CONFIDENTIAL – BUSINESS PROPRIETARY INFORMATION

True Zero Retail Hydrogen Vehicle Market

September 2017

Harris Ranch, Coalinga, CA

Opened in November 2015

2016 2017 2018 2019 2020 2021 2022 2023

FCEVs 1,214 4,050 10,500 13,500 18,465 34,300 43,600 60,000

HydrogenDemand 129 622 2,683 3,449 4,718 8,764 11,140 15,330

354 1,705 7,350 9,450 12,926 24,010 30,520 42,000

0

50,000

100,000

150,000

200,000

250,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Year

HydrogenDemand(tons/year) On-RoadFCEVs

Vision, Opportunity, and Market

True Zero : Company Overview

• Only purpose-built company in the world focused on providing customer-friendly,

retail hydrogen to help accelerate the adoption of fuel cell electric vehicles

• Initialize a retail hydrogen fuel market in California that serves fuel cell vehicle

customers in the near-term

• Produce a business model in California that is scalable and exportable

• Replace gasoline and the internal combustion engine worldwide

150,000 cars 38,330 tons

775,000 cars 198,000 tons

Toyota Mirai

2015

Honda Clarity

2016

Hyundai Tuscon

2018

Mercedezs-Benz GLC

2018

Chevy 2020 ??

Existing Stations

California Statewide Hydrogen Network

True Zero

Other

San Francisco -

Airport

LA - Hollywood

LA - Marina del Rey

San Jose Airport

San Diego - Del Mar

Santa Barbara

South Pasadena

Long Beach

La Cañada Flintridge

Saratoga

Campbell

Lake Tahoe

Costa Mesa

Lake Forest

Harris Ranch

Mill Valley

Hayward

Fremont

Existing Retail Stations:

Retail Stations Under Development:

True Zero Stations 18 9

Other Stations 13 20

Total 31 29

True Zero Market Share 58%

Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

Avg kg/day 4 9 11 27 33 60 60 86 103 115 208 248

Highest Day kg/day 43 42 36 89 63 120 122 159 178 209 314 332

Fills 15 19 15 30 25 53 42 55 57 80 119 132

Revenue 2 4 6 14 16 31 30 44 51 59 107 124

Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

FCEVs 34 57 72 98 128 169 210 250 290 342 713 782

Stations 2 4 6 6 10 11 13 13 14 14 14 15

4 9 11 27 33 60 60

86 103 115

208 248 254

306 335

375

457

567 568

698

764 769

-

100

200

300

400

500

600

700

800

900

No

v-1

5

Dec

-15

Ja

n-1

6

Fe

b-1

6

Ma

r-1

6

Ap

r-1

6

May

-16

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Se

p-1

6

Oct-

16

No

v-1

6

Dec

-16

Ja

n-1

7

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

May

-17

Ju

n-1

7

Ju

l-1

7

Au

g-1

7 -

100

200

300

400

500

Revenue Avg kg/day

True Zero Retail Hydrogen Sales History

Over 13 Million miles fueled and 200 Tons of hydrogen retailed in past 12 months

La Cañada Flintridge, CA

Costa Mesa, CA Santa Barbara, CA

Saratoga, CA

Growth Opportunity: Achieving Scale

Hydrogen and FCVs in California Today Gas and Conventional Autos in California Today

31 hydrogen stations open & 29 under development > 7,000 gasoline stations

Average hydrogen station has been installed with the

capacity to fill 75 fuel cell cars per day

Average gasoline station: capacity to fill 600-800

gasoline powered cars per day

3500 fuel cell cars by end of 2017 2.1 Million new cars sold in 2016, and 25.2 Million

registered cars as of Jan 1, 2017

$ Billions of investment are needed to reach similar scale to gasoline

Growth Opportunity: Geographic Expansion

15 U.S. states follow California’s vehicle emission

regulations (Section 177 States):

Most Northeast States, Oregon, Washington, New Mexico,

North Carolina, Georgia

California policies create a strong market

pull

Japan Korea China

Produce a business model in California that

is scalable and exportable to other markets

Germany France

UK Norway

Source: California Air Resources Board