#12 NEXTNAV Welcome to Next Generation GPS#2Disclaimer Disclaimer and Cautionary Note Regarding Forward-looking Statements This presentation (together with oral statements made in connection herewith, this "Presentation") contains selected confidential information about NextNav, LLC ("NextNav) and Spartacus Acquisition Corporation ("Spartacus"). By participating in this Presentation, you expressly agree to keep confidential all otherwise non-public information disclosed by us, whether orally or in writing, during this Presentation or in these Presentation materials. You also agree not to distribute, disclose or use such information for any purpose, other than for the purpose of your firm's participation in the potential financing and to return to NextNav or Spartacus, delete or destroy this Presentation upon request. You are also being advised that the United States securities laws restrict persons with material non-public information about a company obtained directly or indirectly from that company from purchasing or selling securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities on the basis of such information. This Presentation relates to the potential financing of a portion of a contemplated business combination of NextNav and Spartacus through a private placement of Spartacus' Class A common stock. This Presentation shall not constitute a "solicitation" as defined in Rule 14a-1 of the Securities Exchange Act of 1934, as amended. No Offer or Solicitation This Presentation is not an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. Any offering of securities (the "Securities") will not be registered under the Securities Act of 1933, as amended (the "Act"), and will be offered as a private placement to a limited number of institutional "accredited investors" as defined in Rule 501(a)(1), (2), (3) or (7) under the Act or "qualified institutional buyers" as defined in Rule 144A under the Act. Accordingly, the Securities must continue to be held unless the Securities are registered under the Act or a subsequent disposition is exempt from the registration requirements of the Act. Investors should consult with their legal counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Act. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Neither NextNav nor Spartacus is making an offer of the Securities in any state where the offer is not permitted. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. This Presentation is not intended to form the basis of any investment decision by the recipient and does not constitute investment, tax or legal advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning the opportunity described herein. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. No representation, express or implied, is or will be given by NextNav, Spartacus or their respective affiliates and advisors and any placement agent as to the accuracy or completeness of the information contained in this Presentation. Industry and Market Information Information contained in this Presentation concerning NextNav's industry and the markets in which it operates, including NextNav's general expectations and market position, market opportunity and market size, is based on information from NextNav's management's estimates and research, as well as from industry and general publications and research, surveys and studies conducted by third parties. In some cases, we may not expressly refer to the sources from which this information is derived. Management estimates are derived from industry and general publications and research, surveys and studies conducted by third parties and NextNav's knowledge of its industry and assumptions based on such information and knowledge, which we believe to be reasonable. In addition, assumptions and estimates of NextNav's and its industry's future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause NextNav's future performance and actual market growth, opportunity and size and the like to differ materially from our assumptions and estimates. Trademarks All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and NextNav's or Spartacus' use thereof does not imply an affiliation with, or endorsement by the owners of such trademarks, copyrights, logos and other intellectual property. Solely for convenience, trademarks and trade names referred to in this Presentation may not appear with the Ⓡ or™ symbols, but such references are not intended to indicate, in any way, that NextNav or Spartacus will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. Use of Projections This