#1O OTERRA 60. KOMATSU Zero-Emission BATTERY-ELECTR PROTERRA REVOLUTIONIZING COMMERCIAL VEHICLE ELECTRIFICATION Investor Presentation June 2023 © 2023 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 © 2023 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 Electrification componentry and vehicle integration services 75+ GWh market in 2030 1 PROTERRA'S MISSION PROTE TILL A LEADING COMMERCIAL VEHICLE BATTERY SYSTEMS SUPPLIER i A dozen OEMs / 20+ vehicle programs Class 3-8 + Off- Highway STAR Batteries delivered for >1,875 vehicles cumulatively 2 © 2022 Proterra. All Rights Reserved. VEZERO BILL ELECTRIC Building Innovative Electric Vehicle and Battery Technologies To Power a Better, More Sustainable World ELECTRIC BUS OEM PIONEER >1,050 electric transit buses delivered 3 >40M service miles BATTERY 2. From 2018 through 3/31/2023 3. From 2011 through 3/31/2023 MANUFACTURING IN OPERATION & AT SCALE Multi-GWh of capacity Multi-GWh of cell supply contracted through 2028 >900 MWh of batteries cumulatively produced 4 PROTES 1. Management estimate based on Morgan Stanley's March 2023 forecasts for North American and Europe FLEET CHARGING INSTALLATION & MANAGEMENT MW-scale charging >1,000 DC fast chargers installed 5 >100 MW charging infrastructure installed 6 O L H PROTERRA ENVIRONMENTALLY FOCUSED MISSION >240m lbs. of tailpipe CO₂ avoided TRUE certification 7 4. From 2014 through 3/31/23 5. From 2013 through 3/31/23 6. As of May 2023 7. https://www.proterra.com/press-release/zero-waste-facility-certification/#4The Dawn of Commercial Vehicle Electrification Has Come Forecasts for the Electrification of 600k+ Trucks per Year in North American and Europe Would Require Massive Battery Supply of 100s of GWhs Annually by 2040¹ Vehicle Units <1% 2022 Medium-Duty Trucks & Buses¹ >115k Vehicles 2030 Electric as % of New Vehicle Sales >365k Vehicles © 2023 Proterra. All Rights Reserved. 2040 >75% Vehicle Units <1% Heavy-Duty Trucks¹ 2022 >65k Vehicles PROTERRA >250k Vehicles 2030 Electric as % of New Vehicle Sales 2040 >35% New electric truck & bus market implies heavy-duty battery demand of >75 GWh in 2030 and >275 GWh in 2040² 1. Management estimate based on Morgan Stanley's penetration forecasts from March 13, 2023 report, "Zero-Emissions Truck Penetration Curve Refresh - 2023 Edition" 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 March 13, 2023 report, "Zero-Emissions Truck Penetration Curve Refresh - 2023 Edition" 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 More Demanding than Passenger Vehicles' Light-Duty Cycles Battery size per vehicle (kilowatt-hours) Olerem -60 Average passenger car 1 Higher Payload & Range Requirements 245 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) 5#6Proterra is Well Positioned to Capitalize on the First Commercial Vehicle Segments to Electrify First Came Buses then Short-Haul Vehicles and Next is Long-Haul Trucks 16% BATTERY ELECTRIC PER MIND 41% Laddad Mode 05 Transit Buses¹ 50 © 2023 Proterra. All Rights Reserved. Source: 1. 2. 3. 4. <10% 5. 27% School Buses² <1% VOLTA ZERO 14% VOLTA W220-240 Medium-Duty Trucks3 <1% Electric commercial vehicle forecasts imply potential battery demand in U.S. and Europe of >35 GWh in 20275 2022 Battery electric as % of new 2027 vehicle sales 5% PROTERRA Heavy-Duty Trucks4 "Frost & Sullivan's North American Electric Transit and Coach Forecast 2023-2030" from April 2023 The International Council on Clean Transportation and School Bus Fleet's "Analyzing the Impact of the Inflation Reduction Act on Electric Vehicle Uptake in the United States" from January 2023 North America and Europe. Morgan Stanley's March 23, 2023 report, "Zero Emissions Truck Penetration Curve Research" - 2023 Edition North America and Europe. 