#1LUMINAR GORES METROPOULOS LUMINAR BUSINESS OVERVIEW NOVEMBER 2020 © 2020 Luminar Technologies, Inc. All Rights Reserved#2||| No Representations and Warranties This presentation of Gores Metropoulos, Inc. ("Gores") and Luminar Technologies, Inc ("Luminar" or the "Company") is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of Luminar or Gores or any of their respective affiliates' securities (as such term is defined under U.S. federal securities laws). This presentation has been prepared to assist interested parties in making their own evaluation with respect to the proposed business combination and for no other purpose. Luminar and Gores assume no obligation to update or keep current the information contained in this presentation, to remove any outdated information or to expressly mark it as being outdated. No securities commission or securities regulatory authority or other regulatory body or authority in the United States or any other jurisdiction has in any way passed upon the merits of, or the accuracy and adequacy of, this presentation. DISCLAIMER You should not construe the contents of this presentation as legal, accounting, business or tax advice and you should consult your own professional advisors as to the legal, accounting, business, tax, financial and other matters contained herein. No representation or warranty, express or implied, is or will be given by Gores nor Luminar nor any of their respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information in this presentation (including as to the accuracy or reasonableness of statements, estimates, targets, projections, assumptions or judgments) or any other written, oral or other communications transmitted or otherwise made available to any party in the course of its evaluation of a possible transaction. Accordingly, none of Gores and Luminar or any of their respective affiliates, directors, officers, employees, or advisers or any other person shall be liable for any direct, indirect, or consequential loss or damages suffered by any person as a result of relying on any statement in or omission from this presentation and any such liability is expressly disclaimed. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, none of Gores', Luminar's, their respective affiliates, nor Gores', Luminar's or their respective affiliates' directors, officers, employees, members, partners, stockholders, or agents makes any representation or warranty with respect to the accuracy of such information. This presentation is not an expression of Gores' interest in Luminar and does not constitute an offer or agreement to acquire Luminar; it being understood that the terms of any such acquisition would be set forth in definitive documents in form and substance satisfactory to the parties and executed by them. Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "future," "growth," pportunity," "we -positioned," "forecast," tend," "seek," "target," "anticipate," "believe," <pect," timate," "plan," "outlook," and "project" and other similar expressions that predict indicate future events trends that are stateme istorical matters. Such forward-looking statements include, but are not limited to, projected financial information, statements regarding estimates and forecasts of other financial and performance metrics, projections of market opportunity and market share and statements regarding the proposed relationship between Luminar and Volvo and the implications of those arrangements and related agreements on Luminar's business and results of operations. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of Gores, Luminar or the combined company after completion of any proposed business combination are based on current expectations that are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Gores' and Luminar's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably; costs related to the proposed business combination; changes in applicable laws or regulations; the inability to successfully retain or recruit officers, key employees or directors following the proposed business combination; effects of Gores' public securities' liquidity and trading; the market's reaction to the proposed business combination; the lack of a market for Gores' securities; Gores' and Luminar's financial performance following the proposed business combination; the possibility that Luminar or Gores may be adversely affected by other economic, business, and/or competitive factors, including the level of demand and financial performance of the autonomous vehicle industry and market adoption of lidar; the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the proposed business combination or the expected benefits of the proposed business combination; the risk that the approval of the stockholders of Gores or Luminar is not obtained; risks related to Luminar's relationship with Volvo, and the related timing of production schedules and other key milestones; the amount of redemption requests made by Gores' public stockholders; the inability of Luminar to adequately protect or enforce its intellectual property rights or prevent unauthorized parties from copying or reverse engineering its solutions which efforts to protect and enforce Luminar's intellectual property rights and prevent third parties from violating its rights may be costly; any legal and/or regulatory proceedings and commercial or contractual disputes in which Luminar may become involved, which could have an adverse effect on its profitability; changes in the price of key materials and disruptions in supply chains for these materials; the impact of the global COVID-19 pandemic; and other risks com and uncertainties indicated from time