One : Markforged One Investor Presentation

February 2021

Disclaimer

Disclaimer. This presentation ("Presentation") is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the "Business Combination") between one ("one") and Markforged, Inc. ("Markforged" or the "Company") and for no other purpose. The information contained herein does not purport to be all-inclusive and neither of one, Markforged, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision.

Forward-Looking Statements. Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or one's or the Company's future financial or operating performance. For example, statements concerning the following include forward-looking statements: development plans for Markforged's products; Markforged's sales projections and financial estimates; the size and growth of the additive manufacturing market; the adoption of Markforged's products in the manufacturing industry and other industries; and the potential effects of the Business Combination on the Company. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by one and its management, and Markforged and its management, as the case may be, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of one is not obtained; (iii) the ability to maintain the listing of the combined company's securities on NYSE; (iv) the inability to complete the PIPE; (v) the risk that the proposed business combination disrupts current plans and operations of Markforged as a result of the announcement and consummation of the transaction described herein; the risk that any of the conditions to closing are not satisfied in the anticipated manner or on the anticipated timeline; the failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Markforged and costs related to the proposed business combination; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the proposed business combination; the amount of redemption requests made by one's public stockholders; the effects of the COVID-19 pandemic, general economic conditions; and other risks, uncertainties and factors set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in one's final prospectus relating to its initial public offering, dated August 17, 2020, and other filings with the Securities and Exchange Commission ('SEC"), as well as factors associated with companies, such as the Company, that are engaged in additive manufacturing. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Neither one nor the Company undertakes any duty to update these forward-looking statements.

Additional Information. In connection with the proposed Business Combination, one intends to file with the SEC a registration statement on Form S-4 containing a preliminary proxy statement/prospectus of one, and after the registration statement is declared effective, one will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This Presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. one's shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Markforged, one and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to shareholders of one as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC's website atwww.sec.gov, or by directing a request to: one, 16 Funston Avenue, Suite A, The Presidio of San Francisco, San Francisco, CA 94129.

2

Disclaimer (Cont'd)

Participants in the Solicitation. one, Markforged and their respective directors and executive officers may be deemed participants in the solicitation of proxies from one's shareholders with respect to the proposed Business Combination. A list of the names of one's directors and executive officers and a description of their interests in one is contained in one's final prospectus relating to its initial public offering, dated August 17, 2020, which was filed with the SEC and is available free of charge at the SEC's web site atwww.sec.gov, or by directing a re quest to one, 16 Funston Avenue, Suite A, The Presidio of San Francisco, San Francisco, CA

94129. Additional information regarding the interests of the participants in the solicitation of proxies from one's shareholders with respect to the proposed Business Combination will be contained in the proxy statement/prospectus for the proposed Business Combination when available.

No Offer or Solicitation. This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Certain information contained in this Presentation relates to or is based on publications, surveys and the Company's own internal estimates and research. In addition, all of the market data included in this Presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source. This meeting and any information communicated at this meeting are strictly confidential and should not be discussed outside your organization.

Use of Non-GAAP Financial Metrics. This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted EBITDA and Free Cash Flow. These non-GAAP measures are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are included in the Appendix to this presentation.

Markforged believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Markforged. Markforged's management uses forward-looking non-GAAP measures to evaluate Markforged's projected financials and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents, including that they exclude significant expenses that are required by GAAP to be recorded in Markforged's financial measures. In addition, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore, Markforged's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

The reader shall not rely upon any statement, representation or warranty made by any other person, firm or corporation in making its investment or decision to invest in the Company. Neither of one, the Company, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives, shall be liable to the reader for any information set forth herein or any action taken or not taken by any reader, including any investment in shares of one or the Company.

3

Introduction

Markforged

Greg Mark

Co-Founder & Chairman

David Benhaim

Co-Founder & CTO

Shai Terem

President & CEO

Assaf Zipori

Acting CFO, Corp. Dev. & Strategy

one

Kevin Hartz

one Co-Founder & CEO 5

one Co-Founder & CFO

Gautam Gupta

one Co-Founder

one's Track Record of Early Investments in Transformational Businesses

$775B+

6

Note: $ in billions. Figure represents sum of market cap, as of February 23, 2021, for public companies and acquisition valuation for those acquired.

one's Criteria for Partnership

Markforged

Founders, Visionaries, Operators

Strong Technology / Defensible Positioning

Benefiting from Transformational Trends / Velocity of Digitization

Opportunity to Utilize Capital to Drive Growth / Strengthen Moats

Enduring Businesses

7

Markforged at a Glance

8

(1) Wohlers Report 2020.

