#1INVESTING IN A CLEANER FUTURE NIKOLA CORPORATION AND VECTOIQ ACQUISITION CORP ANNOUNCE MERGER NIKOLA MARCH 2020 NIKOLA VectolQ N NIKOLA#2DISCLAIMER This presentation (this Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Nikola Motor Corporation ("Nikola" or the "Company") and VectolQ Acquisition Corp. ("Vectolo") and related transactions (the "Proposed Business Combination") and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will Vectolo, Nikola or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither Vectolo nor Nikola has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Nikola or the Proposed Business Combination, Viewers of this Presentation should each make their own evaluation of Nikola and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward Looking Statements Certain statements included in this Presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may." "will," "estimate." "continue," "anticipate," "intend." "expect," "should." "would." "plan," "predict," "potential," "seem," "seek," "future, "outlook" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Nikola's and Vectolo's management and are not predictions of actual performance. These forward- looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Nikola and VectolQ. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties 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 VectolQ or Nikola is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; risks relating to the uncertainty of the projected financial information with respect to Nikola; risks related to the rollout of Nikola's business and the timing of expected business milestones; the effects of competition on Nikola's future business; the amount of redemption requests made by Vectolo's stockholders; the ability of Vectolo or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the Proposed Business Combination or in the future, and those factors discussed in Vectolo's final prospectus dated May 15, 2018 and Annual Report on Form 10-K for the fiscal year ended December 31, 2018, in each case, under the heading "Risk Factors, and other documents of Vectolo 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 Vectolo nor Nikola presently know or that VectolQ and Nikola 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 VectolQ's and Nikola's expectations, plans or forecasts of future events and views as of the date of this Presentation. VectolQ and Nikola anticipate that subsequent events and developments will cause Vectolo's and Nikola's assessments to change. However, while VectolQ and Nikola may elect to update these forward-looking statements at some point in the future, VectolQ and Nikola specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing VectolQ's and Nikola's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Use of Projections This Presentation contains projected financial information with respect to Nikola. Such 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 financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the financial forecast 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 forecasts will be achieved.#3DISCLAIMER (CONT'D) Financial Information; Non-GAAP Financial Measures The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus or registration statement to be filed by Vectolo with the SEC. Some of the financial information and data contained in this Presentation, such as EBIT, EBITDA and EBITDA Margin, has not been prepared in accordance with United States generally accepted accounting principles (GAAP). VectolQ and Nikola believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Nikola's financial condition and results of operations. Nikola's management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation, and for budgeting and planning purposes. Vectolo and Nikola believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing Nikola's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Nikola's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review Nikola's audited financial statements, which will be included in the Registration Statement (as defined below). Important Information About the Proposed Business Combination and Where to Find It In connection with the Proposed Business Combination, VectolQ intends to file a registration statement on Form S-4 (the Registration Statement) with the SEC, which will include a preliminary proxy statement to be distributed to holders of Vectola's common stock in connection with Vectolo's solicitation of proxies for the vote by Vectolo's stockholders with respect to the Proposed Business Combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Nikola's stockholders in connection with the completion of the Proposed Business Combination. After the Registration Statement has been filed and declared effective, Vectolo will mail a definitive proxy statement, when available, to its stockholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS THERETO AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT VECTOIQ, NIKOLA AND THE PROPOSED BUSINESS COMBINATION. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the SEC by VectolQ through the website maintained by the SEC at http://www.sec.gov, or by directing a request to VectolQ at 1354 Flagler Drive, Mamaroneck, NY 10543. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN, ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Participants in the Solicitation Vectolo and Nikola and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Business Combination. Information about the directors and executive officers of VectolQ is set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Proposed Business Combination when they become available. Stockholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents as indicated above. No Offer or Solicitation This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of Vectolo, Nikola and other companies, which are the property of their respective owners.