#1Investor Materials August 2020 LORDSTOWN#2Disclaimer LORDSTOWN. This presentation is being furnished solely for the purpose of considering a potential transaction involving Diamond Peak Holdings Corp. ("DiamondPeak") and Lordstown Motors Corporation (the "Company"). By accepting this presentation, the recipient acknowledges and agrees that all of the information contained herein is confidential, that the recipient will distribute, disclose and use such information only for such purpose and that the recipient shall not distribute, disclose or use such information in any way detrimental to the Company. ANY SECURITIES OF DIAMONDPEAK TO BE OFFERED IN ANY TRANSACTION CONTEMPLATED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY APPLICABLE STATE OR FOREIGN SECURITIES LAWS. ANY SECURITIES TO BE OFFERED IN ANY TRANSACTION CONTEMPLATED HEREBY HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER UNITED STATES OR FOREIGN REGULATORY AUTHORITY, AND WILL BE OFFERED AND SOLD SOLELY IN RELIANCE ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS PROVIDED BY THE SECURITIES ACT AND RULES AND REGULATIONS PROMULGATED THEREUNDER (INCLUDING REGULATION D) OR REGULATION S UNDER THE SECURITIES ACT. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY IN ANY STATE OR OTHER JURISDICTION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION IN SUCH STATE OR JURISDICTION. Any investment in or purchase of any securities of DiamondPeak is speculative and involves a high degree of risk and uncertainty. Certain statements in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statement that does not directly relate to any historical or current fact. Words such as "anticipates," "believes," "expects," "intends," "plans," "projects," or other similar expressions may identify such forward-looking statements. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over which DiamondPeak and the Company have no control. These factors, risks and uncertainties include, but are not limited to, the following: (i) conditions to the completion of the proposed business combination and PIPE investment, including stockholder approval of the business combination, may not be satisfied or the regulatory approvals required for the proposed business combination may not be obtained on the terms expected or on the anticipated schedule; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement between the parties or the termination of any PIPE investor's subscription agreement; (iii) the effect of the announcement or pendency of the proposed business combination on the Company's business relationships, operating results, and business generally; (iv) risks that the proposed business combination disrupts the Company's current plans and operations and potential difficulties in the Company's employee retention as a result of the proposed business combination; (v) risks related to diverting management's attention from the Company's ongoing business operations; (vi) potential litigation that may be instituted against DiamondPeak or the Company or their respective directors or officers related to the proposed acquisition or the merger agreement or in relation to the Company's business; (vii) the amount of the costs, fees, expenses and other charges related to the proposed business combination and PIPE investment; (viii) risks relating to the uncertainty of the projected financial information with respect to the Company, including the conversion of pre-orders into binding orders; (ix) risks related to Lordstown's limited operating history, the rollout of the Company's business and the timing of expected business milestones, including the Company's ability to complete the engineering of the Endurance and the retooling of the Company's facility, and start production of the Endurance, on time and on budget; (x) the effects of competition and the pace and depth of electric vehicle adoption generally on the Company's future business; (xi) the Company's ability to achieve any level of EBITDA margin, including its ability to achieve breakeven EBITDA margin and the timetable for achieving breakeven EBITDA margin; (xii) changes in regulatory requirements, governmental incentives and fuel and energy prices; (xiii) the amount of redemption requests made by Diamond Peak's public stockholders; (xiv) the ability of DiamondPeak to issue equity or equity-linked securities in connection with the transaction or in the future; (xv) the impact of the global COVID-19 pandemic on any of the foregoing risks; and (xvi) such other factors as are set forth in DiamondPeak's periodic public filings with the SEC, including but not limited to those described under the headings "Risk Factors" and "Forward Looking Statements" in its final prospectus for its initial public offering, which was filed with the SEC on February 26, 2019 and Annual Report on Form 10-K for the fiscal year ended December 31, 2019, its subsequent quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC's website at www.sec.gov. None of the Placement Agent (as defined below), DiamondPeak or the Company undertake any duty to update these forward-looking statements or the other information contained in this presentation. 