Smith Electric Vehicles is the world's largest provider of commercial electric vehicles with thousands of vehicles on the road and over 90 years of experience. They have manufacturing facilities in the US, UK, and New York. They offer two vehicle platforms, Newton and Edison, across different vehicle classes and configurations. Their vehicles provide maintenance and fuel savings compared to diesel equivalents and have a favorable total life cost. Several large fleet customers have supported electrifying their fleets due to the operational cost savings that Smith Electric Vehicles can provide.

1. FLEET ADOPTION TRENDS
1 Confidential, 11/7/2012

2. SMITH ELECTRIC VEHICLES
World’s largest
provider of
commercial
electric vehicles
today with
thousands of
vehicles on the
road and a 90
year history of
zero-emission.
1930- Today NOW
2 Confidential, 11/7/2012

3. SMITH MANUFACTURING FACILITIES
Smith US Smith Europe Smith East Coast
Kansas City, Missouri Newcastle, England Bronx, New York
3 Confidential, 11/7/2012

4. Two Platforms with Multiple Configurations
PLATFORM CLASS CONFIGURATIONS
Newton™ Class 4-6*
• Payload up to 16,200 lbs
• Up to 150 miles per charge
Edison™ Class 2-3
• Payload up to 5,100 lbs
• Up to 110 miles per charge
* Class 7 in development
4 Confidential, 11/7/2012

5. APPLICATIONS
5 Confidential, 11/7/2012

6. FLEET PARTNERS
6 Confidential, 11/7/2012

7. PROPRIETARY SMITH TECHNOLOGIES
Drive Train Control System
• Prevents use of 3rd party parts
• Seamless integration with BMS
• Scalable across platforms
Telematics
• 1,500-2,200 data points per sec
• >1,000,000 mile database
• Predictive maintenance Cell Agnostic BMS
Modular Battery System
and Mechanical Packaging
• ROI reporting/marketing
• Accommodate cells from multiple • Multiple battery size options
• Continuous product improvement suppliers
• Match capacity to duty cycle
• Maximize price competition
• Easy to add or subtract capacity
• Reduce dependence
• Move batteries between trucks
• Fast integration of new tech
• Control IP so can use EMS
7 Confidential, 11/7/2012

8. FAVORABLE TOTAL LIFE COST VS. DIESEL
Economic Impact Savings vs. Diesel Equivalent
Maintenance & Fuel Savings +$87,417 over five years
Five Year Total Cost of Ownership +$42,418
Ten Year Total Cost of Ownership +$159,963
Note: Based on 70 miles per day, $4.12/gallon diesel fuel, $0.107 cost of electricity, $0.22/mile cost for diesel maintenance
and $0.07/mile cost for EV maintenance. Assumes $20K state incentive per vehicle.
8 Confidential, 11/7/2012

9. SUSTAINABILITY IMPACT:
1/10TH CARBON FOOTPRINT VS. DIESEL
Sustainability Impact Savings Vs. Diesel Equivalent
Total Greenhouse Gas Offsets 321.10 tons Yr. 5
Gallons of Fuel Eliminated 6,423 gallons Yr. 5
Hours of Driver Diesel Fume >36K hours Yr. 5
Inhalation Spared
9 Confidential, 11/7/2012

10. TRENDS FAVOR FLEET ADOPTION
Diesel Fuel Higher Prices
Price Volatility for Diesel Trucks
ACCELERATING
ADOPTION OF
COMMERCIAL EVs
Aging
Government
Medium Duty
Incentives/Regulation
Corporate Support for Truck Fleet
Electrification
10 Confidential, 11/7/2012

11. TCO DIFFERENT FOR FLEETS
Acquisition Cost and Lifetime Fuel Cost – Passenger Cars versus Medium Duty Trucks
$192,000(3)
$169,000 (2)
$65,000(1)
$55,000(1)
$30,750
$21,500 $24,250
$19,000
Passenger Cars (4) Medium-Duty Trucks Passenger Cars (5) Medium-Duty Trucks
U.S. Europe
Vehicle Cost Lifetime Fuel Cost
Lifetime fuel costs for commercial vehicles can be 2.5x–3.5x the cost of the vehicle
making electrification compelling relative to passenger cars
Notes:
(1) Smith estimate based on dealer MSRPs
(2) Assumes 80 miles per day, 6 days a week, 52 weeks a year; 7 MPG; diesel price of $3.96/gal which represents the average price in the U.S. 2012YTD as reported by the EIA; and average life of 12 years
(3) Assumes 80 miles per day, 6 days a week, 52 weeks a year; 11 MPG; diesel price of $7.05/gal which represents the average price across 29 European countries 2012YTD as reported by the Automobile Association; and average
life of 12 years
(4) Average new car price from TrueCar. Lifetime fuel cost assumes 13,476 miles driven as reported by the Federal Highway Administration; 22.8 MPG as reported by the EPA; gasoline price of $3.75/gal which represents the
average price in the U.S. 2012YTD as reported by the EIA; and average life of 10.2 years as reported by the Bureau of Transportation Statistics
(5) Average car price from EurActiv. Lifetime fuel cost assumes 13,500 miles driven; 40 MPG; average fuel price (gasoline and diesel) of $7.04/gal; and average life of 10.2 years
Note: Amounts are rounded
11 Confidential, 11/7/2012

