#1O OTERRA 60. KOMATSU Zero-Emission BATTERY-ELECTR PROTERRA REVOLUTIONIZING COMMERCIAL VEHICLE ELECTRIFICATION Investor Presentation November 2022 © 2022 Proterra. All Rights Reserved. POWER CONTROL SYSTEM TRA PROTERRA 2010 PROTERS POW CON SYST PR V20#2Disclaimer Cautionary note regarding forward-looking statements Cautionary note regarding forward-looking statements. This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make egarding our business prospect the demand for electric commercial vehicles and batteries, the estimated size and growth of the markets for electric trucks, buses, batteries and charging, expected earnings results and guidance, anticipated capital expenditures, our belief that we have sufficient liquidity to fund our business operations, our strategies for growth in our business and expected opportunities for our business units, expected performance of, features and development and demand for our technology solutions, our customer demand and retention, macroeconomic conditions related to the global COVID-19 pandemic, expected supply chain impacts and production efficiencies, expected battery cell supply through 2028, expectations regarding federal funding for transit and other commercial vehicles, expectations regarding corporate, state, federal and international mandates/commitments, our expected manufacturing capacity for bus and battery manufacturing, our expected start of production and timing of a next generation battery facility, and our strategies and expectations for risk management and cost savings. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control, including general economic conditions and other risks, uncertainties and factors set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the including risks and uncertainties set forth in © 2022 Proterra. All Rights Reserved. · PROTERRA Any forward-looking statement made by us in presentation and statements of our officers and representatives is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise other than as required by law. Use of Data Certain information contained in this presentation relates to or is based on third party studies, publications, surveys and the Company's own internal estimates and research. In addition, all of the market data and projections for market growth included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions; the Company does not assume any responsibility for updating this presentation based on facts learned following its use. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source and none of the Company, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives make any representation or warranty with respect to the accuracy of such information. ● the sections entitled "Risk Factors" in Proterra's annual and quarterly reports and other filings with the SEC. Trademarks and Tradenames Proterra owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with the Company or an endorsement or sponsorship by or of the Company. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear with the, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names 2#3TECHNOLOGY PURPOSE-BUILT FOR HEAVY-DUTY FLEETS Battery systems Drivetrains 90+ GWh market in 2030 ¹ PROTERRA'S MISSION PROTE A LEADING COMMERCIAL VEHICLE BATTERY SYSTEMS SUPPLIER i i TE BILL Over a dozen OEMs / 20+ vehicle programs Class 3-8 + Off- Highway Batteries delivered for >1,300 vehicles cumulatively 2 2 © 2022 Proterra. All Rights Reserved. VEZERO ELECTRIC Building Innovative Electric Vehicle and Battery Technologies To Power a Better, More Sustainable World ELECTRIC BUS OEM PIONEER >950 electric transit buses delivered 3 >30M service miles BATTERY MANUFACTURING IN OPERATION & AT SCALE Multi-GWh