to time in the final prospectus of Gores filed on February 1, 2019, Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and the registrations statement on Form S-4/A containing a proxy statement/consent solicitation statement/prospectus filed with the Securities and Exchange Commission (the "SEC") by Gores on October 23, 2020, in each case, under "Risk Factors,", and other documents filed or to be filed with the SEC by Gores. There may be additional risks that neither Gores nor Luminar presently know or that Gores and Luminar currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You are cautioned not to place undue reliance upon any forward-looking statements, including the projections, which speak only as of the date made. Neither Gores nor Luminar undertake any commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward-looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments and their potential effects on Gores and Luminar. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements. 2#3DISCLAIMER Use of Projections This presentation contains financial forecasts with respect to certain financial measurements of Luminar, including, but not limited to Luminar's projected Revenue, Free Cash Flow and Adjusted EBITDA for Luminar's fiscal years 2020 through 2025. 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. Neither Gores' independent auditors, nor the independent registered public accounting firm of Luminar, audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections should not be relied upon as being necessarily indicative of future results. Neither Gores nor Luminar undertakes any commitment to update or revise the projections, whether as a result of new information, future events or otherwise. In this presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein), for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See "Forward-Looking Statements" paragraph above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Gores or Luminar or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Industry and Market Data In this presentation, Gores and Luminar rely on and refer to information and statistics regarding the sectors in which Luminar competes and other industry data. Gores and Luminar obtained this information and statistics from third-party sources, including reports by market research firms. Although Gores and Luminar believe these sources are reliable, they have not independently verified the information and do not guarantee its accuracy and completeness. Gores and Luminar have supplemented this information where necessary with information from discussions with Luminar customers and Luminar's own internal estimates, taking into account publicly available information about other industry participants and Luminar's management's best view as to information that is not publicly available. Use of Non-GAAP Financial Measures The financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus to be filed by Gores with the SEC. This presentation includes non-GAAP financial measures, including earnings before interest, taxes, preciation and amortizatio ("EBITDA") and Free Cash Flow ("FCF"). Free Cash Flow is defined as EBITDA less capital enditures less net interest expense less taxes (including the benefit of existing and future net operating losses). ing p ent acquisitions) less changes in net working capital Gores and Luminar believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Luminar's financial condition and results of operations. Luminar's management uses these non-GAAP measures to compare Luminar's performance to that of prior periods for trend analyses and for budgeting and planning purposes. These measures are used in monthly financial reports prepared for management and Luminar's board of directors. Gores and Luminar believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Management of Luminar 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 measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Luminar's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Luminar's management about which expenses and income are excluded or included in determining these non-GAAP measures. Other companies may calculate non-GAAP measures differently, and therefore the non-GAAP measures of Luminar included in this presentation may not be directly comparable to similarly titled measures of other companies. Additional Information about the Transactions and Where to Find It Gores has filed with the SEC a registration statement on Form S-4 (the "Registration Statement") and has mailed the definitive proxy statement/consent solicitation statement/prospectus contained therein and other relevant documents to its stockholders. The Registration Statement is now effective. The Registration Statement, including the proxy statement/consent solicitation statement/prospectus contained therein, contains important information about the proposed transactions contemplated by the Merger Agreement and the other matters to be voted upon at a meeting of Gores' stockholders to be held to approve the proposed transactions contemplated by the Merger Agreement and other matters (the "Special Meeting") and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Gores stockholders and other interested persons are advised to read the Registration Statement and the proxy statement/consent solicitation statement/prospectus, as well as any amendments or supplements thereto, because they contain or will contain important information about the proposed transactions. The definitive proxy statement/consent solicitation statement/prospectus has been mailed to Gores stockholders as of October 14, 2020, the record date established