#4KEY LEADERSHIP Trevor Milton Nikola CEO • Visionary leader with passion for innovation and disruption • Directs research, development and prototype assembly of the Nikola portfolio • Holds a controlling interest in the Company • Prior to Nikola, Trevor was the CEO of dHybrid Systems, LLC, a natural gas storage technology company that was acquired by Worthington Industries, Inc. Mark Russell Nikola President Over 20 years of experience building and managing companies in the manufacturing industry • Served as president and COO of Worthington Industries (NYSE WOR) from 2012-2018 . Previously served as GM of Engineered Aerospace Products at Alcoa. Inc (NYSE:AA) Education: BS from Weber State University and JD from Brigham Young University . . Kim Brady Nikola CFO Over 20 years of experience in private equity and investment banking Served as Sr. Managing Director at Solic Capital Previously served as CFO and GM for various companies in manufacturing. business services, and healthcare Education: BS from Brigham Young University and MBA from Northwestern's Kellogg Graduate School of Management 1 Trevor Milton to assume Executive Chairman role, Mark Russell to assume Chief Executive Officer role and Steve Girsky to join Nikola board post-closing Steve Girsky VectolQ Acquisition Corp CEO 30 years of experience working with corporate board executives, labor leaders, OEM leaders, suppliers, dealers, and national policy makers • Institutional Investor top-ranked auto analyst for many years • Former GM Vice Chairman; helped lead GM out of bankruptcy, stabilized its European operations and led overall GM strategy • Current and former public boards: Brookfield Business Partners DANA (USS) U.S. Steel GM#5N NIKOLA AN OPPORTUNITY TO INVEST IN SCALABLE CLEAN TECHNOLOGY 0 1 2 3 ZERO EMISSIONS ONE GLOBAL TRUCK PLATFORM TWO MARKET SOLUTIONS: BEV FOR SHORT HAUL AND FCEV FOR LONG HAUL APPLICATIONS THREE CORE BUSINESS OFFERINGS: BEV, FCEV, AND HYDROGEN PRODUCTION AND REFUELING#6I. NIKOLA COMPANY INTRODUCTION#7WE ARE NIKOLA A UNIQUE BUSINESS MODEL... NIKOLA 1 INI 000 Vision: to be the zero emissions commercial transportation system leader Addressing Huge "Green-to-Wheel" Commercial Vehicle Ecosystem TAM - Estimated $600B+ Global TAM comprised of both vehicle and energy supply Tightening global emissions standards require a zero emissions solutions over the near-term Industry Leading Technology Portfolio to Address Specific Use Cases BEV truck with best-in-class range and capabilities, ideally suited for shorter-haul applications World's most advanced Hydrogen (H₂) FCEV Truck, ideally suited for long-haul applications Enabled by World Class Partnerships and Investments by Strategic Players Partnership and European JV with CNHI IVECO, a global Commercial Vehicle OEM Strong partnerships throughout transportation ecosystem to de-risk business Pace-Setting Speed-to-Market Planned 2021 BEV launch Planned 2023 FCEV launch and H₂ station operations Meeting Strong Demand from Blue Chip Customers $10B+ FCEV pre-order book (2+ years of orders), with robust demand for newly introduced BEV truck Anheuser-Busch piloting fleet and H₂ station operations On a Path to Effectively Scale Green Energy Storage to Ultimately Transform Transportation Fueling Landscape - Partnered with NEL to develop first-in-kind H₂ station infrastructure With a Deep Roster of Management Talent to pursue Vision of Zero Emission Transportation Ecosystem 1 $6008 TAM also includes truck maintenance, addressed by Nikola's FCEV Bundled Lease offering 7#8POWERED BY A UNIQUE BUSINESS STRATEGY KEY NIKOLA FACTS Founded in 2015 by Trevor Milton • Based in Phoenix, AZ with ~230 employees • +14,000 FCEV truck reservations to-date ("$10B sales value), with robust demand for newly-introduced BEV truck +$500M of capital raised to-date CORE BUSINESS BUSINESS MODEL COMPONENT TARGET USE CASE . 1 BEV Truck BEV powered truck Industry-leading range of up to 300 miles Leverage existing FCEV work and partnership with CNHI to co-develop BEV truck for production in the next 12-18 months Shorter-haul FCEV Truck H₂ FCEV powered truck • 500-750 mile range • Attractive "bundle pricing model (truck, fuel, maintenance) Long-haul Together, the distinct business offerings enable disruption across the "Green-to-Wheel" value chain Complementary offerings: with significant overlap in components; BEV and FCEV address different use cases OVERVIEW OF STRATEGIC PARTNERSHIPS CNH WABCO EDAG AVL INDUSTRIAL nel. Ryder Ever better H₂ Stations Economically produce H₂ fuel via electrolysis Initial methodical roll-out of targeted station development along "dedicated routes" Electricity input (grid, solar, wind) purchased via long-term supply agreements H₂ Production and Refueling of FCEV PLATFORM ENABLED BOSCH . Autonomous Ready • Level 4 hardware standard • Automatic braking and lane keeping • Full fleet management solutions and data capturing Over-the-air software updates Significantly increases addressable market vs. truck offering alone Amount includes in-kind contribution of services from CNHI (see slide 12 for additional detail); does not include capital from Vectol transaction Capacity-as-a-Service Grid Storage and BEV Charging Leverage technology and infrastructure to act as a grid buffer and to capture intermittent energy sources Provide BEV charging solutions to short-haul customers Energy-as-a-Service Additional growth opportunities based on truck and H₂ station platform#9DEMONSTRATING SIGNIFICANT GROWTH AND PROGRESS ON VISION SINCE 2015 Total Truck Reservations Capital Raised in Calendar Year Trevor Milton founds Nikola 2015 Build-out of team, hired: - Chief Engineer Chief Designer - Battery Engineer N/A N/A Prototype of Nikola One Unveiled 2016 Signed sales and service agreement with Ryder Systems Ryder Ever better 7,900 FCEV $16M Series A @ $300M pre-money valuation UM Bosch co- development and strategic supply chain partnership established Over $500M raised to date to support commercialization of unique business model BOSCH 2017 Nel announced as sole equipment supplier for hydrogen stations nel. ~8,200 FCEV $44M Series B $900M pre-money valuation Signed binding agreement to provide Anheuser- Busch with up to 800 trucks ABInBev 2018 Signed Hydrogen Station Development agreement with Nel nel. ~14,000 FCEV $214M Series C @ $1.1B pre-money valuation NIKOLA VORLD Unveiled fully operational Nikola Two Alpha trucks at Nikola World; most advanced FCEV truck on the planet 2019 Entered North America production alliance and European joint venture with CNHI Iveco CNH IVECO Reservation book frozen; negotiating with strategic fleet partners for launch and pursuing binding contracts Secured $250M investment from CNHI Iveco as part of Series D representing a pre-money valuation of $3B#10TECHNOLOGY PORTFOLIO ADDRESSES COMPLEMENTARY USE CASES GENERAL TECHNOLOGY COMPARISON PRIMARY POWER UNIT (PPU) REFUEL/CHARGE TIME EST. RANGE REFILL AFFECT ON ELECTRICAL GRID PPU SUSTAINABILITY PROFILE IMPACT ON EMISSIONS EST. VEHICLE WEIGHT EST. HAULING CAPACITY H₂ HYDROGEN-ELECTRIC Hydrogen Fuel Cell 10-15 minutes 500-750 miles (Long-haul) Hydrogen stations act as buffer & balance grid Hydrogen is the most abundant element on planet Zero emission vehicle *22,000-24,000 lbs *56,000-58,000 lbs Complementary Use Cases 1. Estimated hauling capacity includes both cargo capacity and the weight of the trailer Nikola