joby investor presentation pdf

Exhibit 99.2 Commercializing Aerial RidesharingExhibit 99.2 Commercializing Aerial Ridesharing

Today's Presenters JoeBen Bevirt Paul Sciarra Michael Thompson CEO & Chief Architect Executive Chairman CEO & CFO Joby Joby Reinvent Serial Entrepenuer with Lifelong Passion for Co-Founder of Pinterest Founder / Portfolio Manager of BHR Aviation and Engineering Entrepreneur-in-Residence at Andreessen Capital Co-Founder of Velocity11 Horowitz 3Today's Presenters JoeBen Bevirt Paul Sciarra Michael Thompson CEO & Chief Architect Executive Chairman CEO & CFO Joby Joby Reinvent Serial Entrepenuer with Lifelong Passion for Co-Founder of Pinterest Founder / Portfolio Manager of BHR Aviation and Engineering Entrepreneur-in-Residence at Andreessen Capital Co-Founder of Velocity11 Horowitz 3

Reinvent is Proud to Sponsor Joby: A World-Changing Platform Investment Objectives Venture capital at scale – innovation driven company with uncapped growth potential ✓ At the nexus of impactful and attractive long-term technology trends where we have expertise and believe we can add value (autonomous transportation; clean energy ✓ infrastructure; electric vehicles; growth of marketplaces) Market-leading company delivering products and services that matter in people’s lives ✓ Visionary and bold founder and CEO ✓ Long-term shareholder alignment, including with strategic investors like Toyota and Uber ✓ Business model that benefits from sustained and defensible network effects at scale ✓ 4Reinvent is Proud to Sponsor Joby: A World-Changing Platform Investment Objectives Venture capital at scale – innovation driven company with uncapped growth potential ✓ At the nexus of impactful and attractive long-term technology trends where we have expertise and believe we can add value (autonomous transportation; clean energy ✓ infrastructure; electric vehicles; growth of marketplaces) Market-leading company delivering products and services that matter in people’s lives ✓ Visionary and bold founder and CEO ✓ Long-term shareholder alignment, including with strategic investors like Toyota and Uber ✓ Business model that benefits from sustained and defensible network effects at scale ✓ 4

DeSPAC Structure Aligns Interests for Long-Term Reid Hoffman will serve on the Board of Directors ✓ Up to five-year lock-up on founder shares ✓ Price-based vesting triggers of $12, $18, $24, $32 and $50 per share on founder shares ✓ Senior Joby management and material existing investors subject to lock-up arrangements substantially ✓ similar to the founder shares $100MM+ investment in PIPE from Reinvent investment vehicles ✓ Strong Alignment for Joby and Reinvent to Drive Significant Long-Term Value for Shareholders 5DeSPAC Structure Aligns Interests for Long-Term Reid Hoffman will serve on the Board of Directors ✓ Up to five-year lock-up on founder shares ✓ Price-based vesting triggers of $12, $18, $24, $32 and $50 per share on founder shares ✓ Senior Joby management and material existing investors subject to lock-up arrangements substantially ✓ similar to the founder shares $100MM+ investment in PIPE from Reinvent investment vehicles ✓ Strong Alignment for Joby and Reinvent to Drive Significant Long-Term Value for Shareholders 5

Transaction Summary Transaction Structure • Joby and Reinvent are in discussion to combine in order to grow the industry leading aerial ridesharing business as a public company and achieve commercialization for its eVTOL aircraft by 2024 • Restructured founder shares and private warrants to create long-term alignment Valuation • Transaction implies a fully diluted pro-forma aggregate value of $4.6Bn (2.3x AV / 2026E Revenue) (1)(2) • Existing Joby shareholders to roll 100% of their equity and expected to receive 76% of the pro-forma equity Capital Structure • The transaction will be funded by a combination of Reinvent cash held in a trust account and Committed Funding for an (1)(2) aggregate of up to $1.6Bn • Pro-forma for the transaction, Joby expects to have up to ~$2.0Bn of cash to fund growth and commercialize its operations No tes: 1. Pro-forma ownership based on $10.00 per share price and excludes potential dilution from out-of-the-money Reinvent warrants and out-of-of the-money founder shares. Pro-forma further assumes no redemptions by Reinvent's existing public shareholders 2. Committed Funding is inclusive of an $835MM fully committed PIPE and a $75MM Uber convertible note which converts immediately prior to transaction closing; the 7.5MM shares to be issued to Uber are excluded from the Equity Consideration to Joby's Existing Investors 6Transaction Summary Transaction Structure • Joby and Reinvent are in discussion to combine in order to grow the industry leading aerial ridesharing business as a public company and achieve commercialization for its eVTOL aircraft by 2024 • Restructured founder shares and private warrants to create long-term alignment Valuation • Transaction implies a fully diluted pro-forma aggregate value of $4.6Bn (2.3x AV / 2026E Revenue) (1)(2) • Existing Joby shareholders to roll 100% of their equity and expected to receive 76% of the pro-forma equity Capital Structure • The transaction will be funded by a combination of Reinvent cash held in a trust account and Committed Funding for an (1)(2) aggregate of up to $1.6Bn • Pro-forma for the transaction, Joby expects to have up to ~$2.0Bn of cash to fund growth and commercialize its operations No tes: 1. Pro-forma ownership based on $10.00 per share price and excludes potential dilution from out-of-the-money Reinvent warrants and out-of-of the-money founder shares. Pro-forma further assumes no redemptions by Reinvent's existing public shareholders 2. Committed Funding is inclusive of an $835MM fully committed PIPE and a $75MM Uber convertible note which converts immediately prior to transaction closing; the 7.5MM shares to be issued to Uber are excluded from the Equity Consideration to Joby's Existing Investors 6

Joby OverviewJoby Overview

Urban Traffic Networks Collapse Congestion is bad … and getting worse + Population urbanization and underfunded infrastructure + Ridesharing and delivery increasing ground traffic + LA traffic has increased 80% since 1990 + Average speed drops from 37km/h to 9km/h as congestion increases 9 Ambühl, L., et al. “The Collapse of Urban Traffic Networks.” Berkley Hemnet Lab, 2020Urban Traffic Networks Collapse Congestion is bad … and getting worse + Population urbanization and underfunded infrastructure + Ridesharing and delivery increasing ground traffic + LA traffic has increased 80% since 1990 + Average speed drops from 37km/h to 9km/h as congestion increases 9 Ambühl, L., et al. “The Collapse of Urban Traffic Networks.” Berkley Hemnet Lab, 2020

Massive Untapped Market Opportunity (1) $500 billion addressable market for the U.S. alone Total global addressable market is north of $1 trillion No tes: 1. Booz Allen Hamilton: Urban Air Mobility (UAM) Market Study – 2018 10Massive Untapped Market Opportunity (1) $500 billion addressable market for the U.S. alone Total global addressable market is north of $1 trillion No tes: 1. Booz Allen Hamilton: Urban Air Mobility (UAM) Market Study – 2018 10