2#3Disclaimer LORDSTOWN. Neither DiamondPeak nor the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of this document or any other information (whether written or oral) that has been or will be provided to you. Nothing contained herein or in any other oral or written information provided to you is, nor shall be relied upon as, a promise or representation of any kind by DiamondPeak or the Company. Without limitation of the foregoing, DiamondPeak and the Company expressly disclaim any representation regarding any projections concerning future operating results or any other forward-looking statement contained herein or that otherwise has been or will be provided to you. Neither DiamondPeak nor the Company shall be liable to you or any prospective investor or any other person for any information contained herein or that otherwise has been or will be provided to you, or any action heretofore or hereafter taken or omitted to be taken, in connection with this potential transaction. You will be entitled to rely solely on the representations and warranties made to you by the Company in a definitive written agreement relating to a transaction involving the Company, when and if executed, and subject to any limitations and restrictions as may be specified in such definitive agreement. No other representations and warranties will have any legal effect. DiamondPeak has retained Goldman Sachs & Co. LLC as placement agent (together with its affiliates, partners, directors, agents, employees, representatives, and controlling persons, the "Placement Agent") on a potential transaction to which this document relates. The Placement Agent is acting solely as a placement agent (and, for the avoidance of doubt, not an underwriter, initial purchaser, dealer or any other principal capacity) for DiamondPeak in connection with a potential transaction. The Placement Agent has not independently verified any of the information contained herein or any other information that has been or will be provided to you. The Placement Agent does not make any representation or warranty, express or implied, as to the accuracy or completeness of this document or any other information (whether written or oral) that has been or will be provided to you. Nothing contained herein or in any other oral or written information provided to you is, nor shall be relied upon as, a promise or representation of any kind by the Placement Agent, whether as to the past or the future. Without limitation of the foregoing, the Placement Agent expressly disclaims any representation regarding any projections concerning future operating results or any other forward-looking statement contained herein or that otherwise has been or will be provided to you. The Placement Agent shall not be liable to you or any prospective investor or any other person for any information contained herein or that otherwise has been or will be provided to you, or any action heretofore or hereafter taken or omitted to be taken, in connection with this potential transaction. This document is being distributed solely for the consideration of sophisticated prospective purchasers who are institutional accredited investors with sufficient knowledge and experience in investment, financial and business matters and the capability to conduct their own due diligence investigation and evaluation in connection with a potential transaction. This document does not purport to summarize all of the conditions, risks and other attributes of an investment in DiamondPeak and the Company. Information contained herein will be superseded by, and is qualified in its entirety by reference to, any other information that is made available to you in connection with your investigation of Diamond Peak and the Company. Each prospective purchaser is invited to meet with a representative of DiamondPeak and/or the Company and to discuss with, ask questions of, and receive answers from, such representative concerning the Company and the terms and conditions of any potential transaction. Diamond Peak, the Company and the Placement Agent are free to conduct the process for any transaction as they in their sole discretion determine (including, without limitation, negotiating with any prospective investors and entering into an agreement with respect to any transaction without prior notice to you or any other person), and any procedures relating to such transaction may be changed at any time without notice to you or any other person. No sales will be made, no commitments to invest in Diamond Peak will be accepted, and no money is being solicited or will be accepted at this time. Any indication of interest from prospective purchasers in response to this document involves no obligation or commitment of any kind. This document should not be distributed to any person other than the addressee to whom it was initially distributed. 