The Markforged Story

Limited Design FlexibilityInability by Manufacturers to Hire Skilled Workers1

Inability to Effectively Respond to Supply Chain Disruption

• (1) United States Census Bureau "Connecticut Case Study: Attracting Skilled Manufacturing Workers a Challenge as Aging Baby Boomers Retire" - November 17, 2020.

• (2) "Manufacturing Wastes 10% of the GWP Every Year. Here's Why" Forbes article - October 18, 2019.

20% of Every Dollar in Manufacturing is Wasted (10% of Global GDP)2

Before Markforged, Customers Had Limited Options

Customers essentially could choose between >$1M "industrial machines" or hobbyist printers

Markforged Transforms the Industry

Offers design flexibility and industrial-strength parts with highly accessible solutions

Why Markforged Wins

Accessible,	High and	Integrated,	Scale today
industrial-	tangible	modern software	drives virtuous
strength parts	customer ROI	platform	cycle
Wide range of proprietary	Mission-critical	Continuous software	More customers > More
composite and metal	application for blue-chip	updates drive faster	part data > Printers get
materials address broad	customers with evidenced	innovation and	smarter > Better parts
range of applications	land-and-expand	deployment

Markforged's Differentiated and Integrated Platform

Software

Printers

Materials

(1) As of January 2021.

Large & Growing Addressable Market Opportunity

Additive Manufacturing Industry Expected to Grow $100B+ by 2029

$120B

$100B

$50B

$0B

2012

2013

Source: Wohlers Report 2020.

2014

2015

2016

2017

2018

2019

20202021

2022

2023

2024

2025

2026

2027

2028

2029

Blue-Chip Customer-Base Across Key Verticals

Industrial	Aerospace	Military &	Space	Healthcare &	Automotive
Automation	Defense	Medical
Replacing traditional	Flying on business	Supporting troops in	Orbiting on the	Protecting lives with	Enabling vehicle
infrastructure.	jets and military	combat zones.	International Space	critical medical	production.
aircraft.	Station.	equipment.

Note: Select customers included. Not inclusive of entire customer base. Use of logos does not imply endorsement.

The Benefit for Customers is Clear

Sources: Management prepared information collected from customer interviews and internal data. Note: Use of logos does not imply endorsement.

KEY APPLICATION

Tool for Axle Manufacturing

KEY APPLICATION

Tool for Field Repair

Markforged Delivers Clear Value Proposition Today for Customers

Customized Parts

Complex Composite Parts

Gripping Fingers for Manufacturing Robots

Holding Tool for Machining, Assembly, and Welding

Metal End-Use Parts

Replacement Carburetor Casing

Markforged	Conventional	Markforged	Conventional	Markforged
Time	10 weeks	2 days	Time	4 weeks	2 days	Time	5 months	3 days
Cost	$400	$10	Cost	$2400	$130	Cost	$10k+	$282

Conventional

Sources: Management prepared information collected from customer interviews and internal data.

Wide Range of Proprietary Materials Unlocks Broad Set of Applications

Composites

Carbon Fibers

Kevlar

Fiberglass

Onyx

Onyx FR (for Aerospace)

Onyx ESD (for Electronics)

Continuous Fiber

Metals

17-4PH Stainless Steel

Inconel 625

H13 Tool Steel

D2 Tool Steel

Chopped Fiber

A2 Tool Steel

Copper

Replacing Traditionally Manufactured Steel and Aluminum Parts

Customers are replacing legacy plastic and metal parts with

Markforged proprietary Continuous Fiber Reinforced (CFR) composites

CFR is 11x stronger than Onyx and 25x stronger than ABS plastic1

Tensile Strength (MPa)

1000

800

600

400

200

0

800

310

71

32

ABS Plastic

Markforged - OnyxAluminum (Aircraft

Grade 6061)

• (1) Markforged internal test results as of December 2020.

• (2) Markforged Proprietary Survey of 90 Customers as of October 2019.