Presentation contains estimated or projected information including financial information with respect to NextNav, including Next Nav's projected revenue, gross margin, EBITDA, and unlevered free cash flow for 2021-2026. Such estimated or projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such estimated or projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See "Forward-Looking Statements" below. Actual results may differ materially from the results contemplated by the estimated or projected financial information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such estimates and projections will be achieved. Neither the independent registered public accounting firm of Spartacus nor the independent registered public accounting firm of NextNav, audited, reviewed, compiled, or performed any procedures with respect to the estimates or projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Use of Non-GAAP Financial Measures This Presentation includes certain non-GAAP financial measures, including EBITDA and unlevered free cash flow, that are not prepared in accordance with accounting principles generally accepted in the United States ("GAAP) and that may be different from non-GAAP financial measures used by other companies. NextNav and Spartacus believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends of NextNav. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Forward-looking non-GAAP financial measures are provided; they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Forward-Looking Statements This Presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements with respect to revenues, earnings, performance, strategies, the market, prospects and other aspects of the businesses of NextNav, Spartacus or a combined company after completion of the proposed business combination are based on current expectations that are subject to risks and uncertainties. A number of factors, many of which are outside of the control of NextNav and Spartacus, could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the NextNav and Spartacus to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of Spartacus or equity holders of Next Nav is not obtained; (iii) failure to realize the anticipated benefits of the proposed business combination; (iv) risks relating to the uncertainty of the N NEXTNAV projected financial information with respect to NextNav; (v) risks related to the rollout of NextNav's technologies; (vi) the effects of competition on Next Nav's business; (vii) the level of product service or product failures that could lead customers to use competitors' services; (viii) developments and changes in laws and regulations; (ix) the impact of significant investigative, regulatory or legal proceedings; (x) the amount of redemption requests made by Spartacus' public stockholders; (xi) the ability of Spartacus or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; and (xii) those factors discussed in Spartacus' Annual Report on Form 10-K for the fiscal year ended December 31, 2020, under the heading "Risk Factors," and other documents of Spartacus filed, or to be filed, with the Securities and Exchange Commission ("SEC"). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spartacus nor NextNav presently know or that Spartacus and Next Nav currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spartacus' and NextNav's expectations, plans or forecasts of future events and views as of the date of this Presentation. Spartacus and NextNav anticipate that subsequent events and developments will cause Spartacus' and NextNav's assessments to change. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. NextNav and Spartacus undertake no commitment to update or revise the forward- looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Additional Information If the contemplated business combination is pursued, Spartacus Acquisition Shelf Corp. intends to file a Registration Statement on Form S-4 with the SEC, which will include a preliminary proxy statement/prospectus. Spartacus will mail a definitive proxy statement/prospectus and other relevant documents to its stockholders. INVESTORS AND SECURITY HOLDERS OF SPARTACUS ARE ADVISED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT/PROSPECTUS IN CONNECTION WITH SPARTACUS' SOLICITATION OF PROXIES FOR ITS SPECIAL MEETING OF STOCKHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THE PROXY STATEMENT/PROSPECTUS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE CONTEMPLATED BUSINESS COMBINATION AND THE PARTIES THERETO. The definitive proxy