#1EMBARK MOVE AMERICA MODELS TECHNOLOGY SUSTAINABILITY Raising the bar for road safety: Enhanced inspections for autonomous trucks Alex Rodrigues Co-Founder & CEO W MC # 000056 US DOT # 2952363 CA# 497651 September 27th, 2022 18012 Embark Trucks Inc. 303#2DISCLAIMER This presentation (the "presentation") is being delivered to you by Embark Technology, Inc. ("Embark"). This presentation and any oral statements made in connection with this presentation shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities. No Representations and Warranties This presentation is for informational purposes only and does not purport to contain all of the information that may be required to evaluate a possible investment decision with respect to Embark. The recipient agrees and acknowledges that this presentation is not intended to form the basis of any investment decision by the recipient and does not constitute financial investment, tax or legal advice. No representation or warranty, express or implied, is or will be given by Embark or any of their respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information (including as to the accuracy, completeness or reasonableness of statements, estimates, targets, projections, assumptions or judgments) in this presentation or in any other written, oral or other communications transmitted or otherwise made available to any party in the course of its evaluation of a possible transaction and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. The recipient also acknowledges and agrees that the information contained in this presentation is preliminary in nature and is subject to change, and any such changes may be material. Embark disclaims any duty to update the information contained in this presentation. Forward-Looking Statements This presentation contains forward-looking statements under Section 27A of the Securities Act of 1933 and within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements the Company makes other than those dealing specifically with historical matters. Please refer to the Company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K filed on March 21, 2022, Form S-1 filed on June 1, 2022, and other documents filed with the SEC from time to time for additional factors that could cause actual results to materially differ from current expectations. The forward-looking statements included in this presentation are valid only as of today's date except where otherwise noted. Embark undertakes no obligation to update these statements. Industry, Market Data and Partnerships In this presentation, Embark relies on and refers to certain information and statistics regarding the markets and industries in which Embark competes. Such information and statistics are based on management's estimates and/or obtained from third-party sources, including reports by market research firms and company filings. While Embark believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Embark has not independently verified the accuracy or completeness of the information provided by the third-party sources. This presentation contains descriptions of certain key business partnerships with Embark. These descriptions are based on the Embark management team's discussion with such counterparties, certain non-binding written agreements and the latest available information and estimates as of the date of this presentation. These descriptions are subject to negotiation and execution of definitive agreements with certain of such counterparties which have not been completed as of the date of this presentation, unless specified otherwise. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners, and Embark's use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, service marks, trade names and copyrights. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, Ⓒor Ⓒ symbols, but Embark and its affiliates will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. 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 Spend. Embark defines Adjusted EBITDA as net loss, adjusted for interest income/expense, depreciation and amortization, stock-based compensation expense, change in fair value of warrant liabilities and other one-time items. Embark defines Free Cash Flow as net cash used in operating activities, adjusted for capital expenditures including truck deposits, net of returns. These non-GAAP measures are an addition, 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, net cash used in operating activities 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. Embark believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Embark. Embark's management uses forward looking non-GAAP measures to evaluate Embark's projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Embark's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. EMBARK CONFIDENTIAL & PROPRIETARY 2#3EMBARK Mission To bring the first commercially-viable driverless truck to public roads. EMBARK Vision To build a world where consumers pay less for the things they need, drivers stay closer to the homes they cherish, and roads are safer for the people we love. CONFIDENTIAL & PROPRIETARY 3#4$700B US trucking freight market is an expanding opportunity Trucks haul nearly 70% of the nation's freight by weight ¹ EMBARK By 2030, truck driver shortage is expected to reach 160K² (1) American Trucking Associations; (2) U.S. Freight Transportation Forecast: 2020 to 2031; (3) NHTSA Annually, ~500K truck related crashes happen in the US³ CONFIDENTIAL & PROPRIETARY 4#5Embark is an AV SaaS company focused on safe trucking EMBARK 700 Carriers buy trucks fitted with AV hardware from truck OEMs Carriers pay a per-mile fee for Embark self-driving software Trucks self-drive between highway-adjacent transfer points Complementary partnerships enable Embark to be asset-light To date, 1M+ miles driven without a DOT reportable incident CONFIDENTIAL & PROPRIETARY 5#6Several challenges need to be addressed for safe AV deployment Bought First Lane Keeping Cut-Ins Truck Merges Embark's Past Technology Milestones and Accomplishments Complete EMBARK Lane Changes Vehicle on Shoulder Night Driving Surface Streets Stop & Go Remote Monitoring Inclement Weather