN MA Aboulevard HS HS HS HS Ama HS Frederiksho Nyhavn F Arsenale HS ERG K Tivoli Gen E HEST CHRISTIANSHAVN HS VERBRO Amagerb lé L 02 02 ENGHAV BRYGGE GLHOLMEN O'mapbox S Islands Brys prtillerivej Amager Fælled oulevard Mellemvej Amagerfælledvej Englandsvej GreenMobility YOUR CITY CAR One app One website One system One brand Upla 1 Roaming between cities Download on the App Store GET IT ON Google Play 11#12GreenMobility YOUR CITY CAR 11 SUSTAINABLE CITIES AND COMMUNITIES GREENMOBILITY CONTRIBUTES TO THE UN SUSTAINABLE DEVELOPMENT GOALS Nordhavnsvej GreenMobility... Adds a mobility solution to the city Makes a lifestyle without privately- owned cars possible Replaces a taxi ride Better area utilisation in cities Lower resource expenditure on cars Less road congestion gives less time spent in traffic 12 8 GreenMobility YOURY CAR Fælledparken Jagtvej Blegdamsvej CHS nhagen YOUR CITY CAR AONG CHA CVBO RESPONSIBLE CONSUMPTION AND PRODUCTION QO DECENT WORK AND ECONOMIC GROWTH M Replaces a ride in a privately-owned car Supplements a ride in public transportation Supplements a bike ride or a walk Enables a trip, which would not have been taken otherwise Reduced emission of CO2 and other greenhouse gases Stronger public health from fewer car rides Better access to mobility for everyone 13 CLIMATE ACTION 3 GOOD HEALTH AND WELL-BEING W 10 REDUCED INEQUALITIES Learn more about the UN SDGs here: www.unglobalcompact.org/sdgs/17-global-goals 12#13Revenue model KPIs GREENMOBILITY HAS EXTRAORDINARILY SIMPLE KPIS GreenMobility YOUR CITY CAR PRICE MINUTES TRIPS * CUSTOMERS 11.11. Pricing TT Trip length 00:0:00 000 DOOD 0000 D D D H Trips 000000 ToToT Customers THE ப 13#14GREENMOBILITY HAS BUILT SIGNIFICANT KNOWHOW AND DEVELOPED A PORTFOLIO OF PROPRIETARY SYSTEMS Green Mobility team handles charging, cleaning and optimal car placement Hands on the car every 3.5 days 24-hour customer service 24-hour fleet management overview Data is collected from the cars in real time JL J. DOD GreenMobility has built significant knowhow from well-run operational back-bone DODO 0000 DODO DOOD Q000 0000 Payment systems Telematics systems Fleet management Customer- facing app GreenMobility YOUR CITY CAR GreenMobility YOUR CITY CAR Customer service || || || 000000 000 www.00 Green Mobility has developed a robust portfolio of proprietary systems 24/7 14#15REAL BIG DAVA SNC-LAVALI - 400 cars - 24/7eenMobility 365 days a year 12,500 km a day in all types of weather YOUR CITY CAR Green Mobility can collect all types of data in real time Live Road Assessment project Vejdirektoratet DTU SWECO 15#16GREENMOBILITY IS LEAD BY A HIGHLY EXPERIENCED MANAGEMENT TEAM GreenMobility YOUR CITY CAR Henrik Isaksen CEO and founder With GreenMobility since inception in 2016 Select experience: SIXT Chairman and co-owner (Denmark) Clever Co-founder (along with SEAS-NVE and SE-stake sold in 2012) Autolease CEO and founder (sold to DNB in 2003) Team Leasing CEO and founder (sold to GE Capital in 1995) Thomas Heltborg Juul CEO GreenMobility DK Joined GreenMobility in 2017 Select experience: Bello CEO (formerly Newsio) better place Marketing director Top1000.dk CEO and co-founder (acquired by Børsen) BØRSEN. Head of Marketing and Production Anders Wall Chief International Officer Joined GreenMobility in 2017 Select experience: CEO alis baresso COFFEE Chief Commercial Officer (Sold to Jab Holding in 2015) YiomeçƏ™ CEO and Chairman of the Board HTA Head of Business Development (Corporate) Kasper Suhr-Larsen CTO Joined Green Mobility in 2016 Select experience: PEUGEOT Digital Project Manager (Peugeot Denmark) Ipsos Digital Project Manager 2 Project and Relations Manager Kasper Kolding CFO Joined GreenMobility in 2019 Select experience: Dansk Kabel TV Stærkere sammen CFO Falck Business Finance Director TELMORE CFO TELMORE Director of Controlling, Billing & Fraud (former Business Controller) 16#17WELL-PROVEN CONCEPT: THE COPENHAGEN STORY GreenMobility's first city, Copenhagen, was launched in 2016 with 40 EVs Today, GreenMobility Copenhagen has 400 EVs and more than 