Bright Machines SPAC

Transaction Priced at a Discount to Selected Peer Multiples Implied EV Based on Selected Comparable Companies (s in millions; implied future and discounted EV rounded to the nearest s5m) Implied Future EV Implied multiples EV/ 2022E Revenue EV/2025E Revenue EV/2025E EBITDA Valuation Approach Bright Machines. H -$8,720 -$5,810 Midpoint represents 533% upside to transaction value Implied Discounted EV 68.4x-102.6x 8.ox-12.0x Midpoint represents 205% upside to transaction value -$4,205 -$2,800 Transaction Value Source Bright Machines management projections Note Bright Machines' valuation reflects post-money enterprise value and excludes potential impact of existing shareholder enout structure Assumes a 20% discount rate; based on midpoint of impled future enterprise value of $7,65m. Implied Post-Money EV 13.58 42.5X63.8x 3.9x-5.8x 20,5×-30.8x 1.6x 42,5X-63.8x 8.4% Using a future valuation of date of 12/31/2024, Bright Machines is valued by applying 2025E revenue of $727m to an EV/NTM revenue multiple range of 8.0x-12.0x based on peer multiples, which results in an implied midpoint future value of $7,265m Bright Machines' implied future EV is then discounted 20% over a 4-year period to arrive at an implied present value of -$3,505m²) Transaction priced at additional discount $1,148 Ⓒ2021 Bright Machines, Inc. 42

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