HIGHLY CONFIDENTIAL Support Materials 2014 / Confidential Jefferies LLC Member SIPC This document contains proprietary information. HIGHLY CONFIDENTIAL Pricing Back-up This document contains proprietary information. i 1 HIGHLY CONFIDENTIAL Valuation Drivers Lithium Prices (LiOH) Discount Rate Multiples Technology / Execution • • • • Rising demand for both Li2CO3 and LiOH Persistent scarcity of LiOH Expanding price premium of LiOH over Li2CO3 Peers’ current technology cannot meet large EV manufacturer demand for quality LiOH • Capital asset pricing model supported by established Li players • Simbol is better than most early stage companies that have both scaleup and technology risk • Research analysts such as Laurence Alexander (Jefferies) and Patrick Archambault (Goldman Sachs) often value innovative industrial tech companies in the 13-15% range • Supported by several trading comparables sets: • Lithium Producers • Rockwood trading at 14x ’15E EBITDA • SQM at 10.2x ’15 EBITDA, its best business is Li • Supported by Simbol’s growth and margin profile Superior proprietary extraction technology for LiOH Benefits from co-location Shovel ready engineering design, supported by over 9,000 hours of operations Secure access to the world’s second largest brine resource Plant and working capital financing already secured at a below-market interest rate, with contingencies for additional capital costs built in • Committed current owners, with strong strategic back-up from highly credible Itochu (plant financing, supply agreements) • • • • • This document contains proprietary information. 2 . . . . HIGHLY LIOH Drivers CONFIDENTIAL We? 0th - Rising demand for both Li2003 and so? 22% - Estimates based on large EV manufacturers? forecasts: demand is expected to grow at ~42% annual/y through 2025 Persistent scarcity of Talison I - Expanding price premium of over Li2003 Rockwood - Limited "effective" capacity of peers 21% FMC 10% Source: Company SEC filings, China [Japan state export data, First Analysis Update: thium Fundamentals and Outlook June 18, 2014. Note: Does not give credit to shipping brine to China. Battery Quality Demand (K-MT2013 2014 2015 2016 2017 2018 Supply Large EV Manuf, Demand +Total BQ Demand This document contains proprietary information. 3 . . HIGHLY LIOH Price Forecast CONFIDENTIAL Premium Pricing and Higher Growth for 20145-205 Pricing - product 20145 20155 2016E 20175 2018E 20195 20205 CAGR Li0H(battery-grade) 7,600 8,360 9,196 10,116 11,127 12,240 13,464 Growth - 10increasing demand coming from electric vehicle producers and other high grade applications EV Demand 20% CAGR 201 1.25 Only 40% of can be used for EVbatteries Constrained Supply ?Effective Capacity" significantly lagging behind projected demand for battery grade Source: Company CIM This document contains proprietary information. 4 HIGHLY CONFIDENTIAL Discount Rate Back-up This document contains proprietary information. i 5 HIGHLY Valuation Drivers CONFIDENTIAL Public Precedent Discount Rate - Our analysis supports 12% discount rate 8 - 9% - Capital asset pricing model supported by both established Li players as well as more early stage companies 9 - 10% - Research such as Laurence Alexander (Jefferies) and Patrick Archambau/t (Goldman Sachs) 7 regular/y value innovative industrial tech companies range CAPM (Closest Peer Group) Share Price as of Equity Total Total I Equity Debt I Levered Unlevered Adjusted Company 6/27/2014 Value Debt Capitalization Ratio Total Cap. Total Cap. Tax Rate Beta Beta