of capacity Multi-GWh of cell supply contracted through 2028 4 ~750 MWh of batteries cumulatively produced 5 PROTES 1. Management estimate based on Morgan Stanley's April 2022 forecasts for North American and Europe 2. From 2018 through 9/30/2022 3. From 2011 through 9/30/2022 FLEET CHARGING INSTALLATION & MANAGEMENT MW-scale charging -1,000 DC fast chargers installed 6 -90 MW charging infrastructure installed 6 PROTERRA ENVIRONMENTALLY FOCUSED MISSION >180m lbs. of tailpipe CO₂ avoided TRUE certification 7 ELECTRIC A O UT MU 4. Targeting start of production at Powered 1 in Q4 2022 5. From 2014 through 9/30/22 6. From 2013 through 9/30/22 7. https://www.proterra.com/press-release/zero-waste-facility-certification/#4The Dawn of Commercial Vehicle Electrification Has Come Annual Demand for Heavy-Duty Batteries in North America and Europe is Expected to Grow from 2 GWh in 2021 to >90 GWh in 2030 and ~300 GWh in 2040¹ <1% Medium-Duty Trucks & Buses <2 GWh 2021 >30 GWh 2030 >75% O2022 Proterra. All Rights Reserved. >90 GWh 2040 <1% <1 GWh 2021 COO Heavy-Duty Trucks -60 GWh 2030 PROTERRA >40% >200 GWh 2040 New electric truck & bus market forecast to grow to ~200k in 2030 and -650k in 2040 in North America and Europe 2 1. Management estimate based on Morgan Stanley's penetration forecasts from April 5, 2022 report, "Zero-Emissions Truck Penetration Refresh" and assume average battery size/vehicle of 225 kWh for medium-duty, 300 kWh for buses and 750 kWh for heavy-duty 2. Morgan Stanley's April 5, 2022 report, "Zero-Emissions Truck Penetration Refresh Note: Images are artistic renderings and do not represent actual vehicles on the market 4#5Heavy-Duty Batteries and Charging Trucks' and Buses' Heavy-Duty Cycles are Far More Demanding than Passenger Vehicles' Light-Duty Cycles Battery size per vehicle (kilowatt-hours) Olerem -60 Average passenger car 1 Higher Payload & Range Requirements 246 Proterra Powered last- mile delivery vehicle 738 Proterra Powered Class 8 truck 2 ~900 Proterra Powered ontainer handler 2 Useful life (miles) Longer Cycle-Life for up to 10+ Years of Daily Travel 152k Passenger car 3 2. Based on vehicles with supply contracts that are not yet in series production 3. NHTSAS "Vehicle Survivability and Travel Mileage Schedules," January 2006 180k Light-duty truck 3 1. The average usable battery capacity of >170 electric passenger vehicle models in the Electric Vehicle Database's Cheatsheet 4. 44k annual miles traveled per bus from American Public Transit Association's Public Transportation Fact Book 2019; minimum life of transit bus of 12 years from FTA. 528k Transit bus 4 1M+ Class 8 long-haul truck 5 Charging capacity (megawatts) 0.02 Passenger car home AC-charger 6 Industrial-Scale Power Delivery 1.1 Passenger car public DC-charging station 7 4.3 Proterra Energy installation at Edmonton Transit Services FO 9.0 Proterra Energy installation At Miami-Dade Transit 5. Research and Markets' "Life Cycle and TCO Analysis of Class-8 Trucks in North America, 2018-2032 6. Though the average home charger is 7.2 kW, this represents the maximum 19.2 kW (as per Blink charging) 7. Represents a typical 350 kW DC charger at the average 3.16 chargers/station (as per EV Adoption and Freewire Tech) LO 5#6Buses → Medium-Duty Trucks → Long-Haul Commercial Vehicles Are Electrifying at Different Paces Based on Duty Cycles and Regulations 2025 forecasts for new vehicle sales in » ~3K U.S. and Europe 9% TE ELECTRIC 50% Löddat 1000 UD Transit Buses 1 >10K 1% 30% FRUIERKA School Buses 2 >26K <1% VOLTA ZERO 8% VOLTA V270 290 Medium-Duty Trucks 3 2020 2025 PROTERRA Battery electric as % of new vehicle sales ~25K <1% Electric commercial vehicle forecasts imply potential battery demand in U.S. and