#1Desktop Metal Investor Presentation D Desktop Metal TRINE August 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 Desktop Metal, Inc. ("Desktop Metal") and Trine Acquisition Corp. ("Trine") 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 Desktop Metal, Trine, 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 Desktop Metal or the Proposed Business Combination. Viewers of this Presentation should each make their own evaluation of Desktop Metal and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward-Looking Statements This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Proposed Business Combination, including statements regarding the benefits of the Proposed Business Combination, the anticipated timing of the Proposed Business Combination, the services offered by Desktop Metal and the markets in which it operates, and Desktop Metal'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 document, including but not limited to: (i) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of Trine's securities, (ii) the risk that the Proposed Business Combination may not be completed by Trine's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Trine, (iii) the failure to satisfy the conditions to the consummation of the Proposed Business Combination, including the receipt of the requisite approvals of Trine's and Desktop Metal's stockholders, the satisfaction of the minimum trust account amount following redemptions by Trine'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 Business Combination, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement and plan of merger, (vi) the effect of the announcement or pendency of the Proposed Business Combination on Desktop Metal's business relationships, performance, and business generally, (vii) risks that the Proposed Business Combination disrupts current plans of Desktop Metal and potential difficulties in Desktop Metal employee retention as a result of the Proposed Business Combination, (viii) the outcome of any legal proceedings that may be instituted against Desktop Metal or against Trine related to the agreement and plan of merger or the Proposed Business Combination, (ix) the ability to maintain the listing of Trine's securities on the New York Stock Exchange, (x) the price of Trine's securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Desktop Metal plans to operate, variations in performance across competitors, changes in laws and regulations affecting Desktop Metal's business and changes in the combined capital structure, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Business Combination, and identify and realize additional opportunities, and (xii) the risk of downturns in the highly competitive additive manufacturing industry. 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 Trine's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, the Registration Statement (as defined below), the proxy statement/consent solicitation statement/prospectus contained. therein, and the other documents filed by Trine from time to time with the U.S. Securities and Exchange Commission (the "SEC"). 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 Desktop Metal and Trine 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 Desktop Metal nor Trine gives any assurance that either Desktop Metal or Trine, respectively, will achieve its expectations. Additional Information and Where to Find It This document relates to the Proposed Business Combination between Desktop Metal and Trine. Trine intends to file a registration statement on Form S-4 relating to the Proposed Business Combination (the "Registration Statement"), which will include a proxy statement/prospectus of Trine and a consent solicitation statement of Desktop Metal. The proxy statement/consent solicitation statement/prospectus will be sent to all Trine and Desktop Metal stockholders. Trine will also file other documents regarding the Proposed Business Combination with the SEC. Before making any voting decision, investors and security holders of Trine and Desktop Metal are urged to read the Registration Statement, the proxy statement/consent solicitation statement/ prospectus contained therein, and all other relevant documents filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will contain important information about the Proposed Business Combination. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Trine through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Trine may be obtained free of charge from Trine's website at www.trineacquisitioncorp.com or by written request to Trine at Trine Acquisition Corp., 405 Lexington Avenue, 48th Floor, New York, NY 10174. D Desktop Metal 2#3Disclaimer (cont'd) Participants in Solicitation Trine and Desktop Metal and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Trine's stockholders in connection with the Proposed Business Combination. Information about Trine's directors and executive officers and their ownership of Trine's securities is set forth in Trine's filings with the SEC, including Trine's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 26, 2020. To the extent that holdings of Trine's securities have changed since the amounts printed in Trine's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 26, 2020, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the Proposed Business Combination may be obtained by reading. the proxy statement/consent solicitation statement/prospectus regarding the Proposed Business Combination when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph. Industry and Market Data This presentation has been prepared by Desktop Metal and Trine and includes market data and other statistical information from sources believed by Desktop Metal and Trine 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 Desktop Metal or Trine, which in each case are derived from its review of internal sources as well as the independent sources described above. Although Desktop Metal and Trine believe these sources are reliable, Desktop Metal and Trine have not independently verified the information and cannot guarantee its accuracy and completeness. 