for voting on the proposed transactions contemplated by the Merger Agreement and the other matters to be voted upon at the Special Meeting. Gores stockholders will also be able to obtain copies of the definitive proxy statement/consent solicitation statement/prospectus, without charge, at the SEC's website at www.sec.gov or by directing a request to: Gores Metropoulos, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou (email: [email protected]). No Offer or Solicitation This presentation is for informational purposes only and shall not constitute an offer to sell, the solicitation of an offer to buy any securities or a solicitation of any vote in any jurisdiction pursuant to the proposed business combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 f the Securities Act of 1933, as amended. Participants in the Solicitation Luminar and Gores and their respective directors and officers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the proposed business combination. Gores stockholders and other interested persons may obtain, without charge, more detailed information regarding directors and officers of Gores in Gores Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores' stockholders in connection with the proposed business combination will be included in the proxy statement/prospectus Gores has filed with the SEC. Trademarks and Trade Names Gores and Luminar own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended in, and does not imply, a relationship with Gores or Luminar, or an endorsement or sponsorship by or of Gores or Luminar. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the Ⓡ, TM or SM symbols, but such references are not intended to indicate, in any way, that Gores or Luminar will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor in these trademarks, service marks and trade names. Many statements and the case studies contained herein relate to (i) The Gores Group, LLC ("The Gores Group"), certain of its affiliated funds or Gores Holdings, Inc. ("Gores Holdings"), Gores Holdings II, Inc. ("Gores Holdings II") or Gores Holdings III, Inc. ("Gores Holdings III") or (ii) Dean Metropoulos or businesses affiliated with him or his affiliates. An investment in Gores Metropoulos, Inc. is not an investment in The Gores Group, its affiliated funds, Gores Holdings I, Gores Holdings II or Gores Holdings III or Dean Metropoulos or businesses affiliated with him or his affiliates. The historical results of The Gores Group, its affiliated funds, Gores Holdings I, Gores Holdings II or Gores Holdings III or Dean Metropoulos or businesses affiliated with him or his affiliates are not necessarily indicative of the future performance of Gores Metropoulos, Inc. ||| 3#4MAJOR ACHIEVEMENTS SINCE AUGUST 2020 Commercial Execution Financial • Daimler Truck Deal: Entered into strategic partnership with Daimler Truck to pursue a common goal of bringing series produced, highly automated trucks (SAE L4) to roads globally; Daimler Truck invested in Luminar at the same valuation as the SPAC • Accelerating Production Programs: Now engaged with 50% more OEM programs for series production deals to be awarded over next 24 months (now 12, up from 8 in August; only 4 modeled in financial forecast) ● On-track for Powering Series Production Vehicles in 2022: Delivered key milestone of Iris B samples; shipped to lead series production partner Volvo and live on vehicles • Key Supplier Agreements: Now have definitive and exclusive supply agreements for all core lidar components (laser, receiver, ASIC); consistent with <$100 BOM target in volume Confirming and Increasing Orderbook Outlook: New trucking agreements and higher volume outlook from existing production programs since August increases 2020YE order book 30% from ~$1 billion to ~$1.3 billion • Further Confidence in Forecast: Substantially increased business engagements, increases in customer volume outlook, and new agreements result in proof points and greater confidence in financial forecast relative to August 4#5THE LUMINAR TEAM Austin Russell, Founder & CEO LUMINAR Tom Fennimore, CFO LUMINAR Alec Gores, Sponsor, Incoming Director GORES METROPOULOS Jason Eichenholz, PhD CTO & Co-Founder Optics Industry Executive Ocean Optics CTO Aaron Jefferson Product Auto / ADAS Product Leader VP Product Strategy @ ZF • Founded Luminar in 2012 at the age of 16. Was an independent researcher at the Beckman Laser Institute ● In 2013, awarded the prestigious Thiel Fellowship & dropped out of Stanford to focus on Luminar full-time By 2018, named to Forbes 30 under 30 and MIT 35 under 35 ● • Subsequently moved to Jefferies as Co-Head of Industrials and Global Head of Auto Investment Banking B.S. in Mathematics and Engineering ● ● Spent 17 years at Goldman Sachs across various sectors including ECM and M&A before being appointed Global Head of Automotive ● Founder, Chairman and Chief Executive Officer of The Gores Group 35+ years of experience as an entrepreneur, operator and private equity investor Has invested in 100+ portfolio companies through varying macroeconomic environments Raised six SPACs to date (totaling $2.5+ billion before PIPE commitments) Scott Faris Chief Business Officer Optics Industry Executive 4-time Startup CEO / COO Nicole Phelan Marcom & Chief of Staff AV Industry Comms Leader VP, LaunchSquad Jason Wojack Engineering Volume HW Development Expert VP of Engineering @ Motorola Anthony Cooke Acting General Counsel Chief Counsel @ NHTSA Christoph Schroeder, PhD Software Autonomous Industry Leader VP Autonomy @ Mercedes Marc Losiewicz Business Development ||| Auto / ADAS Biz Dev Leader VP ADAS & Global Safety @ ZF 5#6COMPANY OVERVIEW TO#7Product Business