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Foresight CEO Letter to Shareholders

BY FORESIGHT AUTONOMOUS HOLDINGS LTD.

Dear Shareholders,

When we founded Foresight in 2015, we anticipated that autonomous and
semi-autonomous vehicles would one day become the dominant modes of
transportation on the world’s roads and railways. The development of these
technologies is now reaching a crucial tipping point, as advances in 5G
connectivity and edge computing will lead to groundbreaking achievements for
autonomous vehicles. We believe that autonomous and semi-autonomous modes of
transportation will be ubiquitous within the next five years.

Our Innovation

Foresight’s solutions ensure that specific autonomous and semi-autonomous
modes of transportation – including automobiles, trains, and drones – have
the ability to detect and classify any prospective dangers on the path
ahead. These systems help to ensure safe passage not only for the vehicle
itself, but also for those in the area surrounding the vehicle. As
autonomous and semi-autonomous modes of transportation become part of our
everyday lives, their adoption will depend on public trust in their safety
and reliability. I believe Foresight’s solutions are an essential component
in delivering that trust.

Our Sales Cycle

Just as the public is still coming to understand the potential value of
autonomous transportation, the world’s leading manufacturers are still
studying the many components and technologies which will comprise the
autonomous vehicles of the future. In our current sales cycle, we are
demonstrating to those vehicle manufacturers that Foresight’s QuadSightR
vision system represents the gold standard for stereo vision systems in the
autonomous and semi-autonomous markets. As the need for advanced
technological solutions becomes more and more imperative, these decisions
are not taken lightly by vehicle manufacturers, and the process of
demonstrating the superiority of our technology will take place as the
market continues to evolve over the next months and years. The ongoing
results inspire our confidence and indicate to us that we are getting closer
to wider adoption and are well positioned to address the market’s needs. We
continue to generate interest from vehicle manufacturers in the United
States, China, Europe and Asia, that order our prototype system for
evaluation and testing. Additionally, the satisfying progress with Elbit
Systems, our partner in the defense market, demonstrates that the promise of
our technology extends beyond passenger vehicles to include the massive
markets for defense and industrial vehicles.

Most vehicle manufacturers are currently evaluating and choosing the
technologies that will be used in their new vehicles. The next step will be
mass production of such technologies. Based on the competitive advantages of
our product, we are confident that Foresight will play a vital role in the
mass production of many leading mobility solutions. Our visible-light and
thermal infrared cameras can be mounted anywhere on a vehicle, with
auto-calibration allowing unparalleled modularity for vehicle designers and
manufacturers. This key innovation enables our solution to cover longer
distances with higher accuracy, reducing the time needed for an autonomous
vehicle to process and react to a potentially dangerous situation. Our
thermal infrared cameras, provided by global leader FLIR Systems (acquired
by Teledyne Technologies (NYSE: TDY, market cap: $19.7B), allow our vision
system to operate seamlessly in harsh weather and lighting conditions. We
believe that Foresight’s QuadSight vision system is essential for
manufacturers who aim to design the safest autonomous transport experience,
and we are confident that this will lead to future commercial agreements and
rapid growth.

Latest Achievements

During the last quarter, Foresight saw multiple promising developments that
we believe point to a bright future:

*       In August, Foresight successfully completed the first milestone of a
paid proof-of-concept (POC) project with a leading European vehicle
manufacturer
*       We also began a POC project with a Chinese vehicle manufacturer
*       We added a significant new vertical, announcing a POC project to
integrate Foresight’s technology in the autonomous drones of Wonder Robotics
*       We received notice of U.S. patent allowance for an all-weather and
lighting conditions vision system
*       Eye-Net Mobile, a wholly owned subsidiary of Foresight, announced
pilot projects with several multinational Japanese companies
*       A pilot project with V-tron, an innovative Dutch company focusing on
safety measures for European vehicles, was also announced for Eye-Net Mobile

Going Forward

Our main goals are to establish a worldwide network of partners and increase
awareness about our solutions. We are extremely pleased with our
accomplishments to date and our ability to reach key industry players in the
market with our attractive offering. We have received positive feedback from
our partners that is being used to enrich our knowledge center and
contribute to our future developments, allowing us to offer our customers a
unique solution.

It is important to note that Foresight’s long-term potential is also
appreciated by other stakeholders. We have recently seen institutional
investors take new positions in Foresight in the open market, demonstrating
that other experts are connecting the superiority of our technology with the
impressive market opportunity. Foresight’s management team is extremely
excited about the near future for our company, and we expect to create
exceptional value for shareholders as the world transitions to autonomous
and semi-autonomous transportation and the mobility world continues to
evolve and require innovation and vision.

I thank you for your support and I look forward to sharing more exciting
developments in the near future.

Sincerely,

Haim Siboni
CEO & Chairman, Foresight Autonomous Holdings

About Foresight

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology
company developing smart multi-spectral vision software solutions and
cellular-based applications. Through the Company’s wholly owned
subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight
develops both “in-line-of-sight” vision systems and “beyond-line-of-sight”
accident-prevention solutions. Foresight’s vision solutions include modules
of automatic calibration, sensor fusion and dense 3D point cloud that can be
applied to diverse markets such as automotive, defense, autonomous vehicles
and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution
suite provides real-time pre-collision alerts to enhance road safety and
situational awareness for all road users in the urban mobility environment
by incorporating cutting-edge AI technology and advanced analytics. For more
information about Foresight and its wholly owned subsidiary, Foresight
Automotive, visit www.foresightauto.com

Mon. January 17th, 2022

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