Lev. Beta FMC Corp. 70.82 9,431 1,813 1 1,243 19.2% 83.9% 16.1% 25.3% 1.06 1.14 0.93 1.07 Rockwood Holdings. Inc. 76.26 5,533 1,295 6,828 23.4% 81.0% 19.0% 56.5% 1.54 1.10 1.40 1.52 SQM 29.20 7.685 1,588 9.273 20.7% 82.9% 17.1% 22.2% 0.78 1.16 0.68 0.78 Mean 21.1% 82.6% 17.4% 34.7% 1.13 1.14 1.00 1.13 Median 20.7% 82.9% 17.1% 25.3% 1.06 1.14 0.93 1.07 Cost of Capital Cost of Equity Cost of Debt Equity Debt Risk-Free Rate Rf 2.41% Pre-Tax Cost of Debt 5.00% Weight (We, Wd) 82.9% 17.1% Relevered Equity Beta Be 1.05 Tax Rate 35.00% Cost of Capital (Ke. Kd) 11.9% 3.3% Market Risk Premium Rm 6.70% Contribution to WACC 9.9% 0.6% Industry Risk Premium Re 7.06% Size Premium Rs 2.46% Cost of Equity (Rf+Re+Rs) Ke 1 1.9% Cost of Debt Kd 3.3% Weighted Average Cost of Capital 10.4% Source: Company filings, Cap tal l0. Wall Street research. WACC's per Bloomberg as of June 27, 2014. This document contains proprietary information. 6 . . HIGHLY Valuation Drivers CONFIDENTIAL Discount Rate CAPM WACC Analysis (Secondary Comps) su- Prie- as or Er..in rural Mai 01 Early; on: I Uri-lull Ara-u Fundamental ana/ySIS 0f Carr-parry 0272014 van. on: upiaiza?un Ratio warm Tum. Tartar.? Beta? 0.1a Luau: comparable companies Banana mmlm. 4.10 540 1 541 0.1% 99991 0.19; 0.091 2.06 1 00 205 2.14 BYD Company 5 96 14.760 3.947 18.707 26 79; 78 991 21.19; 12.arts a 124 93 6 99 63% 94.1% 59% 0.0% 1.14 106 107 1.11 PP EnerSys 68 91 3.228 322 3.549 10 0% 90 991 9.1% 26.9% 1.53 1 07 1.47 1 52 FuelCell Energy Inc. 2.42 629 26 655 4.19: 96.1% 3 9% 0.09; 0.homologies. Inc 15 02 450 11 460 249; 97 79L 2 39; 24.791 1132 1 02 1 79 1 :4 Plug Perrier Inc0.0% (0.06) 1 00 (o 06) (o 06) Sat! Groupe A. 38 04 1.003 293 1.296 29 2% 77.4% 22 6% 25.0% 0.96 1 22 79 81 umalire Corp. 4.10 72 0 72 0 096 100 09; 096 23.7% 0.90 1 00 90 0 93 Ian 0.796 921796 756 12.596 1.14 1.07 1.07 1.11 Ind-an 4.195 96193 3.995 12.093 097 1.04 0.93 0.97 Castor Cost or Eqiy Cost at Mt Emily on Risk-Free Rate 2.419; Pretax Cost of Debt 5 00% Weight (We. we) 96.196 3 9% Reievered Equity Ba: 0e 0 96 Tax Rate 35 00% east or Capth (Ke. Kd) 11 39s 3 3% Market Risk Premium Rm 6.70% Curran-m moo 10.991 0.191 Industry Risk Premium Re 6.43% Size Premium Rs 2.46% Cost or Emily (mm-+13) Ke 11.395 Cost or out (purl-(Ln) Kd 3.396 new Ari-ag- cu of MI 11.095 . . Wall Street Research Analysis ChemTech CIeanTech - Even higher-risk, early stage companies i the comp set are FuelCell discount rate is W. Stone, Cowen Company, garnering discount rates of Februa'y 2014 13% to 15% Solazyme, SolarCity and ue/Cell) ManoneBio price target based on a pipeline NPV model with a 15 discount Laurence Alexander, Jefferies, June 2014. - For example, Jefferies analyst Laurence Alexander initiated - - Solazyme use a 13% WACC to account for the feedstock, commercialization, Manon ?0 Innovations (a and execution Timothy Radcliff, Morgan Stanley, May 2014 . blopestICIde company) at a WACC of 15% SolarCity . .our key assumptions include a 1 5% discount Patrick Jobin, Credit Suisse, June 18'" 2014 . Source: Company filings, Capital IQ. Wall Street research. (1) Based on average historicaltax rate from 2009- 2012. (2) 2-Year historical raw beta from Capital l0, (3) Based on 20-Year Treasury. I (4) Source: lbbotson Associates 2013 Yearbook; large company equity premiums less risk?free rate. . . . . . (5) Source: lbbotson Associates 2013 Yearbook; 8th decile return in excess of CAPM. Th IS document contalns proprletary Informatlon. 