Meet Joby + A pioneering aircraft that has been 10 years in the making + A vertically-integrated business model that sees us both manufacturing and operating the aircraft + A vision to offer flights at the same price as a ground-based taxi 11Meet Joby + A pioneering aircraft that has been 10 years in the making + A vertically-integrated business model that sees us both manufacturing and operating the aircraft + A vision to offer flights at the same price as a ground-based taxi 11

High level 10 years in 150+ mi range 5 Seats 200 mph 65 dBA (with 30 min VFR reserve) 1 pilot 4 passengers redundancy development top speed @ 100m (hover) 13High level 10 years in 150+ mi range 5 Seats 200 mph 65 dBA (with 30 min VFR reserve) 1 pilot 4 passengers redundancy development top speed @ 100m (hover) 13

Step Change Beyond Existing Helicopter Technology ...At a Fraction of the Cost ~100x Quieter Than a Helicopter... Intolerable Electric $393 95 dBA Quiet as a 93 dBA conversation Acoustic signature of 90 dBA 65dBA at hover (1) 65 dBA 4x cost per mile improvement over a helicopter 60 $95 (2) dBA operating a 25mi 40 dBA trip 20 dBA Twin Engine (3) Joby S4 Helicopter Inaudible Operating Cost: 25mi trip No tes: 1. At 100M distance 2. At 500M distance 3. AircraftCostCalculator (Sikorsky S-76C+) – Based on 120mph helicopter block speed 14Step Change Beyond Existing Helicopter Technology ...At a Fraction of the Cost ~100x Quieter Than a Helicopter... Intolerable Electric $393 95 dBA Quiet as a 93 dBA conversation Acoustic signature of 90 dBA 65dBA at hover (1) 65 dBA 4x cost per mile improvement over a helicopter 60 $95 (2) dBA operating a 25mi 40 dBA trip 20 dBA Twin Engine (3) Joby S4 Helicopter Inaudible Operating Cost: 25mi trip No tes: 1. At 100M distance 2. At 500M distance 3. AircraftCostCalculator (Sikorsky S-76C+) – Based on 120mph helicopter block speed 14

Best-In-Class Energy Consumption Average Vehicle (1) Occupancy 4,600 (2) 4.0 (3) (4) ICE car 1.1 1,000 2.5 (4) EV car 1.1 - 20 40 60 80 100 Trip distance Miles No tes: 1. Average occupancy does not include pilot(s) 2. Assumes 4 passenger average occupancy in a 6-person helicopter 3. Internal combustion engine calculated at 32mpg 15 4. https://www.gocarma.com/news/2019/11/7/average-vehicle-occupancy-avo-as-a-key-performance-metric Energy consumption per passenger mile Watt-hour / Passenger mileBest-In-Class Energy Consumption Average Vehicle (1) Occupancy 4,600 (2) 4.0 (3) (4) ICE car 1.1 1,000 2.5 (4) EV car 1.1 - 20 40 60 80 100 Trip distance Miles No tes: 1. Average occupancy does not include pilot(s) 2. Assumes 4 passenger average occupancy in a 6-person helicopter 3. Internal combustion engine calculated at 32mpg 15 4. https://www.gocarma.com/news/2019/11/7/average-vehicle-occupancy-avo-as-a-key-performance-metric Energy consumption per passenger mile Watt-hour / Passenger mile

Los Angeles Malibu Santa Monica 15 min 6 min LAX 8 min Anaheim 12 min Long Beach + Aerial ridesharing unlocks the 12 min third dimension of transportation (1) + 5x faster than driving in major metros + Fraction of the infrastructure costs of rail Newport Beach and highway development 15 min + Replicable worldwide No tes: 1. Calculated based on average Joby S-4 speed of 125mph vs. 25mph speed in Los Angeles traffic per Google Maps average travel times at rush hour for each individual trip, averaged across all trips 16Los Angeles Malibu Santa Monica 15 min 6 min LAX 8 min Anaheim 12 min Long Beach + Aerial ridesharing unlocks the 12 min third dimension of transportation (1) + 5x faster than driving in major metros + Fraction of the infrastructure costs of rail Newport Beach and highway development 15 min + Replicable worldwide No tes: 1. Calculated based on average Joby S-4 speed of 125mph vs. 25mph speed in Los Angeles traffic per Google Maps average travel times at rush hour for each individual trip, averaged across all trips 16

Target Global Markets London Berlin Vancouver Paris Chicago San Francisco New York Seoul Dallas Tokyo Washington, D.C. Los Angeles Osaka Houston Miami Dubai Hong Kong Mexico City Bangkok Singapore Rio de Janeiro Sao Paulo Melbourne Key Criteria for Population Travel Distances Existing Airport O&D Fortune 1000 Per Capita GDP Evaluation Density and Congestion Infrastructure Traffic Presence 17Target Global Markets London Berlin Vancouver Paris Chicago San Francisco New York Seoul Dallas Tokyo Washington, D.C. Los Angeles Osaka Houston Miami Dubai Hong Kong Mexico City Bangkok Singapore Rio de Janeiro Sao Paulo Melbourne Key Criteria for Population Travel Distances Existing Airport O&D Fortune 1000 Per Capita GDP Evaluation Density and Congestion Infrastructure Traffic Presence 17

+ Joby Acquired Uber Elevate in January 2021 Combining Industry Leading eVTOL OEM & Operations De-risk go-to-market + Acquired tools, research and team + Market simulation tools will assist with launch planning + Work alongside a world leading operational launch team from UberCopter De-risk demand generation + Uber/Joby to partner in U.S. launch markets for demand generation + Joby to appear in Uber App on a nonexclusive basis, and vice versa 18+ Joby Acquired Uber Elevate in January 2021 Combining Industry Leading eVTOL OEM & Operations De-risk go-to-market + Acquired tools, research and team + Market simulation tools will assist with launch planning + Work alongside a world leading operational launch team from UberCopter De-risk demand generation + Uber/Joby to partner in U.S. launch markets for demand generation + Joby to appear in Uber App on a nonexclusive basis, and vice versa 18

Illustrative Market Routes Los Angeles Bay Area LAX Pasadena San Francisco DTLA Oakland Mountain View San Jose Newport 19Illustrative Market Routes Los Angeles Bay Area LAX Pasadena San Francisco DTLA Oakland Mountain View San Jose Newport 19

Illustrative Market Routes Tri-State Area Miami Highland Beach Boca Raton Stamford White Greenwich Plans Andytown Weston Hollywood Fort Manhattan Lauderdale Miami Beach NEW YORK EWR JFK MIAMI Long Beach 20 Cutler BayIllustrative Market Routes Tri-State Area Miami Highland Beach Boca Raton Stamford White Greenwich Plans Andytown Weston Hollywood Fort Manhattan Lauderdale Miami Beach NEW YORK EWR JFK MIAMI Long Beach 20 Cutler Bay

