#1TM wallbox w Investor Presentation June 2021 KENSINGTON wallbox#2NOTICE TO AND UNDERTAKING BY RECIPIENTS About this Presentation This investor presentation (this "Presentation") is for informational purposes only to assist interested parties in making their own evaluation with respect to a possible transaction (the "Business Combination") involving Wall Box Chargers, S.L. (the "Company") and Kensington Capital Acquisition Corp. Il ("KCAC"). The information contained herein does not purport to be all-inclusive and none of the Company, KCAC or their respective representatives or affiliates makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. This Presentation does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any securities. No such offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. You should not construe the contents of this Presentation as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. The distribution of this Presentation may also be restricted by law and persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions. The recipient acknowledges that it is (a) aware that the United States securities laws prohibit any person who has material, non-public information concerning a company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (b) familiar with the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the "Exchange Act"), and that the recipient will neither use, nor cause any third party to use, this Presentation or any information contained herein in contravention of the Exchange Act, including, without limitation, Rule 10b-5 thereunder. This Presentation and information contained herein constitutes confidential information and is provided to you on the condition that you agree that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part without the prior written consent of the Company and is intended for the recipient hereof only. Forward Looking Statements Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. For example, statements regarding anticipated growth in the industry in which the Company operates and anticipated growth in demand for the Company's products, projections of the Company's future financial results and other metrics, the satisfaction of closing conditions to the Business Combination and the timing of the completion of the Business Combination are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "pro forma", "may", "should", "could", "might", "plan", "possible", "project", "strive", "budget", "forecast", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward- looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: competition, the ability of the company to grow and manage growth, maintain relationships with customers and suppliers and retain its management and key employees; costs related to the Business Combination; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business or competitive factors; the Company's estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and continue to innovate its existing products; the ability of the Company to defend its intellectual property; and the impact of the COVID-19 pandemic on the Company's business. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither the Company nor KCAC undertake any duty to update these forward-looking statements. Use of Projections This Presentation contains financial forecasts for the Company with respect to certain financial results for the Company's fiscal years 2021 through 2027. The Company's independent auditors have not audited, studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These projections are forward-looking statements and should not be relied upon as being necessarily indicative of future results. In this Presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. You should not rely on the historical record of the Company, KCAC or our or their management team and their respective affiliates' performance as indicative of our future performance of an investment in KCAC or the returns KCAC will, or are likely to, generate going forward. Not all of the companies in which Kensington Capital has invested have achieved the same level of value creation. Financial Information; Non-IFRS Measures The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. 