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 Trine with the SEC and the proxy statement/consent solicitation statement/prospectus contained therein. some of the financial information and data contained in this Presentation, such as Adjusted EBITDA and free cash flow, has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Desktop and Trine believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Desktop Metal's financial condition and results of operations. Desktop Metal's management uses these non-GAAP measure for trend analyses and for budgeting and planning purposes. Desktop Metal and Trine believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in comparing Desktop Metal'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 Desktop Metal'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 Desktop Metal'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 This Presentation contains projected financial information with respect to Desktop Metal and Trine. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts are achieved. Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of Trine, Desktop and other companies, which are the property of their respective owners. D Desktop Metal 3#4Transaction summary Desktop Metal team Ric Fulop Co-founder, Chairman & CEO Elizabeth Linardos CFO Arjun Aggarwal VP Product & Business Development Trine Acquisition Corp team Leo Hindery, Jr. Chairman & CEO Tom Wasserman Director Pierre Henry CFO & EVP of Development Transaction highlights Transaction structure Valuation Capital structure • · • Ownership • • Trine Acquisition Corp (NYSE:TRNE) is a publicly listed special purpose acquisition company with $300M in cash $275M PIPE commitments before transaction announcement • $1.8B enterprise value with a strong balance sheet Implied 1.9x 2025E revenue of $942M offers an attractive valuation relative to peer average Pre-transaction, Desktop Metal is already fully-funded to achieve a positive self-sustaining cash flow profile Post-transaction, ~$625M on balance sheet(1) enables significant optionality to enhance growth, profitability and diversification 74% existing shareholders; 14% SPAC and founder shares; 11% PIPE investors(1)(2) Trine has identified Desktop Metal as a unique and compelling opportunity to invest in the only publicly-traded, pure-play Additive Manufacturing 2.0 company primed to be the industry leader due to a proprietary and defensible technology platform that is significantly faster, more cost effective, higher quality and more environmentally sustainable than its competitors. D Desktop Metal 1. Assumes no redemptions by Trine Acquisition Corp's existing shareholders and transaction expenses of approximately $49M. See slide 33 "Detailed transaction overview" for key assumptions and additional details. Percentages may not total 100 due to rounding. 2. 4#5Trine overview TRINE Who we are and what we offer A Strategic Partnership with global investment firm HPS Investment Partners ($63B of AUM) (1) Track Record of Building Businesses & Mentorship from Leo Hindery, Jr. and HPS Governing Partner and CEO, Scott Kapnick ≈TRINE Extensive History of M&A Success and Industry Consolidation using a proven playbook of operating methodologies Winning partnership Long history of public company leadership. and value creation with an extensive network of contacts, including operators. and wall street professionals Leo Hindery, Jr. Led TCI to a nearly 400% increase in market value, culminating in the $52 billion ($66 per share) sale of TCI to AT&T, which was announced in June 1998 and closed in March 1999 Access to a Proprietary Network of potential customers and financing sources through HPS Investment Partners Extensive Public Company Experience at leading institutions $300M Equity Capital Raised in March 2019 via a listing on the NYSE HPS including TCI, Liberty Media and AT&T D Desktop Metal 1. As of August 1, 2020. Leading global private investment firm with ~$63B of capital under management as of August 2020 Founded in 2007 and headquartered in New York with 10 additional offices worldwide Led by Scott Kapnick (Governing Partner and CEO), former Partner and Co-Head of Global Investment Banking at Goldman Sachs 50#6Our opportunity is to build the first Additive 2.0 company Superior Management Barriers to Entry Top Line Growth Inorganic upside Desktop Metal 6#7• Additive market estimated to grow 11x to $146B(1) this decade [01] addressable market • Propelled by a shift from prototyping to mass production. Desktop Metal is the only pure-play Additive 2.0 public opportunity Large & expanding • Strong secular tailwinds around re-shoring manufacturing and supply chain flexibility • World-class [02] • management team Team with public market, investing and M&A experience across 60+ transactions - Deep scientific pedigree — founding team includes 4 MIT professors Board of directors with a track record of investing in and advising category disrupters [03] Industry-leading, defensible technology platform • . Fastest 3D printing platform, up to 100x the speed of legacy technology (2) Advanced sintering & software capabilities combined with differentiated materials platform Broad technology portfolio with over 120 patents issued or pending • Prolific distribution in 60+ countries around the world Global distribution [04] • & broad customer adoption • [05] Compelling unit economics & attractive financial profile • • • Demonstrated customer demand across a diverse array of industries with no account concentration Production System™ reservations provide critical technology validation & revenue visibility through early 2024(3) High-margin recurring revenue streams including consumables and services Gross margin improvements and operating leverage drive profitability • Organic growth funded with pre-transaction balance sheet cash Opportunity to accelerate growth trajectory with transaction proceeds via industry consolidation • [06] Inorganic upside potential through consolidation • $2B of estimated inorganic revenue identified across 60+ potential targets ~$625M on pro forma balance sheet (4) enables optionality to enhance growth, profitability and diversification 1. Source: Wohlers Report 2020 (2020 - 2029 forecast); 2030 figure based on management calculations. 2. D Desktop Metal Based on published speeds of binder jetting and laser powder bed fusion systems comparable to the Production System TM available as of August 25, 2020 and using comparable materials and processing parameters. 