#1E EMBARK NASDAQ: EMBK W MC # 000056 US DOT # 2952363 CA # 497651 80 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 includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Embark's actual results may differ from their expectations and estimates and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Embark's expectations with respect to future performance. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) risks associated with autonomous driving being an emerging technology (2)limited operating history of Embark in a rapidly evolving industry; (3) changes in the competitive market, including entry of new competitors; (4) disruptions to the trucking industry, including changes in transportation and shipping infrastructure; (5) supply shortages in impacting products, which Embark relies on third-parties to supply, (6) changes in laws and regulations affecting Embark's business; (7) the possibility that Embark may be adversely affected by other economic, business, and/or competitive factors; (8) the impact of the global COVID-19 pandemic; and (9) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by Embark, including those discussed in the registration statement on Form S-1, filed on November 24, 2021 with the SEC, and other documents filed by Embark from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Embark cautions that the foregoing list of factors is not exhaustive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. Embark undertakes no obligation to and accepts no obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. 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, O 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. EMBARK • 2#3EMBARK SNAPSHOT: FOCUSED, PRAGMATIC, CONSISTENT AND DISCIPLINED SUMMARY OVERVIEW OF EMBARK Embark is America's longest running self-driving truck program(1) Embark is an Autonomous Vehicle SaaS Company focused on trucking Embark's sole focus on trucking, from day one, has enabled the development of a differentiated technology stack and go-to- market strategy 1) 2) 3) Embark partners with carriers (and private fleets), who will pay a per-mile subscription fee for Embark's software - eliminating channel conflict with carriers and in close coordination with shippers Carriers will deploy trucks autonomously between highway-adjacent points on the Embark Coverage Map, a portfolio of Transfer Points and Shipper Facilities Proprietary Vision Map Fusion technology updates the map in real-time (2) allowing the Embark Driver software to detect and respond to new situations where the map may be outdated, improving safety and enhancing the expansion of Embark's ODD(3) Embark Universal Interface (EUI) technology allows for Embark's software to be platform and OEM agnostic Asset-Light strategy focused on partnering across the ecosystem in a manner that complements the existing value chain: suppliers, real estate providers, carriers, shippers Based on regular road-testing of self-driving truck technology on public roads in the United States. Vision Map Fusion leverages Embark's cutting-edge non-linear-optimization techniques to update the map in real-time using detailed road geometry data from Embark's LIDAR and Camera sensors. Operational design domain. EMBARK . 3#4THE ECONOMY IS READY FOR OUR TECHNOLOGY $730+ Billion 2020 Trucking Market Expected to Grow to $1.2+ Trillion by 2032(¹) The Problem Not Enough Drivers to Meet Trucking Demand DEMAND FOR TRUCKING ~5% Truck Revenue '21-32E CAGR(1) Lifestyle SUPPLY OF DRIVERS EMBARK Retention Current truck driver shortage of 80,000 Expected to grow to 160,000 by 2030(2) Demographics The Opportunity 1) 2) 3) 4) 5) Address causes of supply chain crisis Dramatically improve unit economics for carriers Enhance speed and consistency - 1 in 5 loads rejected by carriers today(3) Improve safety and fuel efficiency Expedite a 3,000 mile cross-country trip by up to 2 days(4) by removing federal driver hours of service limits Increase net employment of drivers, through creation of more desirable first-mile/last-mile jobs(5) American Trucking Association, U.S. Freight Transportation Forecast to 2032 American Trucking Association, Driver Shortage Report 2021 Carriers Reject 1 in 5 Loads, Signaling Who has the Upper Hand in Pricing Based on 60 MPH Human Driver, 10 Hour Daily Service Break. 