7 HIGHLY CONFIDENTIAL Multiples Back-up This document contains proprietary information. i 8 . . . HIGHLY Multiples (Comparable Companies UnIverse) CONFIDENTIAL . Providers and suppliers of high?value natural resources FMC, Rockwood and SQM supply 48% of global lithium a -FMC ?32m :hEarly 3mm: - High top-line growth reflected in high forward-looking grich em multiples Rockwood - Relatively high margin profile Simbol is higher - Proven platform technology like Simbol - Operate a commercial scale facility Comparable Companies Gelectrovaya . Strong technology platforms like Simbol a; Fuelce? Energy - users of lithium for energy storage Batteries, . . . . Energy storage . Government support provudes certainty of cash flow generation &CC ean m-mw - EBITDA multiples in the mid to high teens WUFE Source: Company filings and webs tes. (1) Analysis Update: Lithium Fundamentals and Outlook June 18, 2014. This document contains proprietary information. 9 HIGHLY Multiples (Comparable Companies Universe) CONFIDENTIAL Category Comments Rationale . FMC Corporation (FMC) is a diversified chemical company sewing agricultural, consumer and industrial markets with solutions, applications and products. . Of 2013 lithium sales, 50% is estimated to come from carbonate, chloride and hydroxide with the remaining 50% from lithium products?) . FMC lithium sales accounted for approximately 19% of 2013 global lithium market share by sales . Currently trading at 1 1.6x 2014E EBITDA with an estimated 2014 EBITDA margin of 22.9% . Lithium, along with agriculture and biopolymers are best businesses overall multiple is dragged by the rest of their businesses . Rockwood Holdings, Inc. (Rockwood) is a developer, manufacturer and marketer of specialty chemicals and advanced materials used for industrial and commercial purposes. Comparable Companies - In May 2014, Rockwood completed the acquisition of the ownership interest to create a joint venture with Sichuan Tianqi Lithium Industries Inc., giving Rockwood a 49% Early Stage 2 VI 3. . Lithium ownership interest in Talison Lithium Pty Chem Tech - Rockwood is the best comparable because former CEO Seifi Ghasemi has always spent the majority of his investor relations presentations focused around lithium . Rockwood is currently trading at 16.1x 2014E TEV EBITDA with an estimated 2014E EBITDA margin of 23.5% - Sociedad Quimica Minera de Chile SA (SQM) is a Chile-based company engaged in the production of specialty plant nutrients and chemicals commodities. . SQM currently has the highest EBITDA margin of the top four global lithium suppliers, at 35.2%, however, corporate tax in Chile is likely to increase from 20% to 25% after the fiscal reform currently pending approval at congress, which may place some downward pressure on the Company?s future Net Income margin - The bulk of business is commodity minerals even their lithium product is commodity and the Company has no ability to produce hydroxide . In 2013, SQM produced approximately 25% of the global lithium supply . SQM is trading at the middle of our lithium producers and suppliers comparable set with an 11.5x 2014E EBITDA 5 source: (1) First Analysis Update: thium Fundamentals and Outlook June 18, 2014. 10 Lithium THC WONLOWIOI WFW Multiples (Comparable Companies Universe) HIGHLY CONFIDENTIAL Companies Flagship Mine Location Battery Quality Production Time Process Environmental Imperial Valley . Selective No primary waste streams, Sm California Hours Ab t. low land usage, nominal mate na 5 (United States) sorp Ion supply chain 1 13K-mile raw materials supply chain, water Salar de Atacama . - - - . 