3. Assumes 100% conversion of existing reservations to orders. 4. Assumes no redemptions by Trine Acquisition Corp's existing shareholders and transaction expenses of approximately $49M. See slide 33 "Detailed transaction overview" for key assumptions and additional details. 7#8[01] Additive manufacturing industry to grow 11x over next decade Propelled by shift from prototyping to mass production of end use parts 25% CAGR $146B Evolution of the AM market Additive 1.0 Additive manufacturing market size(1) $150B . Key players now off-patent, leaving them with minimal differentiation and commoditized technology Company adoption of additive manufacturing for end-use parts (2) $120B 5% 18% 46% Significant loss in market share to open 2016 2019 2022E source and low cost providers $90B Have not participated in market growth due to focus on design and rapid prototyping $60B Additive 2.0 • Additive 2.0 innovation is being driven by VC- funded, emerging players across printers, materials and parts businesses New players are driving advances in speed, accuracy, material variety and build volume Focus on mass production and end-use parts is driving market growth 2000 Source: Wohlers Report 2020 Research 1. D Desktop Metal Source: Wohlers Report 2020 (2000 actuals - 2029 forecast); 2030 figure based on management calculations. 2. Source: "3D printing: hype or game changer?" Ernst & Young Global Report 2019. 3. Compound annual growth rate. $30B $0.6B 9% CAGR (3) → $1B $OB 555555 555555 2002 2004 2006 2008 2010 2012 Additive 1.0 2014 2016 20% CAGR $12B 2018 2020 2022 2024 Additive 2.0 2026 2028 2030 8#9[01] The market is split into three primary segments: printers, parts and materials Breakdown of 2019 global additive manufacturing market (1) Breakdown of global additive manufacturing vendors (2) Materials 16% $1.9B $4.9B Printers & OEM services 41% Source: Wohlers Report 2020 1. D Desktop Metal Other 1% $0.1B Other 12% $12B Parts $4.9B 42% Materials 16% 2019 market Printers 38% 1,300+ global Vendors Parts 34% Source: Wohlers Report 2020; management calculations. Printers segment includes revenue from maintenance contracts, OEM parts, OEM services, and related aftermarket products and software. Parts segment only includes revenue from independent parts providers. 2. Source: "3D printing: hype or game changer?" Ernst & Young Global Report 2019. Other segment includes software and 3D scanner vendors. 9#10[01] Additive enables the future... Additive Manufacturing facilitates more than a new approach to industrial production - it is a key enabler of the fourth industrial revolution that underpins revolutionary technologies driving global economic growth. D Desktop Metal • Electric & Autonomous Vehicles Space Exploration & Services Robotics & Industrial Automation Next-generation Defense Capabilities Personal & Commercial Aviation Green Energy & Utilities 10#11[01] ...and is transformational to the manufacturing industry Conventional manufacturing hurdles Product innovation Geometry: machines & tooling encouraging simpler designs with reduced performance Lack of customization: tooling prevents producing products tailor to niche and local markets Process innovation Time-to-market: lead-times associated with tooling slow down new product introductions Volumes: tooling is a fixed expense that must be amortized across large quantities of parts. Inventory: tooling leads to minimum quantity builds, typically resulting in excess inventory Cost: machining is a time- and labor- intensive process that is costly at-scale Scrap: machining and casting have high levels of scrap, waste and pollution Additive manufacturing benefits at-scale Mass customization Complex & generative designs Assembly consolidation 22 Ене (Avp)Az AvpEL Συρ OPTISYS WITH ZI LOADED Supply chain re-engineering (1) Russia 27% 88 Canada 19% UK Germany 24% USA 25% China(2) 21%+ 8% Ja Japan 13% Mexico 23% India 36% Brazil 28% Australia 12% [a] 100 part antenna 95% weight reduction [b] 1 part antenna Value-added tax (VAT) plus average country tariff 1. Source: VAT from Tax Foundation website (https://taxfoundation.org/2020-sales-taxes/) and PwC website (https://taxsummaries.pwc.com/quick-charts/value-added-tax-vat-rates) as of August 5, 2020; country tariff from World Trade Organization; management calculations. D Desktop Metal 2. Does not include the full effect of additional tariffs placed on US exports to China starting in 2018. 11#12[02] Our management team has industry expertise & proven success Steve Billow President efi Kodak Arjun Aggarwal VP Product & Bus. Dev. NEA Morgan Stanley Ric Fulop Co-founder, Chairman & CEO SYSTEMS Onshape Dyn A123 Jonah Myerberg Co-founder & CTO A123 BOSE SYSTEMS Better sound through researchⓇ Stanley Black & Decker Elizabeth Linardos CFO D LUMENS DIGITAL A123 PEGA SYSTEMS Mike Rubino EVP Corp. Dev. D DIGITAL LUMENS A123 SYSTEMS Paul Maloney VP Global Sales stratasys BS SOLIDWORKS Ely Sachs Co-founder, MIT Prof. Mech Eng קווין Massachusetts Institute of Technology Michael Hackney VP Software DELLEMC Centra RAILCOMM Tom Nogueira VP Operations A123 A123 SYSTEMS GE Meg Broderick VP & General Counsel Carbon Black. SYSTEMS Chris Schuh Co-founder, Chair MIT DMSE הוווו Massachusetts Institute of Technology John Hart Co-founder, MIT Prof. Mech Eng הוווו Massachusetts Institute of Technology Ilya Mirman CMO Onshape S SOLIDWORKS D Desktop Metal Maor Ben David VP Customer Support stratasys Yet Ming Chiang Co-founder, MIT Prof. DMSE הוווו Massachusetts Institute of Technology 12#13[02] Board of directors with a history of creating category disruptors Ric Fulop Chairman & CEO, Desktop Metal D Desktop Metal Wen Hsieh General Partner, Kleiner Perkins Andy Wheeler General Partner, Google Ventures KLEINER PERKINSTM Google Leo Hindery, Jr. Chairman & CEO, Trine Acquisition Corp. Gary Johnson Chief Manufacturing Officer, Ford Jeff Immelt Venture Partner, NEA Frmr. CEO, GE TRINE Ford NEA E дв Bilal Zuberi General Partner, Lux Capital Dayna Grayson General Partner, Construct Capital D Desktop Metal LUX CONSTRUCT CAPITAL Byron Knight Managing Director, Koch Disruptive Technologies KIKOCH. DISRUPTIVE TECHNOLOGIES Steve Papa Founder & CEO, Parallel Wireless Chairman, Toast Founder & CEO, Endeca (acq. ORCL) ☐ toast IllParallel WIRELESS 1. Represents Desktop Metal's current Board of Directors; Leo Hindery, Jr. to join Board of Directors upon completion of the transaction. 