55 MPH Embark Driver. Department of Transportation, Macroeconomic Impacts of Automated Driving Systems in Long-Haul Trucking ● 4#5KEY BUSINESS UPDATES EMBARK Commercial and Operations Industry-leading 14,200 Truck Reservations Truck Transfer Program KNIGHT SWIFT TRANSPORTATION Expanded Operations into Texas New PDP Partnerships PHL= Leadership Stephen Houghton, Promoted to COO Jean-Baptiste Passot, Head of Software Sam Loesche, Federal Policy Mike Schmidt, Head of Technical Operations Sam Abidi, Promoted to CCO Embark Coverage Map Partnered with Alterra to open Transfer Points and accelerate the rollout of Embark Coverage Map Technology INDUSTRIAL OUTDOOR STORAGE Snow testing & validation leveraging Vision Map Fusion underway with plans to share results in the coming month Community CEO Alex Rodrigues commits to donating 2022 salary to support early STEM education and youth robotics projects 5#6DELIVERED AMBITIOUS PLAN IN 2021 Technology Development Past Technology Milestones and Accomplishments Bought First Truck Lane Keeping and Lane Changes Cut-ins, Merges, and Vehicles on Shoulder Night Driving and Surface Streets Stop and Go and Remote Monitoring Inclement Weather (excluding Snow) and Construction 2016 2017 2018 2019 2020 2021 5 Remaining Technology Milestones to Accomplish Emergency Vehicle Interactions Evasive Maneuvers Blown Tires Road Triangles (Stop on Shoulder) Inspections 2022 2023 EMBARK Commercial Progress Partner Development Program Expansion Manufacturing Partners to Enable Embark Universal Interface (EUI) as an Option Embark Coverage Map Expansion Demonstrating Demand - Industry-leading 14,200 truck reservations ● TRANSPORTATION What to Expect in 2022? • New partnerships with leading carriers & shippers who have a unique ability to scale quickly ● ● SWIFT TRANSPORTATION DHL Partnering to integrate Embark technology so that carriers can order EUI-compatible trucks 7F Cummins Demonstrated progress through the integration process with key partners ● LUMINAR What to Expect in 2022? Continued build-out of key manufacturing partnerships to enable EUI WERNER ENTERPRISES Developing safe, efficient and repeatable onsite Transfer NVIDIA Point processes, while securing new sites across the Southwest Alignment of partner portfolio against phased manufacturing strategy Embark Coverage Map What to Expect in 2022? Begin Transfer Point operations on-site with partners Expand Embark Coverage Ryder Map into key Sunbelt freight markets INDUSTRIAL OUTDOOR STORAGE . 6#7LEADERSHIP IN AV TRUCKING IN 2022 Deliver the First Trucks into the Fleets of Carrier Customers Accomplish Two of the Remaining Five Capabilities in our Technological Roadmap Launch the Backbone of the Embark Coverage Map Across the Sunbelt Region 7#8MEASURE OUR PROGRESS: TECHNOLOGY Milestone (Est. Completion) Emergency Vehicle Interactions (Q2 2022) Evasive Maneuvers (2022) Blown Tires (2023) Road Triangles (Stop on Shoulder) (2023) Inspections (2023) EMBARK 1) 2) 3) 4) W 001 MOGEBILT 4 Crows Landing is a test track located near Patterson, CA. RELLIS is Texas A&M's RELLIS Campus' test track. FMCSA Federal Motor Carrier Safety Administration. CVSA = Commercial Vehicle Safety Alliance Milestone Overview Overview: Multi-step process of Embark Driver sensing it is being pulled over, responding by pulling over and interacting with an officer Supported by multi-year relationships with law enforcement agencies • Seamless coordination between operational and technical capabilities Overview: Safely execute