12. COMMERCIAL DIFFERS FROM PASSENGER
Poor Fuel Economy Short Payback Periods
Fixed Routes Less Than 100 Miles No “Range Anxiety”
No Need to Build Distributed
Operate From Central Depots
Charging Infrastructure
Low Speeds Long Battery Life
Lots of Stops and Starts Ideal for Regenerative Braking
High Levels of Noise, Vibration Zero Emissions, No Vibration
and Air Pollution and Silent Operation
Commercial EVs do not face the same issues as passenger EVs
12 Confidential, 11/7/2012

13. HIGHER DIESEL TRUCK PRICES ARE MAKING EVS
MORE ATTRACTIVE
U.S. Wholesale Commercial Truck and Passenger Car Prices
(Indexed to 100; 2004 = 100)
160
Key Drivers Medium
Duty Truck
 Stricter EPA emissions mandates
Prices Up
150  State clean air mandates 45%!

Producer Price Index
Higher CAFE standards
140  California ZEV mandate
 Upcoming EPA‘13 / GHG‘14 regulations
Heavy Duty
130 Truck Prices
Up Over
30%
120
110
Car and
100 Light Truck
Prices Flat
90
2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: U.S. Bureau of Labor Statistics, U.S. Department of Labor, data re-based to January 2004. Medium Duty Trucks are Trucks, Truck Tractors, and Bus Chassis 14,001 to
33,000 lbs; Heavy Duty Trucks are Trucks, Truck Tractors, and Bus Chassis 33,001 lbs. or more; and car and Light Duty Trucks are Passenger Cars and Chassis 14,000 lbs or less
13 Confidential, 11/7/2012

14. DIESEL FUEL PRICE VOLATILITY MAKES
ELECTRIFICATION ATTRACTIVE
Diesel Fuel Prices versus Commercial Electricity Prices in the U.S.
(Indexed to 100; 2002 = 100)
450
400
Diesel #2
350 Price
Indexed Price (2002 = 100)
300
250
200
Commercial
150 Electricity
Price
100
50
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: U.S. Energy Information Administration
14 Confidential, 11/7/2012

15. DIRECT COMPARISON VS DIESEL
Diesel Truck Smith Newton
Route Length 100 miles
74% Energy Cost Savings
Fuel Efficiency 10mpg 0.8 kwh/mile • Dramatically lower cost
• Very low price volatility
Diesel Price $3.50/gallon $0.11 kwh
72% Preventative Maintenance Cost
Daily Energy Cost $35 $9 Savings
• No oil changes
Annual Energy Cost $8,900 $2,300 • No filter changes
• No transmission fluid changes
Annual Preventative Maintenance $900 $250 • No UREA
Repair Maintenance Brakes, Exhaust, Brakes, Tires, “There is virtually nothing
Engine, Tires, Grease Fittings that goes wrong with
Transmission these things”
—Mike Payette, Dir. Fleet Equip., Staples
Source: What Staples Expects from All-Electric Medium-Duty Work Trucks, Work Truck Magazine, March 2011 and • Fewer moving parts
Company estimates
• 20-year electric motor life
• Regenerative braking increases brake
life
We can deliver millions of dollars of savings annually across a large fleet
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16. Significant Fleet Support for
Electrification
“ …costs of operating and maintaining electric vehicles are significantly less than… traditional
internal-combustion-engine vehicles. In some cases we’ve achieved savings of 70% to 80%...
– Fred Smith, CEO, FedEx, February 2011, Fortune Magazine
”
“ The first million miles with electric trucks have been a journey of understanding and refining both
how and where we use these vehicles…we are now in position to more quickly accelerate our
strategy and grow the electric vehicle fleet.
– Mike O’Connell, Senior Director of Fleet Capability North America, Frito-Lay, May 2012, PepsiCo press release
”
“ UPS’ research and development of alternative technologies has determined it is time to explore
electric-drive systems within the short-range segment of our delivery fleet….
– Mike Britt, Director of Vehicle Engineering, UPS, August 2011, UPS press release
”
“ The addition of…all-electric delivery trucks is the latest example of our commitment to
continually improve our delivery fleet and its impact on the environment…Over time, we'll look to
increase the number of these trucks in the Staples fleet…
– Mike Payette, Manager of Fleet Equipment, Staples, October 2010, Staples press release
”
“ Coca-Cola is proud to partner with Smith Electric Vehicles in making our delivery fleet more
efficient. Smith...will help us to accelerate conversion in New York as we continue to build a more
efficient and environmentally-friendly Coke fleet.
– Steven Saltzgiver, Director of Fleet Operations, Coca-Cola Refreshments, November 2011, Smith press release
”