Investor Presentation

November 2020
Legal Disclaimer
Disclaimers and Other Important Information

This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Aeva, Inc. (“Aeva” or the “Company”) and InterPrivate
Acquisition Corp. (“IPV”) and related transactions (the “Potential Business Combination”) and for no other purpose. By reviewing or reading this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below. Without the express prior written
consent of IPV and Aeva, this Presentation and any information contained within it may not be (i) reproduced (in whole or in part), (ii) copied at any time, (iii) used for any purpose other than your evaluation of Aeva and the Potential Business Combination or (iv) provided to any
other person, except your employees and advisors with a need to know who are advised of the confidentiality of the information. This Presentation supersedes and replaces all previous oral or written communications between the parties hereto relating to the subject matter
hereof.

This Presentation and any oral statements made in connection with this Presentation do not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any proxy, vote, consent or approval in
any jurisdiction in connection with the Potential Business Combination or any related transactions, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of
such jurisdiction. This Presentation does not constitute either advice or a recommendation regarding any securities. Any offer to sell securities will be made only pursuant to a definitive Subscription Agreement and will be made in reliance on an exemption from registration under
the Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. IPV and Aeva reserve the right to withdraw or amend for any reason any offering and to reject any Subscription Agreement for any reason. The communication of this
Presentation is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation.

No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law, in no circumstances will IPV, Aeva or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers,
employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on
opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes.
Neither IPV nor Aeva has independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. Recipients of this Presentation are not to construe its contents, or any prior or subsequent
communications from or with IPV, Aeva or their respective representatives as investment, legal or tax advice. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Aeva or the Potential
Business Combination. Recipients of this Presentation should each make their own evaluation of Aeva and the Potential Business Combination and of the relevance and adequacy of the information and should make such other investigations as they deem necessary.

Forward-Looking Statements Legend

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Aeva, Inc. (“Aeva”) and InterPrivate Acquisition Corp. (“InterPrivate”), including statements regarding the benefits of the
transaction, the anticipated timing of the transaction, the services offered by Aeva and the markets in which it operates, and Aeva’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on
current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: (i) the risk that the transaction may
not be completed in a timely manner or at all, which may adversely affect the price of InterPrivate’s securities, (ii) the risk that the transaction may not be completed by InterPrivate’s business combination deadline and the potential failure to obtain an extension of the business
combination deadline if sought by InterPrivate, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the business combination agreement by the shareholders of InterPrivate and Aeva, the satisfaction of the minimum trust
account amount following redemptions by InterPrivate’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the occurrence of any
event, change or other circumstance that could give rise to the termination of the agreement and plan of merger, (vi) the effect of the announcement or pendency of the transaction on Aeva’s business relationships, performance, and business generally, (vii) risks that the
proposed transaction disrupts current plans of Aeva and potential difficulties in Aeva employee retention as a result of the proposed transaction, (viii) the outcome of any legal proceedings that may be instituted against Aeva or against InterPrivate related to the agreement and
plan of merger or the proposed transaction, (ix) the ability to maintain the listing of InterPrivate’s securities on the New York Stock Exchange, (x) the price of InterPrivate’s securities may be volatile due to a variety of factors, including changes in the competitive and highly
regulated industries in which Aeva plans to operate, variations in performance across competitors, changes in laws and regulations affecting Aeva’s business and changes in the combined capital structure, (xi) the ability to implement business plans, forecasts, and other
expectations after the completion of the proposed transaction, and identify and realize additional opportunities, (xii) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Aeva operates, (xiii) the risk that Aeva and its current and
future collaborators are unable to successfully develop and commercialize Aeva’s products or services, or experience significant delays in doing so, (xiv) the risk that Aeva may never achieve or sustain profitability; (xv) the risk that Aeva will need to raise additional capital to
execute its business plan, which many not be available on acceptable terms or at all; (xvi) the risk that the post-combination company experiences difficulties in managing its growth and expanding operations, (xvii) the risk that third-parties suppliers and manufacturers are not
able to fully and timely meet their obligations, (xviii) the risk of product liability or regulatory lawsuits or proceedings relating to Aeva’s products and services, (xix) the risk that Aeva is unable to secure or protect its intellectual property and (xx) the risk that the post-combination
company’s securities will not be approved for listing on the New York Stock Exchange or if approved, maintain the listing. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk
Factors” section of InterPrivate’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed below and other documents filed by InterPrivate from time to time
with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva and InterPrivate assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise. Neither Aeva nor InterPrivate gives any assurance that either Aeva or InterPrivate will achieve its expectations.