Type Certificate FAA Part 23 Certification World Class Team Aircraft certified +25 Aircraft Greg Bowles Aggregate years of experience +275 Yrs. Head of Government and Regulatory Affairs Certification experts Former Co-Chairman of the FAA Part 23 +30 People Reorganization Aviation Rulemaking Designated engineer reps (DERs) Committee +17 People Joby Today 21 Unique Program RiskType Certificate FAA Part 23 Certification World Class Team Aircraft certified +25 Aircraft Greg Bowles Aggregate years of experience +275 Yrs. Head of Government and Regulatory Affairs Certification experts Former Co-Chairman of the FAA Part 23 +30 People Reorganization Aviation Rulemaking Designated engineer reps (DERs) Committee +17 People Joby Today 21 Unique Program Risk

Early Revenue Opportunity that Reduces Technology Risk Dual airworthiness tracks with the Department of Defense & the FAA + $40MM+ in Contracts secured with an estimated $120MM+ in progress + Operations in line with FAA certification & future commercial operations + Provides real-time operational data for FAA certification + 3 Government Entity Clients th + Military Flight Release Granted – December 10 ‘20 “We are announcing a world’s first. Joby Aviation is receiving the first military airworthiness approval for an electric vertical takeoff and landing aircraft.” – Dr. Will Roper, U.S. Air Force & Space Force Acquisition, Technology & Logistic Chief 22Early Revenue Opportunity that Reduces Technology Risk Dual airworthiness tracks with the Department of Defense & the FAA + $40MM+ in Contracts secured with an estimated $120MM+ in progress + Operations in line with FAA certification & future commercial operations + Provides real-time operational data for FAA certification + 3 Government Entity Clients th + Military Flight Release Granted – December 10 ‘20 “We are announcing a world’s first. Joby Aviation is receiving the first military airworthiness approval for an electric vertical takeoff and landing aircraft.” – Dr. Will Roper, U.S. Air Force & Space Force Acquisition, Technology & Logistic Chief 22

Preparation for Scaled Manufacturing + Identified facility locations + Acquired site for initial production + Developed in-house tooling + Strategic partnership since Series C in January 2020 brings world leading scaled manufacturing experience & quality to eVTOL sector + Scaled production setup experience + Deep understanding of automation + Technical resource for production 23Preparation for Scaled Manufacturing + Identified facility locations + Acquired site for initial production + Developed in-house tooling + Strategic partnership since Series C in January 2020 brings world leading scaled manufacturing experience & quality to eVTOL sector + Scaled production setup experience + Deep understanding of automation + Technical resource for production 23

2020 Received certification basis Aircraft design lock 2021 Anticipated timeline Certification component level testing to certification and commercialization FAA certification flight test 2022 Ahead of the Demonstration service in select markets competition Mass production facility comes online 2023 FAA Type Certification issued Commercial service launch in initial markets 2024 Global commercial service launched 242020 Received certification basis Aircraft design lock 2021 Anticipated timeline Certification component level testing to certification and commercialization FAA certification flight test 2022 Ahead of the Demonstration service in select markets competition Mass production facility comes online 2023 FAA Type Certification issued Commercial service launch in initial markets 2024 Global commercial service launched 24

Seasoned Management Team with Decades of Experience JoeBen Bevirt Bonny Simi Kate DeHoff Gregor Veble Rob Thodal CEO & Chief Head of Air Ops & General Counsel & Chief Aerodynamicist Head of Airframe Architect People Corporate Secretary Paul Sciarra Eric Allison Joe Brennan Jon Wagner Greg Bowles Executive Chairman Head of Product Head of Head of Powertrain Head of Government Manufacturing and Regulatory Affairs 25Seasoned Management Team with Decades of Experience JoeBen Bevirt Bonny Simi Kate DeHoff Gregor Veble Rob Thodal CEO & Chief Head of Air Ops & General Counsel & Chief Aerodynamicist Head of Airframe Architect People Corporate Secretary Paul Sciarra Eric Allison Joe Brennan Jon Wagner Greg Bowles Executive Chairman Head of Product Head of Head of Powertrain Head of Government Manufacturing and Regulatory Affairs 25

Strong Existing Investor Base 26Strong Existing Investor Base 26

Built Deep Competitive Moat + Expect to be first to market with the right aircraft + 4 passenger aircraft to optimize unit economics + Significant progress in certification + Well developed go-to-market strategy enhanced through Uber Elevate acquisition + World class engineering and certification team + FAA Part 23 general aviation certification enables global reach 27Built Deep Competitive Moat + Expect to be first to market with the right aircraft + 4 passenger aircraft to optimize unit economics + Significant progress in certification + Well developed go-to-market strategy enhanced through Uber Elevate acquisition + World class engineering and certification team + FAA Part 23 general aviation certification enables global reach 27

Financial OverviewFinancial Overview

Attractive Unit Economics and Payback on Each Aircraft Joby Service Unit Economics in 2026E Contribution Margin and Payback Analysis Attractive Payback Period Across Varying Load and Aircraft Cost Assumptions $MM Years 2.2 Passenger Load Factor (0.9) 1.8 2.3 2.8 3.3 (0.1) (0.2) (0.1) 1.0 $0.9MM 1.6 0.9 0.6 0.5 $1.3MM 2.4 1.3 0.9 0.7 (1) Annual Net COGS OpEx Depreciation Interest Contribution Revenue Per Margin Plane $1.5MM 2.7 1.5 1.0 0.8 Payback Period in 2026E (2) $1.8MM 3.3 1.8 1.2 0.9 Fully Burdened Aircraft Production Cost 1.3 Contribution Margin Per Aircraft 1.0 $2.1MM 3.8 2.1 1.4 1.1 Payback Period ~1.3 years in 2026E No tes: 1. COGS includes maintenance costs, fully burdened pilot costs, landing fees, battery replacement costs, and fleet management an d customer service staff costs 2. Inclusive of manufacturing costs only for 2026E as financing costs are built into contribution margin 29 Fully Burdened Aircraft CostAttractive Unit Economics and Payback on Each Aircraft Joby Service Unit Economics in 2026E Contribution Margin and Payback Analysis Attractive Payback Period Across Varying Load and Aircraft Cost Assumptions $MM Years 2.2 Passenger Load Factor (0.9) 1.8 2.3 2.8 3.3 (0.1) (0.2) (0.1) 1.0 $0.9MM 1.6 0.9 0.6 0.5 $1.3MM 2.4 1.3 0.9 0.7 (1) Annual Net COGS OpEx Depreciation Interest Contribution Revenue Per Margin Plane $1.5MM 2.7 1.5 1.0 0.8 Payback Period in 2026E (2) $1.8MM 3.3 1.8 1.2 0.9 Fully Burdened Aircraft Production Cost 1.3 Contribution Margin Per Aircraft 1.0 $2.1MM 3.8 2.1 1.4 1.1 Payback Period ~1.3 years in 2026E No tes: 1. COGS includes maintenance costs, fully burdened pilot costs, landing fees, battery replacement costs, and fleet management an d customer service staff costs 2. Inclusive of manufacturing costs only for 2026E as financing costs are built into contribution margin 29 Fully Burdened Aircraft Cost