is the only company offering both BEV and FCEV solutions; addressing both short-haul and long-haul markets 100% BATTERY ELECTRIC Battery Several Hours 100-300 miles (Medium-/Short-haul) Recharge to be managed within grid load capacity Dependent on further advances in technology Zero emission vehicle ~25,000-27,000 lbs "53,000-55,000 lbs DIESEL Diesel Engine 10-15 minutes 500-750 miles N/A Access to oil reserves can be costly and prices are highly volatile Heavy emission vehicle unlikely to adhere to future regulations on emissions standards "17,000-19,000 lbs "61,000-63,000 lbs#11WORLD CLASS STRATEGIC PARTNERSHIPS... MARQUEE CO-DEVELOPMENT PARTNERS CNi/IVECO INDUSTRIAL International leader in the development, manufacture, marketing, and servicing of a vast range of light, medium, and heavy commercial vehicles Series D investor and partner in 50/50 European joint venture and North American production alliance - OTHER KEY INDUSTRY PARTNERS Hanwha One of the world's largest and most recognized photovoltaic manufacturers and energy providers • Series C investor and exclusive solar panel provider SEDAG • #1 global engineering service provider to the Commercial Vehicle industry for cab development • Cab and Chassis engineer Nikola's extensive network of strategic partnerships significantly reduces execution risks, improves commercialization timeline, and provides long-term competitive advantage . • BOSCH Leading global supplier of technology and services to automotive, industrial, energy, building technology, and consumer end markets with "410,000 employees and "$90B in annual revenue Series B and C investor and powertrain design (e.g., fuel cell, battery, VCU) co-development partner Any related IP will be jointly owned by Nikola nel. • Largest producer of electrolyzers and other hydrogen equipment Ryder • Series C investor and hydrogen production equipment supplier (electrolyzers and other components for hydrogen stations) Ever better. • Largest truck leasing company in the U.S. with over 800 service centers and 6,000 highly trained technicians Exclusive sales and service partner WABCO • Leading global supplier of braking control components and air management systems to medium- and heavy-duty trucks • Series B investor in Nikola and brake traction and stability control system developer AVL . World's largest independent company for the development, simulation and testing of powertrains • Designer and developer of first-in-class vehicle and hydrogen fuel cell test facility#12ANCHORED BY LANDMARK PARTNERSHIP WITH CNHI IVECO NNIKOLA CNİ CNI IVECO INDUSTRIAL WHO IS CNHI IVECO? One of World's Leading Capital Good Companies with Annual Revenue of $30B+ • CNHI's Iveco business is a leading truck, bus, and light commercial vehicle manufacturer in Europe, South America, and Asia with 175,000+ annual unit volume Currently the leader in CNG/LNG alternative propulsion for the European trucks market, complementary to investment in Nikola BEV and FCEV technology Announced plan to spin-off as an independent company in 2021 INVESTMENT SUMMARY CNHI Iveco's invested $250M in Nikola as part of Series D Round . - $100M cash investment - $150M investment in form of in-kind services related to North America engineering and production Announced September 3, 2019 ADDITIONAL DETAILS • CNHI Iveco engineers to embed with Nikola team to develop production-ready truck and leverage its expertise across all elements of the manufacturing process Nikola/CNHI Iveco product to be produced on dedicated lines within existing Iveco manufacturing facilities Partnership with CNHI Iveco significantly de-risks North America production execution and accelerates penetration of attractive European market PARTNERSHIP AND JV North America Engineering and Production Alliance (100% of N.A. Business Retained by Nikola) Significantly de-risks Nikola operational execution by leveraging the expertise and capabilities of one of the world's leading commercial vehicle manufacturers - CNHI Iveco to provide $150M of engineering and production to support bringing Nikola trucks to market Europe Joint Venture (50/50 Split) - Allows Nikola to accelerate penetration of attractive European addressable market while minimizing execution risk and optimizing Nikola management bandwidth . Nikola and CNHI's Iveco truck business to operate 50/50 joint venture leveraging Iveco's engineering expertise and existing production and sales/service footprint Significant potential financial contribution from joint venture is incremental to existing Nikola North America model KEY BENEFITS • Production alliance significantly de-risks truck manufacturing execution by providing: - Global license to the S-Way platform-the most recently introduced Class 8 truck in the world Ability to leverage existing parts bin and capture purchasing savings Access to engineering support Potential assembly capabilities Enables Nikola to enter significantly larger European market 1 CNHI delivered "175,900 vehicles in 2018; includes trucks, buses, light commercial, and specialty vehicles#13ROBUST BLUE CHIP DEMAND FOR A ZERO EMISSIONS TRANSPORTATION SOLUTION SUMMARY OF FCEV TRUCK RESERVATIONS PRIOR TO BOOK ADDITIONAL RESERVATIONS DETAIL FREEZE IN FALL 2019 # OF TRUCKS . FCEV reservation book frozen; negotiating with strategic fleet partners to convert pre-orders to binding contracts with deposits for initial FCEV rollout Other Fleets with at least 100 Trucks Reserved 1,500 10% . All Other Reservations Holders ~5,300 36% TOTAL 14,602 FCEV TRUCKS -$10.2B REALIZABLE VALUE Large Equipment Providers ~500 4% Large U.S. Fleet Owner ~5,000 34% AB Inbev 800 6% Large Truck Leasing Companies 1,500 10% Nikola has over 14,000 FCEV truck pre-orders, with robust demand for newly introduced BEV truck AB Inbev pre-order for 800 trucks represents a binding order Majority of FCEV reservations (~50%) reflect large corporate customers with investment grade credit ratings • Nikola BEV demand: following unveiling of Nikola BEV truck in Fall 2019, company has been engaged with potential strategic customers Discussion focused on multi-thousand truck pre-orders with binding contracts with significant deposits 12 months prior to delivery Robust BEV demand projected to fill first 2 -3 years of production FCEV demand equally robust, with reservation book projected to fill first 2+ years of production THEMES DRIVING DEMAND Commercial vehicle purchasing decision driven by Total Cost of Ownership (TCO) of vehicle, including cost of truck, fuel, and maintenance Nikola's unique FCEV Bundled Lease model ensures TCO cost parity with diesel as well as TCO consistency and predictability for fleet operators Corporations are