Polestar Investor presentation

1 PolestarInvestor presentationSeptember20212 Investor presentation Disclaimer 1 / 2 Thisinvestorpresentation(this presentation )isforinformationalpurposesonlytoassisti nterestedpartiesinmakingtheirownevaluati onwithrespecttotheproposedbusinesscombin ation(the BusinessCombination )betweenGoresGuggenheim,Inc. ( GGI )andPolestarPerformanceABand/oritsaffili ates(the Company ). Theinformationcontainedhereindoesnotpurp orttobeall-inclusiveandnoneofGGI,theComp anyortheirrespectivedirectors,officers,s tockholders,affiliatesorrepresentativesm akesanyrepresentationorwarranty,expresso rimplied,astotheaccuracy,completenessorr eliabilityoftheinformationcontainedinthi sPresentationoranyotherwrittenororalcomm unicationcommunicatedtotherecipientinthe courseoftherecipient' (i) a solicitationofa proxy,consentorauthorizationwithrespectt oanysecuritiesorinrespectoftheproposedBu sinessCombinationor(ii)anoffertosell,aso licitationofanoffertobuy,orarecommendati ontopurchaseanysecurityofGGI,theCompany, oranyoftheirrespectiveaffiliates.

2 YoushouldnotconstruethecontentsofthisPre sentationaslegal,tax,accountingorinvestm entadviceora prospectusmeetingtherequirementsofSectio n10oftheSecuritiesActof1933, asamended(the SecuritiesAct ),oranexemptiontherefrom. ThePIPE financingdescribedhereinhasnotbeenandwil lnotberegisteredundertheSecuritiesActora nyapplicablestatesecuritieslaws. If theproposedBusinessCombinationisenteredi nto,thePIPE financingwillbeofferedandsoldonlyto"qual ifiedinstitutionalbuyers"(asdefinedinRul e144 AundertheSecuritiesAct)andinstitutional" accreditedinvestors"(asdefinedinRule501( a)(1),(2),( 3) or(7) promulgatedundertheSecuritiesAct) ,tax,accountingorinvestmentadviceora ,and,byacceptingthisPresentation,youconf irmthatyouarenotrelyingupontheinformatio ncontainedhereinnoranyinformationpresent edorresearchundertakenbytheplacementagen ts,exceptforundertakingsexpresslymadeund erthesubscriptionagreement, Therecipientacknowledgesthatit is(a)awarethattheUnitedStatessecuritiesl awsprohibitanypersonwhohasmaterial,non-p ublicinformationconcerningacompanyfrompu rchasingorsellingsecuritiesofsuchcompany orfromcommunicatingsuchinformationtoanyo therpersonundercircumstancesinwhichit isreasonablyforeseeablethatsuchpersonisl ikelytopurchaseorsellsuchsecurities,and( b)

3 FamiliarwiththeSecuritiesExchangeActof19 34, asamended,andtherulesandregulationspromu lgatedthereunder(collectively,the ExchangeAct ),andthattherecipientwillneitheruse,norc auseanythirdpartytouse,thisPresentationo ranyinformationcontainedhereinincontrave ntionoftheExchangeAct,including,withoutl imitation,Rule10b-5 forward-lookingstatements asdefinedinthePrivateSecuritiesLitigatio nReformActof1995. Forward-lookingstatementsgenerallyrelate tofutureeventsorthefuturefinancialoroper atingperformanceofGGI,theCompanyandPoles tarAutomotiveHoldingUKLimited( ListCo ). Forexample,projectionsoffutureAdjustedEB ITDA orrevenueandothermetricsareforward-looki ngstatements. Insomecases,youcanidentifyforward-lookin gstatementsbyterminologysuchas may , should , expect , intend , will , estimate , anticipate , believe , predict , potential , forecast , plan , seek , future , propose or continue ,orthenegativesofthesetermsorvariationso fthemorsimilarterminology. Suchforward-lookingstatementsaresubjectt orisks,uncertainties, ,whileconsideredreasonablebyGGIanditsman agement,andtheCompanyanditsmanagement,as thecasemaybe,areinherentlyuncertain.