statement/prospectus will be mailed to stockholders of Spartacus as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the proxy statement/prospectus, without charge, once available, at the SEC's website at www.sec.gov. Participants in the Solicitation Spartacus, Next Nav and certain of their respective directors, executive officers, other members of management, and employees, under SEC rules may be deemed to be participants in the solicitation of proxies of Spartacus' stockholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed business combination of Spartacus' directors and officers in Spartacus' filings with the SEC, including Spartacus' Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 24, 2021, and such information and names of NextNav's and Spartacus' directors and executive officers will also be in the Registration Statement on Form S-4 to be filed with the SEC by Spartacus Acquisition Shelf Corp. B. Riley Securities, Inc. and PJT Partners LP are acting as placement agents and financial advisors and will receive compensation from Spartacus for such service. In addition, B. Riley Securities, Inc. is entitled to a deferred underwriting fee from Spartacus upon the closing of the transaction contemplated therein. An affiliate of B. Riley Securities, Inc. has indirect interests in Spartacus through Spartacus Sponsor LLC as described in the Spartacus' prospectus dated October 15, 2020 available at www.sec.gov.#3Unique sponsor & target partnership SPARTACUS Strong Strategic Partner Experienced Leadership Team Impressive Track Record Robust Business Plan RCN integra G GLOBIX™ The Global Internet Exchange ● TelCove™ ● ● ● Extensive history with NextNav's people and assets Nearly three decades of telecom experience A history of transformational investments in wireless Our key prior successes (Includes investments by affiliates of Spartacus) High conviction in NextNav's generational opportunity to transform GPS and drive topline growth STRAIGHTPATH® CONNECTING PEOPLE WITH INTEGRITY PTGi allegiancetelecom,inc. ¡BASIS POWERED BY TOFANE R FiberTower LEAP NEON COMMUNICATIONS motient :: LUM S NETWORKS A SEGRA COMPANY Fairpoint communications N NEXTNAV N#4Today's presenters NextNav Gary Parsons CHAIRMAN (((Siriusxm))) MCI Ganesh Pattabiraman CO-FOUNDER, PRESIDENT & CEO Qualcomm Chris Gates CFO MSV Mobile Satellite Ventures ICG Communications Spartacus Peter Aquino CHAIRMAN & CEO RCN PTGi verizon Neil Subin CIO, MILFAM M MILFAM PTGi O PHAZR K FiberTower N NEXTNAV 3#5GPS impact on the US economy approaching $1 Trillion annually and doubling every 2-3 years GPS is a single point of failure-we rely on it for aviation, agriculture, telecommunications, power grids, financial transactions, maps and more. KLM 10:08 CAMP WASHING Uber Market otanical OVER THE RHINE Cincinnat Cincinnati Zoo & Botanical Garden S onservatory 0 Dayton 20 Taft Muse MIN Source: NextNav extrapolation of NIST sponsored study, conducted by RTI International. Worldwide Service 30 Cartor 12-4707 F 3198 BL31, D AMBULE N NEXTNAV MSC GÜLSÜN LOUC MSC#6Industry needs have evolved beyond tech created in the 60's We need Increased accuracy and availability in urban environments Indoor tracking and mapping Altitude data (3D location) Increased resilience and redundancy Increased security using gut... St rk City Housing ty's David... rd N NEXTNAV Concord St D Nassau St Community Roots Middle School Navy St O Concord St Navy St Navy St 13... Navy St Navy St Navy St Hid Rooftop Reds Admirals Row E Admirals Row D Flushing Ave Brookl Pound D Admirals I F Brooklyn Queens Expy#7Today's economy requires Next Generation GPS Apps-rideshare, delivery, and others • Indoor mapping Autonomous vehicles, eVTOLS and UAVs • Critical infrastructure ● • Public Safety ● ● SET HOUP LOCATIO EDXY RESCUE PDF 17 N NEXTNAV MARKSH#8illi FANN NEXTNAV IS NEXT GENERATION GPS MORE AVAILABLE MORE RESILIENT MORE ACCURATE GUR THIRTEL THIN NOVE AN VA 0 700 0 0 0 0 0 0 0 0 0 0 0 0 10-0 00 Room 1706 Floor 17 88 Elevation N NEXTNAV#9NextNav is targeting a >$100 Billion addressable market today Source: Gartner, McKinsey, ABI Research, Apptopia, and public information. (1) Excludes China and Russia. US OPPORTUNITIES $4 Billion Mission-critical public safety and e911 $10 Billion Autonomous vehicles, eVTOLS and UAVs $24 Billion Mass market, mobile apps, and data analytics $11 Billion Enterprise, loT, and critical infrastructure GLOBAL OPPORTUNITIES >$50 Billion Upside from global expansion (¹) N NEXTNAV 00#10MARKET OPPORTUNITY: Making smart cities safe cities ● Partners with AT&T and FirstNet to provide