13#14[03] Desktop Metal's pioneering product portfolio Addresses key pain points in productivity & ease of use across product lifecycle DM D DI Fiber™ [Composite] Print continuous fiber-reinforced parts. with aerospace-grade AFP tape Scheduled to ship in volume Q4 2020 Studio System™ [Metal] Office-friendly production of prototypes. and low volume, end-use parts Shop System™M [Metal] Serial, mid-volume production of dense, customer-ready metal parts Shipping in volume since Q4 2018 Scheduled to ship in volume Q4 2020 TM Production System T [Metal] High-speed, mass production of metal parts, designed for the factory floor Scheduled to ship in volume 2H 2021 *At select customers today Ease of use with automated workflows and turnkey solutions Volume production with attractive part economics Differentiated technology building blocks across hardware, software and materials (120+ patents issued or pending) D Desktop Metal 14#15[03] • Hardware designed for massive throughput & ease of use Fastest metal 3D printing technology (1)(2) Desktop Metal™ Single Pass Jetting™ (SPJTM) is up to 100x faster than laser powder bed fusion and significantly faster than conventional binder jetting (1) Organizations can print up to millions of parts per year at lower costs than many. traditional manufacturing methods and fractions of the part costs achievable via laser powder bed fusion (3) Engineered for robust, reliable high- speed printing to optimize print-to-print consistency and part quality Powder bed fusion Single Pass Jetting™ LAYER: 01 000 LAYER: 10 SPJ™ Printing: Speeds up to 100x faster(4) Advanced sintering technology (5) • Offers industrial-strength sintering in an office friendly package, sized to fit through an office door - minimal to no facilities investment required - Automated sintering cycles based on material selection - no user programming required. Over-the-air (OTA) firmware updates for new features & enhancements Designed to achieve peak temperatures of 1400 °C under vacuum with high thermal uniformity - enabling high densities with low gas consumption Desktop Metal sintering technology makes powder metallurgy-based 3D printing processes broadly accessible to the market, enabling wide metal 3D printing adoption 1. 2. Based on published speeds of binder jetting and laser powder bed fusion systems comparable to the Production System TM available as of August 25, 2020 and using comparable materials and processing parameters. Selected issued or pending patents related to SPJTM & binder jet technology: 16/327,915; PCT/US2019/056508; 10,486,363; 2020/0009788; PCT/US19/051151; 16/328,272; 10,406,751; 2019/0375009; 2019/0388966; 2019/0210294; 16/328,350; 2019/0193150; 2020/0038958; 2018/0304301; 2018/0304302; 2018/0297278; 16/328,272; 10,486,363; 16/328,012; PCT/US19/051151; 16/328,012; 10,406,751; 10,500,789; 2019/0375009; 2019/0210294; 16/328,350. 3. Management estimates. D Desktop Metal 4. Based on published speeds of single-laser, mid-range laser powder bed fusion systems as of August 25, 2020. 5. Selected issued or pending patents related to sintering technology: 10,191,456; 2019/0187639; 2019/0160529; D881,823; 10,578,361. 15#16[03] Desktop Metal technology vs. conventional manufacturing Illustrative breakeven analysis vs. tool-based manufacturing Casting Inkjet technology Moore's law(1) Printhead drops per second (2) Cost per part Machining Additive 1.0 technologies are typically throughput-limited, breaking even with conventional manufacturing at ~100's of units Additive 1.0 Desktop Metal (today) Desktop Metal (2030) 1E+10 1E+09 Inkjet performance (printhead drops per second) has roughly doubled every 18-24 months for the past 20 years MEMS Single Pass 1E+08 Additive 2.0 leverages advances in 1E+07 inkjet technology to drive throughput improvements, bringing breakeven quantities to ~100,000's of units 1E+06 1E+05 1E+04 Glass chip 1E+03 100K 1M 1980 1990 2000 2010 2020 1 10 100 1K 10K Quantity of parts Desktop Metal's Single Pass Jetting TM print engine is designed to be the world's fastest and most advanced print engine implemented in additive manufacturing. D Desktop Metal 1. Source: Wijshoff, Herman, (2008), Structure and fluid-dynamics in piezo inkjet printheads, Integrated Assessment; management estimates. 2. Printhead drops per second calculated as number of nozzles multiplied by maximum drop frequency. 16#17[03] High-performance and flexible material platforms Office-friendly & extensible metal 3D printing platforms. Thousands of possible materials • Our metal 3D printing systems are built TM • • • Breakthrough aerospace-grade composite solutions Fiber™ introduces micro AFP™ technology adapted from multi- million dollar AFP machines to bring breakthrough aerospace- grade materials to the 3D printing market (2) Compatible with a range of industry-qualified composite thermoplastics with continuous carbon fiber and fiberglass reinforcement options Up to 75x stiffer & 60x stronger than FFF materials (e.g. ABS) Materials are stronger than steel, lighter than aluminum and capable of withstanding temperatures up to 250 °C(3) • . on the foundation of scalable powder metallurgy processes Printer processing parameters for thousands of metal alloys and ceramic materials can be developed with powder. metallurgy processes Production System TM offers an open platform for customers to procure material directly from third party suppliers of their choice, allowing for minimal supply chain disruption and optimal pricing • Office-friendly printing via Studio System' • • Proprietary Bound Metal Deposition™M technology on the Studio System™ eliminates the use of lasers and loose metal powders (1) This enables office-friendly metal processing and easy material changeovers as well as minimizes requirements for special facilities or expensive EHS equipment as compared to legacy technologies Bound metal rods facilitate high-force printing and highly loaded media inputs. up to 63% metal by volume for high-quality sintered metal parts - - D Desktop Metal Tensile Modulus (GPa) 160 120 80 40 Traditional FFF materials + chopped fiber Fiber™ PEEK/PEKK + Continuous CF 0 500 1000 1500 2000 2500 Tensile Strength (MPa) 1. Selected issued or pending patents related to BMDTM technology: 10,464,260; 10,384,396; 10,272,492; 10,456,833; 2020/0047417; 10,421,124; PCT/US19/60499; 2019/0210106; 10,654,102; PCT/US19/38096; PCT/ US2019/039516; 2019/0375014; 2020/0009795; 9833839; 2018/0297289; 10,232,443; 16/328,705; 2018/0311899; 10,189,204; 2020/0101534; 2018/0297288; 2018/0297113; 2018/0297272; 2017/0252851. 