12 to 24mo. Solar Evaporation '"te"5!"ev 'and '"tens'vev (Chlle) chemical waste streams 13K-mile raw materials supply chain, water taca a 12 to 24mo. Solar Evaporation Intensfvev 'and '"tens'Vev .. . .Lithlum (Chlle US) chemical waste streams 10K-mile raw materials Salar del Hombre . . supply chain, water Mueno 3 to 6mo_ Alumma Adsorptlon intensive, land intensive, (Argentina US) SOlar Evaporatlon chemical waste streams A Cuola Mine 10K-mile materials supply a 0 . 7L7: . Open Method 'and 7:1: mm tnmun (Chma) stockpne to ore use Intenswe, chemical 1 6K walste streams I -mI raw ma ena Salar del Olaroz . supp" Chaim water . 8 months Solar Evaporation intensive. land use (Argent'na) intensive, chemical waste 1 streams 1 Val d?Or Da 5 to rocess . ope" pit mining' waSte BB ENERGY INC (C .lpt Open Method tailings,ARO$, land use ana a 00 pl ore intensive, chemical I waste streams . Open pit mining, waste Whabouchl Days to process 0 P.t th tailings, AROs, land use . pen I . . (Canada) stockp le to ore Intenswe, chemical I waste streams Open pit mining, waste - - a 0 . western thhlum Nevada Open Method AROs, land use 1 Sources: Company ?lings and Company websites. This document contains proprietary information. 11 stockpile to ore intensive, chemical ste strealms Je erles . . . HIGHLY Multiples (Comparable Companies Universe) CONFIDENTIAL A CHO UCMN Imperial Valley, CA Other Locations Sm SIMBQL materials RocKwoom Low country risk - PA err/c Short supply chain NORTH Amuva OCEAN .H- I -IMi_c_d_W' N0 imported raw materials - . - . .- No evaporation no weather Caribbean riSk Co-Iocation significant energl and capital cost New? advantages for brine extraction Extraction time times vs. 18-20 months for evaporation times lower working capital requirement - Proprietary sorbent coupled with electrolytic process Fm? A techno/0g results in >99. 99% purity lithium materials - No hydromethalurgical extraction a, .7 . . ya.? >70% EBITDA margins vs 22% mean of Li peers This document contains proprietary information. 12 HIGHLY Multiples (Cost Position) CONFIDENTIAL Cost of Production Other Lower Cost Considerations 6,000 - 3,000 Lower Carbon Footprint I - Target elements ready in solution (easy I I . - I processmg) I Atacama Atacama Other Bnne Spodumene Producer A Producer Producer -- - No mine development Wm Cost of Production N0 mining Dr Dre processing - No hydromethalurgical extraction - No scaling impurities - No tailing ponds 3,000 No salt piles No mine closure and remediation costs - No long supply chain logistics Atacama Atacama Brine A Brine Other Brine Other Brine Spodumene This document contains proprietary information. Source: Company CIM. 13 HIGHLY Multiples (Comparable Companies Universe) CONFIDENTIAL ($Millions, except per share values) Price of Total Total Enterprise Value Price I 2014E Net Debt as of 52-Weelr Equity Enterprise Revenue EBITDA Earnings EBITDA 2014E Company 6/27/2014 High Value Value 2014E 2015E 2016E 2014E 2015E 2016E 2014E 2015E 2016E Margin EBITDA Lithium Producers Su liers FMC Corp. 70.82 84% 9.43 1 1 1,205 2.7x 2.3x 2.1x 1 1.6x 9.9x 8.6x 16.8x 13.5x 1 1.6x 22.9% 1 .8x Rockwood Holdings, Inc. 76.26 93% 5,533 5,520 3.8x 3.5x 3.3x 16.1x 14.0x 13.0x NM 25.3x 23.2x 23.5% NM SQM 29.20 71% 7,685 8.534 4.1x 3.8x 3.5x 1 1.5x 10.2x 9.4x 2 1.6x 19.0x 15.9x 35.2% NM Median 84% 3.8x 3.5x 3.3x 1 1.6x 10.2x 9.4x 19.2x 19.0x 15.9x 23.5% 1.8x Mean 83% 3.5x 3.2x 3.0x 13.1x 11.4x 10.3x 19.2x 19.3x 16.9x 27.2% 1.8x Batteriesl Energy Storage