SES Ivanhoe SPAC, page-7

Transaction Structure

• SES Holdings Pte Ltd. (“SES”) to combine with a wholly-owned subsidiary of Ivanhoe Capital Acquisition

Corp. (“Ivanhoe”), a publicly-listed Special Purpose Acquisition Corporation (“SPAC”) with $276MM cash

currently held in trust

• The transaction is expected to close in Q4 2021

• Post-closing, the SPAC will be renamed “SES AI Corporation” and continue to trade on the NYSE

Valuation

• Transaction implies a fully diluted pro forma enterprise value of ~$2.7Bn and pro forma equity value of

~$3.3Bn (1)

• ~0.4x 2028E revenue of $7.0Bn

Capital Structure

• Transaction is expected to raise $426M of total net proceeds to fund growth

(2)

• Existing SES shareholders to roll 100% of their equity and will own ~85% of the pro forma company at

closing

• Qichao Hu, founder and CEO, holds 10x voting shares granting up to ~56% voting power in the company

(assuming no redemptions)

• Existing SES shareholders and optionholders will be eligible to receive 30.0MM shares if the stock price

equals or exceeds $18 per share, following the date that is 1 year after the closing of the trans