2022 data from IHS Markit and ACEA; 2027 forecast from Morgan Stanley's March 23, 2023 report, "Zero Emissions Truck Penetration Curve Research" - 2023 Edition Management estimate based on Morgan Stanley's penetration forecasts from March 13, 2023 report, "Zero-Emissions Truck Penetration Curve Refresh -2023 Edition" and assume average battery size/vehicle of 225 kWh for medium-duty, 300 kWh for buses and 750 kWh for heavy-duty 6#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 © 2023 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: Heavy-Duty Battery Technology Solutions Scalable Across a Variety of Commercial Use Cases 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 © 2023 Proterra. All Rights Reserved. TERRA H Fits within truck frame rails SERIES VOLTA ZERO Flexible architecture Configurable Voltage Structural packs Up to 16 parallel strings Up to 6 MWh per vehicle ELECTRIC PROTERRA PROTERRA High-voltage systems & controls POWERED™ Expansive electrification portfolio of products & services Battery systems Drivetrains ~1 MWh per vehicle Vehicle integration 8#9Purpose-built Batteries for Commercial Vehicle Duty Cycles Our Module and Pack Technology Serves a Central Role in Achieving the Rigorous Duty Cycles Required by Commercial and Industrial Vehicles ● ● ● PROTERRA POWERED 1 ENERGY DENSITY Structural architecture Industrial-scale gravimetric and volumetric energy density Designed for max packing density Enables long range for high weight ratings ● © 2023 Proterra. All Rights Reserved. ● ● ● 2 SAFETY ISO 26262 & ECE-R100 certified Single-cell fault tolerance (PPR) Active liquid cooling integrated within internal beam structure Patented thermal mitigation Battery management software ● ● ● ● 3 LIFE 3k-4k cycles Avg degradation of <3%/yr Temperature regulation Ballistic-grade enclosure Proprietary SOC/SOH algorithms 4 COST Proterra purposefully selects cells from leading cell manufacturers to develop and manufacture battery modules and packs Giga-scale manufacturing capacity Designed to lower total cost of ownership Vertical integration Localization strategy PROTERRA POWERED 5 ● POWER Customizable peak and continuous power capabilities Thermal conditioning for delivering high- performance in all climates Through packaging and operating cells safely and efficiently, our modules and packs are a critical driver of battery performance#10Higher Energy Density Enables Higher Payload and/or Longer Range Continuing to Drive Higher Gravimetric and Volumetric Energy Density to Accelerate the Electrification of Commercial Vehicles Greater Energy per Weight 220 200 180 160 140 120 Gravimetric Density (Wh/kg) 200 Leading LFP 220 © 2023 Proterra. All Rights Reserved. 240 Leading NMC S&H Series 2021 260 280 Greater Energy per Volume PROTER S&H Series 2023 300 320 PROTERRA 340 POWERED Volumetric Density (Wh/L) 380 10#11Proterra Powered: A Partner of Choice in U.S. and Europe Today Adopted by a Dozen OEMs Spanning >20 Vehicle Programs from Class 3 to 8 to Off-Highway ON-HIGHWAY OFF-HIGHWAY 90 © 2023 Proterra. All Rights Reserved. ΠΙΠΙΓΕΙ Class 3-5 trucks Class 6-7 trucks Class 8 BEV trucks Class 8 fuel cell trucks H Transit Buses School & Coach Buses Port equipment Construction equipment Mining equipment SHYFTGROUP BLUE ARC OPTIMAL EV FREIGHTLINER Custom Chassis 8 NIKOLA N NIKOLA BUILT BUSES POWER SYSTEMS VOLTA TRUCKS ENC ANADOLU ISUZU BusTech Group VAN HOOL KOMATSU Excavators LIGHTNING e MOTORS KOMATSU Hard Rock 1 1 1. Komatsu is working with Proterra under a development agreement and not yet a supply agreement PROTERRA POWERED™ 11#12Proterra Transit: Serving 43 States and Provinces Validating & Refining our Battery Technology in the First Commercial Vehicle Segment to Electrify >1,050 Vehicles Delivered © 2023 Proterra. All Rights Reserved. 2 Diverse Customer Geographic Footprint Across North America 480 anne 030000 O ● O CO Proterra Transit Customer 80% of 2022A Orders from Existing Customers 0 O ● OO CO 135+ Customers -30% N.A. Transit Fleet Operated by Customers PROTERRA TRANSIT 12#13Proterra Transit: Innovative Transit Technology Platform Advanced R&D, Engineering Talent, and 26¹ Patents Help Differentiate the Leading EV Transit Bus Lightweight Composite Body Lightweight and durable carbon-fiber-reinforced composite Proven heavy-duty performance Advanced HVAC System First heat pump offered on a transit bus in N.A. 15% winter range improvements High-Efficiency