Clean Energy Ballard Power Systems Inc. 4.09 47% 539 507 6.4x 5.0x 4.0.3% 0.1x BYD Company Ltd. 5.96 81% 17,731 21,398 2.3x 1.9x 1.6x 21.0x 17.2x 14.7x NM NM NM 10.9% 0.0x Electrovaya Inc. 1.22 82% 93 98 NA 2.2x 2.EnerSys 68.79 93% 3,228 3.324 1.3x 1.2x NA 8.8x 8.4x NA 15.5x 14.3x NA 14.2% 0.0x FuelCell Energy Inc. 2.40 51% 629 649 3.0x 2.4x 1.5x NM NM 20.6x NM NM NM NM 0.1x Maxwell Technologies, Inc. 15.13 82% 450 429 2.1x 1.7x 1.2x 22.1x 16.3x 10.4x NM NM NA 9.4% 0.2x Plug Power Inc. 4.68 40% 790 733 10.1x 7.5x 3.4x NM NM 14.8x NM NM NM NM NM Saft Groupe S.A. 39.14 100% 999 1,155 1.3x 1.2x 1.1x 8.1x 7.0x 6.3x 17.2x 14.3x 13.4x 15.6% 0.0x Ultralife Corp. 3.0.3x Median 81% 2.3x 2.0x 1.6x 14.9x 12.3x 14.7x 16.4x 14.3x 13.4x 10.9% 0.1x Mean 73% 3.8x 2.9x 2.2x 15.0x 12.2x 13.3x 16.4x 14.3x 13.4x 10.1% 0.1x Overall Median 81% 2.8x 2.3x 2.1x 1 1.6x 10.2x 1 1.7x 17.0x 14.3x 14.6x 14.9% 0.1x Overall Mean 75% 3.7x 3.0x 2.4x 14.2x 11.8x 12.2x 17.8x 17.3x 16.0x 16.5% 0.3x High Value 100% 10.1x 7.5x 4.3x 22.1x 17.2x 20.6x 21.6x 25.3x 23.2x 35.2% 1.8x Low Value 40% 1.3x 1.2x 1.1x 8.1x 7.0x 6.3x 15.5x 13.5x 1 1.6x 0.3% 0.0x Source: Company filings, Cap tal IQ, Wall Street research. This document contains proprietary information. 14 HIGHLY CONFIDENTIAL Valuation Back-up This document contains proprietary information. i 15 HIGHLY Valuation Overview CONFIDENTIAL Implied Enterprise Value billions) $2.6 Implied Valuation $2.5bn Discounted Cash Flow Analysis IPO Valuation DCF Span 30 years - 201 7 Priced Off 2019E Figures $3.5bn WACC 12.0% - Discount Factor 12.0% - 2021E (run-rate) Multiple 14.0x - IPO Discount 10.0% Annual Price Increase 10% - Multiple 23.0x - Multiple 14.0x - Annual Price Increase 10% This document contains proprietary information. 16 . . HIGHLY (gi?counted Cash Flow AnalySIs CONFIDENTIAL FYE Decenber 31, 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2042E 2043E Revenue - - - $66.1 $163.5 $339.0 $458.9 $528.1 $580.1 $637.3 $3,847.4 $4,230.8 Maintenance CapEx - - - $7.7 $7.9 $20.5 $25.4 $26.1 $26.7 $27.4 $43.8 $44.9 EBITDA $1.7 $90.9 $243.2 $369.2 $436.2 $486.5 $542.0 $3,588.3 $3,953.8 Margin NM NM NM 2.6% 55.6% 71.7% 80.5% 82.6% 83.9% 85.1% 93.3% 93.5% Less: Depreciation and Amortization (3.0) (2.9) (2.6) (8.9) (18.1) (42.9) (42.9) (42.9) (42.9) (42.7) - - EBIT $72.8 $200.3 $326.3 $393.3 $443.6 $499.3 $3,588.3 $3,953.8 Less: Taxes - - - - - (13.3) (104.6) (128.9) (147.4) (168.2) (1,255.9) (1,383.8) After-Tax EBIT $72.8 $187.0 $221.7 $264.4 $296.2 $331.1 $2,332.4 $2,569.9 Plus: Depreciation and Amortization 3.0 2.9 2.6 8.9 18.1 42.9 42.9 42.9 42.9 42.7 - - Lea: Growth CapEx - (182.0) (134.4) - (477.7) (39.Le$2 Change in Net Working Capital - - - (5.4) (8.0) (14.4) (9.8) (5.7) (4.3) (4.7) (28.7) (31.5) Unlevered Free Cash Flow ($206.1) ($161.7) ($394.7) $175.7 $254.8 $301.6 $334.8 $369.1 $2,303.8 $2,538.4 I - $885 million of capital is required to construct Simbol?s first two plants, with 30'Year DCF Valuat'on combined total production of 30,000 MT . . I - Assumes 100% production Va2021: Exit Discount Factor I - Includes cost of steam generation results In 28% cost reduction per MT "ample ?50% ?15% mm 12359,, 12.50% - Assumes price of battery grade H20 increases by 10.0% annually through I 135?" $1828 $2703 $2584 $3471 $2353 the lifecyc/e of production, with a starting price of 600 MT in 2014 13?" 2'831 2706 2587 2'4? 2366 I . 14.00x 2.835 2,710 2,591 2.477 2.369 . 14.25x 2.838 2.713 2,594 2.480 2.371 Production Volume and Price MT 14-50)! 