#1RBE RBE RBE THE CORNERSTONE OF NEXT GENERATION MOBILITY February 2021#2Disclaimer This presentation (the "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 REE Automotive Ltd. ("REE") and 10X Capital Venture Acquisition Corp ("10X") and related transactions (the "Transaction") and for no other purpose. No Representations and Warranties This presentation is for informational purposes only and does not purport to contain all of the information that may be required to evaluate the Transaction. This presentation is not intended to form the basis of any investment decision and does not constitute investment, tax or legal advice. No representation or warranty, express or implied, is or will be given by 10X or REE or any of their respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information in this presentation or any other written, oral or other communications transmitted or otherwise made available to any party in the course of its evaluation of a possible transaction between 10X and REE and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. The information contained in this presentation is preliminary in nature and is subject to change, and any such changes may be material. 10X and REE disclaim any duty to update the information contained in this presentation. Viewers of this presentation should each make their own evaluation of REE, 10X and the Transaction and of the relevant and adequacy of the information contained herein and should make such other investigations as they deem necessary. Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1996. 10X's and REE's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project", "budget", "forecast”, “anticipate”, “intend”, “plan”, “may", "will", "could"”, “should”, “believes", "predicts", "potential", "continue", and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, 10X's and REE's expectations with respect to future performance and anticipated financial impacts of the Transaction, the satisfaction of closing conditions to the Transaction and the timing of the completion of the Transaction. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside 10X's and REE's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against 10X or REE following the announcement of the Transaction; (2) the inability to complete the Transaction, including due to the inability to concurrently close the business combination and the private placement of common stock or due to failure to obtain approval of the stockholders of 10X; (3) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regular reviews required to complete the Transaction; (4) the risk that the Transaction disrupts current plans and operations as a result of the announcement and consummation of the Transaction; (5) the inability to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its key employees; (6) costs related to the Transaction; (7) changes in the applicable laws or regulations; (8) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (9) the impact of the global COVID-19 pandemic; and (10) other risks and uncertainties indicated from time to time described in 10X's registration on Form S-1, the proxy statement relating to the Transaction, including those under "Risk Factors" therein, and in 10X's other filings with the U.S. Securities and Exchange Commission ("SEC"). 10X and REE caution that the foregoing list of factors is not exclusive and not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. Neither 10X nor REE undertakes or accepts any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Industry and Market Data In this presentation, 10X and REE rely on and refer to publicly available information and statistics regarding market participants in the sectors in which REE competes and other industry data. Any comparison of REE to the industry or to any of its competitors is based on this publicly available information and statistics and such comparisons assume the reliability of the information available to REE. REE obtained this information and statistics from third-party sources, including reports by market research firms and company filings. While REE believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Neither REE nor 10X has independently verified the information provided by the third-party sources. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM O or ® symbols, but 10X and REE will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. RBE Confidential and Proprietary Information 2#3Disclaimer (Cont'd) Additional Information In connection with the proposed transaction, REE will file with the Securities and Exchange Commission ("SEC") a registration statement on Form F-4 that will include a proxy statement of 10X in connection with 10X's solicitation of proxies for the vote by 10X's shareholders with respect to the proposed transaction and other matters as may be described in the registration statement. REE and 10X also plan to file other documents with the SEC regarding the proposed transaction and a proxy statement/prospectus will be mailed to holders of shares of 10X's Class A ordinary shares. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILLCONTAIN IMPORTANT INFORMAT10X ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as well as other filings containing information about REE and 10X will be available without charge at the SEC's Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus can also be obtained, when available, without charge, from REE's website at https://ree.auto/. Copies of the proxy statement/prospectus can be obtained, when available, without charge, from 10X's website https://www.10xspac.com/. Participants in the Solicitations REE, 10X and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from 10X's shareholders in connection with the proposed transaction. You can find more information about 10X's directors and executive officers in 10X's final prospectus dated November 24, 2020 and filed with the SEC on November 25, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, 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 from the sources indicated above. No Offer or Solicitation This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, 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 Securities Act, or an exemption therefrom. Financial Information The financial information contained in this presentation has been taken from or prepared based on the historical financial statements of REE for the periods presented. An audit of these financial statements is in process. Accordingly, such financial information and data may not be included in, may be adjusted in or may be presented differently in any proxy statement to be filed with the SEC by 10X in connection with the Transaction. Use of Projections This presentation also contains certain financial forecasts, including projected revenue. Neither 10X's nor REE's independent auditors have studied, reviewed, compiled or performed any procedures with respect to the 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. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of 10X's or REE's control. Additionally, the projections are based on current platform designs and if new platform designs are developed and/or implemented there is no assurance that the projections presented herein will be applicable. Accordingly, there can be no assurance that the prospective results are indicative of future performance of the combined company after the Transaction or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, such as EBITDA, Capex and Free Cash Flow. EBITDA is defined as net earnings (loss) before interest expense, income tax expense (benefit), depreciation and amortization. Free Cash Flow is defined as EBITDA less Capex and Investment in Working Capital. 10X and REE believe that these non-GAAP measures are useful to investors for two principal reasons: 1) these measures may assist investors in comparing performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; and 2) these measures are used by REE's management and board of directors to assess its performance and may (subject to the limitations described below) enable investors to compare the performance of REE and the combined company to its competition. 10X and REE 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. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. A reconciliation of non-GAAP financial measures in this presentation to the most directly comparable GAAP financial measures is not included, because, without unreasonable effort, REE is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these forward-looking non-GAAP financial measures. The non-GAAP financial measures included in this presentation may not be comparable to similarly-titled measures presented by other companies. RBE Confidential and Proprietary Information 3#4REE and 10X Combine to Create the Cornerstone of Electric Mobility Highly differentiated from other EV offerings in the market Transaction Structure On February 3, 2021, REE and 10X entered into a business combination agreement Transaction is expected to close by end of Q2 2021 It is anticipated that the post-closing company, REE, will be listed on Nasdaq - - Valuation Transaction implies a fully distributed pro forma enterprise value of $3.1 billion, representing multiples of 0.6x EV / 2025E revenue and 3.5x EV / 2025E EBITDA¹ Highly attractive entry point relative to EV ecosystem Capital Structure Transaction is expected to result in $501 million of total gross proceeds raised to fund growth²,3 Based on $201 million in cash from 10X's trust account and a $300 million PIPE Transaction expected to fully fund business model through cash flow positive All-primary transaction; existing REE shareholders, including management, are rolling all their equity and collectively are expected to own 83.8% of the pro forma company at closing² - - - Co-founders to hold 10x voting Class B ordinary shares granting each up to 39% voting power in the company (assuming no redemptions) RBE Confidential and Proprietary Information (1) (2) (3) These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Metrics that are considered non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures. For more information about non-GAAP financial measures, see slide 3 Assumes no redemption by 10X Capital's existing stockholders Does not include fees and expenses ** 4#5Combined Leadership Well Positioned to Accelerate Transition to EV and Autonomous Vehicles Experienced & Entrepreneurial REE Management Team Daniel Barel Co-Founder & CEO Visionary leader and serial entrepreneur Founder, SoftWheel & SpecterX Global Talent Pool fusing Auto & Tech expertise, from: * T ΑΓΓIVAL TESLA ER Hans Thomas CEO & Chairman Highly Successful 10X Investment Team KARMA Founder @ 10X 20+ Years Wall St. & Silicon Valley Entrepreneur, VC + SPAC investor Featured in Bloomberg, WSJ, etc. Selected Portfolio Companies¹: DRAFT QPalantir KINGS INNOVIZ TECHNOLOGIES Ahishay Sardes Co-Founder & CTO THERAPEUTICS 15+ years of experience Leadership R&D roles at multinational technology companies MOBILEVE wish (intel) Ford Michael-John Charlton COO Robinhood - Oliver Wriedt President & Head of Capital Markets 25+ years experience Led global production expansion & plant establishment @Tenneco and ZF GM 25+ Years Experience CEO @Vibrant Capital $7.3Bn AUM Co-CEO @CIFC $30Bn AUM Partner @Golden Tree $40Bn AUM FCA FAT CHRYSLER AUTOMOBILES headspace TENNECO CRUISE Keren Shemesh CMO 20+ years experience Led global B2B high- tech companies Delphi Technologies (7F David Weisburd COO & Head of Origination Co-Head of Venture Capital @ 10X Founder, Growth Technology Partners (acquired by 10X) Partner, Flight Ventures 23andMe better.com Hai Aviv CFO RBE Confidential and Proprietary Information (1) List is representative & not exhaustive. Includes investments & transactions attributable to SPAC management & board, and in cases of SPACS, on target & acquirer side 15+ years of experience Prior public CFO roles: @BeyondAir $XAIR @Babylon $BBYL BYTON Elmo Motion Control TONAL Elbit Systems Angelique Strong Marks General Counsel Guhan Kandasamy CFO 25+ years experience Autotalks Chief Credit Officer @ 10X 18Year track record @Fannie Mae, DBRS, CoreLogic, Opera/Electrif.ai