3#4Transaction Summary Lordstown Team Steve Burns CEO Julio Rodriguez CFO Darren Post Chief Engineering Officer Rich Schmidt Chief Production Officer John Vo Director of Propulsion DiamondPeak David Hamamoto Chairman and CEO Offering Siz Valuation Capital Structure Ownership LORDSTOWN. Note: For additional details please refer to footnotes and assumptions on slide 26 Transaction Highlights • DiamondPeak (NASDAQ:DPHC) is a publicly listed special purpose acquisition company with $280mm in cash • PIPE size of $500mm, inclusive of $75mm to be invested by General Motors $965mm EV with a strong balance sheet • Implies an attractive valuation versus peer averages • Lordstown will have $675mm of cash to fund operations and growth • No additional capital requirements expected between now and going to market to achieve positive cash flow ~48% existing shareholders, ~21% SPAC and founder shares, ~30% PIPE investors DiamondPeak views Lordstown as a unique opportunity to invest in a revolutionary vehicle manufacturing platform with a proven management team 4#5Revolutionary Vehicle for an Underserved Market • Revolutionary Value Proposition to Fleet Operators • Simple Proprietary hub motor technology is unique in the market and provides a robust, safe and stable ride - Four drivetrain parts, one on each wheel, vs. thousands for a comparable combustion engine model Cost Efficient Lower cost vs. pickups available today after factoring in fuel and maintenance savings for a significantly improved total cost of ownership • Taps the Underserved Commercial Fleet Market Competitor pickup models focused on hybrid / EV will be sold at premium price points and target a different customer base GM Holman ENTERPRISES Key Strategic Relationships GOOD YEAR WORKHORSE elaphe Propulsion Technologies SAMSUNG 75 MPGe Clean Fuels Ohio LORDSTOWN. ~250 Miles Per Charge Selected Pre-Order Customers DUKE ENERGY® SERVPRO Fire & Water Cleanup & Restoration" 7,500lbs Towing Capacity FirstEnergy GridX SUMMIT PETROLEUM INC TURNER MINING GROUP 5#6Startup Culture with the Assets of an Established Manufacturer LORDSTOWN. Unique and Efficient Design Leveraging proven components and innovative technology to offer the first full-size electric pickup truck ENDURANCE Pickup Truck 1st Mover in Providing a Full-Size Electric Pickup Truck ~5x Better Mileage Equivalent vs. ICE Pickup Trucks ~65% Lower Maintenance Costs vs. Similar Size ICE Pickup Trucks World-Class Executive Team Proven track record of successfully developing and launching automobile platforms DELPHI GM Honeywell J.D. POWER TESLA T HYUNDAI NISSAN NUANCE TOYOTA W 180+ Years Electric and Conventional OEM Experience Among Top 6 Executives 5+ Years Spent by CEO Steve Burns Designing and Integrating Hub Motors Into Production Vehicles 2012 Lordstown's Chief of Production and Director of Propulsion Helped Tesla Convert Fremont Facility WORKHORSE MUNI High Speed to Market Lordstown, OH Complex Near production-ready, 6.2 million sqft (Est. $3B+ plant replacement cost) 600K+ Est. Annual Vehicle Capacity Drivable Prototype Complete Virtual Crash Testing Direct Sales Model 6#7Overview LORDSTOWN#81 Key Investment Highlights Secular Tailwinds for both EVS and Trucks ~60% of vehicles sold estimated to be fully electric by 2040 vs. ~2% today Light trucks have enjoyed secular growth and make up ~75% of US light vehicle sales today Strategic Relationships with Key Industry Leaders • $75 million strategic investment from GM as part of PIPE • Strategic Relationships agreed with Elaphe, Goodyear, Holman, Samsung, Workhorse Candidate for DoE ATVM loan and government grants 2 31 Profitable Target Segment in an Attractive Market • Other electric pickup truck entries focused on higher price points / different customers 5 Large and underserved commercial fleet market with attractive characteristics Clear Path to be First to Market Demand proven with pre-orders covering first year of production • Conservative business model leveraging existing parts and processes . Modest engineering and retooling needed to begin production • Direct sales with no dealer network required 3 LORDSTOWN. 6 Unique, Efficient, Purpose-Built Design Innovative, yet simple, design incorporating hub motor technology • Significantly decreases maintenance cost resulting in a lower TCO Straightforward approach allows for competitive pricing World-Class Proven Automotive Executive Team Executive team from automotive OEMs including Workhorse, Tesla, Karma, Toyota, GM, Hyundai and VW Proven ability to design, develop and commercially produce EV and conventional automobiles 8#9Secular Tailwinds for both EVs and Trucks Powertrain Weighting (% of Total US Vehicles) 3% 1% 2% 95% 2020E 5% 10% 20% 65% 2030E 60% 33% 2040E ■ICE & Other EV PHEV - HEV 5% 2% EVS projected to grow at a ~30-35% CAGR to 2030, providing a long-term tailwind • EV penetration expected to hit 60% in the US by 2040 ~51% 16.6 16.2 8.4 8.3 Light Trucks (SUVs, CUVs, Pickups) Have Enjoyed Structural Growth in the US 2006 13.3 8.1 7.9 7.0 6.2 Source: Public sources, third-party analysis, and management estimates. Note: Both charts display US data. 2008 10.4 4.7 5.7 11.6 5.6 12.8 2010 6.4 6.0 6.3 Car 14.5 7.0 7.5 2012 LORDSTOWN. 