2. Selected issued or pending patents relating to Micro AFPT technology: PCT/US19/58226; PCT/US19/41255; 10,449,731; 2020/0130257. 3. Strength and weight based on performance of continuous carbon fiber-reinforced Nylon (PA6), PEEK, and PEKK composites; temperature resistances based on performance of PEEK and PEKK composites. כייRa P Racing FUELS 17#18[03] Software-enabled additive manufacturing Fabricate software 15/XZ9YnPxAB6RPB0CBq SCALE MATERNAL a stage) 17-4 AH0035 100 % Rick # 口の Toolpath Preview EXIT TOOLPATH 639 458 GCCCE ELEMENT √ UNPRINTED RAFT SUPPORTS INTERFACE LAYER ✓ OUTER WALLS ✓ INNER WALLS INFILL RAPID MOVES Supports CANCEL CONTINUE From your computer or phone... • Cloud-enabled, browser-based build preparation & workflow tools. automate the end-to-end additive manufacturing process (1) Cohesive, modern user interface & experience across products. Printing Estimated Completion Time 7:45 pm today Current Layer 102/280 Oh 40m Material Supply Material Needed Metal 203 g Interface 98 g Good-> STATUS Sintering process simulation (2) Desktop Metal - Live Sinter File View Examples Help Commands Pause Smooth ula bracket_10_1_0650 Parts/Rafts Part/Raft 1 Reset Controls Simplified Negative Offset Of Run Simulation Add Zone Fill Zones Align Zone Reset Zone Regions Deviation Points Deviation Apply Negative Offset Apply Scan Adjustment V Properties Set Sinter Params Set Sinter Dir Sinter Dr X: -0.0 Sinter Dir Y: 1.0 Sinter Dir Z: -0.0 Set Print Dir Print Density Active Friction: 0.80 Slump Stress: 2.10 Slump Strain: 2.00 Shrinkage 0.8560 Print Shrinkage: 0.8280 Compliance: 0.900 Shrink Strain: 0.080 ►Advanced Setters Scans Scan O Type here to search о e 置 0 X ula bracket_10_1_0650 Model Statistics Frame: 792 Frame Time: 685.23ms Renderer Frame Time: 8.68ms Sim Time (CPU): 20.76ms Sim Latency (GPU): 163.76ms Cell Size (mm): 0.65 Cell Count: 38005 Cell Volume (mm^3): 10433.40 Max Strain: 0.051668 Avg Strain: 0.002805 Creep Strain Percent: 0.1039 Negative Offset Count: 0 Sintering Activity × 1500 1200 900 600 300 0 12:09 PM 7/20/2020 JOBS IN CUFJE 7 PRINTER DM-1234 LOCATION Lab 1h 10m MATERAL) 316 Stainless 316 Stainless 3079 PART FO 316 Interface Tracking DF93 > 6t6 3.32 ky Owner Peter Miller 316 Interface 1.80 MD Pause X ...to Desktop Metal products Onboard touchscreen controls with consistent user experience Remote over-the-air (OTA) updates delivered directly to on- device software for new features and enhancements Proprietary technology designed to improve part accuracy, reduce costs, and eliminate trial and error for powder metallurgy-based additive manufacturing Dynamically simulates the results of the sintering process by leveraging a GPU-accelerated, multi- physics engine & artificial intelligence Automates the compensation of geometries for distortion and shrinkage during sintering D Desktop Metal 1. Cloud-enabled software available on select Desktop Metal products. 2. Selected issued or pending patents related to simulation & artificial intelligence: 2019/0138673; 2019/0329322; 10,598,467; 2018/0304540; 2019/0329501; 2018/0307209. 18#19[03] Desktop Metal delivers green manufacturing solutions at-scale TRADITIONAL MANUFACTURING Casting TRADITIONAL MANUFACTURING Machining ADDITIVE MANUFACTURING Binder jetting & Single Pass Jetting™ Waste Production Mold destroyed with each part Significant pollution from effluents Vast majority of metal turns. into waste (from billet) Near zero waste Vast majority of metal turned into parts Powder is highly re-usable Parts Supply Chain Dynamics . Limited geometries Environmental regulations driving shift to emerging markets Result in tariffs, lead times, transportation pollution. Limited geometries Difficult expensive to scale to large volumes Significant geometric freedom Lightweighting Assembly & part consolidation Enables on-demand, distributed manufacturing Digital inventory reduces physical facilities requirements Energy Consumption Very high D Desktop Metal High Very low 19#20[04] Leading global distribution network Coverage across 60+ countries around the world D Desktop Metal Additional commentary Distribution partners with years of experience in digital modeling, additive manufacturing, and metal manufacturing Built to support sales of both (i) low touch, high volume and (ii) high touch, high value product offerings, facilitating a land-and- expand sales strategy to accelerate market penetration Provide marketing, sales, and support services to Desktop Metal end users 20#21[04] Broad horizontal adoption across industries Transportation Design, development, and manufacture of air, land and sea transportation components Consumer goods & healthcare Improved designs, accelerated time- to-market or mass customized products for personal or medical use. GRG. Energy, mining & heavy industry Manufacture of industrial equipment and high performance parts. Gu Gu GR 11 IN A FUN Advanced research Exploration and adoption of additive through advanced research and training in conjunction with industry partners. 