MBA Finance from Oxford Chief Legal Officer at multiple multinational corporations PLasan vicarious ConvergeOne 5#6Investment Thesis The cornerstone of next generation electric mobility Tailwinds Trillion dollar¹ global market undergoing rapid transformation Regulatory environment; maturing technology; consumer behavior Team Entrepreneurial & industry experienced Technology: The Corner Elegant, disruptive - with 60+ patents Differentiated offering - superior platform offering TAM: Largest² in Peer Group Best approach: Horizontal B2B business model Scalable, Capex-light model Completes other EV makers and suppliers, doesn't compete Traction / Go-to-Market Momentum Starting in highly profitable market segment Blue-Chip strategic partners, customers, investors Significant signed demand - Highly Differentiated from other EV Offerings REE's tech & business model are agnostic to who or what wins, as market develops Battery vs. Fuel Cell Autonomous vs. Human Driven Startups vs. Incumbents (RE: OEMs, Manufacturers or component suppliers) Real, essential Tech. Real, diverse Market Validation. Real Competitive Moat - RBE Confidential and Proprietary Information (1) (2) Based on REE's average selling price and Frost & Sullivan Forecast See slide: Unique Technology & Go-To-Market Strategy Relative to New Mobility Players 6#7RBE REE's Vision We strive to be the cornerstone on top of which mobility players can build their dreams of future services, unbound by legacy thinking, as we carry the next generation of electric and autonomous vehicles on a truly modular and scalable platform Confidential and Proprietary Information 7#8E REE INSIDE REEcorner The cornerstone of next generation electric mobility ||||| ||||| Modularity Modular vehicle architecture (supports a wide variety of size, weight and bodies) Power source agnostic (BEV or FCEV) In house development of single wheel X-by-wire technology (SBW, BBW, DBW) Low center of gravity, smaller footprint and more space¹ - Serviceability Superior total cost of ownership (TCO)² Minimal downtime with quick REEcorner replacements Upgradeable via OTA (over the air) - Smart Corners Advanced data collection and analytics Preventative maintenance Al Autonomous-ready Fail operational, full redundancy without a single point of failure Meets Zero-Emission Regulations RBE Confidential and Proprietary Information (1) (2) Based on current REE design and REE internal research team See slide: Superior Total Cost of Ownership 8#9Play video // \\ 9#10RBE From Vision to Reality Disruptive technology behind a modular EV platform to carry the future of electric mobility Play video Confidential and Proprietary Information 10 RBE RBE R3E#11REE's Cornerstone Solution ¹ Horizontal player for maximum addressable market RBE Traditional Tier 1 Broader Supply Chain RBE Powertrain Suspension Drivetrain Steering Control Chassis Battery Power Electronics Thermal Management Body Seating Dashboard Air Bags Infotainment Headlights Connectivity Distribution channels Aftermarket Service+ Confidential and Proprietary Information (1) (2) New BEV OEM Class 1 New FCEV OEM Class 7 Large new BEV OEM Class 2 Truck Class 3 CV TESLA Class 2 PV, CV, Truck Based on publicly available information, based on US classification See slide: Unique Technology & Go-To-Market Strategy Relative to New Mobility Players GM Ford Class 1 - 7 PV, CV, Truck Only fully horizontal player² The largest addressable market Unified and complete full system solution Can collaborate with a variety of market players ● ● 11#12REE's Innovative Platform Serves $700Bn+1¹ Total Addressable Market (TAM) Significant growth expected in each of REE's target opportunities² Scalable Modular Architecture Supports All Mission Specific EVs COCOCO RBE Last Mile Delivery Confidential and Proprietary Information Robo Taxi / PV (1) (2) (3) E-LCV / EV Shuttle Mid Mile Delivery TAM Breakdown ¹ MD Truck / EV Bus Passenger Vehicles: 60% 3.1 4.4 Based on REE's average selling price and Frost & Sullivan Forecast Based on Frost & Sullivan Forecast These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results $700Bn+1 Total Market Opportunity E-Shuttles and Robotaxi / MaaS: 28% 6.4 9.3 31% CAGR³ 13.1 15.3 Autonomous Delivery: 4% Light Commercial Vehicles: 6% Mid Duty Commercial Vehicles: 2% 19.1 24.3 29.3 34.7 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E 2029 2030E Total EV TAM (Units in Millions) 12#13Our Partners & Investors ¹ Key Strategic Partners & Cooperation Highlights Mahindra Rise. HINO A TOYOTA GROUP COMPANY KYB IOCHPE-MAXION Mitsubishi Corporation One of the largest EV manufacturers with a unique cost structure and global footprint. MOU to explore strategic collaboration of jointly developed all-electric commercial vehicles for global markets. MUSASHI Hino Motors is the medium and heavy-duty truck arm of Toyota, and a leader in MaaS & electrification. Announced cooperation at the Tokyo Motor Show 2019. KYB is a top 5 Tier-1 supplier of shock absorbers, air suspension and power steering systems. Partnership to develop suspension capabilities. Key Strategic Investors & Partners Maxion Wheels is one of the world's largest wheel manufacturer and a leader in truck chassis systems. Partnership to co-develop and manufacture exclusive wheel design and chassis solutions. American Axle & Manufacturing is a global Tier-1 supplier in driveline, powertrain, and casting technologies. Mitsubishi Corporation is Japan's largest trading company. Business, partnerships and marketing cooperation. Musashi Seimitsu is one of the world's largest powertrain manufacturer and is partially owned by Honda Motor Co., Ltd. Announced collaboration on a foundation for future electric vehicles at Frankfurt Motor Show 2019. RBE Confidential and Proprietary Information (1) Represents both recent and current cooperation activities and/or strategic partners. Companies information based on publicly available information RBE OEM Partnership Targeting global volumes of 200,000 to 250,000 eLCV units, the Strategic MOU Collaboration with Mahindra leverages REE's corner module and modular platform technology and Mahindra's vehicle design, engineering, sourcing capability and manufacturing assets. HIND OEM Cooperation HINO FlatFormer The idea of the Flatformer concept was initiated by Hino Motors, one of the leading truck manufacturers in the world, to deliver optimized space, flexibility and energy efficiency to customers. With a shared vision of creating a sustainable future, REE's and Hino Motors' cooperation was showcased in the FlatFormer modular concept model, a super-flexible chassis that optimizes electric mobility solutions. 