real time, 3D situational awareness to First Responders Source: NENA NextNav technology proven to exceed FCC's e911 vertical location accuracy mandate FIRSTNET Built with AT&T M motorola RapidSos q at&t 3 am ED.N.Y. AMBULANCE 240 MILLION 911 calls rely on GPS annually FRCHOO MULT F.D. N.Y. 326 AMBULANCE KEEP BACK -7875 NOW OPEN x STY 54 Mount Sinai Mou N NEXTNAV AMEL A Alace Leon Bakery ONE WAY 9AV Sush WAY 1762 W 48 ST 9#11MARKET OPPORTUNITY: NextNav enables the app economy Inaccurate location and spoofing plagues apps today First solution to provide floor level accuracy ● ● Augmented reality requires precise location data Large universe of apps utilize location data to enhance user experience and target advertising 1 in 3 apps in the Google Play Store use location services f Uber yelp GIMBAL unity u UNREAL Source: Android. Horsea Uber CAMERA CP 197 Half Moon Ba Goo boo Verizon M M Cupertino, CA Berkeley Cupertino, CA Cupertino, CA Redwood G Palo Alto La Honda & was 17:28 Hayward Union City Fremont Sundeep Meta feeling bied A star fell down from heave and landed in our a with all of money's sweets Concord Clayton Danville San Ramon Route O and all of daddy's cham We welcome with love our beautd new addition to the family beautiful princess 75 Con Commer X Mt Diablo Sundeep Mea Thanks everyone for ur wishes 81% Antioch Livermore Stuart Miles added 2 masla Amazing view from the plane c J N NEXTNAV $3.7 TRILLION global app economy in 2021 10#12MARKET OPPORTUNITY: Autonomous vehicles require resilient and precise location data More precise and resilient navigation, particularly in urban areas ● ● ● ● Liability concerns influence fail-safe system design Quicker detection and more precise correction of sensor driven error In-vehicle systems require synchronized internal clocking ZOOX Nnauto Source: Gartner. LUCID 0 N NEXTNAV BILL US autonomous vehicle market expected to include over 5 MILLION vehicles by 2030 11#13MARKET OPPORTUNITY: eVTOLs and UAVs raise the stakes higher ● ● Reliable navigation in urban areas requires precise location awareness 3D situational awareness required for urban air mobility Selected by NASA for Urban UAV operations NASA Aurora® FLIGHT SCIENCES A BOEING COMPANY Joby AVIATION amazon (1) Projections informed by Booz Allen Executive Briefing to NASA. Prime Air 350 MILLION EVTOL TRIPS in the US per year in the near future(¹) N NEXTNAV 密 12#14MARKET OPPORTUNITY: The enterprise loT will be powered by Next Generation GPS Asset tracking & loT require precise 3D location Tracking high-value assets Smart warehouses Lone and industrial worker productivity and safety KORE FedEx. ORBCOMM ZEBRA amazon ● ● here ups OmniTrans SAP (1) Projection from ABI Research. Connections include asset tracking, inventory mgmt., patient monitoring, pet tracking, smart grid, smart parking and wellbeing wearables. PARTH: CF-456-837Y 36 y: 201 z: 8 N NEXTNAV 1.2 BILLION loT connections in the US by 2024(1)#15MARKET OPPORTUNITY: Bringing resiliency to critical infrastructure ● Resilient timing/location services for critical infrastructure is a national security priority Active Congressional legislation and Presidential directives create opportunity for Next Generation GPS enablement Significant opportunity for Next Generation GPS NextNav's solution identified by US Gov't as highest performing GPS backup provider DEPARTMEN HOMELAND ECURITY DEPARTMENT Source: DOT Report. OF 2 UNITED STATES OF AMERICA DEPARTMENT OF T Mobile verizon YOU Dominion Energy PG&E EDISON INTERNATIONAL ********* D 5G and ELECTRICAL UTILITY PROVIDERS rely on GPS for precise timing 201 appe grun N NEXTNAV 3111 14#16NextNav's long-term vision NextNav Next Generation GPS will be the global gold standard for location and timing services Irreplaceable deployed nationwide network Vital and fully integrated service Critical for safety and the mobile economy ● Resulting in a robust long-term financial profile with a significant underlying asset base • Revenue of >$1.5 Billion ● EBITDA margin of >70% Limited go-forward capital requirements Valuable spectrum asset underpinning deployed network ● ● N NEXTNAV 15#17SOLUTION PROFILE: NextNav is Next Generation GPS BOOKEREX 100 ution Acted Ch J LEE LLLLLL Chene Mer Floor 6 Apt 6 of POLICE L L USES LLLLL AMBULANCE 00 Floor & Apt 45 die Floor 4 Ayn 406 N NEXTNAV 33 16#18SOLUTION PROFILE: Pinnacle ● ● Vertical location +/- 3 meter "floor level" accuracy 94% of time Ubiquitous Network Coverage (90% of 3+ story structures in 4,400 cities today) "NextNav's Pinnacle is the most reliable z-axis service available." -Scott Agnew ASSISTANT VICE PRESIDENT OF PRODUCT MARKETING AT&T "With near real-time vertical location data, Intrepid Response will give incident commanders the most comprehensive information available to make informed operational decisions." -Bruce Dowlen DIRECTOR OF MARKETING AT INTREPID NETWORKS Source: CTIA/FCC. Note: NextNav's current system returns coordinates which can be mapped to specific floor. 