Drivetrain - ProDrive 2.0 Faster acceleration Stronger hill climb ability Longer range © 2023 Proterra. All Rights Reserved. Ves Telemetry and Diagnostic Software PROTERRA ZX5 1. Excludes patents associated with Proterra Powered and Proterra Energy Universal Charging ✓ Onboard energy usage data collection System diagnostics and fault reporting PROTERRA TRANSIT Industry standard Level 3 charging Heavy Duty Battery Pack Commercial-grade, high-density battery packs Most energy storage of any 40ft transit electric bus in N.A. Purpose-built design enables optimal battery placement Backwards compatible 13#14N Proterra Energy: An Integrated Charging Ecosystem End-to-End Solutions to Enable Electrification for All Types of Commercial Electric Fleets 1 SCALE MICROGRID SOLUTIONS Electrification Analytics PROTERRA 2 Engineering & Fleet Planning Comprehensive Solutions Electrification planning In-house design and engineering Low and medium voltage options for lowest cost Solar and energy storage integration options © 2023 Proterra. All Rights Reserved. 3 DE Chargers 7 EMISSION Solutions that move you 4 Turnkey Installation Flexible Fleet Charging Capabilities Charge up to 48 vehicles from a single charger / 24 simultaneously from a single charger Site dispensers up to 500 feet away for maximum site flexibility 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 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 © 2023 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 M 00:40 we 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 00-9 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 HIIH VEHICLE DATA (kWh, miles, SOH) TERRA MOBILE ENERGY STORAGE PROTERRA POWERED © 2023 Proterra. All Rights Reserved. VALENGE Bi-Directional Power flow (DC) CLOUD ENERGY MANAGEMENT Charge session metrics www www mmmmm I Command charge/discharge PROTERRA BI-DIRECTIONAL CHARGER PROTERRA ENERGY Bi-Directional Power flow (AC) COMMAND & SCHEDULE Charge Session Metrics 40 w PROTERRA Fleet and Energy Management Initial customers include the two largest planned V2G programs in the U.S.: Highland Electric and Dominion Energy #ART ENERGY GRID 16#17Scalable Manufacturing Footprint to Support Growth Established Production Facilities Enables Rapid Expansion in Capacity¹ BURLINGAME, CA ● ● AOS Dedicated to Proterra Powered vehicle batteries Integrated R&D and testing center Start of production: 2017 GREENVILLE, SC © 2023 Proterra. All Rights Reserved. ● ● ● Flagship bus manufacturing facility Drivetrain and high-voltage junction box production Start of production: 2011 ★ GREER, SC¹ ● ● Next-generation battery facility Drivetrain and ancillary component production Start of production: January 2023 PROTECH Multiple GWh of Annual Battery Capacity Installed² + -250 Electric Transit Buses (per 8 hour shift) PROTERRA 1. Announced plans in January 2023 to close the City of Industry facility with all Proterra Transit electric bus production to be consolidated at its Greenville facility by the start of Q2 2023. The City of Industry's battery production will be consolidated at Powered 1 (Greer, South Carolina) by the end of Q3 2023 2. Based on capacity of manufacturing equipment installed and does not take into account labor 17#18Contracted Battery Cell Supply Supports Production Multiple GWh of Battery Cell Supply Contracted through 2028 LG Energy Solution Multiple gigawatt-hours of cell supply under contract with LG Energy Solution through 2028 Long-term relationship with LG Energy Solution since 2016 PROTERRA POWERED PROTERRA PROTERRA Burlingame R&D and Pilot LG Energy Solution Arizona 43 GWh Battery Manufacturing Plant Planned for 2025 PROFERREA PROTERRA POWERED Greer, South Carolina ¹ Multi GWh Next Gen Battery Factory 1. Announced plans in January 2023 to close the City of Industry facility with all Proterra battery production to be consolidated at Powered 1 (Greer, South Carolina) by the end of Q3 2023 18#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 © 2023 Proterra. All Rights Reserved. >75% <25% 3RD PARTY SUPPLIER 2 Straight Class 8 Trucks 3 >75% A