16.5 15.6 7.8 8.8 7.8 LTR 17.5 2014 7.7 7.6 17.6 9.9 10.7 11.1 12.0 12.3 11 6.9 17.2 17.3 17.0 2016 % LTR 6.1 5.4 4.7 2018 ~74% 15.1 11.2 3.9 LTM ● Continued trend of light truck dominance within the auto industry supports Lordstown's mission • Light trucks provide the ideal platform for Lordstown's EV and hub motor technology 9#10Profitable Target Segment in an Attractive Market OOO OO Targeting the Fleet Market Focused on Electric Light Duty Trucks Highly Price Competitive ~$1.4bn of Existing Pre-Orders Potential to Enter the SUV Market Over Time ~12mm U.S. Total Light Trucks (SUV, CUV, Pickup Truck) Market ~3mm U.S. Total Pickup Truck Market ~1.3mm U.S. Full-sized Fleet Pickup Truck Market ~$600bn ~$150bn ~$65bn LORDSTOWN. Key Highlights • Pickup trucks currently stand as the most profitable segment of the auto industry Highly attractive fleet market: • Avoids complex retail sales network • Large order volumes with sticky contracts • Highly underserved market with no EV focused competitors targeting the space • Competitive in critical metrics fleet buyers emphasize, including total cost of ownership 80% of fleet customers surveyed have expressed a preference for the Endurance versus traditional products Source: Public sources, third-party analysis, and management estimates. Note: Market sizes for US. Assumes average vehicle price of $50,000. 10#11Profitable Target Segment in an Attractive Market ~27% TCO Reduction vs. Similar ICE Pickup Trucks Endurance: Competitive in Important Fleet Metrics Caimin Flannery Total Cost of Ownership Safety Rating ● Initial Purchase Price The Fleet Market Has Eagerly Awaited the Endurance Vehicle Capabilities Vehicle Reliability Sales team run by Caimin, consists of internal and external representatives Marketing efforts are at an early stage, however existing pre-orders have been achieved with minimal marketing costs "Which Vehicle Would You be More Interested In?"¹ All-Electric 7,000 lbs. GVW 75 MPGe Fuel Economy 3,000 lbs. Payload ~250mi Range ~$360/yr. Maint. Costs 5Y TCO Comparison² Initial Cost Price Per Unit Fuel Cost Maintenance Cost Fed. Tax Credit Total Difference LORDSTOWN. - 80% Endurance 20% Traditional ICE LMC Endurance $ 52,500 $ 0.13 Per kWh $ 5,200 $ 1,800 ($ 7,500) $ 52,000 $19,180 Internal Combustion 6,700 lbs. 2,040 lbs. GVW Payload 400mi Range 15 MPG Fuel Economy ~$1,025/yr. Maint. Costs Ford F-150 $ 51,775 $ 2.57 Per Gallon $ 14,280 $ 5,125 N/A $ 71,180 1 Source: Public sources, third-party analysis, and management estimates. Note: Third party market study available upon request. ¹ Fleet buyer survey. 2 Based on Lordstown TCO calculator publicly available on company website. Assumes annual mileage of 20,000 per year, 5 year service life, and cost of gas of $2.57 per gallon in the US, the national average as of 09-Dec-2019 per AAA. 11#12Unique, Efficient, Purpose-Built Design Endurance's Innovative Technology Integration Inverters Hub Motor LUON Hub Motors Provide a Unique Competitive Edge Suspension for Hub Motors Crash-Optimized Frame & Body Battery Pack ● ● ● ● ● LORDSTOWN. TOX LMC Hub Motors No drivetrain components Regenerative braking in every wheel Differentiated traction and performance High maneuverability for cities & construction sites Designed for LMC pickup duty cycle Improved efficiency for work truck speeds Repeated 100 G impact tests with no issues >620k miles bench & vehicle testing - >180k miles fatigue & accelerated loads Technology licensed by LMC from Elaphe Production by LMC planned Building on 5 years of hub motor experience 12#13Unique, Efficient, Purpose-Built Design Engineering Design Highlights Skateboard chassis design GM components¹: Airbags, seat structures, switches & locks, steering wheel, and HVAC Proven parts and technology will help Lordstown get to market faster and at lower cost Body & frame design based on proven pickup truck chassis; has been refined over multiple generations Battery pack produced in-house using cylindrical cells, offering a range of ~250 miles per charge and a 10 year lifespan target Battery Cells SAMSUNG Hub Motors Vehicle Component Suppliers Metal Stampings Chassis elaphe Propulsion Technologies LORDSTOWN LORDSTOWN. ¹ To be negotiated with Tier 1 suppliers through GM's supplier network Tires Elaphe is the leading developer of hub wheel motors for light vehicles COLLO Audi R8 Prototype Non-Customer Facing Components¹ GOOD YEAR GM LORDSTOWN. elaphe Propulsion Technologies Select Elaphe OEM Relationships General Assembly M 4 X6 Concept Plant Integrators Paint Line IDURRI DÜRR GREATECH FANUC LAND FROVER Stamping & Body Shop Genesis Systems Group, LLC 13#14Unique, Efficient, Purpose-Built Design Clear Lane for Endurance to Launch in an Underserved Market Launch Timing Commercial Fleet Focus? The Only EV Player Providing a Full-Size Pickup Primarily Focused on Commercial Fleets Full-Size Pickup? Expected Price LORDSTOWN A 2021 $45,000¹ Endurance Lordstown Endurance vs. Key Competitors RIVIAN T TESLA 2021 X ~$67,500¹ Mid-Tier R1T 2021 x ~$69,900 Cybertruck NIKOLA MOTOR COMPANY N/A X ~$67,500¹ Mid-Point Pricing Range of Badger Ford LORDSTOWN V 2022 ? Source: Public sources, third-party analysis, and management estimates. Note: Ford and GM images are illustrative. Net of $7,500 tax credits. TBD F-150 Electric GM 2022 X X N ~$70,000 Hummer EV 14#15Strategic Relationships with Key Industry Leaders Lordstown has Many Groups Vested in its Success Favorable Relationships GM (capital and parts), Elaphe (parts, IP), Workhorse (IP), Goodyear (service and parts), among others