50,000 users - with ~5,000 new users joining every quarter Operations in Copenhagen are quickly approaching break-even as an effect of swift top-line growth combined with strict cost control BELLES GreenMobility DIN BYBIL 1 DIN BYBIL DIM BABID 17 GreenMobility YOUR CITY CAR#18GREENMOBILITY REPRESENTS A WELL-PROVEN CONCEPT WITH MORE THAN 50,000 USERS IN COPENHAGEN GreenMobility YOUR CITY CAR GREENMOBILITY COPENHAGEN USERS SINCE LAUNCH Price increase due changed subscription model Initiatives include incentive-to-charge, city zone bonuses and limited free reservations Several initiatives introduced ~51,000 ~49,300 Launched with 40 cars 360 cars added IPO on Nasdaq First North +100,000 quarterly trips reached Minute price nearly doubled ~43,200 ~38,500 ~34,500 ~29,600 ~25,600 A ~21,000 ~16,700 ~11,300 ~6,300 ~3,000 Launch '17 Q1 '17 Q2 '17 Q3 '17 Q4 '18 Q1 '18 Q2 '18 Q3 '18 Q4 '19 Q1 '19 Q2 '19 Jul 18#19ROBUST DEVELOPMENT IN KPIS IN COPENHAGEN On-track to reach customer target Number of Green Mobility Copenhagen customers 38,443 Q4 2018 Number of minutes are increasing as planned Number of minutes driven in Copenhagen GreenMobility YOUR CITY CAR 55,000 51,000 14,487,410 2019 Q1 & Q2: 7.8m Jul-19 Number of trips are increasing Number of trips taken in Copenhagen 492,835 2019 Q2: 2018 277,000 End 2019E 2018 +600,000 1.7 Price initiatives are working Average price per minute 2.4 +16,500,000 2019E 2.0 2019E Q4 2018 Q2 2019 End 2019E 19#20Cost scaling The majority of Green Mobility's cost base is fixed and hence does not scale with revenue Examples of scaling of major costs GREENMOBILITY REPRESENTS A HIGHLY SCALABLE BUSINESS MODEL Development in revenue and costs for Copenhagen operations (indexed) With relatively few variable costs, costs scale much less than revenue Fixed costs to leasing/depreciation One of the largest cost drivers - scales only when expanding fleet Maintenance Does not scale significantly - maintenance must be performed regularly no matter the activity level Salaries Some salaries are variable with activity, however, most salaries do not scale Parking Inverted scaling, that is, costs to parking are lower, the more the cars are used Jan 17 Jan 18 Breakeven expected by year-end 2019 Jan 19 Dec 19E Revenue Copenhagen 20#21OUR AMBITIONS GreenMobility YOUR CITY CAR Green Mobility aspires to be the best concept for green urban mobility in the world 2021-ambition is to have ~450,000 users (fully integrated potential of ~1.4m) driving 6,000 EVs across +15 cities To reach this goal, Green Mobility operates two concepts: Franchised cities and corporate cities Corporate cities create a larger up-front cash demand, but also carry a more significant upside ELEKTRISKE BYBILER GreenMobility DIN BYBIL 21#22GREENMOBILITY TARGETS ~450,000 USERS WITH A FULLY INTEGRATED POTENTIAL OF 1.4M USERS BY 2021 GreenMobility YOUR CITY CAR 2021 2018 Oslo launched in December Total revenue of DKK 27.3m Partnership backbone established and experience gained 2019 ~450,000 users with a fully integrated potential1 of 1.4m users 8-10 new cities signed / LOI Break-even in Copenhagen by year end Total revenue of DKK 38-40m Additional partnership experience gained Significant international sales and marketing costs before contract signing with partners Active in +15 cities Total revenue of DKK 75- 85m and group break-even by year-end +6,000 GreenMobility- branded EVs across all cities Continuous product and business development in Copenhagen to optimise the Green Mobility offering 1) Fully integrated potential defined as total estimated users when cities are fully launched ELEKTRISKE BYBILER 22#23MANY ATTRACTIVE CITIES ACROSS EUROPE ATTRACTIVENESS CRITERIA +500,000 citizens above age 18 Preferably mid-sized cities / urban markets Supportive city density, layout, congestion patterns and parking rules Green city agenda with incentives for EVs So forming D +15 CITIES IN EUROPE GreenMobility Examples of potential Green Mobility cities 23 YOUR CITY CAR#24GREENMOBILITY'S TWO CONCEPTS: FRANCHISE AND CORPORATE Franchise Corporate