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PROTERRA EV OVERVIEW DISCUSSION

CONFIDENTIAL AND PROPRIETARY | 1


HOW BIG IS THE TREND?

• By 2025, > 50% of U.S. transit purchases will be EV, annual market size of $3.6 billion
• California planning to eliminate new demand for internal combustion transit by 2028
• Multiple city and transit resolutions pending that call for 100% EV Transit (Foothill
Transit, Santa Monica, King County Washington, Seneca, Stockton…)
• Trend is independent of California policy, i.e. this is happening nationwide, red states
and blue states
• International EV transit trend… China, Canada, U.K., major cities in Europe going EV
• Proterra has been approached by 50+ international partners

CONFIDENTIAL AND PROPRIETARY | 2


OUR CUSTOMERS Q4 2015

15 Customers

Cities throughout the world are transitioning to EV; China and the U.S. are leading.
Proterra has 75% of the U.S. ZEV bus market
CONFIDENTIAL AND PROPRIETARY | 3
OUR CUSTOMERS NOW

290 announced orders from


31 customers
100+ orders not yet
announced

CONFIDENTIAL AND PROPRIETARY | 4


ECONOMIC & SUSTAINABLE

BUS ELECTRIC
TRANSIT VEHICLE
LOWEST COST LOWEST C02 PER
PER PASSENGER PASSENGER MILE

Lowest Cost, Lowest Environmental


Impact for Urban Transportation

CONFIDENTIAL AND PROPRIETARY | 5


EV HAS DECREASED IN PRICE 4.2% PER YEAR SINCE 2010
DIESEL HAS INCREASED IN PRICE > 3.4% SINCE 2005
BY 2025, THERE IS NO TRANSIT MARKET FOR DIESEL / CNG

Price ($k)
$1,200
ACTUAL FORECAST
$1,100
$1,000
Diesel Hybrid: 3.2%
$900
$800
CNG: 3.5%
$700
Diesel: 3.4%
$600
EV: (4.2)%
$500
$400
$300
$200
$100
$0
2005 2010 2015 2020 2025
Source: National Transit Database; represents 40-foot buses

CONFIDENTIAL AND PROPRIETARY | 6


DRIVEN BY BATTERY TECHNOLOGY IMPROVEMENT

U.S. EV SALES BATTERY COST ($/kWh)


180,000 $1,400

160,000
$1,200
140,000 AT $700 / KWH
$1,000
120,000 EV IN TRANSIT
BEATS DIESEL
$800
100,000 AND CNG
80,000 $600

60,000
$400
40,000
$200
20,000

0 $0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020
2011 2012 2013 2014 2015 2016

Sources: Navigant Research, green.autoblog.com, Electric Drive Transportation Association. xEV = PHEV, HEV,
EREV and BEV.
CONFIDENTIAL AND PROPRIETARY | 7
BATTERY PROGRESSION WILL CONTINUE

The Learning Curve rate on Li-Ion battery technology is 14% (i.e. 2X volume = 14% savings).

The cost of battery packs will drop from $384 per kilowatt hour in 2015 to $182/kWh in 2025.

At $140 / kWh for EV, diesel / CNG fuel would have to be free to compete with EV maintenance
savings alone.

Sources: Bloomberg (9/2016) CONFIDENTIAL AND PROPRIETARY | 8


PROTERRA CATALYST®—DIFFERENT BY DESIGN
INTRODUCING THE PROTERRA
CATALYST™ PLATFORM

The Proterra 35 and 40-


foot Catalyst platform is
designed to deliver a
turn-key electric vehicle
system, fully customized
to meet the needs of your
most demanding routes.

Proterra Catalyst® Flexible Energy System Multiple Charging Options Financing & Services

Highest Performance Ultimate Flexibility Meet Every Route Need Ease of Ownership

CONFIDENTIAL AND PROPRIETARY | 9


THE PROTERRA CATALYST® PLATFORM

Lightest transit vehicles on the market


Proterra’s use of advanced composite • Increased passenger seating capacity
materials makes the Proterra Catalyst not • 40’ vehicle: 44 seated passengers
only the lightest, most efficient vehicle, • 35’ vehicle: 28 seated passengers
but the most durable and safe as well. • Lowest rear axle weight in industry
• Less damage to roadways

