#1N Welcome to Next Generation GPS NEXTNAV METAL 8888 C 1111111#2Today's Agenda Welcome Introduction Market Opportunity Go To Market Addressable Markets Technology Overview Technology Rollout Financials Gillian Smith Vice President, Marketing and Communications Neil Subin Chief Investment Officer, MilFam, A member of the Spartacus sponsor Gary Parsons Chairman Ganesh Pattabiraman Co-Founder, President & Chief Executive Officer Dan Hight Vice President of Business Development and Partnerships Dr. Arun Raghupathy Co-Founder, Senior Vice President of Engineering David Knutson Senior Vice President of Network Operations and Deployment Chris Gates Chief Financial Officer N NEXTNAV#3Disclaimer 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 NextNavor 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 Next Nav'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 Next Nav'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 NextNav'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 be 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 and any oral statements made regarding the subject of this Presentation include "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 NextNav 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 Next Nav, (v) risks related to the rollout of NextNav's technologies; (vi) the effects of competition on NextNav'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 NextNav 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. filed a Registration Statement on Form S-4 with the SEC, that includes 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, NextNav 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. N#4Company overview View Now N NEXTNAV#5Neil Subin CHIEF INVESTMENT OFFICER, MILFAM, A MEMEBER OF THE SPARTACUS SPONSOR N NEXTNAV 4#6Unique 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 J FiberTower LEAP NEON COMMUNICATIONS motient LUM S NETWORKS A SEGRA COMPANY Fairpoint communications N NEXTNAV LO#7Gary Parsons CHAIRMAN N NEXTNAV#8GPS 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 KLA 10:08 Uber Findlay Marke OVER THE RHINE Cincinnat Cincinnati Zoo & Botanical Garden g onservatory 0 Dayton 20 Taft Muse MIN Source: NextNav extrapolation of NIST sponsored study, conducted by RTI International. Worldwide Service work of 325 P Cortor 17-8707 3198 O BL31 AMBULA N NEXTNAV MSC GÜLSÜN 100G MSC#9Industry 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 agut.. St rk City Housing ty's David.... & rd N NEXTNAV Concord St Nassau St Community Roots Middle School → Concord St Navy St Navy St Navy St 8. Navy St Navy St Navy St Rooftop Reds Admirals Row E Admirals Row D Flushing Ave Brookly Pound Admirals F D F Brooklyn Queens Expy#10NextNav 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#11• Pinnacle LI Service available in the U.S. market and currently in use +4,400 cities BL31 AMBULE 00 Floor 18 ***** AK] 10-Cİ ▼ DƏ SET NCKUP LOCATION C ● ● ÉT TerraPoiNT Initial deployment in top 50 U.S. markets Terrestrial version of GPS 100 iT Floor 18 Apt 1809 10#12Ganesh Pattabiraman PRESIDENT AND CHIEF EXECUTIVE OFFICER N NEXTNAV 11#13NEXTNAV IS NEXT GENERATION GPS MORE AVAILABLE MORE RESILIENT MORE ACCURATE FIFAVED TALIANS THIN IN VA SM V 0 0 70000000 0 ODDOD 10-0 00 Room 1706 Floor 17 88 Elevation N NEXTNAV#14NextNav Services Pinnacle Provides floor level 'altitude' with current GPS based horizontal technologies Works on legacy and current handsets Network currently deployed in +4,400 cities in the US in 2021 wwwww Éh TerraPoiNT Ground based solution to provide full 3D (X-Y-Z) positioning and timing capabilities Broadcast signal on NextNav's own dedicated spectrum Initially deployed in San Francisco Bay Area (including Silicon Valley) with metro-wide services and initial coverage in top 50 U.S. markets N NEXTNAV 13#15Deep competitive moat 11 100+ Patents Global intellectual property portfolio 2.4bn MHz-PoPs One-of-a-kind nationwide spectrum license portfolio (2) +4,400 Cities Covered by NextNav deployed network N NEXTNAV 14#16Spectrum 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 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 N NEXTNAV freq (MHz) 15#17Sequential go-to-market plan 1 Market Penetration Partnership with AT&T to launch NextNav services across US for FirstNet at&t Note: Opportunities as of May 2021. 