1865 THE UNIVERSI MAINE Machinery & machine design Design and manufacture of mechanical systems and machinery sub-assemblies and components. Manufacturing tooling Low-volume and serial production of manufacturing aids, jigs, fixtures and tooling. D Desktop Metal 21#22[04] Automotive is a key vertical for volume additive manufacturing Desktop Metal position anchored by strategic investments from Ford and BMW Selected automotive OEM customers Ford RENAULT Volkswagen D Desktop Metal GM I B M W Investors TOYOTA NISSAN Automotive is a major market for powder metallurgy (PM) parts today PM parts via conventional binder jetting and Single Pass Jetting TM enable assembly consolidation, lightweighting, increased cost efficiencies and advanced materials Desktop Metal has received strategic investments from Ford and BMW with a goal of accelerating the penetration of additive manufacturing in automotive Desktop Metal is well positioned to capture an outsized share of this segment relative to competitors 22#23[04] Blue chip customer base Successful customers are driving expansion Ford Continental RENAULT NISSAN OWENS CORNING Volkswagen BMW GOOD YEAR MACLEAN-FOGG DOW TM JOHN ZINK HAMWORTHY COMBUSTION EATON 2018 OAK RIDGE TOYOTA BOSCH MITRE adidas MICHELIN National Laboratory GP Georgia-Pacific NASH StanleyBlack&Decker MIT LINCOLN LABORATORY Inspired Engineering Milwaukee Medtronic ONTARIOPOWER Google Jade Groupe WE'R MOEN APG Alpha Precision Group 茶茶 S GENERATION Soprofame University Callaway of Dayton AMERICA'S NAVY FORGED BY THE SEA U.S.ARMY kolb POLITECNICO MILANO 1863 LOCKHEED MARTIN design technology ArcelorMittal D Desktop Metal 1865 THE UNIVERSITY OF MAINE 2020 Mar-18: 1st Intro Mar-19: 1st system sold May-19: Intro to 2nd business unit Jul-19: 2nd system sold Aug-19: Intro 3rd and 4th business unit Dec-19: 3rd system sold Mar-20: 4th system sold 23#24[05] High-margin product platforms with recurring revenue streams Shop System™M illustrative 10-year lifetime unit economics Revenue & Gross Profit ($000s) $350 Cumulative Gross Margin (%) 60% $280 $210 Year 1: $290K upfront sale + $33K consumables(1) $140 Recurring: $80K+ consumables & service @ ~60% GM (2) $70 54% 48% 10-Year Lifetime Total $1.1M Revenue $600K Gross profit 42% 36% $0 30% Y1 Y2 Y3 Y4 Y5 Y6 Y7 Cumulative Gross Margin Annual Revenue Y8 Annual Gross Profit Y9 Y10 1. Assumes at-scale $130K Shop System™ Product COGS and indirect COGS as 5% of revenue. D Desktop Metal 2. Consumables & service annual revenue based on management estimates assuming 20% of 24 x 7 utilization, 20% bed packing density, decaying renewals on service to 50% of initial cohort in year 5 and beyond, and at- 24 scale indirect COGS as 5% of revenue. Includes binder, metal powder (17-4PH stainless steel) and machine service consumables.#25[05] High-margin product platforms with recurring revenue streams Production System TM illustrative 10-year lifetime unit economics Revenue & Gross Profit ($M) $2.5 Cumulative Gross Margin (%) 60% $2.0 $1.5 $1.0 $0.5 Year 1: $2.2M upfront sale + $250K consumables (1) Recurring: $450K+ consumables & service @ 70%+ GM(2) 52% 44% 10-Year Lifetime Total $6.5M Revenue $3.8M Gross profit 36% 28% $0.0 20% Y1 Y2 Y3 Y4 Y5 Y6 Y7 Cumulative Gross Margin Annual Revenue Y8 Annual Gross Profit Y9 Y10 1. Assumes at-scale $1.4M Production System TM Product COGS and indirect COGS as 5% of revenue. D Desktop Metal 2. Consumables & service annual revenue based on management estimates assuming 80% of 24 x 7 utilization, 20% bed packing density, decaying renewals on service to 25% of initial cohort in year 2 and 0% beyond, and at-scale indirect COGS as 5% of revenue. Includes only binder consumables. 25#26growth case] $48B+ 2025E addressable market (2) [05] Positioned for rapid growth over the next decade Summary financials (1) ($M) [100% organic $942 Reflects only 2.0% of CAGR: 87% $584 $329 $268 • $166 $134 $78 $26 $15 - $25 $44 ($96) ($64) ($25) ($2) Key growth drivers & commentary Over 11x industry growth to $146B in 2030(2) driven by accelerating adoption of additive for mass production - Expanding Desktop Metal product portfolio — shift to four products scheduled to ship by end of 2021 New applications enabled by material development and introductions Growing system install base yields compounding consumables revenue - 25% of 2025E revenue from install base consumables & services recurring revenue 90+ Production System TM reservations provide shipment visibility through the first half of 2024E(4) 30% MoM growth in Studio System TM & TM pipeline 2020 YTD (through June 30) 2019A 2020E 2021E 2022E 2023E 2024E 2025E Organic growth case fully funded — opportunity. for upside through consolidation of material producers and parts providers - Revenue Adj. EBITDA (3) D Desktop Metal 1. Presented financial data not inclusive of estimated public company-related costs of approximately $6M per year. Source: Wohlers Report 2020 (2020 - 2029 forecast); 2030 figure based on management calculations. 3. Adj. EBITDA defined as Operating Income (Loss) plus Depreciation and Amortization, adjusted for stock-based compensation. Please reference slide 39 "Reconciliation of non-GAAP financials" for additional information. regarding the non-GAAP measures. 2020E Adj. EBITDA assumes high end of 2020E revenue range ($15M - $25M). 4. Assumes 100% conversion of existing reservations to orders. 26#27[05] Operating leverage yields growth in EBITDA & FCF Driven by Desktop Metal's core focus on technology & product development Operating expenses (1) (% of revenue) 350% Adjusted EBITDA & FCF(1) (2) (3) ($M) $300 Our business is asset light with Adj. EBITDA manufacturing completed through FCF 300% contract manufacturers, enabling us to $225 achieve significant leverage as revenue scales 250% $150 90% 60% $75 $0 30% ($75) 0% ($150) 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2019A 2020E 2021E 2022E 2023E 2024E 2025E 1. 2. D Desktop Metal 3. Presented financial data not inclusive of estimated public company-related costs of approximately $6M per year. Adj. EBITDA defined as Operating Income (Loss) plus Depreciation and Amortization, adjusted for stock-based compensation. Please reference slide 39 "Reconciliation of non-GAAP financials" for additional information regarding the non-GAAP measures. 2020E Adj. EBITDA assumes high end of 2020E revenue range ($15M - $25M). FCF defined as Cash Flow from Operations minus Capital Expenditures. Please reference slide 39 "Reconciliation of non-GAAP financials" for additional information regarding the non-GAAP measures. 2020E FCF assumes high end of 2020E revenue range ($15M - $25M). 