2
Legal Disclaimer (Cont’d)
Use of Projections

This Presentation contains projected financial information with respect to Aeva. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The
assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See “Forward-Looking Statements” above. Actual results may differ
materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be
achieved.

Financial Information; Non-GAAP Financial Terms

The financial information and data contained this Presentation is unaudited and does not conform to Regulation S-X promulgated by the SEC. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any proxy
statement/prospectus or registration statement or other report or document to be filed or furnished by IPV with the SEC.

Furthermore, some of the projected financial information and data contained in this Presentation, such as Adjusted EBITDA (and related measures), has not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Aeva and IPV believe
these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Aeva’s financial condition and results of operations. Aeva’s management uses these non-GAAP measures for trend
analyses and for budgeting and planning purposes. Aeva and IPV believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Aeva’s financial measures with
other similar companies, many of which present similar non-GAAP financial measures to investors. Management of Aeva does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal
limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Aeva’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by
management about which expense and income are excluded or included in determining these non-GAAP financial measures. You should review Aeva’s audited financial statements, which will be presented in IPV’s preliminary proxy statement to be filed with the SEC, and not rely
on any single financial measure to evaluate Aeva’s business. A reconciliation of non-GAAP financial measures in this Presentation to the most directly comparable GAAP financial measures is not included, because, without unreasonable effort, Aeva is unable to predict with
reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these Non-GAAP financial measures.

Trademarks

This Presentation contains trademarks, service marks, trade names, and copyrights of Aeva, IPV and other companies, which are the property of their respective owners.

Additional Information and Where to Find It

This document relates to a proposed transaction between Aeva and InterPrivate. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which
such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. InterPrivate intends to file a registration statement on Form S-4 that will include a proxy statement of InterPrivate, a consent solicitation statement
of Aeva and a prospectus of InterPrivate. The proxy statement/consent solicitation statement/prospectus will be sent to all InterPrivate and Aeva stockholders. InterPrivate also will file other documents regarding the proposed transaction with the SEC. Before making any voting
decision, investors and security holders of InterPrivate and Aeva are urged to read the registration statement, the proxy statement/consent solicitation statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed
transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and all other relevant documents filed or that will be filed with the SEC by InterPrivate through the website maintained by the SEC at www.sec.gov. In
addition, the documents filed by InterPrivate may be obtained free of charge from InterPrivate’s website at https://ipvspac.com/ or by written request to InterPrivate at InterPrivate Acquisition Corp., 1350 Avenue of the Americas, New York, NY 10019.

Participants in Solicitation

InterPrivate and Aeva and their respective directors and officers may be deemed to be participants in the solicitation of proxies from InterPrivate’s stockholders in connection with the proposed transaction. Information about InterPrivate’s directors and executive officers and their
ownership of InterPrivate’s securities is set forth in InterPrivate's filings with the SEC, including InterPrivate’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 30, 2020. To the extent that holdings of InterPrivate’s
securities have changed since the amounts printed in InterPrivate’s proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other
persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/consent solicitation statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as
described in the preceding paragraph.

3
InterPrivate Acquisition Corp Overview
Highly Experienced IPV Management Team

• 20+ years of experience in private equity and M&A

• InterPrivate Acquisition Corp. (“IPV.U”) is a NYSE listed SPAC which
Ahmed • Founder of InterPrivate and Landmark Value Investments,
Fattouh invested over $1Bn in public and private market strategies completed its $240MM IPO in February 2020
CEO • Private equity at Investcorp
• M&A at Morgan Stanley
• IPV team comprised of long-term oriented active investors and
advisors, with a breadth of experience across venture capital, growth
• 10+ years experience as tech investor, entrepreneur, equity, public markets, and private equity buyout
Brian Pham advisor
Partner, • Founding team, Sherpa Capital, multi-stage venture capital IPV Investments and Affiliations
Tech & Life Sciences firm that grew to over $700M AUM
• Morgan Stanley tech banking – 20+ IPOs and follow-ons,
$20Bn+ raised

