Advent SPAC Presentation Deck

Valuation & Peer Group EV / REVENUE Multiples Advent 2024E Multiple Advent 2024E Multiple 14.0x EV / EBITDA Multiples 7 6.0x ADVENT 2021-2023 Revenue CAGR Market Capitalization ($m) 2.9x 15.0x NM NM ADVENT (1) 114.8% $479m (1) 23.5x 16.8x NM BALLARD 11.6x 305.1x 96.3x BALLARD Developer & manufacturer of PEM fuel cells 34.0% $5,011m 30.2x 20.7x 338.2x ΝΑ POWERCELL Core Comps 107.3x ΝΑ POWERCELL Developer & producer of hydrogen fuel cell stacks and systems 69.6% $1,407m $358 million valuation facilitates substantial value uplift based on peer group multiples 40.6x 49.2x CeresPower NM 233.6x CeresPower 26.3x Core Comps Note: Market data as of October 9, 2020. Market capitalization presented on a fully diluted basis using the treasury stock method. (1) Advent multiples represent implied Transaction Adjusted multiples based on PF Enterprise Value of $358m. "NM" indicates the data is not meaningful. "NA" indicates not enough data is available. 197.0x Fuel cell technology & engineering company (5.3%) $1,642m 40.0x 38.2x ΝΑ ITM POWER NM NM ΝΑ ITM POWER PEM technology for hydrogen electrolysers and fuel cells 44.5% $1,833m 16.0x 11.9x PLUG POWER L Other 91.7x 62.3x PLUG POWER 8.6x Other 40.2x Design and manufacturing of hydrogen fuel cell systems 38.9% $9,444m Legend 2022E 2023E 2024E 7.2x 5.2x 76.1x fuelcellenergy ΝΑ 48.3x ΝΑ fuelcellenergy Direct gas natural gas fuel cell manufacturer 33.6% $778m AMCI ADVENT Acquisition Corp 36

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