Regulatory and Government Tailwinds for Lordstown's Mission 14 states have adopted California's zero-emission vehicle standards (requiring OEMs to sell EVs - Customers to receive a $7,500 tax credit for the first 200,000 trucks manufactured by LMC (estimated to support sales by 2025) Candidate to receive a $37.5mm grant from Jobs Ohio Candidate for a ~$250mm loan under the federal Advanced Technology Vehicles Manufacturing (ATVM) Loan Program Mahoning Valley, the Heart of Ohio's Auto Industry Focus on transforming region into 'Voltage Valley', a cluster of companies to drive the industry's electrification "We want to be the tiremaker of choice for electric vehicle manufacturers and working with Lordstown represents an ideal relationship with shared Ohio roots and shared values of innovation, performance and sustainability." Erin Spring Goodyear's Director of New Ventures Government and Local Institutions Potential for $37.5mm Ohio Jobs Grant Potential for $250mm from Federal Programs like ATVM LORDSTOWN. WELCOME TO VOLTAGE VALLEY GM NIGE WITH "Lordstown Motors' proposal to convert the former GM assembly plant into a state-of-the-art electric vehicle manufacturing facility is an excellent example of why Congress created this particular loan program (ATVM). Key Strategic Relationships SAMSUNG Co WORKHORSE Not only will this funding jumpstart our local economy now, but it will position Youngstown and the Mahoning Valley as a leader in the economy of the future." Tim Ryan, Member of Congress STATE of 1908 GOOD YEAR elaphe Propulsion Technologies 15#16Strategic Relationships with Key Industry Leaders Critical Start-up Support from GM +GM A Relationship Structured to Enable Success The Lordstown Complex transferred in a near production-ready state and cap of large annual production volume with only modest incremental investment LORDSTOWN. Transition services provided and critical environmental permits transferred to expedite LMC's restart of operations Access to GM parts catalogue saves months in design timing and millions in certification costs GM plans to invest in the PIPE and has the right to appoint a LMC board member RIDE WITH LORDSTOWN 18+ 16#17Clear Path to be First to Market State of the Art Manufacturing Plant Voltage Valley, USA A Unprecedented Opportunity to Leverage an Existing Fully Equipped Plant Legend: A. Stamping B. Body Shop C. Paint Shop D. General Assembly E.Central Maintenance Lordstown, OH Source: Management estimates H Est. Replacement Value $3.0 Billion Plant Size 6.2M Square Feet Ⓡ F O Est. Annual Vehicle Capacity 600,000+ Vehicles LORDSTOWN. Costs to Reconfigure Plant ~$120 Million F. Administration G. Rail Loading Station H. Solar Panel Array 1. Battery Line J. Hub Motor Line Fully Equipped Plant Stamping, Robots, Assembly, Paint Solar Energy Supported 17#18Clear Path to be First to Market Modest Engineering and Retooling Needed to Begin Production Based on the Excellent Condition of the Plant and Equipment at the Lordstown Complex, LMC Projects ~$120 Million of Investment to Retool the Equipment for Full Production Readiness Stamping New soft tooling for three presses is required for production The remaining four presses could be removed and sold at auction GANS $3M Estimated Investment Body Shop Minimal investment required in new fixtures, welding tools, and a truck box robotic cell $32M Estimated Investment Source: Management estimates Paint Equipment is in place and sufficient in size to manufacture the Endurance Plan to convert paint line from dry powder coating to "wet on wet" paint process $16M Estimated Investment nas Physical infrastructure, security, and IT infrastructure is in place and in good working condition Battery Packing Reconfiguration of a mezzanine area above final assembly to create a battery packing assembly line New robot tooling and quality and test equipment is required $27M Estimated Investment Lordstown Complex Infrastructure, Material Handling, and Spare Parts $5M Estimated Investment LORDSTOWN. Hub Motor Manufacturing Electric in-wheel hub motor production line will require purchase of additional CNC machines, tooling, and quality and test equipment $23M Estimated Investment General Assembly Existing state-of-the-art Skillet conveyor system is large enough for the Endurance and will require only minimal modifications $14M Estimated Investment 18#19Clear Path to be First to Market Key Work Streams Equipment Installation & Testing Pre-Production Runs Full Production Vehicle Production Targets Poised to Commence Production with a Clearly Defined Roadmap 2020 2021 2022 2023 2024 Timing: Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 31,600 Pre-Production Milestones Achieved Working Prototype Substantially Complete with Virtual Crash Testing Significant Pre-Orders Received 2,200 ✓ Key Component Supply Secured Through GM Secured Fully Operational Production Facility Finalizing Engineering and Certification Preparations LORDSTOWN. 