maneuvers such as hard braking and rapid lane change to better understand limits of system • Required to better respond to erratic driving behavior of other vehicles • Plan to utilize test tracks at Crows Landing(¹) & RELLIS(2) for testing Overview: Multi-step process of detecting low tire pressure or blown tire and safely pulling over to the side of the road followed by utilization of Guardian to assess and coordinate appropriate maintenance • Plan to utilize test tracks at Crows Landing (¹) & RELLIS(2) for testing Overview: Detect / receive signal to pullover to shoulder, safely pull over to shoulder, deploy road triangles, and resume operations Utilized in cases of disruption to ODD (i.e. weather) • Requires coordination with FMCSA (3) to demonstrate an autonomous solution that complies with regulations Overview: Enhancement of pre-departure inspections with reduction in human-centric inspections throughout the route • Work with CVSA(4) to develop industry standard inspection approach for autonomous trucks Key Benefits Enhances Safety Promotes Positive Law Enforcement Relationship Minimizes Operational Disruption Enhances Safety Reduces Reliance on Overly Cautious Maneuvers thus Improving Efficiency Enhances Safety Minimizes Operational Disruption Enhances Safety Minimizes Operational Disruption (Truck to Remain Autonomous During ODD Disruption) Standardizes AV Inspection Process Improved Efficiency .8#9DEEP DIVE: EMERGENCY VEHICLE INTERACTIONS Emergency Vehicle Interactions Highlights • Focuses on appropriately pulling over to the side of the road when indicated by an emergency vehicle as required by law • Achieved through multi-step process with seamless coordination between technology and operations 1. Perception: Sense being signaled by emergency vehicle 2. Guardian Interaction: Confirm via Guardian the need to pull over 3. Planning: Safely pull over to an appropriate area on the side of the road 4. Interaction: Officer interacts with Guardian and retrieves required documentation and any other information regarding truck status or operations ● ● Embark has built longstanding multi-year relationships with state law enforcement agencies to support commercialization, including safely managing autonomous truck - emergency vehicle interactions Key Challenges To Overcome • Truck requires multiple actions across technology & operational dimensions Requires collaboration and interaction with third-party law enforcement ● • Successful navigation of Emergency Vehicles Interactions is a key legal compliance capability for commercialization and supports positive ongoing relationship with law enforcement EMBARK 1 Multi-Step, Coordinated Process Embark Driver Sense Police 2 Embark Driver Guardian Confirmation 3 Embark Driver ES Truck Pullover HIGHWAY PATROL 4 S Guardian Police Interaction . 9#10MEASURE OUR PROGRESS: COMMERCIAL 1 Truck Transfer Program Development of Scalable Process Flows (Pre-inspection, remote monitoring, etc.) Establishment of Integrated Ops, IT and Maintenance Complete Knight-Swift Team Training and Establish Embark Support Delivery of Trucks to Knight Swift EMBARK KKNIGHT TRANSPORTATION ***** SWIFT Embark Coverage Map Expansion of the Embark Coverage Map ✓ 2 Operationalization the backbone of our Coverage Map in the Sunbelt Growth of Ryder Site Operator Partnership Addition of Real Estate Partners Maturation of Shipper Real Estate Strategy S La A Embark Coverage Map M C ters Tem Je How Yo Mufak Mire 3 Manufacturing Formation and Deepening of EUI Component Partnerships Alignment of Partnerships to Phased Manufacturing Strategy ✓ 7F LUMINAR NVIDIA® Cummins PDP Expansion Addition of Key Carrier Partners with Unique Ability to Scale ✓ 4 Development of Integrated Fleet Management Process (Guardian) ✓ Formulation of Facility AV Readiness Plan for Carriers/Shippers Refinement of Ancillary Service Support (Transfer Point, Fuel, Rescue, etc.) antbuver Washington