27#28[06] Significant upside to unit economics through consolidation Vertical integration of additional profit pools such as metal powder 10-YR Production System™ lifetime value [Binder only] 10-YR Production System TM lifetime value [Binder + metal powder] 2x - 6x(1) Lifetime value • $6.5M $3.8M Revenue System COGS Recurring Overhead COGS Gross Profit D Desktop Metal Revenue System COGS Recurring Overhead COGS Gross Profit Additional commentary 2x-6x (1) binder only lifetime value achievable through vertical integration of powder suppliers Low end of the range represents commodity metals (e.g. stainless steels) High end of the range represents specialty metals & super alloys (e.g. inconel, copper, titanium) 90+ Production System TM reservations to date total an estimated ~$500M to several billion dollars of lifetime value (excluding & including vertical integration)(2) 1. Management estimates based on $12.30 17-4PH stainless steel and $60.00 Inconel 625 price per kg at 50%+ product gross margin; additional assumptions as listed on slides 24 and 25 "High-margin product platforms with recurring revenue streams". 2. Assumes 100% conversion of existing reservations to orders. 28#29[06] Desktop Metal has a compelling M&A pipeline with a team ready to execute 100's of companies 60+ opportunities 10+ opportunities $12B 2019 Additive manufacturing market (1) ~$2B revenue opportunity identified (2) In contact & under analysis Other(3) 20% Materials 14% 60+ Opportunities identified Parts 37% Printers 29% Key leadership has experience across an aggregate of 60+ M&A and investment transactions; ~$625M cash on the pro forma balance sheet (4) + public equity currency to capitalize on strategic opportunities 1. Source: Wohlers Report 2020. 2. Represents approximate aggregate LTM revenue of the target companies on a standalone basis as communicated by such target companies or estimated by Desktop Metal management as of August 9, 2020. D Desktop Metal 3. Includes software and post-processing technologies. 4. Assumes no redemptions by Trine Acquisition Corp's existing shareholders and transaction expenses of approximately $49M. 29#30[06] Potential to consolidate the industry and build a long-term virtuous cycle 01 TJ 01 Economies of scale with global channel and distribution in 60+ countries Printers State-of-art technology via on-premises and hardware-as a-service 02 Vertical integration drives lower cost parts and accelerates. additive adoption 03 Internal & direct customer feedback to improve next generation products and generate leads at scale D Desktop Metal 06 03 D Desktop Metal TM 04 Parts Cost-effective, serial production across materials & applications 02 Materials Differentiation and optimization 05 04 Depreciated systems at subscription termination 05 Drive predictable and consistent volume 06 Material and system optimization 30#31• Additive market estimated to grow 11x to $146B(1) this decade [01] addressable market • Propelled by a shift from prototyping to mass production. Desktop Metal is the only pure-play Additive 2.0 public opportunity Large & expanding • Strong secular tailwinds around re-shoring manufacturing and supply chain flexibility • World-class [02] • management team Team with public market, investing and M&A experience across 60+ transactions - Deep scientific pedigree — founding team includes 4 MIT professors Board of directors with a track record of investing in and advising category disrupters [03] Industry-leading, defensible technology platform • . Fastest 3D printing platform, up to 100x the speed of legacy technology (2) Advanced sintering & software capabilities combined with differentiated materials platform Broad technology portfolio with over 120 patents issued or pending Global distribution [04] • & broad customer adoption • [05] Compelling unit economics & attractive financial profile • • Prolific distribution in 60+ countries around the world • • Demonstrated customer demand across a diverse array of industries with no account concentration Production System™ reservations provide critical technology validation & revenue visibility through early 2024(3) High-margin recurring revenue streams including consumables and services Gross margin improvements and operating leverage drive profitability • Organic growth funded with pre-transaction balance sheet cash Opportunity to accelerate growth trajectory with transaction proceeds via industry consolidation • [06] Inorganic upside potential through consolidation • $2B of estimated inorganic revenue identified across 60+ potential targets 1. 2. D Desktop Metal ~$625M on pro forma balance sheet (4) enables optionality to enhance growth, profitability and diversification Source: Wohlers Report 2020 (2020 - 2029 forecast); 2030 figure based on management calculations. Based on published speeds of binder jetting and laser powder bed fusion systems comparable to the Production System TM available as of August 25, 2020 and using comparable materials and processing parameters. 3. Assumes 100% conversion of existing reservations to orders. 4. Assumes no redemptions by Trine Acquisition Corp's existing shareholders and transaction expenses of approximately $49M. See slide 33 "Detailed transaction overview" for key assumptions and additional details. 31#32Transaction & valuation overview D Desktop Metal Test Prodo 1Ch 1m G 111111 DynaPa L:20-5 H:375- H#33• Detailed transaction overview Key transaction terms $526M cash proceeds inclusive of PIPE proceeds and transaction expenses (1) $275M of PIPE commitments before transaction announcement Illustrative pro forma valuation ($M) Desktop Metal share price Pro forma shares outstanding Pro forma equity value (-) Assumed pro forma net cash(3) Pro forma enterprise value Transaction multiple EV / 2025E Revenue Pro forma ownership @ $10.00 per share(2) SPAC shares 12% Founder shares 2% PIPE equity 11% D Desktop Metal Seller rollover 74% $10.00 246.1 $2,461 (625) $1,836 Metric $942 1.9x Illustrative sources and uses ($M, except per share data) Sources $ % Shares Existing DM shareholders. $1,830 74% 183.0 SPAC cash in trust (1) Additional PIPE equity 300 12% 30.0 275 11% 27.5 Founder shares (4) 56 2% 5.6 Total sources $2,461 100% 246.1 Uses Existing DM shareholders. Cash to balance sheet Founder shares $ % $1,830 74% 526 21% 56 2% Estimated fees and expenses Total uses 49 2% $2,461 100% Percentages may not total 100 due to rounding. 1. Assumes no redemptions by Trine Acquisition Corp's existing shareholders. D Desktop Metal 2. 3. 