• 20+ years experience in financial industry across shipping,

Alan Pinto industrials, energy, real estate, technology
Partner,
• Advisor to InterPrivate since 2015, participating in
Industrials and
transaction execution alongside IPV
Capital Markets Founding Managing Director Dahlman Rose
•
IPV Independent Directors
• Founder Global Reserve Group
• 20+ years M&A and securities legal experience Jeffrey • Partner Quantum Energy, 30 years with Warburg Pincus
Brandon Bentley • GC and COO of InterPrivate, Landmark Value Harris • Former Chairman of NVCA; over 40 boards including: Knoll, Rigup,
Foro, and ChargePoint
General Counsel • M&A and securities attorney at White & Case
• Managing Director Private Equity CDIB
Pietro
• Numerous boards including Maurices Inc, Core Metals, GST Telecom.
Cinquegrana • 25 years PE across Viton, Fosun, Apollo, Ospraie, MS

• 10+ years financial services experience

• Managing Partner ALBA Holdings, GP Lampros Capital
Minesh Patel • Principal InterPrivate Matthew • Investment committee of Global Customised Wealth and Co-Portfolio
Vice President • Principal Fiduciary Network LLC executing private equity Luckett Manager of Balestra Capital Partners
• 25 years investing SoundView Technology, Balestra Capital
transactions

4
Aeva’s Experienced Team
Founded in 2017 by former leaders from Apple and Nikon

• Head of Sensing Program Management at Apple SPG

Soroush Salehian • Led System Program Management for Apple Watch 1
CEO and Co-Founder • Founder at BlueLibris (Acq’d) - wearable health sensing Product
• Stanford Mechatronics

• Head of Optical Sensing - Apple SPG

Mina Rezk • Led World’s 1st Commercial Precision LiDAR at Nikon
• 17 years Developing Sensor Fusion Systems for Autos, Aero
CTO and Co-Founder
• 25+ Patents on sensing technology design and commercialization

• CFO / SVP & Chief Accounting Officer at JUUL Labs

Saurabh Sinha • Corporate Controller & FP&A at InvenSense
• Sr. Director of Finance and Accounting at Symmetricom
CFO
• The Wharton School

Tushar Moorti Peter Kuepper Pradeep Srinivasan

Systems Engineering Business Silicon Photonics

• 20 years of systems and algorithms leadership • 16 years of automotive development and • 17 years of Silicon Photonics development and
• Director of System Algorithms @ Apple leadership for vehicle series production engineering leadership
• Director of Systems Architecture @ Broadcom • Director of Program Management @ BMW • Head of Silicon Photonics @ Rockley
• Led Silicon Photonics Integration @ Intel

5
 Velocity
10 +10 m/s 10 -10 m/s
10 -7 m/s
10 +13 m/s 10 -13 m/s

10 +7 m/s
10 0 m/s 10 -10 m/s

Depth

Reflectivity

Perception for All Devices

Vision

Aeva Confidential - Do Not Share Without Written Permission

Aeva’s Rapid Pace of Breakthrough Technology To Market
BUSINESS

VW Porsche SE
Investment in Aeva Revealed ZF Production Partnership Revealed
Founded Aeva’s Publicly Featured by NYT Released A-Series 4D Revealed Partnership with Announced First 4D LiDAR Fully • Multi-year Production Partnership to
By Soroush Salehian and Mina Rezk “New Eyes for Driverless Cars” LiDAR to Key Partners Audi AID Integrated on Chip bring first 4D LiDAR to Automotive
Mass Scale
2017 2018 2019 2020

Aeva A-Series 4D LiDAR Aeva’s 2nd Gen 4D LiDAR on Chip Aeries Deployment
First 4D LiDAR Sample First 4D LiDAR with Long Range • All LiDAR Optics Fully integrated • 120˚ Field of View
Initial Prototype Data and Velocity on Silicon Photonics • Long Range

TECHNOLOGY

AEVA TODAY
KEY PARTNERS AND INVESTORS KEY STATS
30 100+ Team Members
Customer Pipeline 75 Engineers

4
Confidential Strategic Manufacturing 30+ Patents
Partners

7
Key Investment Highlights
• World’s first 4D LiDAR on a Chip combining instant velocity, long range, low power consumption at industry leading costs
Breakthrough Technology
To Capture Existing TAM & • Proven silicon photonics technology, enabling mass production scale across broad applications
Create New Categories
• The “end state” for automotive applications and the “next wave” for consumer and industrial perception