GreenMobility YOUR CITY CAR GreenMobility YOUR CITY CAR Creates opportunity for fast roll-out in partnership with strong partners 100% owned and operated by partner Ability to leverage partner synergies Full local organisation (managed by the partner), including: General manager Operations manager Marketing functions Customer service Street agents Book keeping Revenue and costs: 100% partner (less royalty fee) Royalty fee to Green Mobility based on revenue Green Mobility provides support to franchise partner 30 DOOD Provides flexibility and significant revenue potential 100% owned and operated by Green Mobility Small local organisation (run by GreenMobility), including: Local team lead Street agents Operations, management, customer service and marketing activities are handled by GreenMobility HQ Revenue and costs: 100% Green Mobility HQ Requires use of own capital Prerequisite: Identification of a local sponsor willing to cover a share of the initial investment 24#25FINANCIAL DRIVERS IN GREENMOBILITY # OF FRANCHISES X FRANCHISE Fee% x City revenue Trips Minutes price/minute + Upstart fee Minimum fee GreenMobility YOUR CITY CAR 1x COPENHAGEN Copenhagen revenue Trips Minutes price/minute GreenMobility YOUR CITY CAR # OF CORPORATE CITIES X CORPORATE CITY Corporate city revenue Trips Minutes price/minute + Fees from projects e.g. data collection in the LIRA project + Fee from partner to fund initial investments (such as NRGI in Aarhus) Limited operational costs per partner city related to local IT maintenance, training and support Costs to fleet, local team lead and local sales agents Costs to fleet, local team lead and local sales agents Corporate shared costs to customer service, fleet management and marketing Group shared costs to administration and IT development 25#26CORPORATE CITIES CREATE A LARGER CASH DEMAND, BUT ALSO CARRY A GREATER UPSIDE Illustrative comparison of Franchise and Corporate city (EBITDA and cash flow to GreenMobility, EUR) Franchise Ensures a steady stream of revenue from day one based on royalty fees and limited involvement from GreenMobility GreenMobility YOUR CITY CAR Quarterly EBITDA 450,000 350,000 250,000 150,000 50,000 ° -50,000 Corporate Initial investments can be limited through partnerships with local firms or organisations Corporate -150,000 Creates a greater cash demand in the early phase, but carries significant upside. Further ensures more control over daily operations -250,000 -350,000 Pre- launch The two operational models illustrated on the right represent the same city with identical conditions EBITDA in Corporate (Left-hand exis) Q4 Year 1 Corporate Negative acc. peak of EUR 1.2m Q4 Year 2 EBITDA in Franchise (Left-hand axis) Q4 Year 3 Acc. Cash flow in Corporate (Right-hand axis) Q4 Year 4 GreenMobility YOUR CITY CAR Corporate Acc. Cash flow of EUR 3m Accumulated Cash flow 4,500,000 3,500,000 2,500,000 1,500,000 500,000 Franchise Acc. Cash flow -500,000 of EUR 1.2m -1,500,000 -2,500,000 -3,500,000 Q4 Year 5 Acc. Cash flow in Franchise (Right-hand axis) 26#27THE CORPORATE MODEL SCALING BASED ON EXISTING OPERATIONAL BACKBONE ILLUSTRATION OF COST BASE SCALING IN CORPORATE CITY RELATIVE TO COPENHAGEN OPERATIONS GreenMobility YOUR CITY CAR Telematics Royalty 1 Electricity Admin 4% Marketing Car costs 30-35% Marketing 4% 8% Personnel 27% 业业 Parking 15-20% Copenhagen operational costs Utilisation of existing resources with maximised synergies across existing and future cities Royalty 1 Telematics Electricity Admin Personnel 13% 14% Parking 15-20% 000 Car costs 30-35% GOOD DOOD 0000 Leaner setup via centralised operations at HQ 0 0 DOD000 Corporate city operational costs זייד ויידן Lower overall cost base through a strong focus on costs and synergy effects 1) All cities, including Copenhagen, pay a fee to HQ to cover Group administration. This royalty fee does not cover local administration costs 27#28THE FRANCHISE MODEL PROVIDING UNIQUE KNOW-HOW TO PARTNERS EXPANSION THROUGH FRANCHISE PARTNERSHIPS • Focus on strong local partners with • large customer bases – value chain potential, Get a strong foothold in the local area by utilizing relevant stakeholders and strategic partners to base the business model Extract synergies from partners' current business models to enhance operations and potentially integrate local mobility solutions Copenhagen acts as development centre and operational backbone Liverpool, Manchester, Leeds 县县 11 11 11 11 11 11 1 1 11 ☐ ☐ ☐ 日日日 ☐ ☐ ☐ ☐ ☐ ☐ ☐ ☐ Antwerpen, Brussels Gent GreenMobility YOUR CITY CAR Oslo Copenhagen Green Mobility aspires to be the best concept for green urban mobility in the world First partnership agreement was signed with VY in Oslo, Norway, followed by agreements in Belgium and the UK Full cooperation structure DECE including contracts, roll-out strategy, manuals and training/quality Reduces the risk involved for partners and allows for swifter roll-out in new cities ZOE 28#29GREENMOBILITY HAS DEVELOPED A ROBUST FORMULA FOR APPROACHING NEW CITIES A City 1 1 Target city is identified from list of candidate cities 2 GreenMobility conducts extensive research on the city Select examples 140 City 2 Key stakeholders in the city are identified and contacted E City 3 City 4 P Parking rules in the city and potential benefits for EVs or shared car services are researched City 5 City 6 3 Dialogue with potential partner is initiated Based on research conducted, Green Mobility is capable of presenting partners with a full business case and full step-plan towards launch GreenMobility YOUR CITY CAR 4 Agreement is signed with partner Charging infrastructure is researched and potential partners are contacted Potential partners can either be identified by Green Mobility during the research phase or can be referred to Green Mobility by key stakeholders in the city Agreement with partner is signed, usually at first at an LOI-basis (which sets out the key terms), which is further developed into a full franchise agreement 29#30OUR JOURNEY SO FAR Green Mobility launched its first GreenMobility international franchise in Oslo in December 2018 YOUR CITY CAR Aarhus, the first Corporate city outside Copenhagen, was announced in July 2019 followed by Malmö and Gothenburg in September 2019 LOIs for six new franchise cities in Belgium and the UK signed in July 2019 ELEKTRISKE BYBILER GreenMobility DIN BYBIL#31WHERE WE ARE TODAY AMBITION, MISSION AND VISION COMING TOGETHER GreenMobility YOUR CITY CAR Announced LOI 2021 Ambition Global potential future journey n T AAA In operation D Oslo launched in 2018 Copenhagen launched in 2016 D Aarhus announced in July 2019, to be launched in October 2019 AAA Brussels, Antwerp and Gent signed in 2019 First city in operation is expected to be Antwerp AAA Liverpool, Manchester and Leeds signed in 2019 First city in operation is expected to be Liverpool AAA Reach +15 active cities Several cities across Europe are currently in the pipeline GreenMobility aspires to be the best concept for green urban mobility in the world Multiple cities across the globe will be operated by GreenMobility GreenMobility ranks as pioneer for sustainable mobility and is a worldwide valued concept 31#32Users 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 OSLO IS DEVELOPING WELL AHEAD OF EXPECTATIONS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Months since launch Oslo Copenhagen VY GreenMobility YOUR CITY CAR GreenMobility YOUR CITY CAR VY Dør til dør Currently has +17,500 customers Fleet of 250 electric city cars Long-term agreement based on revenue fee Green Mobility BYBIL Large franchise partner with strong potential and clear synergies with current train- and bus operations Access to a large, existing customer base with a well-known brand in Oslo Since launch, the Oslo has developed well ahead of expectations 32 22#33FIRST CORPORATE CITY OUTSIDE COPENHAGEN ANNOUNCED Number of cars expected in Aarhus -100 ~200 torcenter Nord 01 KEN Stenc Den Gamle By Aarhus Universitet Nordre Ringgade TRØJBORG Aarhus 01 Population in Aarhus: 345,6001 Aarhus Denmark's second largest city JEN Home to Denmark's largest university - Aarhus University Magasin Dronning Marg AARHUS FISKERIHAVN Aarhus Lystbådeh Aarhus-Sjællands October 2019 +12 months Operations, management, customer service and marketing activities are run out of the Green Mobility HQ in Copenhagen Local team to consist of Local team lead and Local street agents 1) Q3 2019, Aarhus Municipality - Aarhus i tal - Befolkning | Aarhus 01 Silkeborgvej CERESBYEN AROS 01 Corporate partner NRGin NRGI is a consumer-owned regional energy company operating in the East-Jutland area Currently supplies energy to 215,000 customers Focused on green energy and in 2018 produced the equivalent of 57,000 family homes' annual power GENES 01 Skanderborgj ands Allé usage in wind and solar energy 01 Strandveje Aarhus Havn 33#34TWO NEW CORPORATE CITIES: MALMÖ AND GOTHENBURG GARD SAVE ANGE Lommabugten Lomma Nolvik Kvisljungeby Sörred Alleby Gothenburg Skogome 190 Tagene Hjällbo Population in Gothenburg: 571,9001 Sweden's second largest city Number of cars expected in Gothenburg E45 Olskroken -100 Eriksberg Göteborg ~350 HEDEN Långedrag Year-end 2019 Expected when phased in 1) Q4 2018, Ekonomifakten - Din Kommun i Siffror Fiskebäck Eklanda Frölunda Mölndal LIMHAMN Malmö Population in Malmö: 339,3001 HAMNEN GreenMobility YOUR CITY CAR 103 Hjän Alnarp E22 Åkarp Arlov Burlövsbron Sweden's third largest city Malmø Number of cars expected in Malmö ROSENGARD ~250 HYLLIE VÄSTER Bunkeflostrand -100 Year-end 2019 тустор Lockarp Expected when phased in Arrie 11 Södra Sallerup HUSIE E65 Oxie Toarp 34#35NEW LOIS ENTERED INTO WITH PARTNERS IN BELGIUM AND THE UK Antwerpen Belgium # of inhabitants Brussels +1,200,000 (2017) United Kingdom # of inhabitants Leeds +800,000 (2018) Gent 个 Leeds Liverpool Brussels Antwerp +520,000 (2017) Manchester Gent +230,000 (2017) Manchester +530,000 (2018) Liverpool +490,000 (2018) LOI signed in July 2019 with final signing expected in November 2019 Information on fleet size to follow - Antwerp is expected to the first Belgian Green Mobility city Franchise partner חה Deurnese Transportmaatschappij is one of the largest taxi companies in Belgium Commercial synergies derive from existing customer contact and the potential to integrate two forms of mobility. Further operational synergies from knowledge of fleet management LOI signed in July 2019 with final signing expected in early 2020 Information on fleet size to follow - Liverpool is expected to become the first UK Green Mobility city Franchise partner FRANKLIN..Fe ENERGY Li CHARGING NETWORK Franklin Energy runs a network of public EV charging stations in the UK Commercial synergies derive from existing customer database, as well as knowledge of customer behaviour and traffic patterns in the cities. Operational synergies from existing network of charging stations Sources: Eurostat (2019), World Population Review (2019), Population UK (2019) GreenMobility YOUR CITY CAR 35#36GROUP RESULTS Green Mobility DIN BYBIL Green Mobility addresses a swiftly growing market with a clear demand for sustainable, on-demand mobility services Proven concept with a 100% green fleet, deep know-how and constantly evolving services On route to become the first profitable EV-based car sharing brand ELEKTRISKE BYBER GreenMobility YOUR CITY CAR ZOE DIN BYBIL GreenMobility DIN SYBIL 12€ 0 36#37GreenMobility YOUR CITY CAR 1 Why GreenMobility succeeds Mobility pioneer ahead of globally changing markets Swiftly growing market driven by a clear demand for sustainable, on- demand mobility with a current window of opportunity for capturing a dominant position GreenMobility 4 BIL Best cooperation concepts adjusted to each individual city With its flexible cooperation concept, Green Mobility is capable of leveraging partner synergies to provide the best mobility solutions to all cities 2 Successful concept with exclusive know-how Proven, agile and highly scalable concept based on deep operational know-how and continuously evolving services enabled by deep data insight 5 Proven, visionary, founder-led company aspiring to be the best Highly professional