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 MES P 16#18MARKET 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 ✰ TELUS T KYOCERA 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 17#19Dan Hight VICE PRESIDENT OF BUSINESS DEVELOPMENT AND PARTNERSHIPS N NEXTNAV 18#20Deep customer & partner relationships across verticals Mission-critical public safety EN IS PARA EDICS FIRSTNETTM Built with AT&T am sonim. 39 ERGENCY at&t VICIAN TRX systems M motorola Mass market, mobile apps, gaming and data analytics wwwww aws partner ATAS network EARTH REALITY unity GIMBAL U UNREAL ENGINE Critical infrastructure, transportation and international DEPARTMENT OF TRANSPOR UNITED STATES PORTATION OF AMERICA MetCom HOMELAND N NEXTNAV SECURITY NASA Joby AVIATION 19#21MARKET OPPORTUNITY: Making smart cities safe cities ● ● Partners with AT&T and FirstNet to provide real time, 3D situational awareness to First Responders NextNav technology proven to exceed FCC's e911 vertical location accuracy mandate FIRSTNETT Built with AT&T Source: NENA. motorola Rapidsos q at&t 3 am aws partner network E.D.N.Y. AMBULANCE 240 MILLION 911 calls rely on GPS annually FA08025 JULI F.D. N.Y. 326 AMBULANCE KEEP BACK -7875 23 STY NOW OPEN F 24 Mount Sinai N NEXTNAV Mou AMEL Leon Bakery WAY ONE WAY Alace Such EN 9 AV 1762 W 48 ST 20 GER#22MARKET 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 Uber yelp Source: Android. f Uber GIMBAL aws partner network O City Moon Bay GOOD boo Verizon Cupertino, CA Berkeley Cupertino, CA Cupertino, CA La Honda Redwood City Palo Alto 12/28 Concord Hayward Danville San Ramon Union City Clayton Fremont Uber Route X O Mr Diable 81% Antioch "Livermore S P & Checks What's on your mind Sundeep Mehta feeling blessed A star fell down from heaven and landed in our arms with all of mommy's sweetness and all of daddy's charm We welcome with love our beautiful new addition to the family a beautiful princess Conne Sandeep Mehta Thanks everyone for ur wishes Stuart Miles added y Amazing view from the plane con day N NEXTNAV $3.7 TRILLION global app economy in 2021 21#23MARKET OPPORTUNITY: NextNav enables the gaming economy • 2020 U.S. video game industry grew 27% to $56.9 billion in revenue The global game market expected to grow from $175.8 billion in 2021 to more than $215 billion in 2024 ATLAS EARTH REALITY unity UNREAL u Source: NewZoo Global Games Market Report 2021. 9989 & Horsen CAMERA CP197 THE TUTOR N NEXTNAV >$215 Billion gaming economy in 2024 22#24EhTerraPoiNT Markets THON N NEXTNAV 23#25Testimonials Pinnacle N NEXTNAV 24#26Dr. Arun Raghupathy CO-FOUNDER, SENIOR VICE PRESIDENT OF ENGINEERING N NEXTNAV 25#27E Pinnacle System THE PROBLEM AND SOLUTION W 3 Problem No current technology provides an accurate floor level altitude at scale FCO TE Solution Purpose built network for delivering altitude at scale, using pressure-based techniques N NEXTNAV 26#28WO Pinnacle System THE EXECUTION CHALLENGE FOOTE 3 Pressure-based altitude requirements ● ● Reference pressure at a known height Environment pressure at the user location Difference between these pressures determines user altitude relative to known reference height Limitations of existing pressure-based systems ● None required or were able to achieve 1 floor level (10 feet) accuracy Errors of ~100's of feet of accuracy was considered acceptable Key challenges for a mass market solution Significant drift in low-cost pressure sensors used commonly in mass market devices today Lack of accurate local real time reference pressure N NEXTNAV 27#29Pinnacle System ALTITUDE GENERATION FROM MOBILE DEVICES Li-ion 2002 Device Sensor Device sends reading NextNav Cloud NextNav cloud sends altitude N NEXTNAV NextNav Altitude Stations NextNav altitude station data 28#30Pinnacle Video View Now N NEXTNAV 29#31● ● ● ● ● Eh TerraPoiNT Key Features Resilient 3-D PNT solution with urban canyon and deep in-building coverage Terrestrial broadcast network with unlimited capacity Flexible network