• Agreements with top four customers represent cumulative projected revenue of ~$1.3Bn, including +$440MM in 20251
Revenue Visibility from
Commercial Partnerships • Strategic partnership with Porsche SE and the world’s largest automotive OEMs and technology / mobility players
in Automotive
• Production and distribution partnership with ZF, one of the world's largest automotive Tier 1 manufacturers

• Unique advantages due to superior resolution, silicon chip form factor, and micrometer/second velocity sensing
Redefining Perception
for Consumer Devices • Only integrated LiDAR solution for consumer applications - creating new perception categories across devices
and Beyond… • Aeva expects to enable broad adoption of AR/VR on mobile devices and smart glasses, high-definition mapping,
contactless health monitoring, industrial automation, robotics and security

• Multi year programs provide strong visibility into revenue growth and efficient operational planning
Superior Operating Model
Driving Compelling • High margin, scalable business model forecasted to achieve break even without further capital
Valuation Metrics • $1.8Bn post-money Enterprise Value, representing 2.0x EV / 2025E revenue and 5.2x EV / 2025E EBITDA

1 Reflects terms and conditions for agreements and production MOUs. Does not represent firm purchase commitments and does not reflect production purchase orders unless and until received. Actual sales may differ materially from projected volume.
8
Evolution of Sensing for Machine Perception
Meets Perception Partially Meets Does Not Meet

Sensing Requirement • Machine perception has evolved from

INERTIAL
COLOR VELOCITY DEPTH REFLECTIVITY
MOTION
using basic vision sensors to multiple
sensing solutions for new capability and
safe function
Camera
• Today’s devices require color, velocity,
depth, reflectivity and inertial motion

Radar • Camera measures color at high

resolutions and can infer depth
• Radar measures velocity and depth at
Legacy ToF LiDAR
lower resolutions
Other LiDARs today
• Legacy LiDAR is based on Time of Flight
(ToF) technology and measures depth
and reflectivity, but with limitations in
Aeva 4D LiDAR performance and costs

Aeva 4D LiDAR is the first sensing solution to meet all machine perception requirements and
is built on Silicon Photonics enabling broad adoption at Industry Leading Costs
9
Massive Opportunity Across Multiple Large Markets
Automotive
Trucking Passenger Cars Mobility

Contracted Projects
Underway in
Automotive… +$100Bn +$160Bn
ADAS+AV ADAS+AV
2025E TAM 2030E TAM Production Start 2024

Other Markets
Consumer Electronics Consumer Health Industrial Robotics & Security

… Drive Expansion
into Proven
Applications Using +$13Bn +$26Bn +$1Bn +$12Bn +$4Bn +$7Bn
4D LiDAR
Technology
+$18Bn +$46Bn
2025E TAM 2030E TAM Production Start 2025

Sources: Gartner, IDC, Deloitte, IHS Markit, International Federation of Robotics, Aeva estimates 10
High Visibility on 2025 Revenue
2025E Revenue Bridge
• Agreements with top four automotive customers represent Potential

+$440MM in 2025E Revenue Upside $880

– Represents ~50% of 2025E Total Revenue $191+

2025E Revenue ($MM)

– Partners include leaders in automated and autonomous
driving across Passenger Cars, Trucking, and
$247
Mobility/Technology
– Additional pipeline of ~$250MM in selection stage

Agreements
• +$190MM across other verticals reflects conservative with Top Four
$442
assumptions for Consumer and Industrial applications Customers1

– Proprietary 4D LiDAR chip positions Aeva to drive broad

adoption of perception solutions in new categories
Strategic Partners Production Consumer 2025E
– Rapid proliferation into consumer devices, wearables and for Production Selection and & Industrial Total Revenue
industrial represents significant upside potential for Aeva Validation Stage

Automotive
1
Reflects terms and conditions for agreements and production MOUs. Does not represent firm purchase commitments and does not reflect production purchase orders unless and until received. Actual sales may differ materially from projected volume.

