PTK Acquisition : Investor Presentation

Valens Semiconductor

(NYSE: VLN)

November 2021

Disclaimer

Forward-Looking Statements

Certain statements in this presentation (this "Presentation") are forward-looking statements. These "forward-looking statements" are within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the anticipated benefits from our recent business combination with PTK Acquisition Corp., financial and operating guidance, future product launches and expansion, the potential success of our go-to-market strategy, our addressable market and our market opportunity, and future economic and market conditions. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of management of Valens Semiconductor Ltd. ("Valens" or "the Company") and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Valens.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of our recent business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Valens' ability to manage future growth; Valens' ability to develop new products and solutions, bring them to market in a timely manner, and make enhancements to them; the effects of competition on Valens' future business; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; the effects of health epidemics, such as the recent global COVID-19 pandemic, have had and could in the future have on Valens' revenue, its employees and results of operations; the cyclicality of the semiconductor industry; Valens' ability to adjust its supply chain volume due to changing market conditions or failure to estimate its customers' demand, including during any downturn in the automotive or audio-video markets; disruptions in relationships with any one of Valens' key customers; difficulty selling products if customers do not design Valens products into their product offerings; Valens' dependence on winning selection processes and ability to generate timely or sufficient net sales or margins from those wins; political conditions in Israel; and those factors discussed in Valens' Form F-1 filed with the SEC on October 20, 2021 under the heading "Risk Factors," and other documents of Valens filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Valens does not presently know or that Valens currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Valens' expectations, plans or forecasts of future events and views as of the date of this presentation. Valens anticipates that subsequent events and developments may cause Valens' assessments to change. However, while Valens may elect to update these forward-looking statements at some point in the future, Valens specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Valens' assessment as of any date subsequent to the date of this presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Industry and Market Data; Trademarks, Service Marks and Copyrights

In this Presentation, we rely on and refer to certain information and statistics obtained from third-party sources which we believe to be reliable. We have not independently verified the accuracy or completeness of any such third-party information. You are cautioned not to give undue weight to such industry and market data. This Presentation may include trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM, (c) or (r) symbols, but the Company will assert, to the fullest extent under applicable law, the right of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

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Pushing the Boundaries of Connectivity. Everywhere.

Leading Provider of Semiconductor Products

in the Large and Growing Automotive and

Audio-Video Markets

Enabling Resilient, Ultra High-speed

Connectivity Over Simple, Low-Cost Infrastructure

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Valens at a Glance

Setting industry standards

Track record in the growing Audio-Video and Automotive markets

Supported by

1. compelling financial profile

Standard-Setting

Adopted by Industry Leaders

$500M

Cumulative Revenue to Date

$9B

2026 Estimated Addressable Market(1)

Automotive

Critical Technology for ADAS and Autonomous Cars

28M+

Chips Sold to Date

~$70M

2021E Revenue(2)

~$20M/~71%

Q4 2021E Revenue/Gross Margin(2)

Audio-Video

Superior Connectivity, Benefiting From the New Hybrid Normal

100+

Patents

Granted

$206M

Fortress Balance

Sheet(3)

1. Source: IHS, Strategy Analytics, Yole, Management Estimates; combined SAM for Automotive and Audio-Video
2. As per average annual and quarterly revenue and gross margin guidance provided on November 11, 2021
3. Cash, cash equivalents and short-term deposits as of September 30, 2021, without debt (before payment of business combination related expenses)

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Investment Highlights

Setting industry standards

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Disruptive connectivity technology - unmatched speed, performance, latency, distance and EMI(1) resilience Inventor of HDBaseT technology, the leading industry standard in Audio-Video connectivity

Baseline for MIPI A-PHY standard, first-mover and sustainable competitive advantage in Automotive

Track record of market leadership

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Shipped 28+ million chips to industry leaders On the road in Mercedes vehicles

Large, fast-growing addressable markets Automotive

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Rising number of sensors for ADAS(2) requires smart high-speed connectivity Automotive SAM expected CAGR of 35%, reaching $8B by 2026

Audio-Video

• Market acceleration driven by demand for video conferencing
• Opportunities in new verticals - such as hybrid education, industrial, and medical imaging

Compelling financial model

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2021E revenue ~$70 million, supported by high gross margins of 70%+ Strong near-term and longer-term revenue visibility

1. EMI - Electromagnetic interference
2. ADAS - Advanced Driving Assistance Systems

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