ESTABLISHED FOUNDATION FOR RAPID GROWTH Proof of Concept 2012/2013 Founded by Austin Russell TID PARTNERSHIPS 4 in 2017 50 in 2020 2014/2015 First Point Cloud Acquired Open Photonics Nick & Jill Woodman CORNING 2016 SELECT INVESTORS VI Peter Thiel Van Tuyl COMPANIES Produced First Fully Custom Chip open DAIMLER MOORE STRATEGIC VENTURES, LLC ២០១៤៨៤( Canvas VENTURES O -->> <<<<• 2017 Acquired Black Forest Engineering CRESCENT COVE -->>>>>>>> THE WESTLY GROUP Emerged from Stealth; Public Unveiling of lidar VOLVO 1517 G2VP CORNES Launched lidar for Test & Dev Fleets 2018 Toyota Research Partnership Revealed PALO ALTO, CA Operations, Software D ORLANDO, FL Hardware Engineering, R&D, Manufacturing Introduced Iris for Series Production 2019 Expanded Advanced Manufacturing, Accelerated SW Dev BALL (21.5 First Series Production Win COLORADO SPRINGS, CO Chip Design WASHINGTON, DC Government Affairs DETROIT, MI BD, Program Support PEDESTRAN (23.2 VOLVO Launched Hydra Perception Stack 350+ TEAM ACROSS A GLOBAL FOOTPRINT 2020 Daimler Trucks Partnership DAIMLER Daimler Truck GERMANY Autonomy Software, Customer Integration SWEDEN Business Development, Program Support ISRAEL Business Development, Program Support ||| JAPAN Business Development, Program Support 7#8INVESTMENT HIGHLIGHTS Large and Rapidly Growing TAM(¹) • <$5B today, projected to grow to >$150B in 2030E • Near-term focus on passenger and commercial vehicle autonomy on highways + ADAS applications Breakthrough Technology Built From Scratch • Differentiated lidar architecture and component-level innovation built from the chip-level up • 96 patents issued/allowed +77 applications pending (2) Scaling the World's First Auto-Grade Autonomous Technology • Only lidar meeting OEM specs to safely enable highway autonomy for series production • Robust scalable architecture designed for passenger and commercial production vehicles Deeply Integrated Hardware/Software Solution • Proprietary software purpose built to unlock full Luminar lidar capabilities • Jointly building full-stack highway autonomy and proactive safety products Awarded Industry's First Series Production Contract for Autonomy by Volvo • Luminar hardware and software powering Volvo's next-gen consumer vehicle platform, starting in 2022E • 50 OEM and other commercial/strategic partners, including 7 of the of world's top 10 automakers Strategic Partnership with Daimler Truck to Bring Autonomy to Series Production • To align interests and strengthen the partnership, Daimler Truck has acquired a minority stake in Luminar • Partnering with significant majority of self-driving truck start-ups and traditional truck OEMs Compelling Growth, Margin, and Cash Flow Profile • Robust customer base and visibility to series production enables rapid expansion of backlog • High shareholder return potential from scalability, integrated HW + SW products and low capital intensity Deep Bench of Industry Leaders • Visionary leadership with track record of innovation and execution in the auto industry ¹ Includes lidar plus AV and ADAS software; Source: Luminar estimates incorporating data from IHS Markit, LMC Automotive, Company Filings, and Wall Street equity research. 2 Source: United States Patent and Trademark Office. Data as of 11/9/20. OUR VISION IS TO MAKE AUTONOMOUS TRANSPORTATION SAFE AND UBIQUITOUS LUMINAR 8#9INTEGRATED AUTONOMOUS & SAFETY SOLUTION The world's first autonomous solution for series production ACROSS ALL VERTICALS & Tiny Tr PASSENGER VEHICLE 1-3 lidar configuration 1-3 lidar configuration VOLVO KUSTAN TRUCKING TORC/DAIMLER ROBO-TAXI 4 lidar configuration TOYOTA RESEARCH INSTITUTE Developing turn-key highway autonomy and proactive safety solutions for passenger vehicles and trucks Proprietary software purpose built to unlock full lidar capabilities Only commercially viable long-range lidar for automotive applications DECISION MAKING AND PATH PLANNING SOFTWARE PERCEPTION SOFTWARE Detection & Classification LIDAR IRIS Object Tracking ||| 9#10ENABLING AUTONOMY AND ENHANCING ADAS LO ADAS (¹) Human Supervision Required ACTIVE SAFETY Basic Automatic Emergency Braking (AEB), Blind Spot Detection deaths per year Most OEMs Safety(2) 1.35 Million 50 Million ~95% from human error L1/2 injuries per year DRIVER ASSIST Adaptive Cruise Control + Lane Keep Assist, simultaneously MADE POSSIBLE WITH CAMERAS AND RADAR, ENHANCED BY LUMINAR T TESLA Source: SAE J3016TM: Taxonomy and Definitions for Terms Related to On-Road Motor Vehicle Automated Driving Systems. 1 Advanced Driver-Assistance Systems. 2 Source: World Health Organization, National Highway Traffic Safety Administration, US Census Bureau. L3/4 AUTONOMOUS DRIVING No Human Supervision HIGHWAY AUTONOMY Driver-out-of-the-loop autonomy on highways VOLVO DAIMLER Daimler Truck Time / Value (³) 52 minutes average time Americans spend commuting per day ENABLED BY LONG-RANGE, HIGH- PERFORMANCE LUMINAR LIDAR Value(4 ~3x Improvement ~$800 Billion US trucking revenue L4/5 3 Source: US Census Bureau, American Trucking Associations. 