executive management supported by an experienced and committed organisation 3 Valued for sustainability- focused and consistent mission in changing the world Providing European cities with sustainable and innovative mobility solutions as one of few with a 100% green fleet 6 Path to become the first profitable EV-based car sharing brand Clear path to becoming the first profitable EV-based car-sharing brand enabled by swift top-line growth and strict cost control 37#38FINANCIAL DEVELOPMENT GreenMobility YOUR CITY CAR (DKK '000) 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2018 2017 INCOME STATEMENT Revenue 9,973 7,390 6,805 6,079 6,632 5,910 25,426 14,212 Franchise revenue 244 978 1,502 138 186 1,826 EBITDA (3,154) (5,064) (6,105) (5,347) (5,570) (5,057) (22,079) (24,637) EBIT (5,135) (6,828) (8,086) (6,889) (7,333) (6,818) (29,126) (32,084) Earnings before taxes (5,449) (6,573) (8,207) (7,382) (7,614) (7,076) (30,279) (33,448) Earnings after taxes (5,499) (6,573) (11,527) (7,382) (7,614) (6,592) (33,115) (30,603) BALANCE SHEET ELECTRIC Total assets 56,237 66,440 42,841 53,849 61,446 72,288 42,841 80,670 CAR SHARING Equity 17,119 22,617 (2,609) 8,903 16,284 23,914 (2,609) 30,506 Net working capital (3,915) (3,463) (3,397) (1,466) (2,180) (2,755) (3,397) (2,618) Net interest bearing debt 17,083 8,800 35,954 31,294 26,332 19,557 35,954 14,255 CASH FLOW Cash flow from operations (7,249) (3,955) (3,899) (4,873) (7,394) (5,098) (21,264) (22,587) Cash flow from investments (74) (400) (45) (50) (295) Cash flow from financing (2,534) 29,558 (2,533) (2,099) (2,244) (2,163) (9,039) (51,410) Free cash flow¹ (7,323) (4,355) (3,889) (4,873) (7,439) (5,103) (21,314) (22,882) KPIS # of customers (period end) 63,975 52,046 38,443 34,514 29,617 25,619 # of trips 176,113 157,440 132,070 115,664 124,894 120,207 Avg. trip duration (minutes) 31 28 30 28 28 31 38,443 492,835 29 21,032 320,657 43 1) Defined as cash flow from operations less cash flow from investment activities 38#39OUTLOOK GreenMobilityⓇ DIN BYBIL Recent update to guidance following Q2 to reflect expected launch in new corporate cities and newly signed partnerships in Belgium and the UK Capital raise to support operations in new and future Corporate cities, develop the Green Mobility brand internationally, strengthen proprietary product development and optimise key organisational functions 39 GreenMobility YOUR CITY CAR#40GreenMobility Group Guidance 2019 Guidance at FY18 Guidance after Q2 Revenue DKK 32-34m EBT DKK -22-24m New cities signed / LOI DKK 38-40m DKK -21-23m 00 4G Rovsingsgade Rådmandsa OPREBROS ngbyvej 11.06 Green Mobility !!! Jagtvej HS ØSTERBRO SUNDMOLEN Fælledparken Tagensvej Guldbergsgade Ryesgade 回 HS 1 K Agade Cop hagen RED SSTADEN MA Aboulevard HS HS HS HS Ama HS Frederiksho Nyhavn F 3-4 HS Arsenale ERG 8-10 K Tivoli Gen E HEST CHRISTIANSHAVN HS VERBRO Amagerb Upla 1 Total # customers 100,000 100,000 # of EVs n.a. 950 lé 02 L 02 ENGHAV BRYGGE GLHOLMEN O'mapbox S Islands Brys prtillerivej Amager Fælled oulevard Mellemvej Amagerfælledvej Englandsvej GreenMobility YOUR CITY CAR Download on the App Store GET IT ON Google Play 40 40#41CONTEMPLATED CAPITAL INCREASE Up to DKK 30-40m for faster growth CORPORATE CITIES Resources to add more Corporate cities, thereby gaining further operational experience in an international context Funding of operations and securement of fleet financing in new Corporate cities, including Malmö and Gothenburg INTERNATIONAL GROWTH Further optimisation of Business Development functions and international branding PROPRIETARY SYSTEM DEVELOPMENT Focus on strengthening the IP portfolio through further development of core, proprietary Green Mobility systems CORPORATE PURPOSES General corporate purposes, including strengthening of core organisational functions D O fin L 41#42We aspire to be the best concept for Green urban Mobility for the world We want to be part of the urban future GreenMobility YOUR CITY CAR ELEKTRISKE BYBILER GreenMobility DIN BYBIL 42#43APPENDIX SELECTED MARCIANO S Sh ELEKTRISKE