4 Factorsthatmaycauseactualresultstodiffer materiallyfromcurrentexpectationsinclude ,butarenotlimitedto: (1) theoccurrenceofanyevent,changeorothercir cumstancesthatcouldgiverisetotheterminat ionofdefinitiveagreementswithrespecttopr oposedBusinessCombination;(2) theoutcomeofanylegalproceedingsthatmaybe institutedagainstGGI,thecombinedcompanyo rothersfollowingtheannouncementoftheBusi nessCombinationandanydefinitiveagreement swithrespectthereto; (3) theinabilitytocompletetheBusinessCombina tionduetothefailuretoobtainapprovalofthe stockholdersofGGI,toobtainfinancingtocom pletetheBusinessCombinationortosatisfyot herconditionstoclosing; (4) changestotheproposedstructureoftheBusine ssCombinationthatmayberequiredorappropri ateasa resultofapplicablelawsorregulationsorasa conditiontoobtainingregulatoryapprovalof theBusinessCombination;(5) theabilitytomeetstockexchangelistingstan dardsfollowingtheconsummationoftheBusine ssCombination;(6) theriskthattheBusinessCombinationdisrupt scurrentplansandoperationsoftheCompanyas aresultoftheannouncementandconsummationo ftheBusinessCombination;(7) theabilitytorecognizetheanticipatedbenef itsoftheBusinessCombination,whichmaybeaf fectedby,amongotherthings,competition,th eabilityofthecombinedcompanytogrowandman agegrowthprofitably,maintainrelationship swithcustomersandsuppliersandretainitsma nagementandkeyemployees; (8) costsrelatedtotheBusinessCombination;(9) risksassociatedwithchangesinapplicablela wsorregulationsandtheCompany sinternationaloperations; (10) thepossibilitythattheCompanyorthecombine dcompanymaybeadverselyaffectedbyothereco nomic,business,and/orcompetitivefactors; (11)theCompany sestimatesofexpensesandprofitability; (12) theCompany sabilitytomaintainagreementsorpartnershi pswithitsstrategicpartnersVolvoCarsandGe elyandtodevelopnewagreementsorpartnershi ps.

5 (13)theCompany sabilitytomaintainrelationshipswithitsex istingsuppliersandstrategicpartners,ands ourcenewsuppliersforitscriticalcomponent s,andtocompletebuildingoutitssupplychain ,whileeffectivelymanagingtherisksduetosu chrelationships; (14) theCompany srelianceonitspartnershipswithvehiclecha rgingnetworkstoprovidechargingsolutionsf oritsvehiclesanditsstrategicpartnersfors ervicingitsvehiclesandtheirintegratedsof tware; (15) theCompany sabilitytoestablishitsbrandandcaptureadd itionalmarketshare,andtherisksassociated withnegativepressorreputationalharm,incl udingfromlithium-ionbatterycellscatching fireorventingsmoke; (16) delaysinthedesign,manufacture,launchandf inancingoftheCompany svehiclesandtheCompany srelianceona limitednumberofvehiclemodelstogeneratere venues; (17) theCompany sabilitytocontinuouslyandrapidlyinnovate ,developandmarketnewproducts;(18) risksrelatedtofuturemarketadoptionoftheC ompany sofferings; (19) increasesincosts,disruptionofsupplyorsho rtageofmaterials,inparticularforlithium- ioncellsorsemiconductors; (20) theCompany srelianceonitspartnerstomanufacturevehic lesata highvolume,someofwhichhavelimitedexperie nceinproducingelectricvehicles,andonthea llocationofsufficientproductioncapacityt otheCompanybyitspartnersinorderfortheCom panytobeabletoincreaseitsvehicleproducti oncapacities; (21) risksrelatedtotheCompany sdistributionmodel;(22)theeffectsofcompe titionandthehighbarrierstoentryintheauto motiveindustry,andthepaceanddepthofelect ricvehicleadoptiongenerallyontheCompany sfuturebusiness;(23) changesinregulatoryrequirements,governme ntalincentivesandfuelandenergyprices; (24) theimpactoftheglobalCOVID-19pandemiconGG I,theCompany,theCompany spostbusinesscombination sprojectedresultsofoperations,financialp erformanceorotherfinancialmetrics,oronan yoftheforegoingrisks.

6 And(25) otherrisksanduncertaintiessetforthinthes ectionentitled RiskFactors and CautionaryNoteRegardingForward-LookingSt atements inGGI sfinalprospectusrelatingtoitsinitialpubl icoffering(FileNo. 333-253338) declaredeffectivebytheSEConMarch22, 2021, andotherdocumentsfiled,ortobefiled, SecuritiesandExchangeCommission(the SEC )byGGIorListCo, includingtheRegistration/ProxyStatement( asdefinedbelow). TheremaybeadditionalrisksthatneitherGGI, theCompanynorListCopresentlyknoworthatGG I, representationbyanypersonthattheforward- lookingstatementssetforthhereinwillbeach ievedorthatanyofthecontemplatedresultsof suchforward-lookingstatementswillbeachie ved. Youshouldnotplaceunduerelianceonforward- lookingstatements,whichspeakonlyasofthed atetheyaremade. NeitherGGI, ( GAAP )including,butnotlimitedto,AdjustedEBITD A,FreeCashFlow,EBITM arginandcertainratiosandothermetricsderi vedtherefrom. Thesenon-GAAP financialmeasuresarenotmeasuresoffinanci alperformanceinaccordancewithGAAP andmayexcludeitemsthataresignificantinun derstandingandassessingtheCompany sfinancialresults.

