Northern Genesis Acquisition Corp. II
Northern Genesis Acquisition Corp. II — SPAC Merger (September 2021)
48 slides from Northern Genesis Acquisition Corp. II's SPAC merger presentation, Sep 22, 2021
Slide 1: Embark Day
(y empark | Embark Day September 22, 2021
Slide 2: Disclaimer
Disclaimer This presentation (the “presentation”? is being delivered to you by Embark Trucks, Inc(*Embark") in connection with its proposed business combination (the “Transaction") with Northern Genesis Acquisition Corp. Il (‘SPAC” or “Northern Genesis 2") the post-combination company ("Combined Co"
Slide 3: Agenda for Today’s Discussion
Agenda for Today’s Discussion Module 1 Module 2 Module 3 Module 4 Module 5 Fireside Chat Business eres with Investor eee An Informed vedecs Mike Pigors, Perspective: pa Discussion on B Michele Meyer Why Embark? AV Policy Partnerships and Terry Kline mission is to build a world where consumers pay le
Slide 4: Overview of the SPAC Process
Overview of the SPAC Process SPAC Process Overview The SPAC process has allowed Embark to engage with more investors over a longer period of time in more depth relative to an IPO process + Embark has validated the valuation of the transaction with a $200mm PIPE from leading institutional and strateg
Slide 5: Today’s Embark Presenters
Today’s Embark Presenters Alex Rodrigues Co-Founder and CEO. of Embark Richard Hawwa CFO of Embark Mike Reid Sam Abidi CBO of Embark Head of Business Development at Embark Jonny Morris Head of Policy at Embark Additional Presenters Mike Pigors Finr. Region President US ‘Domestic and Int! Operations,
Slide 6: Leading the Way in Autonomous Trucking
Leading the Way in Autonomous Trucking Embark is America’s longest running self-driving truck program” Embark pioneered the transfer point operation model — Embark specializes on long-haul and partners with local drivers for the first and last mile Proprietary Vision Map Fusion architecture develope
Slide 7: Business Update
iness Update “Presenters: Alex Rodrigtles “and Richare*Havivwa- = 7
Slide 8: Key Business Updates
Key Business Launched Advisory Board including current and Upd ates former CEOs and Executives from Cummins, Navistar, Knight-Swift and FedEx Partnerships with (@ana Cummins to support cross-platform integration for Embark Universal Interface @JNVIDIA. to provide automotive-grade compute for Embark
Slide 9: Embark Announces the Formation of Advisory Board
Embark Announces the Formation of Advisory Board ¢ Embark launches Advisory Board including current and former CEOs and Executives from Cummins, Navistar, Knight-Swift and FedEx * The team of six leaders will serve as key advisors to Embark as we finalize our Overview commercialization strategy and
Slide 10: Embark and ZF Collaborate to Validate Automatic Steering Control
Embark and @) Collaborate to Validate Automatic Steering Control in Self-Driving Trucks * Embark and ZF announced collaboration to test, validate, and integrate ZF’s ReAX adaptive steering technology in Embark’s trucks, to ensure compatibility with the Embark Universal Interface (“EUI”) * Embark bel
Slide 11: Embark Testing Cummins Automatic Powertrain Control
Embark Testing Cummins Automatic Powertrain Control Collaboration to give Embark access to Cummins’ next-generation powertrain interface to accelerate integration of the Embark Universal Interface Overview and Key Highlights Embark and Cummins Inc. announced collaboration to seek to accelerate the i
Slide 12: Embark Uses NVIDIA DRIVE to Power its Embark Universal Interface
Embark Uses NVIDIA DRIVE® to Power its Embark Universal Interface for the Autonomous Trucking Industry + Embark intends to equip its test fleet with automotive-grade, high-performance, and energy-efficient compute by collaborating with NVIDIA and adopting the DRIVE® platform + High-performance compu
Slide 13: Embark Partners with Ryder to Launch Nationwide Network of Freight Transfer Points
Embark Partners with C&yder to Launch Nationwide Network of Up to 100 Freight Transfer Points for Autonomous Fleets ¢ Embark Coverage Map: Embark is working with a host of industrial real estate operators to secure and stand up transfer points in key sunbelt markets between now and 2024 in preparati
Slide 14: Embark and BYD Introduce EV Drayage with HP
Embark and @® Introduce EV Drayage with V7] Overview and Key Highlights Key Industry Partners: Embark is working with HP and BYD to formalize the end-to-end shipment process integrating autonomous trucks and electric truck transfer point drayage A Natural Operational Fit: The transfer hub model, pio
Slide 15: Embark is Delivering on Initiatives
Embark is Delivering on Initiatives Manufacturing Partners to Enable Embark Universal Coverage Map Expansion Interface (EUI) as an Option Partner Development Program Reservations Formalize relatic leading real e provide establ footprint for carrier part coast-to-coast Volume commitments from carrier
Slide 16: What Differentiates Embark
|) embark What Differentiates Embark
Slide 17: Disciplined, Consistent and Sole Focus on Trucking
Disciplined, Consistent and Sole Focus on Trucking Embark’s Mission-Driven Philosophy Embark’s Seed Pitch Deck (2016) + Embark’s software technology is differentiated because it was designed from the beginning to be commercialized at scale for a sole use case in trucking + Urban driving use case pre
Slide 18: Key Aspects of Our Business
Key Aspects of Our Business © ~] Vision Map Embark Universal Fusion Interface \v EMBARK Asset-Light Go-to-Market
Slide 19: What is Vision Map Fusion?