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 relating to the Business Combination and the proxy statement/prospectus contained therein. This Presentation also includes certain financial measures not presented in accordance with international financial reporting standards ("IFRS") as adopted by International Accounting Standards Board ("IASB") including, but not limited to, Free Cash Flow, EBITDA and certain ratios and other metrics derived therefrom. The Company defines EBITDA as gross profit less operating expense. These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company's presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing the Company's financial measures with other similar companies, many of which present similar non-IFRS financial measures to investors. These non-IFRS financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-IFRS financial measures. This Presentation also includes certain projections of non-IFRS financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable IFRS financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable IFRS measures is included and no reconciliation of the forward-looking non-IFRS financial measures is included. Industry and Market Data In this Presentation, the Company and KCAC rely on and refer to certain information and statistics obtained from third-party sources which they believe to be reliable. Neither the Company nor KCAC has independently verified the accuracy or completeness of any such third-party information. Trademarks This Presentation contains references to our trademarks, trade names and service marks. wallbox and are registered trademarks of the Company in the European Union and pending for registration in the United States. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM Ⓒ or symbols, but the company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. This Presentation may contain trademarks, service marks, trade nam and copyrights of other companies, 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 KCAC, or an endorsement or sponsorship by or of the Company or KCAC. 2 wallbox TM#3WALLBOX & KENSINGTON Transaction overview Overview ● Founded in 2015, Wallbox is a global EV charging and energy management solution provider Kensington Capital Acquisition Corp. Il ("Kensington") is an automotive-focused SPAC with ~$230mm of cash held in trust Kensington and Wallbox are proposing to combine to advance and accelerate the commercialization of Wallbox Capital Structure ¹Reflects non-IFRS financials | 2Applied exchange rate: EUR:USD = 1.208 - 04/30/2021 - ECB ● Wallbox shareholders are rolling 100% of their equity Transaction proceeds are being retained in the business Pro forma for the transaction (assuming no redemptions): ● Net of transaction expenses, Wallbox will have $336mm of pro forma cash to fund commercialization plans ($46mm ¹² of existing Wallbox cash, $230mm in Kensington cash held in trust and $100mm in PIPE proceeds) No additional equity capital required to be cash flow positive Valuation ● EV of $1.5bn which is ~1.3x 2025E sales¹,2 Represents attractive entry multiples relative to peer group metrics KENSINGTON HAS IDENTIFIED WALLBOX AS A UNIQUE AND COMPELLING INVESTMENT OPPORTUNITY THAT IS DEVELOPING EV CHARGING AND ENERGY MANAGEMENT SOLUTIONS TO POWER THE SHIFT TO ELECTRIC VEHICLES 3 wallbox