Markforged - CFR

Majority are replacing metal parts2

Frequency of Original Material Replacement by Survey Respondent Application

Aluminum 37%

Proven Broad Portfolio of Printers for Manufacturing

Onyx 1	Mark Two	X7	Metal X	Sinter-2
Desktop 3D printer	Powerful professional	Standout industrial	Accessible end to end	Automating the most
for strong parts built	Continuous Fiber	Continuous Fiber	metal 3D printing	complex step in metal
with chopped	Reinforcement 3D	Reinforcement 3D	solution for functional	printing with the touch
carbon fiber	printers for aluminum	printer for	metal parts	of a button
strength parts	manufacturing
Shipping since 2016	Shipping since 2016	Shipping since 2016	Shipping since 2018	Shipping since 2019

Differentiated Software Platform… Delivering Key Benefits

1 Cloud First Architecture 2 OTA Updates 3 Global Fleet Management 4 Expertise Embedded (Process Knowledge & Sintering)	Increased printer speed by 2x Reduced sintering run time by 42% Reduced gas cost by 65% Increased print volume by 15% Increased feature usage by 250%
All improvements achieved through software updates

Source: Markforged analysis of connected fleet data.

Our Scale Advantage; Fueling The Markforged Flywheel

Consistent Improvement

Federated fleet learning combined with real-time part corrections create a reliable and repeatable production process

More Customers

Grow Expertise at the Speed of Global Production

New printers are added to network to scale manufacturing capacity

Part Prep and Fleet Management

Part Scanning + Industrial IoT

Devices are constantly streaming back data on parts and performance

Drives AI-powered part quality improvements across entire fleet

Strong Distribution Channels with Global Coverage

100+ certified channel partners

~1,000+ GTM talent within channel partner network

Markforged distribution channel presence as of January 2021.

Experienced & Visionary Management Team to Drive Us Forward

Founders

Leadership

Greg Mark

Co-Founder & Chairman

Matt Gannon

VP, Operations

Go-to-Market

David Benhaim

Co-Founder & Chief Technology Officer

Stephen Karp

General Counsel

Leadership

Engineering

Shai Terem

President & Chief Executive Officer

Assaf Zipori

Head of Finance & VP Corporate Development (Acting CFO)

Dorit Liberman

Chief Human Resources Officer

Dan Eiref

Senior Director Product Management

Joe Roy-Mayhew

Senior Director Materials

Tom Allen

Senior Director Mechanical Engineering

Ved Narayan

VP

Sales, APAC

Brian Houle

VP

Sales, EMEA

Bryan Painter

VP

Sales, Americas

Patrick Shea

VP

Demand Generation

Michael Papish

VP

Marketing

Accelerated Product Innovation

Executing on the Company's Growth Strategy

• 1 Powered by Software (Blacksmith + Eiger)

• 2 Continue to Expand Customer Use Cases

Operational ExpertiseM&A

• 3 Deeper and More Efficient Go-to-Market Coverage

• 4 Building the Brand

Accelerating Growth Strategy

Markforged Additive 2.0 Today

Large & Growing Market Opportunity

Additive manufacturing market to grow $100B+ in 10 years1

Acceleration of existing supply chain consolidation and reshoring trends

Visionary + Experienced Leadership TeamSoftware Is the Engine for the Markforged Platform

Reinvented the industry with continuous fiber process Building a smart, fleet-learning, AI-powered additive platform

Deep experience in software, printing technology, hardware, operationsAdditive process that monitors part production and connects in real-time Software enables accessibility and faster adoption of technology Continuous learning creates sustainable competitive advantage

Invented New Industrial Grade Process

Proven in the Most Demanding Applications

Exceptionally strong composite materials replacing traditionally manufactured metal end-use parts High and tangible customer ROI supports land and expand

Robust IP in metal and carbon fiber with over 170 issued and pending patents

Large and growing global installed base of connected printers (~10k) 2

Blue-chip customers, including leading aerospace, automotive and major US Armed Forces branches

Highly Attractive, Scalable Financial Model

• (1) Wohlers Report 2020.

• (2) As of January 2021.

Scalable growth fueled by strong global distribution partner network covering ~70 countries2 Compelling gross margins and strong, expanding unit economics driven by recurring revenue

Financial Overview

Large & Growing Installed Base of Active Printers

Connected Printers

Source: Management projections.

Proven Track Record of Growth, Large Opportunity Ahead

2015A

Revenue Growth - %

NM

2021E

Revenue Growth - %

24%

Source: Management projections.

* COVID-19 impacted.

2016A

121%

2017A

173%

2018A

2019A

108%

18%

2020E

(3%)

2022E

2023E

2024E

2025E

40%

84%

76%

77%

Strong Path to Profitable Growth

Gross Profit / Gross Margin %

(USD in millions)

$434

Source: Management projections.