configurations with wide area macro networks or campus-area networks Agile signal design that operates on any global spectrum brand Advantaged signal structure Reusable GPS chipset receiver capability Nano-second timing synchronization to Universal Time CLOUD PLATFORM 300 P DEVICE/SOFTWARE www www N NEXTNAV NEXT GENERATION GPS NETWORK 30#32E TerraPoiNT Video 1 View Now N NEXTNAV 31#33Eh TerraPoiNT Video 2 View Now N NEXTNAV 32#34DEPARTMENT T OF TRANSPORT UNITED STATES OF AMERICA DOT report rankings N NEXTNAV ECHO RIDGE HELLEN systems TIME PROVISIONING PHASORLAB Satelles serco SEVEN Solutions SKYHOOK° TRX systems Qu GPS (SPS PS) UrsaNav 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 eLORAN terrestrial RF (920-928 MHz) MEO government, L-band (2483.5-2500 MHz) UWB & IMU map matching (3.1-5 GHz) (90-110KHz) (1575, 1227, 1176 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) Full DOT report 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. TIMING(1) Performance Rank Score 1 I 6 2 6 4 3 5 I 91 1 62 87 62 78 1 84 I 69 67 POSITIONING (2) Performance Rank Score 1 5 3 2 4 5 I 91 38 I T 78 38 TIMING (3) Ground broadcast Rank Score 1 (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. 3 4 2 82 I 66 70 PNT(4) Ground broadcast Rank Score 1 2 82 I I I I I I TIMING (5) Broadcast Rank Score 1 1 4 I 5 2 I I L 3 82 1 66 80 口 N NEXTNAV 70 Broadcast Rank Score 1 I I I 3 1 I PNT(6) I I Ranking & score based on accuracy, availability, product readiness, resilience and security 82 1 1 82 T 33#35Eh TerraPoiNT Testimonial video View Now N NEXTNAV 34#36David Knutson SENIOR VICE PRESIDENT OF NETWORK OPERATIONS AND DEPLOYMENT N NEXTNAV 35#37Network Differences FUNCTIONAL ELEMENTS NETWORK DESIGN DRIVERS SITE LOCATIONS INSTALLATION TIME PER SITE INSTALLATION SURVEY ACCURACY Pinnacle Passive sensors Atmospheric Conditions Almost anywhere outdoors with power Valuable antenna real estate not required 2-3 hours 10cm or better déh TerraPoiNT Active broadcast transmitters RF Signal Propagation Traditional macro cellular sites Antennas above the clutter 2-3 days 10cm or better N NEXTNAV 36#38Network Deployments E US Deployments International Deployments Pinnacle AT&T Partnership Nationwide Network +4,400 cities & towns 90% of commercial structures above 3 stories MetCom Partnership Tokyo, Japan Eh TerraPoiNT San Francisco Bay Area and initial deployment in top 50 U.S. markets NASA Langley MetCom Partnership Tokyo, Japan N NEXTNAV 37#39Chris Gates CHIEF FINANCIAL OFFICER N NEXTNAV 38#40Massive operating leverage results in highly attractive unit economics Low variable cost to add incremental network traffic Source: Management estimates. Incremental dollar of revenue لمـــــــا SX Incremental expense $0.89 Incremental EBITDA per dollar of incremental revenue N NEXTNAV RFS#41Total 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 40#42Flexible pricing models Monthly User Fees Usage Fees (Fix, MAU, DAU, per device) Revenue Share Flat Fee Public Safety Enterprise / IOT Data & Analytics E911 Enterprise / IOT Gaming / Mass-Market International Data & Analytics Consumer Devices N NEXTNAV 41#43Financial 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 (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 42#44Transaction 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 6/30/21. (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) Excludes interest and additional borrowings after 6/30/21. $203 750 205 $1,158 $750 294 84 30 $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 (5) Estimated total transaction expenses for both NextNav and Spartacus. (6) Assumes the exercise or conversion of any options, warrants or other convertible securities. (7) Pro forma cash balance of 6/30/21; excludes impact of cash burn between 7/1/21 to transaction close. PIPE Shares 17% Sponsor Shares 4% SPAC Public Shareholders 17% N NEXTNAV 121 $10.00 $1,205 ($301) $904 Target Shareholders 62% 43#45Investment 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, Unity, Unreal, Gimbal, etc. World class management, board, and shareholders with leaders in wireless and location services N NEXTNAV#46N NEXTNAV Next Generation GPS is here.