Europe of >25 GWh in 20254 1. North America only. 2020 data from The International Council on Clean Transportation and Metro Magazine; 2025 forecast from Frost & Sullivan's "Global Electric Bus Market Opportunity Analysis, 2017-2025" report 2. North America only. 2020 data from The International Council on Clean © 2022 Proterra. All Rights Reserved. Transportation and School Bus Fleet; 2025 forecast from Canaccord Genuity's March 8, 2022 Lion Electric initiation report 4% Heavy-Duty Trucks 3 3. North America and Europe. Morgan Stanley's April 5, 2022 report, "Zero- Emissions Truck Penetration Refresh 4. North America and Europe. Management estimate based on Morgan Stanley's penetration forecasts from April 5, 2022 report, "Zero-Emissions Truck Penetration Refresh" and assume average battery size/vehicle of 225 kWh for medium-duty, 300 kWh for buses and 750 kWh for heavy-duty#7Powering the Commercial Vehicle Electrification Era Our Three Business Lines Address Three of the Most Immediate Opportunities PROTERRA POWERED Tier-one battery & electrification technology supplier to commercial & industrial vehicle OEMs O 2022 Proterra. All Rights Reserved. PROTERRA TRANSIT TER ELECTRIC Kadett Met (U5) Vertically-integrated OEM of the first commercial vehicle segment to broadly electrify PROTERRA PROTERRA ENERGY PROTERRA III Charging installation. & energy management solutions for commercial electric fleets 7#8Proterra Powered Electrifying Technology for Heavy-Duty Vehicles across the Spectrum 40 kWh per vehicle Battery System Vehicle PROTEDRA Multiple lengths, widths and heights Modular form factors for various vehicle sizes S SERIES Large Format packs O 2022 Proterra. All Rights Reserved. H TERRA SERIES Fits within truck frame rails VOLTA ZERO Flexible architecture Configurable Voltage Structural packs Up to 16 parallel strings Up to 6 MWh per vehicle ELECTRIC O PROTERRA PROTERRA High-voltage systems & controls POWERED™ Expansive electrification portfolio of products & services Battery systems Drivetrains 1 MWh per vehicle Vehicle integration 8#9Proterra Powered Adopted by More than a Dozen OEMs Spanning >20 Vehicle Programs from Class 3 to 8 to Off-Highway ON-HIGHWAY OFF-HIGHWAY 90 © 2022 Proterra. All Rights Reserved. Class 3-5 trucks Class 6-7 trucks Class 8 BEV trucks Class 8 fuel cell trucks H Transit Buses ΠΙΠΙΓΕΙ School & Coach Buses Port equipment Construction equipment Mining equipment SHYFTGROUP BLUE ARC LIGHTNING e MOTORS FREIGHTLINER Custom Chassis ENC ANADOLU ISUZU NIKOLA ((N) NIKOLA BUILT BUSES - VMC OPTIMAL • EV POWER SYSTEMS KOMATSU Excavators KOMATSU Hard Rock VOLTA TRUCKS 1 VMC BusTech 100μ|NVA 1 Group 1. Komatsu is working with Proterra under a development agreement and not yet a supply agreement PROTERRA POWERED™#10Proterra Transit Validating & Refining our Battery Technology in the First Commercial Vehicle Segment to Electrify PRZXSUS SOMOLOGY BATERY ELECTRIC SEAT EMESIONE ALL THE POWER LONGEST RANGE PROTERRA PROTERRA O 2022 Proterra. All Rights Reserved. ZX5 738 kWh ZX5-Max offers the most energy on board a 40-foot transit bus in North America Range of >300 miles for vehicle weight of ~30k lbs. 30M+ real world service miles across wide range of climates, altitudes and terrains 3 130+ agencies have ordered a Proterra bus across 43 states/ provinces² 1. Operating efficiency varies with route conditions, vehicle configuration, and driver behavior 2. From 2011 through 9/30/22, illustrated in dark gray on the map on this slide PROTERRA TRANSIT 70% of 2021 orders from existing Proterra customers 10#11N Proterra Energy Integrated Ecosystem to Enable Electrification for All Types of Commercial Electric Fleets 1 SCALE MICROGRID SOLUTIONS Electrification Analytics