ΤΗ#4Make Energy Powerful SIMPLE We innovate to make energy simpler SMART Embedded intelligence and V2G and V2H energy management¹ INNOVATIVE User-focused innovation drives us DESIGN-CENTRIC Design is not a luxury COMPATIBLE Compatible with all plug-in electric and hybrids 1 V2G: Vehicle-to-Grid, V2H: Vehicle-to-Home wallbox 4 wallbox w#5WALLBOX MANAGEMENT TEAM Founder-led company with an experienced management team from technology, energy and industrial backgrounds As of end of April 2021 Enric Asunción Co-Founder & Chief Executive Officer TAçplusⓇ IDIADA TESLA Jordi Lainz Chief Financial Officer EUROFRED arbures being efficient FUJITSU FICOBA AUTOMOTIVE 530+ Employees Eduard Castañeda Co-Founder & Chief Product Officer Feliu de Roberton riserades integrie Douglas Alfaro General Manager North America T TESLA 70+ Hardware Engineers NASA Oriol Riba Chief Operations Officer YFICOSA AUTOMOTIVE Masud Rabbani Chief Commercial Officer G SONY 80+ Software Developers barkibu Jeff Dunham Chief Technology Officer Teamcmp hp Dilliam HILL Alex Balsells Chief People Officer X inform 130+ Sales Force Bárbara Calixto Chief Marketing Officer target C Moises Barea Director of Mid & New Markets Board Member, Wallbox FAWSN CIRCONTROL Mobility & Mobility 38 Nationalities 5 wallbox ΤΗ#6BOARD AND INVESTORS Backed by global leading strategic and financial investors that bring value-added experience CURRENT BOARD MEMBERS AND INVESTORS Jose Maria Tarragó YFICOSA AUTOMOTIVE Pedro Alonso INFUN Group Beatriz Gonzalez IBERDROLA SeayaVentures Juan Campmany Doyle Dane Bernbach EXISTING INVESTORS - SeayaVentures Pol Soler QUADIS Luis Sanchez Black Label Investments C CATHAY INNOVATION Marc Sabe EUROFRED being efficient Raquel Blanco CATALYST IBERDROLA ENDEAVOR Jacky Abitbol C CATHAY INNOVATION Brian Walsh WIND COPEC VENTURES Riberas Family Office WIND COPEC VENTURES KENSINGTON KENSINGTON CAPITAL ACQUISITION CORP. II ● ● ● ● ● NYSE-listed (KCAC.U) Special Purpose Acquisition Company ("SPAC") with ~$230 mm of cash held in trust focused on combining with an automotive technology company Management and board with extensive public company experience and operating capabilities in the automotive and automotive-related sector Relevant automotive experience to optimize program launches and capital deployment while facilitating commercial relationships Track record of creating significant shareholder value in automotive businesses Kensington shareholders, as sponsor, will have at least one board seat to support the company 6 wallbox TM#7WALLBOX AT A GLANCE We design, develop and distribute charging and energy management solutions for e-mobility needs +100k +150k PUBLIC CHARGING STATIONS CONNECTED UNITS SOLD¹ 500k IN-HOUSE PRODUCTION CAPACITY TODAY4 67 COUNTRIES WITH COMMERCIAL ACTIVITY 3 MANUFACTURING FACILITIES² 9 OFFICES ACROSS 3 CONTINENTS +4.3mm CHARGING SESSIONS ³ +42 GWH CHARGED³ Source: Wallbox data | ¹ From start of operations | 2 Two facilities operational; one facility under preparation and expects to commence operations September 2021 | ³ Including myWallbox and Electromaps | 4 Excluding Chinese manufacturing operations | * As of end of April 2021 AWARD-WINNING PRODUCT PORTFOLIO WITH PATENT-PENDING TECHNOLOGY BEST OF CES 2020 wwwwww С GOOD DESIGN GOOD DESIGN Winner 2021 LIGION AWARD FOISON Edison Silver Winner, 2020 Electrek Best of CES 2020 SILVER 480 THE COMPA WORLD CHANGING IDEAS 2020 PM BEST OF CES WINNER Engadget Best of CES 2020 angadget .