Base Financial Plan Underpinned by Significant Progress to Date Potential Upside Levers • More efficient scaling of manufacturing • Faster reduction in Revenue per Available Seat Mile ( RASM ) • Improvement in energy density for energy storage Base Case • Faster global adoption of advanced transportation technology than in the U.S. • Utilization upside to drive improvement in plane unit economics • 2-3 city initial rollout starting in 2024 and achieving scale by 2026 Significant Progress Towards Our Business Plan • Add newer cities only after meaningful • Significant data assets from Uber Elevate with leading operational launch team penetration of initial • World-class engineering and certification team rollout cities • Route-by-route demand analysis for target launch cities • Streamlined certification process with FAA under Part 23 that will have global acceptability • Identified and acquired manufacturing facilities including factory location and land • Majority of components and tooling designed in-house 30Base Financial Plan Underpinned by Significant Progress to Date Potential Upside Levers • More efficient scaling of manufacturing • Faster reduction in Revenue per Available Seat Mile ( RASM ) • Improvement in energy density for energy storage Base Case • Faster global adoption of advanced transportation technology than in the U.S. • Utilization upside to drive improvement in plane unit economics • 2-3 city initial rollout starting in 2024 and achieving scale by 2026 Significant Progress Towards Our Business Plan • Add newer cities only after meaningful • Significant data assets from Uber Elevate with leading operational launch team penetration of initial • World-class engineering and certification team rollout cities • Route-by-route demand analysis for target launch cities • Streamlined certification process with FAA under Part 23 that will have global acceptability • Identified and acquired manufacturing facilities including factory location and land • Majority of components and tooling designed in-house 30

Capital Raise Expected to Fund Commercialization in 2024 No Anticipated Further Capital Needs Beyond SPAC and PIPE Transaction to Begin Operations 2021E 2022E 2023E 2024E 2025E 2026E Income Statement Items Total Revenue – – – 131 721 2,050 Growth (%) 450% 185% (1) Recurring Aircraft Revenue – – – – 186 796 New Aircraft Revenue – – – 131 535 1,254 R ecurring Aircraft Revenue Contribution (%) 26% 39% (2) (-) Cost of Goods Sold – – – 55 304 867 Gross Profit––– 76 417 1,183 Gross Profit Margin (%) 58% 58% 58% (3) A djusted EBITDA (151) (190) (165) (69) 185 824 (3) Adjusted EBITDA Margin (%) 26% 40% Total Capex 58 68 166 552 903 1,444 Depreciation & Amortization 3 7 19 47 113 219 Assumptions Revenue Generating Aircraft (Average) 2 7 26 141 413 963 Number of Cities – – – 1 2 3 No tes: 1. Recurring Aircraft Revenue = Prior Year Average Aircraft * Current Year Revenue per Plane; Joby Service segment only 2. COGS includes pilot costs, maintenance labor and parts costs, fleet management and customer service staff costs, and battery replacement costs 31 3. Adjusted EBITDA is a non-GAAP financial metric defined by us as net loss or gain before interest expense, provision for income taxes, depreciation and amortization expense, and stock based compensationCapital Raise Expected to Fund Commercialization in 2024 No Anticipated Further Capital Needs Beyond SPAC and PIPE Transaction to Begin Operations 2021E 2022E 2023E 2024E 2025E 2026E Income Statement Items Total Revenue – – – 131 721 2,050 Growth (%) 450% 185% (1) Recurring Aircraft Revenue – – – – 186 796 New Aircraft Revenue – – – 131 535 1,254 R ecurring Aircraft Revenue Contribution (%) 26% 39% (2) (-) Cost of Goods Sold – – – 55 304 867 Gross Profit––– 76 417 1,183 Gross Profit Margin (%) 58% 58% 58% (3) A djusted EBITDA (151) (190) (165) (69) 185 824 (3) Adjusted EBITDA Margin (%) 26% 40% Total Capex 58 68 166 552 903 1,444 Depreciation & Amortization 3 7 19 47 113 219 Assumptions Revenue Generating Aircraft (Average) 2 7 26 141 413 963 Number of Cities – – – 1 2 3 No tes: 1. Recurring Aircraft Revenue = Prior Year Average Aircraft * Current Year Revenue per Plane; Joby Service segment only 2. COGS includes pilot costs, maintenance labor and parts costs, fleet management and customer service staff costs, and battery replacement costs 31 3. Adjusted EBITDA is a non-GAAP financial metric defined by us as net loss or gain before interest expense, provision for income taxes, depreciation and amortization expense, and stock based compensation

Key Assumptions and Performance Indicators in 2026 Joby Service Aircraft Utilization (1) • Average of 963 total aircraft (850 in Service segment)• ~7 hours spent in flight per day with ~12 operating hours • Fully loaded manufacturing cost of $1.3MM per aircraft• ~12.4MM total flights per year with ~35.4k flights per day • Average useful life of ~50k flight hours which equates to over 15 • Average trip length of 24 miles years • Load factor of 2.3 passengers per trip Bottoms-Up Cost Analysis Revenue & Payback • Fully loaded annual COGS, operating expense, depreciation, and • Net revenue of $2.2MM and $1.0MM annual profit per plane interest of $1.2MM per aircraft • Based on $1.3MM cost, payback period of ~1.3 years – COGS includes pilots, landing fees, customer service, and • Price point of $3.00 per seat mile ($1.73 RASM at full load maintenance factor) is cheaper than Uber Black for an individual – Operating expenses includes SG&A (2) • Fully burdened CASM of $0.86 No tes: 1. Assumes 14 operating hours per weekday and 8 operating hours per weekend day 2. CASM = (COGS plus operating expense plus depreciation) / Total Available Seat Miles of 1,188MM 32Key Assumptions and Performance Indicators in 2026 Joby Service Aircraft Utilization (1) • Average of 963 total aircraft (850 in Service segment)• ~7 hours spent in flight per day with ~12 operating hours • Fully loaded manufacturing cost of $1.3MM per aircraft• ~12.4MM total flights per year with ~35.4k flights per day • Average useful life of ~50k flight hours which equates to over 15 • Average trip length of 24 miles years • Load factor of 2.3 passengers per trip Bottoms-Up Cost Analysis Revenue & Payback • Fully loaded annual COGS, operating expense, depreciation, and • Net revenue of $2.2MM and $1.0MM annual profit per plane interest of $1.2MM per aircraft • Based on $1.3MM cost, payback period of ~1.3 years – COGS includes pilots, landing fees, customer service, and • Price point of $3.00 per seat mile ($1.73 RASM at full load maintenance factor) is cheaper than Uber Black for an individual – Operating expenses includes SG&A (2) • Fully burdened CASM of $0.86 No tes: 1. Assumes 14 operating hours per weekday and 8 operating hours per weekend day 2. CASM = (COGS plus operating expense plus depreciation) / Total Available Seat Miles of 1,188MM 32