© Technology: Vision Map Fusion What is Vision Map Fusion? + Vision Map Fusion is Embark’s differentiated approach to mapping + Embark does not treat the map as static, but rather treats the map as a dynamic changing environment + Legacy AV systems rely on HD mapping given focus on the robotaxi mark
Slide 20: Embark Universal Interface
eC Embark Universal Interface What is Embark Universal Interface (“EUI”)? + EUlis a standard sensor module and compute module designed to interface with most major steering and braking actuators + Comprised of cameras, lidars, radars, and GPS in order to perceive the world around the trucks and enab
Slide 21: Asset Light Go-To-Market Strategy
@ Asset Light Go-To-Market Strategy What is Embark’s Asset-Light Go-to-Market Strategy? Complementary Asset Partnerships + Embark will commercialize its technology in a manner that is consistent with how the trucking and logistics industry already operates today Embark is . F working with + Embark’s
Slide 22: Partners with World Class Suppliers
Partners with World Class Suppliers enme0 Kr INAR a 2 fi NviDiA.
Slide 23: Embark is Differentiated Versus Competitors
Embark is Differentiated Versus Competitors (emeark w Msimpie Aurora wavs First AV Truck on US October 2016 June 2017 November 2017 July 2020 Highways“) Solely trucking focused YM rx) Vision-Map Fusion Asset Light? MY & U.S. Shipper Partnerships ABInBev @ KANIGHT sufi U.S. Carrier Partnerships WERNE
Slide 24: Key Financial Metrics
\ EMBARK Key Financial Metrics
Slide 25: Financial Model Framework
Financial Model Framework Total Addressable Market of Miles Driven Embark’s Serviceable Market and Penetration Subscription Cost per Mile Financial Model Framework Cost of Goods Sold R&D Costs Capital Expenditures Derived based on how we see the AV Trucking market ultimately commercializing Identify
Slide 26: Reviewing the Domestic Freight Market
Reviewing the Domestic Freight Market 7] Domestic Freight Modalities by Revenue Truck Freight: By the Numbers 2.0M semi-trucks in operation) 60k truck driver shortage expected to increase to 160k by 20288) 1in 5 shippers have their electronic shipment requests rejected by carriers ~70% of goods ship
Slide 27: Embark’s Mileage Framework
Embark’s Mileage Framework Autonomous Truck Miles Driven Mile Detail (miles in millions) Total Addressable Market of ~300 Billion Miles Annually Today hese) eye eri Total Freight Miles 96,677 98,224 Transfer Point Direct to Customer Total Serviceable Miles 56,970 59,455 >500 Miles >100 Miles 300+ Mi
Slide 28: Financial Projections
Financial Projections Autonomous Miles Driven (miles in milions) 7,432 2374 ii 20246 driven x of Too) Revenue (Sin millions) aan 367 20246 2028 Gross Profit (Sin millions) 4915 Margin 2026+ Serviceable Mile Opportunity ~236 Billiont Phase 2 ~174 Billion* Miles. Long-Term Gross Margin Target ~TA% Lon
Slide 29: Existing Partner Data Supports Mileage Targets
Existing Partner Data Supports Mileage Targets Existing Partners Embark is Currently Partnered With High Quality Carriers | But Has a Robust Customer / Carrier Pipeline to Rapidly Grow ~32,000 ~3 Billion 7 Trucks Purchase human- °O% pote cece cece cence eee e eee ee 1 (June 2021) eBk sues Ee ' Embar
Slide 30: Embark’s Technology Differentiation
Embark’s Technology Differentiation Provides Visibility to Commercialization With Safety at the Forefront Future Technology Past Technology Milestones and Accomplishments Milestones to Accomplish Bought First @ Lane @cutns —- @Night Driving @ Stop and Go @ inclement Truck Keeping Weatter (excl. snow