13#14REE's Strategic Integration Center Plan¹ Globally Distributed Integration Centers 2021-2023 Plan 1 U.S.A. 2 Germany _REE will assemble components at its integration centers, thus reducing Capex requirements - Expect to have a network of 15 integration centers by 2026 with annual capacity of ~600k units RBE Confidential and Proprietary Information (1) (2) 3 Japan Other: 23% Land & Building: 43% $15M Total Cost per IC² Assembly & Testing: 33% Annual Capex Spend² ($ in Millions) Set-up of Integration Centers Tooling & Other Capex $22 2021 Existing Capacity 40 2021 $26 New Facilities 1 2022 Expected Integration Center Capacity (Units in Thousands) New Capacity 80 2022 $57 1 2023 160 $126 2023 2024 280 2024 3 $214 2025 440 2025 Cost, timing and locations represent management expectation and are subject to change. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results Includes Capex for machinery and tooling, R&D engineering centers, replacement and refurbishment, and other $335 2026 600 2026 4 14#15Strong and Diverse Customer Pipeline¹ ● $19Bn+ total cumulative revenue by 2026 Signed MOUs represent $5.1Bn of total cumulative revenue by 2026, or 27% of total cumulative revenue $14.0Bn in Advanced Pipeline stage by 2026 Partners include leaders in EV and autonomous driving across Automotive, Logistics, and Mobility / Technology • Additional early-stage customers represent significant upside potential RBE Confidential and Proprietary Information (1) (2) Total Pipeline Revenue by Stage ($ in Billions)² Signed MOUS ■Advanced Pipeline 0.3 2023 2.7 2024 Mid Duty Commercial Vehicles 18% Mobility as a Service (MaaS) 10% Delivery Vans and Trucks 29% 5.7 2025 Cumulative 2021E - 2026E Revenue by Segments² Total: $19.1Bn 10.4 2026 15% Autonomous Delivery Light Commercial Vehicles 27% Cumulative 2021E - 2026E Revenue By Stage² • Advanced Pipeline $14.0Bn / 73% Total: $19.1Bn Advanced Pipeline 477K / 65% Cumulative 2021E - 2026E Units By Stage² Signed MOUS $5.1Bn / 27% Total: 737K Units Signed MOUS 260K / 35% MOUS may be modified or canceled pursuant to their terms. The Advanced Pipeline reflects initial revenue indications from potential customers and not contractual commitments. Actual sales may differ materially from projected volume These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results 15#16Unique Technology & Go-To-Market Strategy Relative to New Mobility Players Revenues # of platforms Orderbook Global footprint Addressable market Strategic cooperation Tech adaptation Enterprise value RBE Pre revenue 260,000 ² ($5.1Bn) by 2026 AAM 3 Israel, US, UK, Germany HINO Class 1-6 $700Bn 5 Mitsubishi Corporation Mahindra Rise MUSASHI IOCHPE-MAXION KYB $3.1Bn RBE Confidential and Proprietary Information ACTIVAL Pre revenue 2 20,000¹ ($1.2Bn) US, UK, Germany, Russia, Netherland Class 2 & 7 $430Bn ups HYUNDAI COMAU $16.9Bn³ RIVIAN Pre revenue 2 116,000 (NA) US Class 2 & 3 ΝΑ Ford COX AUTOMOTIVE amazon -$27.6Bn 1 CAN 0 1 Pre revenue (NA) US Class 1 $51Bn 1 0 HYUNDAI $3.2Bn³ MAGNA STEYR L Pre revenue 1 10,000 (-$0.4Bn) US, UK Class 1 ΝΑ COX AUTOMOTIVE MAGNA STEYR $4.1Bn³ NIKOLA Pre revenue 1 14,600 ($10.2Bn) US, EU Class 7-8 $700Bn IVECO BOSCH $8.1Bn³ ⒸHYLIION Pre revenue 1 1,500 (-$0.3Bn) US, Canada Class 8 $94Bn DANA Sensata Technologies 3 $2.8Bn³ LORDSTOWN. Pre revenue 1 100,000 (-$5Bn) US Class 2 $65Bn GM GOOD YEAR WORKHORSE $4.2Bn³ Source: Capital IQ, Pitchbook, S&P Global Market Intelligence, Investor Presentations, Company Filings, Company Website and Public Sources. (1) Includes option to order additional 10,000 units. (2) Potential opportunities based on current agreements and advance pipeline, see slide: Strong and Diverse Customer Pipeline. (3) Canoo, Fisker, Nikola, Hyliion, and Lordstown market data as of February 1, 2021. Arrival valuation based on CIIG Merger Corp (NASDAQ: CIIC) and Rivian valuation based on estimated -$25 billion valuation in latest financing round in process reported in January 2021 and an additional $2.65 billion in funding raised subsequently from a group of investors led by T. Rowe Price Group Inc. (4) Primary market TAM. Canoo and Lordstown data from investor presentations. (5) Based on REE's average selling price and Frost & Sullivan Forecast 2030E TAM 16#17Industry Disruptor Positioned For Long-Term and Sustainable Growth REE will be the cornerstone for future electric vehicles BNEF pioneers 2020 FASTOMPANY MOST 2020 M INNO ATIV ▶2020 Honoree AUTONOMOUS //AVT ACES F 2020 AWARD WINNER EUROPEAN PRODUCT DESIGN AWARD RBE Confidential and Proprietary Information (1) (2) (3) FINALIST TU-Automotive AWARDS Based on F&S forecast, total global EV market See slide: Strong and Diverse Customer Pipeline See slide: REE's Strategic Integration Center Planx Scalable and modular corner technology for broad range of EV and AD vehicles Massive and rapidly growing TAM 3.1MM units today, projected to grow to 13.1MM in 2025 and 34.7MM in 2030¹ - - Unique horizontal approach and rapid platform development cycle Developing 5 functional platform classes for multi-segment coverage, from Class 1 to Class 6 vehicles Power agnostic (BEV & FCEV) - Groundbreaking and proprietary technology (REEcorner) 60+ patents across design, component engineering & software Strong pipeline from leading automotive, logistics and technology companies² Over $19.1Bn cumulative revenue opportunity by 2026 from OEMs, logistics and technology companies Capex light and flexible manufacturing approach Supported by global automotive Tier 1 network >30% gross margins Start of Production (SOP) 2023 CY³ Compelling growth, margins, and cash flow profile with significant upside potential - - Strong leadership team - Proven execution track record Diverse talent pool combining automotive and tech Team locations: US, Israel, Germany and the UK 17#18Confidential and Proprietary Information Unique and Compelling Business Model BEA 18#19REE's Cornerstone Solution To Power Mission Specific Applications ¹ Q 45% CAGR 61 1,700 AD Last Mile *Units in Thousands Logistics & Cargo Applications RBE Confidential and Proprietary Information (1) (2) 25% CAGR 220 E-LCV 1,634 27 $700Bn+² Total Market Opportunity 24% CAGR MD Truck 183 Lo H Mobility as a Service Applications 12021 78% CAGR 47 E-Shuttle, Robo Taxi, MaaS 8,403 2030 Based on Frost & Sullivan Forecast. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results Based on REE's average selling price and Frost & Sullivan Forecast 27% CAGR 2,739 22,822 Passenger 19#20REE Offers a Unique Value Proposition to OEMs Integration of REEcorner modules into OEM flat EV platforms enables fast and efficient entry to EV markets Cost Efficiencies % RBE Seamless integration of OEM technology and supply chain (ie battery, body, etc) Minimized in-house development for resource and Capex savings Superior Design for Manufacturing & Design for Serviceability for reduced vehicle assembly and aftersales costs Confidential and Proprietary Information Short Time to Market Short design, development and assembly cycle, enables agile reactions to evolving business models, market opportunities, regulations and competitive actions Integrated powertrain components & control systems, pre-certified for safety Adoption of REE technology can facilitate ADAS Technology implementation through to Level 5 Incremental Revenue kall Scalable and modular platform technology for maximum market coverage, enabling entrance into new segments and services Complements OEM transitions to software and service monetization, supporting incremental application layers with REE's network of partner experts Integrated DaaS capabilities for Aftersales revenue and service offerings RBE 20#21REE Offers a Unique Value Proposition to Service Providers (MaaS & Logistics) REEcorner technology enables the development of mission specific vehicles, allowing mobility players and service providers to concentrate on core areas of expertise. Service Providers must no longer be limited to off the shelf offerings Modularity RBE Any level of customized body, functionality, ADAS capability and service layers for mission specific applications at required quantities Platforms capable of supporting more than one body for multi purpose units - maximum uptime, usage, and revenue generation Facilitates comprehensive global strategies - core component and system commonalities yet optimized for local market regulations & needs Confidential and Proprietary Information (1) (2) (3) Functionality B) REE Best-in-Class¹ functional capabilities across segments and classes - cargo space, battery capacity agnostic of type, ergonomics, maneuverability and payload Robust data collection capabilities and network of partner experts for DaaS layers Future proofed - modular and highly functional technology allows for upgradeable corners and additional layered services to meet evolving needs RBE Based on publicly available information and statistics regarding Class 2 Vehicles in the sectors in which REE competes Mean time to repair Based on publicly available information and statistics regarding market participants in the sectors in which REE competes Lower TCO and Cost Efficiencies Optimized Design for Serviceability and corner swap capabilities enable low MTTR2, minimal spare part inventories due to maximum common components, and longer lifecycles via upgradeable corners and bodies Operational efficiencies from a single global strategy wide fleet implementation with comprehensive unmatched preventative maintenance Al and OTA upgrades - Industry's flattest³ platform enables much more room for passengers, cargo and batteries (longer ranges for fewer routes) 21#22Best-In-Class Specifications Across e-LCV Classes¹ Class 2 Vehicles More Cargo Volume & Cargo Volume per meter length - carries more, less routes 15 RBE 6 5.8 RBE 10.7 12.9 Cargo Volume (m3) Minimal Turning Radius - better maneuverability, drivability in urban areas 13.6 11 Turning Radius (m) 15.7 13.8 RBE Confidential and Proprietary Information (1) 12.9 2.68 RBE 40 RBE 1.17 REE Mercedes eVito VW eCrafter Mercedes eSprinter Ford e Transit ■Arrival van H3L4 1.79 Cargo Volume / Length (m3/m) Low Step Height - better ergonomics for driver, more cargo volume for a given vehicle height 55.7 1.81 61.5 Step in Height (cm) 2.4 72.9 45 REEcorner & Control technology enables the most functional vehicles across key segments. Max Battery Capacity - longer distance capabilities for more transactions / route 80 RBE Based on publicly available information and statistics regarding market participants in the sectors in which REE competes. REE information based on current class 2 design 41 36 35 Max Battery Capacity (kWh) 67 22#23Short and Mid Haul Comparison - Powered by REEcorners¹ Sprinter 144" Mercedes eSprinter Short haul powered by REE Sprinter 170" Mid haul powered by REE RBE Length 5,925mm 6,088mm 5,600mm 8% Shorter² Length 7,360mm 6,900mm 6% Shorter² Cargo Volume 10.5m² 11.0m 15.0m² 36% more space² Cargo Volume 15.5m² 20m² 29% more space² Confidential and Proprietary Information (1) (2) P RBE REE 2500 107.5" 144", 170 WB AND 170" EXTENDED WB) 3500 110.8" 144", 170" WBAND. 10 EXTENDED WB) 2500 107.5" (144", 170" WB AND 170" EXTENDED WB) 3500 110.8* ...... 