65,000 107,000 Lordstown has already received ~27k orders (average order size of ~300 trucks) before the first vehicle has been produced, representing potential revenue sufficient to cover 2021 production and into 2022 As a majority of parts and processes exist today, Lordstown expects to integrate these vs. designing from scratch 19#20Clear Path to be First to Market Battery Approach Supports Speed to Market www... wwwwwwww w www widelbet wwwwwwww SAMSUNG 100000 Source: Public sources, third-party analysis, and management estimates Lordstown's Battery Strategy Relies on Proven Concepts to Facilitate Production Timing Execution Cylindrical Batteries are a tried and tested concept Uses 21,700 cell Samsung battery, similar to that used by other mass-market EV players Works on a similar system to Tesla's Model 3 LORDSTOWN. The Lordstown team has experience implementing similar battery technology Technical Superiority Designed to last 1000 charge cycles, with each charge offering ~250 miles Offers total battery capacity of 109kWh for the base version Offers strong modularity based on a double deck skateboard Protected by reinforced frame & body ✓Includes liquid cooling in combination with HVAC to drive efficiencies further 20#21World-Class Proven Automotive Executive Team Steve Burns Chief Executive Officer World-class innovator behind every product developed and sold by Workhorse Lordstown's Story Begins in 2007 With the Founding of Workhorse by Visionary Steve Burns Co-founder and former CEO of Workhorse Group 35+ Years of Experience W WORKHORSE NUANCE GANNETT John Lafleur Chief Operating Officer Dynamic executive with diverse experience in design, engineering, and business development Former VP of Vehicle Programs at Workhorse 25+ Years of Experience WORKHORSE AMOCO KESSEBÖHMER Rich Schmidt Chief Production Officer Leading force behind the design, conversion, and improvement of over 12 automotive plants, including Tesla's facility in Fremont, CA 30+ Years of Experience T TESLA is ini. TOYOTA HYUNDAI NISSAN J.D. POWER Darren Post Chief Engineering Officer Over 30 years of experience with automotive OEMs, most recently developing Karma Automotive's plug- in hybrid electric vehicle 30+ Years of Experience KARMA GM ALT e FERRNULUGIES LORDSTOWN. DELPHI John Vo Director of Propulsion Served as Tesla's Head of Global Manufacturing from 2011-2017 before leaving to start his own company focused on powertrain development 30+ Years of Experience TAIKAR TESLA YEY MiaSolé Thin-film solar Honeywell Julio Rodriguez Chief Financial Officer Coordinator of multiple successful capital raises financing the development and production of EVs for commercial fleet operators 30+ Years of Experience WORKHORSE NAPA Chiquita FEDERAL MOGUL 21#227.10 Financial Information Farsort-01 Coca-no A LORDSTOWN.#23Capital Raise Proceeds Expected to be Sufficient to Achieve Cash Flow Positive Cash proceeds will be largely directed towards CapEx, R&D, and G&A expenses $675mm LORDSTOWN. Cash Proceeds ~$135mm Capital Expenditures Plant Retooling of ~$120mm, BoM Retooling of ~$15mm to Gear up for Production ~$90mm R&D Product Development, Validation and Certification ~$130mm Operating and G&A Expenses Hiring of Highly Skilled Workforce to Build the Endurance ~$320mm Cash for Contingencies and Additional Growth Opportunities 23#24Financial Overview ($ in millions) Total Units Sold Revenue % Growth Cost of Goods Sold Gross Profit % Margin EBITDA % Margin CapEx % Sales 2020E 0 $0 $0 NM $(64) NM $(90) NM 1 Assumes pickup truck market of ~3mm units Summary Financials 2021E 2,200 $ 118 $(203) $(85) NM $(155) NM $(45) 38.3 % 2022E 31,600 $ 1,690 1336.4 % $(1,551) $ 139 8.2 % $ 10 0.6 % $(40) 2.4% 2023E 65,000 $ 3,476 105.7 % $(2,877) $ 599 17.2 % $ 298 8.6 % $(40) 1.2 % 2024E 107,000 $ 5,776 66.2 % $(4,701) $ 1,076 18.6 % $ 600 10.4 % $(20) 0.3 % LORDSTOWN. Commentary • No additional capital requirements expected between PIPE and going to market, achieving positive cash-flow Reflects market share of ~3.5% by 2024E¹ Lordstown's first-mover advantage and innovative technology drives high margins • Low capital intensity driven by existing Lordstown plant and use of off-the-shelf parts and technologies . Current plan assumes no new products and there is significant upside with introduction of additional new identified products 24#25Unit Cost Breakdown 2020 Body $10k Hub Motors $5k Total: ~$42k Chassis $10k Battery $17k Lordstown Endurance BOM Note: BOM excludes labor, overhead and consumables 2024 ~12% decrease projected in BOM over 4 years Body $9k LORDSTOWN. Hub Motors $5k Total: ~$37k Chassis $9k Battery $15k Roughly 2k components Top 10 components represent ~90% of anticipated costs Secured deal with GM for access to supplier network of non-customer facing parts such as airbags, steering assembly, and seat frames, all of which are essential to successfully passing safety and crash tests 25#26Pro Forma Equity Ownership US$ in Millions, Unless Otherwise Stated Sources SPAC Cash in Trust¹ PIPE Proceeds (excl. GM) GM PIPE Proceeds Cash Sources and Uses Total $280 425 75 $780 Uses Cash to Balance Sheet PIK for GM² Deal Expenses Total Commentary • Proceeds for the transaction will be used for development and commercialization of Lordstown's Endurance vehicle $ 675 60 Additional $25mm cash investment from GM as part of transaction • Draw against $10mm GM financing facility will net against closing cash contribution 45 $ 780 • GM receives $50mm equity position in exchange for in-kind contributions Plant assets • Plant permits (accelerating time to market) • Plant operating costs since initial purchase agreement executed (Nov '19) Share Price Pro Forma Shares Outstanding" Equity Value Plus: Existing Debt Less: Cash to Balance Sheet Enterprise Value Pro Forma Valuation Existing Lordstown Shareholders 48% LORDSTOWN. 