***. BEST CES 2020 Newsweek Best of CES 2020 Fast Company World Changing Ideas Finalist, 2020 Robb Report BEST OF CES 2020 Robb Report Best of CES 2020 7 wallbox w TM#8THE EV CHARGING MARKET Mass EV adoption means significant charging infrastructure growth and projected $102bn TAM¹ in 2030 PROJECTED CUMULATIVE OF ELECTRIC VEHICLES Units (mm) 150 100 50 0 2020 ■ROW US ■APAC 2025 ■ Europe 2030 PROJECTED CUMULATIVE # OF GLOBAL CHARGE POINTS INSTALLED Units (mm) 75 50 25 O 2020 +97% of charge point installations lie ahead² 2025 70% of all charging occurs at home and work³ 2030 Source: BNEF EV Outlook 2020, BNEF Charging Infrastructure Forecast Model 2021 | ¹ Wallbox company projections includes TAM for charging hardware, installation, software and energy management | 2 97% corresponds to projected sales up to 2040 13 BNEF Charging Infrastructure Forecast Model 2021 - BEV charging needs, 2020 | Applied exchange rate: EUR:USD = 1.208 - 04/30/2021 - ECB WHAT IT TAKES TO WIN IN EV CHARGING Smart Charging Technology Fast Time to Market Vertically Integrated Manufacturing International Operations Strong Global Brand 8 wallbox w TM#9WALLBOX'S EXISTING PRODUCT PORTFOLIO Solutions to empower users at home, at work and in public HOME wallbox 2016 Pulsar Commander (AC) (AC) Most compact intelligent solutions for home ¹ Distribution of Supernova will begin by the end of 2021 !!! 1ª 0 3 23 3:30 5:30 2017/2018 myWallbox 2.0 ** 50.2 1024 21, 22- beness Energy management capabilities HOME & BUSINESS wallbox Pulsar Plus (AC) wallbox (2 2019 Commander 2 Copper (AC) (AC) Multi-user functionalities 2019 Quasar (DC) Use EV to power the home or sell energy to the grid PUBLIC 2020/2021 Electromaps Supernova (DC)¹ Accelerating public charging at lower costs 9 wallbox TM#10HOME AND BUSINESS AC CHARGING SOLUTIONS Designed for consumer intimacy O COMPACT Highest power output per size on the market¹ CONNECTED Via Wi-Fi, Bluetooth, Ethernet or 4G SMART Adjusting power output automatically EASY-TO-USE Personalized and secure user interface EMBEDDED SOFTWARE Software included as standard in all devices 1 For Pulsar Plus, based on Wallbox market research wallbox wallbox 10 wallbox TM#11HOME AND BUSINESS SOFTWARE SOLUTIONS Embedded and interoperable EV charging software to manage and control the flow of energy wallbox L Swades W!! PULSAR 234 | (0) C Seasons M C 1.682 K 2016 wollhex 98333 #Chumora 12406 4 100 PULSAN 234 11-29 In Toz4km Ah3 23 21h 22m MYWALLBOX - RESIDENTIAL AND BUSINESS SOFTWARE i T User-friendly app Cloud based platform Real-time charger management Energy management Over the air updates (OTA) Payment integration 11 wallbox TM#121 Wallbox market research BI-DIRECTIONAL CHARGING & ENERGY MANAGEMENT Realizing the future of charging with Quasar youwer ✪ PIONEERING TECH One of the first bi-directional chargers in the world for residential use BI-DIRECTIONAL Changes the flow of energy to enable V2G and V2H CUTTING-EDGE TECH Advanced facial recognition and gesture control AFFORDABLE One of the most cost-competitive bi-directional DC chargers on the market¹ EASY TO INSTALL Installs in as little as 5 minutes 12 wallbox TM#13ENERGY CONTROL Bi-directional charging opens up new opportunities for energy management in homes, buildings and grids WALLBOX HQ 費 Z V Grid power limit Wallbox HQ Building energy need Building energy usage Solar power generation during the day 200 kW 150 kW Source: Wallbox data 100 kW 50 kW Quasars discharge EVs to O kW prevent power outage Quasars charge EVs due -50 kW to low-cost power 07:00 MAM 09:00 11:00 wh AVAT 13:00 15:00 17:00 19:00 21:00 23:00 01:00 03:00 05:00 13 wallbox w#14etron PUBLIC CHARGING SOLUTIONS Unique DC technology transforms the public charging experience ¹ Expected based on Wallbox market research, inclusive of installation costs | 2 Reflects orders expected to be fulfilled between 2021-2025 as distribution will start by the end of 2021 RELIABLE BY DESIGN Modular design uses Quasar power modules AFFORDABLE Half the total investment of similar fully- installed public chargers¹ COMPACT Easier to transport, handle and install POWERFUL 60 kW evolving into 120 kW for wider market STRONG