VERTICALLY-INTEGRATED Speed to Market <25% Three critical elements of the value that Proterra Powered provides to OEMs in their electrification initiatives: 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 15% 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 ADELTA David Black Chief Financial Officer BWXT BWX lechnologies, Inc. B&W BABCOCK & WILCOX Roger Nielsen Director (Chairman- elect)¹ DAIMLER © 2023 Proterra. All Rights Reserved. Chris Bailey Chief Business Officer HUBBELL W Jeannine Sargent Director generation. flex Leadership Team Julian Soell Chief Operating Officer SHOTDA? HARLEY-DAVIDSON CYCLES A DELTA Mike Smith Director Ford Mercedes-Benz Board of Directors Constellation. An Exelon Company Brook Porter Director G2VP Dustin Grace Chief Technology Officer KPCB KLEINER PERKINS CAUFIELD BYERS TESLA HONDA Constance Skidmore Director pwc ShoreTel Sara Dadyar Chief People Officer (GE) GE GE Capital GE POWER 1. Jack Allen to Retire as Proterra Board Chairman at the Annual Meeting of Stockholders June 2023; Roger Nielsen Appointed as Successor ML Krakauer Director DELL hp PROTERRA Jeff Mitchell General Counsel DLA PIPER rocketfuel Jan Hauser Director pwc 20#21Execution on Production and Delivery Growth for Years Though the COVID-19 Pandemic and Supply Disruptions Impacted Transit Production in 2020-22 75 2018 MWh Battery Production 107 2019 111 2020 189 2021 © 2023 Proterra. All Rights Reserved. 342 2022 3 2018 Powered Battery System Deliveries¹ 20 2019 107 2020 273 2021 1. Exclusive of batteries produced for Proterra Transit electric transit buses 2. Not inclusive of pre-owned bus deliveries 1,229 2022 135 2018 Transit Bus Deliveries² 177 2019 170 2020 208 PROTERRA 2021 199 11 2022 21#22Annual Revenue Exceeded $300M in 2022 Revenue Has Grown at a CAGR of ~25% from 2018 to 2022 $40 2017 © 2023 Proterra. All Rights Reserved. $123 2018 $181 Revenue ($M) $197 2019 2020 Proterra Powered & Energy $243 2021 $309 2022 Proterra Transit PROTERRA 22#23Commercial Vehicle Electrification is at an Inflection Point Tens of Billions of Dollars in Funding Federally Approved for the Electric Commercial Vehicle Industry $ in Million Federal Funding Approved for Zero Emission Transit and School Buses $913 $84 $85 $0 FY18 $0 FY19 $130 $0 FY20 U.S. $182 $7 $842 $844 ilib.i. $500 $500 $500 FY21 FY22 FY23 California: 100% by 20454 (75% Class 4-8 by 2035) 5 New York: 100% by 20456 Federal fleet: 100% by 20357 $829 1. 2. Zero Emission Truck Mandates & Commitments 3 34667 FY24 13 countries8: 100% by 2040 | 30% by 2030 5. © 2023 Proterra. All Rights Reserved. 6. 7. $845 Europe $846 $500 FY25 FY26 FedEx. Express Federal zero emission transit bus funding ¹ Corporate⁹ 100% by 2030, 50% by 2025 Federal zero emission school bus funding 2 DHL 70% by 2025 $45/ kWh California's Advanced Clean Trucks rule; also adopted by MA, NJ, OR, and WA New York Governor's New Advanced Clean Truck Rule President Biden's Executive Order 14057 $40k /vehicle $100k / item $3 Bn $1 Bn $3 Bn $3 Bn Federal Transit Administration EPA's 2021 ARP Electric School Bus Rebates and Clean School Bus Program ($500M dedicated for zero-emission plus additional $500M for zero- or low-emission school buses per annum FY22-FY26) Represents % of new vehicle purchases California Governor's Executive Order N-79-20 2022 Inflation Reduction Act PROTERRA 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 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 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. 23#2475+ 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 in place with battery cell supply contracted through 2028 © 2023 Proterra. All Rights Reserved. >900 MWh batteries produced cumulatively since 2014. $309M revenue in 2022 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 March 13, 2023 report, "Zero-Emissions Truck Penetration Curve Refresh - 2023 Edition" 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 23. 24#25*** ir.proterra.com [email protected] ********. HOOL ATTITULE B LETS CLEAR THE AIR PRU 1110 SCHOOL BUS All Electric. No Emissions. For the Earth. PROTERRA