OCM Delivered Notice of Termination of Subscription Agreement to ACE and Tempo Automation, Effective Immediately

As previously announced, on January 18, 2022, ACE Convergence Acquisition Corp. ("ACE") entered into a Subscription Agreement (the "Subscription Agreement") with Tempo Automation, Inc. ("Tempo Automation"), OCM Tempo Holdings, LLC ("OCM," and collectively with its affiliates or affiliated investment funds and/or managed or controlled accounts, "Oaktree") and Tor Asia Credit Opportunity Master Fund II LP ("Tor"). Pursuant to the Subscription Agreement, among other things, OCM committed to purchase $175 million in aggregate principal amount of ACE's 15.5% convertible senior notes due 2025 concurrently with the closing (the "Closing") of the previously announced business combination between ACE and Tempo Automation. The Subscription Agreement also provided for the purchase of $25 million in aggregate principal amount of ACE's 15.5% convertible senior notes due 2025 concurrently with the Closing by Tor, an investment partner of ACE. Section 5 of the Subscription Agreement provided, among other things, that OCM could terminate the Subscription Agreement if the closing with respect to OCM under the Subscription Agreement had not occurred prior to July 18, 2022, which closing did not occur prior to such date. On July 30, 2022, OCM delivered notice of termination of the Subscription Agreement to ACE and Tempo Automation, effective immediately. As a result of the termination of the Subscription Agreement, if ACE consummates an initial business combination with or among Tempo Automation, Compass AC Holdings, Inc., Whizz Systems, Inc. or any of their respective affiliates or subsidiaries, OCM will be entitled to a termination fee of 3.5% of the aggregate principal amount of the subscribed notes, to be paid by ACE immediately following and as a condition subsequent to the closing of such initial business combination.