100 100 Floor 18 N NEXTNAV 17#19SOLUTION PROFILE: TerraPoiNT ● ● ● 3D performance of 2.3m(1) Only solution to deliver 3D positioning, navigation and timing among 11 technologies tested by DOT Highest performing Next Generation GPS solution provider as determined by DOT Initial operations in 47 markets "All vendors demonstrated some PNT performance of value, but only one vendor, NextNav, demonstrated in all applicable use case scenarios." -DOT Report Source: DOT report. Note: NextNav's current system returns coordinates which can be mapped to specific user location. (1) Outdoor, mean at 200 feet. ALL! I m Floor 18 Apt 1809 N NEXTNAV 18#20Sequential go-to-market plan 1 Market Penetration Partnership with AT&T to launch NextNav services across US for FirstNet at&t FIRSTNETTM Built with AT&T 2 Service Proliferation Become key provider of location services to a wide range of apps Uber GIMBAL f SAP (2911) RapidSOS q motorola unity here amazon 3 Global Standard Provider of highly reliable, critical, location services > 200 OPPORTUNITIES in rapidly growing customer pipeline N NEXTNAV TIMES 19#21MARKET OPPORTUNITY: The NextNav opportunity set is global ● ● ● ● Target developed markets with similar characteristics to the US Includes certain markets in the Americas, Western Europe, and East Asia Near-term vertical opportunities in Canada, EU and Japan Joint venture with Metcom (Sony and Kyocera) to deliver NextNav services in Japan Internationally accepted standard (3GPP) MetCom SONY O vodafone SoftBank KYOCERA TELUS T Deutsche Telekom NEWS & RESOURCES > MetCom and NextNav to deliver next generation resilient location services in Japan Ben Ball, Head of Marketing Published Jan 5, 2021 Tokyo - January 6, 2021 - MetCom and NextNav today announced a new licensing partnership to deliver resilient, precise, and secure solutions for 3D Position, Navigation, and Timing (PNT) in Japan through the NextNav TerraPoiNT solution. Leveraging partnerships with Japanese Low Power Wide Area (LPWA) service providers KYOCERA Communication Systems (KCCS) and Sony Network Communications (SNC), MetCom plans to deploy NextNav's innovative Terrestrial Beacon System, TerraPoiNT, to serve the emerging PNT needs of Japan's critical infrastructure and technology sector. GLOBAL ECONOMY would be impacted from any disruption to GPS N NEXTNAV 20#22Deep competitive moat ㅋ 100+ Patents Global intellectual property portfolio 들 2.4bn MHz-PoPs One-of-a-kind nationwide spectrum license portfolio ("g) 4,400 Cities Covered by NextNav deployed network N NEXTNAV 21#23Spectrum license at core of competitive advantage 900 MHz Broadband 902 US Location and Monitoring Services (LMS) Band 919.75 NextNav 8 MHz Contiguous 928 927.75 900 MHz Broadband N NEXTNAV Virtually nationwide, covering 93% of US population Sole commercial licensee / operator in LMS band Generous power limits Leverages cellular band 8 RF in devices Scarce low-band spectrum freq (MHz) 22#24NextNav Management PIONEERS IN LOCATION-BASED SERVICES Ganesh Pattabiraman Arun Raghupathy CO-FOUNDER, CEO, PRESIDENT CO-FOUNDER & SVP OF ENGINEERING David Knutson SVP OF NETWORK OPS AND DEPLOYMENT Dan Hight VP OF SALES & BUSINESS DEVELOPMENT Chris Gates CFO Qualcom G GroundTruth® ......... CISCO Sprint N NEXTNAV TEXAS INSTRUMENTS (((Siriusxm))) Trimble at&t 23#25Board of Directors Gary Parsons CHAIRMAN Former Chairman of Sirius/XM Radio, Space Technology Hall of Fame Member Jim Fleming DIRECTOR Managing Partner, Columbia Capital Ganesh Pattabiraman CO-FOUNDER, CEO, PRESIDENT Alan B. Howe DIRECTOR Managing Partner, Broadband Initiatives Peter Barris DIRECTOR Managing General Partner, NEA Peter Aquino DIRECTOR Chairman and CEO, Spartacus Bandel Carano DIRECTOR Managing Partner, Oak Investment Partners Current investors drawn from leaders in mobile technology Telcom Ventures, L.L.C. NEA. New Enterprise Associates Spartacus TMTS Acquisition Corporation Key Prior Investments OAK INVESTMENT PARTNERS N NEXTNAV COLUMBIA CAPITAL Tele Atlas boingo metroPCS. futurefund Goldman Sachs (Siriusxm))) Uber salesforce Airspan 24#26Massive operating leverage results in highly attractive unit economics Low variable cost to add incremental