Note: Please reference slide 46 "Reconciliation of Non-GAAP Financials" for information regarding non-GAAP measures.

Gross profit consisting of Hardware, Consumables, Success Plan, Software, shipping, warranty, and other indirect COGS

2018A - 2020E margin improvement due to operational efficiencies, Go To Market Optimization and a growing base of recurring revenue

5%+ margin expansion between 2020E-2025E driven by increased scale and operating leverage

Strong Path to Profitable Growth (Cont'd)

Adj. EBITDA1 2 / Adj. EBITDA1 2 Margin %

(USD in millions)

$172

Streamlined cost structure during 2020E

Adj. EBITDA

Adj. EBITDA Margin %

$42

2019A

Planned investment in future

product development 2021E-

2023E, benefiting from

operational leverage in

later years

Highly capital efficient business, generating ~$70mm of sales on a total of ~$80mm capital invested to date

2018A

2020E

2021E

2022E

2023E

2024E

2025E

Source: Management projections.

• (1) Excludes $0.6M, $1.0M, and $7.6M of non-recurring costs across 2019A, 2020E, and 2021E, respectively, related to litigation and audit, legal and other costs associated with the transaction. Additionally, no ongoing public company costs are assumed.

• (2) Adj. EBITDA is adjusted for stock-based compensation. Please reference slide 46 "Reconciliation of Non-GAAP Financials" for information regarding the non-GAAP measures.

Markforged Illustrative Unit Economics Analysis

Illustrative Gross Profit per Printer

(USD in 000's)

Gross Profit - %

64%

Source:Management projections.

• (1) 2023E and after.

  Today

  Key Metrics

  LTV: ~$25.4k2

  LTV / CAC: ~2.6x

  Gross Profit - %

  68%

• (2) Cumulative gross profit over average customer life of 8 years (excluding customer acquisition costs).

Tomorrow1

Gross Profit - %

68%

Gross Profit - %

76%

Transaction Overview & Valuation

Detailed Transaction Overview

Values in Millions Except per Share and Percentage Data

Sources & Uses

Sources

Existing Shareholders Rollover Equity1 $1,611

SPAC Cash in Trust2 $215

PIPE Financing $210

Current Net Cash $54

Total Sources

$2,089

Uses

Existing Shareholders Equity1 $1,611

Cash to Balance Sheet $399

Transaction Expenses $35

Cash to Sellers $45

Total Uses

$2,089

Pro Forma Valuation & Ownership 1 2 3 4 5

Pro Forma Valuation

Share Price	$10.00
Shares Outstanding	206
Pro Forma Equity Value	$2,062
(-) Pro Forma Net Cash	($399)
Pro Forma Enterprise Value	$1,664

Pro Forma Ownership

Transaction close anticipated in Summer 2021
Note:	Excludes impact of the exercise of Sponsor or IPO warrants which both have a strike price of $11.50. Percentages may not sum to 100% given rounding.
(1)	Excludes shares reserved for issuance under management equity incentive plan.
(2)	Assumes $10.00 share price and no redemptions from public shareholders.
(3)	Includes 161.1M existing Markforged equity holders shares, 21.5M SPAC IPO shares, 2.7M SPAC sponsor shares, and 21.0M PIPE Investor shares.
(4)	Excludes 2.7mm SPAC sponsor shares vesting in 1.3mm share increments at $12.50 and $15.00.
(5)	Excludes additional seller earn-out of 8.0M shares that vest at $12.50 and 6.7M shares that vest at $15.00.

Additive 2.0 is a Large Market Opportunity

$15-20M

2020E Revenue

$70M

2020E Revenue

Significant scale today with connected fleet of ~10k printers

>50%

2021E-2025E Revenue CAGR

>50%

2021E-2025E Revenue CAGR

Additive 2.0 growth opportunity is clear

(77%)

2020E Gross Margin

$6B

Current Market Capitalization1

+56%

2020E Gross Margin

$2B

Pro Forma Equity Value

Source: Company estimates, Factset market data as of February 23, 2021. and Desktop Metal SPAC announcement presentation August 26, 2020. Notes: Desktop Metal metrics reflect pre-Envisiontec acquisition levels (announced January 15, 2021).