Transaction Overview (1) Sources and Uses and Pro-Forma Ownership with $910MM of Committed Funding $MM, except per share data Sources Pro-Forma Valuation Rollover Equity $5,000 Share Price $10.00 (2) Reinvent Cash Held in Trust 690 Pro-Forma Shares Outstanding 660 (1) Committed Funding 910 Equity Value $6,600 Total Sources $6,600 + Debt 3 (3) - Net Cash (1,974) Uses Aggregate Value $4,629 (2) Cash Proceeds to Joby $1,528 (2) Illustrative Pro-Forma Ownership Equity Consideration to Joby Existing Investors 5,000 Estimated Transaction Costs 72 SPAC Public Holders Total Uses $6,600 10% (1) Existing Holders PIPE Holders 76% 14% No tes: 1. Committed Funding is inclusive of an $835MM fully committed PIPE and a $75MM Uber convertible note which converts immediately prior to transaction closing; the 7.5MM shares to be issued to Uber are excluded from the Equity Consideration to Joby's Existing Investors 2. Pro-forma shares outstanding based on $10.00 per share price and excludes potential dilution from out-of-the-money Reinvent warrants and out-of-of the-money founder shares. Pro-forma further assumes no redemptions by Reinvent's existing public shareholders. Private warrants restructured to match public warrant terms 3. Includes $446MM of existing Joby cash and cash equivalents as of December 31, 2020 and $1,528MM of net proceeds to be added t o Joby's balance sheet 33Transaction Overview (1) Sources and Uses and Pro-Forma Ownership with $910MM of Committed Funding $MM, except per share data Sources Pro-Forma Valuation Rollover Equity $5,000 Share Price $10.00 (2) Reinvent Cash Held in Trust 690 Pro-Forma Shares Outstanding 660 (1) Committed Funding 910 Equity Value $6,600 Total Sources $6,600 + Debt 3 (3) - Net Cash (1,974) Uses Aggregate Value $4,629 (2) Cash Proceeds to Joby $1,528 (2) Illustrative Pro-Forma Ownership Equity Consideration to Joby Existing Investors 5,000 Estimated Transaction Costs 72 SPAC Public Holders Total Uses $6,600 10% (1) Existing Holders PIPE Holders 76% 14% No tes: 1. Committed Funding is inclusive of an $835MM fully committed PIPE and a $75MM Uber convertible note which converts immediately prior to transaction closing; the 7.5MM shares to be issued to Uber are excluded from the Equity Consideration to Joby's Existing Investors 2. Pro-forma shares outstanding based on $10.00 per share price and excludes potential dilution from out-of-the-money Reinvent warrants and out-of-of the-money founder shares. Pro-forma further assumes no redemptions by Reinvent's existing public shareholders. Private warrants restructured to match public warrant terms 3. Includes $446MM of existing Joby cash and cash equivalents as of December 31, 2020 and $1,528MM of net proceeds to be added t o Joby's balance sheet 33

Analogous Autonomous Ridesharing Precedents Validates Valuation Upside Valuation Across Last Five Rounds Latest Valuation +Recent validations from $Bn $Bn autonomous ridesharing $30Bn 30 precedents +Large, untapped addressable $19Bn 20 markets $15Bn $31Bn $12Bn +Pre-commercialization phase 10 +Service-based models with $1Bn strong network effect - 2016 2018 2018 2019 2021 2020 L ead +Specialized hardware Investor: + Waymo and its autonomous taxi business was most recently valued at $31Bn +Significant ability to scale + Service based model, with limited vertical Employee integration 35 ~350 ~350+ 1,500 1,650+ Count: + Low margins given expectation for continued aggressive growth S o urce: PitchBook 34Analogous Autonomous Ridesharing Precedents Validates Valuation Upside Valuation Across Last Five Rounds Latest Valuation +Recent validations from $Bn $Bn autonomous ridesharing $30Bn 30 precedents +Large, untapped addressable $19Bn 20 markets $15Bn $31Bn $12Bn +Pre-commercialization phase 10 +Service-based models with $1Bn strong network effect - 2016 2018 2018 2019 2021 2020 L ead +Specialized hardware Investor: + Waymo and its autonomous taxi business was most recently valued at $31Bn +Significant ability to scale + Service based model, with limited vertical Employee integration 35 ~350 ~350+ 1,500 1,650+ Count: + Low margins given expectation for continued aggressive growth S o urce: PitchBook 34

Vertically Integrated Model Will Provide for Strong Growth and Margins Joby Boasts Substantial Scale of up to ~4x Other Emerging Technology Winners ’25E Revenue ($Bn) Revenue Growth Emerging Technology Winners Disruptive Transportation Vertically Integrated Platforms 2025E Peer Revenues and 2021E-2025E CAGR unless otherwise noted (2) 0.7 2.1 3.2 0.9 0.5 0.8 18.6 209.4 8.3 39.7 174.3 51.2 114.7 485% 512% Median: 174% 199% 185% 149% 132% Median: 32% Median: 14% 39% 38% 26% 22% 17% 14% 13% (2) 2025E 2026E (1) (3) EBITDA Margin 2025E Peer EBITDA Margin unless otherwise noted Median: 32% 40% 39% Median: 32% 37% 35% 28% 25% Median: 15% 32% 25% 26% 17% 17% 8% 13% (3) 2025E 2026E (1) (2) S o urce: Wall Street Research Estimates as of January 26 2021, Investor Presentations No tes: 1. Joby Revenue growth shown year-over-year for 2025E and 2026E. Revenue and Adjusted EBITDA margin as of 2025E and 2026E respectively. Adjusted EBITDA is a non-GAAP financial metric defined by us as net loss or gain before interest expense, provision for income taxes, depreciation and amortization expense, and stock based compensation 2. Revenue growth CAGR calculated from 2025E-2028E; revenue and EBITDA margin as of 2028E 35 3. Estimates based on investor presentation at time of transaction announcementVertically Integrated Model Will Provide for Strong Growth and Margins Joby Boasts Substantial Scale of up to ~4x Other Emerging Technology Winners ’25E Revenue ($Bn) Revenue Growth Emerging Technology Winners Disruptive Transportation Vertically Integrated Platforms 2025E Peer Revenues and 2021E-2025E CAGR unless otherwise noted (2) 0.7 2.1 3.2 0.9 0.5 0.8 18.6 209.4 8.3 39.7 174.3 51.2 114.7 485% 512% Median: 174% 199% 185% 149% 132% Median: 32% Median: 14% 39% 38% 26% 22% 17% 14% 13% (2) 2025E 2026E (1) (3) EBITDA Margin 2025E Peer EBITDA Margin unless otherwise noted Median: 32% 40% 39% Median: 32% 37% 35% 28% 25% Median: 15% 32% 25% 26% 17% 17% 8% 13% (3) 2025E 2026E (1) (2) S o urce: Wall Street Research Estimates as of January 26 2021, Investor Presentations No tes: 1. Joby Revenue growth shown year-over-year for 2025E and 2026E. Revenue and Adjusted EBITDA margin as of 2025E and 2026E respectively. Adjusted EBITDA is a non-GAAP financial metric defined by us as net loss or gain before interest expense, provision for income taxes, depreciation and amortization expense, and stock based compensation 2. Revenue growth CAGR calculated from 2025E-2028E; revenue and EBITDA margin as of 2028E 35 3. Estimates based on investor presentation at time of transaction announcement

Joby Valuation Consistent with High Growth, Disruptive Companies… …And Conservative on a Cash Flow Basis Current AV / 2025E Revenue x 18.5x 16.4x Median: 11.5x Median: 4.5x 6.4x Median: 3.5x 6.7x 5.3x 5.0x 4.5x 3.2x 4.6x 3.4x 2.5x 1.7x 2.3x (2) 2025E 2026E (3) (1) Current AV / 2025E EBITDA x 69.3x 67.1x Median: 35.2x 44.0x 36.6x Median: 25.6x Median: 13.7x 25.0x 26.4x 13.7x 14.4x 12.7x 14.7x 9.9x 8.7x 5.6x (2) 2025E 2026E (3) (1) Emerging Technology Winners Disruptive Transportation Vertically Integrated Platforms S o urce: Wall Street Research Estimates as of January 26, 2021, Investor Presentations No tes: 1. Assumes pro-forma aggregate value of $4.6Bn. Adjusted EBITDA is a non-GAAP financial metric defined by us as net loss or gain before interest expense, provision for income taxes, depreciation and amortization expense, and stock based compensation 2. Based on 2028E estimates 3. Aggregate value based on InterPrivate Acquisition Corp’s share price as of January 26, 2021, AEVA's pro-forma shares outstanding and net debt from the time of announcement. Revenue and EBITDA estimates based on investor presentation at time of transaction 36 announcementJoby Valuation Consistent with High Growth, Disruptive Companies… …And Conservative on a Cash Flow Basis Current AV / 2025E Revenue x 18.5x 16.4x Median: 11.5x Median: 4.5x 6.4x Median: 3.5x 6.7x 5.3x 5.0x 4.5x 3.2x 4.6x 3.4x 2.5x 1.7x 2.3x (2) 2025E 2026E (3) (1) Current AV / 2025E EBITDA x 69.3x 67.1x Median: 35.2x 44.0x 36.6x Median: 25.6x Median: 13.7x 25.0x 26.4x 13.7x 14.4x 12.7x 14.7x 9.9x 8.7x 5.6x (2) 2025E 2026E (3) (1) Emerging Technology Winners Disruptive Transportation Vertically Integrated Platforms S o urce: Wall Street Research Estimates as of January 26, 2021, Investor Presentations No tes: 1. Assumes pro-forma aggregate value of $4.6Bn. Adjusted EBITDA is a non-GAAP financial metric defined by us as net loss or gain before interest expense, provision for income taxes, depreciation and amortization expense, and stock based compensation 2. Based on 2028E estimates 3. Aggregate value based on InterPrivate Acquisition Corp’s share price as of January 26, 2021, AEVA's pro-forma shares outstanding and net debt from the time of announcement. Revenue and EBITDA estimates based on investor presentation at time of transaction 36 announcement

Cash Flows Support Attractive Entry Point for Investors Present Value of Future Aggregate Value at an Illustrative 20% Discount Rate + Applies a 25-30x AV / EBITDA multiple range to Joby’s 2026E EBITDA to arrive at an Implied Future Aggregate Value + The applied multiple range is representative of the long-term valuation of premier vertically integrated platforms + Implied Future Aggregate Value is discounted 4.75 years back at an illustrative 20% rate to arrive at an Implied Current Aggr egate Value Discounted Aggregate Value Analysis $Bn $24.7Bn $20.6Bn $10.4Bn $8.7Bn $4.6Bn (1) (1) 25-30x 2026E Adjusted EBITDA 25-30x 2026E Adjusted EBITDA 2.3x 2026E Revenue Implied Notional Aggregate Value Post-Money Aggregate Value Implied Current Aggregate Value at 20% Discount Rate Significant potential for continued value creation as market matures and Joby rolls out to additional cities No tes: 37 1. Adjusted EBITDA is a non-GAAP financial metric defined by us as net loss or gain before interest expense, provision for income t axes, depreciation and amortization expense, and stock-based compensationCash Flows Support Attractive Entry Point for Investors Present Value of Future Aggregate Value at an Illustrative 20% Discount Rate + Applies a 25-30x AV / EBITDA multiple range to Joby’s 2026E EBITDA to arrive at an Implied Future Aggregate Value + The applied multiple range is representative of the long-term valuation of premier vertically integrated platforms + Implied Future Aggregate Value is discounted 4.75 years back at an illustrative 20% rate to arrive at an Implied Current Aggr egate Value Discounted Aggregate Value Analysis $Bn $24.7Bn $20.6Bn $10.4Bn $8.7Bn $4.6Bn (1) (1) 25-30x 2026E Adjusted EBITDA 25-30x 2026E Adjusted EBITDA 2.3x 2026E Revenue Implied Notional Aggregate Value Post-Money Aggregate Value Implied Current Aggregate Value at 20% Discount Rate Significant potential for continued value creation as market matures and Joby rolls out to additional cities No tes: 37 1. Adjusted EBITDA is a non-GAAP financial metric defined by us as net loss or gain before interest expense, provision for income t axes, depreciation and amortization expense, and stock-based compensation

Long-Term Targets in Line with Joby’s Mission In Approximately 10 Years, Joby Estimates to Have + ~14K vehicles generating ~$20Bn Revenue + ~5Bn miles flown + Presence in over 20 cities worldwide + Adjusted EBITDA margin of ~35% + ~50%+ recurring aircraft revenue contribution Reinforcing Competitive Advantage Over Time + Joby is positioned to be the world’s leading operator of aerial ridesharing vehicles 38Long-Term Targets in Line with Joby’s Mission In Approximately 10 Years, Joby Estimates to Have + ~14K vehicles generating ~$20Bn Revenue + ~5Bn miles flown + Presence in over 20 cities worldwide + Adjusted EBITDA margin of ~35% + ~50%+ recurring aircraft revenue contribution Reinforcing Competitive Advantage Over Time + Joby is positioned to be the world’s leading operator of aerial ridesharing vehicles 38

＋Key megatrends: sustainability, urbanization, and new mobility technologies ＋Massive global TAM ＋Vertically integrated on-demand business model generates recurring revenue ＋Zero emissions, quiet, electric, piloted aircraft in FAA certification process Joby exists to save ＋World class technical & certification team of 600+ employees a billion people an ＋Pre-service revenues from government contracts de-risk commercialization hour a day ＋Compelling unit economics: 45% contributionmargin & less than 2- year aircraft payback ＋Strong partners & investors: Toyota, Uber,Department of Defense,and more ＋Plan to commercialize aerial ridesharing in a phased roll-out by 2024 39＋Key megatrends: sustainability, urbanization, and new mobility technologies ＋Massive global TAM ＋Vertically integrated on-demand business model generates recurring revenue ＋Zero emissions, quiet, electric, piloted aircraft in FAA certification process Joby exists to save ＋World class technical & certification team of 600+ employees a billion people an ＋Pre-service revenues from government contracts de-risk commercialization hour a day ＋Compelling unit economics: 45% contributionmargin & less than 2- year aircraft payback ＋Strong partners & investors: Toyota, Uber,Department of Defense,and more ＋Plan to commercialize aerial ridesharing in a phased roll-out by 2024 39

Joby Aviation Reports First Quarter 2022 Financial Results

SANTA CRUZ, Calif.--( BUSINESS WIRE )--Joby Aviation (NYSE: JOBY), a California-based company developing all-electric aircraft for commercial passenger service, today announced its financial results for first quarter 2022. Please visit the Joby investor relations website https://ir.jobyaviation.com/ to view the first quarter 2022 shareholder letter. Today the company will host a live audio webcast of its conference call to discuss the results at 2:00 p.m. PT (5:00 p.m. ET).