BYBILER GreenMobility YOUR CITY CAR Gree#44The GreenMobility concept is set in motion L OUR JOURNEY UNTIL TODAY In October, the first City Cars hit the streets of Copenhagen IPO on Nasdaq Copenhagen in June I Start of 2016 End of 2016 Q00 R GreenMobility YOUR CITY CAR In December, GreenMobility launches in Oslo together with NSB In January, a new company structure is unveiled to accelerate internationalisation GreenMobility launches in Aarhus LOI signed for Antwerp, Bruxelles & Ghent LOI signed for Manchester, Lees & Liverpool Ambition: +15 cities + 6,000 EVS ~450,000 users (full potential of 1.4m) D 2017 2018 Nasdaq NSB GreenMobility D D L D 2019 2019 2019 2019 2021 HD 44#45HD Dundee Aberdeen Einburgh 0 United Kingdom 1 nester Liverpool Cardiff ENGLAND Bristol North Sea Bergen Haugesund Stavanger Amsterdam Cambridge 0 The Hague etherlands Kristiansand Oxford ° London Dortm Esseno B els Colog Brighton Southampton Lille Belgium English Channel Luxembourg H Drammen Karlst Fredrikstad H NEAR-TERM POTENTIAL DEVELOPMENT OF OUR BUSINESS MODEL Vendsyssel Aalborg Got urg Work actively with revenue models to incentivise customers to utilise Green Mobility more often US Cop Denmark Sjælland Malmö Odense Kiel Bremen о Lübeck Hamburg Hanover GreenMobility ROY CAR Tests of new initiatives in-line with recent additions such as limited reservations, incentive-to-charge and bonus minutes in certain areas Fælledparken Nordhavns Jagtvej Blogdamas CHSnhagen Strict focus on customer satisfaction including even stronger communication efforts Continuous focus on optimising operations to ensure that revenue growth can be reached without sacrificing profitability potential Long-term potential to integrate more closely with other mobility providers to create a more integrated, holistic mobility solution GreenMobility Copenhagen acts as a testing ground for new products and initiatives, which can then be rolled out internationally YOUR CITY CAR 45#46THE POTENTIAL FUTURE JOURNEY FOR MOBILITY SERVICES ~ 3-10 years Subject to technological feasibility and following the first potential tests, Green Mobility aims to have the first fleet of self-driving cars Sources predict that a large share of the urban population will begin to drop their own car entirely and switch to car sharing solutions12 Furthermore, it is believed that public transportation will work optimally for long trips, while shared car services will handle the market for mid- distance trips3 DOOD DOOO 0000 0000 0000 ~ 5-15 years It is believed that the usage of car on demand services will have grown significantly and, given the maturity of the technology, is mostly handled by self-driving cars in nearly all GreenMobility cities4 Over time, sources expect that the majority of private transportation in metropolitan areas is handled through some sort of mobility subscription service² One may imagine that rather than public parking spaces, cities have "coordination hubs" serving as a hub for electric self-driving cars for both storage, re-charging and service³ These hubs may in the future form part of the electrical grid through Smart Grid, in which energy can be stored in the electrical cars5 GreenMobility D DO Source: 1) BCG - What's ahead for Car Sharing? (2016), 2) Deloitte - the Future of Mobility: What's next? (2016), 3) management estimate, 4) PwC Digital Auto Report (2018), 5) Dansk El-Forbund - Elbiler skal indgå i elnettet (2018) - Illustrative DIN BYBIL GreenMobility YOUR CITY CAR GreenMobility DIN BYBIL 46 46#47REAL BG DAA == Nasdaq CITY CAR GreenMobility TRIP CUSTOMER GreenMobility YOUR CITY CAR infi • Speed • Weather conditions • Power level • Trip duration . Car position Internal equipment (Exp. seat belt numbers, sound level, temperature, etc.) External equipment (Exp. tire pressure, break status, speed, battery status, etc.) • • • • Age and gender Residence Location Driving behaviour Driving activity 24/7 driving activity Etc. Live Road Assessment ('LIRA') Project_ CO2 emission DTU Vejdirektoratet SWECO * Potential uses Driving history City planning 47