Construction 2016 2017 2018 2019 2020 2021 2022 2022 and Beyond 2023 Emergency Vehicle Interactions Evasive & Emergency Maneuvers Inspections Blown Tires & Other Mechanical Failures Pull Over to Safety CONFIDENTIAL & PROPRIETARY .6#7Several challenges need to be addressed for safe AV deployment Bought First Lane Keeping Cut-Ins Truck Merges Embark's Past Technology Milestones and Accomplishments Complete EMBARK Lane Changes Vehicle on Shoulder Night Driving Surface Streets Stop & Go Remote Monitoring Inclement Weather 2016 2017 ● 2018 ● 2019 ● 2020 ● 2021 ● 2022 Today's Focus: Inspections Construction 2022 and Beyond 2023 Emergency Vehicle Interactions Evasive & Emergency Maneuvers Inspections Blown Tires & Other Mechanical Failures Pull Over to Safety CONFIDENTIAL & PROPRIETARY#8EMBARK What does truck safety look like today? Data from 2022 CVSA Roadcheck 3-day Enforcement Blitz¹ (May 17-19, 2022, United States) 23.8% Trucks had out-of-service (OOS) safety violations 6.2% Drivers had OOS violations, such as driving over HoS² limits 36.9% Trucks with OOS violations found to have unsafe brakes When inspections are stepped up during an "enforcement blitz," law enforcement consistently find one-fifth to one-quarter of trucks are unsafe to operate on the road (1) CVSA 2022 International Roadcheck Results (2) HoS = Hours of Service CONFIDENTIAL & PROPRIETARY 8#9Traditional inspection process posed a barrier for AV trucks Traditional CMV¹ enforcement system requires all trucks to be able to stop at weigh stations & engage with law enforcement, if not granted bypass EMBARK (1) CMV = Commercial Motor Vehicle Weigh stations pose a navigational challenge for AV trucks given complex facility designs are not captured by existing maps Roadside inspections at weigh stations require driver involvement in the procedure, which an AV truck could not easily execute CONFIDENTIAL & PROPRIETARY • 9#10Traditional inspection process posed a barrier for AV trucks Traditional CMV¹ enforcement system requires all trucks to be able to stop at weigh stations & engage with law enforcement, if not granted bypass EMBARK Weigh stations pose a navigational challenge for AV trucks given complex facility designs are not captured by existing maps (1) CMV = Commercial Motor Vehicle Solution: Conduct rigorous AV truck inspections BEFORE every trip, making roadside stops unnecessary Roadside inspections at weigh stations require driver involvement in the procedure, which an AV truck could not easily execute CONFIDENTIAL & PROPRIETARY 10#11Embark and the AV trucking industry collaborated with CVSA to develop an enhanced CMV inspection standard & training course CVSA ATA IMC Ryder Ever better Enhanced commercial motor vehicle inspection standard and checklist FMCSA, AV developers, motor carriers, and law enforcement worked together over the course of several years to develop the new inspection standard, test its feasibility, and gather consensus Training course for motor carrier technicians to get certified for inspections EMBARK EMBARK tu simple Aurora W WAYNO k kodiak Gatik U.S. XPRESS amazon Bison Maverick FedEx G WERNER SCHNEIDER BRANSPORT Plus TORC J.B. HUNT LOCOMOTION HI HILLWOOD A PERDE COMMANT CONFIDENTIAL & PROPRIETARY 11#12CVSA adopted its new enhanced CMV inspection standard for AVS last week; Embark is now piloting the standard in Texas Enhanced Traditional Highway Transfer Point A EMBARK Enhanced inspection at least 1x per 24 hrs Inspected by CVSA-certified technicians Results auto reported to state highway patrols to approve weigh station bypass Pre-trip inspection by certified mechanic is not mandatory EMBARK Truck Weigh Station AA Pre-inspected trucks granted bypass Level 1 inspection at discretion of station Less frequent than Enhanced inspections EMBARK Highway Transfer Point B Safe & on-time delivery Mid-trip inspection delays can cause late deliveries CONFIDENTIAL & PROPRIETARY 12#13Enhanced pre-trip inspections raise the bar for truck safety Percentage of trucks inspected Frequency of inspections Stop at weigh stations required? EMBARK Traditional Roadside Inspections Small percentage of trucks Over 20% of CMVS inspected had safety violations during a 3-day CVSA roadcheck¹ Occasional Level 1 inspection of truck and driver; at discretion of weigh station personnel Yes Unless granted bypass by law enforcement Enhanced CMV Inspection Standard for AVs 100% of AV trucks Ensures any safety critical risks are detected and mitigated before trucks hit the road (1) CVSA 2022 International Roadcheck Results Daily Enhanced pre-trip inspection of truck; mandatory at least once every 24 hours No Pre-inspected trucks will be granted 100% bypass Note: Law enforcement may still pull over AVs on-road when safety issues are detected. CONFIDENTIAL & PROPRIETARY 13#14Partnerships with leading operators enable EMBARK to stay focused on developing AV software to handle inspections Ryder EMBARK Ever better. Ryder technicians operate transfer points and perform inspections on AV trucks Fleetio Technicians record truck inspection data into Fleetio app inspection system Drivewyze Drivewyze transmits certified Fleetio inspection data to law enforcement at weigh stations CONFIDENTIAL & PROPRIETARY 14#15Embark is uniquely leading the way in autonomous trucking KINS -- GHAVE Emergency Vehicle Interaction Demo Partnering with Texas DPS and Travis County Sheriff's Office EMBARK 17606 Vision Map Fusion Snow Testing In 90% of snowy runs, VMF is within shipper delivery windows A UNITED STAT EPARTMENT OF TRANSPORTATION OF AMERICA NHTSA NATIONAL HIGHWAY TRAFFIC SAFETY ADMINISTRATION Perfect On-Road Safety Record Zero reportable DOT and NHTSA crashes CONFIDENTIAL & PROPRIETARY 15#16What's next? Continue Partner Development Program expansion with leading carriers and shippers WERNER U.S. XPRESS ENTERPRISES hp ABInBev Deliver Truck Transfer Program to Knight-Swift by end of 2022 EMBARK 02 KKNIGHT TRANSPORTATION SWIFT 01 03 Deliver on technical milestones in our capability roadmap EMBARK 04 Continue expansion of Embark Coverage Map transfer point network Ryder Ever better. Alterra PROPERTY GROUP CONFIDENTIAL & PROPRIETARY 16#17"11 EMBARK Lat 119 Art Ryder Faber 203 Trucking, Evolved.