Slide 31: Ultimately Defines Success by Safely Commercializing our Technology
7] EMBARK Ultimately Defines Success by Safely Commercializing our Technology \v Operational Overview Safety Industry-Leading FMCSA Stats® * Zero failed DOT inspections * Zero DOT crashes le Testing Public Road Testing®) « 4.5+ years of public road testing « Longest running self-driving truck progra
Slide 32: Concluding Remarks
|) emBark Concluding Remarks
Slide 33: Concluding Perspectives
Concluding Perspectives 7] Embark has established itself as a leader in the autonomous trucking industry 9 Focused on a market with a clear commercial and business use-case: commercialization is expected in g ‘the near-term and tangible |__| real = Disciplined, consistent focus from the start on AV
Slide 34: Module 2: Fireside Chat with Embark’s Advisory Board
Slide 35: Advisory Board Presenters
Advisory Board Presenters kek gore, Tine Ragin sion for US one ncn ace Michael "Mike" Pigors spent his 40-plus year career at Federal Express (FedEx), where he most recently served as Regional President ‘and Executive Vice President for US Domestic and US International Bogan his career at FedEx in 1
Slide 36: Lunch Break
Slide 37: Module 3: An Investor Perspective: Why Embark?
Slide 38: An Investor Perspective: Why Embark?
An Investor Perspective: Why Embark? Pat Grady is a Partner at Sequoia Capital, which he joined in 2007, and is responsible for the partnership's growth-stage investment business in the U.S. and Europe. He is a Director of Amplitude, Attentive, Cribl, Embark Trucks, Namely, Okta (OKTA), and Pilot. H
Slide 39: Module 4: Business Development and Partnerships
Slide 40: Embark Freight Ecosystem
Embark Freight Ecosystem 7/7 NN ‘@ of Truck Truck Truck Drayage Truck Purchase Dispatch Monitoring Operations Maintenance Scaling
Slide 41: Embark Partner Development Program
Tierueraucem Embark Partner Development Program represent over 35,000 trucks and $22B in A systematic approach to preparing the nation’s leading carriers to deploy, operate and scale autonomous trucks across their existing networks Bifaiey S1SO/7. InBev @ freight" oscar TORSO Strategic Planning Oper
Slide 42: Strategic Planning
Strategic Planning Embark is working with shippers and carriers to analyze their nationwide freight networks at a lane level and develop detailed rollout plans for converting portions of these networks to autonomous Network Assessment + Benefits: Quantify carrier benefits at a lane level across savi
Slide 43: Operational Testing
Operational Testing Embark is hauling with carriers and shippers to refine operational details such as dispatching, maintenance and monitoring, establishing a scalable autonomous trucking operating model Process Testing Process Development + Industry Vertical Exposure: Embark has hauled loads for mo
Slide 44: Ecosystem Building
Ecosystem Building Embark is working with partners across the ecosystem to develop a virtual coverage map (Embark Coverage Map) that includes the physical locations (transfer points) between which fleet partners will be able to run Embark trucks Embark Coverage Map Planned Embark Coverage Map will c
Slide 45: Embark Freight Ecosystem
V7] Embark Freight Ecosystem a... Carrier has @® of & Truck Truck Truck Purchase Dispatch —- Monitoring e & \ Drayage Operations & Truck Maintenance dl 7 AV Scaling
Slide 46: An Informed Discussion on AV Policy
formed Discussion’ ; eS ee
Slide 47: Embark is Leading the Way on Policy
Elaine Chao |JemBark is Leading the Way on Policy Embark Coverage Map
Slide 48: Thank You
\)) emBark Thank You
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