FOR IMMEDIATE RELEASE Tern Bolsters Key Leadership Positions With Senior Management Additions January 17, 2024 — Urban mobility specialist Tern is pleased to announce two key additions to its senior management team: Steve Gluckman, as Head of Global Product Management and Shirley Chen, as Supply Chain Director. “We’re really excited to be able to add two such seasoned bike professionals to the Tern team,” stated Josh Hon, Tern Team Captain. “2023 was a challenging year for the bike industry but we’re very bullish on the future so we spent 2023 continuing to invest in our people and processes. Steve and Shirley adding their expertise to our already pretty good team will make us that much better at innovation and execution.” Keeping the Product Team on Course Gluckman brings positive energy, an unforgettable smile, and encyclopedic knowledge of the bike industry to his new role as Head of Global Product Management. His extensive experience includes a 28-year stint at REI, where he was the first full-time employee dedicated to REI's in-house brand, Novara. He successfully led the Novara bicycle business for 21 years, including overseeing the brand's transition to its current iteration, Co-op Cycles. A lifelong cyclist, Gluckman has rolled more than 250,000 miles, meticulously tracking his rides—a testament to his commitment to progress and development. This commitment resonates in his constructive leadership style, which emphasizes tracking progress, learning from experience, and implementing strategies for continued product improvements. Streamlining the Supply Chain With more than three decades of diverse supply chain experience across the semiconductor, electromechanical, and mobility industries, Shirley Chen provides Tern with a fresh outlook on supply chain management. Chen's industry background includes leadership roles as Director of Asia Sourcing at Cake, and Manager of Asia Sourcing at SRAM. “Shirley’s role will be to expand visibility into current operations, improve data handling processes, and prepare both team and systems to support Tern's future growth,” stated Matthew Davis, Tern COO. “And as we expand our operations, she'll lead the way in introducing new ideas, best practices, and innovative solutions that ensure consistent and reliable product delivery, all while upholding the exceptional product quality our customers have long come to trust.” More Women Leaders While leadership in the cycling industry tends to be dominated by male presence, Tern believes in the strength of diversity, and having more women in the workplace is critical to this. Chen's appointment represents another stride forward for Tern by adding a strong female voice to the leadership team. “In some circles, there’s been some backlash against DEI initiatives, but we consider this a privileged and blindered view of reality,” stated Hon. “It’s been our experience that when you give opportunities to people who have traditionally been overlooked because of biases, the whole team will advance. We grow stronger, more innovative, and make better collective decisions when we have more diverse voices in the room discussing an issue.” This release is issued by Mobility Holdings Ltd., which retains the ultimate responsibility for the content.