Proterra SPAC Presentation Deck

PROTERRA BUSINESS UNITS Battery Cost Declines Are Tipping the TCO Scales for Electric Trucks & Buses Total Cost of Ownership Is Increasingly a Critical Driver of Commercial Vehicle Demand Beyond Regulation Transit Buses Can Offer TCO Advantage vs. Diesel Today School Bus TCO Can Be Significantly Higher with V2G Benefits % Better % Better +23% Electric School Buses w/V2G 4 TCO vs. Diesel ▼ % Worse +14% (4%) +17% April 8, 2021 +7% Electric Transit Bus 1 Electric Stepvans Diesel Parity 2 3 2020 2025 1. Electric transit bus assumes 40k miles/year and 12-year life, 2.5 kWh usable energy per mile, $0.12/kWh electricity price, $0.50/mile maintenance costs, and -65% price premium; 2025 assumes (30-40%) reduction in battery cost, -(5%) reduction in vehicle price, 2. Electric stepvans assume 20k miles/year and 15-year life, 1.6 kWh usable energy per mile, $0.12/kWh electricity price, $0.40 mile maintenance costs, and 100% price premium vs. diesel; 2025 assumes (30-40%) reduction in battery cost and (15-20%) reduction in vehicle price 3. Diesel parity assumes fuel costs of $3/gallon; diesel transit bus assumes 40k miles/year and 12-year life, 3.3 mpg, and $1.00/mile maintenance costs; diesel stepvan assumes 20k miles/year and 15-year life, 10 mpg, and $0.60/mile maintenance costs; 2025 assumes 5% increase in vehicle price TCO vs. Diesel % Worse +8% (8%) PROTERRA +8% 2020 2025 4. Vehicle to grid assumes additional net benefit of -$5k per year per vehicle, approximately one-third of the V2G revenue potential of -$15k per electric school bus estimated by a 2014 University of Delaware study, "A Cost Benefit Analysis of a V2G-Capable Electric School Bus Compared to a Traditional Diesel School Bus" 5. Electric school bus assumes 13.5k miles/year and 15-year life, 1.6 kWh per mile, $0.12/kWh electricity price, $0.40/mile maintenance costs, and -170% price premium; 2025 assumes (30-40%) reduction in battery cost and (15-20%) reduction in vehicle price 6. Diesel parity assumes 13.5k miles/year and 15-year life, fuel costs of $3/gallon, 7.5 mpg, and $1.10/mile maintenance costs; 2025 assumes 5% increase in vehicle price Note: All analyses assume 5% discount rate and do not incorporate energy infrastructure costs or demand charges nor incentives or carbon credits Lawrence Berkeley National Laboratory Study Forecasts Electric Long-Haul Trucks Will Have 50% Lower TCO than Diesel by 2030 Electric School Buses w/No V2G 5 Diesel Parity 6 25

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