PIPELINE 8,000+ Supernova orders under non- binding LO1² 14 wallbox TM#15PUBLIC CHARGING SOFTWARE Electromaps combines consumer charging data and charger management software to enhance the EV experience on the road 15:22 HORTA- PRDO Hebron Spital TEIKONERA Parc del Carmel 16 Ⓡ Parc Guell d'Enteng (P ONT DE MONTJUÏC GUATLLA Parque do Guinard 308 Maps Parqu O Mant Paral·lel MONIJUTC Map RES JANS PL CAMP ARPA PICLOT Valencia G-T FOBL Cadella Aquarium e Barcelona Satelite Par play gare W Barcelona Legal Þ electromaps e S S E 9 33 DANDE 4 SE O 6.437 steve Q 1) Find charge points - ELECTROMAPS ALLOWS EV DRIVERS TO: electromops BORDERLESS CHARGING A leading MSP¹ in Southern Europe Extensive information network & data Complete & social ecosystem 2) Unlock charge points via the app or RFID card *Wallbox owns 51% of Electromaps with an option to acquire 100% | * As of end of April 2021 |1 Mobility Service Provider 3) Pay for charge sessions HA 4) Access bills and charge history Hardware agnostic charger management Scalable platform to allow global access Payment integration → OU Do JO // 150,000 charge points connected worldwide +100,000 users 15 wallbox w TM#16ONE MODEL CAPABLE OF SERVING MULTIPLE CHANNELS We serve a variety of clients around the world AUTOMOTIVE OEMS AND DEALERSHIPS Re M 4 NISSAN HYUNDAI MOBIS JET CHARGE sonepar CEW SEAT Aigües de Barcelona HYUNDAI JAGUAR VALUE ADDED DISTRIBUTORS & RESELLERS CUPRA ENTERPRISES INGRAM DUTTENHOFER GROUP bumblebee ELKJOP Carrefour HONGQI MITSUBISHI Mercedes-Benz SALTOKI REPLONISHH CED GREENTECH ARMETⓇ IT▬▬ NOBILITY paack VOLVO ÁRIMA Árima Real Estate SOCIMI, S.A. Ford Libra ENERGY 50 FIVE КИ € SOLUTION C smart (Betek COENERGIA group Betek Norge as. TransNet ísorka laadkompas IESE EUROFRED Business School being efficient University of Navarra ENERGY COMPANIES IBERDROLA SCOTTISHPOWER energy INSTALLERS octopus NKM SPgroup protergia barry YESSS ELECTRICAL GREENPORT copec VOLTEX E-COMMERCE wallbox w TU Walmart EGAT endesa Power for Thai Happiness Crystal Ⓒ ev charging amazon Rexel ELECTRICAL SUPPLIES Scottish & Southern Electricity Networks ebay Cdiscount BayWare. fortum ELECTRISE ECO SMART ENERGY bravida newegg.c Media Markt 16 wallbox w TM#17THE WALLBOX FUTURE Be the provider of all-in-one renewable energy solutions with the charger at the center Peer to Peer Energy Transactions Generate energy from own renewable energy sources and trade it with other individuals Utility Consulting Based on user data and preferences, Wallbox shares energy provider recommendations i Energy as Payment Use Vehicle-to-Grid and/or Vehicle-to- Home technology to pay for services 4 Energy Storage Transfer renewable energy stored in your vehicle to your home or to the grid Automatic Charging Charger starts charging when electricity costs are low or renewable energy becomes available Recommend Habit Changes Based on user data, Wallbox recommends cost- and energy-saving measures Energy Trading Automated trading of energy to the grid based on historical data 17 wallbox w#18A GLOBAL FORCE We are an international company, with sales, manufacturing facilities and offices worldwide North America (2020) North America HQ in Mountain View, CA with innovation lab in San Jose, CA ● ● In-house manufacturing in the USA expected by 2022 Warehouse facility in California #1 Best Seller amazon *As of end of April 2021 ● APAC (2018) JV with FAWSN in China - one of ● ● ● Europe (2015) • Offices in seven EU countries with two factories in Barcelona 500,000 unit in-house manufacturing capacity Two acquisitions in 2020 Warehouse facilities in Spain, Sweden, UK the largest auto OEMs globally Shanghai office serves China and APAC regions 100,000 unit in-house manufacturing capacity 18 wallbox TM#19WALLBOX GROWTH Strong revenue trajectory due to favorable growth drivers PROJECTED REVENUES USD (mm) 24 2020 79 2021 224 2022 CAGR: 90% 463 2023 776 2024 Source: Wallbox company projections | Applied exchange rate: EUR:USD = 1.208 - 04/30/2021 - ECB 1,173 2025 1,605 2026 2,115 2027 GROWTH DRIVERS 1. 