INNOVIZ 1 1 © Innoviz Technologies Ltd. 2021 All Rights Reserved – Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. Enabling the Autonomous Vehicle Revolution Investor Presentation June 2021 Disclaimer This presentation (this "Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Innoviz Technologies Ltd. ("the "Comp ...

INNOVIZ" TECHNOLOGIES 1 1 © Innoviz Technologies Ltd. 2020 All Rights Reserved – Proprietary & Confidential. No part of this document may be reproduced or disclosed in any manner. Q1 2021 Earnings Call May 2021 New Design Win: Multi-Year Autonomous Shuttle Program Expected to Generate Hundreds of Millions in Revenue Reaching L4 › Autonomy Operating in › Geo-Fenced Area >$400M Revenues › › A Number of Sensors Around › Detecting the Smallest Obstacles › Service launch by 2022 (o 2 2 © Innoviz Technologies Ltd ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2021 were $728,000, with InnovizOne related sales increasing by 48% to $682,000, representing 94% of total revenues compared to $459,000 or 55% in Q1 2020 [29] - Operating expenses increased by approximately 9% to $19.7 million from $18.1 million in Q1 2020, driven by R&D investments and G&A expenses related to becoming a public company [30] - Cash at March 31, 2021, was $199 million, up from $50 million at December 31, 2020, due to proceeds from the business combination [32] Business Line Data and Key Metrics Changes - InnovizOne sales are expected to increase as production ramps up to meet order volumes, with a focus on automotive applications [29] - The company anticipates that nearly 80% of operating expenses will be spent on R&D, with plans to increase R&D headcount by approximately 30% [30] Market Data and Key Metrics Changes - Innoviz has established partnerships with four tier 1 automotive suppliers, providing excellent visibility and access to OEM programs [19] - The forward-looking order book has been increased by 20% to $2.4 billion by 2030, accounting for a major design win announced during the call [22] Company Strategy and Development Direction - The company aims to become a leading automotive supplier by winning design wins and expanding its customer base [10] - Innoviz is focused on improving production capacity and quality, with a ramp-up of an automotive certified high-volume production facility in Michigan [12] - The introduction of InnovizTwo is expected to provide a 30 times performance improvement over InnovizOne and a 70% reduction in bill of material costs [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to grow and become a market leader, highlighting the importance of technological advancements and customer education [49] - The company is optimistic about the influx of customers into initial evaluation stages due to expanded production capacity [21] Other Important Information - Innoviz achieved ISO 27001 certification for cybersecurity and VDA 6.3 for supplier management, enhancing its credibility as an automotive supplier [13] - The company is actively working on software development, including the Innoviz App, which interfaces with sensor hardware for autonomous vehicles [18] Q&A Session Summary Question: Details about the six projects in commercial negotiations - Four are carmakers for level three programs, and two are shuttle programs [38] Question: Volume numbers and average selling price (ASP) - The ASP is above $10,000, mainly for sample units [39] Question: Transition from InnovizOne to InnovizTwo and its impact on gross margins - InnovizTwo targets a price point below $500, with a goal of maintaining a 50% gross margin [45]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUA ...