Aeva Investor Presentation Deck

Pro Forma Equity Ownership Sources and Uses ¹,2 $ in millions InterPrivate Trust³ Rollover Equity PIPE Total Sources Debt Repayment Cash to Balance Sheet (Cash in) Rollover Equity Fees & Other Transaction Expenses Total Uses ● ● Sources Uses $243 $1,700 $120 $2,063 $328 $1,700 $35 $2,063 All Aeva preferred and common equity holders will receive stock in public company Proceeds from transaction will be used to capitalize balance sheet for $328MM Aeva will use proceeds to primarily fund: Operating expenses incurred to support significant demand from leading Automotive customers Pro Forma Valuation4 $ in millions (Share Price in $) Share Price Pro Forma Shares Outstanding Equity Value Plus: Debt Less: Cash to Balance Sheet Enterprise Value Pro Forma Post Money Ownership4 %/millions of shares Existing Avea Shareholders 80% / 170.0 IPV Shareholders 11% / 24.2 $10.00 213.056 IPV Sponsor Shares 3% / 6.9 PIPE Investors 6% / 12.0 $2,131 0 $328 $1,803 AEVA Substantial research and development activities devoted to developing the next generation of customized solutions for mass production Working capital to support increasing production demand • Completion of the transaction is expected to occur during the first quarter of 2021 ¹Based on Aeva capital structure as of June 30, 2020. 2 Assumes no redemptions from the public shareholders of IPV. ³ Cash in Trust value at June 30, 2020. 4 Values shown assuming $10 per IPV share for illustrative purposes; does not include impact of 12.08 and 0.31 million public and sponsor out-of-the-money warrants 28

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