network traffic Source: Management estimates. Incremental dollar of revenue KS Incremental expense $0.89 Incremental EBITDA per dollar of incremental revenue N NEXTNAV 25#27Total revenue forecast $ IN MILLIONS Enterprise, IoT, and critical infrastructure 21% Autonomous vehicles and eVTOLS 14% $2 International 17% 2021E $24 2026E 2022E Source: Management estimates. Note: Pie chart does not equal 100% due to rounding. Mission-critical public safety and e911 6% $75 2023E Mass market, mobile apps, and data analytics 41% $162 2024E $308 2025E $506 2026E Key commentary Mass Market apps becomes largest driver of revenue in 2022E ● ● N NEXTNAV ● Revenue opportunity significantly expands once TerraPoiNT network build-out is complete in 2025E Model excludes upside from commercial UAVs and international TerraPoiNT 26#28Financial projections overview $ IN MILLIONS Total revenue % Growth (-) COGS Gross margin % Margin (-) R&D (-) SG&A EBITDA % Margin (-) A Working capital (-) CapEx Unlevered free cash flow % Margin Source: Management estimates. 2021E $2 NM (2) $0 18% (26) (18) ($44) NM 6 (1) ($39) NM 2022E $24 857% (6) $18 75% (38) (23) ($43) (182%) 4 (1) ($40) (168%) 2023E $75 215% (47) $28 37% (46) (31) ($49) (66%) 10 (67) ($107) (142%) 2024E $162 115% (103) $59 36% (55) (40) ($37) (23%) (267) ************************ ($295) (182%) 2025E $308 90% (132) $176 57% (65) (50) $61 20% 7 (49) ****************************** $19 6% 2026E $506 64% (138) $367 73% (76) (59) $233 46% 2 (11) *********************** $224 44% N NEXTNAV Expected long- term gross profit margin of ~85% Expected long-term EBITDA margin of ~70% Future capex spend mainly limited to maintenance capex Significant cash generation after TerraPoiNT network deployment 27#29Transaction summary $ AND UNITS IN MILLIONS, EXCEPT PER SHARE VALUES Sources SPAC cash in trust (assumes 100% roll)(¹) Target rollover equity(2) PIPE (3) Total sources Uses Shares to target shareholders(2) Cash to balance sheet Debt paydown(4) Est. fees and expenses(5 Total uses Note: NextNav balance sheet date as of 3/31/21. (1) Assumes no redemptions in connection with business combination. (2) Based on fixed equity rollover of 75mm shares at $10.00 per share, including employee equity. (3) Assumes $205mm of PIPE proceeds at purchase price of $10.00 per share. (4) Pro forma for $5mm drawdown of existing Fortress facility; excludes PIK interest accrued between 3/31/21 and transaction close. (5) (6) $203 750 205 $1,158 $750 291 82 35 $1,158 Pro forma valuation Pro forma FDSO(6) Illustrative share price Pro forma market cap (-) Pro forma cash (7) Pro forma enterprise value Pro forma ownership Estimated total transaction expenses for both NextNav and Spartacus. Assumes the exercise or conversion of any options, warrants or other convertible securities. (7) Pro forma cash balance of $308mm as of 3/31/21. Cash balance is pro forma for $12mm of existing cash on balance sheet and $5mm drawdown of Fortress facility; excludes impact of cash burn between 3/31/21 and transaction close. PIPE Shares 17% Sponsor Shares 4% SPAC Public Shareholders 17% N NEXTNAV 121 $10.00 $1,205 (308) $897 Target Shareholders 62% 28#30Operational benchmarking CY2021E CY2026E REVENUE CAGR 189% N NEXTNAV 46% CY2026E UFCF CONVERSION CY2026E EBITDA MARGIN 95% 400% (1) N NEXTNav Anterix™ ΝΑ ΝΑ Anterix™ 629% (2) (1) Reflects CY2020E - CY2022E Revenue CAGR. (2) Reflects CY2024E-CY2026E Revenue CAGR. (3) Reflects CY2021E - CY2025E Revenue CAGR. 11% (4) ARCHER otonomo 100% MEDIAN: 235% (3) (4)(5) 272% 21% (4) 198% LUCID (4)(5) 100% MEDIAN: 90% 13% 80% Matterport otonomo LUCID Sources: CapIQ and Bloomberg research consensus estimates, company filings. Market data as of 06/03/21. Note: UFCF Conversion defined as EBITDA less Capex divided by EBITDA. 57% Matterport (4) Reflects CY2025E EBITDA Margin / UFCF Conversion. (5) Assumes no capex; capex not publicly disclosed. (6) UFCF projections remain negative through 2026E. (3) 29% 24% ARCHER 296% 40% Joby LUMINAR 97% (2) Nitt 96% 50% (4) 94% MEDIAN: 38% 38% D 20% MEDIAN: 92% 91% 23% DOORDASH 21% 88% LUMINAR DOORDASH Uber 23% Uber 40% NM (6) Joby Y2020E - CY2022E REVENUE CAGR MEDIAN: 8% 14% gogo 39% 98% interdigital 900 MHz wireless 9% CY2021E UFCF CONVERSION Recent tech fwd SPACs T 38% N NEXTNAV 81% 7% gogo desh MEDIAN: 72% 21% 66% dish Wireless 0% interdigital. 