11
Redefining Perception for Consumer Applications

4D LiDAR chip unlocks perception across devices

• 6x Longer Range allows for Augmented Reality and Virtual Aeva 4D LiDAR
Reality in large open spaces

• Micrometer depth precision provides superior resolution for

high definition 3D mapping

• No sunlight degradation expands outdoor operational

range during daylight

• Instant velocity measurements at micrometer per second

precision enables contactless health monitoring

12
Groundbreaking
Technology
Differentiated 4D LiDAR Core Design...
AEVA 4D LiDAR
Aeva is the Only FMCW LiDAR Company
Meeting Perception Needs Superior Capability
Silicon Photonics Chip
Aeva 4D
ü Instant Velocity for every pixel
LiDAR FM Laser
Optical
Processing • Provides unprecedented perception
Detector
FMCW1 / capability
Low Continuous Power
Coherent
Detection
Eye Safety Margin ü Free from all interference (LiDAR or Sun)
Low High • Drives mass market adoption
vs
High Pulsed Power All LiDARs Today
ü 100x higher sensitivity
Legacy • Enables ultra long range of
LiDAR AM
AMLaser
AM Laser
Laser detection at a fraction of the power
(Time of
Flight) Detector
Detector ü First LiDAR Integrated on Silicon Photonics
Detector
AM / Direct • Enables large volume scalability at
Detection Eye Safety Margin low cost
Low High

Only Sensing Solution Built from the Ground Up on Silicon Photonics for Mass Scale Application
in Automotive, Consumer Electronics and Beyond
14
1Frequency Modulated Continuous Wave
…Underpinned by Proprietary Breakthrough Technology

Custom Semiconductor • Proprietary semiconductor laser based on proven processes

Fiber-less Laser • 30x Lower costs vs Legacy LiDAR

• Proven CMOS based photodetector integrated on Silicon

Custom Receiver Photonics without the use of exotic processes

• Key LiDAR components integrated on Silicon

Silicon Photonics
Photonics leveraging proven CMOS processes in
Optical Engine telecom

• Unique modulation breaks legacy LiDAR

Super Pixel dependency between max range and pixel
Density Per Beam density First 4D LiDAR on Chip
• Each beam capable of millions of pixels / sec

ASIC Processor with • Custom ASIC built from ground up for 4D LiDAR Aeva Brings Perception to
unique data stream qualified for automotive and beyond
Unique DSP • Proprietary DSP software algorithms for long range Broad Applications at Industry
Leading Cost
Perception Software • Proprietary low power perception software purpose
built on Aeva ASIC to leverage unique raw 4D data

15
Aeva 4D LiDAR Technology Snapshot
Long Range and High Pixel Density Measure Instant Motion for Every Pixel

-12 m/s

Aeva 4D LiDAR 10 +10 m/s

1000x Higher Dynamic Range Reflectivity High Definition Camera

16
Only Solution Meeting Next-ADAS and AV Requirements at Cost
Automotive Requirements
Next-ADAS and AV Competitor 1 Competitor 2 Competitor 3 Competitor 4
Requirement

Automotive Grade Automotive / Tier 1 Yes In House Dev In House Dev Yes Yes

Range @ 10% (m) >200 250 220 250 110 / 170 80

Best Resolution (˚) <0.1 <0.05 0.11 0.07 0.1 / 0.2 0.8

Field of View (˚) >100 x 30 120 x 30 360 x 40 120 x 30 115 x 25 145 x 3.2

Instant Velocity Major Advantage 5 cm/s No No No No

Expected Requirement

Light Interference None IMMUNE Degraded Degraded Degraded Degraded

LiDAR Interference None IMMUNE Poor Poor Poor Poor

200 m inclement
Weather Performance Yes No Yes No No
weather
Low
Optical Power Low Med Pulse High Pulse High Pulse Low Pulse
Continuous

Costs $ $ $$$ $$ $$ $

Meets Performance Partially Meets Does Not Meet

Sources: Company public data and physics 17

Strategic Partnerships with Top Automotive Players

VW Majority Owner Strategic Partner Automotive Production Partner

• Porsche SE Majority Owner of VW Group

• ZF is one of the world’s largest automotive
• Investments in Aeva in 2018 and 2019 Tier1 manufacturers to most top OEMs
• Partnership with Audi AID announced in 2019 • Production partnership with ZF to manufacture,
• Aeva is Engaged with VW Group on LiDAR for qualify and supply the first automotive grade
Next Generation Vehicle Platforms Targeted for 4D LiDAR at ZF’s automotive qualified
2024 Production production plants