increasing focus and efforts to reduce greenhouse emissions in their value chains Coca-Cola Carrefour Walmart ups |pepsi amazon#14OTHER NIKOLA PROGRAMS BADGER & POWERSPORTS STRATEGY Programs provide significant benefit to core semi-truck and H₂ station programs, including: Branding halo, driving awareness of Nikola and its industry-defining technology R&D synergies on electric drivetrain, battery technology, and other core components Nikola is pursuing business models for Badger and PowerSports that will provide financial upside with minimal capital outlay or management distraction Management team remains focused on core semi-truck and H₂ station programs and executing on Nikola's business plan Nikola can leverage zero emission powertrain expertise to address transportation adjacencies . BADGER PICKUP TRUCK 600 miles on blended FCEV / BEV • 300 miles on BEV alone Operates on blended FCEV / BEV or BEV only by touch of a button POWERSPORTS NIKOLAINZT FULLY-ELECTRIC FOUR-SEATER OHV MICHAEL ERICKSON PRESIDENT OF POWERSPORTS Honeywell POLS -Leads Nikola PowerSports business An energy and powersports industry veteran - 906 HP peak/455 HP continuous • 980 ft. lbs. of torque • 160 kWh, flooded module - lithium-ion battery and 120 kW fuel cell RECKLESS MILITARY GRADE FULLY-ELECTRIC TACTICAL OHV ANDREW CHRISTIAN. VP.BD/DEFENSE POWERSPORTS Retired from Marine Corps with 28 years of active duty service - Marine Special Operations Officer and combat veteran NIKOLA WAV FULLY-ELECTRIC SIT-DOWN PERSONAL WATERCRAFT JORDAN DARLING, VP. POWERSPORTS FREE FORM Oversees PowerSports division of both UTVs and watercraft -Founder of Free Form Factory#15DEEP BENCH OF EXPERIENCED MANAGEMENT KEY TO MAKING THE VISION A REALITY BRITTON WORTHEN CHIEF LEGAL OFFICER CORPORATE FUNCTIONS JOSEPH PIKE CHIEF HUMAN RESOURCES OFFICER ELIZABETH FRETHEIM HEAD OF BUSINESS DEVELOPMENT VINCE CARAMELLA HEAD OF MARKETING 1 KIM BRADY CHIEF FINANCIAL OFFICER SOLIC NAVIGANT REES GILBERT MIMICHIGAN LAW AON Kraft Heinz CVS Kellogg CAREMARK ATCO Walmart Titles reflect roles post-closing TREVOR MILTON EXECUTIVE CHAIRMAN d-HYBRID cox CenturyLink NIKOLA SAFETY, SUPPLY CHAIN, AND HYDROGEN NHÀ NGUYỄN SAFETY OFFICER MIKE CHAFFINS SENIOR DIRECTOR, SUPPLY CHAIN AND PURCHASING DALE PROWS HEAD OF HYDROGEN SUPPLY CHAIN LIVIO GAMBONE HEAD OF HYDROGEN STORAGE JESSE SCHNEIDER EVP, HYDROGEN FUEL CELL TECH NISSAN MOTOR COMPANY NHTSA CHRYSLER HUNTSMAN ServiceMaster SAGRA Nikola's management team brings together proven leaders with deep industry and domain expertise GROUP MARK RUSSELL PRESIDENT & CEO WORTHINGTON DESIGN, POWERTRAIN, AND SOFTWARE KEVIN LYNK CHIEF ENGINEER POWERTRAIN VARDUJAN SARKISSIAN HEAD OF VEHICLE ELECTRICAL AND CONTROLS ERIK TUFT SENIOR DESIGNER ISAAC SLOAN CHIEF SOFTWARE ARCHITECT ALCOA goengineer PROFIRE Propusion Laboratory Faraday Future KENWORTH RAILS d-HYBRID UMRAN ASHRAF HEAD OF VEHICLE ENGINEERING TESLA OROMEO Faraday Future VEHICLE ENGINEERING RON JOHNSON SENIOR TECHNICAL LEAD CHASSIS CHRISTOPHER ECKERT SENIOR TECHNICAL LEAD CAB ALAIN HADORN SENIOR DIRECTOR, PROGRAM MANAGEMENT AND QUALITY ILJIN LUCID TESLA 350 CM CHRYSLER SAIED EMAMI SIEMENS ROMEO SEMOR TECHNICAL LEAD CAE Faraday Future#16II. NIKOLA MARKET OVERVIEW AND BUSINESS MODEL SUMMARY#17OVERVIEW OF NIKOLA'S ADDRESSABLE MARKET BEV/FCEV MARKET OPPORTUNITY Global Class 8 Truck Market: **$600B Total Addressable Market/"7M Trucks in Service BEV Short-haul Focus: U.S. Class 8 Truck Market • "$130B TAM/"2M Trucks in Service Service and Maintenance $29B 22% U.S. Class 8 Truck Market BREAKDOWN OF U.S. CLASS 8 $130B TAM Diesel $63B 49% Global Heavy Duty Truck Market O Truck $37B 29% KEY DRIVERS FOR ZERO EMISSION COMMERCIAL VEHICLE DEMAND Commercial vehicle buying decision driven by Total Cost of Ownership (TCO) • The largest Class 8 fleets are replaced every 3-5 years on average-adoption of new technology is expected to be rapid once it passes TCO parity threshold Nikola can service estimated $600B TAM with BEV and unique FCEV bundle pricing model that includes truck, fuel, and maintenance • Increasingly stringent global emissions standards will increase comparative advantage of zero emissions vehicles relative to diesel . In some cases, such as city centers, diesel will be banned entirely . Governments, fleet owners, and other stakeholders are demanding a zero emissions solution N.A. CLASS 8 TRUCK SEGMENT STRATEGY FOR INITIAL ROLLOUT OF FCEV 1,800,000 CLASS 8 SEMI-TRUCKS ON THE ROAD DAILY O -75% 1,350,000 TRUCKS 1. Includes both short-haul and long-haul heavy duty truck markets 2. Including vehicle, fuel, and service & maintenance; based on proprietary research from ACT Research -25%+ 450,000 TRUCKS RUN ON DEDICATED ROUTES amazon Walmart 2 PEPSICO SYSCO Ryder SCHNEIDER IS, IPRESS . Dedicated routes are primarily comprised of private fleets and dedicated operations of large for-hire carriers • For initial rollout of FCEV, Nikola will target the largest private and dedicated fleets with either nationwide or significant regional distribution networks Focus on dedicated routes allows for targeted, capital-efficient deployment of hydrogen stations 17#18SELECT MEDIUM AND HEAVY DUTY BEV AND FCEV ANNOUNCEMENTS NIKOLA • Market is awakening to the vast potential of BEV and FCEV heavy duty trucks • Nikola trucks are in advanced stages of development and testing and are expected to meet specific use case needs, supporting potential rapid market adoption FCEV ANNOUNCEMENTS KENWORTH FCEV Truck Heavy Duty Limited production Q4 2019 (10 units) BEV ANNOUNCEMENTS DAIMLER FREIGHTLINER RENAULT Trucks MACK A FUSO Class 8 Truck HYUNDAI H2 XCIENT Heavy Duty Production 2023 eActros Class 8 Truck Serial production 2021 Nikola is positioned to be a first mover in both BEV and FCEV, with an advanced state of truck development eCascadia Class 8 Truck Serial production 2021 E-Fuso Vision One Serial production 2021 FL and FE Medium and Heavy Duty Serial production March 2020 Z.E. Lineup Short Haul and Refuse Pre-series model testing 2H19 LR Refuse Refuse Testing 2020 PACCAR CF Electric DAF DAIMLER Trucks Cummins TESLA Short Haul and Refuse Fleet trials 2019 Announced goal to have H₂ series- production vehicles by the end of the 2020s AEOS Class 7 Truck Announced production 2020 ET-1 Class 8 Truck Announced production 2019 Plan to spend €1B+ in electro mobility by 2025 Semi Class 8 Truck Limited production 2020 NAVISTAR Medium Duty Production 2021 International eMV Same Truck Group HYDROGENICS FCEV Truck Class 8 Truck No announced production#19NIKOLA'S ADVANTAGE: BUNDLED FCEV OFFERING SIGNIFICANTLY MORE ATTRACTIVE THAN DIESEL THE INDUSTRY'S FIRST-EVER "BUNDLED PRICING" - 7-year lease/700,000 miles - Lease