2,500....... [144", 170" WBAND 17/0" EXTENDED WB) 2550 ...... Ⓒ HIGH ROOF R3E 2,040 ....... CHAUS SUPER HIGH ROOF 2040 4x4 108.6 4x4 108.6" 144" WHEELBASE 79.3- Based on publicly available information and statistics regarding market participants in the sectors in which REE competes. REE information based on current Mid and Short haul design Compared to Mercedes eSprinter wheelbase 144.3" overall length 233.3" R3E ❤❤ 5,600 170" WHEELBASE EXTENDED O ❤❤ -wheelbase 170.3" overall length 289.8" 6900 R3E 40.2 23#24Superior Total Cost of Ownership Vehicle - Superior footprint, weight, cargo volume and payload attributes - Better maneuverability & faster parking -Extra space to carry more goods per route -Low center of gravity - Flexible battery packaging for maximum range Maintenance Costs - Quick REEcorner replacements - efficient module swaps for reduced Mean Time to Repair (MTTR) _Reduced scheduled maintenance via Preventative Maintenance Al _Minimal downtime Power and Infrastructure Power agnostic (BEV or FCEV) -Modular pack configurations - Fast and smart charging Lifecycle -Built to last, >12 year lifecycles - Body can be rebuilt without changing corners Power source upgradeable over time - Component and function upgrades over time RBE Confidential and Proprietary Information (1) Total Cost of Ownership¹ $73,915 REE P4 Electric 2023 CY $0.20/km $91,250 Next Gen Electric 2023 CY $0.25/km $144,545 Diesel 2021CY $0.40/km Class 2 Vans 19% reduction from new generation EV Vans 49% reduction from traditional Diesel Vans $109,565 REE P7 Electric 2023 CY $0.30/km $118,770 Electric 2021 CY $0.33/km $269,210 Diesel 2021CY $0.74/km Class 4 Vans 8% reduction from EV Vans 59% reduction from traditional Diesel Vans Assumes 36,500 km in operation per year for a 10 year period Total Cost of Ownership includes purchase price + energy cost + infrastructure cost + maintenance cost less residual value. Competitor data based on publicly available information and statistics regarding market participants in the sectors in which REE competes and analyzed by REE internal research team. Diesel vehicle compliant with Euro 6 standards 24#25Attractive Single Platform Unit Economics Platform 4T - Up to 4-ton Light-Duty Commercial Vehicle Total Vehicle Cost System REE Platform Battery³ Body4 Total Vehicle Cost REE Cost $25,000 $10,800 $9,600 $45,400 (1) RBE Confidential and Proprietary Information (2) (3) (4) (5) Bill of Materials at Mass Production¹ $25,000 Gross Revenue $6,312 Platform 2 Comparable LCV MSRPs ($ in k)5 $2,668 Front Corners Volkswagen e-Crafter 5.5T Mercedes eVito 3.2T Volkswagen ABT eTransporter 3.2T Master ZE 3.1T Example calculation based on current P4 platform Excludes drive motors and battery Estimated cost based on comparative LCV models. Assumes $180 / kWh Estimated cost based on comparative LCV models MSRP, excluding taxes and grants. Based on publicly available information and statistics regarding market participants in the sectors in which REE compete $5,764 Rear Corners $1.295 Labor & Others $50 $57 $67 $76 - 36% Gross Profit Margin $8,961 Platform Gross Profit 25#26||||||I RBE CE 6717400 205/50 205/60R17 Cany INSIDE REEcorner Technology 26#27Extensive IP Portfolio Across Design, Component Engineering & Software +60 patents¹ RBE REEboard -Flat chassis - Control systems and electrification REEboard + REEcorner _Redundancy and safety - Operational Synergy between REEcorners _Energy efficiency & performance -Modularity - Fast replacement and activation Confidential and Proprietary Information (1) Pending and granted patents REEcorner - High performance compact suspension Extended steering per volume -In-corner brake system - Integrated powertrain _Interfaces to external & remote systems _Smart Service & Maintenance Al with OTA updates _Smart corners _Efficient off-vehicle servicing 27#28Smart REEcorner - Unique Design with a Focus on Performance and Safety REEcorner -All components housed in the wheel arch; pre-certified for safety -On-board e-motor fixed to chassis allows rotation at high speeds, leading to better driving efficiencies and safety (protected high voltage lines in the chassis) Single Wheel X-by-Wire Technology _Full SBW/BBW/DBW - Improved vehicle dynamics from independent wheel control (steering, braking, torque) - Perfect Ackermann geometry adjusts for different speeds, vehicle slip angles and various conditions - Maintains adjustability of KPI angles (camber, caster, scrub radius, kingpin angle, etc.) _AD ready -Fully Redundant Systems with data gathering capabilities Robust encrypted communications RBE Confidential and Propriety Information e-Motor Damper & spring Gear Sub-Frame On-board braking system Torque transfer 28#29Smart REEcorner - Unique Design with a Focus on Performance and Safety Zone Architecture & Enhanced ESP REEcenter ECU is the primary "brain" of the platform, controlling all corner level functions -REEcorner ECUs individually control all braking, steering, & traction components for Best- in-Class ESP, logging all sensor data for offline or cloud-based analysis Autonomous Ready - Single wheel XBW (Drive/Steer/Brake) Architecture -State-of-the-art safety redundancies in case of failure Data Logging -All data collected uses a separate protected CAN -Malware attacks blocked via proprietary protocols ISO 26262 ASIL D Pre-Certified ISO's 26262 V-model compliant from design to validation TÜV ASIL D certification in process Preventative Maintenance AI & OTA Updates - Identification of malfunctions before they occur & instant failure reporting -Secured, hash key protected, over the air updates - Reduced maintenance costs -performing maintenance only when needed RBE Confidential and Proprietary Information REEcorner ECU REEcorner ECU Control BMS REECenter ECU 111 Error + Status ➖➖➖➖➖➖➖ Cooling System Main Autonomous Computer Power REEcorner ECU REEcorner ECU 29#30RBE Confidential and Proprietary Information REE's Business and Operational Plan RBE RBE UITB 30#31Production Roadmap Key Events Engineering Design Production Intent Pilot Manufacturing Purchasing Proof of concept Design Validation Alpha Verification Beta Verification Pilot Capability Build Units RBE 2020 Q1 Q2 Vendor approval & RFQ Q3 Validation & Verification Completed Confidential and Proprietary Information Q4 2021 In progress Q1 Q2 Q3 1st Engineering Center Established - UK Q4 EC Lead 2022 Q1 First IC Established U.S. Vendor Networks Validated Safe Launch factory and process template Samples Build 1 EC Lead Q2 Product & systems engineering center driving customer program management & delivery Verify Q3 LFS Q4 2nd IC Established Germany 2023 OTOP Q1 Q2 Serial production supply and network optimization Rampi Q3 3rd IC Established Japan globally 15k units Q4 2024 Q1 4rt IC Established TBD Q2 Q3 Ramping Globally 110k units (1) Timing and locations represent management expectation and are subject to change. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results Q4 31#32Key Leadership Daniel Barel Co-Founder & CEO Visionary leader and serial entrepreneur with a successful track record of building and leading technology companies including SoftWheel, SpecterX and CAUTES Strong foundation in Economics and Game Theory from the Hebrew University in Jerusalem Michael-John Charlton COO -25+ years of experience in automotive operation & production Served as SVP for Tenneco Automotive, leading the global production expansion and plant establishment Previously served as Lead Director at TRW Automotive Micha Risling VP BD 20+ years experience in building and leading new organizations, geographies, products and teams Served as SVP Business Development, Product and Marketing and the Head of Automotive at Valens Mati Shani VP Program Management 20+ years of product and project management experience. Served in global high-tech companies including Innoviz, Nova and HP Expert at strategic planning, product and program management Highly-experienced talent pool fusing auto and tech BYTON 7F (intel) Elbit Systems RBE Confidential and Proprietary Information ₂7 Elmo Motion Contrai MOBILEVE Plasan KARMA Ahishay Sardes Co-Founder & CTO - 15+ years of experience in leading multi-national R&D teams - Deep knowledge and experience in mechanics, engineering and prototyping _Previously served in senior leadership roles at SoftWheel and ZIV-AV Technologies Keren Shemesh CMO - 20+ years of multidisciplinary experience in B2B marketing Served in various leadership roles in high-tech companies in telecom, loT and IR4.0 Holds a BSC in Electrical Engineering Angelique Strong Marks General Counsel 25+ years of legal experience -Strong automotive background at leading Tier1 companies and previously served as Chief Legal Officer of four large multinational corporations _Holds Juris Doctor, B.S in Finance and MBA in Finance and Management Tali Miller Levin VP Corporate Development 20+ years of business development and managerial experience in telecom, hi-tech and environmental sectors Strong background in M&A and financing BA in Economics from Tel Aviv University and MBA from INSEAD TENNECO Delphi Technologies FCA HAI CHRYSLER AUTOMOBILES * ΑΓΓΙΥΛΕ FIS J T TESLA Hai Aviv CFO 15+ years of financial management experience Previously served as CFO at Beyond Air (XAIR) and Babylon Ltd (BBYL) CPA and holds B.A. in Business Accounting and MBT in Business and Taxation Ohad Stauber VP R&D Industry veteran with 20+ years technology experience, previously from Intel and OSR Experience leading engineering teams in high- performance, results-driven environments - BSc from Technion, Israel Institute of Technology and EMBA from Tel-Aviv University Limor Raz VP HR - Extensive HR management experience in leading tech companies - Planning & implementation of HR strategy focused on business objectives, global recruitment, organizational growth & performance management Ford Autotalks INNOVIZ TECHNOLOGIES GM 32#3310X Capital Has a Strong Track Record of Investing in Great Companies and SPACs RBE Hans Thomas CEO & Chairman Founder @ 10X 20+ Yrs. Wall St. & Silicon Valley Entrepreneur, VC + SPAC investor Featured in Bloomberg, WSJ, etc. - David Weisburd COO & Head of Origination Co-Head of Venture @ 10X Founder, Growth Technology Partners (acquired by 10X) Partner, Flight Ventures Oliver Wriedt President & Head of Capital Markets 25+ Years Experience CEO @Vibrant Capital $7.3Bn AUM Co-CEO @CIFC $30BN AUM Partner @Golden Tree $40Bn AUM Guhan Kandasamy CFO Chief Credit Officer @ 10X 17 Yr. track record @Fannie Mae, DBRS, CoreLogic, Opera/Electrif.ai MBA Finance from Oxford Confidential and Proprietary Information Woodrow H. Levin Board Member Board Member: DraftKings since 2013 (SPAC Exit 2020) Founder & CEO: Extend Founder & CEO Estate Assist (acquired by DocuSign) Chris Jurasek Board Member 25+ Yrs. Tech Private Equity Leader Board Member: ConvergeOne (SPAC Exit 2018) President, JetSmarter; CEO Eagleview Operating Executive, Clearlake Ziggy Jonsson Board Member Senior Partner @ 1/0 Capital Tech Founder @Better, Climb, Future Finance & TheNumber Former Head of Structured Credit @Bank of America Gil Penchina Board Member Investor: LinkedIn, Paypal, Fastly, Cruise (acquired by GM), Rent the Runway, Discord, Dollar Shave Club, Carta, Wealthfront Ran M&A and International expansion @eBay 1998-2006 (1) Includes transactions attributable to SPAC management, board & sponsorship group, on target and acquirer side (2) Biotech "two-step" APO reverse merger transaction (3) Direct listing. NYSE:PLTR List is representative & not exhaustive. SPAC/IPO Track Record¹ DRAFT Palantir³ KINGS Selected Portfolio Companies4 X23 Converge One 23andMe Robinhood headspace vicarious COMPASS 2 THERAPEUTICS better.com PayPal wish carta Linked in pipefy Cripple TONAL ALPHAFLOW 33#34Robust Revenue Growth¹,2 ● $19Bn+ total cumulative revenue by 2026 Signed MOUs represent $5.1Bn of total cumulative revenue by 2026, or 27% of total cumulative revenue - $14.0Bn in Advanced Pipeline stage by 2026 Partners include leaders in EV and autonomous driving across Automotive, Logistics, and Mobility / Technology Additional early-stage customers represent significant upside potential Active Projects Highlights Segment Autonomous Delivery Light Commercial Vehicles Delivery Vans and Trucks Mid Duty Commercial Vehicles Mobility as a Service (MaaS) Total Number of Projects RBE Confidential and Proprietary Information (1) 3 5 (2) 2 16 3 Total Pipeline Revenue by Segments ($ in Billions) Autonomous Delivery Light Commercial Vehicles Delivery Vans and Trucks Mid Duty Commercial Vehicles Mobility as a Service (MaaS) Mobility as a Service (MaaS) 10% Cumulative 2021E - 2026E Revenue by Segments Mid Duty Commercial Vehicles 18% 0.3 Delivery Vans and Trucks 29% 2023 Total: $19.1Bn 15% 2.7 Autonomous Delivery Light Commercial Vehicles 27% 2024 5.7 2025 Cumulative 2021E - 2026E