PROTERRA 2 Plug-and-Play Installations Electrification planning Engineering & Fleet Planning In-house design and engineering Low and medium voltage options for lowest cost Solar and energy storage integration options © 2022 Proterra. All Rights Reserved. SPE 3 Chargers 7 EMISSION Solutions that move you 4 Site dispensers up to 500 feet away for maximum site flexibility Turnkey Installation Flexible Fleet Charging Capabilities Charge up to 48 vehicles from a single charger Wall, pedestal, or overhead options Ongoing interoperability testing and validation Y 5 EMISSION Solutions that move you PROTERRA Energy Optimization ENERGY Charger and energy management V2G/V2X management Enabling Lower Ongoing Costs Live fleet monitoring Y 11#12Modules and Packs Are Integral to the Battery Value Chain Serving an Indispensable Role in Achieving the Heavy-Duty Cycles Required by Commercial and Industrial Vehicles Proterra partners with cell providers and develops and manufactures modules and packs ● 1 ENERGY DENSITY Structural architecture Design for maximizing packing density © 2022 Proterra. All Rights Reserved. ● ● ● 2 SAFETY Thermal management Battery management software Monitoring and diagnostics ● ● to be 3 LIFE Temperature regulation Degradation management Durability of packaging ● 4 COST Vertical integration • Manufacturability Scalability Through packaging and operating cells safely and efficiently, modules and packs are a critical driver of battery performance 5 PROTERRA POWER Fast charge Hill climb 12#13Proterra's Purpose-Built Battery Technology for Commercial/Industrial Vehicle Duty Cycles ● ● ENERGY DENSITY Industrial-scale gravimetric and volumetric energy density Highly-integrated design to maximize cargo / passenger capacity Enables long range for high weight ratings © 2022 Proterra. All Rights Reserved. ● ● SAFETY Functional safety certified • ISO 26262 ECE-R100 Single-cell fault tolerance (PPR) ● Active liquid cooling integrated within internal module beam structure Patented thermal event mitigation $ PROTERRA POWERED 8 ● LIFE 3k-4k cycles Designed to outlast the life of the vehicle Average annual degradation of <3% Ruggedized ballistic- grade enclosure Proprietary SOC/SOH algorithms ● ● ● COST Giga-scale manufacturing capacity Designed to lower total cost of ownership of a vehicle Localization strategy ● ● BY PROTERRA POWER Customizable peak and continuous power capabilities for specific customer needs Thermal conditioning for delivering high- performance in all climates. 13#14Battery Technology Designed to Accelerate Adoption Each new generation targets higher energy density and lower costs 2017 3rd Generation First to market with NCM 811 18650 cells New core single module architecture © 2022 Proterra. All Rights Reserved. 2020 O PROTERRA POWERED H SERIES SI SERIES 4th Generation Higher energy density 2170 cells Flexible module platform (7 variants) 2022 PROTERRA POWERED 5th Generation New 2170 cell chemistry on same module platform Increase in energy density Higher tooling investment CONFIDENTIAL PROTERRA New Platform Objectives Centralized architecture Chemistry agnostic Further increase in energy density Greater scale and vertical integration 14#15VALENCE: Our Proprietary Charging Management Software BUS & CHARGER SCHEDULE BUS # 42 39 36 33 30 27 24 21 18 15 12 9 6 3 0 POWER DEMAND ON GRID POWER (KW) - 00:00 01:00 02:00 03:00 04:00 UNMANAGED CHARGING can lead to higher utility bills with higher peak demand charges 23 24 06:00 Z IN OPERATION Real-time monitoring for vehicles and chargers © 2022 Proterra. All Rights Reserved. CHARGING 20:00 21:00 22:00 23:00 Utility bills include a peak (kW) demand charge Historical data & reporting PROTERRA Alerts and faults zulet pred *013 auß ició!! grinisma bocU WA & M KA TM FLEET & ENERGY MANAGEMENT Smart charging and Energy management OUR CHARGE MANAGEMENT SOFTWARE VALENCE is designed to lower utility bills by reducing peak demand charges and maximizing uptime 42 39 36 33 30 27 24 21 18 15 12 9 6 3 0 00:00 01:00 02:00 03:00 00:40 M wwww 00:50 06:00 07:00 www.ve 08:00 00:60 10:00 00-99 Optimizations 11:00 00:ZL 13:00 IN OPERATION 00-94 0056 DOSL PROTERRA 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 CHARGING Utility bills include a peak (kW) demand charge V2G/V2X operation 15#16Integrated Vehicle-to-Grid Software Heavy-Duty Vehicles Can Be Transformed into Utility Grid Assets to Lower Total Cost of Ownership VEHICLE DATA (kWh, miles, SOH) ELECTRIC MOBILE ENERGY STORAGE PROTERRA POWERED Bi-Directional Power flow (DC) © 2022 Proterra. All Rights Reserved. VALENGE CLOUD ENERGY MANAGEMENT Charge session metrics www mmmmm m I Command charge/discharge PROTERRA BI-DIRECTIONAL CHARGER PROTERRA ENERGY COMMAND & SCHEDULE Charge Session Metrics Bi-Directional Power flow (AC) PROTERRA Fleet and Energy Management # ART Initial customers include the two largest planned V2G programs in the U.S.: Highland Electric and Dominion Energy ENERGY GRID 16#17Scalable, Capital Efficient Manufacturing Enables Rapid Expansion in Capacity BURLINGAME, CA ● Dedicated to Proterra Powered vehicle batteries Integrated R&D and testing center Start of production: 2017 CITY OF INDUSTRY, CA © 2022 Proterra. All Rights Reserved. Integrated bus and battery facility Each built in <12 months for <$20 million 50K sq. ft. per GWh of battery capacity Start of production: Bus 2017/ Battery 2020 BATTERY MANUFACTURING Annual battery capacity¹: O GREENVILLE, SC ● Flagship bus manufacturing facility Drivetrain and high- voltage junction box production Start of production: 2011 POWERED 1 (GREER, SC) Next-generation battery facility • Drivetrain and ● ancillary component production • Start of production estimated in Q4 2022 www 1. Based on capacity of manufacturing equipment installed and does not take into account labor ~1 GWh operational in Q3 2022 Multiple GWh targeted in Q4 2022 AS & F PROTEST PROTERRA 17#18Multiple GWh of Battery Cell Supply Contracted through 2028 00 Multiple gigawatt-hours of cell supply under contract with LG Energy Solution through 2028 Long-term relationship with LG Energy Solution since 2016 LG Energy Solution PROTERRA#19Commercial Vehicle OEMs Commonly Outsource Powertrains For Electric Commercial & Industrial Vehicle OEMs OEMs typically outsource most, if not all, diesel/CNG powertrains across most commercial vehicle segments Transit & School Buses ¹ 1 100% Technology Leadership Medium-Duty Trucks 2 O 2022 Proterra. All Rights Reserved. >75% <25% 3RD PARTY SUPPLIER 2 Straight Class 8 Trucks 3 >75% A VERTICALLY-INTEGRATED Three critical elements of the value that Proterra Powered provides to OEMs in their electrification initiatives: Speed to Market <25% 15% 1. North American market. Based on product spec sheets from New Flyer, Nova Bus, Bluebird, Navistar, and Thomas Built Buses 2. Based on Cummins' reported share of the North American medium-duty market in 2020 PROTERRA Excavators 4 3 85% Scale & Flexibility 3. Based on Allison Transmission's reported share of the North American market in 2019 and 2020 4. Based on Cummins' reported share of the global excavator market in 2020 19#20Depth and Breadth of Experience Across the Management Team and Board Experience Experience Gareth Joyce Chief Executive Officer Mercedes-Benz A DELTA Gareth Joyce Board Director Mercedes-Benz A DELTA Karina Franco Padilla Chief Financial Officer IR Ingersoll Rand JW DELL NAVISTAR® Jack Allen Non-Executive Chairman WINDOWS & DOORS © 2022 