includes the cost of truck, hydrogen fuel, repair, and maintenance - Lease model eliminates payback period and technology risk for customers, enabling more rapid adoption PROJECTED NIKOLA FCEV VS. DIESEL COST PER MILE $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Total TCO: $0.95 per Mile Includes all vehicle, service & maintenance, and fuel costs NIKOLA FCEV TCO Certainty Total TCO $0.97 per Mile Fuel Cost: $0.51 per Mile Service & Maint $0.21 per Mile Vehicle Payments: 0.26 per Mile Traditional Diesel TCO Volatility Increasing cost of diesel operations due to tightening emission standards reinforces Nikola's bundled FCEV TCO advantage vs. traditional diesel truck ownership TOTAL COST OF OWNERSHIP CERTAINTY Historically, diesel fuel has comprised anywhere from 40-60% of total ownership costs. Nikola's Bundled Lease offers operators complete cost predictability at cost parity with diesel BETTER PERFORMANCE Outperforms diesel and battery trucks in range, horsepower and torque. Shorter recharge time than battery electric trucks ENHANCED SAFETY 6x2 drive, torque vectoring, faster stopping, lower center of gravity HYDROGEN SAFER THAN DIESEL Lower vapor pressure, will not form combustible mixture with air, harder to ignite, hydrogen dissipates into atmosphere Extensive safety testing performed by third-party experts ENVIRONMENTALLY FRIENDLY Zero emissions and nearly silent. Hydrogen stations powered by renewables AUTONOMOUS READY Enhanced autopilot, automatic braking, and automatic lane keeping standard on each vehicle 1 Based on prior 7 years data from ATRI, excluding driver costs 2. Cost per mile data is based on proprietary research from ACT Research and ATRI's 2018 Operational Cost of Trucking: fuel is based on the prior 7 years average given volatility of input costs#20SINGLE FCEV TRUCK LEASE UNIT ECONOMICS PROJECTED CASH GENERATED PER TRUCK LEASE $665,000 LEASE REVENUE $188,174 $230,637 $46,760 TRUCK TOTAL SERVICE, MATERIALS & FUELING COST MAINT. AND LABOR OTHER $26,365 $173,064 STATION CASH PER CAPEX PER TRUCK LEASE LEASE Each individual FCEV truck lease is anticipated to have steady cash generation over the life of the lease Projected Nikola Lease Model Economics) Gross Revenue Materials Labor-direct and indirect Warranty Expense @ 3.0 % of Truck Revenue Truck Cost Nikola Cost per kg of Hydrogen x kg of Hydrogen used over 700,000 miles @ 7.5 Miles/kg Hydrogen Cost Per Truck Lease Service & Maintenance Cost @ $0.067/Mile Total Service & Maintenance Cost Total Cost of Nikola Lease Vehicle Profit Per Nikola Lease (Before Corporate G&A) Vehicle Profit Margin Station CapEx per Lease(4) Cash Generated per Truck Lease) 1. Analysis does not include potential financing charges that may be incurred to securitize and monetize some portion of the Nikola lease 2. Hydrogen fuel cost includes all hydrogen station related operating expenses including electricity costs, water costs, station personnel cost, and hydrogen station maintenance 3. Vehicle profit presented before corporate general and administrative expenses 4. Assumes each station has a 21-year useful life and supports 210 truck leases during each 7-year lease period 5. Does not include any potential upside from truck residual value at the end of the lease $665,000 $173,624 7,500 7,050 $188,174 $2.47 93,333 $230,637 $46,760 $46,760 $465,571 $199,429 30.0% 1 $26,365 $173,064#21FCEV TRUCK DEMAND CATALYZES BUILD OUT OF HYDROGEN INFRASTRUCTURE BENEFITS OF HYDROGEN PRODUCTION AND REFUELING Fast refuel time-similar to today's refueling time for diesel engines Hydrogen fuel can be produced from a variety of renewable sources Hydrogen production serves as a load balancing mechanism for the grid-enabling further incorporation of renewable power sources Hydrogen can provide an effective form of storage for intermittent energy sources HYDROGEN AS ENERGY STORAGE Water Electricity Electrolysis process utilizes water and electricity to create Hydrogen and Oxygen Hydrogen Oxygen (By-product) Hydrogen is an efficient storage method of renewable electricity, with potential to reduce stress on grid LEADING THE CHARGE FOR INDUSTRY STANDARDS Nikola and other industry leaders signed an MOU in early 2019 to assist in standardization and increase the speed to market for critical hydrogen fueling components In December 2019, Nikola was voted co-chair of the consortium by its members-validating its position as a first-mover in the industry Air LiquideHYUNDAI nel TOYOTA Fuel Cell Electricity Water (By-product) 1 NEL designed Danish planned H, network, expected to initially consist of 11 stations utilizing NEL's electrolysis technology nel. Partnership with NEL provides access to deep electrolysis H₂ production expertise to deliver zero emissions transportation ecosystem 90+ Years of Experience >3,500 Electrolyzers Delivered ~50 H₂ Fueling Stations Installed Customers in 80+ Countries Designed 1st Country-Wide H₂ Network 21#22HYDROGEN STATIONS OVERVIEW ADVANTAGES OF HYDROGEN • Heavy Duty Fuel Cell Vehicles are capable of having ranges & fueling times equal to that of today's diesel trucks Hydrogen Fuel Cell Vehicles have the same benefits of electric vehicles as they use the same electric motors (more horsepower, instant torque, zero emissions, etc.) while eliminating many issues derived from battery electric vehicles (long recharge times, limited range, cold start, added weight, etc.) . ZERO EMISSIONS HYDROGEN FUEL CELL ECOSYSTEM OVERVIEW RENEWABLE POWER GENERATION Hydrogen fuel cell vehicles share the benefits of battery electric vehicles with an extended range for long-haul duty HEAVY DUTY FAST FUELING ONSITE CONVERSION OF ELECTRICITY TO HYDROGEN VIA ELECTROLYSIS ONSITE HYDROGEN STORAGE SUPPLY FAST 70 MPA FUELING STATION LONGER RANGE FAST 70 MPA HYDROGEN DISPENSER LESS WEIGHT HYDROGEN FUEL CELL VEHICLE#23H, STATION ROLL-OUT DEDICATED SINGLE-STATION STRATEGY HYDROGEN STATION ROLL-OUT STRATEGY • Hydrogen fueling stations will be built one at a time along dedicated routes, based on customer need and network optimization ~450,000 trucks, or 25% of total fleets(2), operate along dedicated routes, typically between a plant and distribution center along major freight corridors • Initial build out of 1,200 station equivalents) will be developed to serve this section of the market (based on 210 trucks per 8,000kg station) • Station locations determined by pre-orders, selecting customers with routes along the most trafficked freight corridors First stations may potentially operate as hubs, allowing fleets to refuel within a 250-mile radius • Projected average one-time station capex of $16.6M expected to support 630 leases over 21 years - improvements in