Revenue By Stage Advanced Pipeline $14.0Bn / 73% Total: $19.1Bn MOUS may be modified or canceled pursuant to their terms. The Advanced Pipeline reflects initial revenue indications from potential customers and not contractual commitments. Actual sales may differ materially from projected volume These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results 10.4 2026 Signed MOUS $5.1Bn / 27% 34#35Attractive Margin and Free Cash Flow Profile Gross Profit ($ in Millions)¹ Gross Margin (%) (2%) (0) 2021 EBITDA ($ in Millions) ¹ EBITDA Margin (%) 6% (64) 2021 2022 (42) 2021 Free Cash Flow ($ in Millions) ¹ (96) 2022 (124) 2022 RBE Confidential and Proprietary Information (1) 20% 70 2023 (6) (2%) 2023 (100) 2023 26% 10% 710 2024 275 2024 (137) 2024 31% 1,757 2025 16% 904 2025 307 2025 31% 3,247 2026 1,693 16% 2026 770 2026 Reductions in material and labor / overhead as production volume increases Leverage partner manufacturing capabilities Core technology has been already developed, limiting ongoing R&D expenditures Significant operating leverage from SG&A REE only needs to assemble components at its Integration Centers, reducing Capex requirements Cash flow positive by 2025 These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Metrics that are considered non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures. For more information about non-GAAP financial measures, see slide 3 35#36Transaction Summary#37Pro Forma Equity Ownership Sources & Uses 1,2 $ in Millions 10X Capital Trust³ Rollover Equity PIPE Total Sources Cash to Balance Sheet Rollover Equity Fees & Other Transaction Expenses Total Uses - $4365 $3,000 $65 $3,501 All REE preferred and common equity holders will receive stock in public company Proceeds from transaction will be used to capitalize balance sheet for $436 million, net of $65 million estimated transaction related fees and expenses REE will use proceeds to primarily fund: Build out of strategic network of integration centers globally CapEx for machinery and tooling and R&D engineering centers Working capital to support increasing production demand Co-founders to hold 10x voting Class B ordinary shares granting each up to 39% voting power in the company (assuming no redemptions) RBE Sources Confidential and Proprietary Information Uses (1) (2) (3) (4) $201 $3,000 $300 $3,501 Pro Forma Valuation4 Share Price Pro Forma Shares Outstanding (Millions of shares) Equity Value Plus: Debt Less: Cash on Balance Sheet Enterprise Value Pro Forma Post Money Ownership4 % / Millions of shares Based on REE capital structure Assumes no redemption from the public shareholders of 10X Cash in Trust value at December 21, 2020 Values shown assuming $10 per 10X share; does not include 10.1 and 5.5 million public and sponsor out of the money warrants (5) (6) Existing REE Shareholders 83.8% / 300.0 10X Shareholders 5.6% / 20.1 10X Sponsor Shares (6) 2.2% / 7.9 C PIPE Investors 8.4% / 30.0 Exclusive of REE's cash contribution Sponsor stake equivalent to 7.9 million shares of Class A shares, from which 1.5 million shares are subject to forfeiture upon the happening of certain events $10.00 358.1 $3,581 $4365 $3,144 37#38Operational Benchmarking Revenue CAGR % 307 RBE 2023-25E Gross Margin % % 30.9 RBE 2025E EBITDA Margin 15.9 RBE 2025E RBE 2022-24E Revenue CAGR 274 ΑΓΓΙΥΛΕ 35.3 2024E Gross Margin ⒸHYLIION 28.8 236 ⒸHYLIION NIKOLA Confidential and Proprietary Information 2024E EBITDA Margin 30.0 AN 0 22.9 ΑΓΓΙΥΛΕ 147 HYLIION 26.5 2023E 22.4 XLFleet Emerging EV Platforms 1,2 133 ( THE LION ELECTRIC CO 26.2 * ΑΓΓΙΥΛΕ 19.5 THE LION ELECTRIC CO Median : 121% 121 XLFleet Median 25.6% 25.0 XLFleet. Median 14.4% 14.4 2023E 115 2023-25E 18.6 LORDSTOWN. 13.1 0 0 1 1 108 I CANDO 17.5 1 12.8 1 WORKHORSE WORKHORSE 85 LORDSTOWN. 16.6 NIKOLA 10.4 LORDSTOWN. 79 WORKHORSE N/A ( THE LION ELECTRIC CO (6.5) NIKOLA Source: Capital IQ as of February 1, 2021 (1) All financial projections for emerging EV platforms are per management at SPAC deal announcement except for Fisker, Nikola, and Workhorse These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Metrics that are considered non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures. For more information about non-GAAP financial measures, see slide 3 (2) Established EV Platforms 2022-24E Revenue CAGR 32 Median : 26% NIO 2024E Gross Margin 24.1 Median: 22.7% TESLA 2024E EBITDA Margin 20 TESLA 19.1 TESLA Median: 13.1% 21.4 NIO 7.0 NIO 38#39Valuation Benchmarking EV / Revenue (x) 1.2 RBE RBE 2024E 2025E EV / EBITDA (x) 11.4 RBE 2024E 0.6 RBE 3.5 RBE 2025E 0.3 RBE 2026E 1.8 RBE 2026E Confidential and Proprietary Information 2024E EV / Revenue WORKHORSE 4.7 2024E EV / EBITDA 1 T 17.0 CANDO I 3.0 NIKOLA 10.1 2.2 CANDO- 8.7 I WORKHORSE XLFleet Emerging EV Platforms ¹,2 1.9 XLFleet 7.0 LORDSTOWN. Median: 1.3x 1.3 ⒸHYLIION Median: 6.9x 6.7 THE LION ELECTRIC CO 1.3 THE LION ELECTRIC CO 5.5 1.2 * ΑΓΓIVAL 5.2 * ΑΓΓΙΥΛΕ 0.9 FIN 4.7 ⒸHYLIION 0.7 LORDSTOWN. NM NIKOLA Source: Capital IQ as of February 1, 2021 (1) All financial projections for emerging EV platforms are per management at SPAC deal announcement except for Fisker, Nikola, and Workhorse These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Metrics that are considered non-GAAP financial measures are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures. For more information about non-GAAP financial measures, see slide 3 (2) Established EV Platforms 2024E EV / Revenue Median: 7.8x 9.0 TESLA 2024E EV / EBITDA 6.6 Median: 70.2x 93.3 NIO NIO 47.1 TESLA 39#40Transaction Represents Attractive Discount to Peers Implied Enterprise Value ($ in Billions) Implied Value Based off Peer Trading Multiples 45.5 28.4 Established EV Platforms 5.0x - 8.0x EV / 2025E Revenue 11.4 RBE Confidential and Proprietary Information 5.7 Emerging EV Platforms 1.0x - 2.0x EV / 2025E Revenue Based off peers' 2024E trading multiples ranges, reflecting differences in production ramp-up timelines Current Transaction Value 3.1 Post-Money Enterprise Value 0.6x EV / 2025E Revenue 92% Implied Discount 64% Implied Discount 40#41Thank you RBE | Confidential and Proprietary Information BEN 3ww BEN 41