Profitable growth model in place

Value creation opportunity

(1) Reflects 246.1M pro forma shares outstanding as of Desktop Metal's August 26, 2020 SPAC announcement presentation and $22.58 share price as of February 23, 2021.

Operational Benchmarking

Source:	Company information. Factset market data as of February 23, 2021. Desktop Metal SPAC announcement presentation August 26, 2020.
Notes:	Desktop Metal metrics reflect pre-Envisiontec acquisition levels (announced January 15, 2021).
(1)	Renishaw 2022E gross margin reflects Reuters consensus estimates.

Additive 2.0	Advanced Manufacturing	Legacy AM
('21E-'25E)	Peer Median: 7.7%	PeePreMeredMiaend:ia4n.1: %$398
86.7%

Valuation Benchmarking

Additive 2.0

Advanced Manufacturing

Legacy AM

Source:	Company information. Factset market data as of February 23, 2021. Desktop Metal SPAC announcement presentation August 26, 2020.
Notes:	Desktop Metal metrics reflect pre-Envisiontec acquisition levels (announced January 15, 2021). Markforged enterprise value excludes shares reserved for issuance under management equity incentive plan.
(1)	Renishaw 2022E gross profit reflects Reuters consensus estimates.

Appendix

Financial Summary

(USD in millions)

Year Ended December 31,2018A

2019A

2020E

2021E

2022E

2023E

2024E

2025E

Source: Management projections.

(1) Excludes $0.6M, $1.0M, and $7.6M of non-recurring costs across 2019A, 2020E, and 2021E, respectively, related to litigation and audit, legal and other costs associated with the transaction. Additionally, no ongoing public company costs are assumed. Adj. EBITDA is adjusted for stock-based compensation. Please reference slide 46 "Reconciliation of Non-GAAP Financials" for information regarding the non-GAAP measures.

Reconciliation of Non-GAAP Financials

Adj. EBITDA1

(USD in millions)

Year Ended December 31,2018A

2019A

2020E

Year Ended December 31,

2023E	2024E	2025E
($23.8)	$29.7	$156.0
3.3	4.2	4.8
6.3	8.4	11.1
2021E	2022E	2023E	2024E	2025E
($44.7)	($46.4)	($29.7)	$12.7	$116.2
(2.0)	(6.8)	(7.6)	(4.2)	(5.6)

2021E

2022E

Operating income (loss)

Depreciation & amoritization

Stock-based compensation

($12.8)

($29.2)

($15.6)

0.7

1.4 1.8

0.6

0.9 2.1

($42.0)

($45.1)

1.7 2.6

3.7 4.7

Adjusted EBITDA1 ($11.6) ($27.0) ($11.6)

($36.6) ($37.9) ($14.2) $42.2 $171.9

Free Cash Flow1 2

(USD in millions)

Cash Flow from Operations

Capital Expenditures

Free Cash Flow 1 2 ($19.3) ($35.3) ($9.3)

($46.7) ($53.2) ($37.4) $8.5 $110.6

Source: Management projections.

2018A

2019A

2020E

($17.6)

($30.7)

($8.7)

(1.7)

(4.7)

(0.6)

• (1) Excludes $0.6M, $1.0M, and $7.6M of non-recurring costs across 2019A, 2020E, and 2021E, respectively, related to litigation and audit, legal and other costs associated with the transaction. Additionally, no ongoing public company costs are assumed.

• (2) Includes change in restricted cash and other long-term liabilities across 2018A - 2021E.

Markforged Invented Continuous Fiber Reinforcement

Continuous Fiber Reinforcement

Markforged proprietary additive manufacturing process - Continuous Fiber Reinforcement (CFR)Adds continuous strands of fiber material to a part, to achieve metal-strength properties at a fraction of the weight

Process allows for flexibility of fiber type and location of fiber layers to achieve maximum control over part behavior

The power of CFR comes from the continuity of the strands. Our patented CFR strands can absorb and distribute loads across their entire length

Continuous Fiber Routed Through PartMatrix Materials

Metal X Makes Complex Parts Simple

Automotive Welding Shank

Commercially Viable Metal Printing Sub $100k

Broad range of metals for simple and accessible production

Accessible method to print Inconel 625 nickel-based superalloy and Pure Copper

Unlocking highest-value applications to date including weld shanks and high-temp tooling

Traditional Part

Markforged Part

Key Risk Factors

Key Risk Factors

• • Markforged is an early-stage company with a history of losses. The Company has not been profitable historically and may not achieve or maintain profitability in the future.