4 Source: Wall Street research. URBAN/FULL AUTONOMY Full autonomy on urban, suburban, and highway environments WAYMO in cost per mile 10 |||#11LUMINAR ENABLES AUTONOMY AND ENHANCES ADAS LO ADAS (¹) Human Supervision Required Basic Automatic Emergency Braking (AEB), Blind Spot Detection LUMINAR PROACTIVE SAFETY • Substantially Improved AEB • Also enables Automatic L1/2 Adaptive Cruise Control + Lane Keep Assist, simultaneously MADE POSSIBLE WITH CAMERAS AND RADAR, ENHANCED BY LUMINAR Safety Value Add Emergency Steering • Insurance Opportunity . Reliable ACC ● Reliable Lane Keep Assist AUTONOMOUS DRIVING No Human Supervision L3/4 Driver-out-of-the-loop autonomy on highways LUMINAR HIGHWAY AUTONOMY Enabling Autonomy • Eyes-off functionality gives time back to the driver 14/5 Full autonomy on urban, suburban, and highway environments ENABLED BY LONG-RANGE, HIGH- PERFORMANCE LUMINAR LIDAR • Improved safety with small object detection, free space W WAYMO ||| • Increased availability in low light and inclement weather Long range, high speed performance 11#12THE ROLE OF SENSORS IN AUTONOMY Neither camera nor camera fused with radar offer high confidence 3D perception. Lack of confidence leads to: Limited and inconsistent safety performance • The requirement for human supervision High resolution, long range lidar sensing adds the detection, classification, and range measurement confidence to unlock highway autonomy and reliable and consistent safety functionality Camera Radar Traditional Lidar Luminar Lidar Note: Oct. 2019, Automated Emergency Braking with pedestrian detection, American Automobile Association, Inc. Resolution & Range Precise (3D) Location Performance in Weather Color (RBG) ||| 12#13DIFFERENTIATED FOCUS ON LARGEST TAM SEGMENT OF LIDAR MARKET LUMINAR Highway Autonomy (& Proactive Safety) LIDAR MARKET AND TAM SEGMENTATION (2030E) Applicable to Luminar Only Low Volume Applicable to Luminar & Several Other Lidar Companies Robo-taxi $15B High Speed / Long Range Adjacent Markets (1) $17B Source: Luminar estimates incorporating data from IABI Research, IDTechEx, IHS Markit, LMC Automotive, SESAR, Company Filings and Wall Street equity research. (1) Includes defense, delivery bots/drones, construction, mining, agriculture, warehouse and other off-road vehicles. (2)Based on projected L1 light vehicle volumes. Low Speed / Short Range $60B Commercial Trucking $120B Consumer Vehicle Legacy ADAS (2) $15B ||| High Volume 13#14LANDMARK AUTOMOTIVE PRODUCTION WIN WITH VOLVO VO OL V O 2022E START OF PRODUCTION POWER OF DATA Collecting data for continuous software improvement Over-the-air updates enable performance capability and safety upgrades over time — LA Volvo, a global leader in automotive safety, is setting new safety and technology standards by partnering with Luminar to enable its first fully self-driving technology for highways in next-generation production vehicles $ Leveraging Luminar's hardware and software for series production also paves the way for future active safety developments INDUSTRIALIZATION Flagship customer de-risks industrialization, enables economies of scale, and accelerates widespread adoption Validates technology and de-risks industrialization Enables economies of scale required for enhanced unit economics 闺 0000 Completed Volvo's comprehensive RFQ audits Auto qualification accelerates transition of OEM partners to series production across the industry 14#15LANDMARK TRUCKING PARTNERSHIP ANNOUCNED DAIMLER Daimler Truck DAIMLER TRUCKS WATERS 40% Market Share of North American Class 8 Truck Market TRUCK MARKET VALUE PROPOSITION Dramatic improvements in 0000) efficiency, safety, utilization, hours of service and operating expenses Luminar has pioneered a critical enabling technology for bringing automated vehicles to the road, and we're excited to work closely with them to drive this technology forward. Their company has proven visionary in its focus and unique ability to enable long-range sensing and high-speed driving on the highway. Our common goal is to enable safe deployment of highly automated trucks and shape the future of the trucking and logistics industry at large. "" Dr. Peter Vaughan Schmidt Head of Autonomous Technology Group at Daimler Trucks Pursuing a common goal of bringing series-produced highly automated (L-4) trucks to roads globally Leveraging same Luminar Hardware and Software as passenger vehicles for highway autonomy $ Daimler Trucks acquired a minority stake in Luminar Opportunity to reduce annual insurance premiums and relatively unfavorable insurance loss ratios ||| 15#16PROPRIETARY TECH ENABLING INDUSTRY-LEADING PERFORMANCE BREAKTHROUGH INNOVATIONS Receiver DIC TTTTT Emitter Scanner Đ Processor 10 Ultra high efficiency, low-cost architecture Proprietary hybridized low- cost 1550nm laser Dynamic scanning with low- mass, auto-grade mirrors 4th major generation Luminar ASICS, designed from scratch in-house PROPRIETARY ARCHITECTURE Luminar Lidar Architecture InGaAs Receiver & ASIC (2x) 1550nm Laser Dual-Axis Scanner Traditional Lidar Architecture (Spinning Turret) Silicon Receivers 905nm Lasers 16 |||#17INDUSTRY-LEADING PERFORMANCE UNLOCKING SAFE AUTONOMY Delivering the range and resolution performance expected to safely unlock hands-off and eyes-off highway driving SAFETY AT HIGH SPEEDS A Luminar technology detects dark objects up to 250m away, providing 7 seconds of reaction time while traveling at 65 miles per hour Next best resolution to reliably detect dark objects only has a range of 45m, providing only 1 second of reaction time ▬▬▬ MAX RESOLUTION Point Density (on Horizon): Pixels/Degree² INDUSTRY-LEADING PERFORMANCE 300 250 200 150 100 50 0 0 Note: All data sourced from company spec sheets & physics. OEM requirement based on Luminar's assessment of OEM RFIS. Legacy Range - Resolution Trade-off 50 100 150 RANGE Meters, 5% Reflectivity (Dark Objects) 200 ||| LUMINAR 250 17#18AUTOMOTIVE LIDAR REQUIREMENTS ויויויו Range Eye Safety Resolution Exportability Fidelity Supply Chain Security Frame Rate Assembly Time Field of View Scalable Architecture Weather Agnostic H Auto-Grade Reliability •¹)× Limited Interference $ ta Cost ||| 18#19ONLY LIDAR MEETING ALL KEY OEM REQUIREMENTS FOR AUTONOMY Product Stage Range Performance (@5% Reflectivity) Max Resolution (pts/deg² @10Hz) Field of View Performance in Poor Weather Interference (Sunlight, lidar) Auto-Grade Cost Commercial Perception Software OEM Spec Requirement(¹) (For Autonomy) Production > 200m > 200 >100° x 30° > 200m in Rain & Snow None Auto Grade Capable Low BOM & Assembly Cost Yes Note: All data sourced from company spec sheets & physics. ¹ Based on Luminar's assessment of OEM RFIS. LUMINAR Series Production Ready > 250m > 300 120° x 30° Yes None Yes 1 Laser, 2 Receivers Yes Company A (Product 1) Test Vehicles (Robo-taxi) 70m 45 360° x 40° No Partially Blinded No 128 Lasers, 128 Receivers No Other lidar Companies Company A (Product 2) Test Vehicles (Robo-taxi) 22m 3 360° x 30° No Partially Blinded No 16 Lasers, 16 Receivers No Company B Delayed Series Production (ADAS) 120m / 35m (Configurable) 25 / 100 (Configurable) 115⁰ x 25⁰ No Partially Blinded Undemonstrated 6 Lasers, 6 Receivers Basic Functions Only Company C Series Production (ADAS) 35m 3 145° x 3° No Partially Blinded Yes 4 Lasers, 4 Receivers Yes Company D Test Vehicles (Robo-taxi) 140m 30 ||| 360° x 40° No Partially Blinded No 64 Lasers, 64 Receivers No 19#20EDGE CASES NEUR MATTERSKOR |||#21INCLEMENT WEATHER PERFORMANCE Rain Snow Fog HO w Guard Rail # Pap Cross Traffic 191m 21 |||#22MAINTAINING AND ACCELERATING COMPETITIVE ADVANTAGE COMPREHENSIVE IP STRATEGY Patent Portfolio A Trade Secrets Specialized Team R&D AND BUSINESS STRATEGY 2011 0101 001 Third Party IP Exclusivity Proprietary Software S³ Supply Chain Exclusivity Confidentiality Agreements Commercial Partner Wins Source: United States Patent and Trademark Office and Luminar data. Data as of 11/9/20. LEADING LIDAR PATENT PORTFOLIO 173 Pending 92 Issued 4 Allowed LUMINAR RECEIVER SOFTWARE 96 Issued / Allowed Patents SCANNER 47 Company D Company C Company B SYSTEM Company A EMITTER Selected Companies (Aggregate Issued) ||| 22#23VALUATION ($M) AUTONOMOUS VEHICLE LANDSCAPE $30,000 $15,000 $5,000 $2,500 Luminar is the only company capable of powering passenger vehicle highway autonomy LUMINAR $2,900 (Aug-20) PASSENGER VEHICLES (Consumer application, highway focus) Source: Company filings, press releases, Pitchbook, Financial Times (Waymo) cruise $19,000 (May-19) Baido E ΝΑ WAYMO $30,000 (Mar-20) Uber ATG $7,250 (April-19) Motional $4,000 Aurora (Sep-19) $3,020 (Feb-19) A ARGO $7,250 (Jul-19) pony $5,300 (Nov-20) $1,500 (Jun-20) Mercedes-Benz BOSCH ΝΑ & SED MOKIGA $593 (Jul-20) ROBOTAXI (Ridesharing application, urban focus) 23 |||#24DATA STRATEGY FOR SCALE - AV Robo-Taxi Data Strategy One city at a time... Billions have been invested in urban-focused self-driving, looking to tackle the most difficult autonomy domain. Infrastructure and development fleet expansion is focused on one city at a time, which requires an extremely high investment and is not scalable for series production. 600 400 200 0 Waymo Uber # of vehicles (2020E) Fleet sizes from media reporting, public filings, investor presentations and general web articles Waymo Argo Cruise Aurora Uber Cruise Argo Aurora - Luminar's Data Strategy Leveraging Scale of Passenger Vehicles Deploying global consumer and commercial highway autonomy with Luminar partners enables effective data collection for autonomy at unprecedented scale, further improving software safety and functionality over time. By 2025E, up to ~1,000,000 Vehicles Collecting Data Globally (cumulative) LUMINAR ||| 24#25DELIVERING FULL STACK HIGHWAY AUTONOMY Luminar's proprietary software is purpose-built to unlock its full lidar capabilities, delivering a turn- key solution that accelerates the ability for OEMs to deliver high-speed highway autonomy at commercial series production scale Q Smooth and safe maneuvers powered by confident perception Reliable detection and classification at long distances, provide more time at high highway speeds for planning and decision making Over-the-air (OTA) performance upgrades enabled by software Access to data accelerates software development and functionality FULL STACK HIGHWAY PRODUCT Lidar LUMINAR Semantic Segmentation Approaching Perception LUMINAR Object Detection & Classification Instant Velocity Decision Making & Path Planning Receding LUMINAR & OEMs Land & Road Tracking Configurable Field Coverage 25#26DEEP DIVE: PERCEPTION SOFTWARE To deliver highway automation and proactive safety, a vehicle needs to: Understand the complete scene, in any environment SEMANTIC SEGMENTATION Assigns a "type" to each object in a scene: examples include driveable road, non- driveable space, lanes, etc Luminar value add: the unique ability to understand a complete scene in 3D in one single sensor The Detect and classify objects at long distance, in all lighting and weather conditions OBJECT DETECTION & CLASSIFICATION Detect objects in a scene, at a long distance, and classify those objects as vehicle, pedestrians, and cyclists Luminar value add: provides more time at high highway speeds for planning and decision making at night and in inclement weather/environments ph Track lane and road markings, identifying driveable and non- driveable space ||| LANE & ROAD TRACKING Detects and classifies lane markings and road edges; classifies single, double, dotted and dashed lines; assigns objects a lane ID, even in the absence of lane markings Luminar value add: provides information for path planning and decision making; extends road and lane capture beyond the ability of headlights, a failsafe operation if headlights are not functioning properly 26#27POWERING HIGHWAY AUTONOMY AND PROACTIVE SAFETY Luminar enables automakers to provide greater value to consumers and save lives HIGHWAY AUTONOMY Luminar's full-stack solution accelerates the ability for OEMs to deliver high-speed highway autonomy at production scale With software updates