2. 3. 4. 5. Full suite of EV charging solutions and software Capex light business model enables high gross margins Global operations and manufacturing Accelerated international land grab Positioned at the intersection of energy and mobility 19 wallbox w#20CONSOLIDATED FINANCIAL SUMMARY Wallbox future growth summary Unit Sales Growth Cum. Unit Sales Revenue Total Revenue Growth COGS Total COGS Total Gross Profit Total Gross Margin OPEX Total Opex % of Sales EBITDA EBITDA Margin CAPEX Unlevered FCF # (k) % # (k) USD (mm) % USD (mm) USD (mm) % USD (mm) % USD (mm) % USD (mm) USD (mm) 2020A 35 67 24 (13) 11 45% (21) 86% (10) (40%) 2021F 119 240% 186 79 230% (48) 31 39% (68) 86% (37) (47%) (25) (88) 2022F 232 95% 417 224 182% (135) 89 40% (141) 63% (52) (23%) (20) (117) 2023F 383 65% 801 463 106% (276) 188 40% (218) 47% (31) (7%) (8) (104) 2024F 581 52% 1,381 776 67% (455) 321 41% (295) 38% 26 3% (18) (75) 2025F 807 39% 2,188 1,173 51% (672) 501 43% (378) 32% 122 10% (23) 2 Reflects non-IFRS financials | Wallbox company projections | China Joint Venture not included in the financials | Applied exchange rate: Use EUR:USD = 1.208 - 04/30/2021-ECB | Assumes consummation of the transaction and receipt of the cash proceeds therefrom, including no redemptions | Reflects unaudited 2020 financials 2026F 1,041 29% 3,229 1,605 37% (897) 708 44% (460) 29% 248 15% (50) 36 2027F 1,307 26% 4,536 2,115 32% (1,153) 962 45% (544) 26% 417 20% (25) 161 COMMENTARY ● Fully funded business plan Revenues from charging solutions, software subscription, installations and energy management Strong pipeline and revenue potential from existing sales partners Gross margin expansion due to higher software sales in the revenue mix Declining OPEX/revenue ratio due to scalable business model and efficiency improvements CAPEX allocated to new and existing production facilities 20 wallbox w#21WALLBOX¹ Transaction overview USD (mm) SOURCES Kensington Shares² Kensington Cash Held in Trust Wallbox Existing Cash³ PIPE Investment Total Sources USES Pro Forma Cash³ Equity Consideration to Wallbox Existing Investors² Estimated Transaction Expenses Total Uses $1,400 230 46 100 $1,776 $336 1,400 40 $1,776 PRO FORMA VALUATION Share Price PF Shares Outstanding (mm) Equity Value (-) Pro Forma Net Cash³,4 Enterprise Value PRO FORMA OWNERSHIP5 Kensington Public Shares, 23.0mm, 12.9% PIPE Investor Shares, 10.0mm, 5.6% $10.00 $1,788 178.8 ($310) $1,477 O Kensington Sponsor Shares, 5.8mm, 3.2% Existing Wallbox Rollover Equity, 140.0mm, 78.3% Note: Assumes no redemptions from Kensington's existing public shareholders. Assumes PIPE shares are issued at a price of $10.00. Excludes the impact of Kensington's warrants (public and private) ¹ Reflects non-IFRS financials | 2 Assumes $10.00 per share. Structure contemplates issuance of shares via a Dutch Holdco to be formed for purposes of effectuating the business combination | 3 Applied exchange rate: EUR:USD = 1.208 - 04/30/2021 - ECB 14 Includes outstanding loans of $25.6mm as of April 2021 | 5 Pro forma company will implement a dual-class shareholder structure with Class A shares (1 vote per share) and Class B shares (10 votes per share), which are owned by certain existing shareholders of Wallbox. All other equity issued through the merger as well as the PIPE will be Class A shares | Includes convertible loans expected to convert to shares of stock at closing pursuant to the terms of such loans 21 wallbox TM#22WALLBOX VALUATION 1,2 Public peers benchmarking OPERATIONAL BENCHMARKING 2021E-2025E REVENUE CAGR (%) 2020A GROSS MARGIN (%) 