2842 2.716 2.597 2.483 2.374 I lProduction Volume (MD I 2017: 2018: 2019: 2020: 2021: 2022: I battery grade 6,000 13,500 25,500 31,500 33,000 33,000 I MT 0t battery grade $10,116 $11,127 $12,240 $13,464 $14,810 $16,291 I (1) Base case assumes price of increases by 10.0% annually, through the fecycle of production, with a starting pr ce of $7,600 MT. I Assumesmhf?o?s ?Mduz'am?mm?smo? This document contains proprietary information. I I 17 HIGHLY valuation - In Today?s CONFIDENTIAL Assumes a $275 mm in 201 7, with proceeds used to expand capacity ($Millions) - Simbol will produce 100% from both its first and second PFOdUCtion Volume and Price MT plants, with max capacity of 30,000 MT by 2021 - The Company will IPO in 201 7 priced off 201 9E figures, with [New ?me I 20175 20185 ?fie ME 20215 2022': proceeds used to construct its second facility better! snide 6,000 ?500 {29209} 31500 33-000 - 20195 revenue credit will be applied for plant 2 Is, bame ?(we ?I'm 312240 ?3'464 $14810 ?6291 I - Simbol's 70% EBITDA margins compared to Rockwood and Baggy-"g margins in the low 20 ?s will justify increased Revenue multiples - Assumes 10% annual price increase Forward PIE Valuatlon In Today's Forward EBITDA Valuatlon In Today?s 20195 Net Income $157.2 2019E EBITDA $243.2 Multiple Range 23.0x Multiple Range 14.0x Future Equity Value $3,616.2 Future Enterprise Value $3,405.0 Discount Factor 0712 Discount Factor 0.712 NPV of Future Equity Value $2.573-9 NPV of Future Enterprise Value $2.423-5 Less: Pro Forma Cash?) (3733) Plus: Pro Forma Cash?) 373.3 Plus: Debt 214.5 Less: Debt (214-5) Fully Distibuted Enterprise Value 32-415-1 Fully Distibuted Equity Value $2,582.4 Less: IPO Discount (241-5) Less: IPO Discount (258.2) Equity Value $2,332.4 Equity Value Less: NPV of Primary Proceeds Discounted 120% Less: NPV of Primary IPO Proceeds Discounted 12.0% (195.7) Value $2'136'7 IPO Pre-Money Equity Value of Company Sold 8.4% of Company sold 84% (1) Includes $257.0 million of IPO net proceeds and $116.3 million of 2017 projected cash. This document contains proprietary information. 18 HIGHLY valuation - In CONFIDENTIAL Assumes a $275 mm IPO in 201 7, with proceeds used to expand capacity ($Millions) - Simbol will produce 100% from both its first and second PrOdUCtion Volume and Price MT plants, with max capacity of 30,000 MT by 2021 - The Company will IPO in 201 7 priced off 201 9E figures, with Wm "m 20175 20185 2?1? 20205 202? 20m 1 proceeds used to construct its second facility battery snide 6:000 13,500 {29209} 31500 33-000 - 2019E revenue credit will be applied for plant 2 may? ?(we ?I'm $12240 ?3'464 $16291] - Simbol's 70% BITDA margins compared to Rockwood and margins in the low 20 ?s will justify increased Revenue multiples - Assumes 10% annual price increase Forward PIE Valuatlon In 2017 Forward EBITDA Valuatlon In 2017 2019B Net Income $157.2 2019E EBITDA $243.2 Multiple Range 23.0x Multiple Range 14.0x Equity Value $3,616-2 Enterprise Value $3,405.0 Less: Pro Forma Cash?? (373.3) Plus: Pro Forma Cash?? 373.3 Plus: Debt 214.5 Less: Debt (214.5) Fully Distibuted Enterprise Value 53,4573 Fully Distibuted Equity Value $3,563.8 Less: IPO Discount (345.7) Less; Discount (3564) Equity Value $3,27o.5 Equity Value L955: Proceeds (275-0_) Less: IPO Proceeds (275.0) Pre-Money Equity Value 52:995-5 IPO Pre-Money Equity Value $2,932.4 of Company Sold 8.4% of Company sold 8.6% (1) Includes $257.0 million of IPO net proceeds and $116.3 million of 2017 projected cash. This document contains proprietary information. 19