Organ idaho Montana Wyoming North Dakota South Daheta United States Minnesota Sonnt TEXEL Ottawa • 10#11DEEP DIVE: INDUSTRY-FIRST TRUCK TRANSFER PROGRAM Industry-first deployment of an autonomous truck within existing carrier fleets operations, moving away from industry standard configuration of AV player owning and operating the truck. Truck Transfer Program Configuration TRANSPORTATION TRANSPORTATION EMBARK Carrier staff maintaining the truck at carrier facilities Carrier staff dispatching the trucks using existing carrier systems Carrier drivers behind the wheel monitoring and providing feedback Carrier drivers pre-inspecting the trucks EMBARK Carrier facilities being used as a launching and resting place for the trucks Truck Transfer Program Benefits Scalable pre-inspection procedures Coordinated maintenance procedures Highly-integrated dispatching procedures Monitoring processes and infrastructure Actionable driver feedback on performance W Insight into use case applicability • 11#12EMBARK BY THE NUMBERS Corporate Q4 '21 1) 2) 3) 4) (5) $245M Raised in Business Combination (1) 450M Basic Shares Outstanding (4) $20M Q4 Adj. EBITDA Loss (2) EMBARK $34M Q4 Free Cash Flow Spend(3) 2021 $54M 2021 Adj. EBITDA Loss (2) $69M 2021 Free Cash Flow Spend(3) 2022E $125- 140M 2022E Free Cash Flow Spend(3) $245 million reflects net proceeds for all redemptions, fees and expenses. As defined in non-GAAP reconciliation as Free Cash Flow on slide 16. Defined as Free Cash Flow in non-GAAP reconciliations on slide 17. The fourth quarter free cash flow spend includes approximately $12.5 million of prepaid expenses and other working capital adjustments. Fourth quarter free cash flow spend excluding prepaid expenses and other working capital impacts was $21.7 million. As of March 7, 2022. More detail on EMBK shares included on slide 18. Include 5 contractors. - $70- $75M 2022E Share Based Compensation Employees 236 Employees (5) 172 R&D Employees Testing 18 Testing Truck Fleet O DOT Reportable Incidents & Inspection Failures. • 12#13FINANCIAL FRAMEWORK 1) 2) 3) Top-Down Approach The total addressable market for Embark's technology is large, even at small adoption levels We are already analyzing the opportunity with partners, evaluating where autonomous trucking is economical, and working together to refine the plan to operationalize and commercialize our technology at scale. The need for Embark's technology is clear and present Top-Down Approach - TAM ~300 Billion Annual Truck Miles Driven EMBARK 86% of Miles Transfer Point >300 Miles(2) ~80-90% of miles are within Embark's ODD Direct to Shipper >100 Miles(2) ~236 Billion Mile Opportunity 14,200 Truck Reservations 38,000 Trucks Under Management (3) 3 Billion Annual Human Driven Miles(4) Analysis based on the Freight Analysis Framework, produced in partnership with the Bureau of Transportation Statistics and the Federal Highway Administration and additional data from the Bureau of Transportation Statistics Link 100-300 mile trips only economical in Direct to Shipper model (i.e. origin/destination within operating domain). Reflects number of total trucks in aggregate fleets of all PDP partners. Fleet size sourced from FreightWaves and Transport Topics. Bottoms-Up Approach - PDP Program 4) 90,000 Annual Miles Driven per Human Truck. (5) Based on 720,000 truck lifetime miles. 