1.3 Pro Forma Ownership¹,³ O SPAC Shareholders 17% $ 10.00 PIPE Investment 30% 164.00 $ 1,640 SPAC Founder Shares 4% 0 (675) $ 965 ¹ Assumes no redemptions from existing public shareholders. 2 Inclusive of $10mm lending facility from GM, of which ~$4mm is drawn. 3 Pro forma share count includes 28.0mm SPAC shares, 7.0mm SPAC founder shares, 50.0mm PIPE shares, and 79.0mm shares to existing Lordstown shareholders. Note: Assumes new shares issued at a price of $10.00. Excludes impact of 14.4mm warrants with a strike price of $11.50. Excludes impact of BGL warrants and proceeds and employee options and associated cash. Not inclusive of potential LMC financing of up to $40mm ahead of transaction date. 26#27Enterprise Value Benchmarking Assumed EV of $965mm 3.2 x 1.6 X 2023E 2024E LORDSTOWN Assumed EV of $965mm 0.3 x 0.2 x 2023E 2024E 5.8 X LORDSTOWN 1.3 x 2023E 2024E 0.8 x 0.2 x 2023E 2024E 12.2 x 4.3 x 2023E 2024E 2.6 x ⒸHYLIION Enterprise Value / EBITDA 1.2 X 2023E 2024E NM 49.4 x 2023E 2024E NIKOLA Enterprise Value / Sales 7.4 x 3.3 x 2023E 2024E 44.5 x NIKOLA T TESLA 7.8 x T TESLA 2021E Established OEMs 11.8 x PACCAR LORDSTOWN. 3.0 x 11.5 x Allison Transmission. Cummins 2021E Established OEMs 1.6 x 8.3 x Cummins NAVISTAR 1.3 x 8.2 x Allison Transmission ⒸHYLIION Source: Market data as of 31-Jul-2020. Lordstown, Fisker, Hyliion, and Nikola EBITDA and sales per management estimates. Fisker EV based on Spartan Energy Acquisition Corp (NYSE: SPAQ) and Hyliion EV based on Tortoise Acquisition Corp (NYSE: SHLL) share price as of 31-Jul-2020. 0.6 x PACCAR NAVISTAR 27#28Transaction Value Priced at a Discount Transaction Value $965mm 1.6x 2024E EBITDA Pro Forma Enterprise Value Attractive Entry Point Note: Calculated based on NTM EV/EBITDA Multiples Enterprise Value Sensitivity Valuation Sensitivity Analysis Discounted EV of 2.5 Years at 20% Discount Rate $4.3bn $3.8bn $3.0bn 8.0-10.0x 2024E EBITDA $3.4bn Midpoint EV LORDSTOWN. 2024E EBITDA: $600mm $2.6bn 9.0x +/- 25% 2024E EBITDA 28#29$45,000 Purchase Price¹ 5.5 Sec. 0-60 MPH Time ¹ Inclusive of $7,500 federal tax credit ~250 mi. Range Per Charge 500% Improved Fuel Economy, Equivalent to 75 mpg D 7,500 lbs. Towing Capacity A LORDSTOWN MOTORS ~65% Est. Reduction in Annual Maintenance Costs vs. Similar ICE Pickup Trucks 4,200 lbs. Curb Weight 2021 Expected Start of Production 29#30Additional Detail BUKKERRE ENDURANCE OHIO 001 F1AS MFG SAAKAAREEYY LORDSTOWN.#31Key Features: Purposefully Designed for Fleets Leveraging LMC's Fleet Market Experience to offer the Most Capable Fleet Vehicle Ever Produced ENDURANCE Full Compatibility Fully compatible with most OEM and third-party upfitting options such as service bodies, tool boxes, etc. ENDURANCE Front View ENDURANCE Rear View LORDSTOWN. On-Board Plug-In Power Outlets Allows users to plug in tools, charge the batteries of other tools, etc. State-of-the-Art Fleet Telematics Full suite of telematic software, allowing fleet operators to stay in constant communication with its vehicles Front + Trunk = Frunk Increases safety and creates valuable storage space Durable Interior Trim Package Durable interior trim package designed to be spacious, functional, and require minimal maintenance 31#32Strategic Relationships with Key Industry Leaders Partnerships to Provide Backbone to Commercialization Alignment with Key Service Providers Will Enable LMC to Efficiently and Effectively Serve Fleet Operators and Other Customers ☆ Aftermarket Parts and Service Most fleet operators utilize service agreements with third-party service providers and for maintenance I Multiple potential partners are interested in helping to train and set up the Company's aftermarket parts and service network With the fewest moving parts of any vehicle ever produced, maintenance costs are expected to be low Auto Servicers Auto Parts Distributors NAPA PENSKE Automotive LORDSTOWN. Charging Infrastructure Potential Partners Fleet operators typically bring their vehicles back to a central location each day, optimal for charging Evaluating partnerships with multiple EV charging station providers to offer access to Level 2 & Level 3 DC Fast Charging Cost of purchasing and installing charging infrastructure I expected to be minimal in the context of lower TCO provided by electric vehicles Energy Supply FirstEnergy Charging Infrastructure DUKE ENERGY. -chargepoin+: 32#33Strategic Relationships with Key Industry Leaders Vote of Confidence from Holman Enterprises A HOLMAN ENTERPRISE Holman AUTOMOTIVE AUTO TRUCK A HOLMAN ENTERPRISE Holman PARTS DISTRIBUTION ARGOM MASTER WE PUT EVERYTHING WITHIN REACH. Holman INSURANCE Holman Enterprises is a Global Leader in Automotive Services Brands & Affiliations Support for Lordstown ARI is the largest private vehicle fleet management company globally, managing over 1.9mm fleet