over-the-air, performance upgrades can be provided, including the nsion of operational domains This is bolstered by our analysis and training from an ever- growing data lake that includes comprehensive representations of edge cases Source: Oct. 2019, Automated Emergency Braking with pedestrian detection, American Automobile Association, Inc. Based on relevant NCAP test scenarios and Luminar simulation. PROACTIVE SAFETY ADAS enhanced by Luminar provides higher confidence detection, faster and farther than camera and radar, enabling proactive collision avoidance at all speeds (1) 7X Luminar proactive safety could decrease the current reported collision occurrence rates by up to This presents an opportunity to subsidize and standardize Luminar products with OEMs through reduced insurance rates In 2019, AAA warned that pedestrian detection systems don't work when needed most 89% 60% 80% M collision occurrence: two adults roadside collision occurrence: child pedestrian collision occurrence: adult pedestrian The study of four sedans, including Tesla, pedestrian detection with Automatic Emergency Braking was tested at 20 mph resulted in the above ||| 27#28AAA Pedestrian Detection ADAS Testing Source: https://newsroom.aaa.com/2019/10/aaa-warns-pedestrian-detection-systems-dont-work-when-needed-most/ |||#29PROACTIVE SAFETY ENABLES INSURANCE OPPORTUNITY Substantial safety improvement from Luminar's Proactive Safety solution could cut cost of insurance to partially or fully subsidize product cost Potential to accelerate standardization of Luminar lidar and software across the industry This upside opportunity is not included in Luminar's current financial forecast $ Unlocking attractive economics through subsidizing or standardizing Luminar products with OEMs Creating a partnership ecosystem comprised of current forward-looking insurance providers/new entrants ● Allowing OEMs to own the entire vehicle life-cycle; streamlining the customer experience Transparency in the total cost of car ownership Collecting, supplying and analysing insurance-related data || Aligning insurance with the actual use and application 29 |||#30LUMINAR'S CURRENT & TARGET PARTNER ECOSYSTEM 50 current commercial partners represent ~75% of target passenger vehicle, trucking and robo-taxi ecosystem LUMINAR Partners Target Ecosystem PASSENGER VEHICLE 7 of Top 10 OEMs TOYOTA DAIMLER aw W Audi Ford SAIC 8 HYUNDAI O HONDA VOLVO NISSAN GM FCA FIAT CHRYSLER AUTOMOBILES JAGUAR AWOS -ROVER RIVIAN Ο ΝΙΟ TRUCKING Most Major Programs Most Major Programs Ike TORC/DAIMLER NIKOLA VOLVO TRUCKS Kodiak tu simple PACCAR ROBO-TAXI EMBARK TOYOTA RAH INSTITUTE cruise MOBILEVE (intel) NVIDIA Uber A ARGO Motional Tier IV Inteligen: Voticia u WeRide 文远知行 OX ADJACENT MARKETS Diverse Cross-Section Aerospace/Defense Construction/Mining Agriculture Smart City 30 |||#31PARTNERED WITH EVERY MAJOR AV TRUCKING PROGRAM ||| Leveraging the same Luminar Highway Autonomy hardware/software products and economies of scale from passenger vehicles for long-haul commercial trucking LUMINAR NFIV 90 from f LUMINAR LUMINAR 111 D Dinie 'ncio Adoramus lectuskyand Ryder Camp Gure arm LUMINAR 1100 HEY COME FOTO LUMINAR LUMINAR#32ROBUST PARTNER FUNNEL ● ● ROBUST PIPELINE Luminar is working closely with its partner base to transition programs through the validation and advanced development stages towards series production following the win with Volvo Working with our partners to convert an additional 12 programs (up from 8 in August) to series production over next 24 months CURRENT PARTNER FUNNEL BY STAGE(¹) Source: Luminar data. ¹Partner funnel excludes 14 adjacent market partners. 2 (24) VALIDATION 9 ADVANCED DEVELOPMENT CONTRACT SERIES PRODUCTION 1 PRODUCTION PARTNERSHIP VOLVO (Undisclosed) DAIMLER Daimler Truck 32#33PRODUCT INDUSTRIALIZATION 9 INSOURCED: DEVELOPMENT PHASE Engineering Development IN-HOUSE VALUE-ADD ** Rapid Prototyping A Samples LUMINAR Co-Location with R&D, Closed- Assembly and Test Process Development Fixed Cost, Manage Change, Faster Cycle Time Expertise, IP Protection, Optimization Process Maturation Enabling Transfer B Samples OUTSOURCED: PRODUCTION PHASE Supplier & Line Qualification C, D Samples Ramp to Volume Series Production CM, Tier N OUTSOURCE VALUE-ADD Leveraging global spend to efficiently scale, resource and reduce cost and risk MEXICO Final sensor assembly THAILAND Key component manufacturing 33 |||#34IRIS - ANTICIPATED VOLUME PRODUCTION TIMELINE BUILDING A GLOBAL ECOSYSTEM Internally developed manufacturing IP enables flexibility for scaling of production with multiple partners (i.e., CMs and/or Tier 1s) Leveraging global supply chain expertise to bring leading technology to market efficiently ● 2020 Q1 ENGINEERING ADVANCED MANUFACTURING LEAD CM Q2 A Sample Builds Iris Pilot Line Q3 Q4 2021 DFX, Supply Chain Development & Manufacturing Engineering Q1 B Sample Production Q2 process transfer Tool-Up Sub-assembly PPAPS Q3 Q4 C Sample Production 2022 Q1 D Sample Production Q2 Iris PPAP Q3 Series Production Q4 ||| 34#35*********** *** extent o குக் đất gia tiên ông thực công cho TA PHÁP X #$$£T******** ******* ww కంగ Tote ** ceas Fe WA OVERVIEW FINANCIAL ET#36FINANCIAL HIGHLIGHTS ● ● COMMENTARY Revenue primarily driven by automotive series production programs, commencing in 2022E This can be broken down into three sources: Base lidar hardware only ADAS proactive safety solution (lidar HW + SW) Highway autonomy solution (lidar HW + SW) - Over 90% of 2025E revenue expected to be from existing partner base Growth driven by development programs transitioning to series production programs or similar agreements Three programs have made this leap with Luminar in 2020 Working with our partners to convert an additional 12 programs to series production over next 24 months (up from 8 in August). ~4 programs reflected in our model, forecasted on weighted probability of occurrence Opportunity to standardize Luminar's technology across an OEM partners' entire production base Increased forward looking order book by 30% for 2020YE from increased volume guidance from existing customers and new agreements REVENUE ($M) Hardware Software $15 2020E $26 2021E $35 $1.0 2022E 2020YE (Aug 2020) $124 +30% 2023E $418 FORWARD LOOKING ORDER BOOK ($BN)¹ $1.3 2024E 2020YE (Nov 2020) $837 ¹ Revised from initial forecast in August 2020; Luminar estimate of forward-looking order book reflects cumulative projected future sales of hardware and software over the life of a program based upon Luminar's estimates of volumes and pricing. 