7 Therefore,thesemeasuresshouldnotbeconsid eredinisolationorasanalternativetonetinc ome,cashflowsfromoperationsorothermeasur esofprofitability,liquidityorperformance underGAAP. YoushouldbeawarethattheCompany sfinancialconditionandresultsofoperation s. TheCompanybelievesthattheuseofthesenon-G AAP financialmeasuresprovidesanadditionaltoo lforinvestorstouseinevaluatingongoingope ratingresultsandtrendsinandincomparingth eCompany sfinancialmeasureswithothersimilarcompan ies, Duetothehighvariabilityanddifficultyinma kingaccurateforecastsandprojectionsofsom eoftheinformationexcludedfromtheseprojec tedmeasures,togetherwithsomeoftheexclude dinformationnotbeingascertainableoracces sible,theCompanyisunabletoquantifycertai namountsthatwouldberequiredtobeincludedi nthemostdirectlycomparableGAAP financialmeasureswithoutunreasonableeffo rt. Consequently, sprojectedfinancialresults,includingreve nue,fortheCompany'sfiscalyears2021throug h2025. TheCompany'sindependentauditorshavenotau dited,reviewed,compiledorperformedanypro cedureswithrespecttotheprojectionsforthe purposeoftheirinclusioninthisPresentatio n,andaccordingly,theydidnotexpressanopin ionorprovideanyotherformofassurancewithr especttheretoforthepurposeofthisPresenta tion.

8 Theseprojectionsshouldnotberelieduponasb eingnecessarilyindicativeoffutureresults . Theassumptionsandestimatesunderlyingthep rospectivefinancialinformationareinheren tlyuncertainandaresubjecttoa widevarietyofsignificantbusiness,economi candcompetitiverisksanduncertaintiesthat couldcauseactualresultstodiffermateriall yfromthosecontainedintheprospectivefinan cialinformation. Accordingly,therecanbenoassurancethatthe prospectiveresultsareindicativeofthefutu reperformanceoftheCompanyorthatactualres ultswillnotdiffermateriallyfromthosepres entedintheprospectivefinancialinformatio n. Inclusionoftheprospectivefinancialinform ationinthisPresentationshouldnotberegard edasa resultofthecompletionoftheCompany'sfinan cialreportingperiodclosingprocedures,rev iewadjustmentsandotherdevelopmentsthatma yarisebetweennowandthetimesuchfinanciali nformationfortheperiodisfinalized. Asa result,theseestimatesarepreliminary,mayc hangeandconstituteforward-lookinginforma tionand,asaresult,aresubjecttorisksandun certainties.

9 NeithertheCompany snorGGI sindependentregisteredaccountingfirmhasa udited,reviewedorcompiled,examinedorperf ormedanyprocedureswithrespecttotheprelim inaryresults, presentation Disclaimer 2 / 2 IndustryandMarketDataInthisPresentation, GGIandtheCompanyrelyonandrefertocertaini nformationandstatisticsobtainedfromthird -partysourceswhichtheybelievetobereliabl e. NeitherGGInortheCompanyhasindependentlyv erifiedtheaccuracyorcompletenessofanysuc hthird-partyinformation. Youarecautionednottogiveundueweighttosuc hindustryandmarketdata. ThisPresentationmayincludetrademarks,ser vicemarks,tradenamesandcopyrightsofother companies,whicharethepropertyoftheirresp ectiveowners. Solelyforconvenience,someofthetrademarks ,servicemarks,tradenamesandcopyrightsref erredtointhisPresentationmaybelistedwith outthe , , ,or symbols,buttheCompanyandGGIwillassert,to thefullestextentunderapplicablelaw,theri ghtoftheapplicableowners,ifany,tothesetr ademarks,servicemarks, ,(i) ListCoisexpectedtofilewiththeSECaregistr ationstatementonFormF-4containingaprelim inaryproxystatementofGGIandapreliminaryp rospectus(the Registration/ProxyStatement ),and(ii)GGIwillfileadefinitiveproxystat ementrelatingtotheproposedBusinessCombin ation(the DefinitiveProxyStatement )andwillmailtheDefinitiveProxyStatementa ndotherrelevantmaterialstoitsstockholder saftertheRegistration/ProxyStatementisde claredeffective.

10 TheRegistration/ProxyStatementwillcontai nimportantinformationabouttheproposedBus inessCombinationandtheothermatterstobevo teduponatameetingofGGIstockholderstobehe ldtoapprovetheproposedBusinessCombinatio n. ,securityholdersofGGIandotherinterestedp ersonsareadvisedtoread,whenavailable,the Registration/ProxyStatementandtheamendme ntstheretoandtheDefinitiveProxyStatement andotherdocumentsfiledinconnectionwithth eproposedBusinessCombination,asthesemate rialswillcontainimportantinformationabou tGGI,theCompany, ,theDefinitiveProxyStatementandotherrele vantmaterialsfortheproposedBusinessCombi nationwillbemailedtostockholdersofGGIaso fa ,theDefinitiveProxyStatementandotherdocu mentsfiledwiththeSEC,withoutcharge,oncea vailable,attheSEC ,orbydirectinga requestto: GoresGuggenheim,Inc., 6260 LookoutRd., Boulder,CO80301, attention: descriptionoftheirinterestsinGGIissetfor thinGGI sfilingswiththeSEC(includingGGI sfinalprospectusrelatedtoitsinitialpubli coffering(FileNo.))