vehicles Holman Automotive, one of the largest dealerships in the US, with 39 dealership franchises and 19 brands Auto Truck Group provides specialized design manufacturing & installation of truck equipment Holman Parts Distribution supplies original equipment and aftermarket powertrain products Kargo Master offers exterior racks, interior storage solutions, and other accessories that allow fleet operators to transform vocational vehicles into mobile workshops Holman Insurance Services provides insurance and risk management solutions LORDSTOWN. ✓ Indicative interest for 12,500 Endurance trucks spread over 3 years ✓ Co-market the Endurance to prospects and clients of ARI Provide fleet management services for Endurance trucks, including the vehicle supply chain Provide technical assistance and advice to Lordstown; specialized design, manufacturing, and installation of car and truck equipment Holman provides financing and insurance services for its commercial fleet customers Potential to install a Holman Auto Truck up-fitting facility within the Lordstown plant + Holman ENTERPRISES 33#34Projecting to Begin Full Production by 2021 Vehicle Production Phase and Projected Number of Units Completed Alpha Vehicles Endurance skateboard chassis with third party OEM body; Intended for 95% drivability Beta Vehicles Includes first vehicles to be manufactured at Lordstown with the Endurance body and componentry Engineering Vehicles Vehicles used to test, validate, and finalize engineering before full scale production begins Pre-Production Vehicles Produced in full-scale at the Lordstown plant used to certify the vehicle for the road Jan Feb Vehicle Design, Validation, and Production Plan Mar Apr Alpha Vehicle Tested February 2020 May Jun Jul Aug Sep Oct Beta Prototype Unveiled Jun 25, 2020 2020 C > 20 Nov FULL PRODUCTION 20 LORDSTOWN. Dec 50 2021 and Beyond 2,200 2021 Projected Volume 34#35Production Strategy and Plans Provides Tremendous Investment and Timing Advantages Over Competitors • While there are a number of competitors trying to produce a plug-in electric pickup truck, many of them do not have production facilities • Others, including Ford and Tesla, have plants that are currently at capacity and require significant time and investment to build plants and start production ● It can take over two years and require billions in capital investment to establish an operational plant Endurance Manufacturing Timeline and Planned Investments 2020 Key Work Streams Analyze Scope & Request Proposals Place Initial Equipment Orders Equipment Installation Equipment Testing on Betas Pre-Production Runs The Lordstown Complex Requires Modest Investment to Become Production-Ready and Provides a Significant Competitive Advantage Full Production Confirmation of Targets Complete Complete Q1'20 Q2'20 Source: Public sources, third-party analysis, and management estimates Q3'20 Ongoing Q4'20 Upcoming Q1'21 LORDSTOWN. ATTIS BOLLINGER MOTORS Ford MOTOR VEHICLES T TESLA Competitors Without Announced Production Facilities or Capacity 2021 Q2'21 NIKOLA Upcoming Q3'21 & Beyond Upcoming Upcoming 35#36Summary Investment Thesis Lordstown Seeks to Revolutionize the Pickup Truck Industry Secular Tailwinds for both EVs and Trucks Profitable Target Segment in an Attractive Market Unique, Efficient, Purpose-Built Design Strategic Relationships with Key Industry Leaders Clear Path to be First to Market LORDSTOWN. World-Class Proven Automotive Executive Team 36#37Audited Financials Income Statement | 8 Months Ended 31 December 2019 ($ in '000) Income Statement Revenue Selling & administrative expenses Research & development Operating profit / (loss) Income tax expense Net profit/ (loss) Source: Lordstown financials LORDSTOWN. 31-Dec-19 $ 1,638 5,851 $(7,489) $(7,489) 37#38Audited Financials Balance Sheet | 31 December 2019 ($ in '000) Balance Sheet Current assets: Cash and cash equivalents Property & equipment: Land, buildings & equipment Other assets: Intangible assets Total assets Current liabilities: Accounts payable Accrued expenses Notes payable Total current liabilites Stockholder's equity: Common stock, $0.0001 par value; 10,000,000 shares authorized, 1,221,853 shares issued & outstanding Additional paid-in capital Accumulated deficit Total liabilities & stockholders' equity Source: Lordstown financials LORDSTOWN. 31-Dec-19 $ 2,159 20,276 11,111 $ 33,546 $ 1,802 415 20,142 $ 22,359 0 18,676 (7,489) $ 33,546 38#39Audited Financials Cash Flow Statement | 8 Months Ended 31 December 2019 ($ in '000) Cash Flow Statement Net income / (loss) Adjustments to reconcile net loss to net cash: Stock compensation Accounts payable and accrued expenses Cash flows from operating activities Purchase of capital assets Cash flows from investing activities Issuance of common stock Cash flows from financing activities Net change in cash & cash equivalents Beginning cash & cash equivalents Ending cash & cash equivalents Supplemental disclosures of non-cash activities Capital assets acquired with notes payable Stock issued in exchange for intangible asstes Source: Lordstown financials LORDSTOWN. 31-Dec-19 $(7,489) 71 2,216 $(5,202) (133) $(133) 7,494 $ 7,494 $ 2,159 $ 2,159 $ 20,142 $11,111 39