September 2010 Vision2020, Leicester, October 2010

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Branden Wiggins
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To build and operate cars for independent use cars whilst forsystematically independent use pursuing whilst the systematically elimination pursuing of the

1 To build and operate cars for independent use cars whilst forsystematically independent use pursuing whilst the systematically elimination pursuing of the environmental damage elimination caused by personal of the environmental transport damage caused by personal transport September 2010 Vision2020, Leicester, October 2010

2 The world is changing Decreasing Business is facing a converging funnel of constraints Demand for mobility continues to grow Climate change Resource availability Sink capacity of the environment (ability to assimilate CO ) 2 Peak oil To build and Energy operate security Regulatory pressure cars for independent use whilst systematically pursuing Eco elimination of the environmental damage caused by personal consumer transport pressure 2 September 2010 Population Global demand for mobility Increasing

3 Electric vehicles A rare consensus is emerging - a shift from mechanical to electric platforms is inevitable Electric vehicles are not limited to battery power Energy flows Braking Accelerating Cruising Recharging Motor

4 Why hydrogen fuel cells? Hydrogen decouples both refuelling infrastructure and technology from energy sources The transition from 100% brown to 100% green hydrogen can be made incrementally, with no further investment Hydrogen fuel cell vehicles can be much more efficient than battery electric vehicles over any reasonable range Energy efficiency Battery Electric Vehicle (BEV) Hydrogen Fuel Cell Vehicle (HFCV) Internal Combustion Engine (ICE) Range

5 Why hydrogen fuel cells? Hydrogen decouples both refuelling infrastructure and technology from energy sources The transition from 100% brown to 100% green hydrogen can be made incrementally, with no further investment Hydrogen fuel cell vehicles can be much Energy efficiency Battery Electric Vehicle (BEV) more efficient than battery electric vehicles over any reasonable range Hydrogen Fuel Cell Vehicle (HFCV) Internal Combustion Engine (ICE) Range Unveiling of the Riversimple Mk 1

Inflexibility of existing industry model The

value networks are highly technology-specific As a

improvements; focus on short term fixes rather

6 Inflexibility of existing industry model The industry is very mature; both investments and value networks are highly technology-specific As a result, the industry can only deliver incremental improvements; focus on short term fixes rather than structural flaws 2008 VW Beetle 38 mpg 1948 VW Beetle 38 mpg

7 Riversimple's 7 point strategy Supply chain 6. Sale of service upstream 3. Governance 2. Sale of service, not cars Customers 4. City by city strategy 1. Network electric car 2. Sale of service 3. Governance 4. City by city strategy 1. Network electric car Infrastructure 5. Open Source Design 6. Sale of Service upstream 40Fires 5. Open Source Design 7. Distributed manufacturing 7. Distributed manufacturing

Ultracapacitors Supercapacitors Weight : Power : 370kg 6kW fuel cell Power Power

8 1. Network Electric Platform technology Emissions : Efficiency : Range : 31g CO /km 2 Well to wheel 300mpg 240 miles 380km 240 miles Composite Composite structure structure Ultracapacitors Supercapacitors Weight : Power : 370kg 6kW fuel cell Power Power electronics electronics 6kW fuel cell Electric Electric motor motor Regenerative braking Regenerative braking

9 2. Sale of service, not cars Selling miles travelled as a service, rather than a car as a product Profit maximised through low running costs and longevity, rather than high running costs and obsolescence Allows access to revenues generated in secondhand market Customer #1 #2 #2 (re-leased) #3 #4 #5 Revenue { {{ { { { I I I I I I I I I I I I I I I I Updates 5 Recycle years

E 3. Governance: aligning interests to enhance corporate performance Genuine partnership with all stakeholders Fiduciary responsibility of the board is to balance and protect the benefit streams that

10 E 3. Governance: aligning interests to enhance corporate performance Genuine partnership with all stakeholders Fiduciary responsibility of the board is to balance and protect the benefit streams that all stakeholders seek Better quality of decision-making and a more profitable and resilient business 1 2 Stewards Council 3 Individual appeal Elect 5 4 Individual Contracts with Riversimple Financial return Investors Investigate the appeal Quality of working life Profitable, Resilient and Sustainable Business Increased employment revenue enreduced LLP Perhaps demand change Investors Custodians Staff Collective action Neighbours Neighbou Staff Neighbours Neighbou Environment Environment Suppliers Environment Suppliers Secure Environment Users Users vironmental footprint Better value Elect Operating S L INV. CEO A CFO Ownership T COO, CTO Executive Board INV. etc. Stakeholders and benefit streams

11 4. City by city infrastructure strategy 2012/ 2013 Ludlow & Hereford Leicester Leeds Maidstone Middlesborough 25 miles Newcastle 2014 Blackpool Nottingham Bournemouth Norwich Bristol Peterborough Chester Sheffield Gloucester Swansea Hull York Ipswich Illustrative map of national infrastructure development

12 5. 6. Open source design We are adopting an open intellectual property model, based on that used in open source software The principal source of margin in the auto sector is through brand value rather than IP Open source is not about cheap design but about delivering an absolute driver of excellence Riversimple Customers Supply chain Global design community Other 40Fires design foundation Delivers open source designs Tailored designs for local markets manufacturers Contributes expertise to 40Fires designs No constraints on innovation Only design criterion is absolute excellence Licence designs from 40Fires Cooperate AND compete

13 3. 6. Sale of service upstream Revenue Revenue Aligns interests of manufacturer and suppliers - a shared interest in longevity and reliability Customer #1 #2 #2 (re-leased) {{{ #3 { #4 #5 { { I I I I I I I I I I I I I I I I 5 10 Updates 15 years Recycle Supply Chain Recycle

14 7. 5. Distributed small scale manufacturing The optimal scale of production facility will produce 3-5,000 vehicles p.a Human scale plants will generate high quality employment for c. 200 people Production plant To build and operate cars for independent use Low fixed costs gives greater cars whilst forsystematically independent use pursuing whilst the systematically eliminationpursuing of the environmental damage resilience in fluctuating economic elimination caused by personal of the environmental transport damage caused by personal transport circumstances September 2010 Vision2020, Leicester, October 2010 Illustrative map of distribution of plants

15 The benefit of Riversimple s 7 point strategy Resource availability Sink capacity of the environment (ability to assimilate CO ) 2 Decreasing Eco consumer pressure Regulatory pressure Global demand for mobility Increasing Population

16 Why hydrogen fuel cells? Hydrogen decouples both refuelling infrastructure and technology from energy sources The transition from 100% brown to 100% green hydrogen can be made incrementally, with no further investment Hydrogen fuel cell vehicles can be much more efficient than battery electric vehicles over any reasonable range Energy efficiency Battery Electric Vehicle (BEV) Hydrogen Fuel Cell Vehicle (HFCV) Internal Combustion Engine (ICE) Range Leicester pilot announcement

To build and operate cars for independent use whilst systematically pursuing elimination of the environmental damage caused by personal transport

To build and operate cars for independent use whilst systematically pursuing elimination of the environmental damage caused by personal transport September 2010 Development timetable Testing and certification