•

Markforged's limited operating history and rapid growth makes evaluating its current business and future prospects difficult and may increase the risk of your investment.

•

The additive manufacturing industry in which Markforged operates is characterized by rapid technological change, which requires the Company to continue to develop new products and innovations to meet constantly evolving customer demands and which could adversely affect market adoption of its products. Moreover, the additive manufacturing industry is competitive and Markforged may face increasing competition in many aspects of its business, including from market incumbents and companies that are better capitalized than Markforged.

•

Markforged may experience significant delays in the design, production and launch of its additive manufacturing solutions, and it may be unable to successfully commercialize products on its planned timelines. Additionally, Markforged relies on a limited number of third-party logistics providers for shipment and distribution of its products to customers, and their failure to perform effectively would adversely affect its business.

•

Markforged depends on its network of value added resellers and its business could be adversely affected if they do not perform as expected. Markforged may not be able to sustain or develop new reseller relationships, and a reduction or delay in sales could hurt its business.

•

Markforged may be unable to consistently manufacture its products to the necessary specifications or in quantities necessary to meet demand at an acceptable cost or at an acceptable performance level. As manufacturing continues to scale, the Company will become exposed to accompanying risks and liabilities.

•

Markforged's business model is predicated, in part, on expanding recurring revenues through the sale of its consumables and service contracts. If that recurring stream of revenues does not develop as expected, or if its business model changes as the industry evolves, its operating results may be adversely affected.

•

Markforged depend on a limited number of third-party contract manufacturers and its one production location for substantially all of its manufacturing needs. Similarly, it relies on a limited number of suppliers, some of which are single source suppliers of certain materials. If Markforged's facility, or any of its third-party manufacturers or suppliers experience any delay, disruption or quality control problems in their operations, including due to the COVID-19 pandemic, the Company could lose market share and its brand may suffer. If any of Markforged's third-party manufacturers and suppliers become unavailable or inadequate, the Company could have difficulty replacing them. Any interruption in production could adversely affect Markforged's customer relationships, results of operations and financial condition.

•

Markforged relies on its information technology systems to manage numerous aspects of its business and operation of its printers and a disruption of these systems could adversely affect Markforged's business. Breaches of laws and regulations concerning data protection and privacy could expose Markforged to significant fines and other penalties. Additionally, any unauthorized control or manipulation of Markforged's products' systems could result in loss of confidence in the Company and its products and harm its business.

Key Risk Factors (Cont'd)

• • If Markforged is unable to adequately protect or enforce its intellectual property rights or obtain and maintain patent protection for its technology and products or if the scope of the patent protection obtained is not sufficiently broad, such information may be used by others to compete against the Company, in particular in developing consumables that could be used with Markforged's printing systems in place of its proprietary consumables.

•

Markforged's existing and planned global operations subject the Company to a variety of risks and uncertainties that could adversely affect its business and operating results. Markforged's business is subject to risks associated with selling additive manufacturing machines and other products, some of which may be subject to heightened export controls, in non-United States locations.

•

A significant portion of Markforged's business depends on sales to the public sector, and the Company's failure to receive and maintain government contracts on favorable terms or changes in the contracting or fiscal policies of the public sector could have a material adverse effect on the Company's business. Some of Markforged's products may be subject to governmental export regulations, which may limit the markets in which the Company can sell some of its products and the breach of which would expose the Company to liability.

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Markforged is, and has been in the recent past, subject to litigation. The Company could be subject to intellectual property, personal injury, property damage, product liability, warranty and other claims involving allegedly defective products that it supplies.

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Markforged could face liability if its additive manufacturing solutions are used by its customers to print dangerous objects, or if third parties produce or sell counterfeit or imitation versions of its consumables.

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The global COVID-19 pandemic has significantly affected Markforged's business and operations. Uncertainty regarding purchasing by customers, the measures taken by U.S. federal, state and local governments as well as foreign nations in response to the pandemic may continue to materially impact the Company's business and future results of operation and financial condition.

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Markforged's management team has limited experience managing a public company. Further, failure to achieve and maintain effective internal controls over financial reporting in accordance with Section 404 of SOX could impair the Company's ability to produce timely and accurate financial statements or comply with applicable regulations and have a material adverse effect on its business. Additionally, the Company will incur increased costs and become subject to additional regulations and requirements as a public company, which could impair its profitability, make it more difficult to run its business or divert management's attention from its business.