Additional Call Details:

What: Joby First Quarter 2022 Earnings Conference Call

When: Thursday, May 12, 2022

Time: 2:00 p.m. PT (5:00 p.m. ET)

Webcast: Upcoming Events section of the company website ( www.jobyaviation.com )

Live Call: 1-877-407-3982 or 1-201-493-6780

A replay of the call will be available until midnight, Thursday, May 26, 2022, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13728914.

About Joby Aviation

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a maximum range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 1,000 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington, D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com .

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of Joby’s aircraft and its regulatory outlook, progress and timing. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially including: Joby’s ability to launch its aerial ridesharing service and the growth of the urban air mobility market generally; Joby’s ability to produce aircraft that meet its performance expectations in the volumes and on the timelines that it projects, Joby’s ability to launch a commercial passenger service beginning in 2024, as currently projected; the competitive environment in which it operates; its future capital needs; its ability to adequately protect and enforce its intellectual property rights; its ability to effectively respond to evolving regulations and standards relating to its aircraft; its reliance on a third-party suppliers and service partners; uncertainties related to Joby’s estimates of the size of the market for its service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2022, and in other reports it files with or furnishes to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this press release. While Joby may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change.

Investors: [email protected] +1-831-201-6006

Media: [email protected]

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Feb 24, 2021

Joby Aviation to List on NYSE Through Merger With Reinvent Technology Partners

Santa Cruz, CA, Feb 24, 2021 — Company has spent more than a decade developing piloted, all-electric, vertical takeoff and landing passenger aircraft, with over 1,000 test flights conducted to date

Intends to operate clean, quiet and affordable air taxi service starting in 2024

First company to agree certification basis for an eVTOL aircraft with FAA

First company to be granted airworthiness approval for an eVTOL aircraft by U.S. Air Force

Company has strategic partnership with Toyota for production and recently acquired Uber Elevate

Transaction values combined company at $6.6 billion post-money equity value, and is expected to provide approximately $1.6 billion in gross proceeds

Includes $910 million of fully committed funding (inclusive of an $835 million fully committed PIPE) anchored by strategic partners and institutional investors including Uber Technologies, Inc., The Baupost Group, funds and accounts managed by BlackRock, Fidelity Management & Research LLC and Baillie Gifford

Up to five-year lock-up agreement and price-based vesting on certain sponsor shares ensures unprecedented long-term alignment, with some shares not vesting until Company achieves $30 billion market capitalization

Proceeds are expected to fund Company through start of passenger service launch, including certification of aircraft and development of manufacturing facilities

Reid Hoffman of Reinvent to join Company Board of Directors

SANTA CRUZ, CA, February 24, 2021 –(BUSINESS WIRE)– Joby Aviation (“Joby” or the “Company”), a transportation company developing an all-electric, vertical take-off and landing aircraft that it intends to operate as a commercial passenger aircraft beginning in 2024, has entered into a definitive business combination agreement with Reinvent Technology Partners (“Reinvent” or “RTP”) (NYSE:RTP), a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies. Upon the closing of the transaction, the combined company will be named Joby Aviation, and become publicly traded, with its common stock expected to be listed on the New York Stock Exchange.

With more than 1,000 test flights completed over the last 10 years, Joby Aviation has secured a substantial first-mover advantage in the aerial ridesharing industry. In 2020, the Company became the first to agree to a certification basis for an electric vertical takeoff and landing (“eVTOL”) aircraft with the Federal Aviation Administration (“FAA”) and in the same year received the U.S. Air Force’s first ever airworthiness approval for an eVTOL aircraft.

The Company intends to revolutionize how people move by unlocking the possibility to leapfrog sustainably over the gridlock below in its piloted, four-passenger, emissions free aircraft, which can travel up to 150 miles at speeds up to 200 miles per hour.

The proceeds from this transaction are expected to fund the business through the start of commercial operations, including certification of the aircraft and development of manufacturing facilities.

Management Comments

JoeBen Bevirt, Founder and CEO of Joby Aviation, said:

“For the last decade, we have been laser-focused on one task - developing the best possible technology for this market.

“But our long-term vision has always been to build a global passenger service, helping a billion people to save an hour every day, while contributing to the protection of our precious planet.

“Today’s transaction lets us look ahead to the next decade and provides us with the resources we need to bring our vision to life.

“Since our very first meeting it was clear that Reinvent shared our fundamental desire to have a positive, long-term impact on the world and we couldn’t be more excited to welcome them onboard.”

Paul Sciarra, Executive Chairman of Joby Aviation, said:

“While traveling is central to human existence, it’s often painfully inefficient and is only getting worse.

“By rethinking how air travel is delivered, we can open up new ways of moving around congested cities and under-served rural communities, helping to tackle congestion and climate change at the same time.

“Aerial ridesharing will drive a generational shift in how we travel this century, just as the railroad and the jet aircraft did in previous centuries.”

Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of Reinvent Technology Partners, who will join the combined company Board of Directors, said:

“Reinvent invests in world-class founders and teams who are developing industry-leading products and services that have the potential to impact millions of lives.

“In Joby we see a remarkable founder-led team that has quietly delivered the most advanced technology we’ve seen in this sector.

“With valuable strategic partnerships including Toyota and Uber, a compelling business model and an unparalleled track-record of executing against its targets, we believe Joby is well-positioned to create a transformative new human-centered mobility network.

“Through our venture capital at scale approach, we are committed to Joby’s long-term success as it continues on its journey to revolutionize commutes and drive decades of innovation in human movement.”

Delivering the Future of Sustainable Transport

Joby Aviation plans to launch commercial operations in the United States in 2024, before scaling its service globally. Air taxi networks can be scaled rapidly and efficiently using existing heliport or airport infrastructure, with the number of routes in a network growing exponentially as new skyports are introduced.

Joby’s aircraft has been specifically designed to achieve cost-effective manufacturing and operations, allowing the Company to offer affordable flights at scale, democratizing air travel and transforming human networks. The market opportunity for aerial mobility has been estimated at $500+ billion for the United States, while the total addressable global market is expected to exceed $1 trillion.