technology are expected to reduce capex by 10% in 2025 and beyond Targeting dedicated routes segment enables a focused roll out of H₂ station network to optimally manage capital outlay PROJECTED TOTAL STATION CAPEX One Time Station Related Capex Station Production and Fueling Equipment Land and Building Total Station CapEx (1) 210 Trucks x 3 Product Cycles Total Station Capex per 7-year Truck Lease Key Hydrogen Station Components NEL A-485 electrolyzer 50MPa Hydrogen 1,000kg/day 2.2MW Storage 1 Includes transformer/rectifier, electrolyzers, supply compressors, hydrogen storage, fueling station equipment, dispensers and installation 2. Management/industry source estimate 3 Equivalent of 1,200 stations producing 8,000kg; actual number of locations will likely vary as some stations will produce >8,000kgs $ 14,860,000 1,750,000 16,610,000 630 26,365 Dual H₂Station® Fueling 1,000kg/day two dispensers 23#24H₂ STATION UNIT ECONOMICS HYDROGEN STATION KEY ASSUMPTIONS $0.035/kWh of electricity • 61.2 kWh needed to produce 1 kg of hydrogen • 11.1 liters required to produce 1 kg of hydrogen • 3 FTE per station • 100% station utilization, or 8,000 kg per day (2,920,000 kg per year) • Station useful life of 21 years . Station CapEx Fuel Revenue-210 Trucks Station Fuel & Operating Cost Annual Unlevered Cash Flow Hydrogen Station Direct Fixed Costs Repair and Maintenance Insurance Costs and Charges Station Personnel Cost [A] Total Operating Expenses Station Depreciation Total P&L Expense Working with Nel, Nikola plans to generate hydrogen at scale in a cost effective manner [B] Annual H2 Production (tonnes) Cost per kg (excl. Depreciation) CASH GENERATED PER STATION-630 TRUCKS (3 LEASE CYCLES) implied 21-Year Unlevered IRR Implied 21-Year Levered IRR Pre-Delivery ($16,610,000) (516,610,000) 21% 43% Year 1 10,500,000 (6,919,114) $3,580,886 Annual Cost to Produce Hydrogen Hydrogen Station Direct Variable Costs Electricity Consumption Cost Water Consumption Cost Year 2 10,500,000 (6,919,114) $3,580,886 Single-station model expected to generate cash to fund future stations and potentially have access to multiple financing options to fund ongoing H₂ network development Year 3 10,500,000 (6,919,114) $3,580,886 Year 4 $ 6,254,640 39,407 640,000 166,100 115,500 $ 7,215,647 731,429 $ 7,947,076 $ 10,500,000 (6,919,114) $3,580,886 2,920 2.47 Year 5 Assumption Notes 10,500,000 (6,919,114) $3,580,886 178,704 MWh @ $35.00 per MWh 8,585,484 # of galions@ $4.59/1,000 gallons 8.0% % of total station capex 1.0% % of total station capex 3.0 # of FTE's @ $35k salary + 10% benefits Year 6 Electrolyzer power consumption of 52.8 kWh/kg [A]/[B] 10,500,000 (6,919,114) $3,580,886 Year Years 1-7 ($16,610,000) 10,500,000 73,500,000 (6,919,114) (48,433,797) $8,456,203 $3,580,886 Years 1-21 Full Station Life ($16,610,000) $220,500,000 ($145,301,392) $58,588,608 A combination of debt and equity financing (at the station level) may be utilized to maximize capital efficiency and return to shareholders 1 Assumes station at 100% utilization; based on initial costs, savings are expected in 2025 and beyond due to anticipated advances in technology 2. Repair and maintenance includes monthly, quarterly, and annual inspections of the electrolysers, dispensers and compressors, sensors and detectors, worn out parts (including the work done to replace them), replacement filling of misc. medias, analysis and optimization of operation parameters, remote monitoring, and troubleshooting 3 1 metric tonne-1,000 kg 4. Given construction lead-time for each station, upfront station capex for the first lease cycle is assumed one year prior to cash flow generated in Year 1 5. Represents all hydrogen station operating expenses including electricity costs, water costs, station personnel, and station maintenance, excludes corporate G&A expenses 6. IRR based on quarterly cash flows evenly spread over each year unless otherwise noted 7. Assumes stations are financed with 60% debt, with a maturity of 10 years and a 6% interest rate 24#25STATION INFRASTRUCTURE AND DEVELOPMENT NIKOLA DEMO STATION DEVELOPMENT Demo Station: Nikola HQ (Phoenix, AZ) Station Timing: completed Q1 2019 Station Offers: H₂ storage and dispensing Other: onsite storage 1,000 kg . . R&D 8-Ton Station: R&D Facility (Phoenix, AZ) Station Timing: begin Q2 2020, complete by Q4 2021 Station Offers: H₂ production, storage, and dispensing . . . AB 8-Ton Pilot Station: Van Nuys, CA Station Timing: begin Q4 2020, complete by mid-2022 Station Offers: H₂ production, storage, and dispensing Other: (8) 1-ton electrolysers onsite capable of producing 8.000 kgs of hydrogen per day . Other: (8) 1-ton electrolysers onsite capable of producing 8,000 kgs of hydrogen per day . Partnered with NEL to develop first-in-kind hydrogen station infrastructure Demo Station #1#26DEDICATED FCEV FLEET ROLL OUT CASE STUDY ANHEUSER-BUSCH (AB) Initial site selection determined based on customers' dedicated routes AB PILOT STATION • Currently working with Nel to build 8-ton hydrogen station near the Anheuser-Busch brewery in Van Nuys, CA Station capable of producing 8,000 kgs of hydrogen per day Station expected to be fully commissioned in 2022 • Fleet Test Beta Trucks with AB Starting mid-2021 utilizing Phoenix hydrogen station until Van Nuys station complete in 2022 * Brewery Locations ✰ Distribution Centers NIKOLA 1106 Van Nuys, CA ANHEUSER-BUSCH STATION LOCATIONS • AB to convert entire distribution fleet (approx. 800 trucks) to Nikola trucks • AB has 12 breweries and 6 distribution centers located across the United States . Nikola anticipates developing a hydrogen station near each brewery location to provide access to each distribution center . - Additional stations may be developed at certain distribution centers depending on the roundtrip length of the lane#27III. NIKOLA TRUCK DEVELOPMENT STRATEGY AND TIMELINE#28NORTH AMERICA BEV TRUCK TIMELINE PROJECTED ROAD MAP TO FLEET TESTING (2020-2021) • Plan: Take the current Iveco S-Way platform and electrify the powertrain . Iveco Responsibilities: Cab, chassis, and vehicle integration Nikola Responsibilities: e-Axle (motors and inverters), battery pack, BMS, vehicle controls strategy, and infotainment Projected Schedule: Unveil first truck in Hanover on Sept. 24, 2020 Milestones Engineering/ Design Purchasing/ Sourcing Vehicle Build Vehicle Validation ⒸUtilize Iveco's Ulm facility in Germany for prototype, pre-series, and low volume builds in 2020 and 2021 Begin limited testing with fleets in Q4 2020 Enter low volume production in Q1 2021 2020 2021 2022 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun * SOP (US Market-US Build) Start Pilot Builds IAA Hanover Show