2025E EBITDA MARGIN (%) 96.1% wallbox 45.5% wallbox 10.4% wallbox w 84.2% blink -chargepoin+ 24.4% -chargepoin+ 21.8% 63.2% blink 24.3% blink 18.9% T TESLA 23.0% T TESLA 21.0% T TESLA 12.9% -chargepoin+ VALUATION BENCHMARKING ENTERPRISE VALUATION USD (mm) 2025E EV / REVENUE (x) 2025E EV / EBITDA (x) Source: Wallbox company projections, company filings, Factset as of June 4, 2021 | ¹ Reflects non-IFRS financials | 2Applied exchange rate: EUR:USD = 1.208 - 04/30/2021 - ECB $1,477 wallbox 1.3x wallbox w 12.1x wallbox w $705,510 T TESLA 10.9x blnk 49.8x $7,705 -chargepoin+: 6.2x T TESLA 41.6x blink -chargepoin+ $1,538 blink 5.4x -chargepoint. 32.7x T TESLA 22 wallbox TM#23WALLBOX VALUATION 1,2 Wallbox has significant upside potential USD (mm) COMPARABLE ENTERPRISE VALUE $10,556 $8,210 $5,864 5.0x - 9.0x 2025E Revenue POST-MONEY ENTERPRISE VALUE $1,477 Post-Money Enterprise Value SUMMARY OF APPROACH Applied a range of 5.0x - 9.0x EV / Revenue multiple³ to Wallbox's 2025E revenue to arrive at a Comparable Enterprise Value range Source: Wallbox company projections, Factset as of June 4, 2021|¹Reflects non-IFRS financials | 2Applied exchange rate: EUR:USD = 1.208 - 04/30/2021-ECB | 3 Implied range based on selected comparable company multiples. See slide 22. 23 wallbox TM#24KENSINGTON Overview of Kensington Capital Acquisition Corp. II JUSTIN MIRRO Chairman & Chief Executive Officer 25 years of operating, M&A and financing experience in the automotive and automotive-related sector President of Kensington Capital Partners ● BOB REMENAR Vice Chairman & President 35 years of operational, manufacturing and management experience within the automotive sector Former CEO of Nexteer Automotive and Chassix ● SIMON BOAG Chief Technology Officer 30 years of leadership, manufacturing, operational and technological experience with automotive supply chains Former President of Mopar and EVP of Chrysler Purchasing ● ● DAN HUBER Chief Financial Officer 20 years of experience in investment banking, consulting, business development and operational ● management Co-Founder of The Motor Weekly newsletter KENSINGTON OVERVIEW KENSINGTON ● ● ● BOARD MEMBERS NYSE-listed (KCAC.U) Special Purpose Acquisition Company ("SPAC") with ~$230 million in trust for the purpose of combining with an automotive technology company Management and board with extensive public company experience and operating capabilities in the automotive and automotive-related sector Relevant automotive experience to optimize program launches and capital deployment while facilitating commercial relationships Track record of creating significant shareholder value in automotive businesses Tom LaSorda Former Chief Executive Officer of Chrysler Nicole Nason Former Administrator of the U.S. FHWA and NHTSA Anders Pettersson Former Chief Executive Officer of Thule Group Mitch Quain Investor and Board Member of Multiple Public Companies Don Runkle Former Chairman and CEO of Multiple Automotive Businesses Matt Simoncini Former Chief Executive Officer of Lear Corporation 24 wallbox TM#25BUSINESS COMBINATION THESIS Wallbox fulfills Kensington's investment objectives KENSINGTON Global focused automotive business valued at greater than $1.0 billion Leverages high-growth mega-trends of emerging technology proliferation Validated technical, commercial and financial capabilities based upon global automotive standards Valuation supported by fundamental analysis of profitability and comparable companies World-class management team and board with expertise in leading and running public companies Business enhanced by Kensington's automotive experience to de-risk and accelerate commercial success TM wallbox w TT TM TM TM TM ™M allbox wallbox (NISSAN 6224 KVW wallbox#26( TM wallbox wallbox wallbox PULSAR 234 MATE 7.4 kW wallbox Ⓒ 26 wallbox