4. Pro forma net cash calculated as Desktop Metal's net cash balance of $99M as of June 30, 2020 and transaction proceeds of $526M. Assumes 5.6M founder shares at $10.00. Incremental 1.9M additional founder shares subject to $12.50 earnout. Excludes 8.5M founder warrants, which have a strike price of $11.50 per share. 33#34Select peers operational benchmarking Advanced manufacturing Tech-enabled industrials 87% 71% CY'19A- CY'21E Revenue CAGR CY'21E 19-21E 21-25E AM average: 3% 16% 16% 15% 12% 7% 5% 1% 3% 94% AM average: 52% Gross margin 53% 54% 53% 51% CY'21E EBITDA margin(2) 2024E 2025E 28% 23% AM average: 19% 36% 25% 13% TE average: 9% Legacy AM LAM average: (9%) Overall average (1): 8% (3%) (7%) (10%) TE average: 69% 76% 76% 75% 61% 18% 49% N.A. 32% 30% 25% LAM average: 46% Overall average (1): 65% 49% 35% 43% TE average: 31% LAM average: 10% Overall average (1): 29% 29% 11% 9% 2024E 2025E UNIVERSAL DISPLAY CORPORATION PROTOLABS materialise A AUTODESK AXON Manufacturing. Accelerated. ptc COGNEX RENISHAW. AMETEK® stratasys 3D SYSTEMS D Desktop Metal innovators you can count on 1. Overall average excludes Legacy AM players. D Desktop Metal 2. Presented financial data not inclusive of estimated public company-related costs of approximately $6M per year. 3. Source: Desktop Metal projections based on management estimates; peer projections based on company filings and FactSet as of August 25, 2020. 34 4. Peers are ordered in descending CY'19A — CY'21E revenue CAGR. 5. N.A. denotes "not available" due to limited disclosure on broker estimates.#35Select peers valuation benchmarking EV / CY'21E Revenue Advanced manufacturing Tech-enabled industrials AM average CY'21E: 7.7x 12.9x EV / CY'21E EBITDA (3) 3.1x (1) 1.9x (1) 2024E 2025E 13.7x (1) 6.8x (1) 7.9x 7.4x AM average CY'21E: 44.6x 59.2x 5.7x 5.2x ויוי 6.8x 6.9x 14.8x TE average CY'21E: 9.4x 13.5x 37.6x 35.4x 30.1x 30.0x 21.8x 44.4x Legacy AM LAM average CY'21E: 1.1x Overall average CY'21E(2): 9.0x 1.3x 0.9x TE average CY'21E: 30.0x LAM average CY'21E: 11.1x Overall average CY'21E (2): 33.3x 23.2x 17.8x 12.0x 10.1x UNIVERSAL DISPLAY CORPORATION™ PROTOLABS A AUTODESK AXON Manufacturing. Accelerated. ✓ ptc COGNEX RENISHAW AMETEK® stratasys 3D SYSTEMS 2024E 2025E D Desktop Metal materialise innovators you can count on Enterprise value based on 1.9x 2025E revenue. 1. 2. Overall average excludes Legacy AM players. 3. D Desktop Metal Presented financial data not inclusive of estimated public company-related costs of approximately $6M per year. 4. Source: Desktop Metal projections based on management estimates; peer projections based on company filings and FactSet as of August 25, 2020. 5. Peers are ordered in descending CY`19A — CY`21E revenue CAGR. 35#36Transaction priced at a discount to peer multiples Implied EV based on comparable companies current trading valuations Commentary • Based on the organic growth plan Pro forma for transaction, Company will have $625M on the balance sheet (1) 2 Significant opportunity to deploy for strategic & accretive acquisitions Vertical integration through materials & parts, enabling larger-scale, higher growth & margin enhancement Comparable companies $9,415 $5,649 Summary of approach Implied future enterprise value EV / Revenue Metric CY 2024E $584M CY 2025E $942M 9.7x-16.1x 2024E Revenue 6.0x - 10.0x 2025E Revenue Transaction valuation Discounted value of comparable companies (2) Post-money valuation $3,960 $2,376 Implied discounted enterprise value (Discount rate: 20%) 9.7x-16.1x 2024E Revenue 6.0x - 10.0x 2025E Revenue $1,836 Post-money enterprise value 3.1x 2024E Revenue 1.9x 2025E Revenue Applies a range of 6.0x - 10.0x multiples to Desktop Metal 2025E revenue to arrive at an implied future enterprise value. The future enterprise value is discounted 4.75(2) years back to September 30, 2020 to arrive at an implied discounted enterprise value The applied range of multiples is centered around the mean of Desktop Metal's peer group (9.0x), with sensitivity built on both high and low ends 2025E projected financials-based valuation is the appropriate approach given the significant revenue growth of Desktop Metal over the next few years D Desktop Metal 2. 1. Assumes no redemptions by Trine Acquisition Corp's existing shareholders and transaction expenses of approximately $49M. Discounted as of September 30, 2020 using mid-year discount convention. 3. Source: Desktop Metal projections based on management estimates; peer projections based on company filings and FactSet as of August 25, 2020. 36#37Appendix 37 D Desktop Metal#38Summary financials ($M)(1)(2) Revenue 2019A 2020E(3) 2021E 2022E 2023E 2024E 2025E 26.4 15-25 77.5 165.8 328.7 584.3 941.5 % Growth (7.7%) 217.3% 114.0% 98.3% 77.8% 61.1% Cost of goods sold 50.8 39.8 57.6 95.7 171.4 277.7 433.2 Gross profit (24.4) (15.4) 19.8 70.1 157.3 306.6 508.3 % Gross margin N.M. N.M. 25.6% 42.3% 47.9% 52.5% 54.0% Operating Expenses 84.7 60.9 56.8 84.2 133.8 203.6 282.5 Adjusted EBITDA (4) (95.8) (64.0) (24.5) (1.5) 43.6 133.6 268.2 % EBITDA margin N.M. N.M. N.M. N.M. 13.3% 22.9% 28.5% 1. Presented financial data not inclusive of estimated public company-related costs of approximately $6M per year. 2. N,M. denotes "not meaningful". D Desktop Metal 3. All 2020E figures excluding revenue assume high end of the revenue range ($15M - $25M). 38 4. Adj. EBITDA defined as Operating Income (Loss) plus Depreciation and Amortization, adjusted for stock-based compensation. Please reference slide 39 "Reconciliation of non-GAAP financials" for additional information. regarding the non-GAAP measures.#39Reconciliation of non-GAAP financials. Adjusted EBITDA (1) ($M) 2019A 2020E(2) 2021E 2022E 2023E 2024E 2025E Operating income (loss) (109.0) (76.3) (36.9) (14.1) 23.5 103.0 225.8 Depreciation & amortization 8.1 7.8 8.0 7.5 7.5 7.5 7.5 Stock-based compensation. 5.2 4.5 4.4 5.1 12.6 23.0 34.9 Adjusted EBITDA (95.8) (64.0) (24.5) (1.5) 43.6 133.6 268.2 Free cash flow (1) ($M) 2019A 2020E(2) 2021E 2022E 2023E 2024E 2025E Cash flow from operations. (96.0) (77.9) (25.6) (3.7) 33.2 110.7 240.5 Capital expenditures (6.9) (3.2) (6.0) (7.0) (8.0) (10.0) (10.0) Free cash flow (102.8) (81.1) (31.6) (10.7) 25.2 100.7 230.5 1. D Desktop Metal Presented financial data not inclusive of estimated public company-related costs of approximately $6M per year. All 2020E figures excluding revenue assume high end of the revenue range ($15M - $25M). 200%+ CAGR 39