ENGINEERING AND DEVELOPMENT RELEASE ENGINEERING SUPPLIER IDENTIFICATION/SOURCING TOOLING BUILD COMPONENT/SUB ASSEMBLY BUILD APQP PROCESS PROTOTYPE BUILDS/3 BUCKETS OF 4 COMPONENT VALIDATION Nikola's partnership with Iveco accelerates the development and production of a BEV truck, shortening its go-to-market strategy by 1 to 12 years VEHICLE VALIDATION SOP (US Market - EU Build) Fleet Test Units PRE-SERIES BUILDS PPAP EVENT LV BUILDS (US MARKET / EU BUILD) US MARKET (COOLIDGE, AZ)#29NORTH AMERICA FCEV TRUCK TIMELINE PROJECTED ROAD MAP TO COMMERCIALIZATION (2020-2023) • To achieve SOP milestone, Nikola's engineering, manufacturing, and testing must have a coordinated and collaborative understanding of the overall vehicle architecture Production-intent builds expected to begin at Beta Phase (2H 2021) 2020 2021 2022 2023 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun ★ ★ * SOP Milestones Eng. Kick Off Start Pilot Builds (Low Volume Engineering / Design Vehicle Build Purchasing/ Sourcing Vehicle Validation Arch Freez ENGINEERING AND DEVELOPMENT (BETA) ENGINEERING AND DEVELOPMENT (GAMMA) SUPPLIER IDENTIFICATION/SOURCING Low volume production for FCEV trucks expected to begin in Q1 2023 TOOLING BUILD COMPONENT VALIDATION COMPONENT/SUB ASSEMBLY BUILD BETA BUILD TEST FLEET MILEAGE ACCUMULATION DESIGN VALIDATION RELEASE ENGINEERING GAMMA BUILD PRODUCTION BUILD TEST FLEET MILEAGE ACCUMULATION PRODUCTION VALIDATION#30IV. FINANCIALS, TRANSACTION OVERVIEW AND VALUATION#31NORTH AMERICA FINANCIAL OVERVIEW NORTH AMERICA FINANCIAL SUMMARY SM, UNLESS OTHERWISE NOTED BEV Trucks Sold (# of Units) FCEV Trucks Sold (# of Units) H2 Stations Completed (# of Units) BEV Truck Revenue FCEV Truck Revenue FCEV Service & Maintenance Revenue FCEV Hydrogen Revenue Total Revenue % Growth (-) Cost of Goods Sold Gross Profit Gross Profit Margin (-) Operating Expenses EBIT EBIT Margin (+) Depreciation & Amortization EBITDA EBITDA Margin Net Working Capital % of Revenue Truck Manufacturing Facility, Equipment & Other Capex H2 Stations & Equipment Capex Total Capital Expenditures % of Revenue . 2020P Key Income Statement Drivers Income Statement Items nm nm (222) (222) nm 11 ($211) Financial projections below only cover North America business and do not reflect potential upside from 50/50 JV in Europe ($9) nm (156) 2021P ($156) nm 600 : $150 150 nm 20 ($245) (163.3%) Balance Sheet and Cash Flow Items (112) 38 25.2% (303) (265) (176.9%) $20 13.4% (293) (6) ($298) 198.7% 2022P 1,200 : $300 300 100.0% (242) 58 19.2% (274) (216) (72.0%) 41 ($175) (58.4%) $41 13.8% (196) (100) ($296) 98.6% 2023P 3,500 2,000 10 $875 470 13 56 1,414 371.4% (1.113) 301 21.3% (416) (114) (8.1%) 48 ($66) (4.6%) $201 14.2% (64) (305) ($368) 26.0% North America BEV production projected to begin in 2021; North America FCEV production projected to begin in 2023 $3.2B of revenue expected by 2024 Expected steady state EBITDA margins of >25% 2024P 7,000 5,000 24 $1,750 1,175 56 245 3,226 128.1% (2.507) 719 22.3% (574) 145 4.5% 68 $213 6,6% $476 14.8% (34) (639) ($673) 20.9% 31#32PROPOSED TRANSACTION OVERVIEW TRANSACTION STRUCTURE • On March 2, 2020, Nikola and VectolQ agreed to enter into a business combination • The transaction is expected to close in Q2 2020 . It is anticipated that the post-closing company will be a Delaware corporation, retain the Nikola name, and be listed on the NASDAQ VALUATION • Transaction implies a fully diluted pro forma enterprise value of "$3.3 billion (1.0x based on 2024E revenue of "$3.2 billion) • Existing Nikola shareholders expected to receive 79.6% of the pro forma equity and $70 million cash CAPITAL STRUCTURE • The transaction will be funded by a combination of VectolQ cash held in a trust account, VectolQ common stock, and proceeds from VectolQ PIPE Transaction will result in $709 million cash on the balance sheet to fund growth) . 1. Including Series D investors. Excluding potential dilution from out-of-the-money VectolQ warrants. Assumes no redemptions by VectolQ's existing public shareholders 2. Based on $237 million cash in trust, $67 million cash from Nikola balance sheet, 52.5 million shares at $10/share PIPE ($525 million) less $50 million transaction expenses and $70 million cash to seller. Assumes no redemptions by Vectolo's existing public shareholders 32#33PRO FORMA EQUITY OWNERSHIP SM, EXCEPT SHARE AND PER SHARE DATA SOURCES VectolQ Shares Estimated Cash Held in Trust Estimated Cash Contributed from Balance Sheet(2) Proceeds from PIPE(3) Total Sources USES $3,207 $237 $67 $525 $4,036 Equity Consideration to Nikola Existing Investors(4) $3,207 Cash to Seller $70 Cash to Balance Sheet $709 Estimated Payment of Transaction Expenses $50 Total Uses $4,036 PRO FORMA VALUATION Share Price PF Shares Outstanding (56) Equity Value Plus: Debt Less: Cash Enterprise Value ILLUSTRATIVE PRO FORMA OWNERSHIP(5)(6) VectolQ Public Shareholders 5.7%, 23.0M Shares Shares from PIPE 13.0%, 52.5M Shares $10.00 O 402.9 $4,029 $4 ($709) $3,324 VectolQ Sponsor Shareholders 1.6%, 6.6M Shares Existing Nikola Equity Rollover4) 79.6%, 320.7M Shares Note: The sources and uses of funds presented herein are forward-looking statements and reflect the Company's current plans and expectations regarding financing for the business combination. The Company may elect to obtain additional financing, including the sale of additional debt or equity, or alternative financing on different terms in connection with the business combination in which case the information presented herein may change. Pro forma figures include the run-rate contribution of recent ocquisitions and public company cost assumptions. Due to rounding numbers presented may not add up precisely to the totals indicated 1. As of 1/5/2019. Assumes no redemption by VectolQ's existing public shareholders. Actual results in connection with the business combination may differ 2. Assumes all cash associated with Series D investment has been received prior to closing 3. Assumes 52.5M shares are issued at $10.00 per share 4. Rollover equity shares include shares issued to series D investors 5. Pro forma share count includes 23.0 million VectolQ public common shares, 6.6 million VectolQ Sponsor shares, 52.5 million shares from PIPE, and 320.7 million shares issued to Nikola existing shareholders: shares issued to Nikola shareholders is based on latest Series Draise amount of $277M and is subject to change if incremental Series D investment is raised prior to closing. Assumes no redemptions by Vectolo's existing public shareholders 6. Pro forma ownership table excludes the impact of all out-of-the-money Vectol warrants 33#34DISCOUNTED FUTURE VALUE OF NIKOLA NORTH AMERICA TRUCKCO 