34% 55% T Customer verticals 29#31Attractive entry valuation TEV / CY2026E EBITDA 3.9x N NEXTNAV TEV / CY2026E UFCF 4.0x N NEXTNAV 7.2x Anterix™ (1) Reflects TEV / CY2025E EBITDA. (2) Reflects TEV / CY2025E UFCF. ΝΑ Anterix 43.4x (1) (2)(4) 43.4x MEDIAN: 10.2X 11.2x 9.2x Matterport LUCID otonomo ARCHER MEDIAN: 15.5X 17.1x (7) 14.0x Sources: CaplQ and Bloomberg research consensus estimates, company filings. Market data as of 06/03/21. Note: UFCF defined as EBITDA less Capex. All SPACs are represented at their current trading level. 4.2x Matterport ARCHER LUCID otonomo (3) UFCF projections remain negative through 2026E. (4) Assumes no capex; capex not publicly disclosed. (2)(4) 9.2x 22.0x (1) LUMINAR (2) 23.4x LUMINAR 20.7x MEDIAN: 13.3X DOORDASH 22.9x 13.3x MEDIAN: 18.3X DOORDASH THMS 13.7x WHY'S 10.4x Uber 11.8x 5.6x Joby NM (3) Uber Joby AVIATION TEV / CY2021E EBITDA 22.4x gogo 27.7x gogo TEV / CY2021E UFCF 900 MHz wireless MEDIAN: 14.9X Recent tech fwd SPACs 19.6x interdigital dish MEDIAN: 18.2X 20.1x N NEXTNAV 10.2x interdigital. 16.3x T Wireless 9.0x T 15.5× desh Customer verticals 30#32Transaction represents attractive discount to peers $ IN MILLIONS (1) (2) $4,989 $3,880 17.5x – 22.5× - 2026E UFCF of $222mm (Implies 16.7x - 21.4x 2026E EBITDA(¹)) Implied future enterprise value Discounted back 4.5 years at 20% discount rate $2,196 $1,708 Implied current enterprise value $897 4.0x 2026E UFCF Source: Management estimates, Company filings, Wall Street Research. Note: UFCF defined as EBITDA less Capex. Assumes transaction date of 6/30/21. Market data as of 06/03/21. Based on 2026E EBITDA of $233mm. Per Wall Street research estimate based on $0.80 per MHz-POP. Pro forma enterprise value 54% discount 80% discount $8,848(2) $2,432 $815 ligado NETWORKS Globalstar Anterix™ Enterprise value Summary of approach 2026E UFCF includes benefit of Terra PoiNT network, but with robust growth thereafter as network utilization continues to ramp ● N NEXTNAV ● The applied multiple range of 17.5x - 22.5x is in line with that of NextNav's peers The Implied Future Enterprise Value is discounted back 4.5 years at a 20% discount rate to arrive at an Implied Current Enterprise Value 31#33Investment highlights Next Generation GPS solution will sit at the core of the app economy >$100 Billion total addressable market Unrivaled capabilities powered by bullet proof technology N NEXTNAV Sequential deployment limits risk Competitive moat deepened by IP, spectrum, and network Growing list of Blue-chip customers including AT&T and FirstNet World class management, board, and shareholders with leaders in wireless and location services N NEXTNAV#34N NEXTNAV Next Generation GPS is here.#35NextNav + AT&T FirstNet NextNav has partnered with AT&T to bring full 3D situational awareness to first responders ● ● ● ● Vertical location essential to incident management and responder safety Enhances applications and, as early adopter, improves core FirstNet LTE service differentiation Service marketed by AT&T and available to all public safety mobile applications on FirstNet through FirstNet API Catalog NextNav Pinnacle service embedded in Response for FirstNet application Monthly per-user fees billed to AT&T and public safety app developers FIRSTNETTM Built with AT&T From this ng Nassau St hunity Roots e School -Concord St A Navy St Navy St Navy St avy St Rooftop Reds Admirals Row E Row D Flushing Ave 0 Brooklyn Navy Yard Admirals Row C Flushing Ave Brooklyn Queens Expy Commodore Barry Park Ball fields, playgrounds & outdoor pool Park Ave 278 278 C To this 60' 50' 40' 30' 20' 10' Park BA A EMERGENCY N NEXTNAV Ô TEL: 555-667-5309 DATE: 02/12/2021 11:48:17 AM NAME: John Doe ADDRESS: 1234 Globe St. CITY: Tuscon STATE: AZ LONG: 110.9747° W HAT: 46M 34#36NextNav + Gimbal NextNav is working with Gimbal to bring enhanced 3D experiences to their customers and consumers ● ● ● ● ● Gimbal provides enhanced location products to approximately 150mm monthly average users through their SDK across retail, restaurants, hospitality and sports/events venues NextNav's solution will initially be used for in-stadium and food and retail pickup applications and is then expected to grow into other lines of business Integrating NextNav will add vertical location technology to existing products, enhance capabilities and reduce customer costs Business model is based on a revenue share for services using NextNav's vertical location technology GIMBAL TISSOT THE TISSOT ENBAS State Farm TUNAL SUMMERIEUR BGN WESORES DURANT 35 N NEXTNAV 35#37NextNav + Joby NextNav is working with Joby Aviation to deploy TerraPoiNT technology on Joby Aviation aircraft ● GPS degradation and vulnerabilities (e.g., jamming, spoofing) drives need for positioning source, including accurate altitude TerraPoiNT's encryption and 