18
Partnering with World’s Top OEMs to Bring 4D LiDAR to Mass Production
Ø Aeva is actively engaged with 30 of the top players in automated and autonomous driving across Trucking, Passenger and Mobility/Tech
Ø Agreements with top four automotive customers represent +$440MM in 2025E Revenue1, representing ~50% of 2025E Total Revenue

Trucking Passenger Mobility/Tech

Current Customer Pipeline

Strategic In Production In Series Aeva Strategic 1 Top Trucking 1 Global Luxury 2 Leaders of
Partners Selection Validation Partners for Production Program Sedan Maker Mobility/Tech
for Production Stage Stage

Tier-1 and
Manufacturing Partners + onfidential + onfidential + onfidential
C C C
4 3 23

Select Current
Agreements Represent and Target Partners
$440MM in Projected
2025E Revenues1

1
Reflects terms and conditions for agreements and production MOUs. Does not represent firm purchase commitments and does not reflect production purchase orders unless and until received. Actual sales may differ materially from projected volume.

19
Development Timeline to Deploy Global Scale by 2024
Utilizing production ready automotive Tier1 manufacturing partners for rapid and global scale to customers by 2024

Illustrative Timeline to Series Production

2021 2022 2023

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
A Series Platform Production &
Qualification

Auto-B Sample Development Auto-B Production & Qualification

Auto-C Production
Auto-C Sample Development
& Qualification
Auto-D Production
& Qualification

SOP

Series Development Production at Automotive Plant Start of Production

20
Bringing Perception to Broad Applications
Diverse Applications Powerful Software Stack

Automotive

Detection Classification Motion State Bio Remote

Device Positioning
Module Module Estimation metrics ID

Consumer Electronics

Unprecedented Raw Data

Consumer Health

VELOCITY DEPTH REFLECTIVITY COLOR

DEPTH REFLECTIVITY COLOR VELOCITY

Proprietary Hardware Developed On Proven Semiconductor Process

Industrial & Security

Silicon Photonics Chip Custom Processor Scanning

21
 Financial
Financial Summary
Summary

Financial Overview

Section Title Slide…

Aeva Confidential - Do Not Share Without Written Permission

Robust Growth Trajectory
• We sell perception solutions across four verticals Estimated Annual Revenue (2020-2025)
― 4D LiDAR System + Perception Software for Automotive, Industrial, and Security Includes +$440MM from $880
Agreements with Top 4
― Silicon Photonics Engine + Software algorithms for Consumer Electronics Existing Customers1

Annual Revenue ($MM)

• Sales to Automotive OEMs for production vehicles expected to commence in
2024 and include ADAS and Autonomous solutions for Passenger Vehicles,
Trucks and Mobility / Tech
― Top 7 partners represent +80% of 2025E Automotive revenue
$286
― Strategic partnerships across trucking, passenger car, and mobility drive
broad adoption across Automotive and represent high-growth revenue
$75
opportunities $5 $11 $35

― Multi-year manufacturing partnership agreement for production with ZF 2020E 2021E 2022E 2023E 2024E 2025E
significantly expands Aeva’s 4D LiDAR distribution reach to the world’s top
OEMs
2025E Revenue Breakdown
• Existing customer demand beyond automotive to deploy Aeva’s 4D LiDAR for
production in: By Vertical By Type
― Depth sensing and Biometric applications for consumer electronics
Consumer NRE Revenue
― Autonomous navigation and safety function for industrial robotics
12% 4%
― Next generation security application
Industrial
Prior to series production which is expected to occur in 2024E, revenue is Auto
7%
78%
primarily from: Security
3%
― Automotive development unit sales
― Non-automotive development unit sales Solutions Revenue
96%
― NRE revenue
1 Reflects terms and conditions for agreements and production MOUs. Does not represent firm purchase commitments and does not reflect production purchase orders unless and until received. Actual sales may differ materially from projected volume.
Source: Aeva estimates
23
Attractive Margin and Free Cash Flow Profile
• Highly profitable business model demonstrated by healthy margins Estimated Gross Profit
― Aeva system is composed of 3 core components, each is already being $552
produced based on proven high volume semiconductor processes Total gross profit 62% 63%

Gross Profit ($MM)