Most efficient in its class


• Highest efficiency of any vehicle in its class
• Longest range per kWh of energy storage
• Lowest fuel cost per mile
• 1.61 - 1.89 kWh/mile
Highly durable for greatest safety
• Advanced carbon-fiber-reinforced composite material:
used in Formula 1 race cars and marine vessels with
proven durability
• Super strong, lightweight and impact-resistant
• Non-conductive and rust-resistant

CONFIDENTIAL AND PROPRIETARY | 10


MULTIPLE CHARGING TECHNOLOGY OPTIONS

On-Route Overhead Charger Wireless Interface


• Variable-rate conductive charging
Vehicle and charger automatically connect and
• Intelligent charging system adjusts communicate charging needs
to vehicle energy storage capabilities
• 350 kW maximum charge rate

Fast-Charging Technology
Enables overhead charging

Proterra Catalyst® Wireless Charging


vehicles can be Validating technology
for future deployment
configured for overhead Depot Charger
and/or plug-in charging at Industry-standard
a variety of rates, to chargers available
Plug-in Charge Port(s)
maximize available
Compatible with industry-
charging opportunities. standard SAE J1772
combo connector

Configuring for “Smart Range” – the Most Efficient


Combination of Energy Storage and Charging Options

CONFIDENTIAL AND PROPRIETARY | 11


EV INFRASTRUCTURE IS STANDARDIZED, LOW-COST,
SUCCESSFULLY DEPLOYEDRANGE
NATION-WIDE
PROGRESSION

SAE Combined Charging Standard


(J1772 CCS) for plug-in charging.
Enables full interoperability across
vehicle platforms.

50 KW per vehicle. Proterra has


added 50 vehicles of power capacity
in one Burlingame location via a 2.5
MW transformer upgrade. Cost
$900,000… time < 6 months.

> 35,000 public EV charging stations


deployed in the U.S. already

CONFIDENTIAL AND PROPRIETARY | 12


CATALYST 40 FT. TOTAL COST OF OWNERSHIP
ADVANTAGE

Proterra CNG Diesel Diesel $1,500


EV Bus Bus Hybrid MAINT.
$1,000
Vehicle $749 $470 $454 $650
FUEL
Energy/Fuel $81 $294 $378 $302 $500

Maintenance $238 $432 $389 $475 $0 VEHICL


E
TCO $1,067 $1,196 $1,221 $1,428 Proterra EV CNG Bus Diesel Bus Diesel-
TCO $’s/Mile $2.47 $2.77 $2.83 $3.30
Hybrid

est. over 12 year lifetime / $ in thousands, except TCO $’s/mile

• Battery-electric vehicles have the lowest operational lifecycle cost:


12-yr Operational
- High EV energy efficiency, low electricity rates, and high annual vehicle
mileage combine to create significant fuel savings
Savings per Bus
- 30% fewer parts dramatically reduce maintenance and operating costs $448k vs. Diesel
- Electricity prices far more stable and predictable than volatile fossil fuel prices $459k vs. Hybrid
$408k vs. CNG

CONFIDENTIAL AND PROPRIETARY | 13


FINANCING YOUR ELECTRIC FLEET

Proterra can help you find the right combination of Municipal Capital Lease
financing tools that map to your procurement plans A generally low-cost financing tool for local governments with
investment-grade credits. Can be paid for with FTA funds. Offers
structured ownership that enables you to own a Proterra bus at the
end of the lease term.
Operating Lease
Operating leases allow you to pay for the use of a bus over time,
with the option to permanently transition the bus into your fleet.
No upfront capital costs.
Bus Rental Program
For fleet operators looking to “test drive” a Catalyst® bus before
making a long-term commitment, Proterra offers the option to rent a
bus for up to 12 months before making a long-term purchasing
decision.
Battery Lease
A battery lease enables you to buy a Catalyst vehicle for roughly
the same price as a diesel bus, putting the operating savings toward
the battery lease. Proterra is responsible for the performance of the
batteries through the life of the lease, removing operator risk.

CONFIDENTIAL AND PROPRIETARY | 14


With a vision to deliver clean, quiet transportation for all, Proterra makes zero-
emission, battery-electric buses that help fleet operators decrease fossil fuel
dependency and reduce costs
CONFIDENTIAL AND PROPRIETARY | 15

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