100,000x signal strength compared to GPS is well suited to aerospace applications where safety, redundancy and reliability are paramount Solution would integrate TerraPoiNT signal with Joby Aviation's navigation systems Joby AVIATION # N5421 N NEXTNAV 36#38DOT report rankings N NEXTNAV ECHO RIDGE HELLEN systems THE PROVISIONING PHASORLAB Satelles serco SEVEN Solutions SKYHOOK° TRX systems UrsaNav GPS (SPS PS) UHF terrestrial RF LEO commercial S-band eLORAN terrestrial RF Fiber optic time service 802.11 terrestrial RF LEO commercial L-band R-made terrestrial RF Fiber optic time transfer 802.11 terrestrial RF UWB & IMU map matching eLORAN terrestrial RF MEO government, L-band (920-928 MHz) (2483.5-2500 MHz) (90-110k Hz) (white rabbit PTP) (2.4 HGz) (1616-1626.5 MHz) (283.5-325 KHz) (white rabbit PTP) (900 MHz, 2.4 & 5 GHz) (3.1-5 GHz) (90-110KHz) (1575, 1227, 1176 MHz) Source: DOT Report. (1) Weighted score based upon accuracy, availability, product readiness, resilience and security. (2) Weighted score based upon accuracy, availability, product readiness, resilience and security. (3) Market readiness of Timing Performance using terrestrial RF broadcast. Performance TIMING (1) I Rank Score Rank 1 1 a 2 a st 4 I 3 5 91 1 62 87 62 78 I 84 69 POSITIONING (2) 67 Performance 5 3 2 4 5 Score 91 38 I I 78 I I 38 TIMING (3) Ground broadcast Rank Score 1 82 (4) Mass market readiness for Position AND Timing using terrestrial RF broadcast. (5) Mass market readiness of timing using RF broadcast. (6) Mass market readiness for Timing AND Positioning using RF broadcast. I 3 2 1 66 I 70 PNT(4) Ground broadcast Rank Score 1 I 2 I I 82 1 I I 1 I TIMING (5) I Broadcast I Rank Score Rank 4 I 5 2 I I I 3 82 I 66 8 80 N NEXTNAV 70 Broadcast I 1 82 L I PNT(6) 3 1 T Ranking & score based on accuracy, availability, product readiness, resilience and security Score 1 I 82 I 37#39e911 reporting Rigorous testing has been performed during the past decade to evaluate the suitability of various vertical location technologies as solutions to the FCC's 9-1-1 Location Accuracy Report & Order ● The FCC Order mandates that wireless carriers provide accurate vertical location services to First Responders starting in April 2021 Testing has been conducted in a wide variety of environments including high-rise residential and commercial buildings in dense urban, suburban, and rural areas In both recent and historical testing, NextNav has consistently delivered more accurate and diverse capabilities than competitors While the FCC requires at least 3m accuracy 80% of the time, NextNav delivers 1.8m accuracy Source: CTIA/FCC Cumulative probability 1.0 0.8 0.6 0.4 0.2 0.0 Distribution function (CDF) all data O NEXTNAV ACCURACY: 1.8m- 80% 2 FCC REQUIREMENT: 3m 80% - 4 Receiver altitude error (meters) 6 N NEXTNAV 38#40NextNav's unparalleled technology as an evolution to GPS BACK-END ANALYTICS logo OTHER DATASETS INH NEXTNAV APPLICATION + LOCATION INFORMATION Cloud platform MAPS & BUILDING DATA ↑ O ↑ Device/software ***** www www ***** Nin Next Generation GPS N NEXTNAV 39#41GPS impact on the US economy approaching $1 Trillion annually $ IN BILLIONS $700 $600 $500 $400 $300 $200 $100 YOY GROWTH RATE: (33%) 20% Pre-2000 2000 A 2001A 8% 2002A 8% 2003A 7% 2004 A 20% 2005A Source: NextNav extrapolation of NIST sponsored study, conducted by RTI International. (1) 2018E-2021E growth rate assumption based on average % growth between 2015A - 2017A. 17% 2006A 10% 2007 A 9% 2008A 4% 2009A 27% 2010 A 36% 2011 A 78% 2012A 56% 2013A 28% 2014 A 31% 2015A 24% 2016A Actual 17% 2017 A 24% 2018E 24% 2019E N NEXTNAV 24% 2020E 24% 2021E NextNav extrapolation (1) 40#42Relevant spectrum data points $ / MHz-POP Buyer/Seller Band $897mm TEV + 8 MHz + 300mm POP $0.37 N NEXTNAV @ Deal Value > 8 MHz of 900 MHz spectrum $0.65 Globalstar @ Public Market Value > 11.5 MHz of 2.4 GHz spectrum $0.80 ligado NETWORKS @ Private Market Value > 1.5 - 1.6 GHz spectrum $0.81 desh Sprint > 14 MHz of 800 MHz spectrum Source: Company filings, FCC disclosures, press releases. Note: Market data as of 06/03/21. (1) Fully-Loaded prices include an estimated $9.7bn in accelerated clearing payments and $3.3bn in relocation costs. $0.93 VARIOUS @ 600 MHz Auction > 70 MHz of 600 MHz spectrum $1.02 VARIOUS @ 3.8 3.9 GHz C-Band Auction (¹) > 180 MHz of 3.8 - 3.9 GHz spectrum (B and C Block) $1.07 Ameren @ Private Market Value > 6 MHz of 900 MHz spectrum $1.62 VARIOUS @3.7 3.8 GHz C-Band Auction (¹) 100 MHz of 3.7 -3.8 GHz spectrum (A Block) N NEXTNAV $2.32 SDGE Private Market Value > 6 MHz of 900 MHz spectrum 41