57%

% Margin
providing high visibility into production COGS. 53%
43%
― Significant operating leverage from R&D, S&M and G&A $177

$19 $43
― Breakeven profitability and free cash flow in 2024 $3 $5
• Leveraging world’s top manufacturing partners for production and 2020E 2021E 2022E 2023E 2024E 2025E
distribution
― Existing partnerships for key component production including with leading Adjusted EBITDA
Semiconductor foundries on proven processes for telecom EBITDA Margin 7% 39%
$347
― Manufacturing and distribution partnership with top Tier-1s for Automotive

Adj. EBITDA
(e.g. ZF) and other contract manufacturing partners enable scale across all

($MM)
four verticals
$21
― Resulting in no manufacturing CapEx
($27)
• Foundational technology platform drives mass adoption of Aeva ($65) ($82) ($88)
perception solutions across devices 2020E 2021E 2022E 2023E 2024E 2025E

― Same silicon photonics technology validated by Automotive requirement

enables broad adoption into Consumer Electronics, Industrial and Security
Estimated Free Cash Flow
$343
― Scaling of feature set possible at core component level for cost-optimized

Adj. EBITDA Less

CapEx ($MM)
solutions
― Additional revenue opportunity with new software feature set with OTA $15
updates leveraging Aeva’s unique 4D data
($28)
($69) ($91) ($100)
2020E 2021E 2022E 2023E 2024E 2025E
1
Adjusted EBITDA defined as Operating Income (Loss) plus Depreciation and Amortization and stock based compensation; Free Cash Flow defined as Adjusted EBITDA minus Capital Expenditures
Source: Aeva estimates
24
Path to ~$3Bn 2030E Adjusted EBITDA
Potential Long-Term Growth Vectors 2030E Targets

• Further adoption of L2+/3 ADAS and L4/5 Autonomy in ~$200Bn TAM

passenger cars, trucks and mobility platforms
(Auto, Consumer Electronics,
Consumer Health, Industrial & Security)
• Proliferation of LiDAR for use in consumer electronics
(phones, tablets, and smart devices in the home)

• Broad use of LiDAR for health measurements in wearables

and consumer health products ~3% 45%+ EBITDA Margin
[]
Penetration Rate Opportunity
• Increased distribution of LiDAR to supplement
comprehensive security systems and protocols

• Deployment of autonomous robots and manufacturing in

smart factories >$6Bn Revenue ~$3Bn EBITDA

Aeva is Uniquely Positioned to Realize Broad Adoption of Perception Across Devices by 2030
Sources: Gartner, IDC, Deloitte, IHS Markit, International Federation of Robotics, Aeva estimates 25
 Financial Summary
Transaction Overview

Financial Overview

Section Title Slide…

Aeva Confidential - Do Not Share Without Written Permission

Transaction Overview
Transaction Structure
• InterPrivate and Aeva entered into a business combination agreement on November 2, 2020

‒ The transaction is expected to close in Q1 2021

• It is anticipated that the post-closing company will be listed on the NYSE and retain the Aeva name

Valuation
• Transaction reflects a $1,700MM pre-money equity valuation for Aeva, representing a highly attractive opportunity to invest in a leader in next-generation 4D
LiDAR Technology

• Aeva to receive $328MM cash at closing to fund its attractive growth opportunities1

• $2,131MM post-money Equity Value1

• $1,803MM Enterprise Value, with no material debt outstanding at closing1

Capital Structure

• The transaction will be funded by a combination of $243MM1 cash held in trust and $120MM in PIPE proceeds

• All-primary transaction; existing Aeva shareholders, including management, are rolling all of their equity and collectively are expected to own 80% of the pro
forma company at closing

1
Assumes no redemptions from the public shareholders of IPV

27
Pro Forma Equity Ownership
Sources and Uses1,2 Pro Forma Valuation4
$ in millions $ in millions (Share Price in $)
Sources
InterPrivate Trust3 $243 Share Price $10.00
Rollover Equity $1,700 Pro Forma Shares Outstanding 213.056