2027E NIKOLA NORTH AMERICA TRUCKCO EBITDA WALK BASED ON N.A. BUSINESS BEV Trucks Units Sold Revenue per Unit ($) 2027E BEV Truck Revenue ($M) FCEV Trucks Units Sold Revenue per Unit ($)(¹) 2027E FCEV Truck Revenue ($M) 2027E Total TruckCo Revenue ($M) Illustrative EBITDA Margin(2) 2027E Illustrative EBITDA (SM) 14,000 250,000 3,500 30,000 235,000 7,050 10,550 12.8% 1,352 Illustrative EBITDA Margin conservatively assumes Whole Co OpEx cost structure applies to TruckCo business Valuation of North America TruckCo alone is highly attractive; H² station network, Europe JV, autonomous ready trucks, and grid storage components of business offer substantial potential incremental value DISCOUNTED FUTURE VALUE SENSITIVITY ANALYSES 2020E EV ASSUMING 2027E NIKOLA TRUCKCO EBITDA OF $1,352M (SB) Discount Rate 15.0% 20.0% 25.0% %4: 2027E EBITDA: 15.0% 20.0% 25.0% Discount Rate 2027E TruckCo EBITDA Multiple 7.0x 3.6 2.6 2.0 2020E EV ASSUMING 2027E EBITDA MULTIPLE OF 8.0X (SB) 8.0x 4.1 3.0 2.3 (25%) 1,014 3.1 2.3 1.7 2027E TruckCo EBITDA 0% 1,352 4.1 3.0 2.3 9.0x 4.6 3.4 2.6 25% 1,690 5.1 3.8 2.8 SUMMARY OF ANALYSIS APPROACH • Analysis applies an NTM EBITDA multiple based on incumbent truck OEM trading levels in order to imply a 2027E future enterprise value that is discounted back to January 2020 using an illustrative discount rate This future value is then sensitized across a range of EBITDA multiples, EBITDA variances, and discount rates KEY TAKEAWAYS TruckCo alone supports a "$3B valuation, even with a conservative assumption that TruckCo is valued similar to incumbent Truck OEMs 1 FCEV Revenue per Unit based on truck contribution from overall lifetime value of FCEV bundled lease 2. Illustrative TruckCO EBITDA margin calculated using 2027E TruckCo Gross Margin burdened by WholeCo OpEx allocated by relative revenue contribution and TruckCo D&A added back#35OPERATIONAL BENCHMARKING NIKOLA METRICS DO NOT INCLUDE POTENTIAL INCREMENTAL UPSIDE FROM 50/50 EUROPE JV REVENUE GROWTH 2022E-2025E CAGR FOR NIKOLA: 2019E-2021E FOR PEERS (9) Median: 48.9% 165.9 NIKOLA EBITDA MARGIN 2020E FOR PEERS (%) 11.8 -25.0 451.5 48.9 28.2 NIO TESLA Median: (19.4%) 13.6 (52.4) TESLA NIO NM 49.1 Median: 30.4% 9.2 31.2 29.7 nel BALLARDO Bloomenergy Bloomenergy Median: (1.6%) 6.7 Nikola's projected growth and future margin profile expected to be best-in-class compared to key peers (9.9) 2025E Run-Rate NIKOLA Market data as of February 28, 2020 Future Transportation Peers 1 Represents 2019A-2021E CAGR for Tesla, Virgin Galactic, PACCAR, and Volvo 2. Future Transportation Peers include NIO (NIO). Tesla (TSLA), and Virgin Galactic (SPCE) 3. Fuel Cell Technology Peers include Ballard (BLDP), Bloom Energy (BE). Nel (NEL), and Plug Power (PLUG) 4. Commercial Vehicle Peers include Navistar (NAV), PACCAR (PCAR), Traton (8TRA), and Volvo (VOLV B) 7.2 (11.9) PLUG POWER nel BALLARD (0.6) 13.1 Median: (4.2%) TRATON NAVISTAR Fuel Cell Technology Peers(3) (2.8) (5.6) Median: 11.0% 11.9 10.1 (10.3) PACCAR 8.1 PACCAR TRATON NAVISTAR Commercial Vehicle Peers(4)#36VALUATION BENCHMARKING NIKOLA METRICS DO NOT INCLUDE POTENTIAL INCREMENTAL UPSIDE FROM 50/50 EUROPE JV EV / REVENUE 2020E FOR PEERS (X) 11.1 2.4 1.0 0.6 2022E 2023E L2024E | 2025E NIKOLA EV/EBITDA 2020E FOR PEERS (X) 15.6 5.0 NM NM 2022 2023 2024 2025E NIKOLA Median: 4.0x 650+ 29.5 4.0 TESLA NIO NM 3.3 TESLARNIO NM 14.7 Median: 9.5x 13.8 Median: 47.8x 77.3 Future Transportation Peers Current "$3Bn valuation implies a 1.0x 2024E revenue multiple, well below future transportation peers current valuation level -18.4 1.7 BALLARD nel Deloominergy PACCARNAVISTAR PLUG NM NM PLU BALLARD nel. POWER 0.8 Fuel Cell Technology Peers(2) Median: 0.7x 8.4 0.7 Median: 6.5x 74 PACCAR NAVISTAR 0.7 5.5 0.3 TRATON 3.1 TR/TON Market data as of February 28, 2020 1 Future Transportation Peers include NIO (NIO). Tesla (TSLA), and Virgin Galactic (SPCE) 2. Fuel Cell Technology Peers include Ballard (BLDP), Bloom Energy (BE), Nel (NEL), and Plug Power (PLUG) 3. Commercial Vehicle Peers include Navistar (NAV), PACCAR (PCAR), Traton (BTRA), and Volvo (VOLV B), EV and EBITDA adjusted for captive finance segment and pension/OPEB liabilities Commercial Vehicle Peers(3)#37V. VECTOIQ OVERVIEW 37#38VECTOIQ ACQUISITION CORP OVERVIEW STEPHEN GIRSKY President, Chief Executive Officer and Director • Former GM Board Vice Chairman Helped lead GM out of bankruptcy, stabilized its European operations, and led overall GM strategy MARY CHAN Chief Operating Officer • Operating experience at General Motors (President of OnStar/Connected Consumer) Previous SVP of Dell Enterprise Mobility Solutions and EVP of Alcatel-Lucent Wireless Networks Current director of Magna International, Dialog Semiconductor, and SBA Communications STEVE SHINDLER Chief Financial Officer • Former CEO at NII Holdings Currently a director of Nill Holdings • Previous leadership experience as CFO of Nextel Communications and Managing Director of Toronto- Dominion Bank Founding partner of RIME Communications Capital, a firm that has invested in early stage media, tech, and telco companies MINDY LUXENBERG-GRANT Treasurer • Chief Financial Officer of VectolQ, LLC • Founder and CFO of Headhaul Capital Partners • Previous leadership experience at Jefferies Capital Partners, PricewaterhouseCoopers, and Western NIS Enterprise Fund Broad and deep expertise to identify and foster unique industrial business models VectolQ VECTOIQ OVERVIEW . VectolQ Acquisition Corp. (Nasdaq:VTIO) is a $230M publicly traded Special Purpose Acquisition Company ("SPAC) formed for the purpose of effecting a merger, acquisition or similar business combination within 24 months of its IPO, which was completed May 18, 2018 • Sponsored by VectolQ Holdings, LLC (including P. Schoenfeld Asset Management) and Cowen VectolQ LLC is involved with a number of different emerging technology companies across the smart transportation value chain either as an advisor, investor or both • Led by a management team with highly relevant experience: - Public company experience both operating and in the board room Complementary and overlapping networks - Deep understanding of technology and its impact on transportation VECTOIQ ADVISORS FOR NIKOLA OPPORTUNITY LARRY NITZ Former Head of Electrification, GM MO WAZIR Former Head of Electrical Engineering, GM Product Development and Purchasing Expertise BILL SHAW Former Manufacturing Engineer and Product Launch Expert. GM KARL THOMAS NEUMANN Board Member, Hyundai Mobis Former VW, Continental, GM MARK MATHIAS Former Director, GM Fuel Cell R&D STEFAN JACOBY Former GM, VW, Volvo TIM NIXON Former Head of OnStar Engineering. GM#39NIKOLA N TRANSPORTING THE FUTURE TO NOW.