2025E ||| 36#37FINANCIAL HIGHLIGHTS (CONT'D) ● ● ● COMMENTARY Capital-light model with near-term commercialization Focused on nearer-term business opportunities with OEMs to drive growth & economies of scale Does not require billions for R&D and CapEx like other autonomous technology companies Scalable business model Same HW and SW products across entire partner base Contract manufacturing labor outsourced for series production Gross margin rapidly increases as manufacturing & tooling overhead are amortized over production volumes, further enhanced with reduced BOM cost Operating leverage from relatively fixed cost base and SG&A - Exponential improvements in BOM from scale and VAVE Core IRIS BOM estimated at <$500 / unit in series production Exclusive supply agreements for all core components (laser, receiver, ASIC) in place to support <$100 BOM long-term target Enables lower ASPs to drive greater unit volumes and widespread standardization Large strategic investments being made with new capital Core business requires -$250M to cash flow positive Planning to invest an additional ~$150M to develop full-stack highway autonomy and proactive safety software GROSS PROFIT ($M) % Margin ($7) 2020E ($61) 2020E 22% $6 EBITDA ($M) % Margin ($67) 2020E 2021E ($90) 2021E 35% ($116) 2021E $12 2022E ($88) 2022E 51% ($121) 2022E $63 EBITDA LESS CAPEX ($M) 2023E ($51) 2023E ($91) 2023E 61% $254 2024E 30% $126 2024E $109 2024E 64% $531 2025E 44% $365 2025E $343 2025E 37#38ILLUSTRATIVE PATH TO $2.5+ BILLION EBITDA 2030E TARGETS (1) ~4%" Target Vehicle Penetration Rate 50%+ EBITDA Margin Opportunity -$60B Target Forward-Looking Order Book ILLUSTRATIVE OPPORTUNITY ($B) -$5 Revenue Source: Luminar data. ¹ Based on passenger and commercial vehicle, robo-taxi and adjacent market opportunities, including a subset of programs with multi-sensor configurations. $2.5+ EBITDA ||| 38#39TRANSACTION OVERVIEW#40TRANSACTION OVERVIEW TRANSACTION STRUCTURE(¹) Business combination between Luminar Technologies, Inc. (“Luminar") and Gores Metropoulos, Inc. (Nasdaq: GMHI) ("Gores Metropoulos" or "GM"), a publicly-traded special purpose acquisition company $170 million financing directly into Luminar (the "Series Financing") which was fully committed at transaction signing (August 24, 2020) and funded immediately, anchored by top tier institutional investors including Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick & Jill Woodman and VectolQ Proxy has been declared effective and the GM shareholder vote will be held on December 1, 2020 Closing expected shortly after GM shareholder meeting, following which GM will be renamed Luminar and listed on Nasdaq under the new ticker symbol "LAZR" VALUATION Fully diluted pro forma equity value of ~$3.4 billion (assuming $488 million in net cash at closing) Existing Luminar shareholders will roll the entirety of their existing equity holdings into the combined company and are expected to receive ~80% of the pro forma equity(2) CAPITAL STRUCTURE Funded by a combination of GM cash held in a trust account, and proceeds from the Series X Financing Transaction will result in $520 million of cash on the balance sheet to fund growth (2) ¹ Existing Luminar shareholders to receive an earnout to vest over 6 share price hurdles (approximately 4.3M shares at each of the following share prices): $13.00, $16.00, $19.00, $22.00, $25.00, $28.00. 2 Assumes no redemptions by GM's existing public shareholders and before impact of warrants and earnout. Pro forma ownership of 80% excludes Series X investment. ||| 40#41PRO FORMA EQUITY OWNERSHIP SOURCES ($M) GM SPAC Cash in Trust(¹) Series X Investment Seller Rollover(2) Total Sources USES ($M) Seller Rollover(2) Proceeds to Luminar(¹) Total Deal Expenses Total Uses $400 $170 $2,718 $3,288 $2,718 $520 $50 $3,288 PRO FORMA VALUATION Share Price x PF FD Shares Outstanding (M) (³) Market Cap ($M) Less: Net Cash ($M) (4) Enterprise Value ($M) PRO FORMA OWNERSHIP (2) (3) (5) Series X Investors 5.0% GM Sponsor 3.0% GM Stockholders 11.8% 3 Based on fully diluted shares outstanding assuming net share settle of existing Luminar options and warrants at pro forma $10.00 share price. 4 Assumes -$32M net debt prior to Transaction and -$520M of net proceeds to be added to Luminar's balance sheet. 5 Assumes a nominal share price of $10.00. Ownership excludes impact of warrants and earn-out. Seller Rollover 80.2% ¹ Assumes no Gores Metropoulos stockholder has exercised its redemption rights to receive cash from the trust account. This amount will be reduced by the amount of cash used to satisfy any redemptions. 2 Excludes impact of aggregate exercise price associated with existing Luminar options and warrants. $10.00 338.8 $3,388 $488 $2,900 41#42ADIDATOS ANTR LUMINAR LUMINAR BUILDING THE FUTURE OF TRANSPORTATION Ⓒ2020 Luminar Technologies, Inc. All Rights Reserved