Proterra. All Rights Reserved. Jeannine Sargent Director generation. flex Chris Bailey President, Powered & Energy HUBBELL 1114 Mike Smith Director Constellation. An Exelon Company Leadership Team Julian Soell President, Transit SHOTDA? HARLEY-DAVICS ON DELTA CYCLES Repairify Automotive Technology & Intelligence Mercedes-Benz Board of Directors Roger Nielsen Director DAIMLER Dustin Grace Chief Technology Officer TESLA BOEING HONDA Joan Brook Robinson-Berry Porter Director Director G2VP KPCB KLEINER PERKINS CAUFIELD BYERS John Walsh Chief Commercial Officer DAVEY COACH SALES INCORPORATED Constance Skidmore Director pwc ShoreTel® PROTERRA DELL JoAnn Covington Chief Legal Officer ML Krakauer Director Fenwick rocketfuel Jan Hauser Director hp pwe & 20#21Execution on Production and Delivery Growth for Years Though the Covid-19 Pandemic Impacted Transit Production in 2020 Powered Battery System Deliveries 3 2018 20 2019 107 2020 © 2022 Proterra. All Rights Reserved. 273 2021 135 2018 Transit Bus Deliveries 177 2019 170 2020 208¹ 2021 1. Represents new electric bus deliveries and excludes an additional 9 used bus deliveries in 2021 75 2018 MWh Battery Production 107 2019 111 PROTERRA 2020 189 2021 21#22Revenue Approaching One-Quarter Billion Dollars in 2021 Revenue Has Grown at a Compound Annual Growth Rate of -25% from 2018 to 2021 © 2022 Proterra. All Rights Reserved. $40 2017 $123 2018 Revenue ($M) $181 2019 $197 2020 $243 2021 PROTERRA 22#23Multiple Levers Targeting Further Improvement in Gross Margin Following the Supply Chain and Inflation Disruptions of 2021-22 2017 to 2020 Significant Cost Reductions GROSS PROFIT (LOSS) AS % OF REVENUE 86% in battery cost / kWh (22%) 2017 54% In unit labor & overhead costs (9%) 2018 © 2022 Proterra. All Rights Reserved. (1%) +26 gross margin points in 3 years 2019 48% in unit freight costs 4% 2020 2021-22: Supply chain disruptions Cost inflation Elevated freight costs and delays Manufacturing inefficiencies/ higher labor hours 1% 2021 Proven Ability to Reduce Costs Margin Improvement Drivers SUPPLY CHAIN/ FREIGHT Freight cost normalization Re-Sourcing / volume discounts Price increases/ surcharges MANUFACTURING EFFICIENCIES Economies of scale on higher volumes Labor hour normalization then optimization Supplier tooling investment PROTERRA Greater automation STRUCTURAL IMPROVEMENTS Battery energy density improvement Vertical integration of components & sub-assemblies Redesign for manufacturing and alternative materials Warranty cost improvement 23#24Strong Balance Sheet Provides Ample Flexibility to Fund Growth Strategy and R&D Investment $409M in cash, cash equivalents & marketable securities as of 9/30/22 O 2022 Proterra. All Rights Reserved. $169M in convertible debt principal outstanding as of 9/30/22 Conversion price: $6.5712 Mandatory conversion trigger: $9.86 (20-day VWAP) PROTERRA 24#25Commercial Vehicle Electrification is at an Inflection Point Growing Funding and Commitments Set the Stage for a Significant Increase in Demand in the U.S. and Europe Starting in 2022 $ in Million $84 $85 $0 FY18 $0 PROTERRA $130 Federal Funding Approved for Zero Emission Transit and School Buses $0 $182 $7 O FY19 FY20 FY21 ~$900 $829 FY22 © 2022 Proterra. All Rights Reserved. Gr $842 $844 HH FY23 SCHOOL BUS $845 $846 $500 $500 $500 $500 FY24 FY25 FY26 Federal zero emission transit bus funding ¹ Federal zero emission school bus funding 2 1. Federal Transit Administration 2. EPA's 2021 ARP Electric School Bus Rebates and Clean School Bus program 3. Represents % of new vehicle purchases 4. California Governor's Executive Order N-79-20 5. California's Advanced Clean Trucks rule; also adopted by MA, NJ, OR, and WA 6. New York Governor's New Advanced Clean Truck Rule U.S. Zero Emission Truck Mandates & Commitments ³ Europe Corporate PROTERRA California: 100% by 2045 4 (75% Class 4-8 by 2035) 5 New York: 100% by 2045 6 Federal fleet : 100% by 20357 13 countries8: 100% by 2040 | 30% by 2030 9 FedEx. 