PIPE $120
Total Sources $2,063 Equity Value $2,131
Plus: Debt 0
Uses Less: Cash to Balance Sheet $328
Debt Repayment - Enterprise Value $1,803
Cash to Balance Sheet (Cash in) $328
Rollover Equity $1,700
Fees & Other Transaction Expenses $35
Total Uses $2,063
Pro Forma Post Money Ownership4
— All Aeva preferred and common equity holders will receive stock in public % / millions of shares IPV Shareholders
company 11% / 24.2
IPV Sponsor Shares
— Proceeds from transaction will be used to capitalize balance sheet for $328MM 3% / 6.9

— Aeva will use proceeds to primarily fund: Existing Avea PIPE Investors
Shareholders 6% / 12.0
― Operating expenses incurred to support significant demand from leading 80% / 170.0
Automotive customers
― 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
1
Based 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
Operational Benchmarking
CY2019A-CY2022E Revenue CAGR
Overall Median:
Median: 126%
192% 16%
187%

Median: 14% Median: 30%

51% 65%
24% 31%
4% 8%

2022-2025 2014-20171 2022-20252 2021-20242

CY2019A-CY2022E Average Gross Margin

Overall Median: 67%

Median: 67% Median: 68% Median: 61%

69% 65% 75% 64%
63% 60% 58%
21%

2025 2014-20171 20252 20242

CY2019A-CY2022E Average EBITDA Margin

Overall Median: 38%

Median: 38% 51% Median: 27% Median: 33%

39% 45% 44%
31%
22% 17%
3%

2025 2014-20171 20252 20242

Computing Platforms Traditional LiDAR

1
Mobileye financials dated to pre-announcement unaffected date of March 10, 2017. 2 Luminar investor presentation as of September 30, 2020; Velodyne investor presentation as of July 1,
2020. Vision Based Disruptive Autotech
Sources: Factset, Capital IQ as of November 13, 2020, Company filings 29
Valuation Benchmarking
EV / CY2021 (CY+1) Revenue

Overall Median: 13.3x

Median: 13.3x Median: 14.2x Median: 3.1x

21.7x
17.4x

9.1x 8.6x
6.7x
3.5x 2.8x
2.0x

20252 20243
2025 20171

EV / CY2021 (CY+1) EBITDA

Overall Median: 37.7x

Median: 32.0x 74.4xMedian: 57.2x Median: 10.4x

44.6x
40.1x
35.3x
28.8x
12.8x
5.2x 7.9x

20171 20243 20252

2025
Computing Platforms Traditional LiDAR
1
Mobileye financials dated to pre-announcement unaffected date of March 10, 2017. 2 Luminar investor presentation as of September 30, 2020. 3 Velodyne projections as per investor presentation as of July 1, 2020. Vision Based Disruptive Autotech
Sources: Factset, Capital IQ as of November 13, 2020, Company filings 30
Valuation Multiple in Perspective
EV / CY2021 (CY+1) EBITDA

70.0x

60.0x

50.0x

40.0x
2014-20171

30.0x

20.0x

10.0x 2021-20242
2022-20253
2022-2025

0.0x
0% 25% 50% 75% 100% 125% 150% 175% 200%
2019A-2022E Revenue CAGR (%)

Computing Platforms Traditional LiDAR

1
Mobileye financials dated to pre-announcement unaffected date of March 10, 2017. 2 Velodyne projections as per investor presentation as of July 1, 2020. 3
Luminar investor presentation as of September 30, 2020. Vision Based Disruptive Autotech
Sources: Factset, Capital IQ as of November 13, 2020, Company Filings
31
Transaction Represents Attractive Discount to Peers
Key Inputs and Assumptions
• The applied range of EBITDA multiples are centered around the median of Aeva’s peer group 37.7x CY2021E (CY+1) EBITDA, with sensitivities built in on
both the high and low ends
•
[ ]
Implied Future Enterprise Value calculated by applying a range of multiples to Aeva’s 2025E EBITDA. That Implied Future Enterprise Value is discounted
four years back at a 20% rate to arrive at an Implied Current Enterprise Value

$13.9Bn

$11.8Bn
86% Discount

$6.7Bn

$5.7Bn
71% Discount
$1.8Bn
34.0x – 40.0x 2025E EBITDA
34.0x – 40.0x 2025E EBITDA Discount Rate: 20% 5.2x 2025E EBITDA

Implied Future Enterprise Value Implied Current Enterprise Value Post-Money Enterprise Value
Implied EV Based on Comparable Companies’ Current Trading Valuations Transaction Value

32
Perception for All Devices