6) 7) Bottom-Up Approach 14,200 Truck Reservations Represent 10 Billion(5) Lifetime Embark Revenue Generating Miles PDP Partners Spend ~$1.4 Billion Annually on New Trucks Representing ~9,500 Trucks(6) Top 100 Carriers Spend ~$15 Billion Annually on New Trucks Representing ~110,000 Trucks(6) Industry-wide Class 8 Truck Sales of ~222,000 in 2021(7) 25% Annual Fleet Turnover for major fleets and $150,000 truck purchasing cost. Top 100 Carriers total ~450,000 tractors in 2021 per Transport Topics. American Truck Dealers Truck Beat. December ¹21 • 13#14SUMMARIZING EMBARK'S OPPORTUNITY EMBARK Next Gen Mobility Technology Autonomous Autonomous Trucking W 11 EMBARK Clear and Present Market Opportunity Today Limited Players Focused on Trucking Attractive Financial Profile EMBARK is an industry leader and the longest running self-driving truck program • 14#15EMBARK Appendix 1² XP20294 203 Embark Trucks in KI MARADENT CHAN W17870 MILT#16NON-GAAP RECONCILIATION: ADJUSTED EBITDA Embark Trucks, Inc. Reconciliation of Adjusted EBITDA (in thousands, except share and per share data) Net loss Interest income and expense, net Depreciation and amortization EBITDA Stock-based compensation expense (¹) (2) Change in fair value of warrant liabilities Change in fair value of derivative liability (3 One time transaction related cost (4) Adjusted EBITDA $ EMBARK Three Months Ended December 31, 2021 (76,388) $ 4,413 318 (71,657) 44,171 2020 (6,544) $ (124) 262 (6,406) 272 8,206 (1,460) 413 (20,327) $ (6,134) $ Years Ended December 31, 2021 (124,213) $ 8,065 1,074 (115,074) 47,607 8,206 4,323 1,413 (53,525) $ 2020 (21,531) (788) 822 (21,497) 842 (20,655) (1) Reflects, for the years ended December 31, 2021 and 2020, stock-based compensation expense related to the issuance of equity awards to certain Embark employees, the issuance of our Class B shares to the Embark Founders, and issuance of equity awards for non-employee services. (2) Reflects the increase in the fair values of the Company's private, public, FPA and working capital warrants. (3) Reflects the change in the fair value of the embedded conversion and redemption features, which are presented as a derivative liability, related to the convertible note payable. (4) Represents one time transaction related costs, which are not expected to recur in the future • 16#17NON-GAAP RECONCILIATION: FREE CASH FLOW SPEND Embark Trucks, Inc. Free Cash Flow (in thousands, except share and per share data) Net cash used in operating activities (GAAP) Capital expenditures Truck deposits, net of returns One time transaction related cost(¹) Free cash flow (Non GAAP) EMBARK $ $ Three Months Ended December 31, 2021 (33,191) $ (973) 2020 (6,826) $ (722) (10) (34,164) $ (7,558) $ (1) Represents one time transaction related costs, which are not expected to recur in the future. Years Ended December 31, 2021 (66,049) $ (3,353) (353) 1,000 (68,755) $ 2020 (19,130) (2,181) 768 (20,543) • 17#18EMBARK SHARE DETAIL Share Type Class A (1) Class B(1) Basic Shares Outstanding Other Securities Private Warrants (2) Public Warrants (3) Options Outstanding (4) RSU Outstanding Performance Stock Units Outstanding Common Stock Units Outstanding Total Shares (1) (2) (3) (5) Amount EMBARK 362,873,244 87,078,981 449,952,225 8,686,667 14,466,599 25,358,426 9,614,026 44,715,756 1,481,065 554,274,764 Description Common stock - 1 vote per share Common stock - 10 votes per share Exercisable at $11.50 per share for Class A shares Exercisable at $11.50 per share for Class A shares Weighted average exercise price of $0.20 Vests over four years Performance based RSUS which begin to vest with EMBK trading at greater than $20 per share(5) Issued in related to exercised warrants As of March 7, 2022. Includes 2,000,000 Issuance of warrants upon conversion of convertible note. Includes 666,663 forward purchase agreements warrants. Of this amount, 17.7 million are vested and exercisable as of 12/31/21. PSUs do not begin to vest until Embark's share price is at least $20.00, with a vesting schedule comprised of six price-based increments up to $100 per share. 10K Reference Item 12 (Beneficial Ownership of Securities) Item 12 (Beneficial Ownership of Securities) Item 8 (6 Warrants) Item 8 (6 Warrants) Item 8 (7 Stock-Based Compensation Expense) Item 8 (7 Stock-Based Compensation Expense) Item 8 (7 Stock-Based Compensation Expense) Item 8 (7 Stock-Based Compensation Expense) • 18#19EMBARK Thank You 1² XP20294 203 Embark Trucks in KI MARADENT CHAN W17870 MILT