100% by 2030 | 50% by 2025 Express 70% by 2025 DHL- 7. President Biden's Executive Order 14057 8. At the COP26 UN Climate Change Conference of the Parties conference in Nov. 2021, 13 European countries pledged 100% zero-emission new truck and bus sales by 2040: Austria, Denmark, Finland, Luxembourg, Netherlands, New Zealand, Norway, Scotland, Switzerland, Turkey, the United Kingdom, Uruguay, and Wales 25 9. Represents examples of corporate fleets targeting zero emission vehicles; Proterra does not have a commercial relationship with either company; "FedEx Commits to Carbon Neutral Operations by 2040," March 3, 2021.#26Electric Commercial Vehicles Are a Prime Beneficiary of the IRA The Inflation Reduction Act follows in the footsteps of the 30% solar ITC and $7.5k light-duty vehicle credit 2006: 30% solar energy ITC ¹ U.S. solar photovoltaic installations (MW) U.S. battery-electric vehicle sales (000s) 1st full year of the 30% solar tax credit 2 3 5 © 2022 Proterra. All Rights Reserved. 1st full year of The $7.5k tax credit 6 2010: $7.5k passenger vehicle tax credit ² 10 15 8 15 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016 2017 2019 2020 2021 48 64 71 87 13 105 19 207 24 234 240 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ● PROTERRA ● 2022: Inflation Reduction Act 3 Battery Production Tax Credit: $35/kWh for cells and $10/kWh for modules Commercial Clean Vehicle Credit: Tax credit of 30% of the price (or incremental EV cost) for new Class 4-8 purchases, up to $40k/vehicle Alternative Fuel Vehicle Refueling Property Credit: Tax credit of 30% of the cost of installing new charging infrastructure, up to $100k/item (low income/non-urban) USPS Clean Fleets: $3 billion for the purchase of zero emission delivery vehicles and supporting infrastructure • Clean Heavy-Duty Vehicles: $1 billion in grants/rebates for the purchase of zero emission Class 6 or 7 vehicles and supporting infrastructure for public fleets Grants to Reduce Air Pollution at Ports: $3 billion in grants/rebates for the purchase of zero emission port equipment or technology Advanced Technology Vehicle Manufacturing Loan Program: $3 billion credit subsidy providing an additional $20-30 billion in loan authority to the DoE 1. Solar Energy Industries Association and Wood Mackenzie Power & Renewables' U.S. Solar Market Insight reports 2009-2021 2. Oak Ridge National Laboratory's Transportation Energy Data Book: Edition 39 3. H.R.5376 - 117th Congress (2021-2022): https://www.congress.gov/117/bills/hr5376/BILLS-117hr5376enr.pdf 26#2790+ GWh market opportunity in 2030 ¹ ~$7B federal funding approved for U.S. electric transit and school buses 2022-2026 ² Multiple GWh manufacturing capacity targeted for Q4 2022 with battery cell supply contracted through 2028 © 2022 Proterra. All Rights Reserved. -750 MWh batteries produced cumulatively since 2014 $243M revenue in 2021 Building innovative electric vehicle and battery technologies to power a better, more sustainable world 25% compound annual revenue growth rate since 2018 3 PROTERRA 1. Management estimate based on Morgan Stanley's penetration forecasts from April 5, 2022 report, "Zero-Emissions Truck Penetration Refresh" and assume average battery size/vehicle of 225 kWh for medium-duty, 300 kWh for buses and 750 kWh for heavy-duty 2. See slide 25 3. See slide 22 27#28VAN OOL ir.proterra.com [email protected] LETS CLEAR THE AIR SCHOOL BUS TURTLETOP VMCFTIMIAL All Electric. No Emissions. For the Earth. PROTERRA