Electric | Autonomous | Sustainable 9 June 2023 v1.0 BULLWORK MOBILITY 1 CHALLENGES Existing machines have high OpEx, expensive service schedules and low automation A typical tractor consumes 4 liters of diesel and hour working in the field Difficulty in finding skilled/semi skilled labour at the right time. Majority of the requirement is of manual labour (low pay) had have poor working condition Organised data ownership is a challenge which leads to ill informed decisions Difficult to optimise resources and low automation possibility Increasing Labour Shortage No Data Ownership & No Automation High Operational Costs Low Productivity India has extremely low agricultural productivity compared to the world average ~50% of India is employed in agriculture but contribute only ~17% of GDP ₹ 400 ₹ 75 ₹ 150 ₹ 200 Tractor hourly operating cost Vehicle Cost Diesel Cost Driver Cost Owner Margin 2 WHAT WE ARE WORKING ON Redefining the future of utility vehicles by making them Smart, Connected and Autonomous Complete drive by wire, high efficiency ground up design ● Bullwork Warrior (Boom Sprayer) ● Bullwork Vamana (UGV) ● Bull-X Tractor (Flagship) ELECTRIC PLATFORMS NextGen Machines Autonomous Control Unit (ACU) Low cost plug & play module that ● Automates vehicle operations ● Collects micro level data + = 3 Reduce Operational cost by 70% & Total cost of ownership (TCO) by 50% Warrior Proto (Boom Sprayer) March 22 Warrior pre-production version Nov 22 Vamana UGV proto Jun 22 Bullwork incorporated April 21 Bullwork Bull-X tractor Flagship Jul 23 4 Standardised Electric & Control Architecture BULLWORK PRODUCT PORTFOLIO & TIMELINE Mahesh Shetty, Chairman - MD - Multiplex Group of Companies - Board Member Guiding Force and our guide into the agri sector - Market reach Dr. Sriharsha S, CTO- Chief Nerd - PhD in Aircraft Structures from Queen's University Belfast - Airbus, UK - Design, structural optimisation and control systems Robotics and tech Vinay Raghuram, COO- Chief of Design - MD at Proquip Technologies - MS - Mechanical Engineering - Louisiana State - 16+ years in construction and mining equipment business, Expert in Mechanical System design, Development & manufacturing Hemanth Kumar, CEO- Master Chief - IIM-B, MSc Coventry university UK - 16 years of overall Product development experience, Ex-GE, Ex-Ather, Ex-Ola electric 6 years of EV experience THE TEAM 5 To be the number one Autonomous Electric agricultural brand in the world by enabling smart and precision Farming VISION ● Deliver the latest technology and the highest value to Customers at an affordable price. ● Empower the marginalized sector to enable them to do farming MISSION $7.7B /Year India is the largest tractor market in the world 8,00,000+ tractors were sold in 2021 Projected YOY growth of 11% for 2022 • India average- 63 Tractors/1000 Hectare • World average- 100+ Tractors/1000 Hectare • Tractor population in India = 88,00,000+ BULLWORK targets 35-45 hp class tractors (>50% of total tractor sales) Huge Potential for Electric growth, as the operation cost is lower Tractor Market Size-India 6 In house Battery Growth Master Plan Manufacturing Kickoff 50,000 numbers Capacity Mar 2023 Aug 2023 Dec 2023 Dec 2024 Dec 2025 Dec 2026 Dec 2027 Oct 2023 Tractor Sales Start Vamana-3000 Tractor- 1000 Warrior- 1000 Vamana-5000 Tractor- 5000 Warrior- 2000 Vamana-10000 Tractor- 10000 Warrior- 3000 Vamana-20,000 Tractor- 20,000 Warrior- 5000 Charging Infra Setup Vaman Sales Start Warrior Sales Start Autonomous Tech Deploy e-Tractor POC e-Tractor Certification Revenue Streams ● Direct sales & spares ● Value added services on subscription ● Charging infra & carbon credits 8 TRACTION Successfully delivered the initial orders of Warriors - Rajsathan & Punjab. Next batch production of 20 units inprogress. Happy Warrior Customers! We have received tremendous positive response from farmers, rental aggregators for Vamana and Tractor -> Production Vamana on the way Excellent Response to Vamana & e-Tractor Setting up a state of the art production facility at Nelamangala. Assembly lines are flexible to produce 1000 Warriors, 1000 Vamana and Tractors Flexible Production Facility $3 Million $0.5 Million $1 Million $0.5 Million $1 Million ● Vehicle R&D ● Autonomous Stack ● Working capital For Vehicle Builds and sales ● Service network setup and expansion ● Production CapEx- factory - tools etc. ● Tractor R&D, Certification and Tooling THE ASK 9 Additionally we are looking for partners who can help take Bullwork to the next level and aid Bullwork’s expansion to international market Does anyone have any questions? Follow the project updates info@bullworkmobility.com +91 81977 56173 bullworkmobility.com THANKS 10 @BullworkEV Does anyone have any questions? Follow the project updates info@bullworkmobility.com +91 81977 56173 bullworkmobility.com BACKUP 11 @BullworkEV Operational Insights (Part Subscription) Machine Diagnostics Autonomous Control (Subscription) Health Monitoring (Subscription) Precision Agriculture (Subscription) Rental Aggregator Data & Analytics Vehicle IOT Farm IOT Next Steps & Implementation 12 - Yield prediction - Spot spraying Channels Details Direct Sales We will use the traditional Sales Channel of Selling equipment to customers. These vehicles will be fully electric and will help the customers with lower operational cost. Service and Spares The Vehicles which are sold will have to be serviced and spares will have to be replaced. we will have the revenue stream for AMC as well. Value Added Services Customers can enable these services for additional cost / month, this will enable us to have a monthly revenue stream. The Services include • Health monitoring and Farm analytics- The Vehicle will use the AI algorithm to monitor the farm to identify the health of the plants. • Autonomous control- Customer can enable this driver optional feature for monthly cost Carbon credits Our Electric vehicles will offset the carbon emissions by cutting out the Diesel usage. The Carbon credits that have been generated can be traded with companies that use the carbon offsets. Charging Infra We will Set up the Charging infrastructure where ever we have built enough density, we will have a "pay as you use" system to generate revenue as well as partnership with existing gas stations Revenue Streams Private and Confidential- Bullwork MARKET EXCITEMENT India is the largest tractor market in the world ~1 M units in 2022 ACU hardware target price ₹1L ACU base subscription fee ₹2000/month *Avg labour cost ₹ 500-800/day Based on Bullwork target vehicle sales Further integration with 3rd party OEMs/Market leaders is possible 14 Development around the world Private and Confidential- Bullwork LP19 Cohort Our Accomplishments 2 Stage Cycliodal Gearbox- IP MoU with RV college for Autonomous tech Private and Confidential- Bullwork