In 2020, Toyota Motor Corporation led Joby’s $620 million Series C round, forming a strategic partnership that sees Toyota engineers working shoulder-to-shoulder with Joby on projects such as factory layout and manufacturing process development.

Joby Aviation also recently finalized the terms of an enhanced relationship with Uber Technologies, Inc. that sets Joby apart in terms of commercial readiness. Under the agreement, the companies will integrate their respective services into each other’s apps, enabling future customers to enjoy seamless multi-modal travel. Joby also acquired Uber Elevate, a division of Uber focused on the aerial ridesharing market. The acquisition included key personnel and a suite of software tools focused on multi-modal operations management and demand simulation, fed by Uber’s data.

In December 2020, the U.S. Air Force granted Joby Aviation its first ever airworthiness approval for an eVTOL aircraft as part of its Agility Prime program, designed to accelerate the commercial adoption of electric aviation.

Earlier this month, Joby announced that it had agreed to a “G-1” certification basis for its aircraft with the Federal Aviation Administration. Formalized in 2020, the agreement specifies the requirements that need to be met by Joby’s aircraft for it to be certified for commercial operations. Joby is the first eVTOL aircraft to have achieved this milestone, marking a watershed moment for the industry and providing a clearly defined path for the certification of its aircraft.

Construction is expected to begin on a 450,000 square foot manufacturing facility, designed in conjunction with Toyota, later this year.

The film shows the aircraft taking off vertically before transitioning to forward flight and then landing vertically. Click here to view the footage and here to download the footage.

Transaction Overview

The pro forma implied market capitalization of the combined company is $6.6 billion, at the $10.00 per share PIPE subscription price and assuming no public shareholders of Reinvent exercise their redemption rights. The Company will receive at the time of transaction close up to $690 million in proceeds from Reinvent’s cash in trust and an $835 million private placement of common stock at a $10.00 per share value and will also convert a $75 million convertible note into common stock at a $10.00 per share value. The private placement is led by strategic and institutional investors including The Baupost Group, funds and accounts managed by BlackRock, Fidelity Management & Research LLC and Baillie Gifford. Existing Joby shareholders have agreed to roll 100% of their equity into the new company and will remain majority owners of the combined company at closing. All references to cash on the balance sheet, available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public shareholders of RTP and payment of transaction expenses.

Joby and Reinvent have developed an unprecedented structure providing for significant long-term alignment. Both parties have agreed to a long-term lock-up on founder shares for up to five years, and a robust earnout structure with full vesting not realized until the share price reaches $50 per share (implying over a $30 billion market capitalization). Major stockholders and key executives of Joby have agreed to enter into separate lockup agreements as well.

The boards of directors of both Reinvent and Joby have unanimously approved the transaction, which is expected to close by the end of the second quarter of 2021. The transaction remains subject to Reinvent shareholder approval and other customary closing conditions.

Additional information about the proposed transaction will be provided in a Current Report on Form 8-K to be filed by Reinvent today with the Securities and Exchange Commission and available at www.sec.gov .

A more detailed description of the transaction terms and copies of the key transaction agreements will be included in a current report on Form 8-K to be filed by Reinvent with the SEC.

Skadden, Arps, Slate, Meagher & Flom LLP, served as legal advisor to Reinvent. Morgan Stanley & Co. LLC and Allen & Company LLC served as placement agents on the PIPE transaction. Latham & Watkins LLP served as legal advisor and Morgan Stanley & Co. LLC and Allen & Company LLC served as financial advisors to Joby.

Conference Call, Webcast and Presentation Information

Management of Joby and RTP will host an investor call on February 24, 2021 at 8:00 A.M. ET to discuss the proposed transaction. The conference call will be accompanied by a detailed investor presentation.

A live webcast of the call will be available here , and can also be accessed on the Joby website here and RTP’s website here . For those who wish to participate by telephone, please dial 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) and reference the Conference ID 13716595. A replay of the call will also be available via webcast here and on the Joby website here.

In addition, RTP will file an investor presentation with the SEC as an exhibit to a Current Report on Form 8-K prior to the call, which will be available on the SEC’s website at www.sec.gov .

All materials can also be found on the Joby website at jobyaviation.com/investor-relations/ and at https://a.reinventtechnologypartners.com/investor-relations .

About Joby Aviation

Joby Aviation is a California headquartered transportation company developing an all-electric vertical takeoff and landing aircraft which it intends to operate as a fast, quiet, and affordable air taxi service beginning in 2024. The zero emissions aircraft, which is quiet at takeoff and near silent when flying overhead, can transport four passengers and a pilot up to 150 miles on a single charge and can cruise at 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 700 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com

About Reinvent Technology Partners

Reinvent Technology Partners is a newly formed special purpose acquisition company led by Reid Hoffman, Mark Pincus and Michael Thompson, that takes a “venture capital at scale” approach to partnering with bold leaders and companies. RTP will support a technology business to innovate and achieve entrepreneurship at scale by leveraging its team’s operating expertise as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital raised in its initial public offering.

Important Information for Investors and Stockholders

This Press Release relates to a proposed transaction between RTP and Joby Aviation. This Press Release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. RTP intends to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of RTP, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all RTP shareholders. RTP also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of RTP are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by RTP through the website maintained by the SEC at www.sec.gov .

The documents filed by RTP with the SEC also may be obtained free of charge at RTP’s website at https://www.reinventtechnologypartners.com or upon written request to 215 Park Avenue, Floor 11 New York, NY.

Participants in the Solicitation

RTP and Joby Aviation and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from RTP’s shareholders in connection with the proposed transaction. A list of the names of the directors and executive officers of RTP and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

Forward Looking Statements

This Press Release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between RTP and Joby Aviation. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Press Release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of RTP’s securities, (ii) the risk that the transaction may not be completed by RTP’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by RTP, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of February 23, 2021 (the “Merger Agreement”), by and among RTP, Joby Aero, Inc. and RTP Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTP, by the shareholders of RTP, the satisfaction of the minimum trust account amount following redemptions by RTP’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Joby Aviation’s business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Joby Aviation and potential difficulties in Joby Aviation employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Joby Aviation or against RTP related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of RTP’s securities on a national securities exchange, (xi) the price of RTP’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which RTP plans to operate or Joby Aviation operates, variations in operating performance across competitors, changes in laws and regulations affecting RTP’s or Joby Aviation’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RTP’s registration on Form S-1 (File No. 333-248497), the registration statement on Form S-4 discussed above and other documents filed by RTP from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and RTP and Joby Aviation assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither RTP nor Joby Aviation gives any assurance that either RTP or Joby Aviation or the combined company will achieve its expectations.

For Joby Aviation

[email protected]

+1-831-201-6006

Mojgan Khalili

[email protected]

For Reinvent Technology Partners

[email protected]

Ed Trissel / Jon Keehner / Scott Bisang

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

IR Calendar

Fourth quarter 2023 financial results conference call.

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